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Refile 2012 Taxes

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Refile 2012 Taxes

Refile 2012 taxes 37. Refile 2012 taxes   Other Credits Table of Contents What's New Introduction Useful Items - You may want to see: Nonrefundable CreditsAdoption Credit Alternative Motor Vehicle Credit Alternative Fuel Vehicle Refueling Property Credit Credit to Holders of Tax Credit Bonds Foreign Tax Credit Mortgage Interest Credit Nonrefundable Credit for Prior Year Minimum Tax Plug-in Electric Drive Motor Vehicle Credit Residential Energy Credits Retirement Savings Contributions Credit (Saver's Credit) Refundable CreditsCredit for Tax on Undistributed Capital Gain Health Coverage Tax Credit Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld What's New Adoption credit. Refile 2012 taxes  The maximum adoption credit is $12,970 for 2013. Refile 2012 taxes See Adoption Credit . Refile 2012 taxes Plug-in electric vehicle credit. Refile 2012 taxes  This credit has expired. Refile 2012 taxes Credit for prior year minimum tax. Refile 2012 taxes  The refundable portion of the credit for prior year minimum tax has expired. Refile 2012 taxes Excess withholding of social security and railroad retirement tax. Refile 2012 taxes  Social security tax and tier 1 railroad retirement (RRTA) tax were both withheld during 2013 at a rate of 6. Refile 2012 taxes 2% of wages up to $113,700. Refile 2012 taxes If you worked for more than one employer and had too much social security or RRTA tax withheld during 2013, you may be entitled to a credit for the excess withholding. Refile 2012 taxes See Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld . Refile 2012 taxes Introduction This chapter discusses the following nonrefundable credits. Refile 2012 taxes Adoption credit. Refile 2012 taxes Alternative motor vehicle credit. Refile 2012 taxes Alternative fuel vehicle refueling property credit. Refile 2012 taxes Credit to holders of tax credit bonds. Refile 2012 taxes Foreign tax credit. Refile 2012 taxes Mortgage interest credit. Refile 2012 taxes Nonrefundable credit for prior year minimum tax. Refile 2012 taxes Plug-in electric drive motor vehicle credit. Refile 2012 taxes Residential energy credits. Refile 2012 taxes Retirement savings contributions credit. Refile 2012 taxes This chapter also discusses the following refundable credits. Refile 2012 taxes Credit for tax on undistributed capital gain. Refile 2012 taxes Health coverage tax credit. Refile 2012 taxes Credit for excess social security tax or railroad retirement tax withheld. Refile 2012 taxes Several other credits are discussed in other chapters in this publication. Refile 2012 taxes Child and dependent care credit (chapter 32). Refile 2012 taxes Credit for the elderly or the disabled (chapter 33). Refile 2012 taxes Child tax credit (chapter 34). Refile 2012 taxes Education credits (chapter 35). Refile 2012 taxes Earned income credit (chapter 36). Refile 2012 taxes Nonrefundable credits. Refile 2012 taxes   The first part of this chapter, Nonrefundable Credits , covers ten credits that you subtract from your tax. Refile 2012 taxes These credits may reduce your tax to zero. Refile 2012 taxes If these credits are more than your tax, the excess is not refunded to you. Refile 2012 taxes Refundable credits. Refile 2012 taxes   The second part of this chapter, Refundable Credits , covers three credits that are treated as payments and are refundable to you. Refile 2012 taxes These credits are added to the federal income tax withheld and any estimated tax payments you made. Refile 2012 taxes If this total is more than your total tax, the excess will be refunded to you. Refile 2012 taxes Useful Items - You may want to see: Publication 502 Medical and Dental Expenses 514 Foreign Tax Credit for  Individuals 530 Tax Information for Homeowners 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) 1116 Foreign Tax Credit 2439 Notice to Shareholder of Undistributed Long-Term Capital Gains 5695 Residential Energy Credits 8396 Mortgage Interest Credit 8801 Credit For Prior Year Minimum Tax — Individuals, Estates, and Trusts 8828 Recapture of Federal Mortgage Subsidy 8839 Qualified Adoption Expenses 8880 Credit for Qualified Retirement Savings Contributions 8885 Health Coverage Tax Credit 8910 Alternative Motor Vehicle Credit 8911 Alternative Fuel Vehicle Refueling Property Credit 8912 Credit to Holders of Tax Credit Bonds 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit Nonrefundable Credits The credits discussed in this part of the chapter can reduce your tax. Refile 2012 taxes However, if the total of these credits is more than your tax, the excess is not refunded to you. Refile 2012 taxes Adoption Credit You may be able to take a tax credit of up to $12,970 for qualified expenses paid to adopt an eligible child. Refile 2012 taxes The credit may be allowed for the adoption of a child with special needs even if you do not have any qualified expenses. Refile 2012 taxes If your modified adjusted gross income (AGI) is more than $194,580, your credit is reduced. Refile 2012 taxes If your modified AGI is $234,580 or more, you cannot take the credit. Refile 2012 taxes Qualified adoption expenses. Refile 2012 taxes   Qualified adoption expenses are reasonable and necessary expenses directly related to, and whose principal purpose is for, the legal adoption of an eligible child. Refile 2012 taxes These expenses include: Adoption fees, Court costs, Attorney fees, Travel expenses (including amounts spent for meals and lodging) while away from home, and Re-adoption expenses to adopt a foreign child. Refile 2012 taxes Nonqualified expenses. Refile 2012 taxes   Qualified adoption expenses do not include expenses: That violate state or federal law, For carrying out any surrogate parenting arrangement, For the adoption of your spouse's child, For which you received funds under any federal, state, or local program, Allowed as a credit or deduction under any other federal income tax rule, or Paid or reimbursed by your employer or any other person or organization. Refile 2012 taxes Eligible child. Refile 2012 taxes   The term “eligible child” means any individual: Under 18 years old, or Physically or mentally incapable of caring for himself or herself. Refile 2012 taxes Child with special needs. Refile 2012 taxes   An eligible child is a child with special needs if all three of the following apply. Refile 2012 taxes The child was a citizen or resident of the United States (including U. Refile 2012 taxes S. Refile 2012 taxes possessions) at the time the adoption process began. Refile 2012 taxes A state (including the District of Columbia) has determined that the child cannot or should not be returned to his or her parents' home. Refile 2012 taxes The state has determined that the child will not be adopted unless assistance is provided to the adoptive parents. Refile 2012 taxes Factors used by states to make this determination include: The child's ethnic background, The child's age, Whether the child is a member of a minority or sibling group, and Whether the child has a medical condition or a physical, mental, or emotional handicap. Refile 2012 taxes When to take the credit. Refile 2012 taxes   Generally, until the adoption becomes final, you take the credit in the year after your qualified expenses were paid or incurred. Refile 2012 taxes If the adoption becomes final, you take the credit in the year your expenses were paid or incurred. Refile 2012 taxes See the Instructions for Form 8839 for more specific information on when to take the credit. Refile 2012 taxes Foreign child. Refile 2012 taxes   If the child is not a U. Refile 2012 taxes S. Refile 2012 taxes citizen or resident at the time the adoption process began, you cannot take the credit unless the adoption becomes final. Refile 2012 taxes You treat all adoption expenses paid or incurred in years before the adoption becomes final as paid or incurred in the year it becomes final. Refile 2012 taxes How to take the credit. Refile 2012 taxes   Figure your 2013 nonrefundable credit and any carryforward to 2014 on Form 8839 and attach it to your Form 1040. Refile 2012 taxes Include the credit in your total for Form 1040, line 53. Refile 2012 taxes Check box c and enter “8839” on the line next to that box. Refile 2012 taxes More information. Refile 2012 taxes   For more information, see the Instructions for Form 8839. Refile 2012 taxes Alternative Motor Vehicle Credit You may be able to take this credit if you place a qualified fuel cell vehicle in service in 2013. Refile 2012 taxes Amount of credit. Refile 2012 taxes   Generally, you can rely on the manufacturer's certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and the amount of the credit for which it qualifies. Refile 2012 taxes In the case of a foreign manufacturer, you generally can rely on its domestic distributor's certification to the IRS. Refile 2012 taxes   Ordinarily the amount of the credit is 100% of the manufacturer's (or domestic distributor's) certification to the IRS of the maximum credit allowable. Refile 2012 taxes How to take the credit. Refile 2012 taxes   To take the credit, you must complete Form 8910 and attach it to your Form 1040. Refile 2012 taxes Include the credit in your total for Form 1040, line 53. Refile 2012 taxes Check box c and enter “8910” on the line next to that box. Refile 2012 taxes More information. Refile 2012 taxes   For more information on the credit, see the Instructions for Form 8910. Refile 2012 taxes Alternative Fuel Vehicle Refueling Property Credit You may be able to take a credit if you place qualified alternative fuel vehicle refueling property in service in 2013. Refile 2012 taxes Qualified alternative fuel vehicle refueling property. Refile 2012 taxes   Qualified alternative fuel vehicle refueling property is any property (other than a building or its structural components) used for either of the following. Refile 2012 taxes To store or dispense alternative fuel into the fuel tank of a motor vehicle propelled by the fuel, but only if the storage or dispensing is at the point where the fuel is delivered into that tank. Refile 2012 taxes To recharge an electric vehicle, but only if the recharging property is located at the point where the vehicle is recharged. Refile 2012 taxes   The following are alternative fuels. Refile 2012 taxes Any fuel at least 85% of the volume of which consists of one or more of the following: ethanol, natural gas, compressed natural gas, liquefied natural gas, liquefied petroleum gas, or hydrogen. Refile 2012 taxes Any mixture which consists of two or more of the following: biodiesel, diesel fuel, or kerosene, and at least 20% of the volume of which consists of biodiesel determined without regard to any kerosene. Refile 2012 taxes Electricity. Refile 2012 taxes Amount of the credit. Refile 2012 taxes   For personal use property, the credit is generally the smaller of 30% of the property's cost or $1,000. Refile 2012 taxes For business use property, the credit is generally the smaller of 30% of the property's cost or $30,000. Refile 2012 taxes How to take the credit. Refile 2012 taxes   To take the credit, you must complete Form 8911 and attach it to your Form 1040. Refile 2012 taxes Include the credit in your total for Form 1040, line 53. Refile 2012 taxes Check box c and enter “8911” on the line next to that box. Refile 2012 taxes More information. Refile 2012 taxes   For more information on the credit, see the Form 8911 instructions. Refile 2012 taxes Credit to Holders of Tax Credit Bonds Tax credit bonds are bonds in which the holder receives a tax credit in lieu of some or all of the interest on the bond. Refile 2012 taxes You may be able to take a credit if you are a holder of one of the following bonds. Refile 2012 taxes Clean renewable energy bonds (issued before 2010). Refile 2012 taxes New clean renewable energy bonds. Refile 2012 taxes Qualified energy conservation bonds. Refile 2012 taxes Qualified school construction bonds. Refile 2012 taxes Qualified zone academy bonds. Refile 2012 taxes Build America bonds. Refile 2012 taxes In some instances, an issuer may elect to receive a credit for interest paid on the bond. Refile 2012 taxes If the issuer makes this election, you cannot also claim a credit. Refile 2012 taxes Interest income. Refile 2012 taxes   The amount of any tax credit allowed (figured before applying tax liability limits) must be included as interest income on your tax return. Refile 2012 taxes How to take the credit. Refile 2012 taxes   Complete Form 8912 and attach it to your Form 1040. Refile 2012 taxes Include the credit in your total for Form 1040, line 53. Refile 2012 taxes Check box c and enter “8912” on the line next to that box. Refile 2012 taxes More information. Refile 2012 taxes   For more information, see the Instructions for Form 8912. Refile 2012 taxes Foreign Tax Credit You generally can choose to take income taxes you paid or accrued during the year to a foreign country or U. Refile 2012 taxes S. Refile 2012 taxes possession as a credit against your U. Refile 2012 taxes S. Refile 2012 taxes income tax. Refile 2012 taxes Or, you can deduct them as an itemized deduction (see chapter 22). Refile 2012 taxes You cannot take a credit (or deduction) for foreign income taxes paid on income that you exclude from U. Refile 2012 taxes S. Refile 2012 taxes tax under any of the following. Refile 2012 taxes Foreign earned income exclusion. Refile 2012 taxes Foreign housing exclusion. Refile 2012 taxes Income from Puerto Rico exempt from U. Refile 2012 taxes S. Refile 2012 taxes tax. Refile 2012 taxes Possession exclusion. Refile 2012 taxes Limit on the credit. Refile 2012 taxes   Unless you can elect not to file Form 1116 (see Exception , later), your foreign tax credit cannot be more than your U. Refile 2012 taxes S. Refile 2012 taxes tax liability (Form 1040, line 44), multiplied by a fraction. Refile 2012 taxes The numerator of the fraction is your taxable income from sources outside the United States. Refile 2012 taxes The denominator is your total taxable income from U. Refile 2012 taxes S. Refile 2012 taxes and foreign sources. Refile 2012 taxes See Publication 514 for more information. Refile 2012 taxes How to take the credit. Refile 2012 taxes   Complete Form 1116 and attach it to your Form 1040. Refile 2012 taxes Enter the credit on Form 1040, line 47. Refile 2012 taxes Exception. Refile 2012 taxes   You do not have to complete Form 1116 to take the credit if all of the following apply. Refile 2012 taxes All of your gross foreign source income was from interest and dividends and all of that income and the foreign tax paid on it were reported to you on Form 1099-INT, Form 1099-DIV, or Schedule K-1 (or substitute statement). Refile 2012 taxes If you had dividend income from shares of stock, you held those shares for at least 16 days. Refile 2012 taxes You are not filing Form 4563 or excluding income from sources within Puerto Rico. Refile 2012 taxes The total of your foreign taxes was not more than $300 (not more than $600 if married filing jointly). Refile 2012 taxes All of your foreign taxes were: Legally owed and not eligible for a refund, and Paid to countries that are recognized by the United States and do not support terrorism. Refile 2012 taxes More information. Refile 2012 taxes   For more information on the credit and these requirements, see the Instructions for Form 1116. Refile 2012 taxes Mortgage Interest Credit The mortgage interest credit is intended to help lower-income individuals own a home. Refile 2012 taxes If you qualify, you can take the credit each year for part of the home mortgage interest you pay. Refile 2012 taxes Who qualifies. Refile 2012 taxes   You may be eligible for the credit if you were issued a qualified mortgage credit certificate (MCC) from your state or local government. Refile 2012 taxes Generally, an MCC is issued only in connection with a new mortgage for the purchase of your main home. Refile 2012 taxes Amount of credit. Refile 2012 taxes   Figure your credit on Form 8396. Refile 2012 taxes If your mortgage loan amount is equal to (or smaller than) the certified indebtedness (loan) amount shown on your MCC, enter on Form 8396, line 1, all the interest you paid on your mortgage during the year. Refile 2012 taxes   If your mortgage loan amount is larger than the certified indebtedness amount shown on your MCC, you can figure the credit on only part of the interest you paid. Refile 2012 taxes To find the amount to enter on line 1, multiply the total interest you paid during the year on your mortgage by the following fraction. Refile 2012 taxes      Certified indebtedness amount on your MCC     Original amount of your mortgage   Limit based on credit rate. Refile 2012 taxes   If the certificate credit rate is more than 20%, the credit you are allowed cannot be more than $2,000. Refile 2012 taxes If two or more persons (other than a married couple filing a joint return) hold an interest in the home to which the MCC relates, this $2,000 limit must be divided based on the interest held by each person. Refile 2012 taxes See Publication 530 for more information. Refile 2012 taxes Carryforward. Refile 2012 taxes   Your credit (after applying the limit based on the credit rate) is also subject to a limit based on your tax that is figured using Form 8396. Refile 2012 taxes If your allowable credit is reduced because of this tax liability limit, you can carry forward the unused portion of the credit to the next 3 years or until used, whichever comes first. Refile 2012 taxes   If you are subject to the $2,000 limit because your certificate credit rate is more than 20%, you cannot carry forward any amount more than $2,000 (or your share of the $2,000 if you must divide the credit). Refile 2012 taxes How to take the credit. Refile 2012 taxes    Figure your 2013 credit and any carryforward to 2014 on Form 8396, and attach it to your Form 1040. Refile 2012 taxes Be sure to include any credit carryforward from 2010, 2011, and 2012. Refile 2012 taxes   Include the credit in your total for Form 1040, line 53. Refile 2012 taxes Check box c and enter “8396” on the line next to that box. Refile 2012 taxes Reduced home mortgage interest deduction. Refile 2012 taxes   If you itemize your deductions on Schedule A (Form 1040), you must reduce your home mortgage interest deduction by the amount of the mortgage interest credit shown on Form 8396, line 3. Refile 2012 taxes You must do this even if part of that amount is to be carried forward to 2014. Refile 2012 taxes For more information about the home mortgage interest deduction, see chapter 23. Refile 2012 taxes Recapture of federal mortgage subsidy. Refile 2012 taxes   If you received an MCC with your mortgage loan, you may have to recapture (pay back) all or part of the benefit you received from that program. Refile 2012 taxes The recapture may be required if you sell or dispose of your home at a gain during the first 9 years after the date you closed your mortgage loan. Refile 2012 taxes See the Instructions for Form 8828 and chapter 15 for more information. Refile 2012 taxes More information. Refile 2012 taxes   For more information on the credit, see the Form 8396 instructions. Refile 2012 taxes Nonrefundable Credit for Prior Year Minimum Tax The tax laws give special treatment to some kinds of income and allow special deductions and credits for some kinds of expenses. Refile 2012 taxes If you benefit from these laws, you may have to pay at least a minimum amount of tax in addition to any other tax on these items. Refile 2012 taxes This is called the alternative minimum tax. Refile 2012 taxes The special treatment of some items of income and expenses only allows you to postpone paying tax until a later year. Refile 2012 taxes If in prior years you paid alternative minimum tax because of these tax postponement items, you may be able to take a credit for prior year minimum tax against your current year's regular tax. Refile 2012 taxes You may be able to take a credit against your regular tax if for 2012 you had: An alternative minimum tax liability and adjustments or preferences other than exclusion items, A minimum tax credit that you are carrying forward to 2013, or An unallowed qualified electric vehicle credit. Refile 2012 taxes How to take the credit. Refile 2012 taxes    Figure your 2013 nonrefundable credit (if any), and any carryforward to 2014 on Form 8801, and attach it to your Form 1040. Refile 2012 taxes Include the credit in your total for Form 1040, line 53, and check box b. Refile 2012 taxes You can carry forward any unused credit for prior year minimum tax to later years until it is completely used. Refile 2012 taxes More information. Refile 2012 taxes   For more information on the credit, see the Instructions for Form 8801. Refile 2012 taxes Plug-in Electric Drive Motor Vehicle Credit You may be able to take this credit if you placed in service for business or personal use a qualified plug-in electric drive motor vehicle or a qualified two- or three-wheeled plug-in electric vehicle in 2013 and you meet some other requirements. Refile 2012 taxes Qualified plug-in electric drive motor vehicle. Refile 2012 taxes   This is a new vehicle with at least four wheels that: Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 4 kilowatt hours and is capable of being recharged from an external source of electricity, and Has a gross vehicle weight of less than 14,000 pounds. Refile 2012 taxes Qualified two- or three-wheeled plug-in electric vehicle. Refile 2012 taxes   This is a new vehicle with two or three wheels that: Is capable of achieving a speed of 45 miles per hour or greater, Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 2. Refile 2012 taxes 5 kilowatt hours and is capable of being recharged from an external source of electricity, and Has a gross vehicle weight of less than 14,000 pounds. Refile 2012 taxes Certification and other requirements. Refile 2012 taxes   Generally, you can rely on the manufacturer's (or, in the case of a foreign manufacturer, its domestic distributor's) certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and, if applicable, the amount of the credit for which it qualifies. Refile 2012 taxes However, if the IRS publishes an announcement that the certification for any specific make, model, and model year vehicle has been withdrawn, you cannot rely on the certification for such a vehicle purchased after the date of publication of the withdrawal announcement. Refile 2012 taxes   The following requirements must also be met to qualify for the credit. Refile 2012 taxes You are the owner of the vehicle. Refile 2012 taxes If the vehicle is leased, only the lessor, and not the lessee, is entitled to the credit. Refile 2012 taxes You placed the vehicle in service during 2013. Refile 2012 taxes The vehicle is manufactured primarily for use on public streets, roads, and highways. Refile 2012 taxes The original use of the vehicle began with you. Refile 2012 taxes You acquired the vehicle for your use or to lease to others, and not for resale. Refile 2012 taxes In the case of the qualified two- or three-wheeled plug-in electric vehicle, the vehicle is acquired after 2011 and before 2014. Refile 2012 taxes You use the vehicle primarily in the United States. Refile 2012 taxes How to take the credit. Refile 2012 taxes   To take the credit, you must complete Form 8936 and attach it to your Form 1040. Refile 2012 taxes Include the credit in your total for Form 1040, line 53. Refile 2012 taxes Check box c and enter “8936” on the line next to that box. Refile 2012 taxes More information. Refile 2012 taxes   For more information on the credit, see the Form 8936 instructions. Refile 2012 taxes Residential Energy Credits You may be able to take one or both of the following credits if you made energy saving improvements to your home located in the United States in 2013. Refile 2012 taxes Nonbusiness energy property credit. Refile 2012 taxes Residential energy efficient property credit. Refile 2012 taxes If you are a member of a condominium management association for a condominium you own or a tenant-stockholder in a cooperative housing corporation, you are treated as having paid your proportionate share of any costs of the association or corporation for purposes of these credits. Refile 2012 taxes Nonbusiness energy property credit. Refile 2012 taxes   You may be able to take a credit equal to the sum of: 10% of the amount paid or incurred for qualified energy efficiency improvements installed during 2013, and Any residential energy property costs paid or incurred in 2013. Refile 2012 taxes   There is a lifetime limit of $500 for all years after 2005, of which only $200 can be for windows; $50 for any advanced main air circulating fan; $150 for any qualified natural gas, propane, or oil furnace or hot water boiler; and $300 for any item of energy efficient building property. Refile 2012 taxes    If the total of nonbusiness energy property credits you have taken in previous years (after 2005) is more than $500, you cannot take this credit in 2013. Refile 2012 taxes   Qualified energy efficiency improvements are the following improvements that are new, can be expected to remain in use at least 5 years, and meet certain requirements for energy efficiency. Refile 2012 taxes Any insulation material or system that is specifically and primarily designed to reduce heat loss or gain of a home. Refile 2012 taxes Exterior window (including skylights). Refile 2012 taxes Exterior doors. Refile 2012 taxes Any metal or asphalt roof that has appropriate pigmented coatings or cooling granules specifically and primarily designed to reduce heat gain of the home. Refile 2012 taxes   Residential energy property is any of the following. Refile 2012 taxes Certain electric heat pump water heaters; electric heat pumps; central air conditioners; natural gas, propane, or oil water heater; and stoves that use biomass fuel. Refile 2012 taxes Qualified natural gas, propane, or oil furnaces; and qualified natural gas, propane, or oil hot water boilers. Refile 2012 taxes Certain advanced main air circulating fans used in natural gas, propane, or oil furnaces. Refile 2012 taxes Residential energy efficient property credit. Refile 2012 taxes   You may be able to take a credit of 30% of your costs of qualified solar electric property, solar water heating property, fuel cell property, small wind energy property, and geothermal heat pump property. Refile 2012 taxes The credit amount for costs paid for qualified fuel cell property is limited to $500 for each one-half kilowatt of capacity of the property. Refile 2012 taxes Basis reduction. Refile 2012 taxes   You must reduce the basis of your home by the amount of any credit allowed. Refile 2012 taxes How to take the credit. Refile 2012 taxes   Complete Form 5695 and attach it to your Form 1040. Refile 2012 taxes Enter the credit on Form 1040, line 52. Refile 2012 taxes More information. Refile 2012 taxes   For more information on these credits, see the Form 5695 instructions. Refile 2012 taxes Retirement Savings Contributions Credit (Saver's Credit) You may be able to take this credit if you, or your spouse if filing jointly, made: Contributions (other than rollover contributions) to a traditional or Roth IRA, Elective deferrals to a 401(k) or 403(b) plan (including designated Roth contributions) or to a governmental 457, SEP, or SIMPLE plan, Voluntary employee contributions to a qualified retirement plan (including the federal Thrift Savings Plan), or Contributions to a 501(c)(18)(D) plan. Refile 2012 taxes However, you cannot take the credit if either of the following applies. Refile 2012 taxes The amount on Form 1040, line 38, or Form 1040A, line 22, is more than $29,500 ($44,250 if head of household; $59,000 if married filing jointly). Refile 2012 taxes The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 1996, (b) is claimed as a dependent on someone else's 2013 tax return, or (c) was a student (defined next). Refile 2012 taxes Student. Refile 2012 taxes   You were a student if during any part of 5 calendar months of 2013 you: Were enrolled as a full-time student at a school, or Took a full-time, on-farm training course given by a school or a state, county, or local government agency. Refile 2012 taxes School. Refile 2012 taxes   A school includes a technical, trade, or mechanical school. Refile 2012 taxes It does not include an on-the-job training course, correspondence school, or school offering courses only through the Internet. Refile 2012 taxes How to take the credit. Refile 2012 taxes   Figure the credit on Form 8880. Refile 2012 taxes Enter the credit on your Form 1040, line 50, or your Form 1040A, line 32, and attach Form 8880 to your return. Refile 2012 taxes More information. Refile 2012 taxes   For more information on the credit, see the Form 8880 instructions. Refile 2012 taxes Refundable Credits The credits discussed in this part of the chapter are treated as payments of tax. Refile 2012 taxes If the total of these credits, withheld federal income tax, and estimated tax payments is more than your total tax, the excess can be refunded to you. Refile 2012 taxes Credit for Tax on Undistributed Capital Gain You must include in your income any amounts that regulated investment companies (commonly called mutual funds) or real estate investment trusts (REITs) allocated to you as capital gain distributions, even if you did not actually receive them. Refile 2012 taxes If the mutual fund or REIT paid a tax on the capital gain, you are allowed a credit for the tax since it is considered paid by you. Refile 2012 taxes The mutual fund or REIT will send you Form 2439 showing your share of the undistributed capital gains and the tax paid, if any. Refile 2012 taxes How to take the credit. Refile 2012 taxes   To take the credit, attach Copy B of Form 2439 to your Form 1040. Refile 2012 taxes Include the amount from box 2 of your Form 2439 in the total for Form 1040, line 71, and check box a. Refile 2012 taxes More information. Refile 2012 taxes   See Capital Gain Distributions in chapter 8 for more information on undistributed capital gains. Refile 2012 taxes Health Coverage Tax Credit You may be able to take this credit for any month in which all the following statements were true on the first day of the month. Refile 2012 taxes You were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment TAA (RTAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient (defined later); or you were a qualified family member of one of these individuals when the individual died or you finalized a divorce with one of these individuals. Refile 2012 taxes You and/or your family members were covered by a qualified health insurance plan for which you paid the entire premiums, or your portion of the premiums, directly to your health plan or to “U. Refile 2012 taxes S. Refile 2012 taxes Treasury–HCTC. Refile 2012 taxes ” You were not enrolled in Medicare Part A, B, or C, or you were enrolled in Medicare but your family member(s) qualified for the HCTC. Refile 2012 taxes You were not enrolled in Medicaid or the Children's Health Insurance Program (CHIP). Refile 2012 taxes You were not enrolled in the Federal Employees Health Benefits program (FEHBP) or eligible to receive benefits under the U. Refile 2012 taxes S. Refile 2012 taxes military health system (TRICARE). Refile 2012 taxes You were not imprisoned under federal, state, or local authority. Refile 2012 taxes Your employer did not pay 50% or more of the cost of coverage. Refile 2012 taxes You did not receive a 65% COBRA premium reduction from your former employer or COBRA administrator. Refile 2012 taxes But, you cannot take the credit if you can be claimed as a dependent on someone else's 2013 tax return. Refile 2012 taxes If you meet all of these conditions, you may be able to take a credit of up to 72. Refile 2012 taxes 5% of the amount you paid directly to a qualified health plan for you and any qualifying family members. Refile 2012 taxes You cannot take the credit for insurance premiums on coverage that was actually paid for with a National Emergency Grant. Refile 2012 taxes The amount you paid for qualified health insurance coverage must be reduced by any Archer MSA and health savings account distributions used to pay for the coverage. Refile 2012 taxes You can take this credit on your tax return or have it paid on your behalf in advance to your insurance company. Refile 2012 taxes If the credit is paid on your behalf in advance, that amount will reduce the amount of the credit you can take on your tax return. Refile 2012 taxes TAA recipient. Refile 2012 taxes   You were an eligible TAA recipient on the first day of the month if, for any day in that month or the prior month, you: Received a trade readjustment allowance, or Would have been entitled to receive such an allowance except that you had not exhausted all rights to any unemployment insurance (except additional compensation that is funded by a state and is not reimbursed from any federal funds) to which you were entitled (or would be entitled if you applied). Refile 2012 taxes Example. Refile 2012 taxes You received a trade adjustment allowance for January 2013. Refile 2012 taxes You were an eligible TAA recipient on the first day of January and February. Refile 2012 taxes Alternative TAA recipient. Refile 2012 taxes   You were an eligible alternative TAA recipient on the first day of the month if, for that month or the prior month, you received benefits under an alternative trade adjustment assistance program for older workers established by the Department of Labor. Refile 2012 taxes Example. Refile 2012 taxes You received benefits under an alternative trade adjustment assistance program for older workers for October 2013. Refile 2012 taxes The program was established by the Department of Labor. Refile 2012 taxes You were an eligible alternative TAA recipient on the first day of October and November. Refile 2012 taxes RTAA recipient. Refile 2012 taxes   You were an eligible RTAA recipient on the first day of the month if, for that month or the prior month, you received benefits under a reemployment trade adjustment assistance program for older workers established by the Department of Labor. Refile 2012 taxes PBGC pension recipient. Refile 2012 taxes   You were an eligible PBGC pension recipient on the first day of the month, if both of the following apply. Refile 2012 taxes You were age 55 or older on the first day of the month. Refile 2012 taxes You received a benefit for that month paid by the PBGC under title IV of the Employee Retirement Income Security Act of 1974 (ERISA). Refile 2012 taxes If you received a lump-sum payment from the PBGC after August 5, 2002, you meet item (2) above for any month that you would have received a PBGC benefit if you had not received the lump-sum payment. Refile 2012 taxes How to take the credit. Refile 2012 taxes   To take the credit, complete Form 8885 and attach it to your Form 1040. Refile 2012 taxes Include your credit in the total for Form 1040, line 71, and check box c. Refile 2012 taxes   You must attach health insurance bills (or COBRA payment coupons) and proof of payment for any amounts you include on Form 8885, line 2. Refile 2012 taxes For details, see Publication 502 or Form 8885. Refile 2012 taxes More information. Refile 2012 taxes   For definitions and special rules, including those relating to qualified health insurance plans, qualifying family members, the effect of certain life events, and employer-sponsored health insurance plans, see Publication 502 and the Form 8885 instructions. Refile 2012 taxes Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld Most employers must withhold social security tax from your wages. Refile 2012 taxes If you work for a railroad employer, that employer must withhold tier 1 railroad retirement (RRTA) tax and tier 2 RRTA tax. Refile 2012 taxes If you worked for two or more employers in 2013, you may have had too much social security tax withheld from your pay. Refile 2012 taxes If one or more of those employers was a railroad employer, too much tier 1 RRTA tax may also have been withheld at the 6. Refile 2012 taxes 2% rate. Refile 2012 taxes You can claim the excess social security or tier 1 RRTA tax as a credit against your income tax when you file your return. Refile 2012 taxes For the tier 1 RRTA tax, only use the portion of the tier 1 RRTA tax that was taxed at the 6. Refile 2012 taxes 2% rate when figuring if excess tier 1 RRTA tax was withheld; do not include any portion of the tier 1 RRTA tax that was withheld at the Medicare tax rate (1. Refile 2012 taxes 45%) or the Additional Medicare Tax rate (. Refile 2012 taxes 9%). Refile 2012 taxes The following table shows the maximum amount of wages subject to tax and the maximum amount of tax that should have been withheld for 2013. Refile 2012 taxes Type of tax Maximum  wages subject to tax Maximum tax that should have been withheld Social security or RRTA tier 1 $113,700 $7,049. Refile 2012 taxes 40 RRTA tier 2 $84,300 $3,709. Refile 2012 taxes 20 All wages are subject to Medicare tax withholding. Refile 2012 taxes   Use Form 843, Claim for Refund and Request for Abatement, to claim a refund of excess tier 2 RRTA tax. Refile 2012 taxes Be sure to attach a copy of all of your W-2 forms. Refile 2012 taxes Use Worksheet 3-3 in Publication 505, Tax Withholding and Estimated Tax, to help you figure the excess amount. Refile 2012 taxes Employer's error. Refile 2012 taxes   If any one employer withheld too much social security or tier 1 RRTA tax, you cannot take the excess as a credit against your income tax. Refile 2012 taxes The employer should adjust the tax for you. Refile 2012 taxes If the employer does not adjust the overcollection, you can file a claim for refund using Form 843. Refile 2012 taxes Joint return. Refile 2012 taxes   If you are filing a joint return, you cannot add the social security or tier 1 RRTA tax withheld from your spouse's wages to the amount withheld from your wages. Refile 2012 taxes Figure the withholding separately for you and your spouse to determine if either of you has excess withholding. Refile 2012 taxes How to figure the credit if you did not work for a railroad. Refile 2012 taxes   If you did not work for a railroad during 2013, figure the credit as follows: 1. Refile 2012 taxes Add all social security tax withheld (but not more than $7,049. Refile 2012 taxes 40 for each employer). Refile 2012 taxes Enter the total here   2. Refile 2012 taxes Enter any uncollected social security tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT”   3. Refile 2012 taxes Add lines 1 and 2. Refile 2012 taxes If $7,049. Refile 2012 taxes 40 or less, stop here. Refile 2012 taxes You cannot take  the credit   4. Refile 2012 taxes Social security tax limit 7,049. Refile 2012 taxes 40 5. Refile 2012 taxes Credit. Refile 2012 taxes Subtract line 4 from line 3. Refile 2012 taxes Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ Example. Refile 2012 taxes You are married and file a joint return with your spouse who had no gross income in 2013. Refile 2012 taxes During 2013, you worked for the Brown Technology Company and earned $60,000 in wages. Refile 2012 taxes Social security tax of $3,720 was withheld. Refile 2012 taxes You also worked for another employer in 2013 and earned $55,000 in wages. Refile 2012 taxes $3,410 of social security tax was withheld from these wages. Refile 2012 taxes Because you worked for more than one employer and your total wages were more than $113,700, you can take a credit of $80. Refile 2012 taxes 60 for the excess social security tax withheld. Refile 2012 taxes 1. Refile 2012 taxes Add all social security tax withheld (but not more than $7,049. Refile 2012 taxes 40 for each employer). Refile 2012 taxes Enter the total here $7,130. Refile 2012 taxes 00 2. Refile 2012 taxes Enter any uncollected social security tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT” -0- 3. Refile 2012 taxes Add lines 1 and 2. Refile 2012 taxes If $7,049. Refile 2012 taxes 40 or less, stop here. Refile 2012 taxes You cannot take the credit 7,130. Refile 2012 taxes 00 4. Refile 2012 taxes Social security tax limit 7,049. Refile 2012 taxes 40 5. Refile 2012 taxes Credit. Refile 2012 taxes Subtract line 4 from line 3. Refile 2012 taxes Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $80. Refile 2012 taxes 60 How to figure the credit if you worked for a railroad. Refile 2012 taxes   If you were a railroad employee at any time during 2013, figure the credit as follows: 1. Refile 2012 taxes Add all social security and tier 1 RRTA tax withheld at the 6. Refile 2012 taxes 2% rate (but not more than $7,049. Refile 2012 taxes 40 for each employer). Refile 2012 taxes Enter the total here   2. Refile 2012 taxes Enter any uncollected social security and tier 1 RRTA tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT”   3. Refile 2012 taxes Add lines 1 and 2. Refile 2012 taxes If $7,049. Refile 2012 taxes 40 or less, stop here. Refile 2012 taxes You cannot take  the credit   4. Refile 2012 taxes Social security and tier 1 RRTA  tax limit 7,049. Refile 2012 taxes 40 5. Refile 2012 taxes Credit. Refile 2012 taxes Subtract line 4 from line 3. Refile 2012 taxes Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ How to take the credit. Refile 2012 taxes   Enter the credit on Form 1040, line 69, or include it in the total for Form 1040A, line 41. Refile 2012 taxes More information. Refile 2012 taxes   For more information on the credit, see Publication 505. Refile 2012 taxes Prev  Up  Next   Home   More Online Publications
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The Refile 2012 Taxes

Refile 2012 taxes 35. Refile 2012 taxes   Education Credits Table of Contents Introduction Useful Items - You may want to see: Who Can Claim an Education Credit Qualified Education ExpensesNo Double Benefit Allowed Adjustments to Qualified Education Expenses Introduction For 2013, there are two tax credits available to persons who pay expenses for higher (postsecondary) education. Refile 2012 taxes They are: The American opportunity credit, and The lifetime learning credit. Refile 2012 taxes The chapter will present an overview of these education credits. Refile 2012 taxes To get the detailed information you will need to claim either of the credits, and for examples illustrating that information, see chapters 2 and 3 of Publication 970. Refile 2012 taxes Can you claim more than one education credit this year?   For each student, you can choose for any year only one of the credits. Refile 2012 taxes For example, if you choose to take the American opportunity credit for a child on your 2013 tax return, you cannot, for that same child, also claim the lifetime learning credit for 2013. Refile 2012 taxes   If you are eligible to claim the American opportunity credit and you are also eligible to claim the lifetime learning credit for the same student in the same year, you can choose to claim either credit, but not both. Refile 2012 taxes   If you pay qualified education expenses for more than one student in the same year, you can choose to take the American opportunity and the lifetime learning credits on a per-student, per-year basis. Refile 2012 taxes This means that, for example, you can claim the American opportunity credit for one student and the lifetime learning credit for another student in the same year. Refile 2012 taxes Table 35-1. Refile 2012 taxes Comparison of Education Credits Caution. Refile 2012 taxes You can claim both the American opportunity credit and the lifetime learning credit on the same return—but not for the same student. Refile 2012 taxes   American Opportunity Credit Lifetime Learning Credit Maximum credit Up to $2,500 credit per eligible student Up to $2,000 credit per return Limit on modified adjusted gross income (MAGI) $180,000 if married filing jointly;  $90,000 if single, head of household, or qualifying widow(er) $127,000 if married filing jointly;  $63,000 if single, head of household, or qualifying widow(er) Refundable or nonrefundable 40% of credit may be refundable Credit limited to the amount of tax you must pay on your taxable income Number of years of postsecondary education Available ONLY if the student had not completed the first 4 years of postsecondary education before 2013 Available for all years of postsecondary education and for courses to acquire or improve job skills Number of tax years credit available Available ONLY for 4 tax years per eligible student (including any year(s) the Hope credit was claimed) Available for an unlimited number of years Type of program required Student must be pursuing a program leading to a degree or other recognized education credential Student does not need to be pursuing a program leading to a degree or other recognized education credential Number of courses Student must be enrolled at least half time for at least one academic period beginning during the tax year Available for one or more courses Felony drug conviction At the end of 2013, the student had not been convicted of a felony for possessing or distributing a controlled substance Felony drug convictions do not make the student ineligible Qualified expenses Tuition, required enrollment fees, and course materials that the student needs for a course of study whether or not the materials are bought at the educational institution as a condition of enrollment or attendance Tuition and fees required for enrollment or attendance (including amounts required to be paid to the institution for course-related books, supplies, and equipment) Payments for academic periods Payments made in 2013 for academic periods beginning in 2013 or beginning in the first 3 months of 2014 Differences between the American opportunity and lifetime learning credits. Refile 2012 taxes   There are several differences between these two credits. Refile 2012 taxes These differences are summarized in Table 35-1, later. Refile 2012 taxes Useful Items - You may want to see: Publication 970 Tax Benefits for Education Form (and Instructions) 8863 Education Credits (American Opportunity and Lifetime Learning Credits) Who Can Claim an Education Credit You may be able to claim an education credit if you, your spouse, or a dependent you claim on your tax return was a student enrolled at or attending an eligible educational institution. Refile 2012 taxes The credits are based on the amount of qualified education expenses paid for the student in 2013 for academic periods beginning in 2013 and in the first 3 months of 2014. Refile 2012 taxes For example, if you paid $1,500 in December 2013 for qualified tuition for the spring 2014 semester beginning in January 2014, you may be able to use that $1,500 in figuring your 2013 education credit(s). Refile 2012 taxes Academic period. Refile 2012 taxes   An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. Refile 2012 taxes In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. Refile 2012 taxes Eligible educational institution. Refile 2012 taxes   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Refile 2012 taxes S. Refile 2012 taxes Department of Education. Refile 2012 taxes It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Refile 2012 taxes The educational institution should be able to tell you if it is an eligible educational institution. Refile 2012 taxes   Certain educational institutions located outside the United States also participate in the U. Refile 2012 taxes S. Refile 2012 taxes Department of Education's Federal Student Aid (FSA) programs. Refile 2012 taxes Who can claim a dependent's expenses. Refile 2012 taxes   If an exemption is allowed as a deduction for any person who claims the student as a dependent, all qualified education expenses of the student are treated as having been paid by that person. Refile 2012 taxes Therefore, only that person can claim an education credit for the student. Refile 2012 taxes If a student is not claimed as a dependent on another person's tax return, only the student can claim a credit. Refile 2012 taxes Expenses paid by a third party. Refile 2012 taxes   Qualified education expenses paid on behalf of the student by someone other than the student (such as a relative) are treated as paid by the student. Refile 2012 taxes However, qualified education expenses paid (or treated as paid) by a student who is claimed as a dependent on your tax return are treated as paid by you. Refile 2012 taxes Therefore, you are treated as having paid expenses that were paid by the third party. Refile 2012 taxes For more information and an example see Who Can Claim a Dependent's Expenses in Pub. Refile 2012 taxes 970, chapter 2 or 3. Refile 2012 taxes Who cannot claim a credit. Refile 2012 taxes   You cannot take an education credit if any of the following apply. Refile 2012 taxes You are claimed as a dependent on another person's tax return, such as your parent's return. Refile 2012 taxes Your filing status is married filing separately. Refile 2012 taxes You (or your spouse) were a nonresident alien for any part of 2013 and did not elect to be treated as a resident alien for tax purposes. Refile 2012 taxes Your MAGI is one of the following. Refile 2012 taxes American opportunity credit: $180,000 or more if married filing jointly, or $90,000 or more if single, head of household, or qualifying widow(er). Refile 2012 taxes Lifetime learning credit: $127,000 or more if married filing jointly, or $63,000 or more if single, head of household, or qualifying widow(er) . Refile 2012 taxes   Generally, your MAGI is the amount on your Form 1040, line 38, or Form 1040A, line 22. Refile 2012 taxes However, if you are filing Form 2555, Form 2555–EZ, or Form 4563, or are excluding income from Puerto RIco, add to the amount on your Form 1040, line 38, or Form 1040A, line 22, the amount of income you excluded. Refile 2012 taxes For details, see Pub. Refile 2012 taxes 970. Refile 2012 taxes    Figure 35-A may be helpful in determining if you can claim an education credit on your tax return. Refile 2012 taxes The American opportunity credit will always be greater than or equal to the lifetime learning credit for any student who is eligible for both credits. Refile 2012 taxes However, if any of the conditions for the American opportunity credit, listed in Table 35-1 earlier, are not met for any student, you cannot take the American opportunity credit for that student. Refile 2012 taxes You may be able to take the lifetime learning credit for part or all of that student's qualified education expenses instead. Refile 2012 taxes See Pub. Refile 2012 taxes 970 for information on other education benefits. Refile 2012 taxes Qualified Education Expenses Generally, qualified education expenses are amounts paid in 2013 for tuition and fees required for the student's enrollment or attendance at an eligible educational institution. Refile 2012 taxes It does not matter whether the expenses were paid in cash, by check, by credit or debit card, or with borrowed funds. Refile 2012 taxes For course-related books, supplies, and equipment, only certain expenses qualify. Refile 2012 taxes American opportunity credit: Qualified education expenses include amounts spent on books, supplies, and equipment needed for a course of study, whether or not the materials are purchased from the educational institution as a condition of enrollment or attendance. Refile 2012 taxes Lifetime learning credit: Qualified education expenses include amounts for books, supplies, and equipment only if required to be paid to the institution as a condition of enrollment or attendance. Refile 2012 taxes Qualified education expenses include nonacademic fees, such as student activity fees, athletic fees, or other expenses unrelated to the academic course of instruction, only if the fee must be paid to the institution as a condition of enrollment or attendance. Refile 2012 taxes However, fees for personal expenses (described below) are never qualified education expenses. Refile 2012 taxes Qualified education expenses for either credit do not include amounts paid for: Personal expenses. Refile 2012 taxes This means room and board, insurance, medical expenses (including student health fees), transportation, and other similar personal, living, or family expenses. Refile 2012 taxes Any course or other education involving sports, games, or hobbies, or any noncredit course, unless such course or other education is part of the student's degree program or (for the lifetime learning credit only) helps the student acquire or improve job skills. Refile 2012 taxes You should receive Form 1098–T, Tuition Statement, from the institution reporting either payments received in 2013 (box 1) or amounts billed in 2013 (box 2). Refile 2012 taxes However, the amount in box 1 or 2 of Form 1098–T may be different from the amount you paid (or are treated as having paid). Refile 2012 taxes In completing Form 8863, use only the amounts you actually paid (plus any amounts you are treated as having paid) in 2013, reduced as necessary, as described in Adjustments to Qualified Education Expenses , later. Refile 2012 taxes Qualified education expenses paid on behalf of the student by someone other than the student (such as a relative) are treated as paid by the student. Refile 2012 taxes Qualified education expenses paid (or treated as paid) by a student who is claimed as a dependent on your tax return are treated as paid by you. Refile 2012 taxes If you or the student takes a deduction for higher education expenses, such as on Schedule A or C (Form 1040), you cannot use those expenses in your qualified education expenses when figuring your education credits. Refile 2012 taxes Qualified education expenses for any academic period must be reduced by any tax-free educational assistance allocable to that academic period. Refile 2012 taxes See Adjustments to Qualified Education Expenses, later. Refile 2012 taxes Prepaid Expenses. Refile 2012 taxes   Qualified education expenses paid in 2013 for an academic period that begins in the first 3 months of 2014 can be used in figuring an education credit for 2013 only. Refile 2012 taxes See Academic period , earlier. Refile 2012 taxes For example, if you pay $2,000 in December 2013 for qualified tuition for the 2014 winter quarter that begins in January 2014, you can use that $2,000 in figuring an education credit for 2013 only (if you meet all the other requirements). Refile 2012 taxes    You cannot use any amount you paid in 2012 or 2014 to figure the qualified education expenses you use to figure your 2013 education credit(s). Refile 2012 taxes Paid with borrowed funds. Refile 2012 taxes   You can claim an education credit for qualified education expenses paid with the proceeds of a loan. Refile 2012 taxes Use the expenses to figure the credit for the year in which the expenses are paid, not the year in which the loan is repaid. Refile 2012 taxes Treat loan payments sent directly to the educational institution as paid on the date the institution credits the student's account. Refile 2012 taxes Student withdraws from class(es). Refile 2012 taxes   You can claim an education credit for qualified education expenses not refunded when a student withdraws. Refile 2012 taxes No Double Benefit Allowed You cannot do any of the following. Refile 2012 taxes Deduct higher education expenses on your income tax return (as, for example, a business expense) and also claim an education credit based on those same expenses. Refile 2012 taxes Claim more than one education credit based on the same qualified education expenses. Refile 2012 taxes Claim an education credit based on the same expenses used to figure the tax-free portion of a distribution from a Coverdell education savings account (ESA) or qualified tuition program (QTP). Refile 2012 taxes Claim an education credit based on qualified education expenses paid with educational assistance, such as a tax-free scholarship, grant, or employer-provided educational assistance. Refile 2012 taxes See Adjustments to Qualified Education Expenses, next. Refile 2012 taxes Adjustments to Qualified Education Expenses For each student, reduce the qualified education expenses paid in 2013 by or on behalf of that student under the following rules. Refile 2012 taxes The result is the amount of adjusted qualified education expenses for each student. Refile 2012 taxes Tax-free educational assistance. Refile 2012 taxes   For tax-free educational assistance received in 2013, reduce the qualified educational expenses for each academic period by the amount of tax-free educational assistance allocable to that academic period. Refile 2012 taxes See Academic period , earlier. Refile 2012 taxes      Tax-free educational assistance includes:    Tax-free parts of scholarships and fellowships (see chapter 12 of this publication and chapter 1 of Pub. Refile 2012 taxes 970), The tax-free part of Pell grants (see chapter 1 of Pub. Refile 2012 taxes 970), The tax-free part of employer-provided educational assistance (see Pub. Refile 2012 taxes 970), Veterans' educational assistance (see chapter 1 of Pub. Refile 2012 taxes 970), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Refile 2012 taxes Generally, any scholarship or fellowship is treated as tax-free educational assistance. Refile 2012 taxes However, a scholarship or fellowship is not treated as tax-free educational assistance to the extent the student includes it in gross income (if the student is required to file a tax return) for the year the scholarship or fellowship is received and either: The scholarship or fellowship (or any part of it) must be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in Pub. Refile 2012 taxes 970, chapter 1; or The scholarship or fellowship (or any part of it) may be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in Pub. Refile 2012 taxes 970, chapter 1. Refile 2012 taxes You may be able to increase the combined value of an education credit and certain educational assistance if the student includes some or all of the educational assistance in income in the year received. Refile 2012 taxes For details, see Adjustments of Qualified Education Expenses, in chapters 2 and 3 of Pub. Refile 2012 taxes 970. Refile 2012 taxes Some tax-free educational assistance received after 2013 may be treated as a refund of qualified education expenses paid in 2013. Refile 2012 taxes This tax-free educational assistance is any tax-free educational assistance received by you or anyone else after 2013 for qualified education expenses paid on behalf of a student in 2013 (or attributable to enrollment at an eligible educational institution during 2013). Refile 2012 taxes If this tax-free educational assistance is received after 2013 but before you file your 2013 income tax return, see Refunds received after 2013 but before your income tax return is filed, later. Refile 2012 taxes If this tax-free educational assistance is received after 2013 and after you file your 2013 income tax return, see Refunds received after 2013 and after your income tax return is filed, later. Refile 2012 taxes Refunds. Refile 2012 taxes   A refund of qualified education expenses may reduce qualified education expenses for the tax year or may require you to repay (recapture) the credit that you claimed in an earlier year. Refile 2012 taxes Some tax-free educational assistance received after 2013 may be treated as a refund. Refile 2012 taxes See Tax-free educational assistance, earlier. Refile 2012 taxes Refunds received in 2013. Refile 2012 taxes   For each student, figure the adjusted qualified education expenses for 2013 by adding all the qualified education expenses paid in 2013 and subtracting any refunds of those expenses received from the eligible educational institution during 2013. Refile 2012 taxes Refunds received after 2013 but before your income tax return is filed. Refile 2012 taxes   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is received before you file your 2013 income tax return, reduce the amount of qualified education expenses for 2013 by the amount of the refund. Refile 2012 taxes Refunds received after 2013 and after your income tax return is filed. Refile 2012 taxes   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is received after you file your 2013 income tax return, you may need to repay some or all of the credit that you claimed. Refile 2012 taxes See Credit recapture, next. Refile 2012 taxes Credit recapture. Refile 2012 taxes    If any tax-free educational assistance for the qualified education expenses paid in 2013, or any refund of your qualified education expenses paid in 2013, is received after you file your 2013 income tax return, you must recapture (repay) any excess credit. Refile 2012 taxes You do this by refiguring the amount of your adjusted qualified education expenses for 2013 by reducing the expenses by the amount of the refund or tax-free educational assistance. Refile 2012 taxes You then refigure your education credit(s) for 2013 and figure the amount by which your 2013 tax liability would have increased if you had claimed the refigured credit(s). Refile 2012 taxes Include that amount as an additional tax for the year the refund or tax-free assistance was received. Refile 2012 taxes Example. Refile 2012 taxes    You paid $8,000 tuition and fees in December 2013 for your child's Spring semester beginning in January 2014. Refile 2012 taxes You filed your 2013 tax return on February 3, 2014, and claimed a lifetime learning credit of $1,600 ($8,000 qualified education expense paid x . Refile 2012 taxes 20). Refile 2012 taxes You claimed no other tax credits. Refile 2012 taxes After you filed your return, your child withdrew from two courses and you received a refund of $1,400. Refile 2012 taxes You must refigure your 2013 lifetime learning credit using $6,600 ($8,000 qualified education expenses − $1,400 refund). Refile 2012 taxes The refigured credit is $1,320 and your tax liability increased by $280. Refile 2012 taxes You must include the difference of $280 ($1,600 credit originally claimed − $1,320 refigured credit) as additional tax on your 2014 income tax return. Refile 2012 taxes See the instructions for your 2014 income tax return to determine where to include this tax. Refile 2012 taxes If you also pay qualified education expenses in 2014 for an academic period that begins in the first 3 months of 2014 and you receive tax-free educational assistance, or a refund, as described above, you may choose to reduce your qualified education expenses for 2014 instead of reducing your expenses for 2013. Refile 2012 taxes Amounts that do not reduce qualified education expenses. Refile 2012 taxes   Do not reduce qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance, or A withdrawal from the student's personal savings. Refile 2012 taxes   Do not reduce the qualified education expenses by any scholarship or fellowship reported as income on the student's tax return in the following situations. Refile 2012 taxes The use of the money is restricted, by the terms of the scholarship or fellowship, to costs of attendance (such as room and board) other than qualified education expenses, as defined in Chapter 1 of Pub. Refile 2012 taxes 970. Refile 2012 taxes The use of the money is not restricted. Refile 2012 taxes   For examples, see chapter 2 in Pub. Refile 2012 taxes 970. Refile 2012 taxes Figure 35-A. Refile 2012 taxes Can You Claim an Education Credit for 2013? This image is too large to be displayed in the current screen. Refile 2012 taxes Please click the link to view the image. Refile 2012 taxes Figure 35-A. Refile 2012 taxes Can You Claim an Education Credit for 2013? Prev  Up  Next   Home   More Online Publications