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Student Tax Form 1098 T

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Student Tax Form 1098 T

Student tax form 1098 t 35. Student tax form 1098 t   Créditos Tributarios por Estudios Table of Contents Introduction Useful Items - You may want to see: ¿Quién Puede Reclamar un Crédito Tributario por Estudios? Gastos de Estudios CalificadosNo se Permite Beneficio Doble Ajustes a los Gastos de Estudios Calificados Introduction Para 2013, hay dos créditos tributarios para personas que paguen gastos de enseñanza superior (postsecundaria). Student tax form 1098 t Éstos son: El crédito tributario de oportunidad para los estadounidenses y El crédito vitalicio por aprendizaje. Student tax form 1098 t Este capítulo explica en términos generales estos créditos tributarios por estudios. Student tax form 1098 t Para obtener la información detallada que necesitará para reclamar cualquiera de los créditos, y para ver ejemplos aclaratorios, consulte los capítulos 2 y 3 de la Publicación 970, Tax Benefits for Education (Beneficios tributarios por estudios), en inglés. Student tax form 1098 t ¿Puede reclamar más de un crédito por estudios este año?   Puede escoger sólo uno de los créditos por cada estudiante por cada año. Student tax form 1098 t Por ejemplo, si reclama el crédito tributario de oportunidad para los estadounidenses por un hijo en su declaración de impuestos de 2013, no puede tomar el crédito vitalicio por aprendizaje para 2013 si se trata del mismo hijo. Student tax form 1098 t   Si reúne los requisitos del crédito tributario de oportunidad para los estadounidenses y también del crédito vitalicio por aprendizaje por el mismo estudiante durante el mismo año, puede reclamar sólo uno de los dos créditos, pero no ambos. Student tax form 1098 t   Si paga gastos de estudios calificados por más de un estudiante durante el mismo año, puede reclamar el crédito tributario de oportunidad para los estadounidenses y el crédito vitalicio por aprendizaje basado por cada estudiante y por año. Student tax form 1098 t Esto quiere decir que, por ejemplo, puede reclamar el crédito tributario de oportunidad para los estadounidenses por un estudiante y el crédito vitalicio por aprendizaje por otro estudiante en el mismo año. Student tax form 1098 t    Tabla 35-1. Student tax form 1098 t Comparación de los Créditos Tributarios por Estudios Precaución: Puede reclamar el crédito tributario de oportunidad para los estadounidenses y el crédito vitalicio por aprendizaje en la misma declaración —pero no por el mismo estudiante. Student tax form 1098 t   Crédito tributario de oportunidad para los estadounidenses Crédito vitalicio por aprendizaje Crédito máximo Un crédito de hasta $2,500 por cada estudiante que reúne los requisitos Un crédito de hasta $2,000 por cada declaración Límite a los ingresos brutos ajustados modificados (MAGI, por sus siglas en inglés) $180,000 si es casado que presenta una declaración conjunta;  $90,000 si es soltero, cabeza de familia o viudo que reúne los requisitos $127,000 si es casado que presenta una declaración conjunta;  $63,000 si es soltero, cabeza de familia o viudo que reúne los requisitos Reembolsable o no reembolsable El 40% del crédito podría ser reembolsable El monto del crédito está limitado al monto de impuestos que tiene que pagar sobre sus ingresos sujetos a impuestos Número de años de enseñanza postsecundaria Disponible SÓLO si el estudiante no ha completado los 4 primeros años de enseñanza postsecundaria antes de 2013 Disponible para todo año de enseñanza postsecundaria y cursos para adquirir o mejorar aptitudes en el trabajo Número de años tributarios por los cuales se ofrece el crédito Disponible SÓLO por 4 años por cada estudiante que reúna los requisitos (incluido todo año en el que se haya reclamado el crédito Hope) Disponible por un número ilimitado de años Tipo de programa académico requerido El estudiante tiene que estar cursando un programa de estudios con miras a sacar una licenciatura u otro título o certificado académico acreditado El estudiante no necesita estar cursando un programa de estudios con miras a sacar una licenciatura u otro título o certificado académico acreditado Número de cursos El estudiante tiene que estar matriculado a medio tiempo como mínimo durante al menos un período académico que haya comenzado en el transcurso del año tributario Disponible para uno o más cursos Fallo condenatorio por delito grave de drogas Si para el fin de 2013 no consta fallo condenatorio alguno al estudiante por delito grave de poseer o distribuir drogas Fallos condenatorios por delito grave de drogas no hacen que el estudiante no reúna los requisitos Gastos que reúnen los requisitos Costos de matrícula y gastos de inscripción obligatorios y todos los materiales relacionados con un curso que necesita el estudiante, tanto si son comprados o no en la institución como condición de inscripción o asistencia Costos de matrícula y gastos de inscripción obligatorios (incluidas cantidades que tienen que pagarse a la institución por textos, materiales y equipo relacionados con un curso) Pagos por períodos académicos Pagos efectuados en 2013 para períodos académicos que se iniciaron en 2013 y en los tres primeros meses de 2014 Diferencias entre el crédito tributario de oportunidad para los estadounidenses y el crédito vitalicio por aprendizaje. Student tax form 1098 t   Existen varias diferencias entre estos dos créditos. Student tax form 1098 t Estas diferencias se resumen en la Tabla 35-1, más adelante. Student tax form 1098 t Useful Items - You may want to see: Publicación 970 Tax Benefits for Education (Beneficios tributarios por estudios), en inglés Formulario (e Instrucciones) 8863 Education Credits (American Opportunity and Lifetime Learning Credits) (Créditos tributarios por estudios (crédito tributario de oportunidad para los estadounidenses y crédito vitalicio por aprendizaje)), en inglés ¿Quién Puede Reclamar un Crédito Tributario por Estudios? Tal vez pueda reclamar un crédito tributario por estudios si usted, su cónyuge o un dependiente reclamado en su declaración de impuestos era estudiante matriculado en, o asistió a, una institución de enseñanza superior que reúne los requisitos. Student tax form 1098 t Los créditos se basan en la cantidad de gastos de estudios calificados que hayan sido pagados a nombre del estudiante en 2013 por períodos académicos que comenzaron en 2013 y en los primeros tres meses de 2014. Student tax form 1098 t Por ejemplo, si pagó $1,500 en diciembre de 2013 por una matrícula calificada por el semestre de primavera de 2014 que comience en enero de 2014, tal vez pueda usar los $1,500 en el cálculo del (de los) crédito(s) para 2013. Student tax form 1098 t Período académico. Student tax form 1098 t   Un período académico abarca un semestre, trimestre, cuatrimestre u otro período de estudios (como un curso de escuela de verano) según lo determine de manera razonable una institución de enseñanza superior. Student tax form 1098 t En el caso de una institución de enseñanza superior que no tenga períodos académicos sino horas de crédito u horas de reloj, cada período de pago se puede considerar período académico. Student tax form 1098 t Institución de enseñanza superior que reúne los requisitos. Student tax form 1098 t   Una “institución de enseñanza superior que reúne los requisitos” es todo colegio universitario, universidad, escuela de enseñanza técnica u otra institución de enseñanza superior con derecho a participar en un programa de asistencia financiera al estudiante administrado por el Departamento de Educación de los Estados Unidos. Student tax form 1098 t Esta clase de institución abarca prácticamente todas las instituciones acreditadas de enseñanza superior públicas, sin fines de lucro y las privadas con fines de lucro. Student tax form 1098 t La institución de enseñanza superior debe poder indicarle si reúne los requisitos. Student tax form 1098 t   Determinadas instituciones de enseñanza superior ubicadas en el extranjero participan también en los programas de Federal Student Aid (Asistencia Financiera al Estudiante o FSA, por sus siglas en inglés) del Departamento de Educación de los Estados Unidos. Student tax form 1098 t ¿Quién puede reclamar los gastos de un dependiente?   Si una persona reclama al estudiante como dependiente y se permite una deducción por aquel estudiante en la declaración de dicha persona, se considera que esa persona ha pagado todos los gastos de estudios calificados del estudiante. Student tax form 1098 t Por lo tanto, sólo esa persona puede reclamar un crédito por estudios en nombre del estudiante. Student tax form 1098 t Si un estudiante no es reclamado como dependiente en la declaración de impuestos de otra persona, sólo el estudiante puede reclamar un crédito. Student tax form 1098 t Gastos pagados por un tercero. Student tax form 1098 t   Los gastos de estudios calificados pagados en nombre del estudiante por una persona que no sea el estudiante (como un pariente) se tratan como si hubiesen sido pagados por dicho estudiante. Student tax form 1098 t Sin embargo, los gastos de estudios calificados pagados (o que se tratan como si hubiesen sido pagados) por un estudiante que es reclamado como dependiente en su declaración de impuestos, se tratan como si hubiesen sido pagados por usted. Student tax form 1098 t Por lo tanto, a usted se le trata como si hubiese pagado los gastos que fueron pagados por el tercero. Student tax form 1098 t Para más información y para ver un ejemplo, vea Who can Claim a Dependent's Expenses (¿Quién puede reclamar los gastos de un dependiente?) en el capítulo 2 ó 3 de la Publicación 970, en inglés. Student tax form 1098 t ¿Quién no puede reclamar el crédito?   No puede tomar un crédito tributario por estudios si alguna de las siguientes situaciones le corresponde: Usted es reclamado como dependiente en la declaración de impuestos de otra persona, como la de sus padres. Student tax form 1098 t Su estado civil para efectos de la declaración es casado que presenta una declaración por separado. Student tax form 1098 t Usted (o su cónyuge) fue extranjero no residente durante cualquier parte de 2013 y no optó por ser tratado como extranjero residente para fines tributarios. Student tax form 1098 t Sus ingresos brutos ajustados modificados (MAGI, por sus siglas en inglés) es uno de los siguientes: Crédito tributario de oportunidad para los estadounidenses: $180,000 o más si es casado que presenta la declaración conjunta, o $90,000 o más si es soltero, cabeza de familia o viudo que reúne los requisitos. Student tax form 1098 t Crédito vitalicio por aprendizaje: $127,000 o más si es casado que presenta la declaración conjunta, o $63,000 o más si es soltero, cabeza de familia o viudo que reúne los requisitos. Student tax form 1098 t   Por lo general, su MAGI es la cantidad de la línea 38 de su Formulario 1040 o la línea 22 del Formulario 1040A. Student tax form 1098 t No obstante, si presenta el Formulario 2555, 2555-EZ o 4563 o si excluye ingresos de fuentes dentro de Puerto Rico, sume la cantidad excluida del ingreso a la cantidad en la línea 38 de su Formulario 1040 o de la línea 22 del Formulario 1040A. Student tax form 1098 t Para más detalles, vea la Publicación 970, en inglés. Student tax form 1098 t   La Figura 35-A podría ser útil al momento de determinar si puede reclamar un crédito tributario por estudios en su declaración de impuestos. Student tax form 1098 t    El crédito tributario de oportunidad para los estadounidenses siempre será mayor que o igual al crédito vitalicio por aprendizaje para todo estudiante que reúna los requisitos para ambos créditos. Student tax form 1098 t Sin embargo, si no se cumplen todos los requisitos correspondientes al crédito tributario de oportunidad para los estadounidenses enumerados anteriormente en la Tabla 35-1, usted no puede reclamar dicho crédito en base de este estudiante. Student tax form 1098 t En lugar de ello, quizás podría reclamar el crédito vitalicio por aprendizaje por una parte o la totalidad de los gastos de estudios calificados de dicho estudiante. Student tax form 1098 t Para obtener información sobre otros beneficios relacionados con los estudios, vea la Publicación 970, en inglés. Student tax form 1098 t Gastos de Estudios Calificados Generalmente, se considera que los gastos de estudios calificados son cantidades pagadas en 2013 por matrícula y gastos escolares obligatorios para matricularse en un curso o asistir al mismo en una institución de enseñanza superior. Student tax form 1098 t No importa si los gastos fueron pagados en efectivo, por cheque, con tarjeta de crédito o débito, o con préstamos. Student tax form 1098 t Sólo reúnen los requisitos ciertos gastos por libros, materiales y equipos relacionados con un curso: Crédito tributario de oportunidad para los estadounidenses: Los gastos de estudios calificados abarcan cantidades gastadas en libros, materiales y equipos necesarios para cursos de un programa de estudios, ya sea o no que se compren estos materiales en la institución de enseñanza como condición para matricularse o asistir a tales cursos. Student tax form 1098 t Crédito vitalicio por aprendizaje: Los gastos de estudios calificados abarcan cantidades gastadas en libros, materiales y equipos sólo si se tienen que pagar a la institución como condición para matricularse o asistir a cursos. Student tax form 1098 t Los gastos de estudios calificados incluyen cuotas no académicas, tales como cuotas por actividades estudiantiles, cuotas por actividades deportivas u otros gastos no relacionados con el curso de instrucción, sólo si la cuota tiene que pagarse a la institución como condición de inscripción o asistencia. Student tax form 1098 t Sin embargo, las cuotas por gastos personales (descritos a continuación) nunca se consideran gastos de estudios calificados. Student tax form 1098 t Los gastos de estudios calificados no incluyen cantidades pagadas por: Gastos personales. Student tax form 1098 t Éstos incluyen gastos de alojamiento y comida, seguros, gastos médicos (incluyendo las cuotas de servicios de salud para estudiantes), transporte y otros gastos personales similares o de familia. Student tax form 1098 t Todo curso u otros estudios que se relacionen con deportes, juegos o pasatiempos o todo curso sin crédito académico, a menos que dicho curso o dichos estudios formen parte del programa de estudios para obtener un título del estudiante o (sólo en el caso del crédito vitalicio por aprendizaje) ayude al estudiante a adquirir o mejorar aptitudes en el trabajo. Student tax form 1098 t Usted debe recibir el Formulario 1098-T, Tuition Statement (Información sobre el pago de matrícula), en inglés, de la institución que informa cualesquiera de los pagos recibidos en 2013 (encasillado 1) o las cantidades facturadas en 2013 (encasillado 2). Student tax form 1098 t Sin embargo, la cantidad pagada (o tratada como pagada) puede ser distinta a la cantidad en el encasillado 1 ó 2 del Formulario 1098-T. Student tax form 1098 t Al completar el Formulario 8863, en inglés, utilice sólo las cantidades que realmente pagó (además de cualquier otra cantidad tratada como pagada) en 2013, reducida cuando sea necesario, como se describe en Ajustes a los Gastos de Estudios Calificados , más adelante. Student tax form 1098 t Los gastos de estudios calificados pagados en nombre del estudiante por una persona que no sea el estudiante (como un pariente) se tratan como si hubiesen sido pagados por dicho estudiante. Student tax form 1098 t Los gastos de estudios calificados pagados (o que se tratan como si hubiesen sido pagados) por un estudiante que es reclamado como dependiente en su declaración de impuestos se tratan como si hubiesen sido pagados por usted. Student tax form 1098 t Al calcular los créditos tributarios por estudios, si usted o el estudiante toman una deducción por gastos de enseñanza superior, tal como en el Anexo A o C (Formulario 1040), no pueden utilizar esos gastos como gastos de estudios calificados. Student tax form 1098 t Los gastos de estudios calificados para cualquier período académico tienen que ser reducidos por toda ayuda económica de estudios exenta de los impuestos asignable a dicho período académico. Student tax form 1098 t Vea Ajustes a los Gastos de Estudios Calificados , más adelante. Student tax form 1098 t Gastos pagados por adelantado. Student tax form 1098 t   Los gastos de estudios calificados pagados en 2013 para un período académico que comienza en los primeros tres meses de 2014 se pueden utilizar sólo en el cálculo del crédito por estudios de 2013. Student tax form 1098 t Vea Período académico , anteriormente. Student tax form 1098 t Por ejemplo, si usted paga $2,000 en diciembre de 2013 para matrícula calificada por el cuatrimestre del invierno de 2014 que comienza en enero de 2014, puede utilizar los $2,000 en el cálculo del crédito por estudios sólo para 2013 (si reúne todos los otros requisitos). Student tax form 1098 t No puede utilizar cantidad alguna que haya pagado en 2012 ó 2014 para calcular su(s) crédito(s) tributario(s) por estudios de 2013. Student tax form 1098 t Gastos pagados con un préstamo. Student tax form 1098 t   Puede reclamar un crédito por estudios en el caso de gastos de estudios calificados que haya pagado con un préstamo. Student tax form 1098 t Utilice los gastos para calcular el crédito tributario por estudios correspondiente al año en que se paguen los gastos y no al año en el que se pague el préstamo. Student tax form 1098 t Trate los pagos del préstamo enviados directamente a la institución de enseñanza superior como si se hubiesen pagado en la fecha en que dicha institución abone los pagos a la cuenta del estudiante. Student tax form 1098 t Si el estudiante se retira de uno o más cursos. Student tax form 1098 t   Puede reclamar un crédito tributario por estudios en el caso de gastos de estudios calificados que no se le devuelvan al estudiante si el estudiante se retira de uno o más cursos. Student tax form 1098 t No se Permite Beneficio Doble No se permite hacer lo siguiente: Deducir gastos de enseñanza superior en su declaración de impuestos sobre los ingresos (por ejemplo, un gasto de negocio) y reclamar también un crédito por estudios basándose en dichos gastos. Student tax form 1098 t Reclamar más de un (1) crédito tributario por estudios basándose en los mismos gastos de estudios calificados. Student tax form 1098 t Reclamar un crédito por estudios basándose en los mismos gastos utilizados para calcular la parte exenta del impuesto de distribuciones de una cuenta de ahorros para estudios Coverdell (Coverdell ESA, por su abreviatura en inglés) o un programa de matrícula calificada (QTP, por sus siglas en inglés). Student tax form 1098 t Reclamar un crédito basándose en gastos de estudios calificados que hayan sido pagados con ayuda para estudios, tal como una beca o subvención o ayuda provista por el empleador, libres de impuestos. Student tax form 1098 t Vea Ajustes a los Gastos de Estudios Calificados, a continuación. Student tax form 1098 t Ajustes a los Gastos de Estudios Calificados Para cada estudiante, se tiene que restar los gastos de estudios calificados, pagados en 2013, por o en nombre de dicho estudiante bajo las siguientes reglas. Student tax form 1098 t El resultado es la cantidad ajustada en gastos de estudios calificados por cada estudiante. Student tax form 1098 t Ayuda económica para estudios exenta de impuestos. Student tax form 1098 t   Si en 2013 recibió ayuda económica para estudios que está exenta de impuestos, reste la cantidad de la ayuda económica para estudios exenta de impuestos asignable para cada período académico de la cantidad de gastos de estudios calificados para cada período académico. Student tax form 1098 t Vea Período académico , anteriormente. Student tax form 1098 t   La ayuda económica para estudios exenta de impuestos incluye: Partes no sujetas a impuestos de becas de estudios y becas de investigación (vea el capítulo 12 de esta publicación y el capítulo 1 de la Publicación 970, en inglés), La parte no sujeta a impuestos de subvenciones federales Pell (vea el capítulo 1 de la Publicación 970, en inglés), La parte no sujeta a impuestos de ayuda económica para estudios provista por el empleador (vea la Publicación 970, en inglés), Ayuda económica para estudios para veteranos (vea el capítulo 1 de la Publicación 970, en inglés) y Cualquier otro pago no sujeto a impuestos (libre de impuestos) (que no sean regalos ni herencias) recibido como ayuda económica para estudios. Student tax form 1098 t   Por lo general, toda beca de estudios o de investigación es tratada como una ayuda económica para estudios exenta de impuestos. Student tax form 1098 t Sin embargo, una beca de estudios o de investigación no será tratada como dicha ayuda al punto de que el estudiante la incluye como ingreso bruto (si el estudiante tiene que presentar una declaración de impuestos) para el año en que reciba la beca de estudios o de investigación y le corresponde uno de los siguientes: La beca de estudios o de investigación (o cualquier parte de dicha beca) tiene que ser aplicada (por sus condiciones) a gastos (como de alojamiento y comida) que no sean gastos de estudios calificados como se define en el capítulo 1, Qualified education expenses (Gastos de estudios calificados), de la Publicación 970, en inglés, o La beca de estudios o de investigación (o cualquier parte de dicha beca) puede ser aplicada (por sus condiciones) a gastos (como de alojamiento y comida) que no sean gastos de estudios calificados como se define en el capítulo 1, Qualified education expenses (Gastos de estudios calificados), de la Publicación 970, en inglés. Student tax form 1098 t Podría aumentar el valor combinado del crédito tributario por estudios y cierta ayuda económica para estudios si el estudiante incluye alguna o toda ayuda económica para estudios del ingreso en el año en que recibió dicha ayuda. Student tax form 1098 t Para detalles, vea Adjustments of Qualified Education Expenses (Ajustes a los gastos de estudios calificados) en los capítulos 2 y 3 de la Publicación 970, en inglés. Student tax form 1098 t Cierta ayuda económica para estudios exenta de impuestos recibida después de 2013 podría ser tratada como un reembolso de gastos de estudios calificados que se pagaron en 2013. Student tax form 1098 t Esta ayuda económica para estudios exenta de impuestos es toda ayuda económica para estudios exenta de impuestos que usted o cualquier otro ha recibido después de 2013 por gastos de estudios calificados pagados en nombre de un estudiante en 2013 (o atribuible a la matrícula de una institución de enseñanza superior que reúne los requisitos durante 2013). Student tax form 1098 t Si dicha ayuda económica para estudios exenta de impuestos se recibe después de 2013 pero antes de que presente su declaración de impuestos sobre los ingresos para 2013, vea Reembolsos recibidos después de 2013 pero antes de presentar su declaración de impuestos sobre los ingresos, más adelante. Student tax form 1098 t Si dicha ayuda económica para estudios exenta de impuestos se recibe después de 2013 y después que presenta su declaración de impuestos sobre los ingresos para 2013, vea Reembolsos recibidos después de 2013 y después que presenta su declaración de impuestos sobre los ingresos, más adelante. Student tax form 1098 t Reembolsos. Student tax form 1098 t   Un reembolso de gastos de estudios calificados puede reducir gastos de estudios calificados por el año tributable o puede requerir que recupere (reintegre) el crédito tributario por estudios que reclamó en un año anterior. Student tax form 1098 t Cierta ayuda económica para estudios exenta de impuestos recibida después de 2013 puede ser tratada como un reembolso. Student tax form 1098 t Vea Ayuda económica para estudios exenta de impuestos, anteriormente. Student tax form 1098 t Reembolsos recibidos en 2013. Student tax form 1098 t   Por cada estudiante, calcule los gastos de estudios calificados ajustados de 2013 sumando todos los gastos de estudios calificados pagados en 2013 y reste todos los reembolsos de esos gastos recibidos de la institución de enseñanza superior que reúne los requisitos durante 2013. Student tax form 1098 t Reembolsos recibidos después de 2013 pero antes de presentar su declaración de impuestos sobre los ingresos. Student tax form 1098 t   Si alguien recibe un reembolso después de 2013 por gastos de estudios calificados pagado en nombre de un estudiante en 2013 y el reembolso es recibido antes de que presente su declaración de impuestos sobre los ingresos de 2013, reste la cantidad de gastos de estudios calificados de 2013 por la cantidad del reembolso. Student tax form 1098 t Reembolsos recibidos después de 2013 y después de presentar su declaración de impuestos sobre los ingresos. Student tax form 1098 t   Si alguien recibe un reembolso después de 2013 por gastos de estudios calificados pagados en nombre de un estudiante en 2013 y el reembolso es recibido después de presentar su declaración de impuestos sobre los ingresos de 2013, podría verse obligado a reintegrar parte o todo el crédito tributario por estudios que reclamó. Student tax form 1098 t Vea Recuperar (reintegrar) el crédito, a continuación. Student tax form 1098 t Recuperar (reintegrar) el crédito. Student tax form 1098 t   Si después de haber presentado su declaración de impuestos sobre los ingresos de 2013, recibe alguna ayuda económica para estudios exenta de impuestos o cualquier reembolso correspondiente a gastos de estudios calificados que haya pagado en 2013, tiene que recuperar (reintegrar) todo crédito en exceso. Student tax form 1098 t Cuando se vuelve a calcular la cantidad de gastos de estudios calificados ajustados de 2013, reste de dichos gastos la cantidad de la ayuda económica para estudios exenta de impuestos o el (los) reembolso(s) que haya recibido. Student tax form 1098 t Entonces se calcula nuevamente su(s) crédito(s) tributario(s) por estudios de 2013 y se calcula la cantidad por la cual su impuesto adeudado de 2013 hubiera aumentado si hubiese reclamado dicho(s) crédito(s) nuevamente calculado(s). Student tax form 1098 t Incluya esa cantidad como un impuesto adicional para el año en que la ayuda económica o el reembolso fueron recibidos. Student tax form 1098 t Ejemplo. Student tax form 1098 t   Usted pagó $8,000 por matrícula y gastos escolares de su hijo en diciembre de 2013 por el semestre de primavera que comienza en enero de 2014. Student tax form 1098 t Usted presentó su declaración de impuestos de 2013 el 3 de febrero de 2014 y reclamó un crédito vitalicio por aprendizaje de $1,600 ($8,000 de gastos de estudios calificados multiplicado por 0. Student tax form 1098 t 20). Student tax form 1098 t Usted no reclamó otros créditos tributarios. Student tax form 1098 t Después de haber presentado su declaración, su hijo se retiró de dos cursos y usted recibió un reembolso de $1,400. Student tax form 1098 t Tiene que volver a calcular su crédito vitalicio por aprendizaje de 2013 usando $6,600 ($1,400 del reembolso que se resta de los gastos de estudios calificados de $8,000). Student tax form 1098 t El crédito nuevamente calculado es $1,320 y su impuesto adeudado aumentó por $280. Student tax form 1098 t Tiene que incluir el resultado de $280 (lo que queda después de que haya restado $1,320 (el crédito nuevamente calculado) de $1,600 (el crédito que había reclamado originalmente)) como un impuesto adicional en su declaración de impuestos sobre los ingresos de 2014. Student tax form 1098 t Para determinar en dónde incluir dicho impuesto adicional, vea las instrucciones de su declaración de impuestos sobre los ingresos de 2014. Student tax form 1098 t    Si también paga gastos de estudios calificados en 2014 para un período académico que comienza en los primeros tres meses de 2014 y recibe ayuda económica para estudios exenta de impuestos o un reembolso como se explicó anteriormente, usted puede escoger reducir sus gastos de estudios calificados para el 2014 en vez de reducir sus gastos para 2013. Student tax form 1098 t Cantidades que no reducen los gastos de estudios calificados. Student tax form 1098 t   No reste de los gastos de estudios calificados las cantidades pagadas con fondos que el estudiante reciba como: Pagos por servicios, como salarios; Un préstamo; Un regalo; Una herencia o Un retiro de la cuenta de ahorros personal del estudiante. Student tax form 1098 t   No reste de los gastos de estudios calificados ninguna beca de estudios o beca de investigación reclamada como ingresos en la declaración de ingresos del estudiante en las siguientes situaciones: El uso del dinero está limitado, por los términos de la beca de estudios o de investigación, a los costos de asistencia (como alojamiento y comida) que no sean gastos de estudios calificados, como se definen en el capítulo 1 de la Publicación 970, en inglés. Student tax form 1098 t El uso del dinero no está limitado. Student tax form 1098 t   Para ver ejemplos, consulte el capítulo 2 de la Publicación 970, en inglés. Student tax form 1098 t Please click here for the text description of the image. Student tax form 1098 t Figura 35-A ¿Puede usted reclamar el crédito por Estudios para 2013? Prev  Up  Next   Home   More Online Publications
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Utilities

In many states, consumers can choose their telephone and energy service provider. Contact your state utility commission to find out whether you have a choice. Some commissions will provide a list of service providers and advice on making a choice, and most state utility commissions will take any complaints you have concerning utility sales and service.

Starting Utility Service

When you move into a new home or apartment, you may also be required to have the utilities (electricity, gas, water, waste removal, and cable) turned on in your name. Your city or county government may handle some services, such as water, sewer, and garbage collection. If you live in an apartment or are leasing a house from a homeowner, the landlord may handle this for you, but that is not required. If you request service, provide as much advance notice to the utility company as you can, at least one week in advance of the date you need service to start. Also, if you are relocating, don’t forget to have service turned off at your old address. Each company may require you to pay a fee to start service. You may also be required to pay a deposit or allow the company to check your credit to establish service at your home. If any of these companies fails to meet its service requirements, file a complaint with the company; you may be able to get a refund of your installation fee. If that doesn’t work, contact your state’s utility commission.

Billing

Once you have established service, you should start receiving your bills at regular intervals, normally monthly or quarterly. Utility bills are based on the amount of energy or water you actually use. However, if you live in an apartment complex, the amount you pay for some utilities may be prorated or split, based on a mathematical formula, among all of the residents in your community, no matter how energy conscious you are. If the amount of energy varies by season, you may decide to sign up for a budget billing program. These programs allow you to smooth out your monthly payments by paying more in lighter-use months, so your bills are still manageable in months with heavier use. Contact your utility companies to sign up for these programs. To learn ways to save on your energy bill, check with Environmental Protection Agency.
In addition to your actual service, you may have other fees on your bill, such as administrative fees, public surcharges, or local taxes. Contact the service provider if you see charges you don’t understand or didn’t authorize, or if you have difficulty making timely payments.
If you have difficulty paying your bills, especially for electricity or gas, help is available. Contact the company to find out if it has a program in place to help consumers. Also, your state’s utility commission may sponsor a program to either reduce your bill or make your payments based on a set amount of your income each month. Programs like these from utility companies and local government are usually based on your income.

The Student Tax Form 1098 T

Student tax form 1098 t 2. Student tax form 1098 t   Possession Source Income Table of Contents Types of IncomeCompensation for Labor or Personal Services Investment Income Sales or Other Dispositions of Property Scholarships, Fellowships, Grants, Prizes, and Awards Effectively Connected Income In order to determine where to file your return and which form(s) you need to complete, you must determine the source of each item of income you received during the tax year. Student tax form 1098 t Income you received from sources within, or that was effectively connected with the conduct of a trade or business within, the relevant possession must be identified separately from U. Student tax form 1098 t S. Student tax form 1098 t or foreign source income. Student tax form 1098 t This chapter discusses the rules for determining if the source of your income is from: American Samoa, The Commonwealth of the Northern Mariana Islands (CNMI), The Commonwealth of Puerto Rico (Puerto Rico), Guam, or The U. Student tax form 1098 t S. Student tax form 1098 t Virgin Islands (USVI). Student tax form 1098 t Generally, the same rules that apply for determining U. Student tax form 1098 t S. Student tax form 1098 t source income also apply for determining possession source income. Student tax form 1098 t However, there are some important exceptions to these rules. Student tax form 1098 t Both the general rules and the exceptions are discussed in this chapter. Student tax form 1098 t U. Student tax form 1098 t S. Student tax form 1098 t income rule. Student tax form 1098 t   This rule states that income is not possession source income if, under the rules of Internal Revenue Code sections 861–865, it is treated as income: From sources within the United States, or Effectively connected with the conduct of a trade or business within the United States. Student tax form 1098 t Table 2-1 shows the general rules for determining whether income is from sources within the United States. Student tax form 1098 t Table 2-1. Student tax form 1098 t General Rules for Determining U. Student tax form 1098 t S. Student tax form 1098 t Source of Income Item of Income Factor Determining Source Salaries, wages, and other compensation for labor or personal services Where labor or services performed Pensions Contributions: Where services were performed that earned the pension Investment earnings: Where pension trust is located Interest Residence of payer Dividends Where corporation created or organized Rents Location of property Royalties:   Natural resources Location of property Patents, copyrights, etc. Student tax form 1098 t Where property is used Sale of business inventory—purchased Where sold Sale of business inventory—produced Allocation if produced and sold in different locations Sale of real property Location of property Sale of personal property Seller's tax home (but see Special Rules for Gains From Dispositions of Certain Property , later, for exceptions) Sale of natural resources Allocation based on fair market value of product at export terminal. Student tax form 1098 t For more information, see Regulations section 1. Student tax form 1098 t 863-1(b). Student tax form 1098 t Types of Income This section looks at the most common types of income received by individuals, and the rules for determining the source of the income. Student tax form 1098 t Generally, the same rules shown in Table 2-1 are used to determine if you have possession source income. Student tax form 1098 t Compensation for Labor or Personal Services Income from labor or personal services includes wages, salaries, commissions, fees, per diem allowances, employee allowances and bonuses, and fringe benefits. Student tax form 1098 t It also includes income earned by sole proprietors and general partners from providing personal services in the course of their trade or business. Student tax form 1098 t Services performed wholly within a relevant possession. Student tax form 1098 t   Generally, all pay you receive for services performed in a relevant possession is considered to be from sources within that possession. Student tax form 1098 t However, there is an exception for income earned as a member of the U. Student tax form 1098 t S. Student tax form 1098 t Armed Forces or a civilian spouse. Student tax form 1098 t U. Student tax form 1098 t S. Student tax form 1098 t Armed Forces. Student tax form 1098 t   If you are a bona fide resident of a relevant possession, your military service pay will be sourced in that possession even if you perform the services in the United States or another possession. Student tax form 1098 t However, if you are not a bona fide resident of a possession, your military service pay will be income from the  United States even if you perform services in a possession. Student tax form 1098 t Civilian spouse of active duty member of the U. Student tax form 1098 t S. Student tax form 1098 t Armed Forces. Student tax form 1098 t   If you are a bona fide resident of a U. Student tax form 1098 t S. Student tax form 1098 t possession and choose to keep that possession as your tax residence under MSRRA when relocating with your servicemember spouse under military orders, the source of income for your labor or personal services is considered to be that possession. Student tax form 1098 t Likewise, if your tax residence is in one of the 50 states or the District of Columbia before relocating and you choose to keep it as your tax residence, the source of income for services performed in any of the U. Student tax form 1098 t S. Student tax form 1098 t possessions is considered to be the United States and, specifically, your state of residence or the District of Columbia. Student tax form 1098 t Services performed partly inside and partly outside a relevant possession. Student tax form 1098 t   If you are an employee and receive compensation for labor or personal services performed both inside and outside the relevant possession, special rules apply in determining the source of the compensation. Student tax form 1098 t Compensation (other than certain fringe benefits) is sourced on a time basis. Student tax form 1098 t Certain fringe benefits (such as housing and education) are sourced on a geographical basis. Student tax form 1098 t   Or, you may be permitted to use an alternative basis to determine the source of compensation. Student tax form 1098 t See Alternative basis , later. Student tax form 1098 t   If you are self-employed, determine the source of your income for labor or personal services from self-employment on the basis that most correctly reflects the proper source of that income under the facts and circumstances of your particular case. Student tax form 1098 t In many cases, the facts and circumstances will call for an apportionment on a time basis as explained next. Student tax form 1098 t Time basis. Student tax form 1098 t   Use a time basis to figure your compensation for labor or personal services from the relevant possession (other than the fringe benefits discussed later). Student tax form 1098 t Do this by multiplying your total compensation (other than the fringe benefits discussed later) by the following fraction:   Number of days you performed  services in the relevant  possession during the year     Total number of days you  performed services during the year           You can use a unit of time less than a day in the above fraction, if appropriate. Student tax form 1098 t The time period for which the income is made does not have to be a year. Student tax form 1098 t Instead, you can use another distinct, separate, and continuous time period if you can establish to the satisfaction of the IRS that this other period is more appropriate. Student tax form 1098 t Example. Student tax form 1098 t In 2013, you worked in your employer's office in the United States for 60 days and in the Puerto Rico office for 180 days, earning a total of $80,000 for the year. Student tax form 1098 t Your Puerto Rico source income is $60,000, figured as follows. Student tax form 1098 t       180 days 240 days × $80,000 = $60,000                 Multi-year compensation. Student tax form 1098 t   The source of multi-year compensation is generally determined on a time basis over the period to which the compensation is attributable. Student tax form 1098 t Multi-year compensation is compensation that is included in your income in 1 tax year but is attributable to a period that includes 2 or more tax years. Student tax form 1098 t You determine the period to which the income is attributable based on the facts and circumstances of your case. Student tax form 1098 t For more information on multi-year compensation, see Treasury Decision (T. Student tax form 1098 t D. Student tax form 1098 t ) 9212 and Regulations section 1. Student tax form 1098 t 861-4, 2005-35 I. Student tax form 1098 t R. Student tax form 1098 t B. Student tax form 1098 t 429, available at www. Student tax form 1098 t irs. Student tax form 1098 t gov/irb/2005-35_IRB/ar14. Student tax form 1098 t html. Student tax form 1098 t Certain fringe benefits sourced on a geographical basis. Student tax form 1098 t   If you received any of the following fringe benefits as compensation for labor or services performed as an employee partly inside and partly outside a relevant possession, you must source that income on a geographical basis. Student tax form 1098 t Housing. Student tax form 1098 t Education. Student tax form 1098 t Local transportation. Student tax form 1098 t Tax reimbursement. Student tax form 1098 t Hazardous or hardship duty pay. Student tax form 1098 t Moving expense reimbursement. Student tax form 1098 t For information on determining the source of the fringe benefits listed above, see Regulations section 1. Student tax form 1098 t 861-4. Student tax form 1098 t Alternative basis. Student tax form 1098 t   You can determine the source of your compensation under an alternative basis if you establish to the satisfaction of the IRS that, under the facts and circumstances of your case, the alternative basis more properly determines the source of your income than the time or geographical basis. Student tax form 1098 t If you use an alternative basis, you must keep (and have available for inspection) records to document why the alternative basis more properly determines the source of your income. Student tax form 1098 t De minimis exception. Student tax form 1098 t   There is an exception to the rule for determining the source of income earned in a possession. Student tax form 1098 t Generally, you will not have income from a possession if during a tax year you: Are a U. Student tax form 1098 t S. Student tax form 1098 t citizen or resident, Are not a bona fide resident of that possession, Are not employed by or under contract with an individual, partnership, or corporation that is engaged in a trade or business in that possession, Temporarily perform services in that possession for 90 days or less, and Earned $3,000 or less from such services. Student tax form 1098 t This exception began with income earned during your 2008 tax year. Student tax form 1098 t Pensions. Student tax form 1098 t   Generally, pension income has two components: contributions to the pension plan and the earnings accrued from investing those contributions. Student tax form 1098 t The contribution portion is sourced according to where services were performed that earned the pension. Student tax form 1098 t The investment earnings portion is sourced according to the location of the pension trust. Student tax form 1098 t Example. Student tax form 1098 t You are a U. Student tax form 1098 t S. Student tax form 1098 t citizen who worked in Puerto Rico for a U. Student tax form 1098 t S. Student tax form 1098 t company. Student tax form 1098 t All services were performed in Puerto Rico. Student tax form 1098 t Upon retirement you remained in Puerto Rico and began receiving your pension from the U. Student tax form 1098 t S. Student tax form 1098 t pension trust of your employer. Student tax form 1098 t Distributions from the U. Student tax form 1098 t S. Student tax form 1098 t pension trust must be allocated between (1) contributions, which are Puerto Rico source income, and (2) investment earnings, which are U. Student tax form 1098 t S. Student tax form 1098 t source income. Student tax form 1098 t Investment Income This category includes such income as interest, dividends, rents, and royalties. Student tax form 1098 t Interest income. Student tax form 1098 t   The source of interest income is generally determined by the residence of the payer. Student tax form 1098 t Interest paid by corporations created or organized in a relevant possession (possession corporation) or by individuals who are bona fide residents of a relevant possession is considered income from sources within that possession. Student tax form 1098 t   However, there is an exception to this rule if you are a bona fide resident of a relevant possession, receive interest from a corporation created or organized in that possession, and are a shareholder of that corporation who owns, directly or indirectly, at least 10% of the total voting stock of the corporation. Student tax form 1098 t See Regulations section 1. Student tax form 1098 t 937-2(i) for more information. Student tax form 1098 t Dividends. Student tax form 1098 t   Generally, dividends paid by a corporation created or organized in a relevant possession will be considered income from sources within that possession. Student tax form 1098 t There are additional rules for bona fide residents of a relevant possession who receive dividend income from possession corporations, and who own, directly or indirectly, at least 10% of the voting stock of the corporation. Student tax form 1098 t For more information, see Regulations section 1. Student tax form 1098 t 937-2(g). Student tax form 1098 t Rental income. Student tax form 1098 t   Rents from property located in a relevant possession are treated as income from sources within that possession. Student tax form 1098 t Royalties. Student tax form 1098 t   Royalties from natural resources located in a relevant possession are considered income from sources within that possession. Student tax form 1098 t   Also considered possession source income are royalties received for the use of, or for the privilege of using, in a relevant possession, patents, copyrights, secret processes and formulas, goodwill, trademarks, trade brands, franchises, and other like property. Student tax form 1098 t Sales or Other Dispositions of Property The source rules for sales or other dispositions of property are varied. Student tax form 1098 t The most common situations are discussed below. Student tax form 1098 t Real property. Student tax form 1098 t   Real property includes land and buildings, and generally anything built on, growing on, or attached to land. Student tax form 1098 t The location of the property generally determines the source of income from the sale. Student tax form 1098 t For example, if you are a bona fide resident of Guam and sell your home that is located in Guam, the gain on the sale is sourced in Guam. Student tax form 1098 t If, however, the home you sold was located in the United States, the gain is U. Student tax form 1098 t S. Student tax form 1098 t source income. Student tax form 1098 t Personal property. Student tax form 1098 t   The term “personal property” refers to property (such as machinery, equipment, or furniture) that is not real property. Student tax form 1098 t Generally, gain (or loss) from the sale or other disposition is sourced according to the seller's tax home. Student tax form 1098 t If personal property is sold by a bona fide resident of a relevant possession, the gain (or loss) from the sale is treated as sourced within that possession. Student tax form 1098 t   This rule does not apply to the sale of inventory, intangible property, depreciable personal property, or property sold through a foreign office or fixed place of business. Student tax form 1098 t The rules applying to sales of inventory are discussed below. Student tax form 1098 t For information on sales of the other types of property mentioned, see Internal Revenue Code section 865. Student tax form 1098 t Inventory. Student tax form 1098 t   Your inventory is personal property that is stock in trade or that is held primarily for sale to customers in the ordinary course of your trade or business. Student tax form 1098 t The source of income from the sale of inventory depends on whether the inventory was purchased or produced. Student tax form 1098 t Purchased. Student tax form 1098 t   Income from the sale of inventory that you purchased is sourced where you sell the property. Student tax form 1098 t Generally, this is where title to the property passes to the buyer. Student tax form 1098 t Produced. Student tax form 1098 t   Income from the sale of inventory that you produced in a relevant possession and sold outside that possession (or vice versa) is sourced based on an allocation. Student tax form 1098 t For information on making the allocation, see Regulations section 1. Student tax form 1098 t 863-3(f). Student tax form 1098 t Special Rules for Gains From Dispositions of Certain Property There are special rules for gains from dispositions of certain investment property (for example, stocks, bonds, debt instruments, diamonds, and gold) owned by a U. Student tax form 1098 t S. Student tax form 1098 t citizen or resident alien prior to becoming a bona fide resident of a possession. Student tax form 1098 t You are subject to these special rules if you meet both of the following conditions. Student tax form 1098 t For the tax year for which the source of the gain must be determined, you are a bona fide resident of the relevant possession. Student tax form 1098 t For any of the 10 years preceding that year, you were a citizen or resident alien of the United States (other than a bona fide resident of the relevant possession). Student tax form 1098 t If you meet these conditions, gains from the disposition of this property will not be treated as income from sources within the relevant possession for purposes of the Internal Revenue Code. Student tax form 1098 t Accordingly, bona fide residents of American Samoa and Puerto Rico, for example, may not exclude the gain on their U. Student tax form 1098 t S. Student tax form 1098 t tax return. Student tax form 1098 t (See chapter 3 for additional filing information. Student tax form 1098 t ) With respect to the CNMI, Guam, and the USVI, the gain from the disposition of this property will not meet the requirements for certain tax rules that may allow bona fide residents of those possessions to reduce or obtain a rebate of taxes on income from sources within the relevant possessions. Student tax form 1098 t These rules apply to dispositions after April 11, 2005. Student tax form 1098 t For details, see Regulations section 1. Student tax form 1098 t 937-2(f)(1) and Examples 1 and 2 of section 1. Student tax form 1098 t 937-2(k). Student tax form 1098 t Example 1. Student tax form 1098 t In 2007, Cheryl Jones, a U. Student tax form 1098 t S. Student tax form 1098 t citizen, lived in the United States and paid $1,000 for 100 shares of stock in the Rose Corporation, a U. Student tax form 1098 t S. Student tax form 1098 t corporation listed on the New York Stock Exchange. Student tax form 1098 t On March 1, 2010, she moved to Puerto Rico and changed her tax home to Puerto Rico on the same date. Student tax form 1098 t Cheryl satisfied the presence test in 2010 and, under the year-of-move exception, she was considered a bona fide resident of Puerto Rico for the rest of 2010. Student tax form 1098 t On March 1, 2010, the closing value of Cheryl's stock in the Rose Corporation was $2,000. Student tax form 1098 t On January 5, 2013, while still a bona fide resident of Puerto Rico, Cheryl sold all her Rose Corporation stock for $7,000. Student tax form 1098 t Under the earlier rules, none of Cheryl's $6,000 gain will be treated as income from sources within Puerto Rico. Student tax form 1098 t The source rules discussed in the preceding paragraphs supplement, and may apply in conjunction with, an existing special rule. Student tax form 1098 t This existing special rule applies if you are a U. Student tax form 1098 t S. Student tax form 1098 t citizen or resident alien who becomes a bona fide resident of American Samoa, the CNMI, or Guam, and who has gain from the disposition of certain U. Student tax form 1098 t S. Student tax form 1098 t assets during the 10-year period beginning when you became a bona fide resident. Student tax form 1098 t The gain is U. Student tax form 1098 t S. Student tax form 1098 t source income that generally is subject to U. Student tax form 1098 t S. Student tax form 1098 t tax if the property is either (1) located in the United States; (2) stock issued by a U. Student tax form 1098 t S. Student tax form 1098 t corporation or a debt obligation of a U. Student tax form 1098 t S. Student tax form 1098 t person or of the United States, a state (or political subdivision), or the District of Columbia; or (3) property that has a basis in whole or in part by reference to property described in (1) or (2). Student tax form 1098 t See chapter 3 for filing information. Student tax form 1098 t Special election. Student tax form 1098 t   For dispositions after April 11, 2005, you can choose to treat the part of gain (or loss) attributable to the time you held the property while a bona fide resident of the relevant possession (the possession holding period) as gain (or loss) from sources within that possession. Student tax form 1098 t Make the election by reporting the gain attributable to the possession holding period on your income tax return for the year of disposition. Student tax form 1098 t This election overrides both of the special rules discussed earlier. Student tax form 1098 t   There are two methods for figuring the gain for the possession holding period, one for marketable securities and another for other types of investment property. Student tax form 1098 t Marketable securities. Student tax form 1098 t   Marketable securities are those actively traded on an established financial market, such as stock in a publicly held corporation. Student tax form 1098 t Under the special election, allocate the gain (or loss) by figuring the appreciation separately for your possession and U. Student tax form 1098 t S. Student tax form 1098 t holding periods. Student tax form 1098 t   Your possession holding period begins on the first day you do not have a tax home outside the relevant possession. Student tax form 1098 t The gain (or loss) attributable to the possession holding period is the difference in fair market value of the security at the close of the market on the first and last days of this holding period. Student tax form 1098 t This is your gain (or loss) that is treated as being from sources within the relevant possession. Student tax form 1098 t If you were a bona fide resident of the relevant possession for more than one continuous period, combine the gains (or losses) from each possession holding period. Student tax form 1098 t Example 2. Student tax form 1098 t Assume the same facts as in Example 1, except that Cheryl makes the special election to allocate the gain between her U. Student tax form 1098 t S. Student tax form 1098 t and possession holding periods. Student tax form 1098 t Cheryl's possession holding period began March 1, 2010, the date her tax home changed to Puerto Rico. Student tax form 1098 t Therefore, the portion of gain attributable to her possession holding period is $5,000 ($7,000 sale price – $2,000 closing value on first day of the possession holding period). Student tax form 1098 t By reporting $5,000 of her $6,000 gain as Puerto Rico source income on her 2013 Puerto Rico tax return (and the remainder as non-Puerto Rico source income), Cheryl elects to treat that amount as Puerto Rico source income. Student tax form 1098 t Other personal property. Student tax form 1098 t   For personal property other than marketable securities, use a time-based allocation. Student tax form 1098 t Figure the gain (or loss) attributable to the possession holding period by multiplying your total gain (or loss) by the following fraction. Student tax form 1098 t      Number of days in the  possession holding period     Total number of days  in your holding period         The result is your gain (or loss) that is treated as being from sources within the relevant possession. Student tax form 1098 t Example 3. Student tax form 1098 t In addition to the stock in Rose Corporation, Cheryl acquired a 5% interest in the Alder Partnership on January 1, 2009. Student tax form 1098 t On March 1, 2010, when she established bona fide residency in Puerto Rico, her partnership interest was not considered a marketable security. Student tax form 1098 t On September 16, 2013, while still a bona fide resident of Puerto Rico, Cheryl sold her interest in Alder Partnership for a $100,000 gain. Student tax form 1098 t She had owned the interest for a total of 1,720 days. Student tax form 1098 t Cheryl's possession holding period (from March 1, 2010, through September 16, 2013) is 1,296 days. Student tax form 1098 t The portion of her gain attributable to Puerto Rico is $75,349 ($100,000 x (1,296 Puerto Rico days ÷ 1,720 total days)). Student tax form 1098 t By reporting $75,349 of her $100,000 gain as Puerto Rico source income on her 2013 Puerto Rico tax return (and the remainder as non-Puerto Rico source income), Cheryl elects to treat that amount as Puerto Rico source income. Student tax form 1098 t Scholarships, Fellowships, Grants, Prizes, and Awards The source of these types of income is generally the residence of the payer, regardless of who actually disburses the funds. Student tax form 1098 t Therefore, in order to be possession source income, the payer must be a resident of the relevant possession, such as an individual who is a bona fide resident or a corporation created or organized in that possession. Student tax form 1098 t These rules do not apply to amounts paid as salary or other compensation for services. Student tax form 1098 t See Compensation for Labor or Personal Services, earlier in this chapter, for the source rules that apply. Student tax form 1098 t Effectively Connected Income In limited circumstances, some kinds of income from sources outside the relevant possession must be treated as effectively connected with a trade or business in that possession. Student tax form 1098 t These circumstances are listed below. Student tax form 1098 t You have an office or other fixed place of business in the relevant possession to which the income can be attributed. Student tax form 1098 t That office or place of business is a material factor in producing the income. Student tax form 1098 t The income is produced in the ordinary course of the trade or business carried on through that office or other fixed place of business. Student tax form 1098 t An office or other fixed place of business is a material factor if it significantly contributes to, and is an essential economic element in, the earning of the income. Student tax form 1098 t The three kinds of income from sources outside the relevant possession to which these rules apply are the following. Student tax form 1098 t Rents and royalties for the use of, or for the privilege of using, intangible personal property located outside the relevant possession or from any interest in such property. Student tax form 1098 t Included are rents or royalties for the use of, or for the privilege of using, outside the relevant possession, patents, copyrights, secret processes and formulas, goodwill, trademarks, trade brands, franchises, and similar properties if the rents or royalties are from the active conduct of a trade or business in the relevant possession. Student tax form 1098 t Dividends or interest from the active conduct of a banking, financing, or similar business in the relevant possession. Student tax form 1098 t Income, gain, or loss from the sale or exchange outside the relevant possession, through the office or other fixed place of business in the relevant possession, of: Stock in trade, Property that would be included in inventory if on hand at the end of the tax year, or Property held primarily for sale to customers in the ordinary course of business. Student tax form 1098 t Item (3) will not apply if you sold the property for use, consumption, or disposition outside the relevant possession and an office or other fixed place of business in a foreign country was a material factor in the sale. Student tax form 1098 t Example. Student tax form 1098 t Marcy Jackson is a bona fide resident of American Samoa. Student tax form 1098 t Her business, which she conducts from an office in American Samoa, is developing and selling specialized computer software. Student tax form 1098 t A software purchaser will frequently pay Marcy an additional amount to install the software on the purchaser's operating system and to ensure that the software is functioning properly. Student tax form 1098 t Marcy installs the software at the purchaser's place of business, which may be in American Samoa, in the United States, or in another country. Student tax form 1098 t The income from selling the software is effectively connected with the conduct of Marcy's business in American Samoa, even though the product's destination may be outside the possession. Student tax form 1098 t However, the compensation she receives for installing the software (personal services) outside of American Samoa is not effectively connected with the conduct of her business in the possession—the income is sourced where she performs the services. Student tax form 1098 t Prev  Up  Next   Home   More Online Publications