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Tax Forms For 2008

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Tax Forms For 2008

Tax forms for 2008 1. Tax forms for 2008   Investment Income Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: General InformationSSN for joint account. Tax forms for 2008 Custodian account for your child. Tax forms for 2008 Penalty for failure to supply SSN. Tax forms for 2008 Certification. Tax forms for 2008 Underreported interest and dividends. Tax forms for 2008 How to stop backup withholding due to underreporting. Tax forms for 2008 How to stop backup withholding due to an incorrect identification number. Tax forms for 2008 Reporting backup withholding. Tax forms for 2008 Nonresident aliens. Tax forms for 2008 Penalties. Tax forms for 2008 Savings account with parent as trustee. Tax forms for 2008 Interest IncomeInterest not reported on Form 1099-INT. Tax forms for 2008 Nominees. Tax forms for 2008 Incorrect amount. Tax forms for 2008 Information reporting requirement. Tax forms for 2008 Taxable Interest — General Below-Market Loans U. Tax forms for 2008 S. Tax forms for 2008 Savings Bonds U. Tax forms for 2008 S. Tax forms for 2008 Treasury Bills, Notes, and Bonds Bonds Sold Between Interest Dates Insurance State or Local Government Obligations Discount on Debt InstrumentsOriginal Issue Discount (OID) Market Discount Bonds Discount on Short-Term Obligations Election To Report All Interest as OID When To Report Interest IncomeConstructive receipt. Tax forms for 2008 How To Report Interest IncomeSchedule B (Form 1040A or 1040). Tax forms for 2008 Worksheet for savings bonds distributed from a retirement or profit-sharing plan. Tax forms for 2008 File Form 1099-INT with the IRS. Tax forms for 2008 Dividends and Other DistributionsDividends not reported on Form 1099-DIV. Tax forms for 2008 Nominees. Tax forms for 2008 Ordinary Dividends Capital Gain Distributions Nondividend Distributions Liquidating Distributions Distributions of Stock and Stock Rights Other Distributions How To Report Dividend IncomeElection. Tax forms for 2008 Independent contractor. Tax forms for 2008 Investment interest deducted. Tax forms for 2008 Exception 1. Tax forms for 2008 Exception 2. Tax forms for 2008 Undistributed capital gains. Tax forms for 2008 File Form 1099-DIV with the IRS. Tax forms for 2008 Stripped Preferred Stock REMICs, FASITs, and Other CDOsREMICs Collateralized Debt Obligations (CDOs) FASITs S CorporationsLimit on losses and deductions. Tax forms for 2008 Passive activity losses. Tax forms for 2008 Form 8582. Tax forms for 2008 Investment ClubsInvestments in name of member. Tax forms for 2008 Tax Treatment of the Club Topics - This chapter discusses: Interest Income , Discount on Debt Instruments , When To Report Interest Income , How To Report Interest Income , Dividends and Other Distributions , How To Report Dividend Income , Stripped Preferred Stock , Real estate mortgage investment conduits (REMICs), financial asset securitization investment trusts (FASITs), and other collateralized debt obligations (CDOs) , S Corporations , and Investment Clubs . Tax forms for 2008 Useful Items - You may want to see: Publication 525 Taxable and Nontaxable Income 537 Installment Sales 590 Individual Retirement Arrangements (IRAs) 925 Passive Activity and At-Risk Rules 1212 Guide to Original Issue Discount (OID) Instruments Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends Schedule D (Form 1040) Capital Gains and Losses 1040 U. Tax forms for 2008 S. Tax forms for 2008 Individual Income Tax Return 1040A U. Tax forms for 2008 S. Tax forms for 2008 Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1099 General Instructions for Certain Information Returns 2439 Notice to Shareholder of Undistributed Long-Term Capital Gains 3115 Application for Change in Accounting Method 6251 Alternative Minimum Tax — Individuals 8582 Passive Activity Loss Limitations 8615 Tax for Certain Children Who Have Unearned Income 8814 Parents' Election To Report Child's Interest and Dividends 8815 Exclusion of Interest From Series EE and I U. Tax forms for 2008 S. Tax forms for 2008 Savings Bonds Issued After 1989 8818 Optional Form To Record Redemption of Series EE and I U. Tax forms for 2008 S. Tax forms for 2008 Savings Bonds Issued After 1989 8824 Like-Kind Exchanges 8949 Sales and Other Dispositions of Capital Assets 8960 Net Investment Income Tax—Individuals, Estates, and Trusts See chapter 5, How To Get Tax Help , for information about getting these publications and forms. Tax forms for 2008 General Information A few items of general interest are covered here. Tax forms for 2008 Recordkeeping. Tax forms for 2008 You should keep a list showing sources and investment income amounts you receive during the year. Tax forms for 2008 Also keep the forms you receive showing your investment income (Forms 1099-INT, Interest Income, and 1099-DIV, Dividends and Distributions, for example) as an important part of your records. Tax forms for 2008 Net investment income tax (NIIT). Tax forms for 2008   Beginning in 2013, you may be subject to the NIIT. Tax forms for 2008 The NIIT is a 3. Tax forms for 2008 8% tax on the lesser of your net investment income or the amount of your modified adjusted gross income (MAGI) that is over a threshold amount based on your filing status. Tax forms for 2008    Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household (with qualifying person) $200,000 Qualifying Widow(er) with dependent child $250,000    For more information, see Form 8960 and Instructions for Form 8960. Tax forms for 2008 Tax on unearned income of certain children. Tax forms for 2008   Part of a child's 2013 unearned income may be taxed at the parent's tax rate. Tax forms for 2008 This may happen if all of the following are true. Tax forms for 2008 The child had more than $2,000 of unearned income. Tax forms for 2008 The child is required to file a tax return. Tax forms for 2008 The child was: Under age 18 at the end of 2013, Age 18 at the end of 2013 and did not have earned income that was more than half of the child's support, or A full-time student over age 18 and under age 24 at the end of 2013 and did not have earned income that was more than half of the child's support. Tax forms for 2008 At least one of the child's parents was alive at the end of 2013. Tax forms for 2008 The child does not file a joint return for 2013. Tax forms for 2008 A child born on January 1, 1996, is considered to be age 18 at the end of 2013; a child born on January 1, 1995, is considered to be age 19 at the end of 2013; a child born on January 1, 1990, is considered to be age 24 at the end of 2013. Tax forms for 2008   If all of these statements are true, Form 8615 must be completed and attached to the child's tax return. Tax forms for 2008 If any of these statements is not true, Form 8615 is not required and the child's income is taxed at his or her own tax rate. Tax forms for 2008    However, the parent can choose to include the child's interest and dividends on the parent's return if certain requirements are met. Tax forms for 2008 Use Form 8814 for this purpose. Tax forms for 2008   For more information about the tax on unearned income of children and the parents' election, see Publication 929, Tax Rules for Children and Dependents. Tax forms for 2008 Beneficiary of an estate or trust. Tax forms for 2008   Interest, dividends, and other investment income you receive as a beneficiary of an estate or trust is generally taxable income. Tax forms for 2008 You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Tax forms for 2008 , from the fiduciary. Tax forms for 2008 Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. Tax forms for 2008 Social security number (SSN). Tax forms for 2008   You must give your name and SSN or individual tax identification number (ITIN) to any person required by federal tax law to make a return, statement, or other document that relates to you. Tax forms for 2008 This includes payers of interest and dividends. Tax forms for 2008 If you do not give your SSN or ITIN to the payer of interest, you may have to pay a penalty. Tax forms for 2008 SSN for joint account. Tax forms for 2008   If the funds in a joint account belong to one person, list that person's name first on the account and give that person's SSN to the payer. Tax forms for 2008 (For information on who owns the funds in a joint account, see Joint accounts , later. Tax forms for 2008 ) If the joint account contains combined funds, give the SSN of the person whose name is listed first on the account. Tax forms for 2008 This is because only one name and SSN can be shown on Form 1099. Tax forms for 2008   These rules apply both to joint ownership by a married couple and to joint ownership by other individuals. Tax forms for 2008 For example, if you open a joint savings account with your child using funds belonging to the child, list the child's name first on the account and give the child's SSN. Tax forms for 2008 Custodian account for your child. Tax forms for 2008   If your child is the actual owner of an account that is recorded in your name as custodian for the child, give the child's SSN to the payer. Tax forms for 2008 For example, you must give your child's SSN to the payer of dividends on stock owned by your child, even though the dividends are paid to you as custodian. Tax forms for 2008 Penalty for failure to supply SSN. Tax forms for 2008   You will be subject to a penalty if, when required, you fail to: Include your SSN on any return, statement, or other document, Give your SSN to another person who must include it on any return, statement, or other document, or Include the SSN of another person on any return, statement, or other document. Tax forms for 2008 The penalty is $50 for each failure up to a maximum penalty of $100,000 for any calendar year. Tax forms for 2008   You will not be subject to this penalty if you can show that your failure to provide the SSN was due to reasonable cause and not to willful neglect. Tax forms for 2008   If you fail to supply an SSN, you may also be subject to backup withholding. Tax forms for 2008 Backup withholding. Tax forms for 2008   Your investment income is generally not subject to regular withholding. Tax forms for 2008 However, it may be subject to backup withholding to ensure that income tax is collected on the income. Tax forms for 2008 Under backup withholding, the bank, broker, or other payer of interest, original issue discount (OID), dividends, cash patronage dividends, or royalties must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. Tax forms for 2008   Backup withholding applies if: You do not give the payer your identification number (either a social security number or an employer identification number) in the required manner, The IRS notifies the payer that you gave an incorrect identification number, The IRS notifies the payer that you are subject to backup withholding on interest or dividends because you have underreported interest or dividends on your income tax return, or You are required, but fail, to certify that you are not subject to backup withholding for the reason described in (3). Tax forms for 2008 Certification. Tax forms for 2008   For new accounts paying interest or dividends, you must certify under penalties of perjury that your SSN is correct and that you are not subject to backup withholding. Tax forms for 2008 Your payer will give you a Form W-9, Request for Taxpayer Identification Number and Certification, or similar form, to make this certification. Tax forms for 2008 If you fail to make this certification, backup withholding may begin immediately on your new account or investment. Tax forms for 2008 Underreported interest and dividends. Tax forms for 2008   You will be considered to have underreported your interest and dividends if the IRS has determined for a tax year that: You failed to include any part of a reportable interest or dividend payment required to be shown on your return, or You were required to file a return and to include a reportable interest or dividend payment on that return, but you failed to file the return. Tax forms for 2008 How to stop backup withholding due to underreporting. Tax forms for 2008   If you have been notified that you underreported interest or dividends, you can request a determination from the IRS to prevent backup withholding from starting or to stop backup withholding once it has begun. Tax forms for 2008 You must show that at least one of the following situations applies. Tax forms for 2008 No underreporting occurred. Tax forms for 2008 You have a bona fide dispute with the IRS about whether underreporting occurred. Tax forms for 2008 Backup withholding will cause or is causing an undue hardship, and it is unlikely that you will underreport interest and dividends in the future. Tax forms for 2008 You have corrected the underreporting by filing a return if you did not previously file one and by paying all taxes, penalties, and interest due for any underreported interest or dividend payments. Tax forms for 2008   If the IRS determines that backup withholding should stop, it will provide you with a certification and will notify the payers who were sent notices earlier. Tax forms for 2008 How to stop backup withholding due to an incorrect identification number. Tax forms for 2008   If you have been notified by a payer that you are subject to backup withholding because you have provided an incorrect SSN or employer identification number, you can stop it by following the instructions the payer gives you. Tax forms for 2008 Reporting backup withholding. Tax forms for 2008   If backup withholding is deducted from your interest or dividend income or other reportable payment, the bank or other business must give you an information return for the year (for example, a Form 1099-INT) indicating the amount withheld. Tax forms for 2008 The information return will show any backup withholding as “Federal income tax withheld. Tax forms for 2008 ” Nonresident aliens. Tax forms for 2008    Generally, payments made to nonresident aliens are not subject to backup withholding. Tax forms for 2008 You can use Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, to certify exempt status. Tax forms for 2008 However, this does not exempt you from the 30% (or lower treaty) withholding rate that may apply to your investment income. Tax forms for 2008 For information on the 30% rate, see Publication 519, U. Tax forms for 2008 S. Tax forms for 2008 Tax Guide for Aliens. Tax forms for 2008 Penalties. Tax forms for 2008   There are civil and criminal penalties for giving false information to avoid backup withholding. Tax forms for 2008 The civil penalty is $500. Tax forms for 2008 The criminal penalty, upon conviction, is a fine of up to $1,000, or imprisonment of up to 1 year, or both. Tax forms for 2008 Where to report investment income. Tax forms for 2008   Table 1-1 gives an overview of the forms and schedules to use to report some common types of investment income. Tax forms for 2008 But see the rest of this publication for detailed information about reporting investment income. Tax forms for 2008 Joint accounts. Tax forms for 2008   If two or more persons hold property (such as a savings account, bond, or stock) as joint tenants, tenants by the entirety, or tenants in common, each person's share of any interest or dividends from the property is determined by local law. Tax forms for 2008 Community property states. Tax forms for 2008   If you are married and receive a distribution that is community income, one-half of the distribution is generally considered to be received by each spouse. Tax forms for 2008 If you file separate returns, you must each report one-half of any taxable distribution. Tax forms for 2008 See Publication 555, Community Property, for more information on community income. Tax forms for 2008   If the distribution is not considered community property and you and your spouse file separate returns, each of you must report your separate taxable distributions. Tax forms for 2008 Example. Tax forms for 2008 You and your spouse have a joint money market account. Tax forms for 2008 Under state law, half the income from the account belongs to you, and half belongs to your spouse. Tax forms for 2008 If you file separate returns, you each report half the income. Tax forms for 2008 Income from property given to a child. Tax forms for 2008   Property you give as a parent to your child under the Model Gifts of Securities to Minors Act, the Uniform Gifts to Minors Act, or any similar law becomes the child's property. Tax forms for 2008   Income from the property is taxable to the child, except that any part used to satisfy a legal obligation to support the child is taxable to the parent or guardian having that legal obligation. Tax forms for 2008 Savings account with parent as trustee. Tax forms for 2008   Interest income from a savings account opened for a minor child, but placed in the name and subject to the order of the parents as trustees, is taxable to the child if, under the law of the state in which the child resides, both of the following are true. Tax forms for 2008 The savings account legally belongs to the child. Tax forms for 2008 The parents are not legally permitted to use any of the funds to support the child. Tax forms for 2008 Table 1-1. Tax forms for 2008 Where To Report Common Types of Investment Income (For detailed information about reporting investment income, see the rest of this publication, especially How To Report Interest Income and How To Report Dividend Income in chapter 1. Tax forms for 2008 ) Type of Income If you file Form 1040, report on . Tax forms for 2008 . Tax forms for 2008 . Tax forms for 2008 If you can file Form 1040A, report on . Tax forms for 2008 . Tax forms for 2008 . Tax forms for 2008 If you can file Form 1040EZ, report on . Tax forms for 2008 . Tax forms for 2008 . Tax forms for 2008 Tax-exempt interest (Form 1099-INT, box 8) Line 8b Line 8b Space to the left of line 2 (enter “TEI” and the amount) Taxable interest that totals $1,500 or less Line 8a (You may need to file Schedule B as well. Tax forms for 2008 ) Line 8a (You may need to file Schedule B as well. Tax forms for 2008 ) Line 2 Taxable interest that totals more than $1,500 Line 8a; also use Schedule B, line 1 Line 8a; also use Schedule B, line 1   Savings bond interest you will exclude because of higher education expenses Schedule B; also use Form 8815 Schedule B; also use Form 8815   Ordinary dividends that total $1,500 or less Line 9a (You may need to file Schedule B as well. Tax forms for 2008 ) Line 9a (You may need to file Schedule B as well. Tax forms for 2008 )   Ordinary dividends that total more than $1,500 Line 9a; also use Schedule B, line 5 Line 9a; also use Schedule B, line 5   Qualified dividends (if you do not have to file Schedule D) Line 9b; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 2 Line 9b; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 2   Qualified dividends (if you have to file Schedule D) Line 9b; also use the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet, line 2 You cannot use Form 1040A    You cannot use Form 1040EZ Capital gain distributions (if you do not have to file Schedule D) Line 13; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 3 Line 10; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 3   Capital gain distributions (if you have to file Schedule D) Schedule D, line 13; also use the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet     Section 1250, 1202, or collectibles gain (Form 1099-DIV, box 2b, 2c, or 2d) Form 8949 and Schedule D     Nondividend distributions (Form 1099-DIV, box 3) Generally not reported*     Undistributed capital gains (Form 2439, boxes 1a - 1d) Schedule D     Gain or loss from sales of stocks or bonds Line 13; also use Form 8949, Schedule D, and the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet You cannot use Form 1040A   Gain or loss from exchanges of like-kind investment property Line 13; also use Schedule D, Form 8824, and the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet     *Report any amounts in excess of your basis in your mutual fund shares on Form 8949. Tax forms for 2008 Use Part II if you held the shares more than 1 year. Tax forms for 2008 Use Part I if you held your mutual fund shares 1 year or less. Tax forms for 2008 For details on Form 8949, see Reporting Capital Gains and Losses in chapter 4, and the Instructions for Form 8949. Tax forms for 2008 Accuracy-related penalty. Tax forms for 2008   An accuracy-related penalty of 20% can be charged for underpayments of tax due to negligence or disregard of rules or regulations or substantial understatement of tax. Tax forms for 2008 For information on the penalty and any interest that applies, see Penalties in chapter 2. Tax forms for 2008 Interest Income This section discusses the tax treatment of different types of interest income. Tax forms for 2008 In general, any interest that you receive or that is credited to your account and can be withdrawn is taxable income. Tax forms for 2008 (It does not have to be entered in your passbook. Tax forms for 2008 ) Exceptions to this rule are discussed later. Tax forms for 2008 Form 1099-INT. Tax forms for 2008   Interest income is generally reported to you on Form 1099-INT, or a similar statement, by banks, savings and loans, and other payers of interest. Tax forms for 2008 This form shows you the interest you received during the year. Tax forms for 2008 Keep this form for your records. Tax forms for 2008 You do not have to attach it to your tax return. Tax forms for 2008   Report on your tax return the total interest income you receive for the tax year. Tax forms for 2008 Interest not reported on Form 1099-INT. Tax forms for 2008   Even if you do not receive Form 1099-INT, you must still report all of your interest income. Tax forms for 2008 For example, you may receive distributive shares of interest from partnerships or S corporations. Tax forms for 2008 This interest is reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Tax forms for 2008 , and Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. Tax forms for 2008 Nominees. Tax forms for 2008   Generally, if someone receives interest as a nominee for you, that person must give you a Form 1099-INT showing the interest received on your behalf. Tax forms for 2008   If you receive a Form 1099-INT that includes amounts belonging to another person, see the discussion on Nominee distributions , later, under How To Report Interest Income. Tax forms for 2008 Incorrect amount. Tax forms for 2008   If you receive a Form 1099-INT that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. Tax forms for 2008 The new Form 1099-INT you receive will be marked “Corrected. Tax forms for 2008 ” Form 1099-OID. Tax forms for 2008   Reportable interest income also may be shown on Form 1099-OID, Original Issue Discount. Tax forms for 2008 For more information about amounts shown on this form, see Original Issue Discount (OID) , later in this chapter. Tax forms for 2008 Exempt-interest dividends. Tax forms for 2008   Exempt-interest dividends you receive from a mutual fund or other regulated investment company, including those received from a qualified fund of funds in any tax year beginning after December 22, 2010, are not included in your taxable income. Tax forms for 2008 (However, see Information reporting requirement , next. Tax forms for 2008 ) Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. Tax forms for 2008 You do not reduce your basis for distributions that are exempt-interest dividends. Tax forms for 2008 Information reporting requirement. Tax forms for 2008   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file. Tax forms for 2008 This is an information reporting requirement and does not change the exempt-interest dividends into taxable income. Tax forms for 2008 See How To Report Interest Income , later. Tax forms for 2008 Note. Tax forms for 2008 Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. Tax forms for 2008 The exempt-interest dividends subject to the alternative minimum tax are shown in box 11 of Form 1099-DIV. Tax forms for 2008 See Form 6251 and its instructions for more information about this tax. Tax forms for 2008 Private activity bonds are discussed later under State or Local Government Obligations. Tax forms for 2008 Interest on VA dividends. Tax forms for 2008   Interest on insurance dividends left on deposit with the Department of Veterans Affairs (VA) is not taxable. Tax forms for 2008 This includes interest paid on dividends on converted United States Government Life Insurance policies and on National Service Life Insurance policies. Tax forms for 2008 Individual retirement arrangements (IRAs). Tax forms for 2008   Interest on a Roth IRA generally is not taxable. Tax forms for 2008 Interest on a traditional IRA is tax deferred. Tax forms for 2008 You generally do not include it in your income until you make withdrawals from the IRA. Tax forms for 2008 See Publication 590 for more information. Tax forms for 2008 Taxable Interest — General Taxable interest includes interest you receive from bank accounts, loans you make to others, and other sources. Tax forms for 2008 The following are some sources of taxable interest. Tax forms for 2008 Dividends that are actually interest. Tax forms for 2008   Certain distributions commonly called dividends are actually interest. Tax forms for 2008 You must report as interest so-called “dividends” on deposits or on share accounts in: Cooperative banks, Credit unions, Domestic building and loan associations, Domestic savings and loan associations, Federal savings and loan associations, and Mutual savings banks. Tax forms for 2008  The “dividends” will be shown as interest income on Form 1099-INT. Tax forms for 2008 Money market funds. Tax forms for 2008   Money market funds are offered by nonbank financial institutions such as mutual funds and stock brokerage houses, and pay dividends. Tax forms for 2008 Generally, amounts you receive from money market funds should be reported as dividends, not as interest. Tax forms for 2008 Certificates of deposit and other deferred interest accounts. Tax forms for 2008   If you open any of these accounts, interest may be paid at fixed intervals of 1 year or less during the term of the account. Tax forms for 2008 You generally must include this interest in your income when you actually receive it or are entitled to receive it without paying a substantial penalty. Tax forms for 2008 The same is true for accounts that mature in 1 year or less and pay interest in a single payment at maturity. Tax forms for 2008 If interest is deferred for more than 1 year, see Original Issue Discount (OID) , later. Tax forms for 2008 Interest subject to penalty for early withdrawal. Tax forms for 2008   If you withdraw funds from a deferred interest account before maturity, you may have to pay a penalty. Tax forms for 2008 You must report the total amount of interest paid or credited to your account during the year, without subtracting the penalty. Tax forms for 2008 See Penalty on early withdrawal of savings under How To Report Interest Income, later, for more information on how to report the interest and deduct the penalty. Tax forms for 2008 Money borrowed to invest in certificate of deposit. Tax forms for 2008   The interest you pay on money borrowed from a bank or savings institution to meet the minimum deposit required for a certificate of deposit from the institution and the interest you earn on the certificate are two separate items. Tax forms for 2008 You must report the total interest you earn on the certificate in your income. Tax forms for 2008 If you itemize deductions, you can deduct the interest you pay as investment interest, up to the amount of your net investment income. Tax forms for 2008 See Interest Expenses in chapter 3. Tax forms for 2008 Example. Tax forms for 2008 You deposited $5,000 with a bank and borrowed $5,000 from the bank to make up the $10,000 minimum deposit required to buy a 6-month certificate of deposit. Tax forms for 2008 The certificate earned $575 at maturity in 2013, but you received only $265, which represented the $575 you earned minus $310 interest charged on your $5,000 loan. Tax forms for 2008 The bank gives you a Form 1099-INT for 2013 showing the $575 interest you earned. Tax forms for 2008 The bank also gives you a statement showing that you paid $310 interest for 2013. Tax forms for 2008 You must include the $575 in your income. Tax forms for 2008 If you itemize your deductions on Schedule A (Form 1040), Itemized Deductions, you can deduct $310, subject to the net investment income limit. Tax forms for 2008 Gift for opening account. Tax forms for 2008   If you receive noncash gifts or services for making deposits or for opening an account in a savings institution, you may have to report the value as interest. Tax forms for 2008   For deposits of less than $5,000, gifts or services valued at more than $10 must be reported as interest. Tax forms for 2008 For deposits of $5,000 or more, gifts or services valued at more than $20 must be reported as interest. Tax forms for 2008 The value is determined by the cost to the financial institution. Tax forms for 2008 Example. Tax forms for 2008 You open a savings account at your local bank and deposit $800. Tax forms for 2008 The account earns $20 interest. Tax forms for 2008 You also receive a $15 calculator. Tax forms for 2008 If no other interest is credited to your account during the year, the Form 1099-INT you receive will show $35 interest for the year. Tax forms for 2008 You must report $35 interest income on your tax return. Tax forms for 2008 Interest on insurance dividends. Tax forms for 2008   Interest on insurance dividends left on deposit with an insurance company that can be withdrawn annually is taxable to you in the year it is credited to your account. Tax forms for 2008 However, if you can withdraw it only on the anniversary date of the policy (or other specified date), the interest is taxable in the year that date occurs. Tax forms for 2008 Prepaid insurance premiums. Tax forms for 2008   Any increase in the value of prepaid insurance premiums, advance premiums, or premium deposit funds is interest if it is applied to the payment of premiums due on insurance policies or made available for you to withdraw. Tax forms for 2008 U. Tax forms for 2008 S. Tax forms for 2008 obligations. Tax forms for 2008   Interest on U. Tax forms for 2008 S. Tax forms for 2008 obligations, such as U. Tax forms for 2008 S. Tax forms for 2008 Treasury bills, notes, and bonds, issued by any agency or instrumentality of the United States is taxable for federal income tax purposes. Tax forms for 2008 Interest on tax refunds. Tax forms for 2008   Interest you receive on tax refunds is taxable income. Tax forms for 2008 Interest on condemnation award. Tax forms for 2008   If the condemning authority pays you interest to compensate you for a delay in payment of an award, the interest is taxable. Tax forms for 2008 Installment sale payments. Tax forms for 2008   If a contract for the sale or exchange of property provides for deferred payments, it also usually provides for interest payable with the deferred payments. Tax forms for 2008 That interest is taxable when you receive it. Tax forms for 2008 If little or no interest is provided for in a deferred payment contract, part of each payment may be treated as interest. Tax forms for 2008 See Unstated Interest and Original Issue Discount (OID) in Publication 537. Tax forms for 2008 Interest on annuity contract. Tax forms for 2008   Accumulated interest on an annuity contract you sell before its maturity date is taxable. Tax forms for 2008 Usurious interest. Tax forms for 2008   Usurious interest is interest charged at an illegal rate. Tax forms for 2008 This is taxable as interest unless state law automatically changes it to a payment on the principal. Tax forms for 2008 Interest income on frozen deposits. Tax forms for 2008   Exclude from your gross income interest on frozen deposits. Tax forms for 2008 A deposit is frozen if, at the end of the year, you cannot withdraw any part of the deposit because: The financial institution is bankrupt or insolvent, or The state in which the institution is located has placed limits on withdrawals because other financial institutions in the state are bankrupt or insolvent. Tax forms for 2008   The amount of interest you must exclude is the interest that was credited on the frozen deposits minus the sum of: The net amount you withdrew from these deposits during the year, and The amount you could have withdrawn as of the end of the year (not reduced by any penalty for premature withdrawals of a time deposit). Tax forms for 2008 If you receive a Form 1099-INT for interest income on deposits that were frozen at the end of 2013, see Frozen deposits under How To Report Interest Income for information about reporting this interest income exclusion on your tax return. Tax forms for 2008   The interest you exclude is treated as credited to your account in the following year. Tax forms for 2008 You must include it in income in the year you can withdraw it. Tax forms for 2008 Example. Tax forms for 2008 $100 of interest was credited on your frozen deposit during the year. Tax forms for 2008 You withdrew $80 but could not withdraw any more as of the end of the year. Tax forms for 2008 You must include $80 in your income and exclude $20 from your income for the year. Tax forms for 2008 You must include the $20 in your income for the year you can withdraw it. Tax forms for 2008 Bonds traded flat. Tax forms for 2008    If you buy a bond at a discount when interest has been defaulted or when the interest has accrued but has not been paid, the transaction is described as trading a bond flat. Tax forms for 2008 The defaulted or unpaid interest is not income and is not taxable as interest if paid later. Tax forms for 2008 When you receive a payment of that interest, it is a return of capital that reduces the remaining cost basis of your bond. Tax forms for 2008 Interest that accrues after the date of purchase, however, is taxable interest income for the year received or accrued. Tax forms for 2008 See Bonds Sold Between Interest Dates , later in this chapter. Tax forms for 2008 Below-Market Loans If you make a below-market gift or demand loan, you must report as interest income any forgone interest (defined later) from that loan. Tax forms for 2008 The below-market loan rules and exceptions are described in this section. Tax forms for 2008 For more information, see section 7872 of the Internal Revenue Code and its regulations. Tax forms for 2008 If you receive a below-market loan, you may be able to deduct the forgone interest as well as any interest you actually paid, but not if it is personal interest. Tax forms for 2008 Loans subject to the rules. Tax forms for 2008   The rules for below-market loans apply to: Gift loans, Pay-related loans, Corporation-shareholder loans, Tax avoidance loans, and Certain loans made to qualified continuing care facilities under a continuing care contract. Tax forms for 2008 A pay-related loan is any below-market loan between an employer and an employee or between an independent contractor and a person for whom the contractor provides services. Tax forms for 2008 A tax avoidance loan is any below-market loan where the avoidance of federal tax is one of the main purposes of the interest arrangement. Tax forms for 2008 Forgone interest. Tax forms for 2008   For any period, forgone interest is: The amount of interest that would be payable for that period if interest accrued on the loan at the applicable federal rate and was payable annually on December 31, minus Any interest actually payable on the loan for the period. Tax forms for 2008 Applicable federal rate. Tax forms for 2008   Applicable federal rates are published by the IRS each month in the Internal Revenue Bulletin. Tax forms for 2008 Some IRS offices have these bulletins available for research. Tax forms for 2008 See chapter 5, How To Get Tax Help , for other ways to get this information. Tax forms for 2008 Rules for below-market loans. Tax forms for 2008   The rules that apply to a below-market loan depend on whether the loan is a gift loan, demand loan, or term loan. Tax forms for 2008 Gift and demand loans. Tax forms for 2008   A gift loan is any below-market loan where the forgone interest is in the nature of a gift. Tax forms for 2008   A demand loan is a loan payable in full at any time upon demand by the lender. Tax forms for 2008 A demand loan is a below-market loan if no interest is charged or if interest is charged at a rate below the applicable federal rate. Tax forms for 2008   A demand loan or gift loan that is a below-market loan is generally treated as an arm's-length transaction in which the lender is treated as having made: A loan to the borrower in exchange for a note that requires the payment of interest at the applicable federal rate, and An additional payment to the borrower in an amount equal to the forgone interest. Tax forms for 2008 The borrower is generally treated as transferring the additional payment back to the lender as interest. Tax forms for 2008 The lender must report that amount as interest income. Tax forms for 2008   The lender's additional payment to the borrower is treated as a gift, dividend, contribution to capital, pay for services, or other payment, depending on the substance of the transaction. Tax forms for 2008 The borrower may have to report this payment as taxable income, depending on its classification. Tax forms for 2008 These transfers are considered to occur annually, generally on December 31. Tax forms for 2008 Term loans. Tax forms for 2008   A term loan is any loan that is not a demand loan. Tax forms for 2008 A term loan is a below-market loan if the amount of the loan is more than the present value of all payments due under the loan. Tax forms for 2008   A lender who makes a below-market term loan other than a gift loan is treated as transferring an additional lump-sum cash payment to the borrower (as a dividend, contribution to capital, etc. Tax forms for 2008 ) on the date the loan is made. Tax forms for 2008 The amount of this payment is the amount of the loan minus the present value, at the applicable federal rate, of all payments due under the loan. Tax forms for 2008 An equal amount is treated as original issue discount (OID). Tax forms for 2008 The lender must report the annual part of the OID as interest income. Tax forms for 2008 The borrower may be able to deduct the OID as interest expense. Tax forms for 2008 See Original Issue Discount (OID) , later. Tax forms for 2008 Exceptions to the below-market loan rules. Tax forms for 2008   Exceptions to the below-market loan rules are discussed here. Tax forms for 2008 Exception for loans of $10,000 or less. Tax forms for 2008   The rules for below-market loans do not apply to any day on which the total outstanding amount of loans between the borrower and lender is $10,000 or less. Tax forms for 2008 This exception applies only to: Gift loans between individuals if the gift loan is not directly used to buy or carry income-producing assets, and Pay-related loans or corporation-shareholder loans if the avoidance of federal tax is not a principal purpose of the interest arrangement. Tax forms for 2008 This exception does not apply to a term loan described in (2) earlier that previously has been subject to the below-market loan rules. Tax forms for 2008 Those rules will continue to apply even if the outstanding balance is reduced to $10,000 or less. Tax forms for 2008 Exception for loans to continuing care facilities. Tax forms for 2008   Loans to qualified continuing care facilities under continuing care contracts are not subject to the rules for below-market loans for the calendar year if the lender or the lender's spouse is age 62 or older at the end of the year. Tax forms for 2008 For the definitions of qualified continuing care facility and continuing care contract, see Internal Revenue Code section 7872(h). Tax forms for 2008 Exception for loans without significant tax effect. Tax forms for 2008   Loans are excluded from the below-market loan rules if their interest arrangements do not have a significant effect on the federal tax liability of the borrower or the lender. Tax forms for 2008 These loans include: Loans made available by the lender to the general public on the same terms and conditions that are consistent with the lender's customary business practice; Loans subsidized by a federal, state, or municipal government that are made available under a program of general application to the public; Certain employee-relocation loans; Certain loans from a foreign person, unless the interest income would be effectively connected with the conduct of a U. Tax forms for 2008 S. Tax forms for 2008 trade or business and would not be exempt from U. Tax forms for 2008 S. Tax forms for 2008 tax under an income tax treaty; Gift loans to a charitable organization, contributions to which are deductible, if the total outstanding amount of loans between the organization and lender is $250,000 or less at all times during the tax year; and Other loans on which the interest arrangement can be shown to have no significant effect on the federal tax liability of the lender or the borrower. Tax forms for 2008 For a loan described in (6) above, all the facts and circumstances are used to determine if the interest arrangement has a significant effect on the federal tax liability of the lender or borrower. Tax forms for 2008 Some factors to be considered are: Whether items of income and deduction generated by the loan offset each other; The amount of these items; The cost to you of complying with the below-market loan rules, if they were to apply; and Any reasons other than taxes for structuring the transaction as a below-market loan. Tax forms for 2008 If you structure a transaction to meet this exception and one of the principal purposes of that structure is the avoidance of federal tax, the loan will be considered a tax-avoidance loan, and this exception will not apply. Tax forms for 2008 Limit on forgone interest for gift loans of $100,000 or less. Tax forms for 2008   For gift loans between individuals, if the outstanding loans between the lender and borrower total $100,000 or less, the forgone interest to be included in income by the lender and deducted by the borrower is limited to the amount of the borrower's net investment income for the year. Tax forms for 2008 If the borrower's net investment income is $1,000 or less, it is treated as zero. Tax forms for 2008 This limit does not apply to a loan if the avoidance of federal tax is one of the main purposes of the interest arrangement. Tax forms for 2008 Effective dates. Tax forms for 2008    These rules apply to term loans made after June 6, 1984, and to demand loans outstanding after that date. Tax forms for 2008 U. Tax forms for 2008 S. Tax forms for 2008 Savings Bonds This section provides tax information on U. Tax forms for 2008 S. Tax forms for 2008 savings bonds. Tax forms for 2008 It explains how to report the interest income on these bonds and how to treat transfers of these bonds. Tax forms for 2008 U. Tax forms for 2008 S. Tax forms for 2008 savings bonds currently offered to individuals include Series EE bonds and Series I bonds. Tax forms for 2008 For other information on U. Tax forms for 2008 S. Tax forms for 2008 savings bonds, write to:  For Series HH/H: Bureau of the Fiscal Service Division of Customer Assistance P. Tax forms for 2008 O. Tax forms for 2008 Box 2186 Parkersburg, WV 26106-2186  For Series EE and I paper savings bonds: Bureau of the Fiscal Service Division of Customer Assistance P. Tax forms for 2008 O. Tax forms for 2008 Box 7012 Parkersburg, WV 26106-7012  For Series EE and I electronic bonds: Bureau of the Fiscal Service  Division of Customer Assistance P. Tax forms for 2008 O. Tax forms for 2008 Box 7015 Parkersburg, WV 26106-7015 Or, on the Internet, visit: www. Tax forms for 2008 treasurydirect. Tax forms for 2008 gov/indiv/indiv. Tax forms for 2008 htm. Tax forms for 2008 Accrual method taxpayers. Tax forms for 2008   If you use an accrual method of accounting, you must report interest on U. Tax forms for 2008 S. Tax forms for 2008 savings bonds each year as it accrues. Tax forms for 2008 You cannot postpone reporting interest until you receive it or until the bonds mature. Tax forms for 2008 Cash method taxpayers. Tax forms for 2008   If you use the cash method of accounting, as most individual taxpayers do, you generally report the interest on U. Tax forms for 2008 S. Tax forms for 2008 savings bonds when you receive it. Tax forms for 2008 But see Reporting options for cash method taxpayers , later. Tax forms for 2008 Series HH bonds. Tax forms for 2008   These bonds were issued at face value. Tax forms for 2008 Interest is paid twice a year by direct deposit to your bank account. Tax forms for 2008 If you are a cash method taxpayer, you must report interest on these bonds as income in the year you receive it. Tax forms for 2008   Series HH bonds were first offered in 1980 and last offered in August 2004. Tax forms for 2008 Before 1980, series H bonds were issued. Tax forms for 2008 Series H bonds are treated the same as series HH bonds. Tax forms for 2008 If you are a cash method taxpayer, you must report the interest when you receive it. Tax forms for 2008   Series H bonds have a maturity period of 30 years. Tax forms for 2008 Series HH bonds mature in 20 years. Tax forms for 2008 The last series H bonds matured in 2009. Tax forms for 2008 The last series HH bonds will mature in 2024. Tax forms for 2008 Series EE and series I bonds. Tax forms for 2008   Interest on these bonds is payable when you redeem the bonds. Tax forms for 2008 The difference between the purchase price and the redemption value is taxable interest. Tax forms for 2008 Series EE bonds. Tax forms for 2008   Series EE bonds were first offered in January 1980 and have a maturity period of 30 years. Tax forms for 2008 Before July 1980, series E bonds were issued. Tax forms for 2008 The original 10-year maturity period of series E bonds has been extended to 40 years for bonds issued before December 1965 and 30 years for bonds issued after November 1965. Tax forms for 2008 Paper series EE and series E bonds are issued at a discount. Tax forms for 2008 The face value is payable to you at maturity. Tax forms for 2008 Electronic series EE bonds are issued at their face value. Tax forms for 2008 The face value plus accrued interest is payable to you at maturity. Tax forms for 2008 As of January 1, 2012, paper savings bonds were no longer sold at financial institutions. Tax forms for 2008    Owners of paper series EE bonds can convert them to electronic bonds. Tax forms for 2008 These converted bonds do not retain the denomination listed on the paper certificate but are posted at their purchase price (with accrued interest). Tax forms for 2008 Series I bonds. Tax forms for 2008   Series I bonds were first offered in 1998. Tax forms for 2008 These are inflation-indexed bonds issued at their face amount with a maturity period of 30 years. Tax forms for 2008 The face value plus all accrued interest is payable to you at maturity. Tax forms for 2008 Reporting options for cash method taxpayers. Tax forms for 2008   If you use the cash method of reporting income, you can report the interest on series EE, series E, and series I bonds in either of the following ways. Tax forms for 2008 Method 1. Tax forms for 2008 Postpone reporting the interest until the earlier of the year you cash or dispose of the bonds or the year in which they mature. Tax forms for 2008 (However, see Savings bonds traded , later. Tax forms for 2008 )  Note. Tax forms for 2008 Series EE bonds issued in 1983 matured in 2013. Tax forms for 2008 If you have used method 1, you generally must report the interest on these bonds on your 2013 return. Tax forms for 2008 The last series E bonds were issued in 1980 and matured in 2010. Tax forms for 2008 If you used method 1, you generally should have reported the interest on these bonds on your 2010 return. Tax forms for 2008 Method 2. Tax forms for 2008 Choose to report the increase in redemption value as interest each year. Tax forms for 2008  You must use the same method for all series EE, series E, and series I bonds you own. Tax forms for 2008 If you do not choose method 2 by reporting the increase in redemption value as interest each year, you must use method 1. Tax forms for 2008 If you plan to cash your bonds in the same year you will pay for higher educational expenses, you may want to use method 1 because you may be able to exclude the interest from your income. Tax forms for 2008 To learn how, see Education Savings Bond Program, later. Tax forms for 2008 Change from method 1. Tax forms for 2008   If you want to change your method of reporting the interest from method 1 to method 2, you can do so without permission from the IRS. Tax forms for 2008 In the year of change, you must report all interest accrued to date and not previously reported for all your bonds. Tax forms for 2008   Once you choose to report the interest each year, you must continue to do so for all series EE, series E, and series I bonds you own and for any you get later, unless you request permission to change, as explained next. Tax forms for 2008 Change from method 2. Tax forms for 2008   To change from method 2 to method 1, you must request permission from the IRS. Tax forms for 2008 Permission for the change is automatically granted if you send the IRS a statement that meets all the following requirements. Tax forms for 2008 You have typed or printed the following number at the top: “131. Tax forms for 2008 ” It includes your name and social security number under “131. Tax forms for 2008 ” It includes the year of change (both the beginning and ending dates). Tax forms for 2008 It identifies the savings bonds for which you are requesting this change. Tax forms for 2008 It includes your agreement to: Report all interest on any bonds acquired during or after the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest; and Report all interest on the bonds acquired before the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, with the exception of the interest reported in prior tax years. Tax forms for 2008   You must attach this statement to your tax return for the year of change, which you must file by the due date (including extensions). Tax forms for 2008   You can have an automatic extension of 6 months from the due date of your return for the year of change (excluding extensions) to file the statement with an amended return. Tax forms for 2008 On the statement, type or print “Filed pursuant to section 301. Tax forms for 2008 9100-2. Tax forms for 2008 ” To get this extension, you must have filed your original return for the year of the change by the due date (including extensions). Tax forms for 2008    By the date you file the original statement with your return, you must also send a signed copy to the address below. Tax forms for 2008    Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) P. Tax forms for 2008 O. Tax forms for 2008 Box 7604 Benjamin Franklin Station Washington, DC 20044   If you use a private delivery service, send the signed copy to the address below. Tax forms for 2008 Internal Revenue Service Attention: CC:IT&A  (Automatic Rulings Branch) Room 5336 1111 Constitution Avenue, NW Washington, DC 20224    Instead of filing this statement, you can request permission to change from method 2 to method 1 by filing Form 3115. Tax forms for 2008 In that case, follow the form instructions for an automatic change. Tax forms for 2008 No user fee is required. Tax forms for 2008 Co-owners. Tax forms for 2008   If a U. Tax forms for 2008 S. Tax forms for 2008 savings bond is issued in the names of co-owners, such as you and your child or you and your spouse, interest on the bond is generally taxable to the co-owner who bought the bond. Tax forms for 2008 One co-owner's funds used. Tax forms for 2008   If you used your funds to buy the bond, you must pay the tax on the interest. Tax forms for 2008 This is true even if you let the other co-owner redeem the bond and keep all the proceeds. Tax forms for 2008 Under these circumstances, the co-owner who redeemed the bond will receive a Form 1099-INT at the time of redemption and must provide you with another Form 1099-INT showing the amount of interest from the bond taxable to you. Tax forms for 2008 The co-owner who redeemed the bond is a “nominee. Tax forms for 2008 ” See Nominee distributions under How To Report Interest Income, later, for more information about how a person who is a nominee reports interest income belonging to another person. Tax forms for 2008 Both co-owners' funds used. Tax forms for 2008   If you and the other co-owner each contribute part of the bond's purchase price, the interest is generally taxable to each of you, in proportion to the amount each of you paid. Tax forms for 2008 Community property. Tax forms for 2008   If you and your spouse live in a community property state and hold bonds as community property, one-half of the interest is considered received by each of you. Tax forms for 2008 If you file separate returns, each of you generally must report one-half of the bond interest. Tax forms for 2008 For more information about community property, see Publication 555. Tax forms for 2008 Table 1-2. Tax forms for 2008   These rules are also shown in Table 1-2. Tax forms for 2008 Child as only owner. Tax forms for 2008   Interest on U. Tax forms for 2008 S. Tax forms for 2008 savings bonds bought for and registered only in the name of your child is income to your child, even if you paid for the bonds and are named as beneficiary. Tax forms for 2008 If the bonds are series EE, series E, or series I bonds, the interest on the bonds is income to your child in the earlier of the year the bonds are cashed or disposed of or the year the bonds mature, unless your child chooses to report the interest income each year. Tax forms for 2008 Choice to report interest each year. Tax forms for 2008   The choice to report the accrued interest each year can be made either by your child or by you for your child. Tax forms for 2008 This choice is made by filing an income tax return that shows all the interest earned to date, and by stating on the return that your child chooses to report the interest each year. Tax forms for 2008 Either you or your child should keep a copy of this return. Tax forms for 2008   Unless your child is otherwise required to file a tax return for any year after making this choice, your child does not have to file a return only to report the annual accrual of U. Tax forms for 2008 S. Tax forms for 2008 savings bond interest under this choice. Tax forms for 2008 However, see Tax on unearned income of certain children , earlier, under General Information. Tax forms for 2008 Neither you nor your child can change the way you report the interest unless you request permission from the IRS, as discussed earlier under Change from method 2 . Tax forms for 2008 Ownership transferred. Tax forms for 2008   If you bought series E, series EE, or series I bonds entirely with your own funds and had them reissued in your co-owner's name or beneficiary's name alone, you must include in your gross income for the year of reissue all interest that you earned on these bonds and have not previously reported. Tax forms for 2008 But, if the bonds were reissued in your name alone, you do not have to report the interest accrued at that time. Tax forms for 2008   This same rule applies when bonds (other than bonds held as community property) are transferred between spouses or incident to divorce. Tax forms for 2008 Example. Tax forms for 2008 You bought series EE bonds entirely with your own funds. Tax forms for 2008 You did not choose to report the accrued interest each year. Tax forms for 2008 Later, you transfer the bonds to your former spouse under a divorce agreement. Tax forms for 2008 You must include the deferred accrued interest, from the date of the original issue of the bonds to the date of transfer, in your income in the year of transfer. Tax forms for 2008 Your former spouse includes in income the interest on the bonds from the date of transfer to the date of redemption. Tax forms for 2008 Table 1-2. Tax forms for 2008 Who Pays the Tax on U. Tax forms for 2008 S. Tax forms for 2008 Savings Bond Interest IF . Tax forms for 2008 . Tax forms for 2008 . Tax forms for 2008 THEN the interest must be reported by . Tax forms for 2008 . Tax forms for 2008 . Tax forms for 2008 you buy a bond in your name and the name of another person as co-owners, using only your own funds you. Tax forms for 2008 you buy a bond in the name of another person, who is the sole owner of the bond the person for whom you bought the bond. Tax forms for 2008 you and another person buy a bond as co-owners, each contributing part of the purchase price both you and the other co-owner, in proportion to the amount each paid for the bond. Tax forms for 2008 you and your spouse, who live in a community property state, buy a bond that is community property you and your spouse. Tax forms for 2008 If you file separate returns, both you and your spouse generally report one-half of the interest. Tax forms for 2008 Purchased jointly. Tax forms for 2008   If you and a co-owner each contributed funds to buy series E, series EE, or series I bonds jointly and later have the bonds reissued in the co-owner's name alone, you must include in your gross income for the year of reissue your share of all the interest earned on the bonds that you have not previously reported. Tax forms for 2008 The former co-owner does not have to include in gross income at the time of reissue his or her share of the interest earned that was not reported before the transfer. Tax forms for 2008 This interest, however, as well as all interest earned after the reissue, is income to the former co-owner. Tax forms for 2008   This income-reporting rule also applies when the bonds are reissued in the name of your former co-owner and a new co-owner. Tax forms for 2008 But the new co-owner will report only his or her share of the interest earned after the transfer. Tax forms for 2008   If bonds that you and a co-owner bought jointly are reissued to each of you separately in the same proportion as your contribution to the purchase price, neither you nor your co-owner has to report at that time the interest earned before the bonds were reissued. Tax forms for 2008 Example 1. Tax forms for 2008 You and your spouse each spent an equal amount to buy a $1,000 series EE savings bond. Tax forms for 2008 The bond was issued to you and your spouse as co-owners. Tax forms for 2008 You both postpone reporting interest on the bond. Tax forms for 2008 You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Tax forms for 2008 At that time neither you nor your spouse has to report the interest earned to the date of reissue. Tax forms for 2008 Example 2. Tax forms for 2008 You bought a $1,000 series EE savings bond entirely with your own funds. Tax forms for 2008 The bond was issued to you and your spouse as co-owners. Tax forms for 2008 You both postponed reporting interest on the bond. Tax forms for 2008 You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Tax forms for 2008 You must report half the interest earned to the date of reissue. Tax forms for 2008 Transfer to a trust. Tax forms for 2008   If you own series E, series EE, or series I bonds and transfer them to a trust, giving up all rights of ownership, you must include in your income for that year the interest earned to the date of transfer if you have not already reported it. Tax forms for 2008 However, if you are considered the owner of the trust and if the increase in value both before and after the transfer continues to be taxable to you, you can continue to defer reporting the interest earned each year. Tax forms for 2008 You must include the total interest in your income in the year you cash or dispose of the bonds or the year the bonds finally mature, whichever is earlier. Tax forms for 2008   The same rules apply to previously unreported interest on series EE or series E bonds if the transfer to a trust consisted of series HH or series H bonds you acquired in a trade for the series EE or series E bonds. Tax forms for 2008 See Savings bonds traded , later. Tax forms for 2008 Decedents. Tax forms for 2008   The manner of reporting interest income on series E, series EE, or series I bonds, after the death of the owner (decedent), depends on the accounting and income-reporting methods previously used by the decedent. Tax forms for 2008 Decedent who reported interest each year. Tax forms for 2008   If the bonds transferred because of death were owned by a person who used an accrual method, or who used the cash method and had chosen to report the interest each year, the interest earned in the year of death up to the date of death must be reported on that person's final return. Tax forms for 2008 The person who acquires the bonds includes in income only interest earned after the date of death. Tax forms for 2008 Decedent who postponed reporting interest. Tax forms for 2008   If the transferred bonds were owned by a decedent who had used the cash method and had not chosen to report the interest each year, and who had bought the bonds entirely with his or her own funds, all interest earned before death must be reported in one of the following ways. Tax forms for 2008 The surviving spouse or personal representative (executor, administrator, etc. Tax forms for 2008 ) who files the final income tax return of the decedent can choose to include on that return all interest earned on the bonds before the decedent's death. Tax forms for 2008 The person who acquires the bonds then includes in income only interest earned after the date of death. Tax forms for 2008 If the choice in (1) is not made, the interest earned up to the date of death is income in respect of the decedent and should not be included in the decedent's final return. Tax forms for 2008 All interest earned both before and after the decedent's death (except any part reported by the estate on its income tax return) is income to the person who acquires the bonds. Tax forms for 2008 If that person uses the cash method and does not choose to report the interest each year, he or she can postpone reporting it until the year the bonds are cashed or disposed of or the year they mature, whichever is earlier. Tax forms for 2008 In the year that person reports the interest, he or she can claim a deduction for any federal estate tax paid on the part of the interest included in the decedent's estate. Tax forms for 2008 For more information on income in respect of a decedent, see Publication 559, Survivors, Executors, and Administrators. Tax forms for 2008 Example 1. Tax forms for 2008 Your uncle, a cash method taxpayer, died and left you a $1,000 series EE bond. Tax forms for 2008 He had bought the bond for $500 and had not chosen to report the interest each year. Tax forms for 2008 At the date of death, interest of $200 had accrued on the bond, and its value of $700 was included in your uncle's estate. Tax forms for 2008 Your uncle's executor chose not to include the $200 accrued interest in your uncle's final income tax return. Tax forms for 2008 The $200 is income in respect of the decedent. Tax forms for 2008 You are a cash method taxpayer and do not choose to report the interest each year as it is earned. Tax forms for 2008 If you cash the bond when it reaches maturity value of $1,000, you report $500 interest income—the difference between maturity value of $1,000 and the original cost of $500. Tax forms for 2008 For that year, you can deduct (as a miscellaneous itemized deduction not subject to the 2%-of-adjusted-gross-income limit) any federal estate tax paid because the $200 interest was included in your uncle's estate. Tax forms for 2008 Example 2. Tax forms for 2008 If, in Example 1 , the executor had chosen to include the $200 accrued interest in your uncle's final return, you would report only $300 as interest when you cashed the bond at maturity. Tax forms for 2008 $300 is the interest earned after your uncle's death. Tax forms for 2008 Example 3. Tax forms for 2008 If, in Example 1 , you make or have made the choice to report the increase in redemption value as interest each year, you include in gross income for the year you acquire the bond all of the unreported increase in value of all series E, series EE, and series I bonds you hold, including the $200 on the bond you inherited from your uncle. Tax forms for 2008 Example 4. Tax forms for 2008 When your aunt died, she owned series HH bonds that she had acquired in a trade for series EE bonds. Tax forms for 2008 You were the beneficiary of these bonds. Tax forms for 2008 Your aunt used the cash method and did not choose to report the interest on the series EE bonds each year as it accrued. Tax forms for 2008 Your aunt's executor chose not to include any interest earned before your aunt's death on her final return. Tax forms for 2008 The income in respect of the decedent is the sum of the unreported interest on the series EE bonds and the interest, if any, payable on the series HH bonds but not received as of the date of your aunt's death. Tax forms for 2008 You must report any interest received during the year as income on your return. Tax forms for 2008 The part of the interest payable but not received before your aunt's death is income in respect of the decedent and may qualify for the estate tax deduction. Tax forms for 2008 For information on when to report the interest on the series EE bonds traded, see Savings bonds traded , later. Tax forms for 2008 Savings bonds distributed from a retirement or profit-sharing plan. Tax forms for 2008   If you acquire a U. Tax forms for 2008 S. Tax forms for 2008 savings bond in a taxable distribution from a retirement or profit-sharing plan, your income for the year of distribution includes the bond's redemption value (its cost plus the interest accrued before the distribution). Tax forms for 2008 When you redeem the bond (whether in the year of distribution or later), your interest income includes only the interest accrued after the bond was distributed. Tax forms for 2008 To figure the interest reported as a taxable distribution and your interest income when you redeem the bond, see Worksheet for savings bonds distributed from a retirement or profit-sharing plan under How To Report Interest Income, later. Tax forms for 2008 Savings bonds traded. Tax forms for 2008   If you postponed reporting the interest on your series EE or series E bonds, you did not recognize taxable income when you traded the bonds for series HH or series H bonds, unless you received cash in the trade. Tax forms for 2008 (You cannot trade series I bonds for series HH bonds. Tax forms for 2008 After August 31, 2004, you cannot trade any other series of bonds for series HH bonds. Tax forms for 2008 ) Any cash you received is income up to the amount of the interest earned on the bonds traded. Tax forms for 2008 When your series HH or series H bonds mature, or if you dispose of them before maturity, you report as interest the difference between their redemption value and your cost. Tax forms for 2008 Your cost is the sum of the amount you paid for the traded series EE or series E bonds plus any amount you had to pay at the time of the trade. Tax forms for 2008 Example. Tax forms for 2008 You traded series EE bonds (on which you postponed reporting the interest) for $2,500 in series HH bonds and $223 in cash. Tax forms for 2008 You reported the $223 as taxable income on your tax return. Tax forms for 2008 At the time of the trade, the series EE bonds had accrued interest of $523 and a redemption value of $2,723. Tax forms for 2008 You hold the series HH bonds until maturity, when you receive $2,500. Tax forms for 2008 You must report $300 as interest income in the year of maturity. Tax forms for 2008 This is the difference between their redemption value, $2,500, and your cost, $2,200 (the amount you paid for the series EE bonds). Tax forms for 2008 (It is also the difference between the accrued interest of $523 on the series EE bonds and the $223 cash received on the trade. Tax forms for 2008 ) Choice to report interest in year of trade. Tax forms for 2008   You could have chosen to treat all of the previously unreported accrued interest on series EE or series E bonds traded for series HH bonds as income in the year of the trade. Tax forms for 2008 If you made this choice, it is treated as a change from method 1. Tax forms for 2008 See Change from method 1 under Series EE and series I bonds, earlier. Tax forms for 2008 Form 1099-INT for U. Tax forms for 2008 S. Tax forms for 2008 savings bond interest. Tax forms for 2008   When you cash a bond, the bank or other payer that redeems it must give you a Form 1099-INT if the interest part of the payment you receive is $10 or more. Tax forms for 2008 Box 3 of your Form 1099-INT should show the interest as the difference between the amount you received and the amount paid for the bond. Tax forms for 2008 However, your Form 1099-INT may show more interest than you have to include on your income tax return. Tax forms for 2008 For example, this may happen if any of the following are true. Tax forms for 2008 You chose to report the increase in the redemption value of the bond each year. Tax forms for 2008 The interest shown on your Form 1099-INT will not be reduced by amounts previously included in income. Tax forms for 2008 You received the bond from a decedent. Tax forms for 2008 The interest shown on your Form 1099-INT will not be reduced by any interest reported by the decedent before death, or on the decedent's final return, or by the estate on the estate's income tax return. Tax forms for 2008 Ownership of the bond was transferred. Tax forms for 2008 The interest shown on your Form 1099-INT will not be reduced by interest that accrued before the transfer. Tax forms for 2008 You were named as a co-owner, and the other co-owner contributed funds to buy the bond. Tax forms for 2008 The interest shown on your Form 1099-INT will not be reduced by the amount you received as nominee for the other co-owner. Tax forms for 2008 (See Co-owners , earlier in this section, for more information about the reporting requirements. Tax forms for 2008 ) You received the bond in a taxable distribution from a retirement or profit-sharing plan. Tax forms for 2008 The interest shown on your Form 1099-INT will not be reduced by the interest portion of the amount taxable as a distribution from the plan and not taxable as interest. Tax forms for 2008 (This amount is generally shown on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Tax forms for 2008 , for the year of distribution. Tax forms for 2008 )   For more information on including the correct amount of interest on your return, see U. Tax forms for 2008 S. Tax forms for 2008 savings bond interest previously reported or Nominee distributions under How To Report Interest Income, later. Tax forms for 2008    Interest on U. Tax forms for 2008 S. Tax forms for 2008 savings bonds is exempt from state and local taxes. Tax forms for 2008 The Form 1099-INT you receive will indicate the amount that is for U. Tax forms for 2008 S. Tax forms for 2008 savings bonds interest in box 3. Tax forms for 2008 Do not include this income on your state or local income tax return. Tax forms for 2008 Education Savings Bond Program You may be able to exclude from income all or part of the interest you receive on the redemption of qualified U. Tax forms for 2008 S. Tax forms for 2008 savings bonds during the year if you pay qualified higher educational expenses during the same year. Tax forms for 2008 This exclusion is known as the Education Savings Bond Program. Tax forms for 2008 You do not qualify for this exclusion if your filing status is married filing separately. Tax forms for 2008 Form 8815. Tax forms for 2008   Use Form 8815 to figure your exclusion. Tax forms for 2008 Attach the form to your Form 1040 or Form 1040A. Tax forms for 2008 Qualified U. Tax forms for 2008 S. Tax forms for 2008 savings bonds. Tax forms for 2008   A qualified U. Tax forms for 2008 S. Tax forms for 2008 savings bond is a series EE bond issued after 1989 or a series I bond. Tax forms for 2008 The bond must be issued either in your name (sole owner) or in your and your spouse's names (co-owners). Tax forms for 2008 You must be at least 24 years old before the bond's issue date. Tax forms for 2008 For example, a bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child. Tax forms for 2008    The issue date of a bond may be earlier than the date the bond is purchased because the issue date assigned to a bond is the first day of the month in which it is purchased. Tax forms for 2008 Beneficiary. Tax forms for 2008   You can designate any individual (including a child) as a beneficiary of the bond. Tax forms for 2008 Verification by IRS. Tax forms for 2008   If you claim the exclusion, the IRS will check it by using bond redemption information from the Department of Treasury. Tax forms for 2008 Qualified expenses. Tax forms for 2008   Qualified higher educational expenses are tuition and fees required for you, your spouse, or your dependent (for whom you claim an exemption) to attend an eligible educational institution. Tax forms for 2008   Qualified expenses include any contribution you make to a qualified tuition program or to a Coverdell education savings account. Tax forms for 2008 For information about these programs, see Publication 970, Tax Benefits for Education. Tax forms for 2008   Qualified expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Tax forms for 2008 Eligible educational institutions. Tax forms for 2008   These institutions include most public, private, and nonprofit universities, colleges, and vocational schools that are accredited and eligible to participate in student aid programs run by the Department of Education. Tax forms for 2008 Reduction for certain benefits. Tax forms for 2008   You must reduce your qualified higher educational expenses by all of the following tax-free benefits. Tax forms for 2008 Tax-free part of scholarships and fellowships. Tax forms for 2008 Expenses used to figure the tax-free portion of distributions from a Coverdell ESA. Tax forms for 2008 Expenses used to figure the tax-free portion of distributions from a qualified tuition program. Tax forms for 2008 Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits, Qualified tuition reductions, or Employer-provided educational assistance. Tax forms for 2008 Any expense used in figuring the American Opportunity and lifetime learning credits. Tax forms for 2008 For information about these benefits, see Publication 970. Tax forms for 2008 Amount excludable. Tax forms for 2008   If the total proceeds (interest and principal) from the qualified U. Tax forms for 2008 S. Tax forms for 2008 savings bonds you redeem during the year are not more than your adjusted qualified higher educational expenses for the year, you may be able to exclude all of the interest. Tax forms for 2008 If the proceeds are more than the expenses, you may be able to exclude only part of the interest. Tax forms for 2008   To determine the excludable amount, multiply the interest part of the proceeds by a fraction. Tax forms for 2008 The numer
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    The Tax Forms For 2008

    Tax forms for 2008 Publication 575 - Introductory Material Table of Contents What's New Reminders IntroductionThe General Rule. Tax forms for 2008 Individual retirement arrangements (IRAs). Tax forms for 2008 Civil service retirement benefits. Tax forms for 2008 Social security and equivalent tier 1 railroad retirement benefits. Tax forms for 2008 Tax-sheltered annuity plans (403(b) plans). Tax forms for 2008 Ordering forms and publications. Tax forms for 2008 Tax questions. Tax forms for 2008 Useful Items - You may want to see: What's New For purposes of the net investment income tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 408, 408A, or 457(b) plans). Tax forms for 2008 However, these distributions are taken into account when determining the modified adjusted gross income threshold. Tax forms for 2008 Distributions from a nonqualified retirement plan are included in net investment income. Tax forms for 2008 See Form 8960, Net Investment Income Tax - Individuals, Estates, and Trusts, and its instructions for more information. Tax forms for 2008 Reminders Future developments. Tax forms for 2008  For the latest information about developments related to Publication 575, such as legislation enacted after it was published, go to www. Tax forms for 2008 irs. Tax forms for 2008 gov/pub575. Tax forms for 2008 In-plan Roth rollovers. Tax forms for 2008   Starting in 2013, the American Taxpayer Relief Act of 2012 expanded the rules for in-plan Roth rollovers to include more taxpayers. Tax forms for 2008 For more information, see In-plan Roth rollovers under Rollovers, discussed later. Tax forms for 2008 Photographs of missing children. Tax forms for 2008  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Tax forms for 2008 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Tax forms for 2008 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Tax forms for 2008 Introduction This publication discusses the tax treatment of distributions you receive from pension and annuity plans and also shows you how to report the income on your federal income tax return. Tax forms for 2008 How these distributions are taxed depends on whether they are periodic payments (amounts received as an annuity) that are paid at regular intervals over several years or nonperiodic payments (amounts not received as an annuity). Tax forms for 2008 What is covered in this publication?   This publication contains information that you need to understand the following topics. Tax forms for 2008 How to figure the tax-free part of periodic payments under a pension or annuity plan, including using a simple worksheet for payments under a qualified plan. Tax forms for 2008 How to figure the tax-free part of nonperiodic payments from qualified and nonqualified plans, and how to use the optional methods to figure the tax on lump-sum distributions from pension, stock bonus, and profit-sharing plans. Tax forms for 2008 How to roll over certain distributions from a retirement plan into another retirement plan or IRA. Tax forms for 2008 How to report disability payments, and how beneficiaries and survivors of employees and retirees must report benefits paid to them. Tax forms for 2008 How to report railroad retirement benefits. Tax forms for 2008 When additional taxes on certain distributions may apply (including the tax on early distributions and the tax on excess accumulation). Tax forms for 2008 For additional information on how to report pension or annuity payments on your federal income tax return, be sure to review the instructions on the back of Copies B, C, and 2 of the Form 1099-R that you received and the instructions for Form 1040, lines 16a and 16b (Form 1040A, lines 12a and 12b or Form 1040NR, lines 17a and 17b). Tax forms for 2008 A “corrected” Form 1099-R replaces the corresponding original Form 1099-R if the original Form 1099-R contained an error. Tax forms for 2008 Make sure you use the amounts shown on the corrected Form 1099-R when reporting information on your tax return. Tax forms for 2008 What is not covered in this publication?   The following topics are not discussed in this publication. Tax forms for 2008 The General Rule. Tax forms for 2008   This is the method generally used to determine the tax treatment of pension and annuity income from nonqualified plans (including commercial annuities). Tax forms for 2008 For a qualified plan, you generally cannot use the General Rule unless your annuity starting date is before November 19, 1996. Tax forms for 2008 Although this publication will help you determine whether you can use the General Rule, it will not help you use it to determine the tax treatment of your pension or annuity income. Tax forms for 2008 For that and other information on the General Rule, see Publication 939, General Rule for Pensions and Annuities. Tax forms for 2008 Individual retirement arrangements (IRAs). Tax forms for 2008   Information on the tax treatment of amounts you receive from an IRA is in Publication 590, Individual Retirement Arrangements (IRAs). Tax forms for 2008 Civil service retirement benefits. Tax forms for 2008   If you are retired from the federal government (regular, phased, or disability retirement) or are the survivor or beneficiary of a federal employee or retiree who died, get Publication 721, Tax Guide to U. Tax forms for 2008 S. Tax forms for 2008 Civil Service Retirement Benefits. Tax forms for 2008 Publication 721 covers the tax treatment of federal retirement benefits, primarily those paid under the Civil Service Retirement System (CSRS) or the Federal Employees' Retirement System (FERS). Tax forms for 2008 It also covers benefits paid from the Thrift Savings Plan (TSP). Tax forms for 2008 Social security and equivalent tier 1 railroad retirement benefits. Tax forms for 2008   For information about the tax treatment of these benefits, see Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Tax forms for 2008 However, this publication (575) covers the tax treatment of the non-social security equivalent benefit portion of tier 1 railroad retirement benefits, tier 2 benefits, vested dual benefits, and supplemental annuity benefits paid by the U. Tax forms for 2008 S. Tax forms for 2008 Railroad Retirement Board. Tax forms for 2008 Tax-sheltered annuity plans (403(b) plans). Tax forms for 2008   If you work for a public school or certain tax-exempt organizations, you may be eligible to participate in a 403(b) retirement plan offered by your employer. Tax forms for 2008 Although this publication covers the treatment of benefits under 403(b) plans and discusses in-plan Roth rollovers from 403(b) plans to designated Roth accounts, it does not cover other tax provisions that apply to these plans. Tax forms for 2008 For that and other information on 403(b) plans, see Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of Public Schools and Certain Tax-Exempt Organizations. Tax forms for 2008 Comments and suggestions. Tax forms for 2008   We welcome your comments about this publication and your suggestions for future editions. Tax forms for 2008   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Tax forms for 2008 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Tax forms for 2008 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Tax forms for 2008   You can send your comments from www. Tax forms for 2008 irs. Tax forms for 2008 gov/formspubs/. Tax forms for 2008 Click on “More Information” and then on “Comment on Tax Forms and Publications. Tax forms for 2008 ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Tax forms for 2008 Ordering forms and publications. Tax forms for 2008   Visit www. Tax forms for 2008 irs. Tax forms for 2008 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Tax forms for 2008 Internal Revenue Service 1201 N. Tax forms for 2008 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Tax forms for 2008   If you have a tax question, check the information available on IRS. Tax forms for 2008 gov or call 1-800-829-1040. Tax forms for 2008 We cannot answer tax questions sent to either of the above addresses. Tax forms for 2008 Useful Items - You may want to see: Publication 524 Credit for the Elderly or the Disabled 525 Taxable and Nontaxable Income 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) 571 Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of Public Schools and Certain Tax-Exempt Organizations 590 Individual Retirement Arrangements (IRAs) 721 Tax Guide to U. Tax forms for 2008 S. Tax forms for 2008 Civil Service Retirement Benefits 915 Social Security and Equivalent Railroad Retirement Benefits 939 General Rule for Pensions and Annuities Form (and Instructions) W-4P Withholding Certificate for Pension or Annuity Payments 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Tax forms for 2008 4972 Tax on Lump-Sum Distributions 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts See How To Get Tax Help near the end of this publication for information about getting publications and forms. Tax forms for 2008 Prev  Up  Next   Home   More Online Publications