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Turbotax Deluxe Federal E File State 2012 For Pc Download

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Turbotax Deluxe Federal E File State 2012 For Pc Download

Turbotax deluxe federal e file state 2012 for pc download 22. Turbotax deluxe federal e file state 2012 for pc download   Impuestos Table of Contents IntroductionGobierno tribal de indios estadounidenses. Turbotax deluxe federal e file state 2012 for pc download Useful Items - You may want to see: Requisitos para Deducir Todo Impuesto Impuestos sobre los IngresosImpuestos Estatales y Locales sobre los Ingresos Impuestos Extranjeros sobre los Ingresos Impuestos Generales sobre las VentasVehículos de motor. Turbotax deluxe federal e file state 2012 for pc download Impuestos sobre Bienes RaícesImpuestos sobre bienes raíces de años anteriores. Turbotax deluxe federal e file state 2012 for pc download Ejemplos. Turbotax deluxe federal e file state 2012 for pc download Formulario 1099-S. Turbotax deluxe federal e file state 2012 for pc download Cantidades Relacionadas con Bienes Raíces que no Puede Deducir Impuestos sobre Bienes Muebles Impuestos y Cargos que no Puede Deducir Dónde se Anotan las Deducciones Introduction Este capítulo trata de los impuestos que puede deducir si detalla sus deducciones en el Anexo A (Formulario 1040). Turbotax deluxe federal e file state 2012 for pc download También explica cuáles impuestos puede deducir en otros anexos o formularios y cuáles impuestos no puede deducir. Turbotax deluxe federal e file state 2012 for pc download Este capítulo trata sobre los siguientes temas: Impuestos sobre los ingresos (federales, estatales, locales, y extranjeros). Turbotax deluxe federal e file state 2012 for pc download Impuestos generales sobre ventas (estatales y locales). Turbotax deluxe federal e file state 2012 for pc download Impuestos sobre bienes raíces (estatales, locales, y extranjeros). Turbotax deluxe federal e file state 2012 for pc download Impuestos sobre bienes muebles (estatales y locales). Turbotax deluxe federal e file state 2012 for pc download Impuestos y cargos que usted no puede deducir. Turbotax deluxe federal e file state 2012 for pc download Use la Tabla 22-1 como guía para determinar cuáles impuestos se pueden deducir. Turbotax deluxe federal e file state 2012 for pc download Hay una sección al final del capítulo que le explica cuál formulario debe usar para deducir diferentes tipos de impuestos. Turbotax deluxe federal e file state 2012 for pc download Impuestos de negocio. Turbotax deluxe federal e file state 2012 for pc download   Puede deducir ciertos impuestos solamente si son gastos ordinarios y necesarios de su ocupación o negocio o si los incurre para generar ingresos. Turbotax deluxe federal e file state 2012 for pc download Para información sobre estos impuestos, vea la Publicación 535, Business Expenses (Gastos de negocio), en inglés. Turbotax deluxe federal e file state 2012 for pc download Impuestos estatales o locales. Turbotax deluxe federal e file state 2012 for pc download   Éstos son impuestos gravados por los 50 estados, posesiones (territorios no autónomos) de los EE. Turbotax deluxe federal e file state 2012 for pc download UU. Turbotax deluxe federal e file state 2012 for pc download o cualquiera de sus subdivisiones políticas (tal como un condado o una ciudad) o por el Distrito de Columbia. Turbotax deluxe federal e file state 2012 for pc download Gobierno tribal de indios estadounidenses. Turbotax deluxe federal e file state 2012 for pc download   Un gobierno tribal de indios estadounidenses, al que el Secretario del Tesoro reconoce que desempeña funciones gubernamentales sustanciales, se considera un estado para el propósito de reclamar una deducción tributaria. Turbotax deluxe federal e file state 2012 for pc download Los impuestos sobre los ingresos, impuestos sobre bienes raíces e impuestos sobre bienes muebles gravados por dicho gobierno tribal de indios estadounidenses (o por cualquiera de sus subdivisiones tratadas como si fueran subdivisiones políticas de un estado) son deducibles. Turbotax deluxe federal e file state 2012 for pc download Impuestos generales sobre las ventas. Turbotax deluxe federal e file state 2012 for pc download   Estos son impuestos que se gravan a tasa fija sobre ventas al por menor. Turbotax deluxe federal e file state 2012 for pc download Dichos impuestos corresponden a una amplia gama de diferentes tipos de artículos. Turbotax deluxe federal e file state 2012 for pc download Impuestos extranjeros. Turbotax deluxe federal e file state 2012 for pc download   Éstos son impuestos que grava un país extranjero o cualesquiera de sus subdivisiones políticas. Turbotax deluxe federal e file state 2012 for pc download Useful Items - You may want to see: Publicación 514 Foreign Tax Credit for Individuals (Crédito por impuestos extranjeros para personas físicas), en inglés 530 Tax Information for Homeowners (Información tributaria para propietarios de vivienda), en inglés Formularios (e Instrucciones) Anexo A (Formulario 1040) Itemized Deductions (Deducciones detalladas), en inglés Anexo E (Formulario 1040) Supplemental Income and Loss (Ingresos y pérdidas suplementarios), en inglés 1116 Foreign Tax Credit (Crédito por impuestos extranjeros), en inglés Requisitos para Deducir Todo Impuesto Para que un impuesto sea deducible, se tienen que cumplir los dos requisitos siguientes: Se le tiene que gravar el impuesto a usted. Turbotax deluxe federal e file state 2012 for pc download Usted tiene que pagar el impuesto durante su año tributario. Turbotax deluxe federal e file state 2012 for pc download Se le tiene que gravar el impuesto a usted. Turbotax deluxe federal e file state 2012 for pc download   En general, sólo puede deducir los impuestos que se le gravan a usted. Turbotax deluxe federal e file state 2012 for pc download   Generalmente, puede deducir impuestos sobre bienes muebles sólo si usted es el dueño de la propiedad. Turbotax deluxe federal e file state 2012 for pc download Si su cónyuge es dueño de la propiedad y paga impuestos sobre bienes raíces correspondientes a la misma, los impuestos se pueden deducir en la declaración separada de su cónyuge o en su declaración conjunta. Turbotax deluxe federal e file state 2012 for pc download Tiene que pagar el impuesto durante su año tributario. Turbotax deluxe federal e file state 2012 for pc download   Si es un contribuyente que usa el método contable a base de efectivo para pagar sus impuestos, puede deducir sólo aquellos impuestos que de hecho pagó durante su año tributario. Turbotax deluxe federal e file state 2012 for pc download Si paga sus impuestos con cheque, el día en que envía o entrega el cheque se considera la fecha de pago, con tal de que el cheque sea aceptado por la institución financiera. Turbotax deluxe federal e file state 2012 for pc download Si utiliza una cuenta para pagar por teléfono (como una tarjeta de crédito o retiro de fondos electrónico), la fecha de pago será la fecha en el estado de cuentas de la institución financiera indicando cuándo se hizo el pago. Turbotax deluxe federal e file state 2012 for pc download Si usted disputa una obligación tributaria y es un contribuyente que usa el método a base de efectivo para pagar sus impuestos, puede deducir el impuesto únicamente en el año en que de hecho lo paga (o transfiere dinero u otros bienes para cumplir con la obligación en disputa). Turbotax deluxe federal e file state 2012 for pc download Vea la Publicación 538, Accounting Periods and Methods (Períodos y métodos contables), en inglés, para más detalles. Turbotax deluxe federal e file state 2012 for pc download    Si usa el método contable a base de lo devengado, vea la Publicación 538, en inglés, para más información. Turbotax deluxe federal e file state 2012 for pc download Impuestos sobre los Ingresos Esta sección explica cuáles impuestos estatales y locales sobre los ingresos (incluyendo aportaciones del empleado a fondos estatales de beneficios) y cuáles impuestos sobre ingresos extranjeros se pueden deducir. Turbotax deluxe federal e file state 2012 for pc download Impuestos Estatales y Locales sobre los Ingresos Puede deducir los impuestos estatales o locales sobre los ingresos. Turbotax deluxe federal e file state 2012 for pc download Sin embargo, puede eligir deducir los impuestos generales estatales y locales sobre ventas en vez de deducir los impuestos estatales y locales sobre los ingresos. Turbotax deluxe federal e file state 2012 for pc download Vea Impuestos Generales sobre las Ventas , mas adelante. Turbotax deluxe federal e file state 2012 for pc download Excepción. Turbotax deluxe federal e file state 2012 for pc download    No puede deducir impuestos estatales y locales que pague sobre ingresos exentos del impuesto federal sobre el ingreso, a menos que el ingreso exento del impuesto sea ingreso de intereses. Turbotax deluxe federal e file state 2012 for pc download Por ejemplo, no puede deducir la parte del impuesto estatal sobre el ingreso que se grava sobre un subsidio por costo de vida exento del impuesto federal sobre el ingreso. Turbotax deluxe federal e file state 2012 for pc download Qué Deducir Su deducción puede ser por impuestos retenidos, pagos de impuesto estimado u otros pagos de impuestos conforme a lo siguiente: Impuestos retenidos. Turbotax deluxe federal e file state 2012 for pc download   Puede deducir los impuestos estatales y locales sobre el ingreso retenidos de su sueldo en el año en que son retenidos. Turbotax deluxe federal e file state 2012 for pc download Sus Formularios W-2 indicarán la cantidad. Turbotax deluxe federal e file state 2012 for pc download Los Formularios W-2G, 1099-G, 1099-R, y 1099-MISC también pueden indicar los impuestos sobre los ingresos estatales y locales retenidos. Turbotax deluxe federal e file state 2012 for pc download Pagos de impuesto estimado. Turbotax deluxe federal e file state 2012 for pc download   Puede deducir los pagos de impuesto estimado que hizo durante el año a un gobierno estatal o local. Turbotax deluxe federal e file state 2012 for pc download Sin embargo, tendrá que tener una base razonable para hacer los pagos de impuesto estimado. Turbotax deluxe federal e file state 2012 for pc download Todo pago de impuesto estimado estatal o local que no haya sido hecho de buena fe en el momento del pago no es deducible. Turbotax deluxe federal e file state 2012 for pc download Por ejemplo, usted hizo un pago estimado del impuesto estatal sobre el ingreso. Turbotax deluxe federal e file state 2012 for pc download No obstante, el cálculo aproximado de su obligación tributaria estatal resulta en que va a recibir un reembolso de todo su pago estimado. Turbotax deluxe federal e file state 2012 for pc download Usted no tenía ninguna base razonable para creer que podría adeudar algún impuesto estatal sobre el ingreso adicional y no puede deducir el pago de impuesto estimado. Turbotax deluxe federal e file state 2012 for pc download Reembolso aplicado a los impuestos. Turbotax deluxe federal e file state 2012 for pc download   Puede deducir toda parte de un reembolso de impuestos estatales y locales sobre el ingreso de un año anterior que haya elegido utilizar para pagar sus impuestos estimados estatales o locales sobre el ingreso del año 2013. Turbotax deluxe federal e file state 2012 for pc download    No reste de la deducción ninguno de los siguientes artículos: Todo reembolso de (o crédito por) el impuesto estatal o local sobre el ingreso (o crédito) que espere recibir para el año 2013. Turbotax deluxe federal e file state 2012 for pc download Todo reembolso de (o crédito por) impuestos estatales y locales sobre los ingresos de un año anterior que de hecho haya recibido en 2013. Turbotax deluxe federal e file state 2012 for pc download   Sin embargo, todo o parte de este reembolso (o crédito) puede ser tributable. Turbotax deluxe federal e file state 2012 for pc download Vea Reembolso de (o crédito por) impuestos estatales o locales sobre el ingreso , más adelante. Turbotax deluxe federal e file state 2012 for pc download Declaraciones federales separadas. Turbotax deluxe federal e file state 2012 for pc download   Si usted y su cónyuge presentan declaraciones separadas del impuesto estatal, local y federal sobre el ingreso, cada uno puede deducir en su declaración federal sólo la cantidad de su propio impuesto estatal y local sobre el ingreso que pagó durante el año tributario. Turbotax deluxe federal e file state 2012 for pc download Declaraciones conjuntas estatales y locales. Turbotax deluxe federal e file state 2012 for pc download   Si usted y su cónyuge presentan declaraciones conjuntas estatales y locales y declaraciones federales separadas, cada uno puede deducir en su declaración federal separada parte del total de los impuestos estatales y locales sobre el ingreso pagados durante el año tributario. Turbotax deluxe federal e file state 2012 for pc download Puede deducir sólo la cantidad del total de los impuestos que esté en proporción con sus ingresos brutos, comparados con la suma de los ingresos brutos de usted y los de su cónyuge. Turbotax deluxe federal e file state 2012 for pc download Sin embargo, no puede deducir más de la cantidad que realmente pagó durante el año. Turbotax deluxe federal e file state 2012 for pc download Puede evitar este cálculo si usted y su cónyuge son responsables, conjuntamente y por separado, de pagar la cantidad completa de impuestos estatales y locales sobre el ingreso. Turbotax deluxe federal e file state 2012 for pc download De ser así, ambos pueden deducir en sus declaraciones federales separadas la cantidad que de hecho pagó cada uno. Turbotax deluxe federal e file state 2012 for pc download Declaración conjunta federal. Turbotax deluxe federal e file state 2012 for pc download   Si ustedes presentan una declaración conjunta federal, pueden deducir el total de los impuestos estatales y locales sobre el ingreso que pagaron ustedes dos. Turbotax deluxe federal e file state 2012 for pc download Aportaciones a fondos de beneficios estatales. Turbotax deluxe federal e file state 2012 for pc download    Como empleado, puede deducir aportaciones obligatorias hechas a fondos de beneficios estatales y retenidas de su salario que proveen protección contra la pérdida de salario. Turbotax deluxe federal e file state 2012 for pc download Por ejemplo, algunos estados requieren que los empleados hagan aportaciones a fondos estatales que proveen beneficios del seguro por incapacidad o desempleo. Turbotax deluxe federal e file state 2012 for pc download Los pagos obligatorios hechos a los siguientes fondos de beneficios estatales se pueden deducir como impuestos estatales sobre el ingreso en la línea 5 del Anexo A (Formulario 1040). Turbotax deluxe federal e file state 2012 for pc download Fondo de Compensación por Desempleo de Alaska. Turbotax deluxe federal e file state 2012 for pc download Fondo de Beneficios por Incapacidad no Laboral de California. Turbotax deluxe federal e file state 2012 for pc download Fondo de Beneficios por Incapacidad no Laboral de Nueva Jersey. Turbotax deluxe federal e file state 2012 for pc download Fondo de Compensación por Desempleo de Nueva Jersey. Turbotax deluxe federal e file state 2012 for pc download Fondo de Beneficios por Incapacidad no Laboral de Nueva York. Turbotax deluxe federal e file state 2012 for pc download Fondo de Compensación por Desempleo de Pennsylvania. Turbotax deluxe federal e file state 2012 for pc download Fondo de Beneficios Temporales por Incapacidad de Rhode Island. Turbotax deluxe federal e file state 2012 for pc download Fondo de Compensación Suplementaria del Seguro Obrero del Estado de Washington. Turbotax deluxe federal e file state 2012 for pc download    Las aportaciones del empleado a planes de incapacidad privados o voluntarios no son deducibles. Turbotax deluxe federal e file state 2012 for pc download Reembolso de (o crédito por) impuestos estatales o locales sobre el ingreso. Turbotax deluxe federal e file state 2012 for pc download   Si recibe un reembolso de (o crédito por) impuestos estatales o locales sobre el ingreso en un año siguiente al año en que los pagó, puede verse obligado a incluir el reembolso en sus ingresos del año en que lo reciba, anotándolo en la línea 10 del Formulario 1040. Turbotax deluxe federal e file state 2012 for pc download Esto incluye los reembolsos resultantes de impuestos que han sido retenidos en exceso, aplicados de una declaración de un año anterior, que no han sido calculados correctamente, o que han sido calculados nuevamente, debido a una declaración enmendada. Turbotax deluxe federal e file state 2012 for pc download Si no detalló sus deducciones en el año anterior, no incluya el reembolso en los ingresos. Turbotax deluxe federal e file state 2012 for pc download Si dedujo los impuestos en el año anterior, incluya todo o parte del reembolso en la línea 10 del Formulario 1040 en el año en que reciba el reembolso. Turbotax deluxe federal e file state 2012 for pc download Para obtener una explicación de cuánto incluir, vea Recuperaciones de Fondos en el capítulo 12. Turbotax deluxe federal e file state 2012 for pc download Impuestos Extranjeros sobre los Ingresos Generalmente, puede tomar una deducción o un crédito por los impuestos sobre los ingresos que le grava un país extranjero o una posesión (territorio no autónomo) de los Estados Unidos. Turbotax deluxe federal e file state 2012 for pc download Sin embargo, no puede tomar una deducción ni un crédito por impuestos sobre los ingresos gravados a usted por otros países, que usted pagó sobre ingresos exentos del impuesto de los EE. Turbotax deluxe federal e file state 2012 for pc download UU. Turbotax deluxe federal e file state 2012 for pc download , conforme a la exclusión de ingresos ganados en el extranjero o la exclusión por concepto de vivienda en el extranjero. Turbotax deluxe federal e file state 2012 for pc download Para información sobre estas exclusiones, vea la Publicación 54, Tax Guide for U. Turbotax deluxe federal e file state 2012 for pc download S. Turbotax deluxe federal e file state 2012 for pc download Citizens and Resident Aliens Abroad (Guía tributaria para ciudadanos y residentes extranjeros de los EE. Turbotax deluxe federal e file state 2012 for pc download UU. Turbotax deluxe federal e file state 2012 for pc download en el extranjero), en inglés. Turbotax deluxe federal e file state 2012 for pc download Para información sobre el crédito por impuestos extranjeros, vea la Publicación 514, en inglés. Turbotax deluxe federal e file state 2012 for pc download Impuestos Generales sobre las Ventas Puede optar por deducir impuestos generales estatales y locales sobre ventas, en lugar de impuestos estatales y locales sobre los ingresos, como deducción detallada en la línea 5b del Anexo A (Formulario 1040). Turbotax deluxe federal e file state 2012 for pc download Usted puede calcular la deducción de impuestos sobre las ventas usando los gastos reales o las tablas correspondientes a impuestos estatales y locales. Turbotax deluxe federal e file state 2012 for pc download Gastos reales. Turbotax deluxe federal e file state 2012 for pc download   Normalmente, puede deducir los impuestos generales estatales y locales reales sobre las ventas (incluidos los impuestos de uso compensatorio) si la tasa de impuestos era igual a la tasa del impuesto general sobre las ventas. Turbotax deluxe federal e file state 2012 for pc download No obstante, los impuestos sobre las ventas de comida, ropa, suministros médicos y vehículos motorizados son deducibles como impuestos generales sobre las ventas aun si la tasa de impuestos era inferior a la tasa del impuesto general sobre las ventas. Turbotax deluxe federal e file state 2012 for pc download Si pagó impuestos sobre la venta de un vehículo motorizado a una tasa superior a la tasa del impuesto general sobre las ventas, puede deducir sólo la cantidad de impuestos que hubiera pagado conforme a la tasa del impuesto general sobre las ventas correspondientes a dicho vehículo. Turbotax deluxe federal e file state 2012 for pc download Si usa el método basado en los gastos reales, tiene que tener recibos para demostrar los impuestos generales pagados sobre las ventas. Turbotax deluxe federal e file state 2012 for pc download No incluya impuestos sobre las ventas pagado en los artículos utilizados en su actividad comercial o empresarial. Turbotax deluxe federal e file state 2012 for pc download Vehículos de motor. Turbotax deluxe federal e file state 2012 for pc download   Para propósitos de esta sección, los vehículos de motor incluyen: automóviles, motocicletas, casas rodantes, vehículos recreativos, vehículos utilitarios deportivos, camiones, camionetas y vehículos para uso fuera de la carretera. Turbotax deluxe federal e file state 2012 for pc download Esto también incluye los impuestos sobre las ventas en un vehículo arrendado, pero no en los vehículos utilizados en su actividad comercial o empresarial. Turbotax deluxe federal e file state 2012 for pc download Tablas de las tarifas opcionales para impuestos sobre las ventas. Turbotax deluxe federal e file state 2012 for pc download   En vez de usar los gastos reales, puede calcular la deducción por impuestos generales estatales y locales sobre las ventas consultando las tablas de tarifas para el impuesto estatal y local sobre las ventas en las Instrucciones del Anexo A (Formulario1040). Turbotax deluxe federal e file state 2012 for pc download Además, tal vez pueda añadir los impuestos generales estatales y locales sobre las ventas pagados sobre ciertos artículos específicos. Turbotax deluxe federal e file state 2012 for pc download   Su cantidad correspondiente de las tarifas está basada en el estado donde vive, sus ingresos y el número de exenciones reclamadas en su declaración de impuestos. Turbotax deluxe federal e file state 2012 for pc download Sus ingresos son el ingreso bruto ajustado más todo artículo no sujeto a impuestos, como los siguientes: Intereses exentos de impuestos. Turbotax deluxe federal e file state 2012 for pc download Beneficios para veteranos. Turbotax deluxe federal e file state 2012 for pc download Paga por combate no tributable. Turbotax deluxe federal e file state 2012 for pc download Compensación del seguro obrero. Turbotax deluxe federal e file state 2012 for pc download La parte no sujeta a impuestos de los beneficios del Seguro Social y de la jubilación de empleados ferroviarios. Turbotax deluxe federal e file state 2012 for pc download La parte no sujeta a impuestos de una cuenta IRA, pensión o distribuciones de una anualidad, a excepción de las reinversiones. Turbotax deluxe federal e file state 2012 for pc download Pagos de beneficios de asistencia pública. Turbotax deluxe federal e file state 2012 for pc download   Si vivió en diferentes estados del país durante el mismo año tributario, tiene que prorratear la cantidad de las tarifas correspondiente a cada estado en el que vivió según las fechas en que vivió que en cada estado. Turbotax deluxe federal e file state 2012 for pc download Vea las instrucciones de la línea 5 del Anexo A (Formulario 1040) para detalles adicionales. Turbotax deluxe federal e file state 2012 for pc download Impuestos sobre Bienes Raíces Los impuestos sobre bienes raíces deducibles son todos los impuestos estatales, locales o extranjeros sobre bienes raíces que se graven para el bienestar general del público. Turbotax deluxe federal e file state 2012 for pc download Puede deducir dichos impuestos sólo si se basan en el valor tasado de los bienes raíces y son cobrados uniformemente contra todos los bienes dentro de la jurisdicción de las autoridades tributarias. Turbotax deluxe federal e file state 2012 for pc download Los impuestos sobre bienes raíces deducibles no suelen incluir impuestos cobrados por beneficios locales ni mejoras que aumentan el valor de los bienes. Turbotax deluxe federal e file state 2012 for pc download Tampoco incluyen cargos detallados por servicios (tal como la recogida de basura) que se les cobran a bienes específicos o ciertas personas, aunque se les pague el cargo a las autoridades tributarias. Turbotax deluxe federal e file state 2012 for pc download Para más información sobre impuestos y cargos que no son deducibles, vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir , más adelante. Turbotax deluxe federal e file state 2012 for pc download Inquilinos-accionistas de una sociedad anónima de cooperativa de viviendas. Turbotax deluxe federal e file state 2012 for pc download   Normalmente, si es inquilino-accionista de una sociedad anónima de cooperativa de viviendas, puede deducir la cantidad pagada a dicha sociedad anónima que corresponda a su parte de los impuestos sobre bienes raíces que dicha sociedad anónima pagó, o en los que incurrió por la vivienda de usted. Turbotax deluxe federal e file state 2012 for pc download La sociedad anónima debería proporcionarle un estado de cuentas en el cual indica la parte de los impuestos que le corresponde. Turbotax deluxe federal e file state 2012 for pc download Para más información, vea las Special Rules for Cooperatives (Reglas especiales para cooperativas), en la Publicación 530, en inglés. Turbotax deluxe federal e file state 2012 for pc download División de los impuestos sobre bienes raíces entre compradores y vendedores. Turbotax deluxe federal e file state 2012 for pc download   Si compró o vendió bienes raíces durante el año, los impuestos sobre bienes raíces tienen que ser divididos entre el comprador y el vendedor. Turbotax deluxe federal e file state 2012 for pc download   El comprador y el vendedor tienen que dividir los impuestos de bienes raíces basándose en el número de días del año tributario para bienes raíces (el período relacionado con el impuesto gravado) que cada uno fue dueño de la propiedad. Turbotax deluxe federal e file state 2012 for pc download Al vendedor se le trata como si hubiese pagado los impuestos hasta la fecha de la venta, pero sin incluir dicha fecha. Turbotax deluxe federal e file state 2012 for pc download Al comprador se le trata como si hubiese pagado los impuestos a partir de la fecha de la venta. Turbotax deluxe federal e file state 2012 for pc download Esto corresponde independientemente de las fechas de gravamen bajo la ley local. Turbotax deluxe federal e file state 2012 for pc download Generalmente, esta información se incluye en el estado de liquidación proporcionado al cierre. Turbotax deluxe federal e file state 2012 for pc download    Si usted (el vendedor) no puede deducir los impuestos hasta que se paguen debido a su uso del método contable a base de efectivo, y el comprador de su propiedad es personalmente responsable de pagar el impuesto, se considera que usted ha pagado su parte del impuesto en el momento de la venta. Turbotax deluxe federal e file state 2012 for pc download Esto le permite deducir su parte del impuesto hasta la fecha de venta aunque de hecho no lo haya pagado. Turbotax deluxe federal e file state 2012 for pc download Sin embargo, también tiene que incluir la cantidad de dicho impuesto en el precio de venta de la propiedad. Turbotax deluxe federal e file state 2012 for pc download El comprador tiene que incluir la misma cantidad en su costo de la propiedad. Turbotax deluxe federal e file state 2012 for pc download   Calcule su deducción tributaria sobre cada propiedad comprada o vendida durante el año tributario para bienes raíces conforme a lo siguiente: Hoja de Trabajo 22-1. Turbotax deluxe federal e file state 2012 for pc download Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces 1. Turbotax deluxe federal e file state 2012 for pc download Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces   2. Turbotax deluxe federal e file state 2012 for pc download Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad   3. Turbotax deluxe federal e file state 2012 for pc download Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . Turbotax deluxe federal e file state 2012 for pc download 4. Turbotax deluxe federal e file state 2012 for pc download Multiplique la línea 1 por la línea 3. Turbotax deluxe federal e file state 2012 for pc download Ésta es su deducción. Turbotax deluxe federal e file state 2012 for pc download Anótela en la línea 6 del Anexo A (Formulario 1040). Turbotax deluxe federal e file state 2012 for pc download   Nota: Repita los pasos 1 al 4 para cada propiedad que compró o vendió durante el año tributario para bienes raíces. Turbotax deluxe federal e file state 2012 for pc download La deducción total es la suma de las cantidades de la línea 4 para todas las propiedades. Turbotax deluxe federal e file state 2012 for pc download Impuestos sobre bienes raíces de años anteriores. Turbotax deluxe federal e file state 2012 for pc download   No divida impuestos morosos entre el comprador y el vendedor si dichos impuestos corresponden a un año tributario de bienes raíces anterior al año en que se vendió la propiedad. Turbotax deluxe federal e file state 2012 for pc download Aunque el comprador acuerde pagar los impuestos morosos, el mismo no los puede deducir y tiene que sumarlos al costo de la propiedad. Turbotax deluxe federal e file state 2012 for pc download El vendedor puede deducir estos impuestos pagados por el comprador. Turbotax deluxe federal e file state 2012 for pc download Sin embargo, el vendedor tiene que incluirlos en el precio de venta. Turbotax deluxe federal e file state 2012 for pc download Ejemplos. Turbotax deluxe federal e file state 2012 for pc download   Los siguientes ejemplos demuestran cómo se dividen los impuestos sobre bienes raíces entre el comprador y el vendedor. Turbotax deluxe federal e file state 2012 for pc download Ejemplo 1. Turbotax deluxe federal e file state 2012 for pc download El año tributario de bienes raíces de José y María Blanco, tanto para su antigua vivienda como para su nueva vivienda, es el año natural. Turbotax deluxe federal e file state 2012 for pc download El plazo para pagar vence el 1 de agosto. Turbotax deluxe federal e file state 2012 for pc download El impuesto sobre su antigua vivienda, vendida el 7 de mayo, era $620. Turbotax deluxe federal e file state 2012 for pc download El impuesto sobre su nueva vivienda, comprada el 3 de mayo, es $732. Turbotax deluxe federal e file state 2012 for pc download Se considera que José y María han pagado una parte proporcional de los impuestos para bienes raíces sobre la antigua vivienda aunque de hecho no se los pagaron a las autoridades tributarias. Turbotax deluxe federal e file state 2012 for pc download Por otro lado, pueden declarar sólo una parte proporcional de los impuestos que pagaron sobre su nueva propiedad, aunque pagaron la cantidad completa. Turbotax deluxe federal e file state 2012 for pc download José y María fueron dueños de su antigua vivienda durante 126 días del año tributario para bienes raíces (del 1 de enero al 6 de mayo, el día antes de la venta). Turbotax deluxe federal e file state 2012 for pc download Calculan su deducción tributaria sobre su antigua vivienda conforme a lo siguiente: Hoja de Trabajo 22-1. Turbotax deluxe federal e file state 2012 for pc download Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces−Impuestos sobre Antigua Vivienda 1. Turbotax deluxe federal e file state 2012 for pc download Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces $620 2. Turbotax deluxe federal e file state 2012 for pc download Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad 126 3. Turbotax deluxe federal e file state 2012 for pc download Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . Turbotax deluxe federal e file state 2012 for pc download 3452 4. Turbotax deluxe federal e file state 2012 for pc download Multiplique la línea 1 por la línea 3. Turbotax deluxe federal e file state 2012 for pc download Ésta es su deducción. Turbotax deluxe federal e file state 2012 for pc download Anótela en la línea 6 del Anexo A (Formulario 1040). Turbotax deluxe federal e file state 2012 for pc download $214 Como los compradores de su antigua vivienda pagaron todos los impuestos, José y María también incluyen los $214 en el precio de venta de la antigua vivienda. Turbotax deluxe federal e file state 2012 for pc download Los compradores suman los $214 al costo de su vivienda. Turbotax deluxe federal e file state 2012 for pc download José y María fueron dueños de su nueva vivienda durante el año tributario para bienes raíces por 243 días (del 3 de mayo al 31 de diciembre, incluyendo la fecha de compra). Turbotax deluxe federal e file state 2012 for pc download Calculan su deducción tributaria sobre su nueva vivienda conforme a lo siguiente: Hoja de Trabajo 22-1. Turbotax deluxe federal e file state 2012 for pc download Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces−Impuestos sobre Nueva Vivienda 1. Turbotax deluxe federal e file state 2012 for pc download Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces $732 2. Turbotax deluxe federal e file state 2012 for pc download Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad 243 3. Turbotax deluxe federal e file state 2012 for pc download Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . Turbotax deluxe federal e file state 2012 for pc download 6658 4. Turbotax deluxe federal e file state 2012 for pc download Multiplique la línea 1 por la línea 3. Turbotax deluxe federal e file state 2012 for pc download Ésta es su deducción. Turbotax deluxe federal e file state 2012 for pc download Anótela en la línea 6 del Anexo A (Formulario 1040). Turbotax deluxe federal e file state 2012 for pc download $487 Como José y María pagaron todos los impuestos sobre la nueva vivienda, suman $245 ($732 pagados menos una deducción de $487) a su costo de la nueva vivienda. Turbotax deluxe federal e file state 2012 for pc download Los vendedores suman estos $245 a su precio de venta y deducen los $245 como impuesto sobre los bienes raíces. Turbotax deluxe federal e file state 2012 for pc download La deducción por el impuesto sobre bienes raíces de José y María por sus antiguas y nuevas viviendas es la suma de $214 y $487, o sea $701. Turbotax deluxe federal e file state 2012 for pc download Anotarán esta cantidad en la línea 6 del Anexo A (Formulario 1040). Turbotax deluxe federal e file state 2012 for pc download Ejemplo 2. Turbotax deluxe federal e file state 2012 for pc download Jorge y Helena Moreno compraron una nueva casa el 3 de mayo del año 2013. Turbotax deluxe federal e file state 2012 for pc download Su año tributario de bienes raíces para la nueva casa es el año natural. Turbotax deluxe federal e file state 2012 for pc download Los impuestos sobre bienes raíces para el año 2012 fueron gravados en el estado donde viven los Moreno el 1 de enero del año 2013. Turbotax deluxe federal e file state 2012 for pc download El plazo para pagar los impuestos venció el 31 de mayo del año 2013 y el 31 de octubre del año 2013. Turbotax deluxe federal e file state 2012 for pc download Los Moreno acordaron pagar todos los impuestos morosos después de la fecha de compra. Turbotax deluxe federal e file state 2012 for pc download Los impuestos sobre bienes raíces para el año 2012 fueron $680. Turbotax deluxe federal e file state 2012 for pc download Pagaron $340 el 31 de mayo del año 2012 y $340 el 31 de octubre del año 2013. Turbotax deluxe federal e file state 2012 for pc download Estos impuestos fueron para el año tributario de bienes raíces de 2012. Turbotax deluxe federal e file state 2012 for pc download Los Moreno no pueden deducirlos ya que no fueron dueños de la propiedad hasta el año 2013. Turbotax deluxe federal e file state 2012 for pc download En lugar de ello, tienen que añadir $680 al costo de su nueva vivienda. Turbotax deluxe federal e file state 2012 for pc download En enero del año 2014, los Moreno reciben su estado de cuenta del impuesto sobre bienes raíces del año 2013 por $752 y pagarán esta cantidad en el año 2014. Turbotax deluxe federal e file state 2012 for pc download Los Moreno fueron dueños de su nueva vivienda por 243 días (desde el 3 de mayo hasta el 31 de diciembre) durante el año tributario para bienes raíces de 2013. Turbotax deluxe federal e file state 2012 for pc download Calcularán su deducción tributaria para el año 2014 conforme a lo siguiente: Hoja de Trabajo 22-1. Turbotax deluxe federal e file state 2012 for pc download Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces−Impuestos sobre Nueva Vivienda 1. Turbotax deluxe federal e file state 2012 for pc download Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces $752 2. Turbotax deluxe federal e file state 2012 for pc download Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad 243 3. Turbotax deluxe federal e file state 2012 for pc download Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . Turbotax deluxe federal e file state 2012 for pc download 6658 4. Turbotax deluxe federal e file state 2012 for pc download Multiplique la línea 1 por la línea 3. Turbotax deluxe federal e file state 2012 for pc download Ésta es su deducción. Turbotax deluxe federal e file state 2012 for pc download Anótela en la línea 6 del Anexo A (Formulario 1040). Turbotax deluxe federal e file state 2012 for pc download $501 Los impuestos restantes de $251 (los $752 pagados menos una deducción de $501) que fueron pagados en el año 2014, junto con los $680 que fueron pagados en el año 2013, se suman al costo de su nueva vivienda. Turbotax deluxe federal e file state 2012 for pc download Debido a que se considera que los impuestos hasta la fecha de venta han sido pagados por el vendedor en la fecha de venta, éste tiene derecho a una deducción tributaria de $931 para el año 2013. Turbotax deluxe federal e file state 2012 for pc download Ésta es la suma de los $680 del año 2012 y los $251 por los 122 días durante los cuales fue dueño de la vivienda en el año 2013. Turbotax deluxe federal e file state 2012 for pc download El vendedor también tiene que incluir los $931 en el precio de venta cuando calcule la ganancia o pérdida en la venta. Turbotax deluxe federal e file state 2012 for pc download El vendedor debería ponerse en contacto con los Moreno en enero del año 2014 para averiguar cuánto impuesto sobre bienes raíces se debe pagar para el año 2013. Turbotax deluxe federal e file state 2012 for pc download Formulario 1099-S. Turbotax deluxe federal e file state 2012 for pc download   Para ciertas ventas o intercambios de bienes raíces, la persona encargada del cierre de la venta (generalmente el agente a cargo del cierre) prepara el Formulario 1099-S, Proceeds From Real Estate Transactions (Ganancias procedentes de transacciones de bienes raíces), en inglés, para declarar cierta información al IRS y al vendedor de la propiedad. Turbotax deluxe federal e file state 2012 for pc download El recuadro 2 del Formulario 1099-S es para las utilidades brutas de la venta y debería incluir la parte de la obligación tributaria por bienes raíces correspondiente al vendedor que el comprador pagará a partir de la fecha de la venta. Turbotax deluxe federal e file state 2012 for pc download El comprador incluye estos impuestos en la base del costo de la propiedad y el vendedor deduce esta cantidad como un impuesto pagado y lo incluye en el precio de venta de la propiedad. Turbotax deluxe federal e file state 2012 for pc download   Para una transacción de bienes raíces que incluya una vivienda, todo impuesto sobre bienes raíces que el vendedor haya pagado por adelantado pero que es la obligación del comprador aparece en el recuadro 5 del Formulario 1099-S. Turbotax deluxe federal e file state 2012 for pc download El comprador deduce esta cantidad como un impuesto sobre bienes raíces y el vendedor reduce esa misma cantidad de su deducción del impuesto sobre bienes raíces (o la incluye en el ingreso). Turbotax deluxe federal e file state 2012 for pc download Vea Reembolso (o rebaja) , más adelante. Turbotax deluxe federal e file state 2012 for pc download Impuestos depositados en plica. Turbotax deluxe federal e file state 2012 for pc download   Si su pago hipotecario mensual incluye una cantidad depositada en plica (puesta bajo la custodia de un tercero) para impuestos sobre bienes raíces, es posible que no pueda deducir toda la cantidad que fue depositada en plica. Turbotax deluxe federal e file state 2012 for pc download Puede deducir sólo el impuesto sobre bienes raíces que el tercero de hecho les pagó a las autoridades tributarias. Turbotax deluxe federal e file state 2012 for pc download Si el tercero no le avisa de la cantidad de impuesto sobre bienes raíces pagada en nombre suyo, póngase en contacto con el tercero o las autoridades tributarias para averiguar la cantidad que debe usar en su declaración. Turbotax deluxe federal e file state 2012 for pc download Tenencia en su totalidad. Turbotax deluxe federal e file state 2012 for pc download   Si usted y su cónyuge tuvieron propiedad conyugal en su totalidad y presentan declaraciones federales separadas, cada uno de ustedes puede deducir sólo los impuestos que cada uno de ustedes pagó sobre la propiedad. Turbotax deluxe federal e file state 2012 for pc download Personas divorciadas. Turbotax deluxe federal e file state 2012 for pc download   Si su acuerdo de divorcio o separación declara que usted tiene que pagar los impuestos sobre bienes raíces por una vivienda cuyos dueños son usted y su cónyuge, una parte de sus pagos podría ser deducible como pensión para el cónyuge divorciado y otra parte como impuestos sobre bienes raíces. Turbotax deluxe federal e file state 2012 for pc download Vea Impuestos y seguro en el capítulo 18 para más información. Turbotax deluxe federal e file state 2012 for pc download Asignaciones para la vivienda para ministros de una orden religiosa y personal militar. Turbotax deluxe federal e file state 2012 for pc download   Si es ministro de la iglesia o miembro de los servicios militares y recibe una asignación para su vivienda que puede excluir de sus ingresos, aún puede deducir todos los impuestos sobre bienes raíces que pague sobre su vivienda. Turbotax deluxe federal e file state 2012 for pc download Reembolso (o rebaja). Turbotax deluxe federal e file state 2012 for pc download   Si recibió un reembolso o una rebaja en el año tributario 2013 sobre bienes raíces que pagó ese año, tiene que reducir su deducción por la cantidad que se le ha reembolsado. Turbotax deluxe federal e file state 2012 for pc download Si recibió un reembolso o una rebaja en el año tributario 2013 sobre bienes raíces que dedujo en un año anterior (ya sea como deducción detallada o como aumento en la deducción estándar), generalmente tiene que incluir el reembolso o la rebaja en los ingresos del año en que lo reciba. Turbotax deluxe federal e file state 2012 for pc download Sin embargo, la cantidad que se incluye en los ingresos se limita a la cantidad de la deducción que disminuyó su impuesto en el año anterior. Turbotax deluxe federal e file state 2012 for pc download Para más información, vea Recuperación de Fondos en el capítulo 12. Turbotax deluxe federal e file state 2012 for pc download Tabla 22-1. Turbotax deluxe federal e file state 2012 for pc download ¿Qué Impuestos Puede Deducir? Tipo de Impuestos Puede Deducir No Puede Deducir Honorarios y Cargos Honorarios y cargos que son gastos de su ocupación o negocio o de la generación de ingresos. Turbotax deluxe federal e file state 2012 for pc download Honorarios y cargos que no son gastos de su ocupación o negocio o de la generación de ingresos, tales como cargos de licencias para conducir, inspección de vehículos, estacionamiento o cargos por servicios de agua (vea Impuestos y Cargos que no Puede Deducir ). Turbotax deluxe federal e file state 2012 for pc download     Multas y sanciones. Turbotax deluxe federal e file state 2012 for pc download Impuestos sobre los Ingresos Impuestos estatales y locales sobre los ingresos. Turbotax deluxe federal e file state 2012 for pc download Impuestos federales sobre los ingresos. Turbotax deluxe federal e file state 2012 for pc download   Impuestos extranjeros sobre los ingresos. Turbotax deluxe federal e file state 2012 for pc download Aportaciones del empleado a planes de seguro por incapacidad privados o voluntarios. Turbotax deluxe federal e file state 2012 for pc download   Aportaciones del empleado a fondos estatales, tal como se indica bajo Aportaciones a fondos de beneficios estatales . Turbotax deluxe federal e file state 2012 for pc download Impuestos generales estatales y locales sobre las ventas si opta por deducir impuestos estatales y locales sobre los ingresos. Turbotax deluxe federal e file state 2012 for pc download Impuestos Generales sobre las Ventas Impuestos generales estatales y locales sobre las ventas, incluyendo los impuestos de uso compensatorio. Turbotax deluxe federal e file state 2012 for pc download Impuestos estatales y locales sobre los ingresos si opta por deducir impuestos generales estatales y locales sobre las ventas. Turbotax deluxe federal e file state 2012 for pc download Otros Impuestos Impuestos que son gastos de su ocupación o negocio. Turbotax deluxe federal e file state 2012 for pc download Impuestos federales sobre artículos de uso y consumo, tal como el impuesto sobre gasolina, que no son gastos de su ocupación o negocio o de la generación de ingresos. Turbotax deluxe federal e file state 2012 for pc download   Impuestos sobre bienes que generan ingresos del alquiler o de regalías. Turbotax deluxe federal e file state 2012 for pc download Impuestos per cápita. Turbotax deluxe federal e file state 2012 for pc download   Impuestos sobre una profesión u ocupación. Turbotax deluxe federal e file state 2012 for pc download Vea el capítulo 28. Turbotax deluxe federal e file state 2012 for pc download     La mitad del impuesto sobre el trabajo por cuenta propia pagado. Turbotax deluxe federal e file state 2012 for pc download   Impuestos sobre Bienes Muebles Impuestos estatales y locales sobre bienes muebles. Turbotax deluxe federal e file state 2012 for pc download Aranceles de aduanas que no son gastos de su ocupación o negocio o de la generación de ingresos. Turbotax deluxe federal e file state 2012 for pc download Impuestos sobre Bienes Raíces Impuestos estatales y locales sobre bienes raíces. Turbotax deluxe federal e file state 2012 for pc download Impuestos sobre bienes raíces que se tratan como si hubiesen sido gravados a otra persona (vea División de los impuestos sobre bienes raíces entre compradores y vendedores ). Turbotax deluxe federal e file state 2012 for pc download   Impuestos extranjeros sobre bienes raíces. Turbotax deluxe federal e file state 2012 for pc download Impuestos para beneficios locales (con excepciones). Turbotax deluxe federal e file state 2012 for pc download Vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir . Turbotax deluxe federal e file state 2012 for pc download   La parte de los impuestos sobre bienes raíces del inquilino pagada por una sociedad anónima cooperativa de viviendas. Turbotax deluxe federal e file state 2012 for pc download Cargos por la recogida de basura y desperdicios (hay excepciones). Turbotax deluxe federal e file state 2012 for pc download Vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir . Turbotax deluxe federal e file state 2012 for pc download     Aumento del alquiler debido a impuestos sobre bienes raíces más altos. Turbotax deluxe federal e file state 2012 for pc download     Cuotas de la asociación de propietarios de viviendas. Turbotax deluxe federal e file state 2012 for pc download Cantidades Relacionadas con Bienes Raíces que no Puede Deducir Los pagos de los siguientes no suelen ser deducibles como impuestos sobre bienes raíces: Impuestos por beneficios locales. Turbotax deluxe federal e file state 2012 for pc download Cargos detallados por servicios (tales como cargos por la recogida de basura y desperdicios). Turbotax deluxe federal e file state 2012 for pc download Impuestos de traspaso (impuestos de timbre). Turbotax deluxe federal e file state 2012 for pc download Aumentos del alquiler ocasionados por aumentos en los impuestos sobre bienes raíces. Turbotax deluxe federal e file state 2012 for pc download Cuotas de la asociación de propietarios de vivienda. Turbotax deluxe federal e file state 2012 for pc download Impuestos por beneficios locales. Turbotax deluxe federal e file state 2012 for pc download   Los impuestos deducibles sobre bienes raíces no suelen incluir impuestos gravados por beneficios locales y mejoras que tienden a aumentar el valor de la propiedad. Turbotax deluxe federal e file state 2012 for pc download Estos incluyen impuestos por mejoras de calles, aceras o banquetas, cañerías principales, alcantarillado, instalaciones de estacionamiento público y mejoras parecidas. Turbotax deluxe federal e file state 2012 for pc download Debe aumentar la base de su propiedad por la cantidad pagada. Turbotax deluxe federal e file state 2012 for pc download   Los impuestos sobre beneficios locales se pueden deducir únicamente si son por mantenimiento, reparaciones o cargos de intereses relacionados con aquellos beneficios. Turbotax deluxe federal e file state 2012 for pc download Si sólo una parte de los impuestos es por mantenimiento, reparaciones o intereses, tiene que poder determinar cuánta fue la cantidad de dicha parte para reclamar la deducción. Turbotax deluxe federal e file state 2012 for pc download Si no puede determinar qué parte del impuesto es por mantenimiento, reparaciones o intereses, ninguna parte de éste es deducible. Turbotax deluxe federal e file state 2012 for pc download    Los impuestos sobre beneficios locales podrían incluirse en su factura del impuesto sobre bienes raíces. Turbotax deluxe federal e file state 2012 for pc download Si las autoridades tributarias (o prestamista hipotecario) no le proveen una copia de su factura del impuesto sobre bienes raíces, pídala. Turbotax deluxe federal e file state 2012 for pc download Debe usar las reglas indicadas anteriormente para determinar si puede deducir el impuesto sobre beneficios locales. Turbotax deluxe federal e file state 2012 for pc download Comuníquese con las autoridades tributarias si necesita información adicional sobre un cargo específico indicado en su factura del impuesto sobre bienes raíces. Turbotax deluxe federal e file state 2012 for pc download Cargos detallados por servicios. Turbotax deluxe federal e file state 2012 for pc download    Un cargo detallado por servicios sobre una propiedad o persona específica no es un impuesto, aun si el cargo se paga a las autoridades tributarias. Turbotax deluxe federal e file state 2012 for pc download Por ejemplo, no puede deducir el cargo como un impuesto sobre bienes raíces si es: Un cargo unitario por el abastecimiento de un servicio (tal como un cargo de $5 que se cobra por cada 1,000 galones de agua que use), Un cargo periódico por un servicio residencial (tal como un cargo de $20 al mes o $240 al año que se le cobra a cada propietario de viviendas por la recogida de basura) o Un cargo fijo que se cobra por un solo servicio provisto por su gobierno (tal como un cargo de $30 por cortar el césped por haberla dejado crecer más de lo permitido conforme al reglamento local). Turbotax deluxe federal e file state 2012 for pc download    Tiene que revisar su factura del impuesto sobre bienes raíces para determinar si algún cargo detallado no deducible, como los que se enumeran anteriormente, se ha incluido en la factura. Turbotax deluxe federal e file state 2012 for pc download Si las autoridades tributarias (o el prestamista hipotecario) no le proveen una copia de su factura del impuesto sobre bienes raíces, pídala. Turbotax deluxe federal e file state 2012 for pc download Excepción. Turbotax deluxe federal e file state 2012 for pc download   Los cargos que se utilizan para mantener o mejorar servicios (tal como la recogida de basura o la protección policial o contra incendios) son deducibles como impuestos sobre bienes raíces si: Los cargos se gravan a una tasa similar para todos los bienes en la jurisdicción que impone el impuesto, Los fondos recaudados no tienen designación específica; en vez de ello, están mezclados con fondos fiscales generales y Los fondos utilizados para mantener y mejorar servicios no se limitan a la cantidad de dichos cargos recaudados ni están determinados por dicha cantidad. Turbotax deluxe federal e file state 2012 for pc download Impuestos de traspaso (impuestos de timbre). Turbotax deluxe federal e file state 2012 for pc download   No se pueden deducir los impuestos de traspaso ni impuestos similares, ni los cargos sobre la venta de una vivienda personal. Turbotax deluxe federal e file state 2012 for pc download Si los paga el vendedor, son gastos de la venta y reducen la cantidad generada por la venta. Turbotax deluxe federal e file state 2012 for pc download Si los paga el comprador, se incluyen en la base del costo de los bienes. Turbotax deluxe federal e file state 2012 for pc download Aumento del alquiler debido a impuestos sobre bienes raíces más altos. Turbotax deluxe federal e file state 2012 for pc download   Si su arrendador aumenta su alquiler en forma de recargo tributario (surcharge) debido a un aumento de los impuestos sobre bienes raíces, no puede deducir dicho aumento como impuesto. Turbotax deluxe federal e file state 2012 for pc download Cuotas de la asociación de propietarios de vivienda. Turbotax deluxe federal e file state 2012 for pc download   Estos cargos no se pueden deducir porque son gravados por la asociación de propietarios de vivienda y no por el gobierno estatal o local. Turbotax deluxe federal e file state 2012 for pc download Impuestos sobre Bienes Muebles El impuesto sobre bienes muebles es deducible si es un impuesto estatal o local que: Se cobra sobre bienes muebles, Se basa únicamente en el valor de los bienes muebles y Se cobra anualmente, aunque se pague más o menos una vez al año. Turbotax deluxe federal e file state 2012 for pc download Se puede considerar que un impuesto que reúna los requisitos anteriores ha sido cobrado sobre bienes muebles aunque sea para el ejercicio de un privilegio. Turbotax deluxe federal e file state 2012 for pc download Por ejemplo, un impuesto anual basado en el valor reúne los requisitos como impuesto sobre bienes muebles, aunque se denomine un cargo de registro y sea para el privilegio de registrar automóviles o utilizarlos en las carreteras. Turbotax deluxe federal e file state 2012 for pc download Si el impuesto se basa parcialmente en el valor y parcialmente en otros criterios, puede reunir los requisitos en parte. Turbotax deluxe federal e file state 2012 for pc download Ejemplo. Turbotax deluxe federal e file state 2012 for pc download El estado en el que vive cobra un impuesto anual del 1% del valor, más 50 centavos por quintal (cien libras de peso) de un vehículo por el registro del mismo. Turbotax deluxe federal e file state 2012 for pc download Usted pagó $32 basados en el valor ($1,500) y peso (3,400 libras) de su automóvil. Turbotax deluxe federal e file state 2012 for pc download Puede deducir $15 (1% x $1,500) como un impuesto sobre bienes muebles, ya que esa parte se basa en el valor. Turbotax deluxe federal e file state 2012 for pc download Los $17 restantes ($0. Turbotax deluxe federal e file state 2012 for pc download 50 x 34), basados en el peso, no se pueden deducir. Turbotax deluxe federal e file state 2012 for pc download Impuestos y Cargos que no Puede Deducir Muchos impuestos del gobierno federal, estatal y local no son deducibles porque no pertenecen a las categorías mencionadas anteriormente. Turbotax deluxe federal e file state 2012 for pc download Otros impuestos y cargos, tales como los impuestos federales sobre los ingresos, no son deducibles debido a que la ley tributaria prohibe específicamente la deducción de éstos. Turbotax deluxe federal e file state 2012 for pc download Vea la Tabla 22-1. Turbotax deluxe federal e file state 2012 for pc download Los impuestos y cargos que generalmente no se pueden deducir incluyen los siguientes: Impuestos sobre la nómina. Turbotax deluxe federal e file state 2012 for pc download Esto incluye los impuestos del Seguro Social, Medicare e impuestos sobre la jubilación ferroviaria retenidos de su paga. Turbotax deluxe federal e file state 2012 for pc download No obstante, una mitad del impuesto que usted paga sobre el trabajo por cuenta propia es deducible. Turbotax deluxe federal e file state 2012 for pc download Asimismo, es posible que los impuestos del Seguro Social y otros impuestos laborales sobre la nómina que usted paga sobre el salario de un empleado doméstico se puedan incluir en los gastos médicos deducibles o en los gastos del cuidado de hijos que le permitan reclamar el crédito por gastos del cuidado de menores y dependientes. Turbotax deluxe federal e file state 2012 for pc download Para más información, vea los capítulos 21 y 32. Turbotax deluxe federal e file state 2012 for pc download Impuestos sobre caudales hereditarios, herencias, legados o sucesiones. Turbotax deluxe federal e file state 2012 for pc download No obstante, puede deducir la parte del impuesto sobre la herencia atribuible al ingreso proveniente de un difunto si usted, como beneficiario, tiene que incluir dicho ingreso en su propio ingreso bruto. Turbotax deluxe federal e file state 2012 for pc download En este caso, deduzca el impuesto sobre la herencia como deducción miscelánea no sujeta al límite del 2% del ingreso bruto ajustado. Turbotax deluxe federal e file state 2012 for pc download Para más información, vea la Publicación 559, Survivors, Executors, and Administrators (Sobrevivientes, albaceas y administradores), en inglés. Turbotax deluxe federal e file state 2012 for pc download Impuestos federales sobre los ingresos. Turbotax deluxe federal e file state 2012 for pc download Incluye impuestos sobre los ingresos retenidos de su paga. Turbotax deluxe federal e file state 2012 for pc download Multas y sanciones. Turbotax deluxe federal e file state 2012 for pc download No puede deducir multas y sanciones pagadas a un gobierno por la violación de alguna ley, incluidas cantidades afines de garantía que haya perdido. Turbotax deluxe federal e file state 2012 for pc download Impuestos sobre donaciones. Turbotax deluxe federal e file state 2012 for pc download Cargos por licencias. Turbotax deluxe federal e file state 2012 for pc download No puede deducir cargos por licencias para propósitos personales (cargos por licencia matrimonial, licencias para conducir y permiso para perros). Turbotax deluxe federal e file state 2012 for pc download Impuestos per cápita. Turbotax deluxe federal e file state 2012 for pc download No puede deducir los impuestos per cápita estatales o locales. Turbotax deluxe federal e file state 2012 for pc download Muchos impuestos y cargos que no se enumeraron anteriormente tampoco pueden ser deducidos, a menos que sean gastos ordinarios y necesarios de una actividad comercial o una actividad que genere ingresos. Turbotax deluxe federal e file state 2012 for pc download Para otros cargos que no se pueden deducir, vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir , anteriormente. Turbotax deluxe federal e file state 2012 for pc download Dónde se Anotan las Deducciones Los impuestos se deducen en los siguientes anexos: Impuestos estatales y locales sobre los ingresos. Turbotax deluxe federal e file state 2012 for pc download    Estos impuestos se deducen en la línea 5 del Anexo A (Formulario 1040), aunque su única fuente de ingresos sea de negocios, alquileres o regalías. Turbotax deluxe federal e file state 2012 for pc download Marque el recuadro a en la línea 5. Turbotax deluxe federal e file state 2012 for pc download Impuestos generales sobre las ventas. Turbotax deluxe federal e file state 2012 for pc download   Los impuestos sobre las ventas se deducen en la línea 5 del Anexo A (Formulario 1040). Turbotax deluxe federal e file state 2012 for pc download Usted tiene que marcar el recuadro b en la línea 5. Turbotax deluxe federal e file state 2012 for pc download Si elige deducir estos impuestos, no puede deducir impuestos estatales y locales sobre los ingresos en el recuadro a de la línea 5 del Anexo A (Formulario 1040). Turbotax deluxe federal e file state 2012 for pc download Impuestos extranjeros sobre los ingresos. Turbotax deluxe federal e file state 2012 for pc download   Por lo general, los impuestos que paga a un país extranjero o una posesión (territorio no autónomo) estadounidense pueden ser reclamados como una deducción detallada en la línea 8 del Anexo A (Formulario 1040) o como un crédito a su favor para su impuesto sobre el ingreso de los EE. Turbotax deluxe federal e file state 2012 for pc download UU. Turbotax deluxe federal e file state 2012 for pc download en la línea 47 del Formulario 1040. Turbotax deluxe federal e file state 2012 for pc download Para reclamar el crédito, es posible que tenga que llenar y adjuntar el Formulario 1116, en inglés. Turbotax deluxe federal e file state 2012 for pc download Para más información, vea el capítulo 37 de esta publicación, las Instrucciones del Formulario 1040 o la Publicación 514, estos dos últimos en inglés. Turbotax deluxe federal e file state 2012 for pc download Impuestos sobre bienes raíces e impuestos sobre bienes muebles. Turbotax deluxe federal e file state 2012 for pc download    Los impuestos sobre bienes raíces e impuestos sobre bienes muebles se anotan en las líneas 6 y 7, respectivamente, del Anexo A (Formulario 1040), a menos que se paguen sobre bienes utilizados en su negocio. Turbotax deluxe federal e file state 2012 for pc download En tal caso, se anotan en el Anexo C, Anexo C-EZ o Anexo F (Formulario 1040). Turbotax deluxe federal e file state 2012 for pc download Los impuestos sobre propiedad que genere ingresos de alquiler o de regalías se anotan en el Anexo E (Formulario 1040). Turbotax deluxe federal e file state 2012 for pc download Impuestos sobre el trabajo por cuenta propia. Turbotax deluxe federal e file state 2012 for pc download    Deduzca la mitad de su impuesto sobre el trabajo por cuenta propia en la línea 27 del Formulario 1040. Turbotax deluxe federal e file state 2012 for pc download Otros impuestos. Turbotax deluxe federal e file state 2012 for pc download    Todos los demás impuestos deducibles se anotan en la línea 8 del Anexo A (Formulario 1040). Turbotax deluxe federal e file state 2012 for pc download Prev  Up  Next   Home   More Online Publications
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IRS Implements Changes to ITIN Application Requirement

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Effective January 1, 2013, the IRS implemented new procedures for issuing new Individual Taxpayer Identification Numbers (ITINs). Designed specifically for tax-administration purposes, ITINs are only issued to people who are not eligible to obtain a Social Security Number.

Specifically, the new procedures apply to most applicants submitting Forms W-7, Application for IRS Individual Taxpayer Identification Number. ITINs for individuals in these categories generally are issued during the tax filing season with the submission of a Form 1040, U.S. Individual Income Tax Return.

Questions and Answers

Some Applicants Not Impacted By Changes

Some categories of applicants are not impacted by these changes:

  • Military spouses and dependents without an SSN who need an ITIN (Military spouses use box e on Form W-7 and dependents use box d). Exceptions to the new document standards will be made for military family members satisfying the documentation requirements by providing a copy of the spouse or parent’s U.S. military identification, or applying from an overseas APO/FPO address.
  • Nonresident aliens applying for ITINs for the purpose of claiming tax treaty benefits (use boxes a and h on Form W-7). Non-resident alien applicants generally need ITINs for reasons besides filing a U.S. tax return. This is necessary for nonresident aliens who may be subject to third-party withholding for various income, such as certain gambling winnings or pension income, or need an ITIN for information reporting purposes. While existing documentation standards will be maintained only for these applicants, scrutiny of the documents will be heightened. ITIN applications of this category that are accompanied by a U.S. tax return will be subject to the new interim document standards.

The October 2, 2012 procedures put into place for the following groups will remain in effect:

  • Student and Exchange Visitor Program (SEVP) participants. SEVP participants already provide documentation to the Department of Homeland Security under the requirements of that program. Individuals studying under the SEVP will be required to apply through a university, college or other SEVP-approved institution. These are individuals admitted to the U.S. under an F, J or M visa who receive taxable scholarship, fellowship or other grants reportable by the school on Form W-2 or Form 1042-S. These procedures cover applications for the primary applicant, their spouse and dependents.
  • Non-citizens with approved Tax Year 2011 extensions to file their tax returns. These are noncitizens who requested an extension of time to file a 2011 federal income tax return for resident and nonresident aliens and choose to not submit originals documents or copies.
Page Last Reviewed or Updated: 12-Dec-2013

The Turbotax Deluxe Federal E File State 2012 For Pc Download

Turbotax deluxe federal e file state 2012 for pc download 12. Turbotax deluxe federal e file state 2012 for pc download   Other Income Table of Contents Introduction Useful Items - You may want to see: Bartering Canceled DebtsInterest included in canceled debt. Turbotax deluxe federal e file state 2012 for pc download Exceptions Host or Hostess Life Insurance ProceedsSurviving spouse. Turbotax deluxe federal e file state 2012 for pc download Endowment Contract Proceeds Accelerated Death Benefits Public Safety Officer Killed in the Line of Duty Partnership Income S Corporation Income RecoveriesItemized Deduction Recoveries Rents from Personal Property RepaymentsMethod 1. Turbotax deluxe federal e file state 2012 for pc download Method 2. Turbotax deluxe federal e file state 2012 for pc download RoyaltiesDepletion. Turbotax deluxe federal e file state 2012 for pc download Coal and iron ore. Turbotax deluxe federal e file state 2012 for pc download Sale of property interest. Turbotax deluxe federal e file state 2012 for pc download Part of future production sold. Turbotax deluxe federal e file state 2012 for pc download Unemployment BenefitsTypes of unemployment compensation. Turbotax deluxe federal e file state 2012 for pc download Governmental program. Turbotax deluxe federal e file state 2012 for pc download Repayment of unemployment compensation. Turbotax deluxe federal e file state 2012 for pc download Tax withholding. Turbotax deluxe federal e file state 2012 for pc download Repayment of benefits. Turbotax deluxe federal e file state 2012 for pc download Welfare and Other Public Assistance Benefits Other IncomeEmotional distress. Turbotax deluxe federal e file state 2012 for pc download Deduction for costs involved in unlawful discrimination suits. Turbotax deluxe federal e file state 2012 for pc download Energy conservation measure. Turbotax deluxe federal e file state 2012 for pc download Dwelling unit. Turbotax deluxe federal e file state 2012 for pc download Current income required to be distributed. Turbotax deluxe federal e file state 2012 for pc download Current income not required to be distributed. Turbotax deluxe federal e file state 2012 for pc download How to report. Turbotax deluxe federal e file state 2012 for pc download Losses. Turbotax deluxe federal e file state 2012 for pc download Grantor trust. Turbotax deluxe federal e file state 2012 for pc download Nonemployee compensation. Turbotax deluxe federal e file state 2012 for pc download Corporate director. Turbotax deluxe federal e file state 2012 for pc download Personal representatives. Turbotax deluxe federal e file state 2012 for pc download Manager of trade or business for bankruptcy estate. Turbotax deluxe federal e file state 2012 for pc download Notary public. Turbotax deluxe federal e file state 2012 for pc download Election precinct official. Turbotax deluxe federal e file state 2012 for pc download Difficulty-of-care payments. Turbotax deluxe federal e file state 2012 for pc download Maintaining space in home. Turbotax deluxe federal e file state 2012 for pc download Reporting taxable payments. Turbotax deluxe federal e file state 2012 for pc download Lotteries and raffles. Turbotax deluxe federal e file state 2012 for pc download Form W-2G. Turbotax deluxe federal e file state 2012 for pc download Reporting winnings and recordkeeping. Turbotax deluxe federal e file state 2012 for pc download Inherited pension or IRA. Turbotax deluxe federal e file state 2012 for pc download Employee awards or bonuses. Turbotax deluxe federal e file state 2012 for pc download Pulitzer, Nobel, and similar prizes. Turbotax deluxe federal e file state 2012 for pc download Payment for services. Turbotax deluxe federal e file state 2012 for pc download VA payments. Turbotax deluxe federal e file state 2012 for pc download Prizes. Turbotax deluxe federal e file state 2012 for pc download Strike and lockout benefits. Turbotax deluxe federal e file state 2012 for pc download Introduction You must include on your return all items of income you receive in the form of money, property, and services unless the tax law states that you do not include them. Turbotax deluxe federal e file state 2012 for pc download Some items, however, are only partly excluded from income. Turbotax deluxe federal e file state 2012 for pc download This chapter discusses many kinds of income and explains whether they are taxable or nontaxable. Turbotax deluxe federal e file state 2012 for pc download Income that is taxable must be reported on your tax return and is subject to tax. Turbotax deluxe federal e file state 2012 for pc download Income that is nontaxable may have to be shown on your tax return but is not taxable. Turbotax deluxe federal e file state 2012 for pc download This chapter begins with discussions of the following income items. Turbotax deluxe federal e file state 2012 for pc download Bartering. Turbotax deluxe federal e file state 2012 for pc download Canceled debts. Turbotax deluxe federal e file state 2012 for pc download Sales parties at which you are the host or hostess. Turbotax deluxe federal e file state 2012 for pc download Life insurance proceeds. Turbotax deluxe federal e file state 2012 for pc download Partnership income. Turbotax deluxe federal e file state 2012 for pc download S Corporation income. Turbotax deluxe federal e file state 2012 for pc download Recoveries (including state income tax refunds). Turbotax deluxe federal e file state 2012 for pc download Rents from personal property. Turbotax deluxe federal e file state 2012 for pc download Repayments. Turbotax deluxe federal e file state 2012 for pc download Royalties. Turbotax deluxe federal e file state 2012 for pc download Unemployment benefits. Turbotax deluxe federal e file state 2012 for pc download Welfare and other public assistance benefits. Turbotax deluxe federal e file state 2012 for pc download These discussions are followed by brief discussions of other income items. Turbotax deluxe federal e file state 2012 for pc download Useful Items - You may want to see: Publication 525 Taxable and Nontaxable Income 544 Sales and Other Dispositions of Assets 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Bartering Bartering is an exchange of property or services. Turbotax deluxe federal e file state 2012 for pc download You must include in your income, at the time received, the fair market value of property or services you receive in bartering. Turbotax deluxe federal e file state 2012 for pc download If you exchange services with another person and you both have agreed ahead of time on the value of the services, that value will be accepted as fair market value unless the value can be shown to be otherwise. Turbotax deluxe federal e file state 2012 for pc download Generally, you report this income on Schedule C (Form 1040), Profit or Loss From Business, or Schedule C-EZ (Form 1040), Net Profit From Business. Turbotax deluxe federal e file state 2012 for pc download However, if the barter involves an exchange of something other than services, such as in Example 3 below, you may have to use another form or schedule instead. Turbotax deluxe federal e file state 2012 for pc download Example 1. Turbotax deluxe federal e file state 2012 for pc download You are a self-employed attorney who performs legal services for a client, a small corporation. Turbotax deluxe federal e file state 2012 for pc download The corporation gives you shares of its stock as payment for your services. Turbotax deluxe federal e file state 2012 for pc download You must include the fair market value of the shares in your income on Schedule C (Form 1040) or Schedule C-EZ (Form 1040) in the year you receive them. Turbotax deluxe federal e file state 2012 for pc download Example 2. Turbotax deluxe federal e file state 2012 for pc download You are self-employed and a member of a barter club. Turbotax deluxe federal e file state 2012 for pc download The club uses “credit units” as a means of exchange. Turbotax deluxe federal e file state 2012 for pc download It adds credit units to your account for goods or services you provide to members, which you can use to purchase goods or services offered by other members of the barter club. Turbotax deluxe federal e file state 2012 for pc download The club subtracts credit units from your account when you receive goods or services from other members. Turbotax deluxe federal e file state 2012 for pc download You must include in your income the value of the credit units that are added to your account, even though you may not actually receive goods or services from other members until a later tax year. Turbotax deluxe federal e file state 2012 for pc download Example 3. Turbotax deluxe federal e file state 2012 for pc download You own a small apartment building. Turbotax deluxe federal e file state 2012 for pc download In return for 6 months rent-free use of an apartment, an artist gives you a work of art she created. Turbotax deluxe federal e file state 2012 for pc download You must report as rental income on Schedule E (Form 1040), Supplemental Income and Loss, the fair market value of the artwork, and the artist must report as income on Schedule C (Form 1040) or Schedule C-EZ (Form 1040) the fair rental value of the apartment. Turbotax deluxe federal e file state 2012 for pc download Form 1099-B from barter exchange. Turbotax deluxe federal e file state 2012 for pc download   If you exchanged property or services through a barter exchange, Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, or a similar statement from the barter exchange should be sent to you by February 18, 2014. Turbotax deluxe federal e file state 2012 for pc download It should show the value of cash, property, services, credits, or scrip you received from exchanges during 2013. Turbotax deluxe federal e file state 2012 for pc download The IRS also will receive a copy of Form 1099-B. Turbotax deluxe federal e file state 2012 for pc download Canceled Debts In most cases, if a debt you owe is canceled or forgiven, other than as a gift or bequest, you must include the canceled amount in your income. Turbotax deluxe federal e file state 2012 for pc download You have no income from the canceled debt if it is intended as a gift to you. Turbotax deluxe federal e file state 2012 for pc download A debt includes any indebtedness for which you are liable or which attaches to property you hold. Turbotax deluxe federal e file state 2012 for pc download If the debt is a nonbusiness debt, report the canceled amount on Form 1040, line 21. Turbotax deluxe federal e file state 2012 for pc download If it is a business debt, report the amount on Schedule C (Form 1040) or Schedule C-EZ (Form 1040) (or on Schedule F (Form 1040), Profit or Loss From Farming, if the debt is farm debt and you are a farmer). Turbotax deluxe federal e file state 2012 for pc download Form 1099-C. Turbotax deluxe federal e file state 2012 for pc download   If a Federal Government agency, financial institution, or credit union cancels or forgives a debt you owe of $600 or more, you will receive a Form 1099-C, Cancellation of Debt. Turbotax deluxe federal e file state 2012 for pc download The amount of the canceled debt is shown in box 2. Turbotax deluxe federal e file state 2012 for pc download Interest included in canceled debt. Turbotax deluxe federal e file state 2012 for pc download   If any interest is forgiven and included in the amount of canceled debt in box 2, the amount of interest also will be shown in box 3. Turbotax deluxe federal e file state 2012 for pc download Whether or not you must include the interest portion of the canceled debt in your income depends on whether the interest would be deductible when you paid it. Turbotax deluxe federal e file state 2012 for pc download See Deductible debt under Exceptions, later. Turbotax deluxe federal e file state 2012 for pc download   If the interest would not be deductible (such as interest on a personal loan), include in your income the amount from Form 1099-C, box 2. Turbotax deluxe federal e file state 2012 for pc download If the interest would be deductible (such as on a business loan), include in your income the net amount of the canceled debt (the amount shown in box 2 less the interest amount shown in box 3). Turbotax deluxe federal e file state 2012 for pc download Discounted mortgage loan. Turbotax deluxe federal e file state 2012 for pc download   If your financial institution offers a discount for the early payment of your mortgage loan, the amount of the discount is canceled debt. Turbotax deluxe federal e file state 2012 for pc download You must include the canceled amount in your income. Turbotax deluxe federal e file state 2012 for pc download Mortgage relief upon sale or other disposition. Turbotax deluxe federal e file state 2012 for pc download   If you are personally liable for a mortgage (recourse debt), and you are relieved of the mortgage when you dispose of the property, you may realize gain or loss up to the fair market value of the property. Turbotax deluxe federal e file state 2012 for pc download To the extent the mortgage discharge exceeds the fair market value of the property, it is income from discharge of indebtedness unless it qualifies for exclusion under Excluded debt , later. Turbotax deluxe federal e file state 2012 for pc download Report any income from discharge of indebtedness on nonbusiness debt that does not qualify for exclusion as other income on Form 1040, line 21. Turbotax deluxe federal e file state 2012 for pc download    You may be able to exclude part of the mortgage relief on your principal residence. Turbotax deluxe federal e file state 2012 for pc download See Excluded debt, later. Turbotax deluxe federal e file state 2012 for pc download   If you are not personally liable for a mortgage (nonrecourse debt), and you are relieved of the mortgage when you dispose of the property (such as through foreclosure), that relief is included in the amount you realize. Turbotax deluxe federal e file state 2012 for pc download You may have a taxable gain if the amount you realize exceeds your adjusted basis in the property. Turbotax deluxe federal e file state 2012 for pc download Report any gain on nonbusiness property as a capital gain. Turbotax deluxe federal e file state 2012 for pc download   See Publication 4681 for more information. Turbotax deluxe federal e file state 2012 for pc download Stockholder debt. Turbotax deluxe federal e file state 2012 for pc download   If you are a stockholder in a corporation and the corporation cancels or forgives your debt to it, the canceled debt is a constructive distribution that is generally dividend income to you. Turbotax deluxe federal e file state 2012 for pc download For more information, see Publication 542, Corporations. Turbotax deluxe federal e file state 2012 for pc download   If you are a stockholder in a corporation and you cancel a debt owed to you by the corporation, you generally do not realize income. Turbotax deluxe federal e file state 2012 for pc download This is because the canceled debt is considered as a contribution to the capital of the corporation equal to the amount of debt principal that you canceled. Turbotax deluxe federal e file state 2012 for pc download Repayment of canceled debt. Turbotax deluxe federal e file state 2012 for pc download   If you included a canceled amount in your income and later pay the debt, you may be able to file a claim for refund for the year the amount was included in income. Turbotax deluxe federal e file state 2012 for pc download You can file a claim on Form 1040X if the statute of limitations for filing a claim is still open. Turbotax deluxe federal e file state 2012 for pc download The statute of limitations generally does not end until 3 years after the due date of your original return. Turbotax deluxe federal e file state 2012 for pc download Exceptions There are several exceptions to the inclusion of canceled debt in income. Turbotax deluxe federal e file state 2012 for pc download These are explained next. Turbotax deluxe federal e file state 2012 for pc download Student loans. Turbotax deluxe federal e file state 2012 for pc download   Certain student loans contain a provision that all or part of the debt incurred to attend the qualified educational institution will be canceled if you work for a certain period of time in certain professions for any of a broad class of employers. Turbotax deluxe federal e file state 2012 for pc download   You do not have income if your student loan is canceled after you agreed to this provision and then performed the services required. Turbotax deluxe federal e file state 2012 for pc download To qualify, the loan must have been made by: The Federal Government, a state or local government, or an instrumentality, agency, or subdivision thereof, A tax-exempt public benefit corporation that has assumed control of a state, county, or municipal hospital, and whose employees are considered public employees under state law, or An educational institution: Under an agreement with an entity described in (1) or (2) that provided the funds to the institution to make the loan, or As part of a program of the institution designed to encourage its students to serve in occupations with unmet needs or in areas with unmet needs and under which the services provided by the students (or former students) are for or under the direction of a governmental unit or a tax-exempt organization described in section 501(c)(3). Turbotax deluxe federal e file state 2012 for pc download   A loan to refinance a qualified student loan also will qualify if it was made by an educational institution or a qualified tax-exempt organization under its program designed as described in (3)(b) above. Turbotax deluxe federal e file state 2012 for pc download Education loan repayment assistance. Turbotax deluxe federal e file state 2012 for pc download   Education loan repayments made to you by the National Health Service Corps Loan Repayment Program (NHSC Loan Repayment Program), a state education loan repayment program eligible for funds under the Public Health Service Act, or any other state loan repayment or loan forgiveness program that is intended to provide for the increased availability of health services in underserved or health professional shortage areas are not taxable. Turbotax deluxe federal e file state 2012 for pc download    The provision relating to the “other state loan repayment or loan forgiveness program” was added to this exclusion for amounts received in tax years beginning after December 31, 2008. Turbotax deluxe federal e file state 2012 for pc download If you included these amounts in income in 2010, 2011, or 2012, you should file an amended tax return to exclude this income. Turbotax deluxe federal e file state 2012 for pc download See Form 1040X and its instructions for details on filing. Turbotax deluxe federal e file state 2012 for pc download Deductible debt. Turbotax deluxe federal e file state 2012 for pc download   You do not have income from the cancellation of a debt if your payment of the debt would be deductible. Turbotax deluxe federal e file state 2012 for pc download This exception applies only if you use the cash method of accounting. Turbotax deluxe federal e file state 2012 for pc download For more information, see chapter 5 of Publication 334, Tax Guide for Small Business. Turbotax deluxe federal e file state 2012 for pc download Price reduced after purchase. Turbotax deluxe federal e file state 2012 for pc download   In most cases, if the seller reduces the amount of debt you owe for property you purchased, you do not have income from the reduction. Turbotax deluxe federal e file state 2012 for pc download The reduction of the debt is treated as a purchase price adjustment and reduces your basis in the property. Turbotax deluxe federal e file state 2012 for pc download Excluded debt. Turbotax deluxe federal e file state 2012 for pc download   Do not include a canceled debt in your gross income in the following situations. Turbotax deluxe federal e file state 2012 for pc download The debt is canceled in a bankruptcy case under title 11 of the U. Turbotax deluxe federal e file state 2012 for pc download S. Turbotax deluxe federal e file state 2012 for pc download Code. Turbotax deluxe federal e file state 2012 for pc download See Publication 908, Bankruptcy Tax Guide. Turbotax deluxe federal e file state 2012 for pc download The debt is canceled when you are insolvent. Turbotax deluxe federal e file state 2012 for pc download However, you cannot exclude any amount of canceled debt that is more than the amount by which you are insolvent. Turbotax deluxe federal e file state 2012 for pc download See Publication 908. Turbotax deluxe federal e file state 2012 for pc download The debt is qualified farm debt and is canceled by a qualified person. Turbotax deluxe federal e file state 2012 for pc download See chapter 3 of Publication 225, Farmer's Tax Guide. Turbotax deluxe federal e file state 2012 for pc download The debt is qualified real property business debt. Turbotax deluxe federal e file state 2012 for pc download See chapter 5 of Publication 334. Turbotax deluxe federal e file state 2012 for pc download The cancellation is intended as a gift. Turbotax deluxe federal e file state 2012 for pc download The debt is qualified principal residence indebtedness. Turbotax deluxe federal e file state 2012 for pc download See Publication 525 for additional information. Turbotax deluxe federal e file state 2012 for pc download Host or Hostess If you host a party or event at which sales are made, any gift or gratuity you receive for giving the event is a payment for helping a direct seller make sales. Turbotax deluxe federal e file state 2012 for pc download You must report this item as income at its fair market value. Turbotax deluxe federal e file state 2012 for pc download Your out-of-pocket party expenses are subject to the 50% limit for meal and entertainment expenses. Turbotax deluxe federal e file state 2012 for pc download These expenses are deductible as miscellaneous itemized deductions subject to the 2%-of-AGI limit on Schedule A (Form 1040), but only up to the amount of income you receive for giving the party. Turbotax deluxe federal e file state 2012 for pc download For more information about the 50% limit for meal and entertainment expenses, see chapter 26. Turbotax deluxe federal e file state 2012 for pc download Life Insurance Proceeds Life insurance proceeds paid to you because of the death of the insured person are not taxable unless the policy was turned over to you for a price. Turbotax deluxe federal e file state 2012 for pc download This is true even if the proceeds were paid under an accident or health insurance policy or an endowment contract. Turbotax deluxe federal e file state 2012 for pc download However, interest income received as a result of life insurance proceeds may be taxable. Turbotax deluxe federal e file state 2012 for pc download Proceeds not received in installments. Turbotax deluxe federal e file state 2012 for pc download   If death benefits are paid to you in a lump sum or other than at regular intervals, include in your income only the benefits that are more than the amount payable to you at the time of the insured person's death. Turbotax deluxe federal e file state 2012 for pc download If the benefit payable at death is not specified, you include in your income the benefit payments that are more than the present value of the payments at the time of death. Turbotax deluxe federal e file state 2012 for pc download Proceeds received in installments. Turbotax deluxe federal e file state 2012 for pc download   If you receive life insurance proceeds in installments, you can exclude part of each installment from your income. Turbotax deluxe federal e file state 2012 for pc download   To determine the excluded part, divide the amount held by the insurance company (generally the total lump sum payable at the death of the insured person) by the number of installments to be paid. Turbotax deluxe federal e file state 2012 for pc download Include anything over this excluded part in your income as interest. Turbotax deluxe federal e file state 2012 for pc download Surviving spouse. Turbotax deluxe federal e file state 2012 for pc download   If your spouse died before October 23, 1986, and insurance proceeds paid to you because of the death of your spouse are received in installments, you can exclude up to $1,000 a year of the interest included in the installments. Turbotax deluxe federal e file state 2012 for pc download If you remarry, you can continue to take the exclusion. Turbotax deluxe federal e file state 2012 for pc download Surrender of policy for cash. Turbotax deluxe federal e file state 2012 for pc download   If you surrender a life insurance policy for cash, you must include in income any proceeds that are more than the cost of the life insurance policy. Turbotax deluxe federal e file state 2012 for pc download In most cases, your cost (or investment in the contract) is the total of premiums that you paid for the life insurance policy, less any refunded premiums, rebates, dividends, or unrepaid loans that were not included in your income. Turbotax deluxe federal e file state 2012 for pc download    You should receive a Form 1099-R showing the total proceeds and the taxable part. Turbotax deluxe federal e file state 2012 for pc download Report these amounts on lines 16a and 16b of Form 1040 or lines 12a and 12b of Form 1040A. Turbotax deluxe federal e file state 2012 for pc download More information. Turbotax deluxe federal e file state 2012 for pc download   For more information, see Life Insurance Proceeds in Publication 525. Turbotax deluxe federal e file state 2012 for pc download Endowment Contract Proceeds An endowment contract is a policy under which you are paid a specified amount of money on a certain date unless you die before that date, in which case, the money is paid to your designated beneficiary. Turbotax deluxe federal e file state 2012 for pc download Endowment proceeds paid in a lump sum to you at maturity are taxable only if the proceeds are more than the cost of the policy. Turbotax deluxe federal e file state 2012 for pc download To determine your cost, subtract any amount that you previously received under the contract and excluded from your income from the total premiums (or other consideration) paid for the contract. Turbotax deluxe federal e file state 2012 for pc download Include the part of the lump sum payment that is more than your cost in your income. Turbotax deluxe federal e file state 2012 for pc download Accelerated Death Benefits Certain amounts paid as accelerated death benefits under a life insurance contract or viatical settlement before the insured's death are excluded from income if the insured is terminally or chronically ill. Turbotax deluxe federal e file state 2012 for pc download Viatical settlement. Turbotax deluxe federal e file state 2012 for pc download   This is the sale or assignment of any part of the death benefit under a life insurance contract to a viatical settlement provider. Turbotax deluxe federal e file state 2012 for pc download A viatical settlement provider is a person who regularly engages in the business of buying or taking assignment of life insurance contracts on the lives of insured individuals who are terminally or chronically ill and who meets the requirements of section 101(g)(2)(B) of the Internal Revenue Code. Turbotax deluxe federal e file state 2012 for pc download Exclusion for terminal illness. Turbotax deluxe federal e file state 2012 for pc download    Accelerated death benefits are fully excludable if the insured is a terminally ill individual. Turbotax deluxe federal e file state 2012 for pc download This is a person who has been certified by a physician as having an illness or physical condition that can reasonably be expected to result in death within 24 months from the date of the certification. Turbotax deluxe federal e file state 2012 for pc download Exclusion for chronic illness. Turbotax deluxe federal e file state 2012 for pc download    If the insured is a chronically ill individual who is not terminally ill, accelerated death benefits paid on the basis of costs incurred for qualified long-term care services are fully excludable. Turbotax deluxe federal e file state 2012 for pc download Accelerated death benefits paid on a per diem or other periodic basis are excludable up to a limit. Turbotax deluxe federal e file state 2012 for pc download This limit applies to the total of the accelerated death benefits and any periodic payments received from long-term care insurance contracts. Turbotax deluxe federal e file state 2012 for pc download For information on the limit and the definitions of chronically ill individual, qualified long-term care services, and long-term care insurance contracts, see Long-Term Care Insurance Contracts under Sickness and Injury Benefits in Publication 525. Turbotax deluxe federal e file state 2012 for pc download Exception. Turbotax deluxe federal e file state 2012 for pc download   The exclusion does not apply to any amount paid to a person (other than the insured) who has an insurable interest in the life of the insured because the insured: Is a director, officer, or employee of the person, or Has a financial interest in the person's business. Turbotax deluxe federal e file state 2012 for pc download Form 8853. Turbotax deluxe federal e file state 2012 for pc download   To claim an exclusion for accelerated death benefits made on a per diem or other periodic basis, you must file Form 8853, Archer MSAs and Long-Term Care Insurance Contracts, with your return. Turbotax deluxe federal e file state 2012 for pc download You do not have to file Form 8853 to exclude accelerated death benefits paid on the basis of actual expenses incurred. Turbotax deluxe federal e file state 2012 for pc download Public Safety Officer Killed in the Line of Duty If you are a survivor of a public safety officer who was killed in the line of duty, you may be able to exclude from income certain amounts you receive. Turbotax deluxe federal e file state 2012 for pc download For this purpose, the term public safety officer includes law enforcement officers, firefighters, chaplains, and rescue squad and ambulance crew members. Turbotax deluxe federal e file state 2012 for pc download For more information, see Publication 559, Survivors, Executors, and Administrators. Turbotax deluxe federal e file state 2012 for pc download Partnership Income A partnership generally is not a taxable entity. Turbotax deluxe federal e file state 2012 for pc download The income, gains, losses, deductions, and credits of a partnership are passed through to the partners based on each partner's distributive share of these items. Turbotax deluxe federal e file state 2012 for pc download Schedule K-1 (Form 1065). Turbotax deluxe federal e file state 2012 for pc download    Although a partnership generally pays no tax, it must file an information return on Form 1065, U. Turbotax deluxe federal e file state 2012 for pc download S. Turbotax deluxe federal e file state 2012 for pc download Return of Partnership Income, and send Schedule K-1 (Form 1065) to each partner. Turbotax deluxe federal e file state 2012 for pc download In addition, the partnership will send each partner a copy of the Partner's Instructions for Schedule K-1 (Form 1065) to help each partner report his or her share of the partnership's income, deductions, credits, and tax preference items. Turbotax deluxe federal e file state 2012 for pc download Keep Schedule K-1 (Form 1065) for your records. Turbotax deluxe federal e file state 2012 for pc download Do not attach it to your Form 1040, unless you are specifically required to do so. Turbotax deluxe federal e file state 2012 for pc download For more information on partnerships, see Publication 541, Partnerships. Turbotax deluxe federal e file state 2012 for pc download Qualified joint venture. Turbotax deluxe federal e file state 2012 for pc download   If you and your spouse each materially participate as the only members of a jointly owned and operated business, and you file a joint return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership. Turbotax deluxe federal e file state 2012 for pc download To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. Turbotax deluxe federal e file state 2012 for pc download For further information on how to make the election and which schedule(s) to file, see the instructions for your individual tax return. Turbotax deluxe federal e file state 2012 for pc download S Corporation Income In most cases, an S corporation does not pay tax on its income. Turbotax deluxe federal e file state 2012 for pc download Instead, the income, losses, deductions, and credits of the corporation are passed through to the shareholders based on each shareholder's pro rata share. Turbotax deluxe federal e file state 2012 for pc download Schedule K-1 (Form 1120S). Turbotax deluxe federal e file state 2012 for pc download   An S corporation must file a return on Form 1120S, U. Turbotax deluxe federal e file state 2012 for pc download S. Turbotax deluxe federal e file state 2012 for pc download Income Tax Return for an S Corporation, and send Schedule K-1 (Form 1120S) to each shareholder. Turbotax deluxe federal e file state 2012 for pc download In addition, the S corporation will send each shareholder a copy of the Shareholder's Instructions for Schedule K-1 (Form 1120S) to help each shareholder report his or her share of the S corporation's income, losses, credits, and deductions. Turbotax deluxe federal e file state 2012 for pc download Keep Schedule K-1 (Form 1120S) for your records. Turbotax deluxe federal e file state 2012 for pc download Do not attach it to your Form 1040, unless you are specifically required to do so. Turbotax deluxe federal e file state 2012 for pc download For more information on S corporations and their shareholders, see the Instructions for Form 1120S. Turbotax deluxe federal e file state 2012 for pc download Recoveries A recovery is a return of an amount you deducted or took a credit for in an earlier year. Turbotax deluxe federal e file state 2012 for pc download The most common recoveries are refunds, reimbursements, and rebates of deductions itemized on Schedule A (Form 1040). Turbotax deluxe federal e file state 2012 for pc download You also may have recoveries of non-itemized deductions (such as payments on previously deducted bad debts) and recoveries of items for which you previously claimed a tax credit. Turbotax deluxe federal e file state 2012 for pc download Tax benefit rule. Turbotax deluxe federal e file state 2012 for pc download   You must include a recovery in your income in the year you receive it up to the amount by which the deduction or credit you took for the recovered amount reduced your tax in the earlier year. Turbotax deluxe federal e file state 2012 for pc download For this purpose, any increase to an amount carried over to the current year that resulted from the deduction or credit is considered to have reduced your tax in the earlier year. Turbotax deluxe federal e file state 2012 for pc download For more information, see Publication 525. Turbotax deluxe federal e file state 2012 for pc download Federal income tax refund. Turbotax deluxe federal e file state 2012 for pc download   Refunds of federal income taxes are not included in your income because they are never allowed as a deduction from income. Turbotax deluxe federal e file state 2012 for pc download State tax refund. Turbotax deluxe federal e file state 2012 for pc download   If you received a state or local income tax refund (or credit or offset) in 2013, you generally must include it in income if you deducted the tax in an earlier year. Turbotax deluxe federal e file state 2012 for pc download The payer should send Form 1099-G, Certain Government Payments, to you by January 31, 2014. Turbotax deluxe federal e file state 2012 for pc download The IRS also will receive a copy of the Form 1099-G. Turbotax deluxe federal e file state 2012 for pc download If you file Form 1040, use the State and Local Income Tax Refund Worksheet in the 2013 Form 1040 instructions for line 10 to figure the amount (if any) to include in your income. Turbotax deluxe federal e file state 2012 for pc download See Publication 525 for when you must use another worksheet. Turbotax deluxe federal e file state 2012 for pc download   If you could choose to deduct for a tax year either: State and local income taxes, or State and local general sales taxes, then the maximum refund that you may have to include in income is limited to the excess of the tax you chose to deduct for that year over the tax you did not choose to deduct for that year. Turbotax deluxe federal e file state 2012 for pc download For examples, see Publication 525. Turbotax deluxe federal e file state 2012 for pc download Mortgage interest refund. Turbotax deluxe federal e file state 2012 for pc download    If you received a refund or credit in 2013 of mortgage interest paid in an earlier year, the amount should be shown in box 3 of your Form 1098, Mortgage Interest Statement. Turbotax deluxe federal e file state 2012 for pc download Do not subtract the refund amount from the interest you paid in 2013. Turbotax deluxe federal e file state 2012 for pc download You may have to include it in your income under the rules explained in the following discussions. Turbotax deluxe federal e file state 2012 for pc download Interest on recovery. Turbotax deluxe federal e file state 2012 for pc download   Interest on any of the amounts you recover must be reported as interest income in the year received. Turbotax deluxe federal e file state 2012 for pc download For example, report any interest you received on state or local income tax refunds on Form 1040, line 8a. Turbotax deluxe federal e file state 2012 for pc download Recovery and expense in same year. Turbotax deluxe federal e file state 2012 for pc download   If the refund or other recovery and the expense occur in the same year, the recovery reduces the deduction or credit and is not reported as income. Turbotax deluxe federal e file state 2012 for pc download Recovery for 2 or more years. Turbotax deluxe federal e file state 2012 for pc download   If you receive a refund or other recovery that is for amounts you paid in 2 or more separate years, you must allocate, on a pro rata basis, the recovered amount between the years in which you paid it. Turbotax deluxe federal e file state 2012 for pc download This allocation is necessary to determine the amount of recovery from any earlier years and to determine the amount, if any, of your allowable deduction for this item for the current year. Turbotax deluxe federal e file state 2012 for pc download For information on how to compute the allocation, see Recoveries in Publication 525. Turbotax deluxe federal e file state 2012 for pc download Itemized Deduction Recoveries If you recover any amount that you deducted in an earlier year on Schedule A (Form 1040), you generally must include the full amount of the recovery in your income in the year you receive it. Turbotax deluxe federal e file state 2012 for pc download Where to report. Turbotax deluxe federal e file state 2012 for pc download   Enter your state or local income tax refund on Form 1040, line 10, and the total of all other recoveries as other income on Form 1040, line 21. Turbotax deluxe federal e file state 2012 for pc download You cannot use Form 1040A or Form 1040EZ. Turbotax deluxe federal e file state 2012 for pc download Standard deduction limit. Turbotax deluxe federal e file state 2012 for pc download   You generally are allowed to claim the standard deduction if you do not itemize your deductions. Turbotax deluxe federal e file state 2012 for pc download Only your itemized deductions that are more than your standard deduction are subject to the recovery rule (unless you are required to itemize your deductions). Turbotax deluxe federal e file state 2012 for pc download If your total deductions on the earlier year return were not more than your income for that year, include in your income this year the lesser of: Your recoveries, or The amount by which your itemized deductions exceeded the standard deduction. Turbotax deluxe federal e file state 2012 for pc download Example. Turbotax deluxe federal e file state 2012 for pc download For 2012, you filed a joint return. Turbotax deluxe federal e file state 2012 for pc download Your taxable income was $60,000 and you were not entitled to any tax credits. Turbotax deluxe federal e file state 2012 for pc download Your standard deduction was $11,900, and you had itemized deductions of $14,000. Turbotax deluxe federal e file state 2012 for pc download In 2013, you received the following recoveries for amounts deducted on your 2012 return: Medical expenses $200 State and local income tax refund 400 Refund of mortgage interest 325 Total recoveries $925 None of the recoveries were more than the deductions taken for 2012. Turbotax deluxe federal e file state 2012 for pc download The difference between the state and local income tax you deducted and your local general sales tax was more than $400. Turbotax deluxe federal e file state 2012 for pc download Your total recoveries are less than the amount by which your itemized deductions exceeded the standard deduction ($14,000 − 11,900 = $2,100), so you must include your total recoveries in your income for 2013. Turbotax deluxe federal e file state 2012 for pc download Report the state and local income tax refund of $400 on Form 1040, line 10, and the balance of your recoveries, $525, on Form 1040, line 21. Turbotax deluxe federal e file state 2012 for pc download Standard deduction for earlier years. Turbotax deluxe federal e file state 2012 for pc download   To determine if amounts recovered in 2013 must be included in your income, you must know the standard deduction for your filing status for the year the deduction was claimed. Turbotax deluxe federal e file state 2012 for pc download Look in the instructions for your tax return from prior years to locate the standard deduction for the filing status for that prior year. Turbotax deluxe federal e file state 2012 for pc download Example. Turbotax deluxe federal e file state 2012 for pc download You filed a joint return on Form 1040 for 2012 with taxable income of $45,000. Turbotax deluxe federal e file state 2012 for pc download Your itemized deductions were $12,350. Turbotax deluxe federal e file state 2012 for pc download The standard deduction that you could have claimed was $11,900. Turbotax deluxe federal e file state 2012 for pc download In 2013, you recovered $2,100 of your 2012 itemized deductions. Turbotax deluxe federal e file state 2012 for pc download None of the recoveries were more than the actual deductions for 2012. Turbotax deluxe federal e file state 2012 for pc download Include $450 of the recoveries in your 2013 income. Turbotax deluxe federal e file state 2012 for pc download This is the smaller of your recoveries ($2,100) or the amount by which your itemized deductions were more than the standard deduction ($12,350 − $11,900 = $450). Turbotax deluxe federal e file state 2012 for pc download Recovery limited to deduction. Turbotax deluxe federal e file state 2012 for pc download   You do not include in your income any amount of your recovery that is more than the amount you deducted in the earlier year. Turbotax deluxe federal e file state 2012 for pc download The amount you include in your income is limited to the smaller of: The amount deducted on Schedule A (Form 1040), or The amount recovered. Turbotax deluxe federal e file state 2012 for pc download Example. Turbotax deluxe federal e file state 2012 for pc download During 2012 you paid $1,700 for medical expenses. Turbotax deluxe federal e file state 2012 for pc download From this amount you subtracted $1,500, which was 7. Turbotax deluxe federal e file state 2012 for pc download 5% of your adjusted gross income. Turbotax deluxe federal e file state 2012 for pc download Your actual medical expense deduction was $200. Turbotax deluxe federal e file state 2012 for pc download In 2013, you received a $500 reimbursement from your medical insurance for your 2012 expenses. Turbotax deluxe federal e file state 2012 for pc download The only amount of the $500 reimbursement that must be included in your income for 2013 is $200—the amount actually deducted. Turbotax deluxe federal e file state 2012 for pc download Other recoveries. Turbotax deluxe federal e file state 2012 for pc download   See Recoveries in Publication 525 if: You have recoveries of items other than itemized deductions, or You received a recovery for an item for which you claimed a tax credit (other than investment credit or foreign tax credit) in a prior year. Turbotax deluxe federal e file state 2012 for pc download Rents from Personal Property If you rent out personal property, such as equipment or vehicles, how you report your income and expenses is in most cases determined by: Whether or not the rental activity is a business, and Whether or not the rental activity is conducted for profit. Turbotax deluxe federal e file state 2012 for pc download In most cases, if your primary purpose is income or profit and you are involved in the rental activity with continuity and regularity, your rental activity is a business. Turbotax deluxe federal e file state 2012 for pc download See Publication 535, Business Expenses, for details on deducting expenses for both business and not-for-profit activities. Turbotax deluxe federal e file state 2012 for pc download Reporting business income and expenses. Turbotax deluxe federal e file state 2012 for pc download    If you are in the business of renting personal property, report your income and expenses on Schedule C or Schedule C-EZ (Form 1040). Turbotax deluxe federal e file state 2012 for pc download The form instructions have information on how to complete them. Turbotax deluxe federal e file state 2012 for pc download Reporting nonbusiness income. Turbotax deluxe federal e file state 2012 for pc download   If you are not in the business of renting personal property, report your rental income on Form 1040, line 21. Turbotax deluxe federal e file state 2012 for pc download List the type and amount of the income on the dotted line next to line 21. Turbotax deluxe federal e file state 2012 for pc download Reporting nonbusiness expenses. Turbotax deluxe federal e file state 2012 for pc download   If you rent personal property for profit, include your rental expenses in the total amount you enter on Form 1040, line 36. Turbotax deluxe federal e file state 2012 for pc download Also enter the amount and “PPR” on the dotted line next to line 36. Turbotax deluxe federal e file state 2012 for pc download   If you do not rent personal property for profit, your deductions are limited and you cannot report a loss to offset other income. Turbotax deluxe federal e file state 2012 for pc download See Activity not for profit , under Other Income, later. Turbotax deluxe federal e file state 2012 for pc download Repayments If you had to repay an amount that you included in your income in an earlier year, you may be able to deduct the amount repaid from your income for the year in which you repaid it. Turbotax deluxe federal e file state 2012 for pc download Or, if the amount you repaid is more than $3,000, you may be able to take a credit against your tax for the year in which you repaid it. Turbotax deluxe federal e file state 2012 for pc download Generally, you can claim a deduction or credit only if the repayment qualifies as an expense or loss incurred in your trade or business or in a for-profit transaction. Turbotax deluxe federal e file state 2012 for pc download Type of deduction. Turbotax deluxe federal e file state 2012 for pc download   The type of deduction you are allowed in the year of repayment depends on the type of income you included in the earlier year. Turbotax deluxe federal e file state 2012 for pc download You generally deduct the repayment on the same form or schedule on which you previously reported it as income. Turbotax deluxe federal e file state 2012 for pc download For example, if you reported it as self-employment income, deduct it as a business expense on Schedule C or Schedule C-EZ (Form 1040) or Schedule F (Form 1040). Turbotax deluxe federal e file state 2012 for pc download If you reported it as a capital gain, deduct it as a capital loss as explained in the Instructions for Schedule D (Form 1040). Turbotax deluxe federal e file state 2012 for pc download If you reported it as wages, unemployment compensation, or other nonbusiness income, deduct it as a miscellaneous itemized deduction on Schedule A (Form 1040). Turbotax deluxe federal e file state 2012 for pc download Repaid social security benefits. Turbotax deluxe federal e file state 2012 for pc download   If you repaid social security benefits or equivalent railroad retirement benefits, see Repayment of benefits in chapter 11. Turbotax deluxe federal e file state 2012 for pc download Repayment of $3,000 or less. Turbotax deluxe federal e file state 2012 for pc download   If the amount you repaid was $3,000 or less, deduct it from your income in the year you repaid it. Turbotax deluxe federal e file state 2012 for pc download If you must deduct it as a miscellaneous itemized deduction, enter it on Schedule A (Form 1040), line 23. Turbotax deluxe federal e file state 2012 for pc download Repayment over $3,000. Turbotax deluxe federal e file state 2012 for pc download   If the amount you repaid was more than $3,000, you can deduct the repayment (as explained under Type of deduction , earlier). Turbotax deluxe federal e file state 2012 for pc download However, you can choose instead to take a tax credit for the year of repayment if you included the income under a claim of right. Turbotax deluxe federal e file state 2012 for pc download This means that at the time you included the income, it appeared that you had an unrestricted right to it. Turbotax deluxe federal e file state 2012 for pc download If you qualify for this choice, figure your tax under both methods and compare the results. Turbotax deluxe federal e file state 2012 for pc download Use the method (deduction or credit) that results in less tax. Turbotax deluxe federal e file state 2012 for pc download When determining whether the amount you repaid was more or less than $3,000, consider the total amount being repaid on the return. Turbotax deluxe federal e file state 2012 for pc download Each instance of repayment is not considered separately. Turbotax deluxe federal e file state 2012 for pc download Method 1. Turbotax deluxe federal e file state 2012 for pc download   Figure your tax for 2013 claiming a deduction for the repaid amount. Turbotax deluxe federal e file state 2012 for pc download If you must deduct it as a miscellaneous itemized deduction, enter it on Schedule A (Form 1040), line 28. Turbotax deluxe federal e file state 2012 for pc download Method 2. Turbotax deluxe federal e file state 2012 for pc download   Figure your tax for 2013 claiming a credit for the repaid amount. Turbotax deluxe federal e file state 2012 for pc download Follow these steps. Turbotax deluxe federal e file state 2012 for pc download Figure your tax for 2013 without deducting the repaid amount. Turbotax deluxe federal e file state 2012 for pc download Refigure your tax from the earlier year without including in income the amount you repaid in 2013. Turbotax deluxe federal e file state 2012 for pc download Subtract the tax in (2) from the tax shown on your return for the earlier year. Turbotax deluxe federal e file state 2012 for pc download This is the credit. Turbotax deluxe federal e file state 2012 for pc download Subtract the answer in (3) from the tax for 2013 figured without the deduction (Step 1). Turbotax deluxe federal e file state 2012 for pc download   If method 1 results in less tax, deduct the amount repaid. Turbotax deluxe federal e file state 2012 for pc download If method 2 results in less tax, claim the credit figured in (3) above on Form 1040, line 71, by adding the amount of the credit to any other credits on this line, and entering “I. Turbotax deluxe federal e file state 2012 for pc download R. Turbotax deluxe federal e file state 2012 for pc download C. Turbotax deluxe federal e file state 2012 for pc download 1341” in the column to the right of line 71. Turbotax deluxe federal e file state 2012 for pc download   An example of this computation can be found in Publication 525. Turbotax deluxe federal e file state 2012 for pc download Repaid wages subject to social security and Medicare taxes. Turbotax deluxe federal e file state 2012 for pc download   If you had to repay an amount that you included in your wages or compensation in an earlier year on which social security, Medicare, or tier 1 RRTA taxes were paid, ask your employer to refund the excess amount to you. Turbotax deluxe federal e file state 2012 for pc download If the employer refuses to refund the taxes, ask for a statement indicating the amount of the overcollection to support your claim. Turbotax deluxe federal e file state 2012 for pc download File a claim for refund using Form 843, Claim for Refund and Request for Abatement. Turbotax deluxe federal e file state 2012 for pc download Repaid wages subject to Additional Medicare Tax. Turbotax deluxe federal e file state 2012 for pc download   Employers cannot make an adjustment or file a claim for refund for Additional Medicare Tax withholding when there is a repayment of wages received by an employee in a prior year because the employee determines liability for Additional Medicare Tax on the employee's income tax return for the prior year. Turbotax deluxe federal e file state 2012 for pc download If you had to repay an amount that you included in your wages or compensation in an earlier year, and on which Additional Medicare Tax was paid, you may be able to recover the Additional Medicare Tax paid on the amount. Turbotax deluxe federal e file state 2012 for pc download To recover Additional Medicare Tax on the repaid wages or compensation, you must file Form 1040X, Amended U. Turbotax deluxe federal e file state 2012 for pc download S. Turbotax deluxe federal e file state 2012 for pc download Individual Income Tax Return, for the prior year in which the wages or compensation were originally received. Turbotax deluxe federal e file state 2012 for pc download See the Instructions for Form 1040X. Turbotax deluxe federal e file state 2012 for pc download Royalties Royalties from copyrights, patents, and oil, gas, and mineral properties are taxable as ordinary income. Turbotax deluxe federal e file state 2012 for pc download In most cases you report royalties in Part I of Schedule E (Form 1040). Turbotax deluxe federal e file state 2012 for pc download However, if you hold an operating oil, gas, or mineral interest or are in business as a self-employed writer, inventor, artist, etc. Turbotax deluxe federal e file state 2012 for pc download , report your income and expenses on Schedule C or Schedule C-EZ (Form 1040). Turbotax deluxe federal e file state 2012 for pc download Copyrights and patents. Turbotax deluxe federal e file state 2012 for pc download   Royalties from copyrights on literary, musical, or artistic works, and similar property, or from patents on inventions, are amounts paid to you for the right to use your work over a specified period of time. Turbotax deluxe federal e file state 2012 for pc download Royalties generally are based on the number of units sold, such as the number of books, tickets to a performance, or machines sold. Turbotax deluxe federal e file state 2012 for pc download Oil, gas, and minerals. Turbotax deluxe federal e file state 2012 for pc download   Royalty income from oil, gas, and mineral properties is the amount you receive when natural resources are extracted from your property. Turbotax deluxe federal e file state 2012 for pc download The royalties are based on units, such as barrels, tons, etc. Turbotax deluxe federal e file state 2012 for pc download , and are paid to you by a person or company who leases the property from you. Turbotax deluxe federal e file state 2012 for pc download Depletion. Turbotax deluxe federal e file state 2012 for pc download   If you are the owner of an economic interest in mineral deposits or oil and gas wells, you can recover your investment through the depletion allowance. Turbotax deluxe federal e file state 2012 for pc download For information on this subject, see chapter 9 of Publication 535. Turbotax deluxe federal e file state 2012 for pc download Coal and iron ore. Turbotax deluxe federal e file state 2012 for pc download   Under certain circumstances, you can treat amounts you receive from the disposal of coal and iron ore as payments from the sale of a capital asset, rather than as royalty income. Turbotax deluxe federal e file state 2012 for pc download For information about gain or loss from the sale of coal and iron ore, see Publication 544. Turbotax deluxe federal e file state 2012 for pc download Sale of property interest. Turbotax deluxe federal e file state 2012 for pc download   If you sell your complete interest in oil, gas, or mineral rights, the amount you receive is considered payment for the sale of property used in a trade or business under section 1231, not royalty income. Turbotax deluxe federal e file state 2012 for pc download Under certain circumstances, the sale is subject to capital gain or loss treatment as explained in the Instructions for Schedule D (Form 1040). Turbotax deluxe federal e file state 2012 for pc download For more information on selling section 1231 property, see chapter 3 of Publication 544. Turbotax deluxe federal e file state 2012 for pc download   If you retain a royalty, an overriding royalty, or a net profit interest in a mineral property for the life of the property, you have made a lease or a sublease, and any cash you receive for the assignment of other interests in the property is ordinary income subject to a depletion allowance. Turbotax deluxe federal e file state 2012 for pc download Part of future production sold. Turbotax deluxe federal e file state 2012 for pc download   If you own mineral property but sell part of the future production, in most cases you treat the money you receive from the buyer at the time of the sale as a loan from the buyer. Turbotax deluxe federal e file state 2012 for pc download Do not include it in your income or take depletion based on it. Turbotax deluxe federal e file state 2012 for pc download   When production begins, you include all the proceeds in your income, deduct all the production expenses, and deduct depletion from that amount to arrive at your taxable income from the property. Turbotax deluxe federal e file state 2012 for pc download Unemployment Benefits The tax treatment of unemployment benefits you receive depends on the type of program paying the benefits. Turbotax deluxe federal e file state 2012 for pc download Unemployment compensation. Turbotax deluxe federal e file state 2012 for pc download   You must include in income all unemployment compensation you receive. Turbotax deluxe federal e file state 2012 for pc download You should receive a Form 1099-G showing in box 1 the total unemployment compensation paid to you. Turbotax deluxe federal e file state 2012 for pc download In most cases, you enter unemployment compensation on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ. Turbotax deluxe federal e file state 2012 for pc download Types of unemployment compensation. Turbotax deluxe federal e file state 2012 for pc download   Unemployment compensation generally includes any amount received under an unemployment compensation law of the United States or of a state. Turbotax deluxe federal e file state 2012 for pc download It includes the following benefits. Turbotax deluxe federal e file state 2012 for pc download Benefits paid by a state or the District of Columbia from the Federal Unemployment Trust Fund. Turbotax deluxe federal e file state 2012 for pc download State unemployment insurance benefits. Turbotax deluxe federal e file state 2012 for pc download Railroad unemployment compensation benefits. Turbotax deluxe federal e file state 2012 for pc download Disability payments from a government program paid as a substitute for unemployment compensation. Turbotax deluxe federal e file state 2012 for pc download (Amounts received as workers' compensation for injuries or illness are not unemployment compensation. Turbotax deluxe federal e file state 2012 for pc download See chapter 5 for more information. Turbotax deluxe federal e file state 2012 for pc download ) Trade readjustment allowances under the Trade Act of 1974. Turbotax deluxe federal e file state 2012 for pc download Unemployment assistance under the Disaster Relief and Emergency Assistance Act. Turbotax deluxe federal e file state 2012 for pc download Unemployment assistance under the Airline Deregulation Act of 1974 Program. Turbotax deluxe federal e file state 2012 for pc download Governmental program. Turbotax deluxe federal e file state 2012 for pc download   If you contribute to a governmental unemployment compensation program and your contributions are not deductible, amounts you receive under the program are not included as unemployment compensation until you recover your contributions. Turbotax deluxe federal e file state 2012 for pc download If you deducted all of your contributions to the program, the entire amount you receive under the program is included in your income. Turbotax deluxe federal e file state 2012 for pc download Repayment of unemployment compensation. Turbotax deluxe federal e file state 2012 for pc download   If you repaid in 2013 unemployment compensation you received in 2013, subtract the amount you repaid from the total amount you received and enter the difference on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ. Turbotax deluxe federal e file state 2012 for pc download On the dotted line next to your entry enter “Repaid” and the amount you repaid. Turbotax deluxe federal e file state 2012 for pc download If you repaid unemployment compensation in 2013 that you included in income in an earlier year, you can deduct the amount repaid on Schedule A (Form 1040), line 23, if you itemize deductions. Turbotax deluxe federal e file state 2012 for pc download If the amount is more than $3,000, see Repayments , earlier. Turbotax deluxe federal e file state 2012 for pc download Tax withholding. Turbotax deluxe federal e file state 2012 for pc download   You can choose to have federal income tax withheld from your unemployment compensation. Turbotax deluxe federal e file state 2012 for pc download To make this choice, complete Form W-4V, Voluntary Withholding Request, and give it to the paying office. Turbotax deluxe federal e file state 2012 for pc download Tax will be withheld at 10% of your payment. Turbotax deluxe federal e file state 2012 for pc download    If you do not choose to have tax withheld from your unemployment compensation, you may be liable for estimated tax. Turbotax deluxe federal e file state 2012 for pc download If you do not pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty. Turbotax deluxe federal e file state 2012 for pc download For more information on estimated tax, see chapter 4. Turbotax deluxe federal e file state 2012 for pc download Supplemental unemployment benefits. Turbotax deluxe federal e file state 2012 for pc download   Benefits received from an employer-financed fund (to which the employees did not contribute) are not unemployment compensation. Turbotax deluxe federal e file state 2012 for pc download They are taxable as wages and are subject to withholding for income tax. Turbotax deluxe federal e file state 2012 for pc download They may be subject to social security and Medicare taxes. Turbotax deluxe federal e file state 2012 for pc download For more information, see Supplemental Unemployment Benefits in section 5 of Publication 15-A, Employer's Supplemental Tax Guide. Turbotax deluxe federal e file state 2012 for pc download Report these payments on line 7 of Form 1040 or Form 1040A or on line 1 of Form 1040EZ. Turbotax deluxe federal e file state 2012 for pc download Repayment of benefits. Turbotax deluxe federal e file state 2012 for pc download   You may have to repay some of your supplemental unemployment benefits to qualify for trade readjustment allowances under the Trade Act of 1974. Turbotax deluxe federal e file state 2012 for pc download If you repay supplemental unemployment benefits in the same year you receive them, reduce the total benefits by the amount you repay. Turbotax deluxe federal e file state 2012 for pc download If you repay the benefits in a later year, you must include the full amount of the benefits received in your income for the year you received them. Turbotax deluxe federal e file state 2012 for pc download   Deduct the repayment in the later year as an adjustment to gross income on Form 1040. Turbotax deluxe federal e file state 2012 for pc download (You cannot use Form 1040A or Form 1040EZ. Turbotax deluxe federal e file state 2012 for pc download ) Include the repayment on Form 1040, line 36, and enter “Sub-Pay TRA” and the amount on the dotted line next to line 36. Turbotax deluxe federal e file state 2012 for pc download If the amount you repay in a later year is more than $3,000, you may be able to take a credit against your tax for the later year instead of deducting the amount repaid. Turbotax deluxe federal e file state 2012 for pc download For more information on this, see Repayments , earlier. Turbotax deluxe federal e file state 2012 for pc download Private unemployment fund. Turbotax deluxe federal e file state 2012 for pc download   Unemployment benefit payments from a private (nonunion) fund to which you voluntarily contribute are taxable only if the amounts you receive are more than your total payments into the fund. Turbotax deluxe federal e file state 2012 for pc download Report the taxable amount on Form 1040, line 21. Turbotax deluxe federal e file state 2012 for pc download Payments by a union. Turbotax deluxe federal e file state 2012 for pc download   Benefits paid to you as an unemployed member of a union from regular union dues are included in your income on Form 1040, line 21. Turbotax deluxe federal e file state 2012 for pc download However, if you contribute to a special union fund and your payments to the fund are not deductible, the unemployment benefits you receive from the fund are includible in your income only to the extent they are more than your contributions. Turbotax deluxe federal e file state 2012 for pc download Guaranteed annual wage. Turbotax deluxe federal e file state 2012 for pc download   Payments you receive from your employer during periods of unemployment, under a union agreement that guarantees you full pay during the year, are taxable as wages. Turbotax deluxe federal e file state 2012 for pc download Include them on line 7 of Form 1040 or Form 1040A or on line 1 of Form 1040EZ. Turbotax deluxe federal e file state 2012 for pc download State employees. Turbotax deluxe federal e file state 2012 for pc download   Payments similar to a state's unemployment compensation may be made by the state to its employees who are not covered by the state's unemployment compensation law. Turbotax deluxe federal e file state 2012 for pc download Although the payments are fully taxable, do not report them as unemployment compensation. Turbotax deluxe federal e file state 2012 for pc download Report these payments on Form 1040, line 21. Turbotax deluxe federal e file state 2012 for pc download Welfare and Other Public Assistance Benefits Do not include in your income governmental benefit payments from a public welfare fund based upon need, such as payments to blind individuals under a state public assistance law. Turbotax deluxe federal e file state 2012 for pc download Payments from a state fund for the victims of crime should not be included in the victims' incomes if they are in the nature of welfare payments. Turbotax deluxe federal e file state 2012 for pc download Do not deduct medical expenses that are reimbursed by such a fund. Turbotax deluxe federal e file state 2012 for pc download You must include in your income any welfare payments that are compensation for services or that are obtained fraudulently. Turbotax deluxe federal e file state 2012 for pc download Reemployment Trade Adjustment Assistance (RTAA) payments. Turbotax deluxe federal e file state 2012 for pc download   RTAA payments received from a state must be included in your income. Turbotax deluxe federal e file state 2012 for pc download The state must send you Form 1099-G to advise you of the amount you should include in income. Turbotax deluxe federal e file state 2012 for pc download The amount should be reported on Form 1040, line 21. Turbotax deluxe federal e file state 2012 for pc download Persons with disabilities. Turbotax deluxe federal e file state 2012 for pc download   If you have a disability, you must include in income compensation you receive for services you perform unless the compensation is otherwise excluded. Turbotax deluxe federal e file state 2012 for pc download However, you do not include in income the value of goods, services, and cash that you receive, not in return for your services, but for your training and rehabilitation because you have a disability. Turbotax deluxe federal e file state 2012 for pc download Excludable amounts include payments for transportation and attendant care, such as interpreter services for the deaf, reader services for the blind, and services to help individuals with an intellectual disability do their work. Turbotax deluxe federal e file state 2012 for pc download Disaster relief grants. Turbotax deluxe federal e file state 2012 for pc download    Do not include post-disaster grants received under the Robert T. Turbotax deluxe federal e file state 2012 for pc download Stafford Disaster Relief and Emergency Assistance Act in your income if the grant payments are made to help you meet necessary expenses or serious needs for medical, dental, housing, personal property, transportation, child care, or funeral expenses. Turbotax deluxe federal e file state 2012 for pc download Do not deduct casualty losses or medical expenses that are specifically reimbursed by these disaster relief grants. Turbotax deluxe federal e file state 2012 for pc download If you have deducted a casualty loss for the loss of your personal residence and you later receive a disaster relief grant for the loss of the same residence, you may have to include part or all of the grant in your taxable income. Turbotax deluxe federal e file state 2012 for pc download See Recoveries , earlier. Turbotax deluxe federal e file state 2012 for pc download Unemployment assistance payments under the Act are taxable unemployment compensation. Turbotax deluxe federal e file state 2012 for pc download See Unemployment compensation under Unemployment Benefits, earlier. Turbotax deluxe federal e file state 2012 for pc download Disaster relief payments. Turbotax deluxe federal e file state 2012 for pc download   You can exclude from income any amount you receive that is a qualified disaster relief payment. Turbotax deluxe federal e file state 2012 for pc download A qualified disaster relief payment is an amount paid to you: To reimburse or pay reasonable and necessary personal, family, living, or funeral expenses that result from a qualified disaster; To reimburse or pay reasonable and necessary expenses incurred for the repair or rehabilitation of your home or repair or replacement of its contents to the extent it is due to a qualified disaster; By a person engaged in the furnishing or sale of transportation as a common carrier because of the death or personal physical injuries incurred as a result of a qualified disaster; or By a federal, state, or local government, or agency, or instrumentality in connection with a qualified disaster in order to promote the general welfare. Turbotax deluxe federal e file state 2012 for pc download You can exclude this amount only to the extent any expense it pays for is not paid for by insurance or otherwise. Turbotax deluxe federal e file state 2012 for pc download The exclusion does not apply if you were a participant or conspirator in a terrorist action or a representative of one. Turbotax deluxe federal e file state 2012 for pc download   A qualified disaster is: A disaster which results from a terrorist or military action; A federally declared disaster; or A disaster which results from an accident involving a common carrier, or from any other event, which is determined to be catastrophic by the Secretary of the Treasury or his or her delegate. Turbotax deluxe federal e file state 2012 for pc download   For amounts paid under item (4), a disaster is qualified if it is determined by an applicable federal, state, or local authority to warrant assistance from the federal, state, or local government, agency, or instrumentality. Turbotax deluxe federal e file state 2012 for pc download Disaster mitigation payments. Turbotax deluxe federal e file state 2012 for pc download   You also can exclude from income any amount you receive that is a qualified disaster mitigation payment. Turbotax deluxe federal e file state 2012 for pc download Qualified disaster mitigation payments are also most commonly paid to you in the period immediately following damage to property as a result of a natural disaster. Turbotax deluxe federal e file state 2012 for pc download However, disaster mitigation payments are used to mitigate (reduce the severity of) potential damage from future natural disasters. Turbotax deluxe federal e file state 2012 for pc download They are paid to you through state and local governments based on the provisions of the Robert T. Turbotax deluxe federal e file state 2012 for pc download Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act. Turbotax deluxe federal e file state 2012 for pc download   You cannot increase the basis or adjusted basis of your property for improvements made with nontaxable disaster mitigation payments. Turbotax deluxe federal e file state 2012 for pc download Home Affordable Modification Program (HAMP). Turbotax deluxe federal e file state 2012 for pc download   If you benefit from Pay-for-Performance Success Payments under HAMP, the payments are not taxable. Turbotax deluxe federal e file state 2012 for pc download Mortgage assistance payments under section 235 of the National Housing Act. Turbotax deluxe federal e file state 2012 for pc download   Payments made under section 235 of the National Housing Act for mortgage assistance are not included in the homeowner's income. Turbotax deluxe federal e file state 2012 for pc download Interest paid for the homeowner under the mortgage assistance program cannot be deducted. Turbotax deluxe federal e file state 2012 for pc download Medicare. Turbotax deluxe federal e file state 2012 for pc download   Medicare benefits received under title XVIII of the Social Security Act are not includible in the gross income of the individuals for whom they are paid. Turbotax deluxe federal e file state 2012 for pc download This includes basic (part A (Hospital Insurance Benefits for the Aged)) and supplementary (part B (Supplementary Medical Insurance Benefits for the Aged)). Turbotax deluxe federal e file state 2012 for pc download Old-age, survivors, and disability insurance benefits (OASDI). Turbotax deluxe federal e file state 2012 for pc download   Generally, OASDI payments under section 202 of title II of the Social Security Act are not includible in the gross income of the individuals to whom they are paid. Turbotax deluxe federal e file state 2012 for pc download This applies to old-age insurance benefits, and insurance benefits for wives, husbands, children, widows, widowers, mothers and fathers, and parents, as well as the lump-sum death payment. Turbotax deluxe federal e file state 2012 for pc download Nutrition Program for the Elderly. Turbotax deluxe federal e file state 2012 for pc download    Food benefits you receive under the Nutrition Program for the Elderly are not taxable. Turbotax deluxe federal e file state 2012 for pc download If you prepare and serve free meals for the program, include in your income as wages the cash pay you receive, even if you are also eligible for food benefits. Turbotax deluxe federal e file state 2012 for pc download Payments to reduce cost of winter energy. Turbotax deluxe federal e file state 2012 for pc download   Payments made by a state to qualified people to reduce their cost of winter energy use are not taxable. Turbotax deluxe federal e file state 2012 for pc download Other Income The following brief discussions are arranged in alphabetical order. Turbotax deluxe federal e file state 2012 for pc download Other income items briefly discussed below are referenced to publications which provide more topical information. Turbotax deluxe federal e file state 2012 for pc download Activity not for profit. Turbotax deluxe federal e file state 2012 for pc download   You must include on your return income from an activity from which you do not expect to make a profit. Turbotax deluxe federal e file state 2012 for pc download An example of this type of activity is a hobby or a farm you operate mostly for recreation and pleasure. Turbotax deluxe federal e file state 2012 for pc download Enter this income on Form 1040, line 21. Turbotax deluxe federal e file state 2012 for pc download Deductions for expenses related to the activity are limited. Turbotax deluxe federal e file state 2012 for pc download They cannot total more than the income you report and can be taken only if you itemize deductions on Schedule A (Form 1040). Turbotax deluxe federal e file state 2012 for pc download See Not-for-Profit Activities in chapter 1 of Publication 535 for information on whether an activity is considered carried on for a profit. Turbotax deluxe federal e file state 2012 for pc download Alaska Permanent Fund dividend. Turbotax deluxe federal e file state 2012 for pc download   If you received a payment from Alaska's mineral income fund (Alaska Permanent Fund dividend), report it as income on line 21 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ. Turbotax deluxe federal e file state 2012 for pc download The state of Alaska sends each recipient a document that shows the amount of the payment with the check. Turbotax deluxe federal e file state 2012 for pc download The amount also is reported to IRS. Turbotax deluxe federal e file state 2012 for pc download Alimony. Turbotax deluxe federal e file state 2012 for pc download   Include in your income on Form 1040, line 11, any alimony payments you receive. Turbotax deluxe federal e file state 2012 for pc download Amounts you receive for child support are not income to you. Turbotax deluxe federal e file state 2012 for pc download Alimony and child support payments are discussed in chapter 18. Turbotax deluxe federal e file state 2012 for pc download Bribes. Turbotax deluxe federal e file state 2012 for pc download   If you receive a bribe, include it in your income. Turbotax deluxe federal e file state 2012 for pc download Campaign contributions. Turbotax deluxe federal e file state 2012 for pc download   These contributions are not income to a candidate unless they are diverted to his or her personal use. Turbotax deluxe federal e file state 2012 for pc download To be exempt from tax, the contributions must be spent for campaign purposes or kept in a fund for use in future campaigns. Turbotax deluxe federal e file state 2012 for pc download However, interest earned on bank deposits, dividends received on contributed securities, and net gains realized on sales of contributed securities are taxable and must be reported on Form 1120-POL, U. Turbotax deluxe federal e file state 2012 for pc download S. Turbotax deluxe federal e file state 2012 for pc download Income Tax Return for Certain Political Organizations. Turbotax deluxe federal e file state 2012 for pc download Excess campaign funds transferred to an office account must be included in the officeholder's income on Form 1040, line 21, in the year transferred. Turbotax deluxe federal e file state 2012 for pc download Car pools. Turbotax deluxe federal e file state 2012 for pc download   Do not include in your income amounts you receive from the passengers for driving a car in a car pool to and from work. Turbotax deluxe federal e file state 2012 for pc download These amounts are considered reimbursement for your expenses. Turbotax deluxe federal e file state 2012 for pc download However, this rule does not apply if you have developed car pool arrangements into a profit-making business of transporting workers for hire. Turbotax deluxe federal e file state 2012 for pc download Cash rebates. Turbotax deluxe federal e file state 2012 for pc download   A cash rebate you receive from a dealer or manufacturer of an item you buy is not income, but you must reduce your basis by the amount of the rebate. Turbotax deluxe federal e file state 2012 for pc download Example. Turbotax deluxe federal e file state 2012 for pc download You buy a new car for $24,000 cash and receive a $2,000 rebate check from the manufacturer. Turbotax deluxe federal e file state 2012 for pc download The $2,000 is not income to you. Turbotax deluxe federal e file state 2012 for pc download Your basis in the car is $22,000. Turbotax deluxe federal e file state 2012 for pc download This is the basis on which you figure gain or loss if you sell the car and depreciation if you use it for business. Turbotax deluxe federal e file state 2012 for pc download Casualty insurance and other reimbursements. Turbotax deluxe federal e file state 2012 for pc download   You generally should not report these reimbursements on your return unless you are figuring gain or loss from the casualty or theft. Turbotax deluxe federal e file state 2012 for pc download See chapter 25 for more information. Turbotax deluxe federal e file state 2012 for pc download Child support payments. Turbotax deluxe federal e file state 2012 for pc download   You should not report these payments on your return. Turbotax deluxe federal e file state 2012 for pc download See chapter 18 for more information. Turbotax deluxe federal e file state 2012 for pc download Court awards and damages. Turbotax deluxe federal e file state 2012 for pc download   To determine if settlement amounts you receive by compromise or judgment must be included in your income, you must consider the item that the settlement replaces. Turbotax deluxe federal e file state 2012 for pc download The character of the income as ordinary income or capital gain depends on the nature of the underlying claim. Turbotax deluxe federal e file state 2012 for pc download Include the following as ordinary income. Turbotax deluxe federal e file state 2012 for pc download Interest on any award. Turbotax deluxe federal e file state 2012 for pc download Compensation for lost wages or lost profits in most cases. Turbotax deluxe federal e file state 2012 for pc download Punitive damages, in most cases. Turbotax deluxe federal e file state 2012 for pc download It does not matter if they relate to a physical injury or physical sickness. Turbotax deluxe federal e file state 2012 for pc download Amounts received in settlement of pension rights (if you did not contribute to the plan). Turbotax deluxe federal e file state 2012 for pc download Damages for: Patent or copyright infringement, Breach of contract, or Interference with business operations. Turbotax deluxe federal e file state 2012 for pc download Back pay and damages for emotional distress received to satisfy a claim under title VII of the Civil Rights Act of 1964. Turbotax deluxe federal e file state 2012 for pc download Attorney fees and costs (including contingent fees) where the underlying recovery is included in gross income. Turbotax deluxe federal e file state 2012 for pc download   Do not include in your income compensatory damages for personal physical injury or physical sickness (whether received in a lump sum or installments). Turbotax deluxe federal e file state 2012 for pc download Emotional distress. Turbotax deluxe federal e file state 2012 for pc download   Emotional distress itself is not a physical injury or physical sickness, but damages you receive for emotional distress due to a physical injury or sickness are treated as received for the physical injury or sickness. Turbotax deluxe federal e file state 2012 for pc download Do not include them in your income. Turbotax deluxe federal e file state 2012 for pc download   If the emotional distress is due to a personal injury that is not due to a physical injury or sickness (for example, employment discrimination or injury to reputation), you must include the damages in your income, except for any damages you receive for medical care due to that emotional distress. Turbotax deluxe federal e file state 2012 for pc download Emotional distress includes physical symptoms that result from emotional distress, such as headaches, insomnia, and stomach disorders. Turbotax deluxe federal e file state 2012 for pc download Deduction for costs involved in unlawful discrimination suits. Turbotax deluxe federal e file state 2012 for pc download   You may be able to deduct attorney fees and court costs paid to recover a judgment or settlement for a claim of unlawful discrimination under various provisions of federal, state, and local law listed in Internal Revenue Code section 62(e), a claim against the United States government, or a claim under section 1862(b)(3)(A) of the Social Security Act. Turbotax deluxe federal e file state 2012 for pc download For more information, see Publication 525. Turbotax deluxe federal e file state 2012 for pc download Credit card insurance. Turbotax deluxe federal e file state 2012 for pc download   In most cases, if you receive benefits under a credit card disability or unemployment insurance plan, the benefits are taxable to you. Turbotax deluxe federal e file state 2012 for pc download These plans make the minimum monthly payment on your credit card account if you cannot make the payment due to injury, illness, disability, or unemployment. Turbotax deluxe federal e file state 2012 for pc download Report on Form 1040, line 21, the amount of benefits you received during the year that is more than the amount of the premiums you paid during the year. Turbotax deluxe federal e file state 2012 for pc download Down payment assistance. Turbotax deluxe federal e file state 2012 for pc download   If you purchase a home and receive assistance from a nonprofit corporation to make the down payment, that assistance is not included in your income. Turbotax deluxe federal e file state 2012 for pc download If the corporation qualifies as a tax-exempt charitable organization, the assistance is treated as a gift and is included in your basis of the house. Turbotax deluxe federal e file state 2012 for pc download If the corporation does not qualify, the assistance is treated as a rebate or reduction of the purchase price and is not included in your basis. Turbotax deluxe federal e file state 2012 for pc download Employment agency fees. Turbotax deluxe federal e file state 2012 for pc download   If you get a job through an employment agency, and the fee is paid by your employer, the fee is not includible in your income if you are not liable for it. Turbotax deluxe federal e file state 2012 for pc download However, if you pay it and your employer reimburses you for it, it is includible in your income. Turbotax deluxe federal e file state 2012 for pc download Energy conservation subsidies. Turbotax deluxe federal e file state 2012 for pc download   You can exclude from gross income any subsidy provided, either directly or indirectly, by public utilities for the purchase or installation of an energy conservation measure for a dwelling unit. Turbotax deluxe federal e file state 2012 for pc download Energy conservation measure. Turbotax deluxe federal e file state 2012 for pc download   This includes installations or modifications that are primarily designed to reduce consumption of electricity or natural gas, or improve the management of energy demand. Turbotax deluxe federal e file state 2012 for pc download Dwelling unit. Turbotax deluxe federal e file state 2012 for pc download   This includes a house, apartment, condominium, mobile home, boat, or similar property. Turbotax deluxe federal e file state 2012 for pc download If a building or structure contains both dwelling and other units, any subsidy must be properly allocated. Turbotax deluxe federal e file state 2012 for pc download Estate and trust income. Turbotax deluxe federal e file state 2012 for pc download    An estate or trust, unlike a partnership, may have to pay federal income tax. Turbotax deluxe federal e file state 2012 for pc download If you are a beneficiary of an estate or trust, you may be taxed on your share of its income distributed or required to be distributed to you. Turbotax deluxe federal e file state 2012 for pc download However, there is never a double tax. Turbotax deluxe federal e file state 2012 for pc download Estates and trusts file their returns on Form 1041, U. Turbotax deluxe federal e file state 2012 for pc download S. Turbotax deluxe federal e file state 2012 for pc download Income Tax Return for Estates and Trusts, and your share of the income is reported to you on Schedule K-1 (Form 1041). Turbotax deluxe federal e file state 2012 for pc download Current income required to be distributed. Turbotax deluxe federal e file state 2012 for pc download   If you are the beneficiary of an estate or trust that must distribute all of its current income, you must report your share of the distributable net income, whether or not you actually received it. Turbotax deluxe federal e file state 2012 for pc download Current income not required to be distributed. Turbotax deluxe federal e file state 2012 for pc download    If you are the beneficiary of an estate or trust and the fiduciary has the choice of whether to distribute all or part of the current income, you must report: All income that is required to be distributed to you, whether or not it is actually distributed, plus All other amounts actually paid or credited to you, up to the amount of your share of distributable net income. Turbotax deluxe federal e file state 2012 for pc download How to report. Turbotax deluxe federal e file state 2012 for pc download   Treat each item of income the same way that the estate or trust would treat it. Turbotax deluxe federal e file state 2012 for pc download For example, if a trust's dividend income is distributed to you, you report the distribution as dividend income on your return. Turbotax deluxe federal e file state 2012 for pc download The same rule applies to distributions of tax-exempt interest and capital gains. Turbotax deluxe federal e file state 2012 for pc download   The fiduciary of the estate or trust must tell you the type of items making up your share of the estate or trust income and any credits you are allowed on your individual income tax return. Turbotax deluxe federal e file state 2012 for pc download Losses. Turbotax deluxe federal e file state 2012 for pc download   Losses of estates and trusts generally are not deductible by the beneficiaries. Turbotax deluxe federal e file state 2012 for pc download Grantor trust. Turbotax deluxe federal e file state 2012 for pc download   Income earned by a grantor trust is taxable to the grantor, not the beneficiary, if the grantor keeps certain control over the trust. Turbotax deluxe federal e file state 2012 for pc download (The grantor is the one who transferred property to the trust. Turbotax deluxe federal e file state 2012 for pc download ) This rule applies if the property (or income from the property) put into the trust will or may revert (be returned) to the grantor or the grantor's spouse. Turbotax deluxe federal e file state 2012 for pc download   Generally, a trust is a grantor trust if the grantor has a reversionary interest valued (at the date of transfer) at more than 5% of the value of the transferred property. Turbotax deluxe federal e file state 2012 for pc download Expenses paid by another. Turbotax deluxe federal e file state 2012 for pc download   If your personal expenses are paid for by another person, such as a corporation, the payment may be taxable to you depending upon your relationship with that person and the nature of the payment. Turbotax deluxe federal e file state 2012 for pc download But if the payment makes up for a loss caused by that person, and only restores you to the position you were in before the loss, the payment is not includible in your income. Turbotax deluxe federal e file state 2012 for pc download Fees for services. Turbotax deluxe federal e file state 2012 for pc download   Include all fees for your services in your income. Turbotax deluxe federal e file state 2012 for pc download Examples of these fees are amounts you receive for services you perform as: A corporate director, An executor, administrator, or personal representative of an estate, A manager of a trade or business you operated before declaring Chapter 11 bankruptcy, A notary public, or An election precinct official. Turbotax deluxe federal e file state 2012 for pc download Nonemployee compensation. Turbotax deluxe federal e file state 2012 for pc download   If you are not an employee and the fees for your services from the same payer total $600 or more for the year, you may receive a Form 1099-MISC. Turbotax deluxe federal e file state 2012 for pc download You may need to report your fees as self-employment income. Turbotax deluxe federal e file state 2012 for pc download See Self-Employed Persons , in chapter 1, for a discussion of when you are considered self-employed. Turbotax deluxe federal e file state 2012 for pc download Corporate director. Turbotax deluxe federal e file state 2012 for pc download   Corporate director fees are self-employment income. Turbotax deluxe federal e file state 2012 for pc download Report these payments on Schedule C or Schedule C-EZ (Form 1040). Turbotax deluxe federal e file state 2012 for pc download Personal representatives. Turbotax deluxe federal e file state 2012 for pc download   All personal representatives must include in their gross income fees paid to them from an estate. Turbotax deluxe federal e file state 2012 for pc download If you are not in the trade or business of being an executor (for instance, you are the executor of a friend's or relative's estate), report these fees on Form 1040, line 21. Turbotax deluxe federal e file state 2012 for pc download If you are in the trade or business of being an executor, report these fees as self-employment income on Schedule C or Schedule C-EZ (Form 1040). Turbotax deluxe federal e file state 2012 for pc download The fee is not includible in income if it is waived. Turbotax deluxe federal e file state 2012 for pc download Manager of trade or business for bankruptcy estate. Turbotax deluxe federal e file state 2012 for pc download   Include in your income all payments received from your bankruptcy estate for managing or operating a trade or business that you operated before you filed for bankruptcy. Turbotax deluxe federal e file state 2012 for pc download Report this income on Form 1040, line 21. Turbotax deluxe federal e file state 2012 for pc download Notary public. Turbotax deluxe federal e file state 2012 for pc download    Report payments for these services on Schedule C or Schedule C-EZ (Form 1040). Turbotax deluxe federal e file state 2012 for pc download These payments are not subject to self-employment tax. Turbotax deluxe federal e file state 2012 for pc download See the separate instructions for Schedule SE (Form 1040) for details. Turbotax deluxe federal e file state 2012 for pc download Election precinct official. Turbotax deluxe federal e file state 2012 for pc download    You should receive a Form W-2 showing payments for services performed as an election official or election worker. Turbotax deluxe federal e file state 2012 for pc download Report these payments on line 7 of Form 1040 or Form 1040A or on line 1 of Form 1040EZ. Turbotax deluxe federal e file state 2012 for pc download Foster care providers. Turbotax deluxe federal e file state 2012 for pc download   Payments you receive from a state, political subdivision, or a qualified foster care placement agency for providing care to qualified foster individuals in your home generally are not included in your income. Turbotax deluxe federal e file state 2012 for pc download However, you must include in your income payments received for the care of more than 5 individuals age 19 or older and certain difficulty-of-care payments. Turbotax deluxe federal e file state 2012 for pc download   A qualified foster individual is a person who: Is living in a foster family home, and Was placed there by: An agency of a state or one of its political subdivisions, or A qualified foster care placement agency. Turbotax deluxe federal e file state 2012 for pc download Difficulty-of-care payments. Turbotax deluxe federal e file state 2012 for pc download   These are additional payments that are designated by the payer as compensation for providing the additional care that is required for physically, mentally, or emotionally handicapped qualified foster individuals. Turbotax deluxe federal e file state 2012 for pc download A state must determine that the additional compensation is needed, and the care for which the payments are made must be provided in your home. Turbotax deluxe federal e file state 2012 for pc download   You must include in your income difficulty-of-care payments received for more than: 10 qualified foster individuals under age 19, or 5 qualified foster individuals age 19 or older. Turbotax deluxe federal e file state 2012 for pc download Maintaining space in home. Turbotax deluxe federal e file state 2012 for pc download   If you are paid to maintain space in your home for emergency foster care, you must include the payment in your income. Turbotax deluxe federal e file state 2012 for pc download Reporting taxable payments. Turbotax deluxe federal e file state 2012 for pc download    If you receive payments that you must include in your income, you are in business as a foster care provider and you are self-employed. Turbotax deluxe federal e file state 2012 for pc download Report the payments on Schedule C or Schedule C-EZ (Form 1040). Turbotax deluxe federal e file state 2012 for pc download See Publication 587, Business Use of Your Home, to help you determine the amount you can deduct for the use of your home. Turbotax deluxe federal e file state 2012 for pc download Found property. Turbotax deluxe federal e file state 2012 for pc download   If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed possession. Turbotax deluxe federal e file state 2012 for pc download Free tour. Turbotax deluxe federal e file state 2012 for pc download   If you received a free tour from a travel agency for organizing a group of tourists, you must include its value in your income. Turbotax deluxe federal e file state 2012 for pc download Report the fair market value of the tour on Form 1040, line 21, if you are not in the trade or business of organizing tours. Turbotax deluxe federal e file state 2012 for pc download You cannot deduct your expenses in serving as the voluntary leader of the group at the group's request. Turbotax deluxe federal e file state 2012 for pc download If you organize tours as a trade or business, report the tour's value on Schedule C or Schedule C-EZ (Form 1040). Turbotax deluxe federal e file state 2012 for pc download Gambling winnings. Turbotax deluxe federal e file state 2012 for pc download   You must include your gambling winnings in income on Form 1040, line 21. Turbotax deluxe federal e file state 2012 for pc download If you itemize your deductions on Schedule A (Form 1040), you can deduct gambling losses you had during the year, but only up to the amount of your winnings. Turbotax deluxe federal e file state 2012 for pc download Lotteries and raffles. Turbotax deluxe federal e file state 2012 for pc download   Winnings from lotteries and raffles are gambling winnings. Turbotax deluxe federal e file state 2012 for pc download In addition to cash winnings, you must include in your income the fair market value of bonds, cars, houses, and other noncash prizes. Turbotax deluxe federal e file state 2012 for pc download    If you win a state lottery prize payable in installments, see Publication 525 for more information. Turbotax deluxe federal e file state 2012 for pc download Form W-2G. Turbotax deluxe federal e file state 2012 for pc download   You may have received a Form W-2G, Certain Gambling Winnings, showing the amount of your gambling winnings and any tax taken out of them. Turbotax deluxe federal e file state 2012 for pc download Include the amount from box 1 on Form 1040, line 21. Turbotax deluxe federal e file state 2012 for pc download Include the amount shown in box 4 on Form 1040, line 62, as federal income tax withheld. Turbotax deluxe federal e file state 2012 for pc download Reporting winnings and recordkeeping. Turbotax deluxe federal e file state 2012 for pc download   For more information on reporting gam