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Turbotax Free State Filing

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Turbotax Free State Filing

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

LB&I Directives provide administrative guidance to LB&I examiners to ensure consistent tax administration and on matters relating to internal operations. The Directives do not establish Service position on legal issues and are not legal guidance.

LB&I (formerly LMSB) Directives

 
2014
02-28-14 Large Business and International Directive on Information Document Requests Enforcement Process
01-27-14 Updated Guidance on the Examination of Milestone Payments in the Acquisition of Businesses
01-21-14 De-coordination of All LB&I Coordinated Issue Papers
2013  
11-04-13 Large Business and International Directive on Information Document Requests Enforcement Process
10-29-13 Updated Guidance for Examiners on I.R.C. § 199 Benefits and Burdens of Ownership Analysis in Contract Manufacturing Arrangements
07-24-13 Guidance for Examiners on I.R.C. § 199 Benefits and Burdens of Ownership Analysis in Contract Manufacturing Arrangements
06-18-13 Large Business & International on Information Document Requests (IDRs)
06-10-13 Large Business & International Directive for Taxpayers Changing to the Method of Accounting Provided in Rev. Proc. 2013-24 for Steam or Electric Generation Property
05-02-13 Extension of Transition Rules for Taxpayers Adopting the Safe Harbor Method of Accounting for Electric Transmission and Distribution Property - LB&I Directive #2
04-29-13 Examination of Milestone Payments in the Acquisition of Businesses
03-22-13 UPDATED LB&I DIRECTIVE for Taxpayers Who Adopted a Method of Accounting Relating to the Conversion of Capitalized Assets to Repair Expense under I.R.C. Section 263(a)
2012  
12-07-12 Railroad Industry Capitalization Issues Impacted by the March 15, 2012, Stand Down Directive (LB&I-4-0312-004) Released after the Temporary Tangible Regulations were Issued December 23, 2011
12-07-12 Guidance for Computing and Substantiating the Credit for Increasing Research Activities under Section 41 of the Internal Revenue Code for Activities involved in Developing New Pharmaceutical Drugs and Therapeutic Biologics
08-17-12 Tiered Issues
07-30-12 I.R.C. §166: LB&I Directive Related to Partial Worthlessness Deduction for Eligible Securities Reported by Insurance Companies
03-15-12 LB&I Directive for TPs who adopted a Method of Accounting Relating to the Conversion of Capitalized Assets to Repair Expense under I.R.C. § 263(a)
01-23-12 Large Business and International Directive Wireless Telecommunication Assets
01-23-12 Large Business & International Directive Telecommunication Carriers Change in Method of Accounting Relating to Conversion of Capitalized Assets to Repair Expense Under I.R.C. Section 263(a)
2011  
11-25-11 Large Business & International Directive Transition Rules for Taxpayers Adopting the Safe Harbor Method of Accounting for Electric Transmission and Distribution Property
11-09-11 Consent of Director Provisions for a Voluntary Change in Method of Accounting under Rev. Proc. 2011-14, APPENDIX Section 15.11
11-01-11 UTP Guidance and Procedures for the Field
08-31-11 UTP Guidance and Procedures for the Compliance Assurance Process (CAP) Program
07-28-11 Examination of Success-Based Fees in the Acquisition of Businesses
 
07-15-11 Guidance for Examiners and Managers on the Codified Economic Substance Doctrine and Related Penalties
05-11-11 Centralized Management of LB&I Returns with UTP Schedules
04-14-11

I.R.C. §475: Field Directive related to Mark-to-Market Valuation
Frequently Asked Questions for I.R.C. § 475

03-30-11 Industry Director’s Directive # 2—Employment Tax and the Employees on the U.S. Outer Continental Shelf
03-28-11 LB&I Alert - Cases Forwarded to Appeals That Involve a Section 965 Transfer Pricing Adjustment Under Section 482
03-01-11 Field Guidance on the Planning & Examination of Sales-Based Royalty Payments and Sales-Based Vendor Allowances
02-04-11 Industry Directive to Withdraw Prior IDD on FSC IRC § 921-927 Bundle of Rights in Software Issue
2010  
09-24-10 Field Directive on Treatment of Sales-Based Vendor Allowances (“SBVA”) and Margin Protection Payments (“MPP”) under § 471
09-14-10 Codification of Economic Substance Doctrine and Related Penalties

07-26-10

Directive on Examination Action With Respect to Certain Gain Recognition Agreements

05-20-10 Examination of Dividends Received Deduction on Separate Accounts of Life Insurance Companies

05-13-10

Use of Delegation Order (DO) 4-25 on Appeals Settlement Position (ASP) for the I.R.C. § 41 Research Credit – Intra-Group Receipts from Foreign Affiliates (IRM 4.46.5.6)
2009  
11-03-09 Field Directive on the Use of Estimates from Probability Samples
10-28-09 Industry Director Directive #1 on United States Outer Continental Shelf Activity

2006

 
07-31-06 Industry Director Directive on Deductibility of Casino Complimentary Goods and Services
07-11-06 Industry Director Directive on Asset Class and Depreciation for Casino Construction Costs
04-11-06 Industry Director Directive on Qualified Intermediary Audit Reports for Audit Years after 2004
03-16-06 Industry Director Directive on Treatment of Semiconductor Assembly and Test Activities as Manufacturing
01-13-06 Industry Director Directive on Examination of IRC § 847
01-12-06 Industry Director Directive on Examination of Multiple Parties in Intermediary Transaction Tax Shelters as described in Notice 2001-16

2005

 
11-28-05 Industry Director Directive on the Planning and Examination of Cost Segregation Issues in the Biotech/Pharmaceutical Industry
08-26-05 Industry Director Directive Amended Returns/Refund Claims Containing Invalid IRC § 280(C)(3) Elections
05-20-05 Industry Director Directive Examination of Transaction Costs in the Acquisition of Businesses
03-14-05 Industry Director Directive in Response to Electric Utility Taxpayers' Attempts to Reclassify Utility Property for MACRS Depreciation Purposes
03-04-05 Field Guidance on the Planning and Examination of the Cyclical Overhauls, Betterments, and Rebuilds of Locomotives for Class I Railroads
03-04-05 Field Guidance on the Planning and Examination of the Cyclical Overhauls, Betterments, and Rebuilds of Freight Cars for Class I Railroads
01-05-05 Industry Director Directive on Disposition of Income Forecast Method Issues

2004

 
12-27-04 Planning and Examination of Cost Segregation Issues in the Restaurant Industry
12-16-04 Planning and Examination of Cost Segregation Issues in the Retail Industry
10-12-04 IRC Sec. 907 Evaluating Taxpayer Methods of Determining Foreign Oil and Gas Extraction Income (FOGEI) and Foreign Oil Related Income (FORI)
07-31-04 Cost Depletion - Determination of Recoverable Reserves
04-30-04 Planning and Examination of Research Credit Issues in a Branded Pharmaceutical Company
 
 
 
 
04-16-04 Timber Casualty Losses
 

° Exhibit A - Timber Casualty Loss Audit Techniques Guide

 

° Exhibit B - Issue Paper on Timber Casualty Losses - Valuation of a Single Identifiable Property

02-02-04 IRC § 29 Credits Claimed on Solid Synthetic Fuel from Coal - Significant Chemical Change Issue

2003

 

11-14-03

Foreign Sales Corporations (FSC) IRC § 921-927 Bundle of Rights in Software Issue

10-24-03

Examination Procedures for Sports Franchise Acquisitions

10-24-03

Examination of Sports Franchise Acquisitions

10-17-03

Examination of Legally Mandated Research and Experimentation Expenses in the Biotech and Pharmaceutical Industries

06-02-03

Qualified Intermediary Audit Reports for Audit Years Before 2005

03-24-03

Planning and Examination of Construction "Tenant" Allowances for Leases Greater Than 15 Years

03-14-03

Assertion of the Penalty for Failure to Deposit Employment Taxes

03-07-03

Asset Class and Depreciation for Casino Construction Costs

03-07-03

Audit Procedures to Determine Recovery Period of Various Components of a Casino/Hotel Complex

01-21-03

Planning and Examination of Research Credit - Generic Drugs

2002

 

10-16-02

Planning and Examination of Developer Inducements

04-26-02

Guidelines for Intangibles Under IRC § 263(a)

04-08-02

MACRS Asset Categories for Refinery Assets

02-26-02

Guidelines for the Application of Advance Notice of Rulemaking for Intangibles Under IRC § 263(a)

02-25-02

Audit Procedures for Golf Course Land Improvements - Change in Accounting Method

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Depreciable Golf Course Land Improvements and the Impact of Rev. Rul. 2001-60

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Conformity Election for Bank Bad Debts

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Field Guidance on the Planning and Examination of the Heavy Maintenance Visit (HMV) on Airframes
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The Turbotax Free State Filing

Turbotax free state filing Publication 554 - Introductory Material Table of Contents What's New Reminders IntroductionVolunteer Income Tax Assistance and Tax Counseling for the Elderly. Turbotax free state filing Ordering forms and publications. Turbotax free state filing Tax questions. Turbotax free state filing What's New Alternative minimum tax exemption increased. Turbotax free state filing  The AMT exemption amount has increased to $51,900 ($80,800 if married filing jointly or qualifying widow(er); $40,400 if married filing separately). Turbotax free state filing Earned income credit. Turbotax free state filing  The maximum amount of income you can earn and still get the credit has increased. Turbotax free state filing You may be able to take the credit if you earn less than: $14,340 ($19,680 if married filing jointly), do not have a qualifying child, and are at least 25 years old and under 65, $37,870 ($43,210 if married filing jointly), and you have one qualifying child, $43,038 ($48,378 if married filing jointly), and you have two qualifying children, or $46,227 ($51,567 if married filing jointly), and you have three or more qualifying children. Turbotax free state filing For more information, see Earned Income Credit , later. Turbotax free state filing Exemption phaseout. Turbotax free state filing  You lose at least part of the benefit of your exemptions if your adjusted gross income is above a certain amount. Turbotax free state filing For 2013, the phaseout begins at $150,000 for married individuals filing separate returns; $250,000 for single individuals; $275,000 for heads of household; and $300,000 for married individuals filing joint returns or qualifying widow(er)s. Turbotax free state filing For more information, see Phaseout of Exemptions in Publication 501. Turbotax free state filing Limit on itemized deductions. Turbotax free state filing   Beginning January 1, 2013, itemized deductions for taxpayers with adjusted gross incomes above $150,000 may be reduced. Turbotax free state filing See Overall limitation , later. Turbotax free state filing Medical and dental expenses. Turbotax free state filing   Beginning January 1, 2013, taxpayers 65 and older can deduct only the part of their medical and dental expenses that exceed 7. Turbotax free state filing 5% of their adjusted gross income (10% for taxpayers under 65). Turbotax free state filing Same-sex marriages. Turbotax free state filing  If you have a same-sex spouse whom you legally married in a state (or foreign country) that recognizes same-sex marriage, you and your spouse generally must use the married filing jointly or married filing separately filing status on your 2013 return, even if you and your spouse now live in a state (or foreign country) that does not recognize same-sex marriage. Turbotax free state filing For more information, see Publication 501. Turbotax free state filing Reminders Future developments. Turbotax free state filing  For the latest information about developments related to Publication 554, such as legislation enacted after it was published, go to www. Turbotax free state filing irs. Turbotax free state filing gov/pub554. Turbotax free state filing Tax return preparers. Turbotax free state filing  Choose your preparer carefully. Turbotax free state filing If you pay someone to prepare your return, the preparer is required, under the law, to sign the return and fill in the other blanks in the Paid Preparer's area of your return. Turbotax free state filing Remember, however, that you are still responsible for the accuracy of every item entered on your return. Turbotax free state filing If there is any underpayment, you are responsible for paying it, plus any interest and penalty that may be due. Turbotax free state filing Sale of home by surviving spouse. Turbotax free state filing  If you are an unmarried widow or widower, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home. Turbotax free state filing For more information, see Sale of Home , later. Turbotax free state filing Third party designee. Turbotax free state filing  You can check the “Yes” box in the Third Party Designee area of your return to authorize the IRS to discuss your return with your preparer, a friend, family member, or any other person you choose. Turbotax free state filing This allows the IRS to call the person you identified as your designee to answer any questions that may arise during the processing of your return. Turbotax free state filing It also allows your designee to perform certain actions. Turbotax free state filing See your income tax return instructions for details. Turbotax free state filing Employment tax withholding. Turbotax free state filing  Your wages are subject to withholding for income tax, social security tax, and Medicare tax even if you are receiving social security benefits. Turbotax free state filing Photographs of missing children. Turbotax free state filing  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Turbotax free state filing Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Turbotax free state filing You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Turbotax free state filing Introduction The purpose of this publication is to provide a general overview of selected topics that are of interest to older taxpayers. Turbotax free state filing The publication will help you determine if you need to file a return and, if so, what items to report on your return. Turbotax free state filing Each topic is discussed only briefly, so you will find references to other free IRS publications that provide more detail on these topics if you need it. Turbotax free state filing Table I has a list of questions you may have about filing your federal tax return. Turbotax free state filing To the right of each question is the location of the answer in this publication. Turbotax free state filing Also, at the back of this publication there is an index to help you search for the topic you need. Turbotax free state filing While most federal income tax laws apply equally to all taxpayers, regardless of age, there are some provisions that give special treatment to older taxpayers. Turbotax free state filing The following are some examples. Turbotax free state filing Higher gross income threshold for filing. Turbotax free state filing You must be age 65 or older at the end of the year to get this benefit. Turbotax free state filing You are considered age 65 on the day before your 65th birthday. Turbotax free state filing Therefore, you are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year. Turbotax free state filing Higher standard deduction. Turbotax free state filing If you do not itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. Turbotax free state filing You are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year. Turbotax free state filing Credit for the elderly or the disabled. Turbotax free state filing If you qualify, you may benefit from the credit for the elderly or the disabled. Turbotax free state filing To determine if you qualify and how to figure this credit, see Credit for the Elderly or the Disabled , later. Turbotax free state filing Return preparation assistance. Turbotax free state filing   The IRS wants to make it easier for you to file your federal tax return. Turbotax free state filing You may find it helpful to visit a Volunteer Income Tax Assistance (VITA), Tax Counseling for the Elderly (TCE), or American Association of Retired Persons (AARP) Tax-Aide site near you. Turbotax free state filing Volunteer Income Tax Assistance and Tax Counseling for the Elderly. Turbotax free state filing   These programs provide free help for low-income taxpayers and taxpayers age 60 or older to fill in and file their returns. Turbotax free state filing For the VITA/TCE site nearest you, contact your local IRS office. Turbotax free state filing For more information, see Free help with your tax return under How To Get Tax Help. Turbotax free state filing   For the location of an AARP Tax-Aide site in your community, call 1-888-227-7669. Turbotax free state filing When asked, be ready to press in or speak your 5-digit ZIP code. Turbotax free state filing Or, you can visit their website on the Internet at www. Turbotax free state filing aarp. Turbotax free state filing org/money/taxaide. Turbotax free state filing Comments and suggestions. Turbotax free state filing   We welcome your comments about this publication and your suggestions for future editions. Turbotax free state filing   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Turbotax free state filing NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Turbotax free state filing Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Turbotax free state filing   You can send your comments from www. Turbotax free state filing irs. Turbotax free state filing gov/formspubs/. Turbotax free state filing Click on “More Information” and then on “Comment on Tax Forms and Publications. Turbotax free state filing ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Turbotax free state filing Ordering forms and publications. Turbotax free state filing   Visit www. Turbotax free state filing irs. Turbotax free state filing gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 business days after your request is received. Turbotax free state filing Internal Revenue Service 1201 N. Turbotax free state filing Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Turbotax free state filing   If you have a tax question, check the information available on IRS. Turbotax free state filing gov or call 1-800-829-1040. Turbotax free state filing We cannot answer tax questions sent to either of the above addresses. Turbotax free state filing Table I. Turbotax free state filing What You Should Know About Federal Taxes Note. Turbotax free state filing The following is a list of questions you may have about filling out your federal income tax return. Turbotax free state filing  To the right of each question is the location of the answer in this publication. Turbotax free state filing What I Should Know Where To Find the Answer Do I need to file a return? See chapter 1. Turbotax free state filing Is my income taxable or nontaxable?  If it is nontaxable, must I still report it? See chapter 2. Turbotax free state filing How do I report benefits I received from the Social Security Administration or the Railroad Retirement Board?  Are these benefits taxable? See Social Security and Equivalent Railroad Retirement Benefits in chapter 2. Turbotax free state filing Must I report the sale of my home?  If I had a gain, is any part of it taxable? See Sale of Home in chapter 2. Turbotax free state filing What are some of the items that I can deduct to reduce my income? See chapters 3 and 4. Turbotax free state filing How do I report the amounts I set aside for my IRA? See Individual Retirement Arrangement (IRA) Contributions and Deductions in chapter 3. Turbotax free state filing Would it be better for me to claim the standard deduction or itemize my deductions? See chapter 4. Turbotax free state filing What are some of the credits I can claim to reduce my tax? See chapter 5 for discussions on the credit for the elderly or the disabled, the child and dependent care credit, and the earned income credit. Turbotax free state filing Must I make estimated tax payments? See chapter 6. Turbotax free state filing How do I contact the IRS or get more information? See chapter 7. Turbotax free state filing Prev  Up  Next   Home   More Online Publications