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Vita Tax Preparer

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Vita Tax Preparer

Vita tax preparer 6. Vita tax preparer   Tuition and Fees Deduction Table of Contents IntroductionWhat is the tax benefit of the tuition and fees deduction. Vita tax preparer Can You Claim the DeductionWho Can Claim the Deduction Who Cannot Claim the Deduction What Expenses QualifyQualified Education Expenses No Double Benefit Allowed Expenses That Do Not Qualify Who Is an Eligible Student Who Can Claim a Dependent's Expenses Figuring the DeductionEffect of the Amount of Your Income on the Amount of Your Deduction Claiming the Deduction Illustrated Example Introduction You may be able to deduct qualified education expenses paid during the year for yourself, your spouse, or your dependent(s). Vita tax preparer You cannot claim this deduction if your filing status is married filing separately or if another person can claim an exemption for you as a dependent on his or her tax return. Vita tax preparer The qualified expenses must be for higher education, as explained later under Qualified Education Expenses . Vita tax preparer What is the tax benefit of the tuition and fees deduction. Vita tax preparer   The tuition and fees deduction can reduce the amount of your income subject to tax by up to $4,000. Vita tax preparer   This deduction is taken as an adjustment to income. Vita tax preparer This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). Vita tax preparer This deduction may be beneficial to you if you do not qualify for the American opportunity or lifetime learning credits. Vita tax preparer You can choose the education benefit that will give you the lowest tax. Vita tax preparer You may want to compare the tuition and fees deduction to the education credits. Vita tax preparer See chapter 2, American Opportunity Credit and chapter 3, Lifetime Learning Credit for more information on the education credits. Vita tax preparer Table 6-1. Vita tax preparer Tuition and Fees Deduction at a Glance summarizes the features of the tuition and fees deduction. Vita tax preparer Can You Claim the Deduction The following rules will help you determine if you can claim the tuition and fees deduction. Vita tax preparer Who Can Claim the Deduction Generally, you can claim the tuition and fees deduction if all three of the following requirements are met. Vita tax preparer You pay qualified education expenses of higher education. Vita tax preparer You pay the education expenses for an eligible student. Vita tax preparer The eligible student is yourself, your spouse, or your dependent for whom you claim an exemption on your tax return. Vita tax preparer The term “qualified education expenses” is defined later under Qualified Education Expenses . Vita tax preparer “Eligible student” is defined later under Who Is an Eligible Student . Vita tax preparer For more information on claiming the deduction for a dependent, see Who Can Claim a Dependent's Expenses , later. Vita tax preparer Table 6-1. Vita tax preparer Tuition and Fees Deduction at a Glance Do not rely on this table alone. Vita tax preparer Refer to the text for complete details. Vita tax preparer Question Answer What is the maximum benefit? You can reduce your income subject to tax by up to $4,000. Vita tax preparer What is the limit on modified adjusted gross income (MAGI)? $160,000 if married filing a joint return; $80,000 if single, head of household, or qualifying widow(er). Vita tax preparer Where is the deduction taken? As an adjustment to income on  Form 1040 or Form 1040A. Vita tax preparer For whom must the expenses be paid? A student enrolled in an eligible educational institution who is either: •you,  •your spouse, or  •your dependent for whom you claim an exemption. Vita tax preparer What tuition and fees are deductible? Tuition and fees required for enrollment or attendance at an eligible postsecondary educational institution, but not including personal, living, or family expenses, such as room and board. Vita tax preparer Who Cannot Claim the Deduction You cannot claim the tuition and fees deduction if any of the following apply. Vita tax preparer Your filing status is married filing separately. Vita tax preparer Another person can claim an exemption for you as a dependent on his or her tax return. Vita tax preparer You cannot take the deduction even if the other person does not actually claim that exemption. Vita tax preparer Your modified adjusted gross income (MAGI) is more than $80,000 ($160,000 if filing a joint return). Vita tax preparer You (or your spouse) were a nonresident alien for any part of 2013 and the nonresident alien did not elect to be treated as a resident alien for tax purposes. Vita tax preparer More information on nonresident aliens can be found in Publication 519. Vita tax preparer What Expenses Qualify The tuition and fees deduction is based on qualified education expenses you pay for yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. Vita tax preparer Generally, the deduction is allowed for qualified education expenses paid in 2013 in connection with enrollment at an institution of higher education during 2013 or for an academic period beginning in 2013 or in the first 3 months of 2014. Vita tax preparer 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 deduction. Vita tax preparer Academic period. Vita tax preparer   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. Vita tax preparer 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. Vita tax preparer Paid with borrowed funds. Vita tax preparer   You can claim a tuition and fees deduction for qualified education expenses paid with the proceeds of a loan. Vita tax preparer Use the expenses to figure the deduction for the year in which the expenses are paid, not the year in which the loan is repaid. Vita tax preparer Treat loan disbursements sent directly to the educational institution as paid on the date the institution credits the student's account. Vita tax preparer Student withdraws from class(es). Vita tax preparer   You can claim a tuition and fees deduction for qualified education expenses not refunded when a student withdraws. Vita tax preparer Qualified Education Expenses For purposes of the tuition and fees deduction, qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. Vita tax preparer Eligible educational institution. Vita tax preparer   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. Vita tax preparer S. Vita tax preparer Department of Education. Vita tax preparer It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Vita tax preparer The educational institution should be able to tell you if it is an eligible educational institution. Vita tax preparer   Certain educational institutions located outside the United States also participate in the U. Vita tax preparer S. Vita tax preparer Department of Education's Federal Student Aid (FSA) programs. Vita tax preparer Related expenses. Vita tax preparer   Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance. Vita tax preparer Prepaid expenses. Vita tax preparer   Qualified education expenses paid in 2013 for an academic period that begins in the first three months of 2014 can be used in figuring an education credit for 2013 only. Vita tax preparer See Academic period , earlier. Vita tax preparer For example, 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). Vita tax preparer 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). Vita tax preparer In the following examples, assume that each student is an eligible student and each college or university an eligible educational institution. Vita tax preparer Example 1. Vita tax preparer Jackson is a sophomore in University V's degree program in dentistry. Vita tax preparer This year, in addition to tuition, he is required to pay a fee to the university for the rental of the dental equipment he will use in this program. Vita tax preparer Because the equipment rental fee must be paid to University V for enrollment and attendance, Jackson's equipment rental fee is a qualified education expense. Vita tax preparer Example 2. Vita tax preparer Donna and Charles, both first-year students at College W, are required to have certain books and other reading materials to use in their mandatory first-year classes. Vita tax preparer The college has no policy about how students should obtain these materials, but any student who purchases them from College W's bookstore will receive a bill directly from the college. Vita tax preparer Charles bought his books from a friend, so what he paid for them is not a qualified education expense. Vita tax preparer Donna bought hers at College W's bookstore. Vita tax preparer Although Donna paid College W directly for her first-year books and materials, her payment is not a qualified education expense because the books and materials are not required to be purchased from College W for enrollment or attendance at the institution. Vita tax preparer Example 3. Vita tax preparer When Marci enrolled at College X for her freshman year, she had to pay a separate student activity fee in addition to her tuition. Vita tax preparer This activity fee is required of all students, and is used solely to fund on-campus organizations and activities run by students, such as the student newspaper and the student government. Vita tax preparer No portion of the fee covers personal expenses. Vita tax preparer Although labeled as a student activity fee, the fee is required for Marci's enrollment and attendance at College X. Vita tax preparer Therefore, it is a qualified expense. Vita tax preparer No Double Benefit Allowed You cannot do any of the following. Vita tax preparer Deduct qualified education expenses you deduct under any other provision of the law, for example, as a business expense. Vita tax preparer Deduct qualified education expenses for a student on your income tax return if you or anyone else claims an American opportunity or lifetime learning credit for that same student in the same year. Vita tax preparer Deduct qualified education expenses that have been used to figure the tax-free portion of a distribution from a Coverdell education savings account (ESA) or a qualified tuition program (QTP). Vita tax preparer For a QTP, this applies only to the amount of tax-free earnings that were distributed, not to the recovery of contributions to the program. Vita tax preparer See Coordination With Tuition and Fees Deduction in chapter 8, Qualified Tuition Program, later. Vita tax preparer Deduct qualified education expenses that have been paid with tax-free interest on U. Vita tax preparer S. Vita tax preparer savings bonds (Form 8815). Vita tax preparer See Figuring the Tax-Free Amount in chapter 10, Education Savings Bond Program, later. Vita tax preparer Deduct qualified education expenses that have been paid with tax-free educational assistance, such as a scholarship, grant, or assistance provided by an employer. Vita tax preparer See the following section on Adjustments to Qualified Education Expenses. Vita tax preparer Adjustments to Qualified Education Expenses For each student, reduce the qualified education expenses paid by or on behalf of that student under the following rules. Vita tax preparer The result is the amount of adjusted qualified education expenses for each student. Vita tax preparer You must also reduce qualified education expenses by the other amounts referred to in No Double Benefit Allowed , earlier. Vita tax preparer Tax-free educational assistance. Vita tax preparer   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. Vita tax preparer See Academic period , earlier. Vita tax preparer   Some tax-free educational assistance received after 2013 may be treated as a refund of qualified education expenses paid in 2013. Vita tax preparer 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). Vita tax preparer   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. Vita tax preparer 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. Vita tax preparer   This tax-free education assistance includes: The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Vita tax preparer Generally, any scholarship or fellowship is treated as tax free. Vita tax preparer However, a scholarship or fellowship is not treated as tax free 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 of the following is true. Vita tax preparer 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 chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Vita tax preparer 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 chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Vita tax preparer 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 it is received. Vita tax preparer For details, see Adjustments to Qualified Education Expenses in chapters 2 and 3. Vita tax preparer Refunds. Vita tax preparer   A refund of qualified education expenses may reduce adjusted qualified education expenses for the tax year or require repayment (recapture) of a credit claimed in an earlier year. Vita tax preparer Some tax-free educational assistance received after 2013 may be treated as a refund. Vita tax preparer See Tax-free educational assistance , earlier. Vita tax preparer Refunds received in 2013. Vita tax preparer   For each student, figure the adjusted qualified education expenses for 2013 by adding all the qualified education expenses for 2013 and subtracting any refunds of those expenses received from the eligible educational institution during 2013. Vita tax preparer Refunds received after 2013 but before your income tax return is filed. Vita tax preparer   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is paid before you file an income tax return for 2013, the amount of qualified education expenses for 2013 is reduced by the amount of the refund. Vita tax preparer Refunds received after 2013 and after your income tax return is filed. Vita tax preparer   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is paid after you file an income tax return for 2013, you may need to repay some or all of the credit. Vita tax preparer See Credit recapture , later. Vita tax preparer Coordination with Coverdell education savings accounts and qualified tuition programs. Vita tax preparer   Reduce your qualified education expenses by any qualified education expenses used to figure the exclusion from gross income of (a) interest received under an education savings bond program, or (b) any distribution from a Coverdell education savings account or qualified tuition program (QTP). Vita tax preparer For a QTP, this applies only to the amount of tax-free earnings that were distributed, not to the recovery of contributions to the program. Vita tax preparer Credit recapture. Vita tax preparer    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. Vita tax preparer You do this by refiguring the amount of your adjusted qualified education expenses for 2013 by reducing that amount by the amount of the refund or tax-free educational assistance. Vita tax preparer 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). Vita tax preparer Include that amount as an additional tax for the year the refund or tax-free assistance was received. Vita tax preparer Example. Vita tax preparer   You paid $3,500 of qualified education expenses in December 2013, and your child began college in January 2014. Vita tax preparer You claimed $3,500 as the tuition and fees deduction on your 2013 income tax return. Vita tax preparer The reduction reduced your taxable income by $3,500. Vita tax preparer Also, you claimed no tax credits in 2013. Vita tax preparer Your child withdrew from two classes and you received a refund of $2,000 in 2014 after you filed your 2013 tax return. Vita tax preparer Refigure your 2013 tuition and fees deduction using $1,500 of qualified education expense instead of the $3,500. Vita tax preparer The refigured tuition and fees deduction is $1,500. Vita tax preparer Do not file an amended 2013 tax return to account for this adjustment. Vita tax preparer Instead, include the difference of $2,000 (but only to the extent this difference would have increased your 2013 tax) on the “Other income” line of your 2014 Form 1040. Vita tax preparer You cannot file Form 1040A for 2014. Vita tax preparer Amounts that do not reduce qualified education expenses. Vita tax preparer   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. Vita tax preparer   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. Vita tax preparer 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 Qualified education expenses in chapter 1, Scholarships, Fellowships, Grants, and Tuition Restrictions. Vita tax preparer The use of the money is not restricted. Vita tax preparer Example 1. Vita tax preparer In 2013, Jackie paid $3,000 for tuition and $5,000 for room and board at University X. Vita tax preparer The university did not require her to pay any fees in addition to her tuition in order to enroll in or attend classes. Vita tax preparer To help pay these costs, she was awarded a $2,000 scholarship and a $4,000 student loan. Vita tax preparer The terms of the scholarship state that it can be used to pay any of Jackie's college expenses. Vita tax preparer University X applies the $2,000 scholarship against Jackie's $8,000 total bill, and Jackie pays the $6,000 balance of her bill from University X with a combination of her student loan and her savings. Vita tax preparer Jackie does not report any portion of the scholarship as income on her tax return. Vita tax preparer In figuring the tuition and fees deduction, Jackie must reduce her qualified education expenses by the amount of the scholarship ($2,000) because she excluded the entire scholarship from her income. Vita tax preparer The student loan is not tax-free educational assistance, so she does not need to reduce her qualified expenses by any part of the loan proceeds. Vita tax preparer Jackie is treated as having paid $1,000 in qualified education expenses ($3,000 tuition – $2,000 scholarship) in 2013. Vita tax preparer Example 2. Vita tax preparer The facts are the same as in Example 1, except that Jackie reports her entire scholarship as income on her tax return. Vita tax preparer Because Jackie reported the entire $2,000 scholarship in her income, she does not need to reduce her qualified education expenses. Vita tax preparer Jackie is treated as having paid $3,000 in qualified education expenses. Vita tax preparer Expenses That Do Not Qualify Qualified education expenses do not include amounts paid for: Insurance, Medical expenses (including student health fees), Room and board, Transportation, or Similar personal, living, or family expenses. Vita tax preparer This is true even if the amount must be paid to the institution as a condition of enrollment or attendance. Vita tax preparer Sports, games, hobbies, and noncredit courses. Vita tax preparer   Qualified education expenses generally do not include expenses that relate to any course of instruction or other education that involves sports, games or hobbies, or any noncredit course. Vita tax preparer However, if the course of instruction or other education is part of the student's degree program, these expenses can qualify. Vita tax preparer Comprehensive or bundled fees. Vita tax preparer   Some eligible educational institutions combine all of their fees for an academic period into one amount. Vita tax preparer If you do not receive, or do not have access to, an allocation showing how much you paid for qualified education expenses and how much you paid for personal expenses, such as those listed above, contact the institution. Vita tax preparer The institution is required to make this allocation and provide you with the amount you paid (or were billed) for qualified education expenses on Form 1098-T. Vita tax preparer See Figuring the Deduction , later, for more information about Form 1098-T. Vita tax preparer Who Is an Eligible Student For purposes of the tuition and fees deduction, an eligible student is a student who is enrolled in one or more courses at an eligible educational institution (as defined under Qualified Education Expenses , earlier). Vita tax preparer Who Can Claim a Dependent's Expenses Generally, in order to claim the tuition and fees deduction for qualified education expenses for a dependent, you must: Have paid the expenses, and Claim an exemption for the student as a dependent. Vita tax preparer For you to be able to deduct qualified education expenses for your dependent, you must claim an exemption for that individual. Vita tax preparer You do this by listing your dependent's name and other required information on Form 1040 (or Form 1040A), line 6c. Vita tax preparer IF your dependent is an eligible student and you. Vita tax preparer . Vita tax preparer . Vita tax preparer AND. Vita tax preparer . Vita tax preparer . Vita tax preparer THEN. Vita tax preparer . Vita tax preparer . Vita tax preparer claim an exemption for your dependent you paid all qualified education expenses for your dependent only you can deduct the qualified education expenses that you paid. Vita tax preparer Your dependent cannot take a deduction. Vita tax preparer claim an exemption for your dependent your dependent paid all qualified education expenses no one is allowed to take a deduction. Vita tax preparer do not claim an exemption for your dependent you paid all qualified education expenses no one is allowed to take a deduction. Vita tax preparer do not claim an exemption for your dependent your dependent paid all qualified education expenses no one is allowed to take a deduction. Vita tax preparer Expenses paid by dependent. Vita tax preparer   If your dependent pays qualified education expenses, no one can take a tuition and fees deduction for those expenses. Vita tax preparer Neither you nor your dependent can deduct the expenses. Vita tax preparer For purposes of the tuition and fees deduction, you are not treated as paying any expenses actually paid by a dependent for whom you or anyone other than the dependent can claim an exemption. Vita tax preparer This rule applies even if you do not claim an exemption for your dependent on your tax return. Vita tax preparer Expenses paid by you. Vita tax preparer   If you claim an exemption for a dependent who is an eligible student, only you can include any expenses you paid when figuring your tuition and fees deduction. Vita tax preparer Expenses paid under divorce decree. Vita tax preparer   Qualified education expenses paid directly to an eligible educational institution for a student under a court-approved divorce decree are treated as paid by the student. Vita tax preparer Only the student would be eligible to take a tuition and fees deduction for that payment, and then only if no one else could claim an exemption for the student. Vita tax preparer Expenses paid by others. Vita tax preparer   Someone other than you, your spouse, or your dependent (such as a relative or former spouse) may make a payment directly to an eligible educational institution to pay for an eligible student's qualified education expenses. Vita tax preparer In this case, the student is treated as receiving the payment from the other person and, in turn, paying the institution. Vita tax preparer If you claim, or can claim, an exemption on your tax return for the student, you are not considered to have paid the expenses and you cannot deduct them. Vita tax preparer If the student is not a dependent, only the student can deduct payments made directly to the institution for his or her expenses. Vita tax preparer If the student is your dependent, no one can deduct the payments. Vita tax preparer Example. Vita tax preparer In 2013, Ms. Vita tax preparer Baker makes a payment directly to an eligible educational institution for her grandson Dan's qualified education expenses. Vita tax preparer For purposes of deducting tuition and fees, Dan is treated as receiving the money from his grandmother and, in turn, paying his own qualified education expenses. Vita tax preparer If an exemption cannot be claimed for Dan on anyone else's tax return, only Dan can claim a tuition and fees deduction for his grandmother's payment. Vita tax preparer If someone else can claim an exemption for Dan, no one will be allowed a deduction for Ms. Vita tax preparer Baker's payment. Vita tax preparer Tuition reduction. Vita tax preparer   When an eligible educational institution provides a reduction in tuition to an employee of the institution (or spouse or dependent child of an employee), the amount of the reduction may or may not be taxable. Vita tax preparer If it is taxable, the employee is treated as receiving a payment of that amount and, in turn, paying it to the educational institution on behalf of the student. Vita tax preparer For more information on tuition reductions, see Qualified Tuition Reduction , in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Vita tax preparer Figuring the Deduction The maximum tuition and fees deduction in 2013 is $4,000, $2,000, or $0, depending on the amount of your MAGI. Vita tax preparer See Effect of the Amount of Your Income on the Amount of Your Deduction , later. Vita tax preparer Form 1098-T. Vita tax preparer   To help you figure your tuition and fees deduction, the student should receive Form 1098-T (see Appendix A for a completed example of Form 1098-T). Vita tax preparer Generally, an eligible educational institution (such as a college or university) must send Form 1098-T (or acceptable substitute) to each enrolled student by January 31, 2014. Vita tax preparer An institution may choose to report either payments received (box 1), or amounts billed (box 2), for qualified education expenses. Vita tax preparer However, the amount in boxes 1 and 2 of Form 1098-T might be different than what you paid. Vita tax preparer When figuring the deduction, use only the amounts you paid in 2013 for qualified education expenses. Vita tax preparer   In addition, Form 1098-T should give other information for that institution, such as adjustments made for prior years, the amount of scholarships or grants, reimbursements or refunds, and whether the student was enrolled at least half-time or was a graduate student. Vita tax preparer    The eligible educational institution may ask for a completed Form W-9S or similar statement to obtain the student's name, address, and taxpayer identification number. Vita tax preparer Effect of the Amount of Your Income on the Amount of Your Deduction If your MAGI is not more than $65,000 ($130,000 if you are married filing jointly), your maximum tuition and fees deduction is $4,000. Vita tax preparer If your MAGI is larger than $65,000 ($130,000 if you are married filing jointly), but is not more than $80,000 ($160,000 if you are married filing jointly), your maximum deduction is $2,000. Vita tax preparer No tuition and fees deduction is allowed if your MAGI is larger than $80,000 ($160,000 if you are married filing jointly). Vita tax preparer Modified adjusted gross income (MAGI). Vita tax preparer   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return before subtracting any deduction for tuition and fees. Vita tax preparer However, as discussed below, there may be other modifications. Vita tax preparer MAGI when using Form 1040A. Vita tax preparer   If you file Form 1040A, your MAGI is the AGI on line 22 of that form, figured without taking into account any amount on line 19 (tuition and fees deduction). Vita tax preparer MAGI when using Form 1040. Vita tax preparer   If you file Form 1040, your MAGI is the AGI on line 38 of that form, figured without taking into account any amount on line 34 (tuition and fees deduction) or line 35 (domestic production activities deduction), and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. Vita tax preparer   Table 6-2 shows how the amount of your MAGI can affect your tuition and fees deduction. Vita tax preparer   You can use Worksheet 6-1. Vita tax preparer MAGI for the Tuition and Fees Deduction , later, to figure your MAGI. Vita tax preparer Table 6-2. Vita tax preparer Effect of MAGI on Maximum Tuition and Fees Deduction IF your filing status is. Vita tax preparer . Vita tax preparer . Vita tax preparer AND your MAGI is. Vita tax preparer . Vita tax preparer . Vita tax preparer THEN your maximum tuition and fees deduction is. Vita tax preparer . Vita tax preparer . Vita tax preparer single,  head of household, or qualifying widow(er) not more than $65,000 $4,000. Vita tax preparer more than $65,000  but not more than $80,000 $2,000. Vita tax preparer more than $80,000 $0. Vita tax preparer married filing joint return not more than $130,000 $4,000. Vita tax preparer more than $130,000 but not more than $160,000 $2,000. Vita tax preparer more than $160,000 $0. Vita tax preparer Claiming the Deduction You claim a tuition and fees deduction by completing Form 8917 and submitting it with your Form 1040 or Form 1040A. Vita tax preparer Enter the deduction on Form 1040, line 34, or Form 1040A, line 19. Vita tax preparer A filled-in Form 8917 is shown at the end of this chapter. Vita tax preparer Illustrated Example Tim Pfister, a single taxpayer, enrolled full-time at a local college to earn a degree in engineering. Vita tax preparer This is the first year of his postsecondary education. Vita tax preparer During 2013, he paid $3,600 for his qualified 2013 tuition expense. Vita tax preparer Both he and the college meet all of the requirements for the tuition and fees deduction. Vita tax preparer Tim's total income (Form 1040, line 22) and MAGI are $26,000. Vita tax preparer He figures his deduction of $3,600 as shown on Form 8917, later. Vita tax preparer Worksheet 6-1. Vita tax preparer MAGI for the Tuition and Fees Deduction Use this worksheet if you are filing Form 2555, 2555-EZ, or 4563, or you are excluding income from sources within Puerto Rico. Vita tax preparer Before using this worksheet, you must complete Form 1040, lines 7 through 33, and figure any amount to be entered on the dotted line next to line 36. Vita tax preparer 1. Vita tax preparer Enter the amount from Form 1040, line 22   1. Vita tax preparer         2. Vita tax preparer Enter the total from Form 1040, lines 23 through 33   2. Vita tax preparer               3. Vita tax preparer Enter the total of any amounts entered on the dotted line next to Form 1040, line 36   3. Vita tax preparer               4. Vita tax preparer Add lines 2 and 3   4. Vita tax preparer         5. Vita tax preparer Subtract line 4 from line 1   5. Vita tax preparer         6. Vita tax preparer Enter your foreign earned income exclusion and/or housing  exclusion (Form 2555, line 45, or Form 2555-EZ, line 18)   6. Vita tax preparer         7. Vita tax preparer Enter your foreign housing deduction (Form 2555, line 50)   7. Vita tax preparer         8. Vita tax preparer Enter the amount of income from Puerto Rico you are excluding   8. Vita tax preparer         9. Vita tax preparer Enter the amount of income from American Samoa you are  excluding (Form 4563, line 15)   9. Vita tax preparer         10. Vita tax preparer Add lines 5 through 9. Vita tax preparer This is your modified adjusted gross income   10. Vita tax preparer     Note. Vita tax preparer If the amount on line 10 is more than $80,000 ($160,000 if married filing jointly),  you cannot take the deduction for tuition and fees. Vita tax preparer       This image is too large to be displayed in the current screen. Vita tax preparer Please click the link to view the image. Vita tax preparer Form 8917 for Tim Pfister Prev  Up  Next   Home   More Online Publications
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SOI Tax Stats - Archive

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SOI Publications Archive

Here you'll find PDFs of SOI's historical publications. Beginning in 1916, Congress mandated the annual publication of statistics related to “the operation of the internal revenue laws.”

In 2009, SOI began digitizing nearly 500 print publications (and more than 50,000 pages) from its library. As a result of this effort, a wealth of historical tax data is now easily accessible in electronic format. The archive includes publications from 1916 through 1999. Publications for 2000 to present are available from the Tax Stats landing page here.

The oldest report available here was published in 1863. The Report of the Commissioner of Internal Revenue for 1863 contains information on the collection of revenue by source and district of collection. From 1863 to today, the Annual Report of the Commissioner of Internal Revenue, later called the IRS Data Book, presents an annual overview of IRS operations.

Early SOI publications, from 1916 to 1933, compiled all available tax information into one publication, the annual Statistics of Income Report. Beginning in 1934, SOI reported tax information for individuals and businesses separately, published as Parts 1 and 2 of the Statistics of Income Report, respectively. Beginning in the 1950s, these reports were replaced with annual and special reports, usually focused on single taxpayer groups.

In 1981, SOI introduced the SOI Bulletin, replacing many of its earlier reports with a quarterly publication that contains summary articles and tables on a wide range of tax topics.

All of the archive files are Adobe Acrobat PDFs. A free Adobe Acrobat reader is available for download, if needed. Please note: any reports or years of publications that are listed but not links are in the process of being digitized and will be uploaded as soon as they become available. Don't hesitate to contact us for any requests.

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1916–1933 Statistics of Income Reports

From 1916 to 1933, the Statistics of Income Report provided information on income taxes paid by individuals, corporations, partnerships, estates and trusts, as well as information on gift and estate taxes.

 

1934–1999 Tax Information from Individuals

This section contains archived reports on:

  • Individual income tax returns
  • Sales of capital assets
  • Estate and gift taxes
  • Personal wealth
  • Income tax returns of trusts or estates
  • Data by small area 
1929–1999 Tax Information from Businesses

Here you'll find archived reports on:

  • Corporations
  • Partnerships
  • Sole proprietorships
  • Farmers' cooperatives 
  • Foreign corporations
1863–1999 IRS Data Books

The IRS Data Book provides annual data on collecting revenue, issuing refunds, enforcing tax law, assisting taxpayers, and the IRS budget and workforce.

 

1946–1999 Tax-Exempt Organization Reports

Here you'll find archived reports on the activities and finances of charities and private foundations.

 

Special Papers

Some archived publications were originally created in response to special requests, may have been produced for only 1 or 2 years, or present historical summaries of SOI's operations—you'll find these articles here.


 

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Page Last Reviewed or Updated: 22-Jan-2013

The Vita Tax Preparer

Vita tax preparer Index A Abandonment, Abandonment Accounting method Accrual, Accrual Method Cash, Cash Method Change in, Changes in Methods of Accounting Crop, Crop method. Vita tax preparer Farm inventory, Farm Inventory Accounting periods, Introduction Accrual method of accounting, Accrual Method Additional Medicare Tax withholding, What's New for 2013, Additional Medicare Tax. Vita tax preparer Adjusted basis for installment sale, Adjusted basis for installment sale purposes. Vita tax preparer Adjusted basis of assets, Adjusted Basis Agricultural activity codes, Schedule F, Reminders Agricultural program payments, Agricultural Program Payments Agricultural structure, defined, Agricultural structure. Vita tax preparer Alternative Depreciation System (ADS), Required use of ADS. Vita tax preparer , ADS election. Vita tax preparer Amortization Going into business, Business Start-Up Costs Reforestation expenses, Reforestation Costs Section 197 intangibles, Section 197 Intangibles Assessments By conservation district, Assessment by Conservation District Depreciable property, Assessment for Depreciable Property Assistance (see Tax help) Automobiles, depreciation, Limits for passenger automobiles. Vita tax preparer B Bankruptcy, Bankruptcy. Vita tax preparer Barter income, Barter income. Vita tax preparer Basis Adjusted, Adjusted basis. Vita tax preparer Installment sale, Adjusted basis for installment sale purposes. Vita tax preparer Involuntary conversion, Basis for depreciation. Vita tax preparer Like-kind exchange, Basis for depreciation. Vita tax preparer Partner's basis, Property Distributed From a Partnership or Corporation Replacement property, Basis of replacement property. Vita tax preparer Shareholder's basis, Property Distributed From a Partnership or Corporation Basis of assets Adjusted basis, Adjusted Basis Allocating to several assets, Allocating the Basis Changed to business use, Property changed from personal to business or rental use. Vita tax preparer Constructing assets, Constructing assets. Vita tax preparer Cost, Cost Basis Decreases, Decreases to Basis Depreciation, What Is the Basis for Depreciation? Exchanges Like-kind, Like-Kind Exchanges Nontaxable, Nontaxable Exchanges Partially nontaxable, Partially Nontaxable Exchanges Taxable, Taxable Exchanges Gifts, Property Received as a Gift Increases, Increases to Basis Real property, Real Property Received for services, Property received for services. Vita tax preparer Uniform capitalization rules, Uniform Capitalization Rules Below-market loans, Below-market loans. Vita tax preparer Books and records, Importance of Records Breeding fees, Breeding Fees Business income limit, section 179 expense deduction, Business Income Limit Business use of home, Business Use of Your Home C Canceled debt, Cancellation of Debt Capital assets, Capital Assets Capital expenses, Capital Expenses Car expenses, Truck and Car Expenses Cash method of accounting, Cash Method Casualties and thefts Adjustments to basis, Adjustments to basis. Vita tax preparer Casualty, defined, Casualty. Vita tax preparer Disaster area losses, Disaster Area Losses Leased property, Leased property. Vita tax preparer Livestock, Livestock or produce bought for resale. Vita tax preparer , Raised draft, breeding, dairy, or sporting animals. Vita tax preparer Reimbursement, Insurance and other reimbursements. Vita tax preparer Reporting gains and losses, Reporting Gains and Losses Theft, defined, Theft. Vita tax preparer Change in accounting method, Changes in Methods of Accounting Chickens, purchased, Chickens, seeds, and young plants. Vita tax preparer Christmas trees, Christmas tree cultivation. Vita tax preparer , Christmas trees. Vita tax preparer Club dues, Club dues and membership fees. Vita tax preparer Comments on publication, Comments and suggestions. Vita tax preparer Commodity Futures, Hedging (Commodity Futures) Wages, Noncash wages. Vita tax preparer Commodity Credit Corporation (CCC) Loans, Commodity Credit Corporation (CCC) Loans Market gain, Market Gain Community property, Community property. Vita tax preparer , Community property. Vita tax preparer Computer, software, Computer software. Vita tax preparer Condemnation, Casualties, Thefts, and Condemnations, Condemnation Conservation Cost-sharing exclusion, Conservation Expenses District assessments, Assessment by Conservation District Expenses, Conservation Expenses Plans, Conservation plan. Vita tax preparer Conservation Reserve Program, Conservation Reserve Program (CRP) payments. Vita tax preparer Conservation Reserve Program (CRP), Conservation Reserve Program (CRP) Constructing assets, Constructing assets. Vita tax preparer Constructive receipt of income, Constructive receipt. Vita tax preparer Contamination, Soil or other environmental contamination. Vita tax preparer Contract price, Contract price. Vita tax preparer Converted wetland, Converted Wetland and Highly Erodible Cropland Cooperatives, income from, Income From Cooperatives Cost-sharing exclusion, Cost-Sharing Exclusion (Improvements) Counter-cyclical payments, Direct payments and counter-cyclical payments. Vita tax preparer , Payments Under the Farm Security and Rural Investment Act of 2002 and Under the Food, Conservation, and Energy Act of 2008 Credits Employment, Employment Credits Fuel tax, Fuel tax credit and refund. Vita tax preparer , How To Claim a Credit or Refund, Claiming a Credit Social security and Medicare, Earning credits in 2013. Vita tax preparer Social security coverage, How to become insured under social security. Vita tax preparer State unemployment tax, Tax rate and credit. Vita tax preparer Crew leaders, Crew Leaders Crop Destroyed, Standing crop destroyed by casualty. Vita tax preparer Insurance proceeds, Crop Insurance and Crop Disaster Payments Method of accounting, Crop method. Vita tax preparer Shares, Rents (Including Crop Shares) Unharvested, Cost of raising unharvested crops. Vita tax preparer , Section 1231 transactions. Vita tax preparer , Gain or loss. Vita tax preparer Cropland, highly erodible, Converted Wetland and Highly Erodible Cropland D Damage Casualties and thefts, Casualties and Thefts Crop insurance, Crop Insurance and Crop Disaster Payments Tree seedlings, Tree Seedlings Debt Bad, Nonbusiness bad debt. Vita tax preparer Canceled, Cancellation of Debt, Canceled debt excluded from income. Vita tax preparer , Cancellation of debt. Vita tax preparer , Canceled debt. Vita tax preparer Nonrecourse, Amount realized on a nonrecourse debt. Vita tax preparer Qualified farm, Qualified Farm Debt Qualified principal residence, Qualified Principal Residence Debt Recourse, Amount realized on a recourse debt. Vita tax preparer Depletion, Depletion Depreciation, Claiming the Special Depreciation Allowance ADS election, ADS election. Vita tax preparer Conservation assets, Depreciable conservation assets. Vita tax preparer Deduction, Overview of Depreciation Incorrect amount deducted, How Do You Correct Depreciation Deductions? Limit for automobiles, Limits for passenger automobiles. Vita tax preparer Listed property, Additional Rules for Listed Property Raised livestock, Livestock. Vita tax preparer Recapture, When Do You Recapture MACRS Depreciation?, Depreciation Recapture, Section 1250 Property When to file, Do You Have To File Form 4562? Depreciation allowable, Basis adjustment for depreciation allowed or allowable. Vita tax preparer Depreciation allowed, Basis adjustment for depreciation allowed or allowable. Vita tax preparer Direct payments, Direct payments and counter-cyclical payments. Vita tax preparer , Payments Under the Farm Security and Rural Investment Act of 2002 and Under the Food, Conservation, and Energy Act of 2008 Disaster area losses, Disaster Area Losses Disaster payments, Crop Insurance and Crop Disaster Payments Disaster relief grants, Federal disaster relief grants. Vita tax preparer Disaster relief payments, Qualified disaster relief payments. Vita tax preparer Dispositions, Sale or other disposal of land during 9-year period. Vita tax preparer , Gain on sale of farmland. Vita tax preparer , Introduction Domestic production activities deduction, Domestic Production Activities Deduction Dyed diesel fuel, Dyed Diesel Fuel and Dyed Kerosene Dyed kerosene, Dyed Diesel Fuel and Dyed Kerosene E e-file, Reminders Easement, Easements and rights-of-way. Vita tax preparer , Easements. Vita tax preparer Election ADS depreciation, Electing ADS. Vita tax preparer , ADS election. Vita tax preparer Amortization Business start-up costs, Business Start-Up Costs Reforestation costs, Reforestation Costs Crop method, Election to use crop method. Vita tax preparer Cutting of timber, Election to treat cutting as a sale or exchange. Vita tax preparer Deducting conservation expenses, When to Deduct or Capitalize Not excluding cost-sharing payments, Electing not to exclude payments. Vita tax preparer Out of installment method, Electing out of the installment method. Vita tax preparer Postponing casualty gain, Postponing Gain Postponing reporting crop insurance proceeds, Election to postpone reporting until the following year. Vita tax preparer Section 179 expense deduction, How Do You Elect the Deduction? Electronic filing, Reminders Embryo transplants, Transplanted embryo. Vita tax preparer Employer identification number, Reminders, Employer identification number (EIN). Vita tax preparer Endangered species recovery expenses, Endangered species recovery expenses. Vita tax preparer Environmental contamination, Soil or other environmental contamination. Vita tax preparer Estimated tax Farm gross income, Gross Income From Farming Gross income, Gross Income Penalties, Estimated Tax Penalty for 2013 Exchanges Basis Like-kind, Like-Kind Exchanges Nontaxable, Nontaxable Exchanges Partially nontaxable, Partially Nontaxable Exchanges Taxable, Taxable Exchanges Like-kind, Like-Kind Exchanges Nontaxable, Like-Kind Exchanges Excise taxes Credit, Claiming a Credit Diesel fuel, Dyed Diesel Fuel and Dyed Kerosene Farming purposes, Fuels Used in Farming Home use of fuels, Fuels Used for Household Purposes or Other Than as a Fuel for Propulsion Engines Off-highway uses, Fuels Used in Off-Highway Business Use Refund, Claiming a Refund F Fair market value defined, Fair market value (FMV). Vita tax preparer , Fair market value (FMV). Vita tax preparer Family member Business expenses, Special rule for related persons. Vita tax preparer Installment sale, Sale to a related person. Vita tax preparer Like-kind exchange, Like-kind exchanges between related persons. Vita tax preparer Loss on sale or exchange of property, Losses from sales or exchanges between related persons. Vita tax preparer Personal-use property, Personal-use property. Vita tax preparer Social security coverage, Family Employees Farm Business expenses, Farm Business Expenses Business, defined, Business of Farming Defined, Farm defined. Vita tax preparer , Farm. Vita tax preparer Income averaging, Income Averaging for Farmers Rental, Farm rental. Vita tax preparer Sale of, Sale of a Farm Farmer, Farmer. Vita tax preparer Federal unemployment tax (FUTA), Federal Unemployment (FUTA) Tax Fertilizer, Fertilizer and Lime, Fertilizer and Lime Foreclosure, Foreclosure or Repossession Forestation costs, Forestation and reforestation costs. Vita tax preparer Form 1099-A, Form 1099-A. Vita tax preparer , Forms 1099-A and 1099-C. Vita tax preparer 1099-C, Cancellation of Debt, Form 1099-C. Vita tax preparer , Forms 1099-A and 1099-C. Vita tax preparer 1099-G, Market Gain, Payment to More Than One Person 1099-MISC, Reminders, Nonemployee compensation. Vita tax preparer 1099-PATR, Form 1099-PATR. Vita tax preparer 1128, Introduction 2210-F, Estimated Tax Penalty for 2013 3115, Changes in Methods of Accounting 4136, Claiming a Credit 4562, Do You Have To File Form 4562? 4797, Form 4797. Vita tax preparer , Recapture. Vita tax preparer , Reporting the exchange. Vita tax preparer 4835, Rents (Including Crop Shares) 5213, Using the presumption later. Vita tax preparer 6252, Form 6252. Vita tax preparer 8822, Reminders 8824, Reporting the exchange. Vita tax preparer 8849, Claiming a Refund 8886, Reminders 940, Form 940. Vita tax preparer 943, Form 943. Vita tax preparer 982, Form 982 I-9, Form I-9. Vita tax preparer SS-4, Reminders, Employer identification number (EIN). Vita tax preparer SS-5, Obtaining a social security number. Vita tax preparer T (Timber), Form T (Timber). Vita tax preparer W-2, Form W-2. Vita tax preparer W-4, Reminders, New hire reporting. Vita tax preparer , Form W-4. Vita tax preparer W-4V, Commodity Credit Corporation (CCC) Loans, Crop Insurance and Crop Disaster Payments W-7, Obtaining an individual taxpayer identification number. Vita tax preparer Free tax services, How To Get Tax Help, Free help with your tax return. Vita tax preparer Fuel tax credit or refund, Fuel tax credit and refund. Vita tax preparer , How To Claim a Credit or Refund G Gains and losses Basis of assets, Cost Basis Capital assets, defined, Capital Assets Casualty, How To Figure a Loss, Figuring a Gain Installment sales, Installment Sales Livestock, Livestock Long- or short-term, Long and Short Term Ordinary or capital, Ordinary or Capital Gain or Loss Sale of farm, Sale of a Farm Section 1231, Section 1231 Gains and Losses Theft, How To Figure a Loss, Figuring a Gain Timber, Timber General asset accounts, How Do You Use General Asset Accounts? Gifts, Crop shares you give to others (gift). Vita tax preparer , Cost related to gifts. Vita tax preparer , Property Received as a Gift, Gift. Vita tax preparer Going into business, Business Start-Up Costs Grants, disaster relief, Federal disaster relief grants. Vita tax preparer Gross profit percentage, Gross profit percentage. Vita tax preparer Gross profit, defined, Gross profit. Vita tax preparer Guarantee, Debt not payable on demand. Vita tax preparer H Health insurance deduction, Self-employed health insurance deduction. Vita tax preparer Hedging, Hedging (Commodity Futures) Help (see Tax help) Highway use tax, Highway use tax. Vita tax preparer Holding period, Holding period. Vita tax preparer Horticultural structure, Horticultural structure. Vita tax preparer I Illegal irrigation subsidy, Illegal federal irrigation subsidy. Vita tax preparer Important dates, Important Dates for 2014 Improvements, Cost-Sharing Exclusion (Improvements) Income Accounting for, Accounting Methods Accrual method of accounting, Income Canceled debt excluded, Cancellation of Debt From farming, Farm Income, Gross income from farming. Vita tax preparer , Gross Income From Farming Gross, Gross Income Not-for-profit farming, Not-for-Profit Farming Pasture, Pasture income and rental. Vita tax preparer Schedule F, Farm Income Withholding of tax, Federal Income Tax Withholding Income averaging (see Farm: Income averaging) Incorrect amount of depreciation deducted, How Do You Correct Depreciation Deductions? Individual taxpayer identification number (ITIN), Obtaining an individual taxpayer identification number. Vita tax preparer Inherited property, Inherited Property Insolvency, Insolvency. Vita tax preparer Installment sales, Form 6252. Vita tax preparer Electing out, Electing out of the installment method. Vita tax preparer Farm, sale of, Installment Sale of a Farm Figuring income, Figuring Installment Sale Income Reporting income, Form 6252. Vita tax preparer Unstated interest, Unstated interest. Vita tax preparer Insurance, Insurance, Self-employed health insurance deduction. Vita tax preparer Intangible property, Section 197 Intangibles Interest Expense, Interest Income, Interest income. Vita tax preparer Unstated, Unstated interest. Vita tax preparer Inventory Items included, Farm Inventory Methods of valuation, Inventory valuation methods. Vita tax preparer Involuntary conversions, Involuntary Conversions, Property acquired in a like-kind exchange or involuntary conversion. Vita tax preparer , Introduction Irrigation Illegal subsidy, Illegal federal irrigation subsidy. Vita tax preparer Project, Irrigation Project L Labor hired, Labor Hired Landlord participation, Landlord Participation in Farming Lease or purchase, Lease or Purchase Life tenant (see Term interests) Like-kind exchanges, Like-Kind Exchanges, Like-Kind Exchanges Lime, Fertilizer and Lime Limits At-risk, At-Risk Limits Business use of home, Deduction limit. Vita tax preparer Capital losses, Treatment of Capital Losses Conservation expenses, Assessment for Depreciable Property, 25% Limit on Deduction Depreciation Business-use, What Is the Business-Use Requirement? Excluded farm debt, Exclusion limit. Vita tax preparer Farm losses, Losses From Operating a Farm Loss of personal-use property, Deduction Limits on Losses of Personal-Use Property Not-for-profit farming, Not-for-Profit Farming Passive activity, Passive Activity Limits Percentage depletion, Taxable income limit. Vita tax preparer Prepaid farm supplies, Deduction limit. Vita tax preparer Reforestation costs, Reforestation Costs Section 179 expense deduction Automobile, Limits for passenger automobiles. Vita tax preparer Business income, Business Income Limit Dollar, Dollar Limits Time to keep records, How Long To Keep Records Listed property Defined, What Is Listed Property? Passenger automobile, Passenger automobiles. Vita tax preparer Rules, Additional Rules for Listed Property Livestock, Section 1231 transactions. Vita tax preparer Casualty and theft losses, Livestock or produce bought for resale. Vita tax preparer Crop shares, Crop shares you use to feed livestock. Vita tax preparer Depreciation, Livestock. Vita tax preparer Diseased, Diseased livestock. Vita tax preparer Feed assistance, Feed Assistance and Payments Immature, Immature livestock. Vita tax preparer Losses, Loss of livestock. Vita tax preparer , Livestock Purchased, Purchased livestock. Vita tax preparer Raised, Raised livestock. Vita tax preparer Sale of, Sales of Farm Products, Livestock Unit-livestock-price, inventory valuation, Unit-livestock-price method. Vita tax preparer Used in a farm business, Livestock used in farm business. Vita tax preparer Weather-related sales, Sales Caused by Weather-Related Conditions, Weather-related sales of livestock. Vita tax preparer Loans, Commodity Credit Corporation (CCC) Loans, Loan expenses. Vita tax preparer Losses At-risk limits, At-Risk Limits Casualty, Casualties, Thefts, and Condemnations Disaster areas, Disaster Area Losses Farming, Farming Losses Growing crops, Loss of growing plants, produce, and crops. Vita tax preparer Hobby farming, Not-for-Profit Farming Livestock, Livestock, Diseased livestock. Vita tax preparer Nondeductible, Other Nondeductible Items Theft, Casualties, Thefts, and Condemnations Lost income payments, Lost income payments. Vita tax preparer Lost property, Mislaid or lost property. Vita tax preparer M MACRS property Involuntary conversion, Property acquired in a like-kind exchange or involuntary conversion. Vita tax preparer Like-kind exchange, Property acquired in a like-kind exchange or involuntary conversion. Vita tax preparer Nontaxable transfer, Property acquired in a nontaxable transfer. Vita tax preparer Market gain, reporting, Market Gain Marketing quota penalties, Marketing Quota Penalties Material participation, Landlord Participation in Farming Meals, Meals. Vita tax preparer Membership fees, Club dues and membership fees. Vita tax preparer Methods of accounting, Accounting Methods Modified ACRS (MACRS) ADS election, ADS election. Vita tax preparer Conventions, Which Convention Applies? Depreciation methods, Which Depreciation Method Applies? Exchange, Property acquired in a like-kind exchange or involuntary conversion. Vita tax preparer Figuring the deduction, How Is the Depreciation Deduction Figured? Involuntary conversion, Property acquired in a like-kind exchange or involuntary conversion. Vita tax preparer Nontaxable transfer, Property acquired in a nontaxable transfer. Vita tax preparer Percentage tables, Rules for using the tables. Vita tax preparer Property classes, Which Property Class Applies Under GDS? Recovery periods, Which Recovery Period Applies? N New hire reporting, New hire reporting. Vita tax preparer Noncapital asset, Noncapital Assets Nontaxable exchanges, Like-Kind Exchanges Nontaxable transfer of MACRS property, Property acquired in a nontaxable transfer. Vita tax preparer Not-for-profit farming, Not-for-Profit Farming O Organizational costs, Business start-up and organizational costs. Vita tax preparer P Partners, limited, Limited partner. Vita tax preparer Partners, retired, Retired partner. Vita tax preparer Partners, Spouse, Business Owned and Operated by Spouses. Vita tax preparer Partnership, Partnership income or loss. Vita tax preparer Passenger automobile, Passenger automobiles. Vita tax preparer Pasture income, Pasture income and rental. Vita tax preparer Patronage dividends, Patronage Dividends Payments considered received, Payments Received or Considered Received Payments received, Payments Received or Considered Received Penalties Estimated tax, Estimated Tax Penalty for 2013 Returns, Estimated Tax Penalty for 2013 Trust fund recovery, Trust fund recovery penalty. Vita tax preparer Per-unit retain certificates, Per-Unit Retain Certificates Personal expenses, Personal, Living, and Family Expenses Placed in service, Placed in Service, What Is the Placed-in-Service Date? Postponing casualty gain, Postponing Gain Prepaid expense Advance premiums, Advance premiums. Vita tax preparer Extends useful life, Prepayment. Vita tax preparer Farm supplies, Prepaid Farm Supplies Livestock feed, Prepaid Livestock Feed Prizes, Prizes. Vita tax preparer Produce, Sales of Farm Products Property Changed to business use, Property changed from personal to business or rental use. Vita tax preparer Received for services, Property received for services. Vita tax preparer Repairs and improvements, How Do You Treat Repairs and Improvements? Section 1231, Section 1231 transactions. Vita tax preparer Section 1245, Section 1245 Property Section 1250, Section 1250 Property Section 1252, Section 1252 property. Vita tax preparer Section 1255, Section 1255 property. Vita tax preparer Tangible personal, Tangible personal property. Vita tax preparer Publications (see Tax help) Q Qualified disaster relief payments, Qualified disaster relief payments. Vita tax preparer Qualified farm debt, Qualified Farm Debt Qualified joint venture, Qualified joint venture. Vita tax preparer Qualified principal residence debt, Qualified Principal Residence Debt R Recapture Amortization, Depreciation and amortization. Vita tax preparer Basis reductions, Recapture of basis reductions. Vita tax preparer Certain depreciation, Recapture of certain depreciation. Vita tax preparer Cost-sharing payments, Recapture. Vita tax preparer Depreciation, When Do You Recapture MACRS Depreciation?, Depreciation Recapture, Depreciation recapture. Vita tax preparer Section 1245 property, Section 1245 Property Section 1250 property, Section 1250 Property Section 179 expense deduction, When Must You Recapture the Deduction? Section 179 GO Zone property, Recapture for qualified section 179 GO Zone property. Vita tax preparer Special depreciation allowance, When Must You Recapture an Allowance Recordkeeping, Importance of Records, Meals. Vita tax preparer Records on depreciable property, Depreciation Recapture Reforestation costs, Forestation and reforestation costs. Vita tax preparer , Reforestation Costs Refund Deduction taken, Refund or reimbursement. Vita tax preparer Fuel tax, Fuel tax credit and refund. Vita tax preparer , Including the Credit or Refund in Income Reimbursements Casualties and thefts, Casualty and theft losses. Vita tax preparer , Casualties and Thefts, Insurance and other reimbursements. Vita tax preparer Deduction taken, Refund or reimbursement. Vita tax preparer Expenses, Reimbursed expenses. Vita tax preparer Feed assistance, Feed Assistance and Payments Real estate taxes, Real estate taxes. Vita tax preparer Reforestation expenses, Qualifying costs. Vita tax preparer To employees, Reimbursements to employees. Vita tax preparer Related persons, Special rule for related persons. Vita tax preparer , Losses from sales or exchanges between related persons. Vita tax preparer , Special rules for related persons. Vita tax preparer , Like-kind exchanges between related persons. Vita tax preparer , Sale to a related person. Vita tax preparer , Buying replacement property from a related person. Vita tax preparer , Related persons. Vita tax preparer Rental income, Rents (Including Crop Shares) Rented property, improvements, Improvements to rented property. Vita tax preparer Repairs, Repairs and Maintenance Repairs and improvements, How Do You Treat Repairs and Improvements? Repayment of income, Repayment of income. Vita tax preparer Replacement Period, Replacement Period Property, Replacement Property Reportable transactions. Vita tax preparer , Reminders Repossessions, Foreclosure or Repossession Right-of-way income, Easements and rights-of-way. Vita tax preparer S Sale of home, Sale of your home. Vita tax preparer Section 179 expense deduction, Section 179 Expense Deduction How to elect, How Do You Elect the Deduction? Listed property, Additional Rules for Listed Property Qualifying property, What Property Qualifies? Recapture, When Must You Recapture the Deduction? Self-employed health insurance, Self-employed health insurance deduction. Vita tax preparer Self-employed health insurance deduction, Self-employed health insurance deduction. Vita tax preparer Self-employment tax Community property, Community property. Vita tax preparer Deduction, Deduction for employer-equivalent portion of self-employment tax. Vita tax preparer How to pay, How To Pay Self-Employment Tax Landlord participation, Landlord Participation in Farming Material participation, Material participation for landlords. Vita tax preparer Maximum net earnings, What's New for 2013 Methods for figuring net earnings, Methods for Figuring Net Earnings Optional method, Farm Optional Method Regular method, Regular Method Rental income, Landlord Participation in Farming Reporting, Reporting Self-Employment Tax Self-employment tax rate, Self-employment tax rate. Vita tax preparer Share farming, Share farmer. Vita tax preparer Tax rates, What's New for 2013 Who must pay, Who Must Pay Self-Employment Tax? Selling expenses, Selling expenses. Vita tax preparer Selling price Defined, Selling price. Vita tax preparer Reduced, Selling price reduced. Vita tax preparer Settlement costs (fees), Settlement costs. Vita tax preparer Social security and Medicare Credits of coverage, Earning credits in 2013. Vita tax preparer Withholding of tax, Social Security and Medicare Taxes Social security number, Obtaining a social security number. Vita tax preparer Software, computer, Computer software. Vita tax preparer Soil Conservation, Conservation Expenses Contamination, Soil or other environmental contamination. Vita tax preparer Special depreciation allowance How to elect not to claim, How Can You Elect Not To Claim the Allowance? Recapture, When Must You Recapture an Allowance Standard mileage rate, Standard mileage rate. Vita tax preparer Start-up costs for businesses, Business start-up and organizational costs. Vita tax preparer Suggestions for publication, Comments and suggestions. Vita tax preparer T Tangible personal property, Tangible personal property. Vita tax preparer Tax help, How To Get Tax Help Tax preparation fees, Tax preparation fees. Vita tax preparer Tax shelter At-risk limits, At-Risk Limits Defined, Tax shelter. Vita tax preparer Tax-free exchanges, Like-Kind Exchanges Taxes Excise, Excise Taxes Federal use, Highway use tax. Vita tax preparer General, Taxes Self-employment, Self-Employment Tax State and federal, State and federal income taxes. Vita tax preparer State and local general sales, State and local general sales taxes. Vita tax preparer Withholding, Federal income tax withholding. Vita tax preparer , Social Security and Medicare Taxes, Federal Income Tax Withholding Telephone expense, Telephone expense. Vita tax preparer Tenant house expenses, Tenant House Expenses Term interests, Certain term interests in property. Vita tax preparer Theft losses, Casualties, Thefts, and Condemnations Timber, Timber. Vita tax preparer , Timber Depletion, Timber Tobacco quota buyout payments, Tobacco Quota Buyout Program Payments Tobacco settlement payments, National Tobacco Growers' Settlement Trust Fund Payments Trade-in, Sale and Purchase Travel expenses, Travel Expenses Truck expenses, Truck and Car Expenses Trust fund recovery penalty, Trust fund recovery penalty. Vita tax preparer TTY/TDD information, How To Get Tax Help U Uniform capitalization rules Basis of assets, Uniform Capitalization Rules Inventory, Uniform capitalization rules. Vita tax preparer Unstated interest, Unstated interest. Vita tax preparer W Wages and salaries, Wages and salaries. Vita tax preparer Water conservation, Conservation Expenses Water well, Water well. Vita tax preparer , Water wells. Vita tax preparer Weather-related sales, livestock, Sales Caused by Weather-Related Conditions, Weather-related sales of livestock. Vita tax preparer Withholding Income tax, Federal Income Tax Withholding Social security and Medicare tax, Social Security and Medicare Taxes Prev  Up     Home   More Online Publications