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1040ez 2011 Tax Form

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1040ez 2011 Tax Form

1040ez 2011 tax form Publication 514 - Main Content Table of Contents Choosing To Take Credit or DeductionChoice Applies to All Qualified Foreign Taxes Making or Changing Your Choice Why Choose the Credit?Credit for Taxes Paid or Accrued Foreign Currency and Exchange Rates Foreign Tax Redetermination Who Can Take the Credit?U. 1040ez 2011 tax form S. 1040ez 2011 tax form Citizens Resident Aliens Nonresident Aliens What Foreign Taxes Qualify for the Credit?Tax Must Be Imposed on You You Must Have Paid or Accrued the Tax Tax Must Be the Legal and Actual Foreign Tax Liability Tax Must Be an Income Tax (or Tax in Lieu of Income Tax) Foreign Taxes for Which You Cannot Take a CreditTaxes on Excluded Income Taxes for Which You Can Only Take an Itemized Deduction Taxes on Foreign Mineral Income Taxes From International Boycott Operations Taxes on Combined Foreign Oil and Gas Income Taxes of U. 1040ez 2011 tax form S. 1040ez 2011 tax form Persons Controlling Foreign Corporations and Partnerships Taxes Related to a Foreign Tax Credit Splitting Event How To Figure the CreditLimit on the Credit Separate Limit Income Allocation of Foreign Taxes Foreign Taxes From a Partnership or an S Corporation Figuring the Limit Qualified Dividends Capital Gains and Losses Allocation of Foreign and U. 1040ez 2011 tax form S. 1040ez 2011 tax form Losses Tax Treaties Carryback and CarryoverTime Limit on Tax Assessment Claim for Refund Taxes All Credited or All Deducted Married Couples How To Claim the CreditForm 1116 Records To Keep Simple Example — Filled-In Form 1116Part I—Taxable Income or Loss From Sources Outside the United States (for Category Checked Above) Part II—Foreign Taxes Paid or Accrued Part III—Figuring the Credit Part IV—Summary of Credits From Separate Parts III Comprehensive Example — Filled-In Form 1116Foreign earned income. 1040ez 2011 tax form Employee business expenses. 1040ez 2011 tax form Forms 1116 Computation of Taxable Income Part I—Taxable Income or Loss From Sources Outside the United States (for Category Checked Above) Part II—Foreign Taxes Paid or Accrued Part III—Figuring the Credit Part IV—Summary of Credits From Separate Parts III Unused Foreign Taxes How To Get Tax HelpLow Income Taxpayer Clinics Choosing To Take Credit or Deduction You can choose whether to take the amount of any qualified foreign taxes paid or accrued during the year as a foreign tax credit or as an itemized deduction. 1040ez 2011 tax form You can change your choice for each year's taxes. 1040ez 2011 tax form To choose the foreign tax credit, in most cases you must complete Form 1116 and attach it to your U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax return. 1040ez 2011 tax form However, you may qualify for the exception that allows you to claim the foreign tax credit without using Form 1116. 1040ez 2011 tax form See How To Figure the Credit , later. 1040ez 2011 tax form To choose to claim the taxes as an itemized deduction, use Schedule A (Form 1040), Itemized Deductions. 1040ez 2011 tax form Figure your tax both ways—claiming the credit and claiming the deduction. 1040ez 2011 tax form Then fill out your return the way that benefits you more. 1040ez 2011 tax form See Why Choose the Credit, later. 1040ez 2011 tax form Choice Applies to All Qualified Foreign Taxes As a general rule, you must choose to take either a credit or a deduction for all qualified foreign taxes. 1040ez 2011 tax form If you choose to take a credit for qualified foreign taxes, you must take the credit for all of them. 1040ez 2011 tax form You cannot deduct any of them. 1040ez 2011 tax form Conversely, if you choose to deduct qualified foreign taxes, you must deduct all of them. 1040ez 2011 tax form You cannot take a credit for any of them. 1040ez 2011 tax form See What Foreign Taxes Qualify for the Credit , later, for the meaning of qualified foreign taxes. 1040ez 2011 tax form There are exceptions to this general rule, which are described next. 1040ez 2011 tax form Exceptions for foreign taxes not allowed as a credit. 1040ez 2011 tax form   Even if you claim a credit for other foreign taxes, you can deduct any foreign tax that is not allowed as a credit if: You paid the tax to a country for which a credit is not allowed because it provides support for acts of international terrorism, or because the United States does not have or does not conduct diplomatic relations with it or recognize its government and that government is not otherwise eligible to purchase defense articles or services under the Arms Export Control Act, You paid withholding tax on dividends from foreign corporations whose stock you did not hold for the required period of time, You paid withholding tax on income or gain (other than dividends) from property you did not hold for the required period of time, You paid withholding tax on income or gain to the extent you had to make related payments on positions in substantially similar or related property, You participated in or cooperated with an international boycott, You paid taxes in connection with the purchase or sale of oil or gas, or You paid or accrued taxes on income or gain in connection with a covered asset acquisition. 1040ez 2011 tax form Covered asset acquisitions include certain acquisitions that result in a stepped-up basis for U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax purposes. 1040ez 2011 tax form For more information, see Internal Revenue Code section 901(m). 1040ez 2011 tax form The IRS intends to issue guidance that will explain this provision in greater detail. 1040ez 2011 tax form   For more information on these items, see Taxes for Which You Can Only Take an Itemized Deduction , later, under Foreign Taxes for Which You Cannot Take a Credit. 1040ez 2011 tax form Foreign taxes that are not income taxes. 1040ez 2011 tax form   In most cases, only foreign income taxes qualify for the foreign tax credit. 1040ez 2011 tax form Other taxes, such as foreign real and personal property taxes, do not qualify. 1040ez 2011 tax form But you may be able to deduct these other taxes even if you claim the foreign tax credit for foreign income taxes. 1040ez 2011 tax form   In most cases, you can deduct these other taxes only if they are expenses incurred in a trade or business or in the production of income. 1040ez 2011 tax form However, you can deduct foreign real property taxes that are not trade or business expenses as an itemized deduction on Schedule A (Form 1040). 1040ez 2011 tax form Carrybacks and carryovers. 1040ez 2011 tax form   There is a limit on the credit you can claim in a tax year. 1040ez 2011 tax form If your qualified foreign taxes exceed the credit limit, you may be able to carry over or carry back the excess to another tax year. 1040ez 2011 tax form If you deduct qualified foreign taxes in a tax year, you cannot use a carryback or carryover in that year. 1040ez 2011 tax form That is because you cannot take both a deduction and a credit for qualified foreign taxes in the same tax year. 1040ez 2011 tax form   For more information on the limit, see How To Figure the Credit , later. 1040ez 2011 tax form For more information on carrybacks and carryovers, see Carryback and Carryover , later. 1040ez 2011 tax form Making or Changing Your Choice You can make or change your choice to claim a deduction or credit at any time during the period within 10 years from the regular due date for filing the return (without regard to any extension of time to file) for the tax year in which the taxes were actually paid or accrued. 1040ez 2011 tax form You make or change your choice on your tax return (or on an amended return) for the year your choice is to be effective. 1040ez 2011 tax form Example. 1040ez 2011 tax form You paid foreign taxes for the last 13 years and chose to deduct them on your U. 1040ez 2011 tax form S. 1040ez 2011 tax form income tax returns. 1040ez 2011 tax form You were timely in both filing your returns and paying your U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax liability. 1040ez 2011 tax form In February 2013, you file an amended return for tax year 2002 choosing to take a credit for your 2002 foreign taxes because you now realize that the credit is more advantageous than the deduction for that year. 1040ez 2011 tax form Because the regular due date of your 2002 return was April 15, 2003, this choice is timely (within 10 years). 1040ez 2011 tax form Because there is a limit on the credit for your 2002 foreign tax, you have unused 2002 foreign taxes. 1040ez 2011 tax form Ordinarily, you first carry back unused foreign taxes arising in 2002 to, and claim them as a credit in, the 2 preceding tax years. 1040ez 2011 tax form If you are unable to claim all of them in those 2 years, you carry them forward to the 10 years following the year in which they arose. 1040ez 2011 tax form Because you originally chose to deduct your foreign taxes and the 10-year period for changing the choice for 2000 and 2001 has passed, you cannot change your choice and carry the unused 2002 foreign taxes back to tax years 2000 and 2001. 1040ez 2011 tax form Because the 10-year periods for changing the choice have not passed for your 2003 through 2012 income tax returns, you can still choose to claim the credit for those years and carry forward any unused 2002 foreign taxes. 1040ez 2011 tax form However, you must reduce the unused 2002 foreign taxes that you carry forward by the amount that would have been allowed as a carryback if you had timely carried back the foreign tax to tax years 2000 and 2001. 1040ez 2011 tax form You cannot take a credit or a deduction for foreign taxes paid on income you exclude under the foreign earned income exclusion or the foreign housing exclusion. 1040ez 2011 tax form See Foreign Earned Income and Housing Exclusions under Foreign Taxes for Which You Cannot Take a Credit, later. 1040ez 2011 tax form Why Choose the Credit? The foreign tax credit is intended to relieve you of a double tax burden when your foreign source income is taxed by both the United States and the foreign country. 1040ez 2011 tax form In most cases, if the foreign tax rate is higher than the U. 1040ez 2011 tax form S. 1040ez 2011 tax form rate, there will be no U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax on the foreign income. 1040ez 2011 tax form If the foreign tax rate is lower than the U. 1040ez 2011 tax form S. 1040ez 2011 tax form rate, U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax on the foreign income will be limited to the difference between the rates. 1040ez 2011 tax form The foreign tax credit can only reduce U. 1040ez 2011 tax form S. 1040ez 2011 tax form taxes on foreign source income; it cannot reduce U. 1040ez 2011 tax form S. 1040ez 2011 tax form taxes on U. 1040ez 2011 tax form S. 1040ez 2011 tax form source income. 1040ez 2011 tax form Although no one rule covers all situations, in most cases it is better to take a credit for qualified foreign taxes than to deduct them as an itemized deduction. 1040ez 2011 tax form This is because: A credit reduces your actual U. 1040ez 2011 tax form S. 1040ez 2011 tax form income tax on a dollar-for-dollar basis, while a deduction reduces only your income subject to tax, You can choose to take the foreign tax credit even if you do not itemize your deductions. 1040ez 2011 tax form You then are allowed the standard deduction in addition to the credit, and If you choose to take the foreign tax credit, and the taxes paid or accrued exceed the credit limit for the tax year, you may be able to carry over or carry back the excess to another tax year. 1040ez 2011 tax form (See Limit on credit under How To Figure the Credit, later. 1040ez 2011 tax form ) Example 1. 1040ez 2011 tax form For 2013, you and your spouse have adjusted gross income of $80,300, including $20,000 of dividend income from foreign sources. 1040ez 2011 tax form None of the dividends are qualified dividends. 1040ez 2011 tax form You file a joint return and can claim two $3,900 exemptions. 1040ez 2011 tax form You had to pay $2,000 in foreign income taxes on the dividend income. 1040ez 2011 tax form If you take the foreign taxes as an itemized deduction, your total itemized deductions are $15,000. 1040ez 2011 tax form Your taxable income then is $57,500 and your tax is $7,736. 1040ez 2011 tax form If you take the credit instead, your itemized deductions are only $13,000. 1040ez 2011 tax form Your taxable income then is $59,500 and your tax before the credit is $8,036. 1040ez 2011 tax form After the credit, however, your tax is only $6,036. 1040ez 2011 tax form Therefore, your tax is $1,700 lower ($7,736 − $6,036) by taking the credit. 1040ez 2011 tax form Example 2. 1040ez 2011 tax form In 2013, you receive investment income of $5,000 from a foreign country, which imposes a tax of $1,500 on that income. 1040ez 2011 tax form You report on your U. 1040ez 2011 tax form S. 1040ez 2011 tax form return this income as well as $56,000 of U. 1040ez 2011 tax form S. 1040ez 2011 tax form source wages and an allowable $49,000 partnership loss from a U. 1040ez 2011 tax form S. 1040ez 2011 tax form partnership. 1040ez 2011 tax form Your share of the partnership's gross income is $25,000 and your share of its expenses is $74,000. 1040ez 2011 tax form You are single, entitled to one $3,900 exemption, and have other itemized deductions of $6,850. 1040ez 2011 tax form If you deduct the foreign tax on your U. 1040ez 2011 tax form S. 1040ez 2011 tax form return, your taxable income is a negative $250 ($5,000 + $56,000 − $49,000 − $1,500 − $6,850 − $3,900) and your tax is $0. 1040ez 2011 tax form If you take the credit instead, your taxable income is $1,250 ($5,000 + $56,000 − $49,000 − $3,900 − $6,850) and your tax before the credit is $126. 1040ez 2011 tax form You can take a credit of only $113 because of limits discussed later. 1040ez 2011 tax form Your tax after the credit is $13 ($126 − $113), which is $13 more than if you deduct the foreign tax. 1040ez 2011 tax form If you choose the credit, you will have unused foreign taxes of $1,387 ($1,500 − $113). 1040ez 2011 tax form When deciding whether to take the credit or the deduction this year, you will need to consider whether you can benefit from a carryback or carryover of that unused foreign tax. 1040ez 2011 tax form Credit for Taxes Paid or Accrued You can claim the credit for a qualified foreign tax in the tax year in which you pay it or accrue it, depending on your method of accounting. 1040ez 2011 tax form “Tax year” refers to the tax year for which your U. 1040ez 2011 tax form S. 1040ez 2011 tax form return is filed, not the tax year for which your foreign return is filed. 1040ez 2011 tax form Accrual method of accounting. 1040ez 2011 tax form   If you use an accrual method of accounting, you can claim the credit only in the year in which you accrue the tax. 1040ez 2011 tax form You are using an accrual method of accounting if you report income when you earn it, rather than when you receive it, and you deduct your expenses when you incur them, rather than when you pay them. 1040ez 2011 tax form   In most cases, foreign taxes accrue when all the events have taken place that fix the amount of the tax and your liability to pay it. 1040ez 2011 tax form Generally, this occurs on the last day of the tax year for which your foreign return is filed. 1040ez 2011 tax form Contesting your foreign tax liability. 1040ez 2011 tax form   If you are contesting your foreign tax liability, you cannot accrue it and take a credit until the amount of foreign tax due is finally determined. 1040ez 2011 tax form However, if you choose to pay the tax liability you are contesting, you can take a credit for the amount you pay before a final determination of foreign tax liability is made. 1040ez 2011 tax form Once your liability is determined, the foreign tax credit is allowable for the year to which the foreign tax relates. 1040ez 2011 tax form If the amount of foreign taxes taken as a credit differs from the final foreign tax liability, you may have to adjust the credit, as discussed later under Foreign Tax Redetermination . 1040ez 2011 tax form You may have to post a bond. 1040ez 2011 tax form   If you claim a credit for taxes accrued but not paid, you may have to post an income tax bond to guarantee your payment of any tax due in the event the amount of foreign tax paid differs from the amount claimed. 1040ez 2011 tax form   The IRS can request this bond at any time without regard to the Time Limit on Tax Assessment discussed later under Carryback and Carryover. 1040ez 2011 tax form Cash method of accounting. 1040ez 2011 tax form   If you use the cash method of accounting, you can choose to take the credit either in the year you pay the tax or in the year you accrue it. 1040ez 2011 tax form You are using the cash method of accounting if you report income in the year you actually or constructively receive it, and deduct expenses in the year you pay them. 1040ez 2011 tax form Choosing to take credit in the year taxes accrue. 1040ez 2011 tax form   Even if you use the cash method of accounting, you can choose to take a credit for foreign taxes in the year they accrue. 1040ez 2011 tax form You make the choice by checking the box in Part II of Form 1116. 1040ez 2011 tax form Once you make that choice, you must follow it in all later years and take a credit for foreign taxes in the year they accrue. 1040ez 2011 tax form   In addition, the choice to take the credit when foreign taxes accrue applies to all foreign taxes qualifying for the credit. 1040ez 2011 tax form You cannot take a credit for some foreign taxes when paid and take a credit for others when accrued. 1040ez 2011 tax form   If you make the choice to take the credit when foreign taxes accrue and pay them in a later year, you cannot claim a deduction for any part of the previously accrued taxes. 1040ez 2011 tax form Credit based on taxes paid in earlier year. 1040ez 2011 tax form   If, in earlier years, you took the credit based on taxes paid, and this year you choose to take the credit based on taxes accrued, you may be able to take the credit this year for taxes from more than one year. 1040ez 2011 tax form Example. 1040ez 2011 tax form Last year you took the credit based on taxes paid. 1040ez 2011 tax form This year you chose to take the credit based on taxes accrued. 1040ez 2011 tax form During the year you paid foreign income taxes owed for last year. 1040ez 2011 tax form You also accrued foreign income taxes for this year that you did not pay by the end of the year. 1040ez 2011 tax form You can base the credit on your return for this year on both last year's taxes that you paid and this year's taxes that you accrued. 1040ez 2011 tax form Foreign Currency and Exchange Rates U. 1040ez 2011 tax form S. 1040ez 2011 tax form income tax is imposed on income expressed in U. 1040ez 2011 tax form S. 1040ez 2011 tax form dollars, while in most cases the foreign tax is imposed on income expressed in foreign currency. 1040ez 2011 tax form Therefore, fluctuations in the value of the foreign currency relative to the U. 1040ez 2011 tax form S. 1040ez 2011 tax form dollar may affect the foreign tax credit. 1040ez 2011 tax form Translating foreign currency into U. 1040ez 2011 tax form S. 1040ez 2011 tax form dollars. 1040ez 2011 tax form   If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U. 1040ez 2011 tax form S. 1040ez 2011 tax form dollars. 1040ez 2011 tax form How and when you do this depends on your functional currency. 1040ez 2011 tax form In most cases, your functional currency is the U. 1040ez 2011 tax form S. 1040ez 2011 tax form dollar unless you are required to use the currency of a foreign country. 1040ez 2011 tax form   You must make all federal income tax determinations in your functional currency. 1040ez 2011 tax form The U. 1040ez 2011 tax form S. 1040ez 2011 tax form dollar is the functional currency for all taxpayers except some qualified business units. 1040ez 2011 tax form A qualified business unit is a separate and clearly identified unit of a trade or business that maintains separate books and records. 1040ez 2011 tax form Unless you are self-employed, your functional currency is the U. 1040ez 2011 tax form S. 1040ez 2011 tax form dollar. 1040ez 2011 tax form   Even if you are self-employed and have a qualified business unit, your functional currency is the U. 1040ez 2011 tax form S. 1040ez 2011 tax form dollar if any of the following apply. 1040ez 2011 tax form You conduct the business primarily in dollars. 1040ez 2011 tax form The principal place of business is located in the United States. 1040ez 2011 tax form You choose to or are required to use the dollar as your functional currency. 1040ez 2011 tax form The business books and records are not kept in the currency of the economic environment in which a significant part of the business activities is conducted. 1040ez 2011 tax form   If your functional currency is the U. 1040ez 2011 tax form S. 1040ez 2011 tax form dollar, you must immediately translate into dollars all items of income, expense, etc. 1040ez 2011 tax form , that you receive, pay, or accrue in a foreign currency and that will affect computation of your income tax. 1040ez 2011 tax form If there is more than one exchange rate, use the one that most properly reflects your income. 1040ez 2011 tax form In most cases, you can get exchange rates from banks and U. 1040ez 2011 tax form S. 1040ez 2011 tax form Embassies. 1040ez 2011 tax form   If your functional currency is not the U. 1040ez 2011 tax form S. 1040ez 2011 tax form dollar, make all income tax determinations in your functional currency. 1040ez 2011 tax form At the end of the year, translate the results, such as income or loss, into U. 1040ez 2011 tax form S. 1040ez 2011 tax form dollars to report on your income tax return. 1040ez 2011 tax form    For more information, write to: Internal Revenue Service International Section Philadelphia, PA 19255-0725 Rate of exchange for foreign taxes paid. 1040ez 2011 tax form   Use the rate of exchange in effect on the date you paid the foreign taxes to the foreign country unless you meet the exception discussed next. 1040ez 2011 tax form If your tax was withheld in foreign currency, use the rate of exchange in effect for the date on which the tax was withheld. 1040ez 2011 tax form If you make foreign estimated tax payments, you use the rate of exchange in effect for the date on which you made the estimated tax payment. 1040ez 2011 tax form   The exchange rate rules discussed here apply even if the foreign taxes are paid or accrued with respect to a foreign tax credit splitting event (discussed later). 1040ez 2011 tax form Exception. 1040ez 2011 tax form   If you claim the credit for foreign taxes on an accrual basis, in most cases you must use the average exchange rate for the tax year to which the taxes relate. 1040ez 2011 tax form This rule applies to accrued taxes relating to tax years beginning after 1997 and only under the following conditions. 1040ez 2011 tax form The foreign taxes are paid on or after the first day of the tax year to which they relate. 1040ez 2011 tax form The foreign taxes are paid not later than 2 years after the close of the tax year to which they relate. 1040ez 2011 tax form The foreign tax liability is not denominated in an inflationary currency (defined in the Form 1116 instructions). 1040ez 2011 tax form (This condition applies to taxes paid or accrued in tax years beginning after November 6, 2007. 1040ez 2011 tax form )   For all other foreign taxes, you should use the exchange rate in effect on the date you paid them. 1040ez 2011 tax form Election to use exchange rate on date paid. 1040ez 2011 tax form   If you have accrued foreign taxes that you are otherwise required to convert using the average exchange rate, you may elect to use the exchange rate in effect on the date the foreign taxes are paid if the taxes are denominated in a nonfunctional foreign currency. 1040ez 2011 tax form If any of the accrued taxes are unpaid, you must translate them into U. 1040ez 2011 tax form S. 1040ez 2011 tax form dollars using the exchange rate on the last day of the U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax year to which those taxes relate. 1040ez 2011 tax form You may make the election for all nonfunctional currency foreign income taxes or only those nonfunctional currency foreign income taxes that are attributable to qualified business units with a U. 1040ez 2011 tax form S. 1040ez 2011 tax form dollar functional currency. 1040ez 2011 tax form Once made, the election applies to the tax year for which made and all subsequent tax years unless revoked with the consent of the IRS. 1040ez 2011 tax form The election is available for tax years beginning after 2004. 1040ez 2011 tax form It must be made by the due date (including extensions) for filing the tax return for the first tax year to which the election applies. 1040ez 2011 tax form Make the election by attaching a statement to the applicable tax return. 1040ez 2011 tax form The statement must identify whether the election is made for all foreign taxes or only for foreign taxes attributable to qualified business units with a U. 1040ez 2011 tax form S. 1040ez 2011 tax form dollar functional currency. 1040ez 2011 tax form Foreign Tax Redetermination A foreign tax redetermination is any change in your foreign tax liability that may affect your U. 1040ez 2011 tax form S. 1040ez 2011 tax form foreign tax credit claimed. 1040ez 2011 tax form The year in which to claim the credit remains the year to which the foreign taxes paid or accrued relate, even if the change in foreign tax liability occurs in a later year. 1040ez 2011 tax form If a foreign tax redetermination occurs, a redetermination of your U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax liability is required if any of the following conditions apply. 1040ez 2011 tax form The accrued taxes when paid differ from the amounts claimed as a credit. 1040ez 2011 tax form The accrued taxes you claimed as a credit in one tax year are not paid within 2 years after the end of that tax year. 1040ez 2011 tax form If this applies to you, you must reduce the credit previously claimed by the amount of the unpaid taxes. 1040ez 2011 tax form You will not be allowed a credit for the unpaid taxes until you pay them. 1040ez 2011 tax form When you pay the accrued taxes, a new foreign tax redetermination occurs and you must translate the taxes into U. 1040ez 2011 tax form S. 1040ez 2011 tax form dollars using the exchange rate as of the date they were paid. 1040ez 2011 tax form The foreign tax credit is allowed for the year to which the foreign tax relates. 1040ez 2011 tax form See Rate of exchange for foreign taxes paid , earlier, under Foreign Currency and Exchange Rates. 1040ez 2011 tax form The foreign taxes you paid are refunded in whole or in part. 1040ez 2011 tax form For taxes taken into account when accrued but translated into dollars on the date of payment, the dollar value of the accrued tax differs from the dollar value of the tax paid because of fluctuations in the exchange rate between the date of accrual and the date of payment. 1040ez 2011 tax form However, no redetermination is required if the change in foreign tax liability for each foreign country is solely attributable to exchange rate fluctuations and is less than the smaller of: $10,000, or 2% of the total dollar amount of the foreign tax initially accrued for that foreign country for the U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax year. 1040ez 2011 tax form In this case, you must adjust your U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax in the tax year in which the accrued foreign taxes are paid. 1040ez 2011 tax form Notice to the Internal Revenue Service (IRS) of Redetermination You are required to notify the IRS about a foreign tax credit redetermination that affects your U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax liability for each tax year affected by the redetermination. 1040ez 2011 tax form In most cases, you must file Form 1040X, Amended U. 1040ez 2011 tax form S. 1040ez 2011 tax form Individual Income Tax Return, with a revised Form 1116 and a statement that contains information sufficient for the IRS to redetermine your U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax liability for the year or years affected. 1040ez 2011 tax form See Contents of statement , later. 1040ez 2011 tax form You are not required to attach Form 1116 for a tax year affected by a redetermination if: The amount of your creditable taxes paid or accrued during the tax year is not more than $300 ($600 if married filing a joint return) as a result of the foreign tax redetermination, and You meet the requirements listed under Exemption from foreign tax credit limit under How To Figure the Credit, later. 1040ez 2011 tax form There are other exceptions to this requirement. 1040ez 2011 tax form They are discussed later under Due date of notification to IRS . 1040ez 2011 tax form Contents of statement. 1040ez 2011 tax form   The statement must include all of the following. 1040ez 2011 tax form Your name, address, and taxpayer identification number. 1040ez 2011 tax form The tax year or years that are affected by the foreign tax redetermination. 1040ez 2011 tax form The date or dates the foreign taxes were accrued, if applicable. 1040ez 2011 tax form The date or dates the foreign taxes were paid. 1040ez 2011 tax form The amount of foreign taxes paid or accrued on each date (in foreign currency) and the exchange rate used to translate each amount. 1040ez 2011 tax form Information sufficient to determine any interest due from or owing to you, including the amount of any interest paid to you by the foreign government and the dates received. 1040ez 2011 tax form   In the case of any foreign taxes that were not paid before the date two years after the close of the tax year to which those taxes relate, you must provide the amount of those taxes in foreign currency and the exchange rate that was used to translate that amount when originally claimed as a credit. 1040ez 2011 tax form   If any foreign tax was refunded in whole or in part, you must provide the date and amount (in foreign currency) of each refund, the exchange rate that was used to translate each amount when originally claimed as a credit, and the exchange rate for the date the refund was received (for purposes of computing foreign currency gain or loss under Internal Revenue Code section 988). 1040ez 2011 tax form Due date of notification to IRS. 1040ez 2011 tax form   If you pay less foreign tax than you originally claimed a credit for, in most cases you must file a notification by the due date (with extensions) of your original return for your tax year in which the foreign tax redetermination occurred. 1040ez 2011 tax form There is no limit on the time the IRS has to redetermine and assess the correct U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax due. 1040ez 2011 tax form If you pay more foreign tax than you originally claimed a credit for, you have 10 years to file a claim for refund of U. 1040ez 2011 tax form S. 1040ez 2011 tax form taxes. 1040ez 2011 tax form See Time Limit on Refund Claims , later. 1040ez 2011 tax form   Exceptions to this due date are explained in the next two paragraphs. 1040ez 2011 tax form Multiple redeterminations of U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax liability for same tax year. 1040ez 2011 tax form   Where more than one foreign tax redetermination requires a redetermination of U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax liability for the same tax year and those redeterminations occur in the same tax year or within two consecutive tax years, you can file for that tax year one notification (Form 1040X with a Form 1116 and the required statement) that reflects all those tax redeterminations. 1040ez 2011 tax form If you choose to file one notification, the due date for that notification is the due date of the original return (with extensions) for the year in which the first foreign tax redetermination that reduced your foreign tax liability occurred. 1040ez 2011 tax form However, foreign tax redeterminations with respect to the tax year for which a redetermination of U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax liability is required may occur after the due date for providing that notification. 1040ez 2011 tax form In this situation, you may have to file more than one Form 1040X for that tax year. 1040ez 2011 tax form Additional U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax due eliminated by foreign tax credit carryback or carryover. 1040ez 2011 tax form   If a foreign tax redetermination requires a redetermination of U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax liability that would otherwise result in an additional amount of U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax due, but the additional tax is eliminated by a carryback or carryover of an unused foreign tax, you do not have to amend your tax return for the year affected by the redetermination. 1040ez 2011 tax form Instead, you can notify the IRS by attaching a statement to the original return for the tax year in which the foreign tax redetermination occurred. 1040ez 2011 tax form You must file the statement by the due date (with extensions) of that return. 1040ez 2011 tax form The statement must show the amount of the unused foreign taxes paid or accrued and a detailed schedule showing the computation of the carryback or carryover (including the amounts carried back or over to the year for which a redetermination on U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax liability is required). 1040ez 2011 tax form Failure-to-notify penalty. 1040ez 2011 tax form   If you fail to notify the IRS of a foreign tax redetermination and cannot show reasonable cause for the failure, you may have to pay a penalty. 1040ez 2011 tax form   For each month, or part of a month, that the failure continues, you pay a penalty of 5% of the tax due resulting from a redetermination of your U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax. 1040ez 2011 tax form This penalty cannot be more than 25% of the tax due. 1040ez 2011 tax form Foreign tax refund. 1040ez 2011 tax form   If you receive a foreign tax refund without interest from the foreign government, you will not have to pay interest on the amount of tax due resulting from the adjustment to your U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax for the time before the date of the refund. 1040ez 2011 tax form   However, if you receive a foreign tax refund with interest, you must pay interest to the IRS up to the amount of the interest paid to you by the foreign government. 1040ez 2011 tax form The interest you must pay cannot be more than the interest you would have had to pay on taxes that were unpaid for any other reason for the same period. 1040ez 2011 tax form Interest also is owed from the time you receive a refund until you pay the additional tax due. 1040ez 2011 tax form Foreign tax imposed on foreign refund. 1040ez 2011 tax form   If your foreign tax refund is taxed by the foreign country, you cannot take a separate credit or deduction for this additional foreign tax. 1040ez 2011 tax form However, when you refigure the foreign tax credit taken for the original foreign tax, reduce the amount of the refund by the foreign tax paid on the refund. 1040ez 2011 tax form Example. 1040ez 2011 tax form You paid a foreign income tax of $3,000 in 2011, and received a foreign tax refund of $500 in 2013 on which a foreign tax of $100 was imposed. 1040ez 2011 tax form When you refigure your credit for 2011, you must reduce the $3,000 you paid by $400. 1040ez 2011 tax form Time Limit on Refund Claims You have 10 years to file a claim for refund of U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax if you find that you paid or accrued a larger foreign tax than you claimed a credit for. 1040ez 2011 tax form The 10-year period begins the day after the regular due date for filing the return (without extensions) for the year in which the taxes were actually paid or accrued. 1040ez 2011 tax form You have 10 years to file your claim regardless of whether you claim the credit for taxes paid or taxes accrued. 1040ez 2011 tax form The 10-year period applies to claims for refund or credit based on: Fixing math errors in figuring qualified foreign taxes, Reporting qualified foreign taxes not originally reported on the return, or Any other change in the size of the credit (including one caused by correcting the foreign tax credit limit). 1040ez 2011 tax form The special 10-year period also applies to making or changing your choice to claim a deduction or credit for foreign taxes. 1040ez 2011 tax form See Making or Changing Your Choice discussed earlier under Choosing To Take Credit or Deduction. 1040ez 2011 tax form Who Can Take the Credit? U. 1040ez 2011 tax form S. 1040ez 2011 tax form citizens, resident aliens, and nonresident aliens who paid foreign income tax and are subject to U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax on foreign source income may be able to take a foreign tax credit. 1040ez 2011 tax form U. 1040ez 2011 tax form S. 1040ez 2011 tax form Citizens If you are a U. 1040ez 2011 tax form S. 1040ez 2011 tax form citizen, you are taxed by the United States on your worldwide income wherever you live. 1040ez 2011 tax form You are normally entitled to take a credit for foreign taxes you pay or accrue. 1040ez 2011 tax form Resident Aliens If you are a resident alien of the United States, you can take a credit for foreign taxes subject to the same general rules as U. 1040ez 2011 tax form S. 1040ez 2011 tax form citizens. 1040ez 2011 tax form If you are a bona fide resident of Puerto Rico for the entire tax year, you also come under the same rules. 1040ez 2011 tax form Usually, you can take a credit only for those foreign taxes imposed on income you actually or constructively received while you had resident alien status. 1040ez 2011 tax form For information on alien status, see Publication 519. 1040ez 2011 tax form Nonresident Aliens If you are a nonresident alien, you cannot take the credit in most cases. 1040ez 2011 tax form However, you may be able to take the credit if: You were a bona fide resident of Puerto Rico during your entire tax year, or You pay or accrue tax to a foreign country or U. 1040ez 2011 tax form S. 1040ez 2011 tax form possession on income from foreign sources that is effectively connected with a trade or business in the United States. 1040ez 2011 tax form But if you must pay tax to a foreign country or U. 1040ez 2011 tax form S. 1040ez 2011 tax form possession on income from U. 1040ez 2011 tax form S. 1040ez 2011 tax form sources only because you are a citizen or a resident of that country or U. 1040ez 2011 tax form S. 1040ez 2011 tax form possession, do not use that tax in figuring the amount of your credit. 1040ez 2011 tax form For information on alien status and effectively connected income, see Publication 519. 1040ez 2011 tax form What Foreign Taxes Qualify for the Credit? In most cases, the following four tests must be met for any foreign tax to qualify for the credit. 1040ez 2011 tax form The tax must be imposed on you. 1040ez 2011 tax form You must have paid or accrued the tax. 1040ez 2011 tax form The tax must be the legal and actual foreign tax liability. 1040ez 2011 tax form The tax must be an income tax (or a tax in lieu of an income tax). 1040ez 2011 tax form Certain foreign taxes do not qualify for the credit even if the four tests are met. 1040ez 2011 tax form See Foreign Taxes for Which You Cannot Take a Credit, later. 1040ez 2011 tax form Tax Must Be Imposed on You You can claim a credit only for foreign taxes that are imposed on you by a foreign country or U. 1040ez 2011 tax form S. 1040ez 2011 tax form possession. 1040ez 2011 tax form For example, a tax that is deducted from your wages is considered to be imposed on you. 1040ez 2011 tax form You cannot shift the right to claim the credit by contract or other means. 1040ez 2011 tax form Foreign country. 1040ez 2011 tax form   A foreign country includes any foreign state and its political subdivisions. 1040ez 2011 tax form Income, war profits, and excess profits taxes paid or accrued to a foreign city or province qualify for the foreign tax credit. 1040ez 2011 tax form U. 1040ez 2011 tax form S. 1040ez 2011 tax form possessions. 1040ez 2011 tax form   For foreign tax credit purposes, all qualified taxes paid to U. 1040ez 2011 tax form S. 1040ez 2011 tax form possessions are considered foreign taxes. 1040ez 2011 tax form For this purpose, U. 1040ez 2011 tax form S. 1040ez 2011 tax form possessions include Puerto Rico and American Samoa. 1040ez 2011 tax form   When the term “foreign country” is used in this publication, it includes U. 1040ez 2011 tax form S. 1040ez 2011 tax form possessions unless otherwise stated. 1040ez 2011 tax form You Must Have Paid or Accrued the Tax In most cases, you can claim the credit only if you paid or accrued the foreign tax to a foreign country or U. 1040ez 2011 tax form S. 1040ez 2011 tax form possession. 1040ez 2011 tax form However, the paragraphs that follow describe some instances in which you can claim the credit even if you did not directly pay or accrue the tax yourself. 1040ez 2011 tax form Joint return. 1040ez 2011 tax form   If you file a joint return, you can claim the credit based on the total foreign income taxes paid or accrued by you and your spouse. 1040ez 2011 tax form Combined income. 1040ez 2011 tax form   If foreign tax is imposed on the combined income of two or more persons (for example, spouses), the tax is allocated among, and considered paid by, these persons on a pro rata basis in proportion to each person's portion of the combined income, as determined under foreign law and Regulations section 1. 1040ez 2011 tax form 901-2(f)(3)(iii). 1040ez 2011 tax form Combined income with respect to each foreign tax that is imposed on a combined basis (and combined income subject to tax exemption or preferential tax rates) is computed separately, and the tax on that combined income is allocated separately. 1040ez 2011 tax form   These rules apply to foreign taxes paid or accrued in tax years beginning after February 14, 2012. 1040ez 2011 tax form However, you can choose to apply the new rules to foreign taxes paid or accrued in tax years beginning after December 31, 2010, and before February 15, 2012. 1040ez 2011 tax form For more details, see paragraphs (f) and (h) of Regulations section 1. 1040ez 2011 tax form 901-2. 1040ez 2011 tax form For similar rules applicable to prior tax years, see Regulations section 1. 1040ez 2011 tax form 901-2 (revised as of April 1, 2011). 1040ez 2011 tax form Example. 1040ez 2011 tax form You and your spouse reside in Country X, which imposes income tax on your combined incomes. 1040ez 2011 tax form Both of you use the “u” as your functional currency. 1040ez 2011 tax form Country X apportions tax based on income. 1040ez 2011 tax form You had income of 30,000u and your spouse had income of 20,000u. 1040ez 2011 tax form Your filing status on your U. 1040ez 2011 tax form S. 1040ez 2011 tax form income tax return is married filing separately. 1040ez 2011 tax form You can claim only 60% (30,000u/50,000u) of the foreign taxes imposed on your income on your U. 1040ez 2011 tax form S income tax return. 1040ez 2011 tax form Your spouse can claim only 40% (20,000u/50,000u). 1040ez 2011 tax form Partner or S corporation shareholder. 1040ez 2011 tax form   If you are a member of a partnership, or a shareholder in an S corporation, you can claim the credit based on your proportionate share of the foreign income taxes paid or accrued by the partnership or the S corporation. 1040ez 2011 tax form These amounts will be shown on the Schedule K-1 you receive from the partnership or S corporation. 1040ez 2011 tax form However, if you are a shareholder in an S corporation that in turn owns stock in a foreign corporation, you cannot claim a credit for your share of foreign taxes paid by the foreign corporation. 1040ez 2011 tax form Beneficiary. 1040ez 2011 tax form   If you are a beneficiary of an estate or trust, you may be able to claim the credit based on your proportionate share of foreign income taxes paid or accrued by the estate or trust. 1040ez 2011 tax form This amount will be shown on the Schedule K-1 you receive from the estate or trust. 1040ez 2011 tax form However, you must show that the tax was imposed on income of the estate and not on income received by the decedent. 1040ez 2011 tax form Mutual fund shareholder. 1040ez 2011 tax form   If you are a shareholder of a mutual fund or other regulated investment company (RIC), you may be able to claim the credit based on your share of foreign income taxes paid by the fund if it chooses to pass the credit on to its shareholders. 1040ez 2011 tax form You should receive from the mutual fund or other RIC a Form 1099-DIV, or similar statement, showing your share of the foreign income, and your share of the foreign taxes paid. 1040ez 2011 tax form If you do not receive this information, you will need to contact the fund. 1040ez 2011 tax form Controlled foreign corporation shareholder. 1040ez 2011 tax form   If you are a shareholder of a controlled foreign corporation and choose to be taxed at corporate rates on the amount you must include in gross income from that corporation, you can claim the credit based on your share of foreign taxes paid or accrued by the controlled foreign corporation. 1040ez 2011 tax form If you make this election, you must claim the credit by filing Form 1118, Foreign Tax Credit—Corporations. 1040ez 2011 tax form Controlled foreign corporation. 1040ez 2011 tax form   A controlled foreign corporation is a foreign corporation in which U. 1040ez 2011 tax form S. 1040ez 2011 tax form shareholders own more than 50% of the voting power or value of the stock. 1040ez 2011 tax form You are considered a U. 1040ez 2011 tax form S. 1040ez 2011 tax form shareholder if you own, directly or indirectly, 10% or more of the total voting power of all classes of the foreign corporation's stock. 1040ez 2011 tax form See Internal Revenue Code sections 951(b) and 958(b) for more information. 1040ez 2011 tax form Tax Must Be the Legal and Actual Foreign Tax Liability The amount of foreign tax that qualifies is not necessarily the amount of tax withheld by the foreign country. 1040ez 2011 tax form Only the legal and actual foreign tax liability that you paid or accrued during the year qualifies for the credit. 1040ez 2011 tax form Foreign tax refund. 1040ez 2011 tax form   You cannot take a foreign tax credit for income taxes paid to a foreign country if it is reasonably certain the amount would be refunded, credited, rebated, abated, or forgiven if you made a claim. 1040ez 2011 tax form   For example, the United States has tax treaties with many countries allowing U. 1040ez 2011 tax form S. 1040ez 2011 tax form citizens and residents reductions in the rates of tax of those foreign countries. 1040ez 2011 tax form However, some treaty countries require U. 1040ez 2011 tax form S. 1040ez 2011 tax form citizens and residents to pay the tax figured without regard to the lower treaty rates and then claim a refund for the amount by which the tax actually paid is more than the amount of tax figured using the lower treaty rate. 1040ez 2011 tax form The qualified foreign tax is the amount figured using the lower treaty rate and not the amount actually paid, because the excess tax is refundable. 1040ez 2011 tax form Subsidy received. 1040ez 2011 tax form   Tax payments a foreign country returns to you in the form of a subsidy do not qualify for the foreign tax credit. 1040ez 2011 tax form This rule applies even if the subsidy is given to a person related to you, or persons who participated with you in a transaction or a related transaction. 1040ez 2011 tax form A subsidy can be provided by any means but must be determined, directly or indirectly, in relation to the amount of tax, or to the base used to figure the tax. 1040ez 2011 tax form   The term “subsidy” includes any type of benefit. 1040ez 2011 tax form Some ways of providing a subsidy are refunds, credits, deductions, payments, or discharges of obligations. 1040ez 2011 tax form Shareholder receiving refund for corporate tax in integrated system. 1040ez 2011 tax form   Under some foreign tax laws and treaties, a shareholder is considered to have paid part of the tax that is imposed on the corporation. 1040ez 2011 tax form You may be able to claim a refund of these taxes from the foreign government. 1040ez 2011 tax form You must include the refund (including any amount withheld) in your income in the year received. 1040ez 2011 tax form Any tax withheld from the refund is a qualified foreign tax. 1040ez 2011 tax form Example. 1040ez 2011 tax form You are a shareholder of a French corporation. 1040ez 2011 tax form You receive a $100 refund of the tax paid to France by the corporation on the earnings distributed to you as a dividend. 1040ez 2011 tax form The French government imposes a 15% withholding tax ($15) on the refund you received. 1040ez 2011 tax form You receive a check for $85. 1040ez 2011 tax form You include $100 in your income. 1040ez 2011 tax form The $15 of tax withheld is a qualified foreign tax. 1040ez 2011 tax form Tax Must Be an Income Tax (or Tax in Lieu of Income Tax) In most cases, only income, war profits, and excess profits taxes (income taxes) qualify for the foreign tax credit. 1040ez 2011 tax form Foreign taxes on wages, dividends, interest, and royalties qualify for the credit in most cases. 1040ez 2011 tax form Furthermore, foreign taxes on income can qualify even though they are not imposed under an income tax law if the tax is in lieu of an income, war profits, or excess profits tax. 1040ez 2011 tax form See Taxes in Lieu of Income Taxes , later. 1040ez 2011 tax form Income Tax Simply because the levy is called an income tax by the foreign taxing authority does not make it an income tax for this purpose. 1040ez 2011 tax form A foreign levy is an income tax only if it meets both of the following requirements. 1040ez 2011 tax form It is a tax; that is, you have to pay it and you get no specific economic benefit (discussed below) from paying it. 1040ez 2011 tax form The predominant character of the tax is that of an income tax in the U. 1040ez 2011 tax form S. 1040ez 2011 tax form sense. 1040ez 2011 tax form A foreign levy may meet these requirements even if the foreign tax law differs from U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax law. 1040ez 2011 tax form The foreign law may include in income items that U. 1040ez 2011 tax form S. 1040ez 2011 tax form law does not include, or it may allow certain exclusions or deductions that U. 1040ez 2011 tax form S. 1040ez 2011 tax form law does not allow. 1040ez 2011 tax form Specific economic benefit. 1040ez 2011 tax form   In most cases, you get a specific economic benefit if you receive, or are considered to receive, an economic benefit from the foreign country imposing the levy, and: If there is a generally imposed income tax, the economic benefit is not available on substantially the same terms to all persons subject to the income tax, or If there is no generally imposed income tax, the economic benefit is not available on substantially the same terms to the population of the foreign country in general. 1040ez 2011 tax form   You are considered to receive a specific economic benefit if you have a business transaction with a person who receives a specific economic benefit from the foreign country and, under the terms and conditions of the transaction, you receive directly or indirectly all or part of the benefit. 1040ez 2011 tax form   However, see the exception discussed later under Pension, unemployment, and disability fund payments . 1040ez 2011 tax form Economic benefits. 1040ez 2011 tax form   Economic benefits include the following. 1040ez 2011 tax form Goods. 1040ez 2011 tax form Services. 1040ez 2011 tax form Fees or other payments. 1040ez 2011 tax form Rights to use, acquire, or extract resources, patents, or other property the foreign country owns or controls. 1040ez 2011 tax form Discharges of contractual obligations. 1040ez 2011 tax form   In most cases, the right or privilege merely to engage in business is not an economic benefit. 1040ez 2011 tax form Dual-capacity taxpayers. 1040ez 2011 tax form   If you are subject to a foreign country's levy and you also receive a specific economic benefit from that foreign country, you are a “dual-capacity taxpayer. 1040ez 2011 tax form ” As a dual-capacity taxpayer, you cannot claim a credit for any part of the foreign levy, unless you establish that the amount paid under a distinct element of the foreign levy is a tax, rather than a compulsory payment for a direct or indirect specific economic benefit. 1040ez 2011 tax form    For more information on how to establish amounts paid under separate elements of a levy, write to: Internal Revenue Service International Section Philadelphia, PA 19255-0725 Pension, unemployment, and disability fund payments. 1040ez 2011 tax form   A foreign tax imposed on an individual to pay for retirement, old-age, death, survivor, unemployment, illness, or disability benefits, or for substantially similar purposes, is not payment for a specific economic benefit if the amount of the tax does not depend on the age, life expectancy, or similar characteristics of that individual. 1040ez 2011 tax form    No deduction or credit is allowed, however, for social security taxes paid or accrued to a foreign country with which the United States has a social security agreement. 1040ez 2011 tax form For more information about these agreements, see Publication 54. 1040ez 2011 tax form Soak-up taxes. 1040ez 2011 tax form   A foreign tax is not predominantly an income tax and does not qualify for credit to the extent it is a soak-up tax. 1040ez 2011 tax form A tax is a soak-up tax to the extent that liability for it depends on the availability of a credit for it against income tax imposed by another country. 1040ez 2011 tax form This rule applies only if and to the extent that the foreign tax would not be imposed if the credit were not available. 1040ez 2011 tax form Penalties and interest. 1040ez 2011 tax form   Amounts paid to a foreign government to satisfy a liability for interest, fines, penalties, or any similar obligation are not taxes and do not qualify for the credit. 1040ez 2011 tax form Taxes not based on income. 1040ez 2011 tax form   Foreign taxes based on gross receipts or the number of units produced, rather than on realized net income, do not qualify unless they are imposed in lieu of an income tax, as discussed next. 1040ez 2011 tax form Taxes based on assets, such as property taxes, do not qualify for the credit. 1040ez 2011 tax form Taxes in Lieu of Income Taxes A tax paid or accrued to a foreign country qualifies for the credit if it is imposed in lieu of an income tax otherwise generally imposed. 1040ez 2011 tax form A foreign levy is a tax in lieu of an income tax only if: It is not payment for a specific economic benefit as discussed earlier, and The tax is imposed in place of, and not in addition to, an income tax otherwise generally imposed. 1040ez 2011 tax form A tax in lieu of an income tax does not have to be based on realized net income. 1040ez 2011 tax form A foreign tax imposed on gross income, gross receipts or sales, or the number of units produced or exported can qualify for the credit. 1040ez 2011 tax form In most cases, a soak-up tax (discussed earlier) does not qualify as a tax in lieu of an income tax. 1040ez 2011 tax form However, if the foreign country imposes a soak-up tax in lieu of an income tax, the amount that does not qualify for foreign tax credit is the lesser of the following amounts. 1040ez 2011 tax form The soak-up tax. 1040ez 2011 tax form The foreign tax you paid that is more than the amount you would have paid if you had been subject to the generally imposed income tax. 1040ez 2011 tax form Foreign Taxes for Which You Cannot Take a Credit This part discusses the foreign taxes for which you cannot take a credit. 1040ez 2011 tax form These are: Taxes on excluded income, Taxes for which you can only take an itemized deduction, Taxes on foreign mineral income, Taxes from international boycott operations, A portion of taxes on combined foreign oil and gas income, Taxes of U. 1040ez 2011 tax form S. 1040ez 2011 tax form persons controlling foreign corporations and partnerships who fail to file required information returns, and Taxes related to a foreign tax splitting event. 1040ez 2011 tax form Taxes on Excluded Income You cannot take a credit for foreign taxes paid or accrued on certain income that is excluded from U. 1040ez 2011 tax form S. 1040ez 2011 tax form gross income. 1040ez 2011 tax form Foreign Earned Income and Housing Exclusions You must reduce your foreign taxes available for the credit by the amount of those taxes paid or accrued on income that is excluded from U. 1040ez 2011 tax form S. 1040ez 2011 tax form income under the foreign earned income exclusion or the foreign housing exclusion. 1040ez 2011 tax form See Publication 54 for more information on the foreign earned income and housing exclusions. 1040ez 2011 tax form Wages completely excluded. 1040ez 2011 tax form   If your wages are completely excluded, you cannot take a credit for any of the foreign taxes paid or accrued on these wages. 1040ez 2011 tax form Wages partly excluded. 1040ez 2011 tax form   If only part of your wages is excluded, you cannot take a credit for the foreign income taxes allocable to the excluded part. 1040ez 2011 tax form You find the amount allocable to your excluded wages by multiplying the foreign tax paid or accrued on foreign earned income received or accrued during the tax year by a fraction. 1040ez 2011 tax form   The numerator of the fraction is your foreign earned income and housing amounts excluded under the foreign earned income and housing exclusions for the tax year minus otherwise deductible expenses definitely related and properly apportioned to that income. 1040ez 2011 tax form Deductible expenses do not include the foreign housing deduction. 1040ez 2011 tax form   The denominator is your total foreign earned income received or accrued during the tax year minus all deductible expenses allocable to that income (including the foreign housing deduction). 1040ez 2011 tax form If the foreign law taxes foreign earned income and some other income (for example, earned income from U. 1040ez 2011 tax form S. 1040ez 2011 tax form sources or a type of income not subject to U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax), and the taxes on the other income cannot be segregated, the denominator of the fraction is the total amount of income subject to the foreign tax minus deductible expenses allocable to that income. 1040ez 2011 tax form Example. 1040ez 2011 tax form You are a U. 1040ez 2011 tax form S. 1040ez 2011 tax form citizen and a cash basis taxpayer, employed by Company X and living in Country A. 1040ez 2011 tax form Your records show the following: Foreign earned income received $125,000 Unreimbursed business travel expenses 20,000 Income tax paid to Country A 30,000 Exclusion of foreign earned  income and housing allowance 97,600     Because you can exclude part of your wages, you cannot claim a credit for part of the foreign taxes. 1040ez 2011 tax form To find that part, do the following. 1040ez 2011 tax form First, find the amount of business expenses allocable to excluded wages and therefore not deductible. 1040ez 2011 tax form To do this, multiply the otherwise deductible expenses by a fraction. 1040ez 2011 tax form That fraction is the excluded wages over your foreign earned income. 1040ez 2011 tax form   $20,000 × $97,600 $125,000 = $15,616             Next, find the numerator of the fraction by which you will multiply the foreign taxes paid. 1040ez 2011 tax form To do this, subtract business expenses allocable to excluded wages ($15,616) from excluded wages ($97,600). 1040ez 2011 tax form The result is $81,984. 1040ez 2011 tax form Then, find the denominator of the fraction by subtracting all your deductible expenses from all your foreign earned income ($125,000 − $20,000 = $105,000). 1040ez 2011 tax form Finally, multiply the foreign tax you paid by the resulting fraction. 1040ez 2011 tax form   $30,000 × $81,984  $105,000 = $23,424 The amount of Country A tax you cannot take a credit for is $23,424. 1040ez 2011 tax form Taxes on Income From Puerto Rico Exempt From U. 1040ez 2011 tax form S. 1040ez 2011 tax form Tax If you have income from Puerto Rican sources that is not taxable, you must reduce your foreign taxes paid or accrued by the taxes allocable to the exempt income. 1040ez 2011 tax form For information on figuring the reduction, see Publication 570. 1040ez 2011 tax form Possession Exclusion If you are a bona fide resident of American Samoa and exclude income from sources in American Samoa, you cannot take a credit for the taxes you pay or accrue on the excluded income. 1040ez 2011 tax form For more information on this exclusion, see Publication 570. 1040ez 2011 tax form Extraterritorial Income Exclusion You cannot take a credit for taxes you pay on qualifying foreign trade income excluded on Form 8873, Extraterritorial Income Exclusion. 1040ez 2011 tax form However, see Internal Revenue Code section 943(d) for an exception for certain withholding taxes. 1040ez 2011 tax form Taxes for Which You Can Only Take an Itemized Deduction You cannot claim a foreign tax credit for foreign income taxes paid or accrued under the following circumstances. 1040ez 2011 tax form However, you can claim an itemized deduction for these taxes. 1040ez 2011 tax form See Choosing To Take Credit or Deduction , earlier. 1040ez 2011 tax form Taxes Imposed By Sanctioned Countries (Section 901(j) Income) You cannot claim a foreign tax credit for income taxes paid or accrued to any country if the income giving rise to the tax is for a period (the sanction period) during which: The Secretary of State has designated the country as one that repeatedly provides support for acts of international terrorism, The United States has severed or does not conduct diplomatic relations with the country, or The United States does not recognize the country's government, and that government is not otherwise eligible to purchase defense articles or services under the Arms Export Control Act. 1040ez 2011 tax form The following countries meet this description for 2013. 1040ez 2011 tax form Income taxes paid or accrued to these countries in 2013 do not qualify for the credit. 1040ez 2011 tax form Cuba. 1040ez 2011 tax form Iran. 1040ez 2011 tax form Libya (but see Note later). 1040ez 2011 tax form North Korea. 1040ez 2011 tax form Sudan. 1040ez 2011 tax form Syria. 1040ez 2011 tax form Waiver of denial of the credit. 1040ez 2011 tax form   A waiver can be granted to a sanctioned country if the President of the United States determines that granting the waiver is in the national interest of the United States and will expand trade and investment opportunities for U. 1040ez 2011 tax form S. 1040ez 2011 tax form companies in the sanctioned country. 1040ez 2011 tax form The President must report to Congress his intentions to grant the waiver and his reasons for granting the waiver not less than 30 days before the date on which the waiver is granted. 1040ez 2011 tax form Note. 1040ez 2011 tax form Effective December 10, 2004, the President granted a waiver to Libya. 1040ez 2011 tax form Income taxes arising on or after this date qualify for the credit if they meet the other requirements in this publication. 1040ez 2011 tax form Limit on credit. 1040ez 2011 tax form   In figuring the foreign tax credit limit, discussed later, income from a sanctioned country is a separate category of foreign income unless a Presidential waiver is granted. 1040ez 2011 tax form You must fill out a separate Form 1116 for this income. 1040ez 2011 tax form This will prevent you from claiming a credit for foreign taxes paid or accrued to the sanctioned country. 1040ez 2011 tax form Example. 1040ez 2011 tax form You lived and worked in Iran until August, when you were transferred to Italy. 1040ez 2011 tax form You paid taxes to each country on the income earned in that country. 1040ez 2011 tax form You cannot claim a foreign tax credit for the foreign taxes paid on the income earned in Iran. 1040ez 2011 tax form Because the income earned in Iran is a separate category of foreign income, you must fill out a separate Form 1116 for that income. 1040ez 2011 tax form You cannot take a credit for taxes paid on the income earned in Iran, but that income is taxable by the United States. 1040ez 2011 tax form Figuring the credit when a sanction ends. 1040ez 2011 tax form    Table 1 lists the countries for which sanctions have ended or for which a Presidential waiver has been granted. 1040ez 2011 tax form For any of these countries, you can claim a foreign tax credit for the taxes paid or accrued to that country on the income for the period that begins after the end of the sanction period or the date the Presidential waiver was granted. 1040ez 2011 tax form Example. 1040ez 2011 tax form The sanctions against Country X ended on July 31. 1040ez 2011 tax form On August 19, you receive a distribution from a mutual fund of Country X income. 1040ez 2011 tax form The fund paid Country X income tax for you on the distribution. 1040ez 2011 tax form Because the distribution was made after the sanction ended, you may include the foreign tax paid on the distribution to compute your foreign tax credit. 1040ez 2011 tax form Amounts for the nonsanctioned period. 1040ez 2011 tax form   If a sanction period ends (or a Presidential waiver is granted) during your tax year and you are not able to determine the actual income and taxes for that period, you can allocate amounts to that period based on the number of days in the period that fall in your tax year. 1040ez 2011 tax form Multiply the income or taxes for the year by the following fraction to determine the amounts allocable to that period. 1040ez 2011 tax form   Number of nonsanctioned days in year  Number of days in year Example. 1040ez 2011 tax form You are a calendar year filer and received $20,000 of income from Country X in 2013 on which you paid tax of $4,500. 1040ez 2011 tax form Sanctions against Country X ended on July 11, 2013. 1040ez 2011 tax form You are unable to determine how much of the income or tax is for the nonsanctioned period. 1040ez 2011 tax form Because your tax year starts on January 1, and the Country X sanction ended on July 11, 2013, 173 days of your tax year are in the nonsanctioned period. 1040ez 2011 tax form You would compute the income for the nonsanctioned period as follows. 1040ez 2011 tax form 173 365 × $20,000 = $9,479             You would figure the tax for the nonsanctioned period as follows. 1040ez 2011 tax form 173 365 × $4,500 = $2,133 To figure your foreign tax credit, you would use $9,479 as the income from Country X and $2,133 as the tax. 1040ez 2011 tax form Further information. 1040ez 2011 tax form   The rules for figuring the foreign tax credit after a country's sanction period ends are more fully explained in Revenue Ruling 92-62, Cumulative Bulletin 1992-2, page 193. 1040ez 2011 tax form This Cumulative Bulletin can be found in many libraries and IRS offices. 1040ez 2011 tax form Table 1. 1040ez 2011 tax form Countries Removed From the Sanction List or Granted Presidential Waiver   Sanction Period Country Starting Date Ending Date Iraq February 1, 1991 June 27, 2004 Libya January 1, 1987 December 9, 2004* *Presidential waiver granted for qualified income taxes arising after December 9, 2004. 1040ez 2011 tax form Taxes Imposed on Certain Dividends You cannot claim a foreign tax credit for withholding tax (defined later ) on dividends paid or accrued if either of the following applies to the dividends. 1040ez 2011 tax form The dividends are on stock you held for less than 16 days during the 31-day period that begins 15 days before the ex-dividend date (defined later). 1040ez 2011 tax form The dividends are for a period or periods totaling more than 366 days on preferred stock you held for less than 46 days during the 91-day period that begins 45 days before the ex-dividend date. 1040ez 2011 tax form If the dividend is not for more than 366 days, rule (1) applies to the preferred stock. 1040ez 2011 tax form When figuring how long you held the stock, count the day you sold it, but do not count the day you acquired it or any days on which you were protected from risk of loss. 1040ez 2011 tax form Regardless of how long you held the stock, you cannot claim the credit to the extent you have an obligation under a short sale or otherwise to make payments related to the dividend for positions in substantially similar or related property. 1040ez 2011 tax form Withholding tax. 1040ez 2011 tax form   For this purpose, withholding tax includes any tax determined on a gross basis. 1040ez 2011 tax form It does not include any tax which is in the nature of a prepayment of a tax imposed on a net basis. 1040ez 2011 tax form Ex-dividend date. 1040ez 2011 tax form   The ex-dividend date is the first date following the declaration of a dividend on which the purchaser of a stock is not entitled to receive the next dividend payment. 1040ez 2011 tax form Example 1. 1040ez 2011 tax form You bought common stock from a foreign corporation on November 3. 1040ez 2011 tax form You sold the stock on November 19. 1040ez 2011 tax form You received a dividend on this stock because you owned it on the ex-dividend date of November 5. 1040ez 2011 tax form To claim the credit, you must have held the stock for at least 16 days within the 31-day period that began on October 21 (15 days before the ex-dividend date). 1040ez 2011 tax form Because you held the stock for 16 days, from November 4 until November 19, you are entitled to the credit. 1040ez 2011 tax form Example 2. 1040ez 2011 tax form The facts are the same as in Example 1 except that you sold the stock on November 14. 1040ez 2011 tax form You held the stock for only 11 days. 1040ez 2011 tax form You are not entitled to the credit. 1040ez 2011 tax form Exception. 1040ez 2011 tax form   If you are a securities dealer who actively conducts business in a foreign country, you may be able to claim a foreign tax credit for qualified taxes paid on dividends regardless of how long you held the stock or whether you were obligated to make payments for positions in substantially similar or related property. 1040ez 2011 tax form See section 901(k)(4) of the Internal Revenue Code for more information. 1040ez 2011 tax form Taxes Withheld on Income or Gain (Other Than Dividends) For income or gain (other than dividends) paid or accrued on property, you cannot claim a foreign tax credit for withholding tax (defined later): If you have not held the property for at least 16 days during the 31-day period that begins 15 days before the date on which the right to receive the payment arises, or To the extent you have to make related payments on positions in substantially similar or related property. 1040ez 2011 tax form When figuring how long you held the property, count the day you sold it, but do not count the day you acquired it or any days on which you were protected from risk of loss. 1040ez 2011 tax form Withholding tax. 1040ez 2011 tax form   For this purpose, withholding tax includes any tax determined on a gross basis. 1040ez 2011 tax form It does not include any tax which is in the nature of a prepayment of a tax imposed on a net basis. 1040ez 2011 tax form Exception for dealers. 1040ez 2011 tax form   If you are a dealer in property who actively conducts business in a foreign country, you may be able to claim a foreign tax credit for qualified taxes withheld on income or gain from that property regardless of how long you held it or whether you have to make related payments on positions in substantially similar or related property. 1040ez 2011 tax form See section 901(I)(2) of the Internal Revenue Code for more information. 1040ez 2011 tax form Covered Asset Acquisition ???You cannot take a credit for the disqualified portion of any foreign tax paid or accrued in connection with a covered asset acquisition. 1040ez 2011 tax form A covered asset acquisition includes certain acquisitions that result in a stepped-up basis for U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax purposes but not for foreign tax purposes. 1040ez 2011 tax form For more information, see Internal Revenue Code section 901(m). 1040ez 2011 tax form The IRS intends to issue guidance that will explain this provision in greater detail. 1040ez 2011 tax form Taxes in Connection With the Purchase or Sale of Oil or Gas You cannot claim a foreign tax credit for taxes paid or accrued to a foreign country in connection with the purchase or sale of oil or gas extracted in that country if you do not have an economic interest in the oil or gas, and the purchase price or sales price is different from the fair market value of the oil or gas at the time of purchase or sale. 1040ez 2011 tax form Taxes on Foreign Mineral Income You must reduce any taxes paid or accrued to a foreign country or possession on mineral income from that country or possession if you were allowed a deduction for percentage depletion for any part of the mineral income. 1040ez 2011 tax form For details, see Regulations section 1. 1040ez 2011 tax form 901-3. 1040ez 2011 tax form Taxes From International Boycott Operations If you participate in or cooperate with an international boycott during the tax year, your foreign taxes resulting from boycott activities will reduce the total taxes available for credit. 1040ez 2011 tax form See the instructions for line 12 in the Form 1116 instructions to figure this reduction. 1040ez 2011 tax form In most cases, this rule does not apply to employees with wages who are working and living in boycotting countries, or to retirees with pensions who are living in these countries. 1040ez 2011 tax form List of boycotting countries. 1040ez 2011 tax form   A list of the countries which may require participation in or cooperation with an international boycott is published by the Department of the Treasury. 1040ez 2011 tax form As of November 2013, the following countries are listed. 1040ez 2011 tax form Iraq. 1040ez 2011 tax form Kuwait. 1040ez 2011 tax form Lebanon. 1040ez 2011 tax form Libya. 1040ez 2011 tax form Qatar. 1040ez 2011 tax form Saudi Arabia. 1040ez 2011 tax form Syria. 1040ez 2011 tax form United Arab Emirates. 1040ez 2011 tax form Yemen. 1040ez 2011 tax form    For information concerning changes to the list, write to: Internal Revenue Service International Section Philadelphia, PA 19255-0725 Determinations of whether the boycott rule applies. 1040ez 2011 tax form   You may request a determination from the Internal Revenue Service as to whether a particular operation constitutes participation in or cooperation with an international boycott. 1040ez 2011 tax form The procedures for obtaining a determination from the Service are outlined in Revenue Procedure 77-9 in Cumulative Bulletin 1977-1. 1040ez 2011 tax form Cumulative Bulletins are available in most IRS offices and you are welcome to read them there. 1040ez 2011 tax form Public inspection. 1040ez 2011 tax form   A determination and any related background file is open to public inspection. 1040ez 2011 tax form However, your identity and certain other information will remain confidential. 1040ez 2011 tax form Reporting requirements. 1040ez 2011 tax form   You must file a report with the IRS if you or any of the following persons have operations in or related to a boycotting country or with the government, a company, or a national of a boycotting country. 1040ez 2011 tax form A foreign corporation in which you own 10% or more of the voting power of all voting stock but only if you own the stock of the foreign corporation directly or through foreign entities. 1040ez 2011 tax form A partnership in which you are a partner. 1040ez 2011 tax form A trust you are treated as owning. 1040ez 2011 tax form Form 5713 required. 1040ez 2011 tax form   If you have to file a report, you must use Form 5713, International Boycott Report, and attach all supporting schedules. 1040ez 2011 tax form See the Instructions for Form 5713 for information on when and where to file the form. 1040ez 2011 tax form Penalty for failure to file. 1040ez 2011 tax form   If you willfully fail to make a report, in addition to other penalties, you may be fined $25,000 or imprisoned for no more than one year, or both. 1040ez 2011 tax form Taxes on Combined Foreign Oil and Gas Income You must reduce your foreign taxes by a portion of any foreign taxes imposed on combined foreign oil and gas income. 1040ez 2011 tax form The amount of the reduction is the amount by which your foreign oil and gas taxes exceed the amount of your combined foreign oil and gas income multiplied by a fraction equal to your pre-credit U. 1040ez 2011 tax form S. 1040ez 2011 tax form tax liability (Form 1040, line 44) divided by your worldwide taxable income. 1040ez 2011 tax form You may be entitled to carry over to other years taxes reduced under this rule. 1040ez 2011 tax form See Internal Revenue Code section 907(f). 1040ez 2011 tax form Combined foreign oil and gas income means the sum of foreign oil related income and foreign oil and gas extraction income. 1040ez 2011 tax form Foreign oil and gas taxes are the sum of foreign oil and gas extraction taxes and foreign oil related taxes. 1040ez 2011 tax form Taxes of U. 1040ez 2011 tax form S. 1040ez 2011 tax form Persons Controlling Foreign Corporations and Partnerships If you had control of a foreign corporation or a foreign partnership for the annual accounting period of that corporation or partnership that ended with or within your tax year, you may have to file an annual information return. 1040ez 2011 tax form If you do not file the required information return, you may have to reduce the foreign taxes that may be used for the foreign tax credit. 1040ez 2011 tax form See Penalty for not filing Form 5471 or Form 8865 , later. 1040ez 2011 tax form U. 1040ez 2011 tax form S. 1040ez 2011 tax form persons controlling foreign corporations. 1040ez 2011 tax form   If you are a U. 1040ez 2011 tax form S. 1040ez 2011 tax form citizen or resident who had control of a foreign corporation for an uninterrupted period of at least 30 days during the annual accounting period of that corporation, you may have to file an annual information return on Form 5471, Information Return of U. 1040ez 2011 tax form S. 1040ez 2011 tax form Persons With Respect To Certain Foreign Corporations. 1040ez 2011 tax form Under this rule, you generally had control of a foreign corporation if at any time during your tax year you owned: Stock possessing more than 50% of the total combined voting power of all classes of stock entitled to vote, or More than 50% of the total value of shares of all classes of stock of the foreign corporation. 1040ez 2011 tax form U. 1040ez 2011 tax form S. 1040ez 2011 tax form persons controlling foreign partnerships. 1040ez 2011 tax form   If you are a U. 1040ez 2011 tax form S. 1040ez 2011 tax form citizen or resident who had control of a foreign partnership at any time during the partnership's tax year, you may have to file
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The 1040ez 2011 Tax Form

1040ez 2011 tax form 35. 1040ez 2011 tax form   Créditos Tributarios por Estudios Table of Contents Introduction Useful Items - You may want to see: ¿Quién Puede Reclamar un Crédito Tributario por Estudios? Gastos de Estudios CalificadosNo se Permite Beneficio Doble Ajustes a los Gastos de Estudios Calificados Introduction Para 2013, hay dos créditos tributarios para personas que paguen gastos de enseñanza superior (postsecundaria). 1040ez 2011 tax form Éstos son: El crédito tributario de oportunidad para los estadounidenses y El crédito vitalicio por aprendizaje. 1040ez 2011 tax form Este capítulo explica en términos generales estos créditos tributarios por estudios. 1040ez 2011 tax form Para obtener la información detallada que necesitará para reclamar cualquiera de los créditos, y para ver ejemplos aclaratorios, consulte los capítulos 2 y 3 de la Publicación 970, Tax Benefits for Education (Beneficios tributarios por estudios), en inglés. 1040ez 2011 tax form ¿Puede reclamar más de un crédito por estudios este año?   Puede escoger sólo uno de los créditos por cada estudiante por cada año. 1040ez 2011 tax form Por ejemplo, si reclama el crédito tributario de oportunidad para los estadounidenses por un hijo en su declaración de impuestos de 2013, no puede tomar el crédito vitalicio por aprendizaje para 2013 si se trata del mismo hijo. 1040ez 2011 tax form   Si reúne los requisitos del crédito tributario de oportunidad para los estadounidenses y también del crédito vitalicio por aprendizaje por el mismo estudiante durante el mismo año, puede reclamar sólo uno de los dos créditos, pero no ambos. 1040ez 2011 tax form   Si paga gastos de estudios calificados por más de un estudiante durante el mismo año, puede reclamar el crédito tributario de oportunidad para los estadounidenses y el crédito vitalicio por aprendizaje basado por cada estudiante y por año. 1040ez 2011 tax form Esto quiere decir que, por ejemplo, puede reclamar el crédito tributario de oportunidad para los estadounidenses por un estudiante y el crédito vitalicio por aprendizaje por otro estudiante en el mismo año. 1040ez 2011 tax form    Tabla 35-1. 1040ez 2011 tax form Comparación de los Créditos Tributarios por Estudios Precaución: Puede reclamar el crédito tributario de oportunidad para los estadounidenses y el crédito vitalicio por aprendizaje en la misma declaración —pero no por el mismo estudiante. 1040ez 2011 tax form   Crédito tributario de oportunidad para los estadounidenses Crédito vitalicio por aprendizaje Crédito máximo Un crédito de hasta $2,500 por cada estudiante que reúne los requisitos Un crédito de hasta $2,000 por cada declaración Límite a los ingresos brutos ajustados modificados (MAGI, por sus siglas en inglés) $180,000 si es casado que presenta una declaración conjunta;  $90,000 si es soltero, cabeza de familia o viudo que reúne los requisitos $127,000 si es casado que presenta una declaración conjunta;  $63,000 si es soltero, cabeza de familia o viudo que reúne los requisitos Reembolsable o no reembolsable El 40% del crédito podría ser reembolsable El monto del crédito está limitado al monto de impuestos que tiene que pagar sobre sus ingresos sujetos a impuestos Número de años de enseñanza postsecundaria Disponible SÓLO si el estudiante no ha completado los 4 primeros años de enseñanza postsecundaria antes de 2013 Disponible para todo año de enseñanza postsecundaria y cursos para adquirir o mejorar aptitudes en el trabajo Número de años tributarios por los cuales se ofrece el crédito Disponible SÓLO por 4 años por cada estudiante que reúna los requisitos (incluido todo año en el que se haya reclamado el crédito Hope) Disponible por un número ilimitado de años Tipo de programa académico requerido El estudiante tiene que estar cursando un programa de estudios con miras a sacar una licenciatura u otro título o certificado académico acreditado El estudiante no necesita estar cursando un programa de estudios con miras a sacar una licenciatura u otro título o certificado académico acreditado Número de cursos El estudiante tiene que estar matriculado a medio tiempo como mínimo durante al menos un período académico que haya comenzado en el transcurso del año tributario Disponible para uno o más cursos Fallo condenatorio por delito grave de drogas Si para el fin de 2013 no consta fallo condenatorio alguno al estudiante por delito grave de poseer o distribuir drogas Fallos condenatorios por delito grave de drogas no hacen que el estudiante no reúna los requisitos Gastos que reúnen los requisitos Costos de matrícula y gastos de inscripción obligatorios y todos los materiales relacionados con un curso que necesita el estudiante, tanto si son comprados o no en la institución como condición de inscripción o asistencia Costos de matrícula y gastos de inscripción obligatorios (incluidas cantidades que tienen que pagarse a la institución por textos, materiales y equipo relacionados con un curso) Pagos por períodos académicos Pagos efectuados en 2013 para períodos académicos que se iniciaron en 2013 y en los tres primeros meses de 2014 Diferencias entre el crédito tributario de oportunidad para los estadounidenses y el crédito vitalicio por aprendizaje. 1040ez 2011 tax form   Existen varias diferencias entre estos dos créditos. 1040ez 2011 tax form Estas diferencias se resumen en la Tabla 35-1, más adelante. 1040ez 2011 tax form Useful Items - You may want to see: Publicación 970 Tax Benefits for Education (Beneficios tributarios por estudios), en inglés Formulario (e Instrucciones) 8863 Education Credits (American Opportunity and Lifetime Learning Credits) (Créditos tributarios por estudios (crédito tributario de oportunidad para los estadounidenses y crédito vitalicio por aprendizaje)), en inglés ¿Quién Puede Reclamar un Crédito Tributario por Estudios? Tal vez pueda reclamar un crédito tributario por estudios si usted, su cónyuge o un dependiente reclamado en su declaración de impuestos era estudiante matriculado en, o asistió a, una institución de enseñanza superior que reúne los requisitos. 1040ez 2011 tax form Los créditos se basan en la cantidad de gastos de estudios calificados que hayan sido pagados a nombre del estudiante en 2013 por períodos académicos que comenzaron en 2013 y en los primeros tres meses de 2014. 1040ez 2011 tax form Por ejemplo, si pagó $1,500 en diciembre de 2013 por una matrícula calificada por el semestre de primavera de 2014 que comience en enero de 2014, tal vez pueda usar los $1,500 en el cálculo del (de los) crédito(s) para 2013. 1040ez 2011 tax form Período académico. 1040ez 2011 tax form   Un período académico abarca un semestre, trimestre, cuatrimestre u otro período de estudios (como un curso de escuela de verano) según lo determine de manera razonable una institución de enseñanza superior. 1040ez 2011 tax form En el caso de una institución de enseñanza superior que no tenga períodos académicos sino horas de crédito u horas de reloj, cada período de pago se puede considerar período académico. 1040ez 2011 tax form Institución de enseñanza superior que reúne los requisitos. 1040ez 2011 tax form   Una “institución de enseñanza superior que reúne los requisitos” es todo colegio universitario, universidad, escuela de enseñanza técnica u otra institución de enseñanza superior con derecho a participar en un programa de asistencia financiera al estudiante administrado por el Departamento de Educación de los Estados Unidos. 1040ez 2011 tax form Esta clase de institución abarca prácticamente todas las instituciones acreditadas de enseñanza superior públicas, sin fines de lucro y las privadas con fines de lucro. 1040ez 2011 tax form La institución de enseñanza superior debe poder indicarle si reúne los requisitos. 1040ez 2011 tax form   Determinadas instituciones de enseñanza superior ubicadas en el extranjero participan también en los programas de Federal Student Aid (Asistencia Financiera al Estudiante o FSA, por sus siglas en inglés) del Departamento de Educación de los Estados Unidos. 1040ez 2011 tax form ¿Quién puede reclamar los gastos de un dependiente?   Si una persona reclama al estudiante como dependiente y se permite una deducción por aquel estudiante en la declaración de dicha persona, se considera que esa persona ha pagado todos los gastos de estudios calificados del estudiante. 1040ez 2011 tax form Por lo tanto, sólo esa persona puede reclamar un crédito por estudios en nombre del estudiante. 1040ez 2011 tax form Si un estudiante no es reclamado como dependiente en la declaración de impuestos de otra persona, sólo el estudiante puede reclamar un crédito. 1040ez 2011 tax form Gastos pagados por un tercero. 1040ez 2011 tax form   Los gastos de estudios calificados pagados en nombre del estudiante por una persona que no sea el estudiante (como un pariente) se tratan como si hubiesen sido pagados por dicho estudiante. 1040ez 2011 tax form Sin embargo, los gastos de estudios calificados pagados (o que se tratan como si hubiesen sido pagados) por un estudiante que es reclamado como dependiente en su declaración de impuestos, se tratan como si hubiesen sido pagados por usted. 1040ez 2011 tax form Por lo tanto, a usted se le trata como si hubiese pagado los gastos que fueron pagados por el tercero. 1040ez 2011 tax form Para más información y para ver un ejemplo, vea Who can Claim a Dependent's Expenses (¿Quién puede reclamar los gastos de un dependiente?) en el capítulo 2 ó 3 de la Publicación 970, en inglés. 1040ez 2011 tax form ¿Quién no puede reclamar el crédito?   No puede tomar un crédito tributario por estudios si alguna de las siguientes situaciones le corresponde: Usted es reclamado como dependiente en la declaración de impuestos de otra persona, como la de sus padres. 1040ez 2011 tax form Su estado civil para efectos de la declaración es casado que presenta una declaración por separado. 1040ez 2011 tax form Usted (o su cónyuge) fue extranjero no residente durante cualquier parte de 2013 y no optó por ser tratado como extranjero residente para fines tributarios. 1040ez 2011 tax form Sus ingresos brutos ajustados modificados (MAGI, por sus siglas en inglés) es uno de los siguientes: Crédito tributario de oportunidad para los estadounidenses: $180,000 o más si es casado que presenta la declaración conjunta, o $90,000 o más si es soltero, cabeza de familia o viudo que reúne los requisitos. 1040ez 2011 tax form Crédito vitalicio por aprendizaje: $127,000 o más si es casado que presenta la declaración conjunta, o $63,000 o más si es soltero, cabeza de familia o viudo que reúne los requisitos. 1040ez 2011 tax form   Por lo general, su MAGI es la cantidad de la línea 38 de su Formulario 1040 o la línea 22 del Formulario 1040A. 1040ez 2011 tax form No obstante, si presenta el Formulario 2555, 2555-EZ o 4563 o si excluye ingresos de fuentes dentro de Puerto Rico, sume la cantidad excluida del ingreso a la cantidad en la línea 38 de su Formulario 1040 o de la línea 22 del Formulario 1040A. 1040ez 2011 tax form Para más detalles, vea la Publicación 970, en inglés. 1040ez 2011 tax form   La Figura 35-A podría ser útil al momento de determinar si puede reclamar un crédito tributario por estudios en su declaración de impuestos. 1040ez 2011 tax form    El crédito tributario de oportunidad para los estadounidenses siempre será mayor que o igual al crédito vitalicio por aprendizaje para todo estudiante que reúna los requisitos para ambos créditos. 1040ez 2011 tax form Sin embargo, si no se cumplen todos los requisitos correspondientes al crédito tributario de oportunidad para los estadounidenses enumerados anteriormente en la Tabla 35-1, usted no puede reclamar dicho crédito en base de este estudiante. 1040ez 2011 tax form En lugar de ello, quizás podría reclamar el crédito vitalicio por aprendizaje por una parte o la totalidad de los gastos de estudios calificados de dicho estudiante. 1040ez 2011 tax form Para obtener información sobre otros beneficios relacionados con los estudios, vea la Publicación 970, en inglés. 1040ez 2011 tax form Gastos de Estudios Calificados Generalmente, se considera que los gastos de estudios calificados son cantidades pagadas en 2013 por matrícula y gastos escolares obligatorios para matricularse en un curso o asistir al mismo en una institución de enseñanza superior. 1040ez 2011 tax form No importa si los gastos fueron pagados en efectivo, por cheque, con tarjeta de crédito o débito, o con préstamos. 1040ez 2011 tax form Sólo reúnen los requisitos ciertos gastos por libros, materiales y equipos relacionados con un curso: Crédito tributario de oportunidad para los estadounidenses: Los gastos de estudios calificados abarcan cantidades gastadas en libros, materiales y equipos necesarios para cursos de un programa de estudios, ya sea o no que se compren estos materiales en la institución de enseñanza como condición para matricularse o asistir a tales cursos. 1040ez 2011 tax form Crédito vitalicio por aprendizaje: Los gastos de estudios calificados abarcan cantidades gastadas en libros, materiales y equipos sólo si se tienen que pagar a la institución como condición para matricularse o asistir a cursos. 1040ez 2011 tax form Los gastos de estudios calificados incluyen cuotas no académicas, tales como cuotas por actividades estudiantiles, cuotas por actividades deportivas u otros gastos no relacionados con el curso de instrucción, sólo si la cuota tiene que pagarse a la institución como condición de inscripción o asistencia. 1040ez 2011 tax form Sin embargo, las cuotas por gastos personales (descritos a continuación) nunca se consideran gastos de estudios calificados. 1040ez 2011 tax form Los gastos de estudios calificados no incluyen cantidades pagadas por: Gastos personales. 1040ez 2011 tax form Éstos incluyen gastos de alojamiento y comida, seguros, gastos médicos (incluyendo las cuotas de servicios de salud para estudiantes), transporte y otros gastos personales similares o de familia. 1040ez 2011 tax form Todo curso u otros estudios que se relacionen con deportes, juegos o pasatiempos o todo curso sin crédito académico, a menos que dicho curso o dichos estudios formen parte del programa de estudios para obtener un título del estudiante o (sólo en el caso del crédito vitalicio por aprendizaje) ayude al estudiante a adquirir o mejorar aptitudes en el trabajo. 1040ez 2011 tax form Usted debe recibir el Formulario 1098-T, Tuition Statement (Información sobre el pago de matrícula), en inglés, de la institución que informa cualesquiera de los pagos recibidos en 2013 (encasillado 1) o las cantidades facturadas en 2013 (encasillado 2). 1040ez 2011 tax form Sin embargo, la cantidad pagada (o tratada como pagada) puede ser distinta a la cantidad en el encasillado 1 ó 2 del Formulario 1098-T. 1040ez 2011 tax form Al completar el Formulario 8863, en inglés, utilice sólo las cantidades que realmente pagó (además de cualquier otra cantidad tratada como pagada) en 2013, reducida cuando sea necesario, como se describe en Ajustes a los Gastos de Estudios Calificados , más adelante. 1040ez 2011 tax form Los gastos de estudios calificados pagados en nombre del estudiante por una persona que no sea el estudiante (como un pariente) se tratan como si hubiesen sido pagados por dicho estudiante. 1040ez 2011 tax form Los gastos de estudios calificados pagados (o que se tratan como si hubiesen sido pagados) por un estudiante que es reclamado como dependiente en su declaración de impuestos se tratan como si hubiesen sido pagados por usted. 1040ez 2011 tax form Al calcular los créditos tributarios por estudios, si usted o el estudiante toman una deducción por gastos de enseñanza superior, tal como en el Anexo A o C (Formulario 1040), no pueden utilizar esos gastos como gastos de estudios calificados. 1040ez 2011 tax form Los gastos de estudios calificados para cualquier período académico tienen que ser reducidos por toda ayuda económica de estudios exenta de los impuestos asignable a dicho período académico. 1040ez 2011 tax form Vea Ajustes a los Gastos de Estudios Calificados , más adelante. 1040ez 2011 tax form Gastos pagados por adelantado. 1040ez 2011 tax form   Los gastos de estudios calificados pagados en 2013 para un período académico que comienza en los primeros tres meses de 2014 se pueden utilizar sólo en el cálculo del crédito por estudios de 2013. 1040ez 2011 tax form Vea Período académico , anteriormente. 1040ez 2011 tax form Por ejemplo, si usted paga $2,000 en diciembre de 2013 para matrícula calificada por el cuatrimestre del invierno de 2014 que comienza en enero de 2014, puede utilizar los $2,000 en el cálculo del crédito por estudios sólo para 2013 (si reúne todos los otros requisitos). 1040ez 2011 tax form No puede utilizar cantidad alguna que haya pagado en 2012 ó 2014 para calcular su(s) crédito(s) tributario(s) por estudios de 2013. 1040ez 2011 tax form Gastos pagados con un préstamo. 1040ez 2011 tax form   Puede reclamar un crédito por estudios en el caso de gastos de estudios calificados que haya pagado con un préstamo. 1040ez 2011 tax form Utilice los gastos para calcular el crédito tributario por estudios correspondiente al año en que se paguen los gastos y no al año en el que se pague el préstamo. 1040ez 2011 tax form Trate los pagos del préstamo enviados directamente a la institución de enseñanza superior como si se hubiesen pagado en la fecha en que dicha institución abone los pagos a la cuenta del estudiante. 1040ez 2011 tax form Si el estudiante se retira de uno o más cursos. 1040ez 2011 tax form   Puede reclamar un crédito tributario por estudios en el caso de gastos de estudios calificados que no se le devuelvan al estudiante si el estudiante se retira de uno o más cursos. 1040ez 2011 tax form No se Permite Beneficio Doble No se permite hacer lo siguiente: Deducir gastos de enseñanza superior en su declaración de impuestos sobre los ingresos (por ejemplo, un gasto de negocio) y reclamar también un crédito por estudios basándose en dichos gastos. 1040ez 2011 tax form Reclamar más de un (1) crédito tributario por estudios basándose en los mismos gastos de estudios calificados. 1040ez 2011 tax form Reclamar un crédito por estudios basándose en los mismos gastos utilizados para calcular la parte exenta del impuesto de distribuciones de una cuenta de ahorros para estudios Coverdell (Coverdell ESA, por su abreviatura en inglés) o un programa de matrícula calificada (QTP, por sus siglas en inglés). 1040ez 2011 tax form Reclamar un crédito basándose en gastos de estudios calificados que hayan sido pagados con ayuda para estudios, tal como una beca o subvención o ayuda provista por el empleador, libres de impuestos. 1040ez 2011 tax form Vea Ajustes a los Gastos de Estudios Calificados, a continuación. 1040ez 2011 tax form Ajustes a los Gastos de Estudios Calificados Para cada estudiante, se tiene que restar los gastos de estudios calificados, pagados en 2013, por o en nombre de dicho estudiante bajo las siguientes reglas. 1040ez 2011 tax form El resultado es la cantidad ajustada en gastos de estudios calificados por cada estudiante. 1040ez 2011 tax form Ayuda económica para estudios exenta de impuestos. 1040ez 2011 tax form   Si en 2013 recibió ayuda económica para estudios que está exenta de impuestos, reste la cantidad de la ayuda económica para estudios exenta de impuestos asignable para cada período académico de la cantidad de gastos de estudios calificados para cada período académico. 1040ez 2011 tax form Vea Período académico , anteriormente. 1040ez 2011 tax form   La ayuda económica para estudios exenta de impuestos incluye: Partes no sujetas a impuestos de becas de estudios y becas de investigación (vea el capítulo 12 de esta publicación y el capítulo 1 de la Publicación 970, en inglés), La parte no sujeta a impuestos de subvenciones federales Pell (vea el capítulo 1 de la Publicación 970, en inglés), La parte no sujeta a impuestos de ayuda económica para estudios provista por el empleador (vea la Publicación 970, en inglés), Ayuda económica para estudios para veteranos (vea el capítulo 1 de la Publicación 970, en inglés) y Cualquier otro pago no sujeto a impuestos (libre de impuestos) (que no sean regalos ni herencias) recibido como ayuda económica para estudios. 1040ez 2011 tax form   Por lo general, toda beca de estudios o de investigación es tratada como una ayuda económica para estudios exenta de impuestos. 1040ez 2011 tax form Sin embargo, una beca de estudios o de investigación no será tratada como dicha ayuda al punto de que el estudiante la incluye como ingreso bruto (si el estudiante tiene que presentar una declaración de impuestos) para el año en que reciba la beca de estudios o de investigación y le corresponde uno de los siguientes: La beca de estudios o de investigación (o cualquier parte de dicha beca) tiene que ser aplicada (por sus condiciones) a gastos (como de alojamiento y comida) que no sean gastos de estudios calificados como se define en el capítulo 1, Qualified education expenses (Gastos de estudios calificados), de la Publicación 970, en inglés, o La beca de estudios o de investigación (o cualquier parte de dicha beca) puede ser aplicada (por sus condiciones) a gastos (como de alojamiento y comida) que no sean gastos de estudios calificados como se define en el capítulo 1, Qualified education expenses (Gastos de estudios calificados), de la Publicación 970, en inglés. 1040ez 2011 tax form Podría aumentar el valor combinado del crédito tributario por estudios y cierta ayuda económica para estudios si el estudiante incluye alguna o toda ayuda económica para estudios del ingreso en el año en que recibió dicha ayuda. 1040ez 2011 tax form Para detalles, vea Adjustments of Qualified Education Expenses (Ajustes a los gastos de estudios calificados) en los capítulos 2 y 3 de la Publicación 970, en inglés. 1040ez 2011 tax form Cierta ayuda económica para estudios exenta de impuestos recibida después de 2013 podría ser tratada como un reembolso de gastos de estudios calificados que se pagaron en 2013. 1040ez 2011 tax form Esta ayuda económica para estudios exenta de impuestos es toda ayuda económica para estudios exenta de impuestos que usted o cualquier otro ha recibido después de 2013 por gastos de estudios calificados pagados en nombre de un estudiante en 2013 (o atribuible a la matrícula de una institución de enseñanza superior que reúne los requisitos durante 2013). 1040ez 2011 tax form Si dicha ayuda económica para estudios exenta de impuestos se recibe después de 2013 pero antes de que presente su declaración de impuestos sobre los ingresos para 2013, vea Reembolsos recibidos después de 2013 pero antes de presentar su declaración de impuestos sobre los ingresos, más adelante. 1040ez 2011 tax form Si dicha ayuda económica para estudios exenta de impuestos se recibe después de 2013 y después que presenta su declaración de impuestos sobre los ingresos para 2013, vea Reembolsos recibidos después de 2013 y después que presenta su declaración de impuestos sobre los ingresos, más adelante. 1040ez 2011 tax form Reembolsos. 1040ez 2011 tax form   Un reembolso de gastos de estudios calificados puede reducir gastos de estudios calificados por el año tributable o puede requerir que recupere (reintegre) el crédito tributario por estudios que reclamó en un año anterior. 1040ez 2011 tax form Cierta ayuda económica para estudios exenta de impuestos recibida después de 2013 puede ser tratada como un reembolso. 1040ez 2011 tax form Vea Ayuda económica para estudios exenta de impuestos, anteriormente. 1040ez 2011 tax form Reembolsos recibidos en 2013. 1040ez 2011 tax form   Por cada estudiante, calcule los gastos de estudios calificados ajustados de 2013 sumando todos los gastos de estudios calificados pagados en 2013 y reste todos los reembolsos de esos gastos recibidos de la institución de enseñanza superior que reúne los requisitos durante 2013. 1040ez 2011 tax form Reembolsos recibidos después de 2013 pero antes de presentar su declaración de impuestos sobre los ingresos. 1040ez 2011 tax form   Si alguien recibe un reembolso después de 2013 por gastos de estudios calificados pagado en nombre de un estudiante en 2013 y el reembolso es recibido antes de que presente su declaración de impuestos sobre los ingresos de 2013, reste la cantidad de gastos de estudios calificados de 2013 por la cantidad del reembolso. 1040ez 2011 tax form Reembolsos recibidos después de 2013 y después de presentar su declaración de impuestos sobre los ingresos. 1040ez 2011 tax form   Si alguien recibe un reembolso después de 2013 por gastos de estudios calificados pagados en nombre de un estudiante en 2013 y el reembolso es recibido después de presentar su declaración de impuestos sobre los ingresos de 2013, podría verse obligado a reintegrar parte o todo el crédito tributario por estudios que reclamó. 1040ez 2011 tax form Vea Recuperar (reintegrar) el crédito, a continuación. 1040ez 2011 tax form Recuperar (reintegrar) el crédito. 1040ez 2011 tax form   Si después de haber presentado su declaración de impuestos sobre los ingresos de 2013, recibe alguna ayuda económica para estudios exenta de impuestos o cualquier reembolso correspondiente a gastos de estudios calificados que haya pagado en 2013, tiene que recuperar (reintegrar) todo crédito en exceso. 1040ez 2011 tax form Cuando se vuelve a calcular la cantidad de gastos de estudios calificados ajustados de 2013, reste de dichos gastos la cantidad de la ayuda económica para estudios exenta de impuestos o el (los) reembolso(s) que haya recibido. 1040ez 2011 tax form Entonces se calcula nuevamente su(s) crédito(s) tributario(s) por estudios de 2013 y se calcula la cantidad por la cual su impuesto adeudado de 2013 hubiera aumentado si hubiese reclamado dicho(s) crédito(s) nuevamente calculado(s). 1040ez 2011 tax form Incluya esa cantidad como un impuesto adicional para el año en que la ayuda económica o el reembolso fueron recibidos. 1040ez 2011 tax form Ejemplo. 1040ez 2011 tax form   Usted pagó $8,000 por matrícula y gastos escolares de su hijo en diciembre de 2013 por el semestre de primavera que comienza en enero de 2014. 1040ez 2011 tax form Usted presentó su declaración de impuestos de 2013 el 3 de febrero de 2014 y reclamó un crédito vitalicio por aprendizaje de $1,600 ($8,000 de gastos de estudios calificados multiplicado por 0. 1040ez 2011 tax form 20). 1040ez 2011 tax form Usted no reclamó otros créditos tributarios. 1040ez 2011 tax form Después de haber presentado su declaración, su hijo se retiró de dos cursos y usted recibió un reembolso de $1,400. 1040ez 2011 tax form Tiene que volver a calcular su crédito vitalicio por aprendizaje de 2013 usando $6,600 ($1,400 del reembolso que se resta de los gastos de estudios calificados de $8,000). 1040ez 2011 tax form El crédito nuevamente calculado es $1,320 y su impuesto adeudado aumentó por $280. 1040ez 2011 tax form Tiene que incluir el resultado de $280 (lo que queda después de que haya restado $1,320 (el crédito nuevamente calculado) de $1,600 (el crédito que había reclamado originalmente)) como un impuesto adicional en su declaración de impuestos sobre los ingresos de 2014. 1040ez 2011 tax form Para determinar en dónde incluir dicho impuesto adicional, vea las instrucciones de su declaración de impuestos sobre los ingresos de 2014. 1040ez 2011 tax form    Si también paga gastos de estudios calificados en 2014 para un período académico que comienza en los primeros tres meses de 2014 y recibe ayuda económica para estudios exenta de impuestos o un reembolso como se explicó anteriormente, usted puede escoger reducir sus gastos de estudios calificados para el 2014 en vez de reducir sus gastos para 2013. 1040ez 2011 tax form Cantidades que no reducen los gastos de estudios calificados. 1040ez 2011 tax form   No reste de los gastos de estudios calificados las cantidades pagadas con fondos que el estudiante reciba como: Pagos por servicios, como salarios; Un préstamo; Un regalo; Una herencia o Un retiro de la cuenta de ahorros personal del estudiante. 1040ez 2011 tax form   No reste de los gastos de estudios calificados ninguna beca de estudios o beca de investigación reclamada como ingresos en la declaración de ingresos del estudiante en las siguientes situaciones: El uso del dinero está limitado, por los términos de la beca de estudios o de investigación, a los costos de asistencia (como alojamiento y comida) que no sean gastos de estudios calificados, como se definen en el capítulo 1 de la Publicación 970, en inglés. 1040ez 2011 tax form El uso del dinero no está limitado. 1040ez 2011 tax form   Para ver ejemplos, consulte el capítulo 2 de la Publicación 970, en inglés. 1040ez 2011 tax form Please click here for the text description of the image. 1040ez 2011 tax form Figura 35-A ¿Puede usted reclamar el crédito por Estudios para 2013? 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