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2010 Tax Forms 1040ez

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2010 Tax Forms 1040ez

2010 tax forms 1040ez Publication 80 - Introductory Material Table of Contents Future Developments What's New Reminders Calendar Future Developments For the latest information about developments related to Publication 80 (Circular SS), such as legislation enacted after it was published, go to www. 2010 tax forms 1040ez irs. 2010 tax forms 1040ez gov/pub80. 2010 tax forms 1040ez What's New Social security and Medicare tax for 2014. 2010 tax forms 1040ez  The social security tax rate is 6. 2010 tax forms 1040ez 2% each for the employee and employer, unchanged from 2013. 2010 tax forms 1040ez The social security wage base limit is $117,000. 2010 tax forms 1040ez The Medicare tax rate is 1. 2010 tax forms 1040ez 45% each for the employee and employer, unchanged from 2013. 2010 tax forms 1040ez There is no wage base limit for Medicare tax. 2010 tax forms 1040ez Social security and Medicare taxes apply to the wages of household workers you pay $1,900 or more in cash or an equivalent form of compensation. 2010 tax forms 1040ez Social security and Medicare taxes apply to election workers who are paid $1,600 or more in cash or an equivalent form of compensation. 2010 tax forms 1040ez Change of responsible party. 2010 tax forms 1040ez . 2010 tax forms 1040ez  Beginning January 1, 2014, any entity with an employer identification number (EIN) must file Form 8822-B, Change of Address or Responsible Party—Business, to report the latest change to its responsible party. 2010 tax forms 1040ez Form 8822-B must be filed within 60 days of the change. 2010 tax forms 1040ez If the change in the identity of your responsible party occurred before 2014, and you have not previously notified the IRS of the change, file Form 8822-B before March 1, 2014, reporting only the most recent change. 2010 tax forms 1040ez For a definition of “responsible party”, see the Form 8822-B instructions. 2010 tax forms 1040ez Same-sex marriage. 2010 tax forms 1040ez  For federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. 2010 tax forms 1040ez For more information, see Revenue Ruling 2013-17, 2013-38 I. 2010 tax forms 1040ez R. 2010 tax forms 1040ez B. 2010 tax forms 1040ez 201, available at www. 2010 tax forms 1040ez irs. 2010 tax forms 1040ez gov/irb/2013-38_IRB/ar07. 2010 tax forms 1040ez html. 2010 tax forms 1040ez Notice 2013-61 provides special administrative procedures for employers to make claims for refund or adjustments of overpayments of social security and Medicare taxes with respect to certain same-sex spouse benefits before expiration of the period of limitations. 2010 tax forms 1040ez Notice 2013-61, 2013-44 I. 2010 tax forms 1040ez R. 2010 tax forms 1040ez B. 2010 tax forms 1040ez 432, is available at www. 2010 tax forms 1040ez irs. 2010 tax forms 1040ez gov/irb/2013-44_IRB/ar10. 2010 tax forms 1040ez html. 2010 tax forms 1040ez Reminders Additional Medicare Tax withholding. 2010 tax forms 1040ez  In addition to withholding Medicare tax at 1. 2010 tax forms 1040ez 45%, you must withhold a 0. 2010 tax forms 1040ez 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. 2010 tax forms 1040ez You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. 2010 tax forms 1040ez Additional Medicare Tax is only imposed on the employee. 2010 tax forms 1040ez There is no employer share of Additional Medicare Tax. 2010 tax forms 1040ez All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. 2010 tax forms 1040ez For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Employment and Payments , in section 12. 2010 tax forms 1040ez For more information on Additional Medicare Tax, visit IRS. 2010 tax forms 1040ez gov and enter “Additional Medicare Tax” in the search box. 2010 tax forms 1040ez Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans. 2010 tax forms 1040ez  The work opportunity tax credit is available for eligible unemployed veterans who begin work on or after November 22, 2011, and before January 1, 2014. 2010 tax forms 1040ez Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. 2010 tax forms 1040ez For more information, visit IRS. 2010 tax forms 1040ez gov and enter “work opportunity tax credit” in the search box. 2010 tax forms 1040ez Outsourcing payroll duties. 2010 tax forms 1040ez  Employers are responsible to ensure that tax returns are filed and deposits and payments are made, even if the employer contracts with a third party to perform these acts. 2010 tax forms 1040ez The employer remains responsible if the third party fails to perform any required action. 2010 tax forms 1040ez If you choose to outsource any of your payroll and related tax duties (that is, withholding, reporting, and paying over social security, Medicare, FUTA, and income taxes) to a third-party payer such as a payroll service provider or reporting agent, visit IRS. 2010 tax forms 1040ez gov and enter “outsourcing payroll duties” in the search box for helpful information on this topic. 2010 tax forms 1040ez Residents of the Philippines working in the Commonwealth of the Northern Mariana Islands (CNMI). 2010 tax forms 1040ez  The IRS will not assert that an employer has understated liability for social security and Medicare taxes because they failed to treat services performed before January 1, 2015, in the CNMI by a resident of the Philippines as employment as defined under Internal Revenue Code section 3121(b). 2010 tax forms 1040ez For more information, see Announcement 2012-43, 2012-51 I. 2010 tax forms 1040ez R. 2010 tax forms 1040ez B. 2010 tax forms 1040ez 723, available at www. 2010 tax forms 1040ez irs. 2010 tax forms 1040ez gov/irb/2012-51_IRB/ar15. 2010 tax forms 1040ez html. 2010 tax forms 1040ez CNMI government employees now subject to social security and Medicare taxes. 2010 tax forms 1040ez  Beginning in the fourth calendar quarter of 2012, CNMI government employees are subject to social security and Medicare taxes. 2010 tax forms 1040ez COBRA premium assistance credit. 2010 tax forms 1040ez  The credit for COBRA premium assistance payments applies to premiums paid for employees involuntarily terminated between September 1, 2008 and May 31, 2010, and to premiums paid for up to 15 months. 2010 tax forms 1040ez See COBRA premium assistance credit in Publication 15 (Circular E), Employer's Tax Guide. 2010 tax forms 1040ez You can get Publication 15 (Circular E) at IRS. 2010 tax forms 1040ez gov. 2010 tax forms 1040ez You must receive written notice from the IRS to file Form 944. 2010 tax forms 1040ez  If you have been filing Forms 941-SS and believe your employment taxes for the calendar year will be $1,000 or less, and you would like to file Form 944, Employer's ANNUAL Federal Tax Return, instead of Forms 941-SS, you must contact the IRS to request to file Form 944. 2010 tax forms 1040ez You must receive written notice from the IRS to file Form 944 instead of Forms 941-SS before you may file this form. 2010 tax forms 1040ez For more information on requesting to file Form 944 visit IRS. 2010 tax forms 1040ez gov and enter “file employment taxes annually” in the search box. 2010 tax forms 1040ez Federal employers in the CNMI. 2010 tax forms 1040ez  The U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez Treasury Department and the CNMI Division of Revenue and Taxation entered into an agreement under 5 USC 5517 in December 2006. 2010 tax forms 1040ez Under this agreement, all federal employers (including the Department of Defense) are required to withhold CNMI income taxes (rather than federal income taxes) and deposit the CNMI taxes with the CNMI Treasury for employees who are subject to CNMI taxes and whose regular place of federal employment is in the CNMI. 2010 tax forms 1040ez Federal employers are also required to file quarterly and annual reports with the CNMI Division of Revenue and Taxation. 2010 tax forms 1040ez For questions, contact the CNMI Division of Revenue and Taxation. 2010 tax forms 1040ez Change of address. 2010 tax forms 1040ez  Use Form 8822-B to notify the IRS of an address change. 2010 tax forms 1040ez Do not mail Form 8822-B with your employment tax return. 2010 tax forms 1040ez Federal tax deposits must be made by electronic funds transfer. 2010 tax forms 1040ez  You must use electronic funds transfer to make all federal tax deposits. 2010 tax forms 1040ez Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). 2010 tax forms 1040ez If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. 2010 tax forms 1040ez Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. 2010 tax forms 1040ez EFTPS is a free service provided by the Department of Treasury. 2010 tax forms 1040ez Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. 2010 tax forms 1040ez For more information on making federal tax deposits, see How To Deposit in section 8. 2010 tax forms 1040ez For more information about EFTPS or to enroll in EFTPS, visit the EFTPS website at www. 2010 tax forms 1040ez eftps. 2010 tax forms 1040ez gov or call 1-800-555-4477 (U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez Virgin Islands only) or 303-967-5916 (toll call) or 1-800-733-4829 (TDD). 2010 tax forms 1040ez Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide To Getting Started. 2010 tax forms 1040ez Electronic filing and payment. 2010 tax forms 1040ez  Using electronic options can make filing a return and paying your federal tax easier. 2010 tax forms 1040ez Use the Electronic Federal Tax Payment System (EFTPS) to make deposits or pay in full, whether you rely on a tax professional or prepare your own taxes. 2010 tax forms 1040ez You can use IRS e-file to file certain returns. 2010 tax forms 1040ez If there is a balance due on the return, you can e-file and e-pay in a single step by authorizing an electronic funds withdrawal (EFW) from your bank account while e-filing. 2010 tax forms 1040ez Do not use EFW to pay taxes that are required to be deposited. 2010 tax forms 1040ez Visit the IRS website at www. 2010 tax forms 1040ez irs. 2010 tax forms 1040ez gov/efile for more information on filing electronically. 2010 tax forms 1040ez For more information on paying your taxes using EFW, visit the IRS website at www. 2010 tax forms 1040ez irs. 2010 tax forms 1040ez gov/e-pay. 2010 tax forms 1040ez A fee may be charged to file electronically. 2010 tax forms 1040ez For EFTPS, visit www. 2010 tax forms 1040ez eftps. 2010 tax forms 1040ez gov or call EFTPS Customer Service at 1-800-555-4477 (U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez Virgin Islands only) or 303-967-5916 (toll call). 2010 tax forms 1040ez For electronic filing of Forms W-2AS, W-2CM, W-2GU, W-2VI, Wage and Tax Statements; W-3SS, Transmittal of Wage and Tax Statements; and W-2c, Corrected Wage and Tax Statement, visit www. 2010 tax forms 1040ez socialsecurity. 2010 tax forms 1040ez gov/employer. 2010 tax forms 1040ez If you are filing your tax return or paying your federal taxes electronically, a valid EIN is required. 2010 tax forms 1040ez If a valid EIN is not provided, the return or payment will not be processed. 2010 tax forms 1040ez This may result in penalties and delays in processing your return or payment. 2010 tax forms 1040ez Electronic option for filing Forms W-2AS, W-2CM, W-2GU, or W-2VI. 2010 tax forms 1040ez  Employers in American Samoa, the CNMI, Guam, and the U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez Virgin Islands can now use the Social Security Administration's W-2 Online service to create, save, print, and submit up to 50 Forms W-2AS, W-2CM, W-2GU, or W-2VI at a time over the Internet. 2010 tax forms 1040ez Form W-3SS will be generated automatically based on your Forms W-2AS, W-2CM, W-2GU, or W-2VI. 2010 tax forms 1040ez For more information, visit Social Security Administration's SSA website at www. 2010 tax forms 1040ez ssa. 2010 tax forms 1040ez gov/bso/bsowelcome. 2010 tax forms 1040ez htm. 2010 tax forms 1040ez Credit or debit card payments. 2010 tax forms 1040ez  For information on paying your taxes with a credit or debit card, visit the IRS website at www. 2010 tax forms 1040ez irs. 2010 tax forms 1040ez gov/e-pay. 2010 tax forms 1040ez However, do not use credit or debit cards to make federal tax deposits. 2010 tax forms 1040ez Hiring new employees. 2010 tax forms 1040ez  Record the number and name from each new employee's social security card. 2010 tax forms 1040ez An employee who does not have a social security card should apply for one on Form SS-5, Application for a Social Security Card. 2010 tax forms 1040ez See section 3. 2010 tax forms 1040ez Reporting discrepancies between Forms 941-SS (or Form 944) and Forms W-2. 2010 tax forms 1040ez  File Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations, to explain certain wage, tax, and payment discrepancies between Forms 941-SS (or Form 944), and Forms W-2 that were caused by acquisitions, statutory mergers, or consolidations. 2010 tax forms 1040ez For more information, see the Instructions for Schedule D (Form 941). 2010 tax forms 1040ez Apply for an employer identification number (EIN) online. 2010 tax forms 1040ez  You can apply for an EIN online by visiting IRS. 2010 tax forms 1040ez gov and clicking on the Apply for an EIN Online link under Tools. 2010 tax forms 1040ez Dishonored payments. 2010 tax forms 1040ez  Any form of payment that is dishonored and returned from a financial institution is subject to a penalty. 2010 tax forms 1040ez The penalty is $25 or 2% of the payment, whichever is more. 2010 tax forms 1040ez However, the penalty on dishonored payments of $24. 2010 tax forms 1040ez 99 or less is an amount equal to the payment. 2010 tax forms 1040ez For example, a dishonored payment of $18 is charged a penalty of $18. 2010 tax forms 1040ez Private delivery services. 2010 tax forms 1040ez  You can use certain private delivery services designated by the IRS to send tax returns or payments. 2010 tax forms 1040ez The list includes only the following: DHL Express (DHL): DHL Same Day Service. 2010 tax forms 1040ez Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority, and FedEx International First. 2010 tax forms 1040ez United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A. 2010 tax forms 1040ez M. 2010 tax forms 1040ez , UPS Worldwide Express Plus, and UPS Worldwide Express. 2010 tax forms 1040ez For the IRS mailing address to use if you are using a private delivery service, go to IRS. 2010 tax forms 1040ez gov and enter “private delivery service” in the search box. 2010 tax forms 1040ez Your private delivery service can tell you how to get written proof of the mailing date. 2010 tax forms 1040ez Private delivery services cannot deliver items to P. 2010 tax forms 1040ez O. 2010 tax forms 1040ez boxes. 2010 tax forms 1040ez You must use the U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez Postal Service to mail any item to an IRS P. 2010 tax forms 1040ez O. 2010 tax forms 1040ez box address. 2010 tax forms 1040ez Recordkeeping. 2010 tax forms 1040ez  Keep all records of employment taxes for 4 years. 2010 tax forms 1040ez These should be available for IRS review. 2010 tax forms 1040ez There is no required format for such records, but they should include your EIN; the amounts and dates of all wage payments (including fringe benefits) and tips reported; the names, addresses, and occupations of employees receiving such payments and their social security numbers; copies of returns filed; dates of employment; and the dates and amounts of deposits made. 2010 tax forms 1040ez Farm employers must keep a record of the name, permanent address, and EIN of each crew leader. 2010 tax forms 1040ez See Farm Crew Leaders in section 2. 2010 tax forms 1040ez Disregarded entities and qualified subchapter S subsidiaries (QSubs). 2010 tax forms 1040ez  Eligible single-owner disregarded entities and QSubs are treated as separate entities for employment tax purposes. 2010 tax forms 1040ez Eligible single-member entities that have not elected to be taxed as corporations must report and pay employment taxes on wages paid to their employees using the entities' own names and EINs. 2010 tax forms 1040ez See Regulations sections 1. 2010 tax forms 1040ez 1361-4(a)(7) and 301. 2010 tax forms 1040ez 7701-2(c)(2)(iv). 2010 tax forms 1040ez Photographs of missing children. 2010 tax forms 1040ez  The IRS is a proud partner with the National Center for Missing and Exploited Children. 2010 tax forms 1040ez Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 2010 tax forms 1040ez You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 2010 tax forms 1040ez Calendar   If any date for filing a return, furnishing a form, or depositing taxes falls on a Saturday, Sunday, or legal holiday, the due date is the next business day. 2010 tax forms 1040ez A statewide legal holiday delays a filing due date only if the IRS office where you are required to file is located in that state. 2010 tax forms 1040ez However, a statewide legal holiday does not delay the due date of federal tax deposits. 2010 tax forms 1040ez See Deposits on Business Days Only in section 8. 2010 tax forms 1040ez For any filing due date, you will meet the “file” or “furnish” requirement if the envelope containing the return or form is properly addressed, contains sufficient postage, and is postmarked by the U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez Postal Service on or before the due date, or sent by an IRS-designated delivery service on or before the due date. 2010 tax forms 1040ez See Private delivery services under Reminders. 2010 tax forms 1040ez The following are important dates and responsibilities. 2010 tax forms 1040ez Also see Publication 509, Tax Calendars. 2010 tax forms 1040ez By January 31. 2010 tax forms 1040ez   Furnish wage and tax statements to employees. 2010 tax forms 1040ez Give each employee a completed Form W-2AS, W-2CM, W-2GU, or W-2VI. 2010 tax forms 1040ez See section 10 for more information. 2010 tax forms 1040ez File Form 943, Employer's Annual Federal Tax Return for Agricultural Employees, with the IRS. 2010 tax forms 1040ez If you deposited all Form 943 taxes when due, you have 10 additional calendar days to file. 2010 tax forms 1040ez U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez Virgin Islands employers only must file Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, with the IRS. 2010 tax forms 1040ez Pay or deposit (if more than $500) any balance of the tax due. 2010 tax forms 1040ez If you deposited the full amount of taxes when due, you have 10 additional calendar days to file. 2010 tax forms 1040ez File Form 944 with the IRS if you were notified by the IRS to file Form 944 instead of quarterly Forms 941-SS. 2010 tax forms 1040ez If you deposited the full amount of taxes when due, you have 10 additional calendar days to file. 2010 tax forms 1040ez By February 28. 2010 tax forms 1040ez  File paper wage and tax statements with the Social Security Administration (SSA). 2010 tax forms 1040ez File Copy A of Forms W-2AS, W-2CM, W-2GU, or W-2VI, and Form W-3SS with the Social Security Administration (SSA). 2010 tax forms 1040ez For electronically filed returns, see By March 31 next. 2010 tax forms 1040ez By March 31. 2010 tax forms 1040ez  File electronic Forms W-2AS, W-2CM, W-2GU, or W-2VI with the SSA. 2010 tax forms 1040ez Visit the SSA's Reporting Instructions & Information webpage at www. 2010 tax forms 1040ez socialsecurity. 2010 tax forms 1040ez gov/employer for more information. 2010 tax forms 1040ez By April 30, July 31, October 31, and January 31. 2010 tax forms 1040ez  File Form 941-SS with the IRS. 2010 tax forms 1040ez If you deposited the full amount of taxes when due, you have 10 additional calendar days to file. 2010 tax forms 1040ez Do not file Forms 941-SS for these quarters if you have been notified to file Form 944 and you did not request to file quarterly Forms 941-SS. 2010 tax forms 1040ez Deposit FUTA tax for the quarter (including any amount carried over from other quarters) if over $500. 2010 tax forms 1040ez If $500 or less, carry it over to the next quarter. 2010 tax forms 1040ez See section 11 for more information. 2010 tax forms 1040ez Prev  Up  Next   Home   More Online Publications
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The 2010 Tax Forms 1040ez

2010 tax forms 1040ez 10. 2010 tax forms 1040ez   Education Savings Bond Program Table of Contents Introduction Who Can Cash In Bonds Tax FreeAdjusted qualified education expenses. 2010 tax forms 1040ez Eligible educational institution. 2010 tax forms 1040ez Dependent for whom you claim an exemption. 2010 tax forms 1040ez MAGI when using Form 1040A. 2010 tax forms 1040ez MAGI when using Form 1040. 2010 tax forms 1040ez Figuring the Tax-Free AmountEffect of the Amount of Your Income on the Amount of Your Exclusion Claiming the Exclusion Introduction Generally, you must pay tax on the interest earned on U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez savings bonds. 2010 tax forms 1040ez If you do not include the interest in income in the years it is earned, you must include it in your income in the year in which you cash in the bonds. 2010 tax forms 1040ez However, when you cash in certain savings bonds under an education savings bond program, you may be able to exclude the interest from income. 2010 tax forms 1040ez Who Can Cash In Bonds Tax Free You may be able to cash in qualified U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez savings bonds without having to include in your income some or all of the interest earned on the bonds if you meet the following conditions. 2010 tax forms 1040ez You pay qualified education expenses for yourself, your spouse, or a dependent for whom you claim an exemption on your return. 2010 tax forms 1040ez Your modified adjusted gross income (MAGI) is less than the amount specified for your filing status. 2010 tax forms 1040ez Your filing status is not married filing separately. 2010 tax forms 1040ez Qualified U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez savings bonds. 2010 tax forms 1040ez   A qualified U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez savings bond is a series EE bond issued after 1989 or a series I bond. 2010 tax forms 1040ez The bond must be issued either in your name (as the sole owner) or in the name of both you and your spouse (as co-owners). 2010 tax forms 1040ez   The owner must be at least 24 years old before the bond's issue date. 2010 tax forms 1040ez The issue date is printed on the front of the savings bond. 2010 tax forms 1040ez    The issue date is not necessarily the date of purchase—it will be the first day of the month in which the bond is purchased (or posted, if bought electronically). 2010 tax forms 1040ez Qualified education expenses. 2010 tax forms 1040ez   These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption. 2010 tax forms 1040ez Tuition and fees required to enroll at or attend an eligible educational institution. 2010 tax forms 1040ez Qualified education expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. 2010 tax forms 1040ez Contributions to a qualified tuition program (QTP) (see How Much Can You Contribute in chapter 8, Qualified Tuition Program). 2010 tax forms 1040ez Contributions to a Coverdell education savings account (ESA) (see Contributions in chapter 7, Coverdell Education Savings Account). 2010 tax forms 1040ez Adjusted qualified education expenses. 2010 tax forms 1040ez   You must reduce your qualified education expenses by all of the following tax-free benefits. 2010 tax forms 1040ez Tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). 2010 tax forms 1040ez Expenses used to figure the tax-free portion of distributions from a Coverdell ESA (see Qualified Education Expenses in chapter 7, Coverdell Education Savings Account). 2010 tax forms 1040ez Expenses used to figure the tax-free portion of distributions from a QTP (see Qualified education expenses in chapter 8, Qualified Tuition Program). 2010 tax forms 1040ez Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Qualified tuition reductions (see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), or Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ). 2010 tax forms 1040ez Any expenses used in figuring the American opportunity and lifetime learning credits. 2010 tax forms 1040ez See What Expenses Qualify in chapter 2, American Opportunity Credit, and What Expenses Qualify in chapter 3, Lifetime Learning Credit, for more information. 2010 tax forms 1040ez Eligible educational institution. 2010 tax forms 1040ez   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez Department of Education. 2010 tax forms 1040ez It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. 2010 tax forms 1040ez The educational institution should be able to tell you if it is an eligible educational institution. 2010 tax forms 1040ez   Certain educational institutions located outside the United States also participate in the U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez Department of Education's Federal Student Aid (FSA) programs. 2010 tax forms 1040ez Dependent for whom you claim an exemption. 2010 tax forms 1040ez   You claim an exemption for a person if you list his or her name and other required information on Form 1040 (or Form 1040A), line 6c. 2010 tax forms 1040ez Modified adjusted gross income (MAGI). 2010 tax forms 1040ez   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return without taking into account this interest exclusion. 2010 tax forms 1040ez However, as discussed below, there may be other modifications. 2010 tax forms 1040ez MAGI when using Form 1040A. 2010 tax forms 1040ez   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). 2010 tax forms 1040ez MAGI when using Form 1040. 2010 tax forms 1040ez   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. 2010 tax forms 1040ez    Use the worksheet in the instructions for line 9 of Form 8815 to figure your MAGI. 2010 tax forms 1040ez If you claim any of the exclusion or deduction items (1)–(6) listed above, add the amount of the exclusion or deduction to the amount on line 5 of the worksheet. 2010 tax forms 1040ez Do not add in the deduction for (7) student loan interest, and (8) tuition and fees, or (9) domestic production activities because line 4 of the worksheet already includes these amounts. 2010 tax forms 1040ez Enter the total on Form 8815, line 9, as your modified adjusted gross income (MAGI). 2010 tax forms 1040ez    Because the deduction for interest expenses attributable to royalties and other investments is limited to your net investment income, you cannot figure the deduction until you have figured this interest exclusion. 2010 tax forms 1040ez Therefore, if you had interest expenses attributable to royalties and deductible on Schedule E (Form 1040), Supplemental Income and Loss, you must make a special computation of your deductible interest without regard to this exclusion to figure the net royalty income included in your MAGI. 2010 tax forms 1040ez See Royalties included in MAGI under Education Savings Bond Program in Publication 550, chapter 1. 2010 tax forms 1040ez Figuring the Tax-Free Amount If the total you receive when you cash in the bonds is not more than the adjusted qualified education expenses for the year, all of the interest on the bonds may be tax free. 2010 tax forms 1040ez However, if the total you receive when you cash in the bonds is more than the adjusted expenses, only part of the interest may be tax free. 2010 tax forms 1040ez To determine the tax-free amount, multiply the interest part of the proceeds by a fraction. 2010 tax forms 1040ez The numerator (top part) of the fraction is the adjusted qualified education expenses (AQEE) you paid during the year. 2010 tax forms 1040ez The denominator (bottom part) of the fraction is the total proceeds you received during the year. 2010 tax forms 1040ez Example. 2010 tax forms 1040ez In February 2013, Mark and Joan Washington, a married couple, cashed a qualified series EE U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez savings bond. 2010 tax forms 1040ez They received proceeds of $9,000, representing principal of $6,000 and interest of $3,000. 2010 tax forms 1040ez In 2013, they paid $7,650 of their daughter's college tuition. 2010 tax forms 1040ez They are not claiming an American opportunity or lifetime learning credit for those expenses, and their daughter does not have any tax-free educational assistance. 2010 tax forms 1040ez Their MAGI for 2013 was $80,000. 2010 tax forms 1040ez   $3,000 interest × $7,650 AQEE  $9,000 proceeds = $2,550 tax-free interest   They can exclude $2,550 of interest in 2013. 2010 tax forms 1040ez They must pay tax on the remaining $450 ($3,000 − $2,550) interest. 2010 tax forms 1040ez Effect of the Amount of Your Income on the Amount of Your Exclusion The amount of your interest exclusion is gradually reduced (phased out) based on your MAGI and filing status. 2010 tax forms 1040ez Claiming the Exclusion Use Form 8815 to figure your education savings bond interest exclusion. 2010 tax forms 1040ez Enter your exclusion on line 3 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. 2010 tax forms 1040ez Attach Form 8815 to your tax return. 2010 tax forms 1040ez Prev  Up  Next   Home   More Online Publications