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2011 Free Efile Taxes

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2011 Free Efile Taxes

2011 free efile taxes Publication 596 - Introductory Material Table of Contents Future Developments What is the EIC? Can I Claim the EIC? Do I Need This Publication? Do I Have To Have A Child To Qualify For The EIC? How Do I Figure the Amount of EIC? How Can I Quickly Locate Specific information? Is There Help Online? What's New for 2013 Reminders Future Developments For the latest information about developments related to Publication 596, such as legislation enacted after it was published, go to www. 2011 free efile taxes irs. 2011 free efile taxes gov/pub596. 2011 free efile taxes What is the EIC? The earned income credit (EIC) is a tax credit for certain people who work and have earned income under $51,567. 2011 free efile taxes A tax credit usually means more money in your pocket. 2011 free efile taxes It reduces the amount of tax you owe. 2011 free efile taxes The EIC may also give you a refund. 2011 free efile taxes Can I Claim the EIC? To claim the EIC, you must meet certain rules. 2011 free efile taxes These rules are summarized in Table 1. 2011 free efile taxes Table 1. 2011 free efile taxes Earned Income Credit in a Nutshell First, you must meet all the rules in this column. 2011 free efile taxes Second, you must meet all the rules in one of these columns, whichever applies. 2011 free efile taxes Third, you must meet the rule in this column. 2011 free efile taxes Chapter 1. 2011 free efile taxes  Rules for Everyone Chapter 2. 2011 free efile taxes  Rules If You Have a Qualifying Child Chapter 3. 2011 free efile taxes  Rules If You Do Not Have a Qualifying Child Chapter 4. 2011 free efile taxes  Figuring and Claiming the EIC 1. 2011 free efile taxes Your adjusted gross income (AGI) must be less than:  • $46,227 ($51,567 for married filing jointly) if you have three or more qualifying children,  • $43,038 ($48,378 for married filing jointly) if you have two qualifying children,  • $37,870 ($43,210 for married filing jointly) if you have one qualifying child, or   • $14,340 ($19,680 for married filing jointly) if you do not have a qualifying child. 2011 free efile taxes 2. 2011 free efile taxes You must have a valid social security number. 2011 free efile taxes   3. 2011 free efile taxes Your filing status cannot be Married filing separately. 2011 free efile taxes   4. 2011 free efile taxes You must be a U. 2011 free efile taxes S. 2011 free efile taxes citizen or resident alien all year. 2011 free efile taxes   5. 2011 free efile taxes You cannot file Form 2555 or Form 2555-EZ (relating to foreign earned income). 2011 free efile taxes   6. 2011 free efile taxes Your investment income must be $3,300 or less. 2011 free efile taxes    7. 2011 free efile taxes You must have earned income. 2011 free efile taxes 8. 2011 free efile taxes Your child must meet the relationship, age, residency, and joint return tests. 2011 free efile taxes   9. 2011 free efile taxes Your qualifying child cannot be used by more than one person to claim the EIC. 2011 free efile taxes   10. 2011 free efile taxes You cannot be a qualifying child of another person. 2011 free efile taxes 11. 2011 free efile taxes You must be at least age 25 but under age 65. 2011 free efile taxes    12. 2011 free efile taxes You cannot be the dependent of another person. 2011 free efile taxes   13. 2011 free efile taxes You cannot be a qualifying child of another person. 2011 free efile taxes   14. 2011 free efile taxes You must have lived in the United States more than half of the year. 2011 free efile taxes 15. 2011 free efile taxes Your earned income must be less than:  • $46,227 ($51,567 for married filing jointly) if you have three or more qualifying children,  • $43,038 ($48,378 for married filing jointly) if you have two qualifying children,  • $37,870 ($43,210 for married filing jointly) if you have one qualifying child, or  • $14,340 ($19,680 for married filing jointly) if you do not have a qualifying child. 2011 free efile taxes Do I Need This Publication? Certain people who file Form 1040 must use Worksheet 1 in this publication, instead of Step 2 in their Form 1040 instructions, when they are checking whether they can take the EIC. 2011 free efile taxes You are one of those people if any of the following statements are true for 2013. 2011 free efile taxes You are filing Schedule E (Form 1040). 2011 free efile taxes You are reporting income from the rental of personal property not used in a trade or business. 2011 free efile taxes You are reporting income on Form 1040, line 21, from Form 8814 (relating to election to report child's interest and dividends). 2011 free efile taxes You are reporting an amount on Form 1040, line 13, that includes an amount from Form 4797. 2011 free efile taxes If none of the statements above apply to you, your tax form instructions have all the information you need to find out if you can claim the EIC and to figure the amount of your EIC. 2011 free efile taxes You do not need this publication. 2011 free efile taxes But you can read it to find out whether you can take the EIC and to learn more about the EIC. 2011 free efile taxes Do I Have To Have A Child To Qualify For The EIC? No, you can qualify for the EIC without a qualifying child if you are at least age 25 but under age 65 and your earned income is less than $14,340 ($19,680 if married filing jointly). 2011 free efile taxes See chapter 3. 2011 free efile taxes How Do I Figure the Amount of EIC? If you can claim the EIC, you can either have the IRS figure the amount of your credit, or you can figure it yourself. 2011 free efile taxes To figure it yourself, you can complete a worksheet in the instructions for the form you file. 2011 free efile taxes To find out how to have the IRS figure it for you, see chapter 4. 2011 free efile taxes How Can I Quickly Locate Specific information? You can use the index to look up specific information. 2011 free efile taxes In most cases, index entries will point you to headings, tables, or a worksheet. 2011 free efile taxes Is There Help Online? Yes. 2011 free efile taxes You can use the EITC Assistant at www. 2011 free efile taxes irs. 2011 free efile taxes gov/eitc to find out if you may be eligible for the credit. 2011 free efile taxes The EITC Assistant is available in English and Spanish. 2011 free efile taxes What's New for 2013 Earned income amount is more. 2011 free efile taxes The maximum amount of income you can earn and still get the credit has increased. 2011 free efile taxes You may be able to take the credit if: You have three or more qualifying children and you earned less than $46,227 ($51,567 if married filing jointly), You have two qualifying children and you earned less than $43,038 ($48,378 if married filing jointly), You have one qualifying child and you earned less than $37,870 ($43,210 if married filing jointly), or You do not have a qualifying child and you earned less than $14,340 ($19,680 if married filing jointly). 2011 free efile taxes Your adjusted gross income also must be less than the amount in the above list that applies to you. 2011 free efile taxes For details, see Rules 1 and 15. 2011 free efile taxes Investment income amount is more. 2011 free efile taxes The maximum amount of investment income you can have and still get the credit has increased to $3,300. 2011 free efile taxes See Rule 6—Your Investment Income Must Be $3,300 or Less . 2011 free efile taxes Reminders Increased EIC on certain joint returns. 2011 free efile taxes . 2011 free efile taxes  A married person filing a joint return may get more EIC than someone with the same income but a different filing status. 2011 free efile taxes As a result, the EIC table has different columns for married persons filing jointly than for everyone else. 2011 free efile taxes When you look up your EIC in the EIC Table, be sure to use the correct column for your filing status and the number of children you have. 2011 free efile taxes Earned income credit has no effect on certain welfare benefits. 2011 free efile taxes  Any refund you receive because of the EIC cannot be counted as income when determining whether you or anyone else is eligible for benefits or assistance, or how much you or anyone else can receive, under any federal program or under any state or local program financed in whole or in part with federal funds. 2011 free efile taxes These programs include the following. 2011 free efile taxes Temporary Assistance for Needy Families (TANF). 2011 free efile taxes Medicaid. 2011 free efile taxes Supplemental security income (SSI). 2011 free efile taxes Supplemental Nutrition Assistance Program (food stamps). 2011 free efile taxes Low-income housing. 2011 free efile taxes In addition, when determining eligibility, the refund cannot be counted as a resource for at least 12 months after you receive it. 2011 free efile taxes Check with your local benefit coordinator to find out if your refund will affect your benefits. 2011 free efile taxes Do not overlook your state credit. 2011 free efile taxes  If you can claim the EIC on your federal income tax return, you may be able to take a similar credit on your state or local income tax return. 2011 free efile taxes For a list of states that offer a state EIC, go to www. 2011 free efile taxes irs. 2011 free efile taxes gov/eitc. 2011 free efile taxes EIC questioned by IRS. 2011 free efile taxes  The IRS may ask you to provide documents to prove you are entitled to claim the EIC. 2011 free efile taxes We will tell you what documents to send us. 2011 free efile taxes These may include: birth certificates, school records, etc. 2011 free efile taxes The process of establishing your eligibility will delay your refund. 2011 free efile taxes Spanish version of Publication 596. 2011 free efile taxes  You can order Publicación 596SP, Crédito por Ingreso del Trabajo, from the IRS. 2011 free efile taxes It is a Spanish translation of Publication 596. 2011 free efile taxes See How To Get Tax Help to find out how to order this and other IRS forms and publications. 2011 free efile taxes Photographs of missing children. 2011 free efile taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 2011 free efile taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 2011 free efile taxes 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. 2011 free efile taxes Comments and suggestions. 2011 free efile taxes  We welcome your comments about this publication and your suggestions for future editions. 2011 free efile taxes You can write to us at the following address:  Internal Revenue Service Individual Forms and Publications Branch 1111 Constitution Ave. 2011 free efile taxes NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. 2011 free efile taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 2011 free efile taxes You can send your comments from www. 2011 free efile taxes irs. 2011 free efile taxes gov/formspubs/. 2011 free efile taxes Click on “More Information” and then on “Comment on Tax Forms and Publications. 2011 free efile taxes ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 2011 free efile taxes Ordering forms and publications. 2011 free efile taxes  Visit www. 2011 free efile taxes irs. 2011 free efile taxes gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 2011 free efile taxes  Internal Revenue Service 1201 N. 2011 free efile taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 2011 free efile taxes  If you have a tax question, check the information available on IRS. 2011 free efile taxes gov or call 1-800-829-1040. 2011 free efile taxes We cannot answer tax questions sent to either of the above addresses. 2011 free efile taxes Prev  Up  Next   Home   More Online Publications
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Government National Mortgage Association

The Government National Mortgage Association (Ginnie Mae), works to move funds from securities markets into mortgage markets, thereby allowing lending institutions to make more and more affordable home loans. Ginnie Mae does this by backing certain mortgage backed securities with the full faith and credit of the United States (making these securities affordable and attractive).

Contact the Agency or Department

Website: Government National Mortgage Association

Address: 451 7th St SW
Room B-133

Washington, DC 20410

Phone Number: (202) 708-1535

Toll-free: (888) 446-6434(800) 234-4662 (GinnieNET Hotline)

The 2011 Free Efile Taxes

2011 free efile taxes Publication 939 - Main Content Table of Contents General Information Taxation of Periodic PaymentsInvestment in the Contract Expected Return Computation Under the General Rule How To Use Actuarial TablesUnisex Annuity Tables Special Elections Worksheets for Determining Taxable Annuity Actuarial Tables Requesting a Ruling on Taxation of Annuity How To Get Tax HelpLow Income Taxpayer Clinics General Information Some of the terms used in this publication are defined in the following paragraphs. 2011 free efile taxes A pension is generally a series of payments made to you after you retire from work. 2011 free efile taxes Pension payments are made regularly and are for past services with an employer. 2011 free efile taxes An annuity is a series of payments under a contract. 2011 free efile taxes You can buy the contract alone or you can buy it with the help of your employer. 2011 free efile taxes Annuity payments are made regularly for more than one full year. 2011 free efile taxes Note. 2011 free efile taxes Distributions from pensions and annuities follow the same rules as outlined in this publication unless otherwise noted. 2011 free efile taxes Types of pensions and annuities. 2011 free efile taxes   Particular types of pensions and annuities include: Fixed period annuities. 2011 free efile taxes You receive definite amounts at regular intervals for a definite length of time. 2011 free efile taxes Annuities for a single life. 2011 free efile taxes You receive definite amounts at regular intervals for life. 2011 free efile taxes The payments end at death. 2011 free efile taxes Joint and survivor annuities. 2011 free efile taxes The first annuitant receives a definite amount at regular intervals for life. 2011 free efile taxes After he or she dies, a second annuitant receives a definite amount at regular intervals for life. 2011 free efile taxes The amount paid to the second annuitant may or may not differ from the amount paid to the first annuitant. 2011 free efile taxes Variable annuities. 2011 free efile taxes You receive payments that may vary in amount for a definite length of time or for life. 2011 free efile taxes The amounts you receive may depend upon such variables as profits earned by the pension or annuity funds or cost-of-living indexes. 2011 free efile taxes Disability pensions. 2011 free efile taxes You are under minimum retirement age and receive payments because you retired on disability. 2011 free efile taxes If, at the time of your retirement, you were permanently and totally disabled, you may be eligible for the credit for the elderly or the disabled discussed in Publication 524. 2011 free efile taxes If your annuity starting date is after November 18, 1996, the General Rule cannot be used for the following qualified plans. 2011 free efile taxes A qualified employee plan is an employer's stock bonus, pension, or profit-sharing plan that is for the exclusive benefit of employees or their beneficiaries. 2011 free efile taxes This plan must meet Internal Revenue Code requirements. 2011 free efile taxes It qualifies for special tax benefits, including tax deferral for employer contributions and rollover distributions. 2011 free efile taxes However, you must use the General Rule if you were 75 or over and the annuity payments are guaranteed for more than 5 years. 2011 free efile taxes A qualified employee annuity is a retirement annuity purchased by an employer for an employee under a plan that meets Internal Revenue Code requirements. 2011 free efile taxes A tax-sheltered annuity is a special annuity plan or contract purchased for an employee of a public school or tax-exempt organization. 2011 free efile taxes   The General Rule is used to figure the tax treatment of various types of pensions and annuities, including nonqualified employee plans. 2011 free efile taxes A nonqualified employee plan is an employer's plan that does not meet Internal Revenue Code requirements. 2011 free efile taxes It does not qualify for most of the tax benefits of a qualified plan. 2011 free efile taxes Annuity worksheets. 2011 free efile taxes   The worksheets found near the end of the text of this publication may be useful to you in figuring the taxable part of your annuity. 2011 free efile taxes Request for a ruling. 2011 free efile taxes   If you are unable to determine the income tax treatment of your pension or annuity, you may ask the Internal Revenue Service to figure the taxable part of your annuity payments. 2011 free efile taxes This is treated as a request for a ruling. 2011 free efile taxes See Requesting a Ruling on Taxation of Annuity near the end of this publication. 2011 free efile taxes Withholding tax and estimated tax. 2011 free efile taxes   Your pension or annuity is subject to federal income tax withholding unless you choose not to have tax withheld. 2011 free efile taxes If you choose not to have tax withheld from your pension or annuity, or if you do not have enough income tax withheld, you may have to make estimated tax payments. 2011 free efile taxes Taxation of Periodic Payments This section explains how the periodic payments you receive under a pension or annuity plan are taxed under the General Rule. 2011 free efile taxes Periodic payments are amounts paid at regular intervals (such as weekly, monthly, or yearly) for a period of time greater than one year (such as for 15 years or for life). 2011 free efile taxes These payments are also known as amounts received as an annuity. 2011 free efile taxes If you receive an amount from your plan that is a nonperiodic payment (amount not received as an annuity), see Taxation of Nonperiodic Payments in Publication 575. 2011 free efile taxes In general, you can recover your net cost of the pension or annuity tax free over the period you are to receive the payments. 2011 free efile taxes The amount of each payment that is more than the part that represents your net cost is taxable. 2011 free efile taxes Under the General Rule, the part of each annuity payment that represents your net cost is in the same proportion that your investment in the contract is to your expected return. 2011 free efile taxes These terms are explained in the following discussions. 2011 free efile taxes Investment in the Contract In figuring how much of your pension or annuity is taxable under the General Rule, you must figure your investment in the contract. 2011 free efile taxes First, find your net cost of the contract as of the annuity starting date (defined later). 2011 free efile taxes To find this amount, you must first figure the total premiums, contributions, or other amounts paid. 2011 free efile taxes This includes the amounts your employer contributed if you were required to include these amounts in income. 2011 free efile taxes It also includes amounts you actually contributed (except amounts for health and accident benefits and deductible voluntary employee contributions). 2011 free efile taxes From this total cost you subtract: Any refunded premiums, rebates, dividends, or unrepaid loans (any of which were not included in your income) that you received by the later of the annuity starting date or the date on which you received your first payment. 2011 free efile taxes Any additional premiums paid for double indemnity or disability benefits. 2011 free efile taxes Any other tax-free amounts you received under the contract or plan before the later of the dates in (1). 2011 free efile taxes The annuity starting date   is the later of the first day of the first period for which you receive payment under the contract or the date on which the obligation under the contract becomes fixed. 2011 free efile taxes Example. 2011 free efile taxes On January 1 you completed all your payments required under an annuity contract providing for monthly payments starting on August 1, for the period beginning July 1. 2011 free efile taxes The annuity starting date is July 1. 2011 free efile taxes This is the date you use in figuring your investment in the contract and your expected return (discussed later). 2011 free efile taxes Adjustments If any of the following items apply, adjust (add or subtract) your total cost to find your net cost. 2011 free efile taxes Foreign employment. 2011 free efile taxes   If you worked abroad, your cost may include contributions by your employer to the retirement plan, but only if those contributions would be excludible from your gross income had they been paid directly to you as compensation. 2011 free efile taxes The contributions that apply are: Contributions before 1963 by your employer, Contributions after 1962 by your employer if the contributions would be excludible from your gross income (without regard to the foreign earned income exclusion) had they been paid directly to you, or Contributions after 1996 by your employer on your behalf if you performed the services of a foreign missionary (a duly ordained, commissioned, or licensed minister of a church or a lay person) if the contributions would be excludible from your gross income had they been paid directly to you. 2011 free efile taxes Foreign employment contributions while a nonresident alien. 2011 free efile taxes   In determining your cost, special rules apply if you are a U. 2011 free efile taxes S. 2011 free efile taxes citizen or resident alien who received distributions from a plan to which contributions were made while you were a nonresident alien. 2011 free efile taxes Your contributions and your employer's contributions are not included in your cost if the contributions: Were made based on compensation which was for services performed outside the United States which you were a nonresident alien, and Were not subject to income tax under the laws of the United States or any foreign country, but only if the contribution would have been subject to income tax if they had been paid as cash compensation when the services were performed. 2011 free efile taxes Death benefit exclusion. 2011 free efile taxes   If you are the beneficiary of a deceased employee (or former employee), who died before August 21, 1996, you may qualify for a death benefit exclusion of up to $5,000. 2011 free efile taxes The beneficiary of a deceased employee who died after August 20, 1996, will not qualify for the death benefit exclusion. 2011 free efile taxes How to adjust your total cost. 2011 free efile taxes   If you are eligible, treat the amount of any allowable death benefit exclusion as additional cost paid by the employee. 2011 free efile taxes Add it to the cost or unrecovered cost of the annuity at the annuity starting date. 2011 free efile taxes See Example 3 under Computation Under General Rule for an illustration of the adjustment to the cost of the contract. 2011 free efile taxes Net cost. 2011 free efile taxes   Your total cost plus certain adjustments and minus other amounts already recovered before the annuity starting date is your net cost. 2011 free efile taxes This is the unrecovered investment in the contract as of the annuity starting date. 2011 free efile taxes If your annuity starting date is after 1986, this is the maximum amount that you may recover tax free under the contract. 2011 free efile taxes Refund feature. 2011 free efile taxes   Adjustment for the value of the refund feature is only applicable when you report your pension or annuity under the General Rule. 2011 free efile taxes Your annuity contract has a refund feature if: The expected return ( discussed later) of an annuity depends entirely or partly on the life of one or more individuals, The contract provides that payments will be made to a beneficiary or the estate of an annuitant on or after the death of the annuitant if a stated amount or a stated number of payments has not been paid to the annuitant or annuitants before death, and The payments are a refund of the amount you paid for the annuity contract. 2011 free efile taxes   If your annuity has a refund feature, you must reduce your net cost of the contract by the value of the refund feature (figured using Table III or VII at the end of this publication, also see How To Use Actuarial Tables , later) to find the investment in the contract. 2011 free efile taxes Zero value of refund feature. 2011 free efile taxes   For a joint and survivor annuity, the value of the refund feature is zero if: Both annuitants are age 74 or younger, The payments are guaranteed for less than 2½ years, and The survivor's annuity is at least 50% of the first annuitant's annuity. 2011 free efile taxes   For a single-life annuity without survivor benefit, the value of the refund feature is zero if: The payments are guaranteed for less than 2½ years, and The annuitant is: Age 57 or younger (if using the new (unisex) annuity tables), Age 42 or younger (if male and using the old annuity tables), or Age 47 or younger (if female and using the old annuity tables). 2011 free efile taxes   If you do not meet these requirements, you will have to figure the value of the refund feature, as explained in the following discussion. 2011 free efile taxes Examples. 2011 free efile taxes The first example shows how to figure the value of the refund feature when there is only one beneficiary. 2011 free efile taxes Example 2 shows how to figure the value of the refund feature when the contract provides, in addition to a whole life annuity, one or more temporary life annuities for the lives of children. 2011 free efile taxes In both examples, the taxpayer elects to use Tables V through VIII. 2011 free efile taxes If you need the value of the refund feature for a joint and survivor annuity, write to the Internal Revenue Service as explained under Requesting a Ruling on Taxation of Annuity near the end of this publication. 2011 free efile taxes Example 1. 2011 free efile taxes At age 65, Barbara bought for $21,053 an annuity with a refund feature. 2011 free efile taxes She will get $100 a month for life. 2011 free efile taxes Barbara's contract provides that if she does not live long enough to recover the full $21,053, similar payments will be made to her surviving beneficiary until a total of $21,053 has been paid under the contract. 2011 free efile taxes In this case, the contract cost and the total guaranteed return are the same ($21,053). 2011 free efile taxes Barbara's investment in the contract is figured as follows: Net cost $21,053 Amount to be received annually $1,200   Number of years for which payment is guaranteed ($21,053 divided by $1,200) 17. 2011 free efile taxes 54   Rounded to nearest whole number of years 18   Percentage from Actuarial Table VII for age 65 with 18 years of guaranteed payments 15%   Value of the refund feature (rounded to the nearest dollar)—15% of $21,053 3,158 Investment in the contract, adjusted for value of refund feature $17,895       If the total guaranteed return were less than the $21,053 net cost of the contract, Barbara would apply the appropriate percentage from the tables to the lesser amount. 2011 free efile taxes For example, if the contract guaranteed the $100 monthly payments for 17 years to Barbara's estate or beneficiary if she were to die before receiving all the payments for that period, the total guaranteed return would be $20,400 ($100 × 12 × 17 years). 2011 free efile taxes In this case, the value of the refund feature would be $2,856 (14% of $20,400) and Barbara's investment in the contract would be $18,197 ($21,053 minus $2,856) instead of $17,895. 2011 free efile taxes Example 2. 2011 free efile taxes John died while still employed. 2011 free efile taxes His widow, Eleanor, age 48, receives $171 a month for the rest of her life. 2011 free efile taxes John's son, Elmer, age 9, receives $50 a month until he reaches age 18. 2011 free efile taxes John's contributions to the retirement fund totaled $7,559. 2011 free efile taxes 45, with interest on those contributions of $1,602. 2011 free efile taxes 53. 2011 free efile taxes The guarantee or total refund feature of the contract is $9,161. 2011 free efile taxes 98 ($7,559. 2011 free efile taxes 45 plus $1,602. 2011 free efile taxes 53). 2011 free efile taxes The adjustment in the investment in the contract is figured as follows: A) Expected return:*       1) Widow's expected return:         Annual annuity ($171 × 12) $2,052       Multiplied by factor from Table V         (nearest age 48) 34. 2011 free efile taxes 9 $71,614. 2011 free efile taxes 80   2) Child's expected return:         Annual annuity ($50 × 12) $600       Multiplied by factor from         Table VIII (nearest age 9         for term of 9 years) 9. 2011 free efile taxes 0 5,400. 2011 free efile taxes 00   3) Total expected return   $77,014. 2011 free efile taxes 80 B) Adjustment for refund feature:       1) Contributions (net cost) $7,559. 2011 free efile taxes 45   2) Guaranteed amount (contributions of $7,559. 2011 free efile taxes 45 plus interest of $1,602. 2011 free efile taxes 53) $9,161. 2011 free efile taxes 98   3) Minus: Expected return under child's (temporary life) annuity (A(2)) 5,400. 2011 free efile taxes 00   4) Net guaranteed amount $3,761. 2011 free efile taxes 98   5) Multiple from Table VII (nearest age 48 for 2 years duration (recovery of $3,761. 2011 free efile taxes 98 at $171 a month to nearest whole year)) 0%   6) Adjustment required for value of refund feature rounded to the nearest whole dollar  (0% × $3,761. 2011 free efile taxes 98, the smaller of B(3) or B(6)) 0 *Expected return is the total amount you and other eligible annuitants can expect to receive under the contract. 2011 free efile taxes See the discussion of expected return, later in this publication. 2011 free efile taxes Free IRS help. 2011 free efile taxes   If you need to request assistance to figure the value of the refund feature, see Requesting a Ruling on Taxation of Annuity near the end of this publication. 2011 free efile taxes Expected Return Your expected return is the total amount you and other eligible annuitants can expect to receive under the contract. 2011 free efile taxes The following discussions explain how to figure the expected return with each type of annuity. 2011 free efile taxes A person's age, for purposes of figuring the expected return, is the age at the birthday nearest to the annuity starting date. 2011 free efile taxes Fixed period annuity. 2011 free efile taxes   If you will get annuity payments for a fixed number of years, without regard to your life expectancy, you must figure your expected return based on that fixed number of years. 2011 free efile taxes It is the total amount you will get beginning at the annuity starting date. 2011 free efile taxes You will receive specific periodic payments for a definite period of time, such as a fixed number of months (but not less than 13). 2011 free efile taxes To figure your expected return, multiply the fixed number of months for which payments are to be made by the amount of the payment specified for each period. 2011 free efile taxes Single life annuity. 2011 free efile taxes   If you are to get annuity payments for the rest of your life, find your expected return as follows. 2011 free efile taxes You must multiply the amount of the annual payment by a multiple based on your life expectancy as of the annuity starting date. 2011 free efile taxes These multiples are set out in actuarial Tables I and V near the end of this publication (see How To Use Actuarial Tables , later). 2011 free efile taxes   You may need to adjust these multiples if the payments are made quarterly, semiannually, or annually. 2011 free efile taxes See Adjustments to Tables I, II, V, VI, and VIA following Table I. 2011 free efile taxes Example. 2011 free efile taxes Henry bought an annuity contract that will give him an annuity of $500 a month for his life. 2011 free efile taxes If at the annuity starting date Henry's nearest birthday is 66, the expected return is figured as follows: Annual payment ($500 × 12 months) $6,000 Multiple shown in Table V, age 66 × 19. 2011 free efile taxes 2 Expected return $115,200 If the payments were to be made to Henry quarterly and the first payment was made one full month after the annuity starting date, Henry would adjust the 19. 2011 free efile taxes 2 multiple by +. 2011 free efile taxes 1. 2011 free efile taxes His expected return would then be $115,800 ($6,000 × 19. 2011 free efile taxes 3). 2011 free efile taxes Annuity for shorter of life or specified period. 2011 free efile taxes   With this type of annuity, you are to get annuity payments either for the rest of your life or until the end of a specified period, whichever period is shorter. 2011 free efile taxes To figure your expected return, multiply the amount of your annual payment by a multiple in Table IV or VIII for temporary life annuities. 2011 free efile taxes Find the proper multiple based on your sex (if using Table IV), your age at the annuity starting date, and the nearest whole number of years in the specified period. 2011 free efile taxes Example. 2011 free efile taxes Harriet purchased an annuity this year that will pay her $200 each month for five years or until she dies, whichever period is shorter. 2011 free efile taxes She was age 65 at her birthday nearest the annuity starting date. 2011 free efile taxes She figures the expected return as follows: Annual payment ($200 × 12 months) $2,400 Multiple shown in Table VIII, age 65, 5-year term × 4. 2011 free efile taxes 9 Expected return $11,760 She uses Table VIII (not Table IV) because all her contributions were made after June 30, 1986. 2011 free efile taxes See Special Elections, later. 2011 free efile taxes Joint and survivor annuities. 2011 free efile taxes   If you have an annuity that pays you a periodic income for life and after your death provides an identical lifetime periodic income to your spouse (or some other person), you figure the expected return based on your combined life expectancies. 2011 free efile taxes To figure the expected return, multiply the annual payment by a multiple in Table II or VI based on your joint life expectancies. 2011 free efile taxes If your payments are made quarterly, semiannually, or annually, you may need to adjust these multiples. 2011 free efile taxes See Adjustments to Tables I, II, V, VI, and VIA following Table I near the end of this publication. 2011 free efile taxes Example. 2011 free efile taxes John bought a joint and survivor annuity providing payments of $500 a month for his life, and, after his death, $500 a month for the remainder of his wife's life. 2011 free efile taxes At John's annuity starting date, his age at his nearest birthday is 70 and his wife's at her nearest birthday is 67. 2011 free efile taxes The expected return is figured as follows: Annual payment ($500 × 12 months) $6,000 Multiple shown in Table VI, ages 67 and 70 × 22. 2011 free efile taxes 0 Expected return $132,000 Different payments to survivor. 2011 free efile taxes   If your contract provides that payments to a survivor annuitant will be different from the amount you receive, you must use a computation which accounts for both the joint lives of the annuitants and the life of the survivor. 2011 free efile taxes Example 1. 2011 free efile taxes Gerald bought a contract providing for payments to him of $500 a month for life and, after his death, payments to his wife, Mary, of $350 a month for life. 2011 free efile taxes If, at the annuity starting date, Gerald's nearest birthday is 70 and Mary's is 67, the expected return under the contract is figured as follows: Combined multiple for Gerald and Mary, ages 70 and 67 (from Table VI)   22. 2011 free efile taxes 0 Multiple for Gerald, age 70 (from Table V)   16. 2011 free efile taxes 0 Difference: Multiple applicable to Mary   6. 2011 free efile taxes 0 Gerald's annual payment ($500 × 12) $6,000   Gerald's multiple 16. 2011 free efile taxes 0   Gerald's expected return   $96,000 Mary's annual payment ($350 × 12) $4,200   Mary's multiple 6. 2011 free efile taxes 0   Mary's expected return   25,200 Total expected return under the contract   $121,200 Example 2. 2011 free efile taxes Your husband died while still employed. 2011 free efile taxes Under the terms of his employer's retirement plan, you are entitled to get an immediate annuity of $400 a month for the rest of your life or until you remarry. 2011 free efile taxes Your daughters, Marie and Jean, are each entitled to immediate temporary life annuities of $150 a month until they reach age 18. 2011 free efile taxes You were 50 years old at the annuity starting date. 2011 free efile taxes Marie was 16 and Jean was 14. 2011 free efile taxes Using the multiples shown in Tables V and VIII at the end of this publication, the total expected return on the annuity starting date is $169,680, figured as follows: Widow, age 50 (multiple from Table V—33. 2011 free efile taxes 1 × $4,800 annual payment) $158,880 Marie, age 16 for 2 years duration (multiple from Table VIII—2. 2011 free efile taxes 0 × $1,800 annual payment) 3,600 Jean, age 14 for 4 years duration (multiple from Table VIII—4. 2011 free efile taxes 0 × $1,800 annual payment) 7,200 Total expected return $169,680 No computation of expected return is made based on your husband's age at the date of death because he died before the annuity starting date. 2011 free efile taxes Computation Under the General Rule Note. 2011 free efile taxes Variable annuities use a different computation for determining the exclusion amounts. 2011 free efile taxes See Variable annuities later. 2011 free efile taxes Under the General Rule, you figure the taxable part of your annuity by using the following steps: Step 1. 2011 free efile taxes   Figure the amount of your investment in the contract, including any adjustments for the refund feature and the death benefit exclusion, if applicable. 2011 free efile taxes See Death benefit exclusion , earlier. 2011 free efile taxes Step 2. 2011 free efile taxes   Figure your expected return. 2011 free efile taxes Step 3. 2011 free efile taxes   Divide Step 1 by Step 2 and round to three decimal places. 2011 free efile taxes This will give you the exclusion percentage. 2011 free efile taxes Step 4. 2011 free efile taxes   Multiply the exclusion percentage by the first regular periodic payment. 2011 free efile taxes The result is the tax-free part of each pension or annuity payment. 2011 free efile taxes   The tax-free part remains the same even if the total payment increases due to variation in the annuity amount such as cost of living increases, or you outlive the life expectancy factor used. 2011 free efile taxes However, if your annuity starting date is after 1986, the total amount of annuity income that is tax free over the years cannot exceed your net cost. 2011 free efile taxes   Each annuitant applies the same exclusion percentage to his or her initial payment called for in the contract. 2011 free efile taxes Step 5. 2011 free efile taxes   Multiply the tax-free part of each payment (step 4) by the number of payments received during the year. 2011 free efile taxes This will give you the tax-free part of the total payment for the year. 2011 free efile taxes    In the first year of your annuity, your first payment or part of your first payment may be for a fraction of the payment period. 2011 free efile taxes This fractional amount is multiplied by your exclusion percentage to get the tax-free part. 2011 free efile taxes Step 6. 2011 free efile taxes   Subtract the tax-free part from the total payment you received. 2011 free efile taxes The rest is the taxable part of your pension or annuity. 2011 free efile taxes Example 1. 2011 free efile taxes You purchased an annuity with an investment in the contract of $10,800. 2011 free efile taxes Under its terms, the annuity will pay you $100 a month for life. 2011 free efile taxes The multiple for your age (age 65) is 20. 2011 free efile taxes 0 as shown in Table V. 2011 free efile taxes Your expected return is $24,000 (20 × 12 × $100). 2011 free efile taxes Your cost of $10,800, divided by your expected return of $24,000, equals 45. 2011 free efile taxes 0%. 2011 free efile taxes This is the percentage you will not have to include in income. 2011 free efile taxes Each year, until your net cost is recovered, $540 (45% of $1,200) will be tax free and you will include $660 ($1,200 − $540) in your income. 2011 free efile taxes If you had received only six payments of $100 ($600) during the year, your exclusion would have been $270 (45% of $100 × 6 payments). 2011 free efile taxes Example 2. 2011 free efile taxes Gerald bought a joint and survivor annuity. 2011 free efile taxes Gerald's investment in the contract is $62,712 and the expected return is $121,200. 2011 free efile taxes The exclusion percentage is 51. 2011 free efile taxes 7% ($62,712 ÷ $121,200). 2011 free efile taxes Gerald will receive $500 a month ($6,000 a year). 2011 free efile taxes Each year, until his net cost is recovered, $3,102 (51. 2011 free efile taxes 7% of his total payments received of $6,000) will be tax free and $2,898 ($6,000 − $3,102) will be included in his income. 2011 free efile taxes If Gerald dies, his wife will receive $350 a month ($4,200 a year). 2011 free efile taxes If Gerald had not recovered all of his net cost before his death, his wife will use the same exclusion percentage (51. 2011 free efile taxes 7%). 2011 free efile taxes Each year, until the entire net cost is recovered, his wife will receive $2,171. 2011 free efile taxes 40 (51. 2011 free efile taxes 7% of her payments received of $4,200) tax free. 2011 free efile taxes She will include $2,028. 2011 free efile taxes 60 ($4,200 − $2,171. 2011 free efile taxes 40) in her income tax return. 2011 free efile taxes Example 3. 2011 free efile taxes Using the same facts as Example 2 under Different payments to survivor, you are to receive an annual annuity of $4,800 until you die or remarry. 2011 free efile taxes Your two daughters each receive annual annuities of $1,800 until they reach age 18. 2011 free efile taxes Your husband contributed $25,576 to the plan. 2011 free efile taxes You are eligible for the $5,000 death benefit exclusion because your husband died before August 21, 1996. 2011 free efile taxes Adjusted Investment in the Contract Contributions $25,576 Plus: Death benefit exclusion 5,000 Adjusted investment in the contract $30,576 The total expected return, as previously figured (in Example 2 under Different payments to survivor), is $169,680. 2011 free efile taxes The exclusion percentage of 18. 2011 free efile taxes 0% ($30,576 ÷ $169,680) applies to the annuity payments you and each of your daughters receive. 2011 free efile taxes Each full year $864 (18. 2011 free efile taxes 0% × $4,800) will be tax free to you, and you must include $3,936 in your income tax return. 2011 free efile taxes Each year, until age 18, $324 (18. 2011 free efile taxes 0% × $1,800) of each of your daughters' payments will be tax free and each must include the balance, $1,476, as income on her own income tax return. 2011 free efile taxes Part-year payments. 2011 free efile taxes   If you receive payments for only part of a year, apply the exclusion percentage to the first regular periodic payment, and multiply the result by the number of payments received during the year. 2011 free efile taxes   If you receive amounts during the year that represent 12 payments, one for each month in that year, and an amount that represents payments for months in a prior year, apply the exclusion percentage to the first regular periodic payment, and multiply the result by the number of payments the amounts received represent. 2011 free efile taxes For instance, if you received amounts during the year that represent the 12 payments for that year plus an amount that represents three payments for a prior year, multiply that amount by the 15 (12 + 3) payments received that the year. 2011 free efile taxes   If you received a fractional payment, follow Step 5, discussed earlier. 2011 free efile taxes This gives you the tax-free part of your total payment. 2011 free efile taxes Example. 2011 free efile taxes On September 28, Mary bought an annuity contract for $22,050 that will give her $125 a month for life, beginning October 30. 2011 free efile taxes The applicable multiple from Table V is 23. 2011 free efile taxes 3 (age 61). 2011 free efile taxes Her expected return is $34,950 ($125 × 12 × 23. 2011 free efile taxes 3). 2011 free efile taxes Mary's investment in the contract of $22,050, divided by her expected return of $34,950, equals 63. 2011 free efile taxes 1%. 2011 free efile taxes Each payment received will consist of 63. 2011 free efile taxes 1% return of cost and 36. 2011 free efile taxes 9% taxable income, until her net cost of the contract is fully recovered. 2011 free efile taxes During the first year, Mary received three payments of $125, or $375, of which $236. 2011 free efile taxes 63 (63. 2011 free efile taxes 1% × $375) is a return of cost. 2011 free efile taxes The remaining $138. 2011 free efile taxes 37 is included in income. 2011 free efile taxes Increase in annuity payments. 2011 free efile taxes   The tax-free amount remains the same as the amount figured at the annuity starting date, even if the payment increases. 2011 free efile taxes All increases in the installment payments are fully taxable. 2011 free efile taxes   However, if your annuity payments are scheduled to increase at a definite date in the future you must figure the expected return for that annuity using the method described in section 1. 2011 free efile taxes 72-5(a)(5) of the regulations. 2011 free efile taxes Example. 2011 free efile taxes Joe's wife died while she was still employed and, as her beneficiary, he began receiving an annuity of $147 per month. 2011 free efile taxes In figuring the taxable part, Joe elects to use Tables V through VIII. 2011 free efile taxes The cost of the contract was $7,938, consisting of the sum of his wife's net contributions, adjusted for any refund feature. 2011 free efile taxes His expected return as of the annuity starting date is $35,280 (age 65, multiple of 20. 2011 free efile taxes 0 × $1,764 annual payment). 2011 free efile taxes The exclusion percentage is $7,938 ÷ $35,280, or 22. 2011 free efile taxes 5%. 2011 free efile taxes During the year he received 11 monthly payments of $147, or $1,617. 2011 free efile taxes Of this amount, 22. 2011 free efile taxes 5% × $147 × 11 ($363. 2011 free efile taxes 83) is tax free as a return of cost and the balance of $1,253. 2011 free efile taxes 17 is taxable. 2011 free efile taxes Later, because of a cost-of-living increase, his annuity payment was increased to $166 per month, or $1,992 a year (12 × $166). 2011 free efile taxes The tax-free part is still only 22. 2011 free efile taxes 5% of the annuity payments as of the annuity starting date (22. 2011 free efile taxes 5% × $147 × 12 = $396. 2011 free efile taxes 90 for a full year). 2011 free efile taxes The increase of $228 ($1,992 − $1,764 (12 × $147)) is fully taxable. 2011 free efile taxes Variable annuities. 2011 free efile taxes   For variable annuity payments, figure the amount of each payment that is tax free by dividing your investment in the contract (adjusted for any refund feature) by the total number of periodic payments you expect to get under the contract. 2011 free efile taxes   If the annuity is for a definite period, you determine the total number of payments by multiplying the number of payments to be made each year by the number of years you will receive payments. 2011 free efile taxes If the annuity is for life, you determine the total number of payments by using a multiple from the appropriate actuarial table. 2011 free efile taxes Example. 2011 free efile taxes Frank purchased a variable annuity at age 65. 2011 free efile taxes The total cost of the contract was $12,000. 2011 free efile taxes The annuity starting date is January 1 of the year of purchase. 2011 free efile taxes His annuity will be paid, starting July 1, in variable annual installments for his life. 2011 free efile taxes The tax-free amount of each payment, until he has recovered his cost of his contract, is: Investment in the contract $12,000 Number of expected annual payments (multiple for age 65 from Table V) 20 Tax-free amount of each payment ($12,000 ÷ 20) $600 If Frank's first payment is $920, he includes only $320 ($920 − $600) in his gross income. 2011 free efile taxes   If the tax-free amount for a year is more than the payments you receive in that year, you may choose, when you receive the next payment, to refigure the tax-free part. 2011 free efile taxes Divide the amount of the periodic tax-free part that is more than the payment you received by the remaining number of payments you expect. 2011 free efile taxes The result is added to the previously figured periodic tax-free part. 2011 free efile taxes The sum is the amount of each future payment that will be tax free. 2011 free efile taxes Example. 2011 free efile taxes Using the facts of the previous example about Frank, assume that after Frank's $920 payment, he received $500 in the following year, and $1,200 in the year after that. 2011 free efile taxes Frank does not pay tax on the $500 (second year) payment because $600 of each annual pension payment is tax free. 2011 free efile taxes Since the $500 payment is less than the $600 annual tax-free amount, he may choose to refigure his tax-free part when he receives his $1,200 (third year) payment, as follows: Amount tax free in second year $600. 2011 free efile taxes 00 Amount received in second year 500. 2011 free efile taxes 00 Difference $100. 2011 free efile taxes 00 Number of remaining payments after the first 2 payments (age 67, from Table V) 18. 2011 free efile taxes 4 Amount to be added to previously determined annual tax-free part ($100 ÷ 18. 2011 free efile taxes 4) $5. 2011 free efile taxes 43 Revised annual tax-free part for third and later years ($600 + $5. 2011 free efile taxes 43) $605. 2011 free efile taxes 43 Amount taxable in third year ($1,200 − $605. 2011 free efile taxes 43) $594. 2011 free efile taxes 57 If you choose to refigure your tax-free amount,   you must file a statement with your income tax return stating that you are refiguring the tax-free amount in accordance with the rules of section 1. 2011 free efile taxes 72–4(d)(3) of the Income Tax Regulations. 2011 free efile taxes The statement must also show the following information: The annuity starting date and your age on that date. 2011 free efile taxes The first day of the first period for which you received an annuity payment in the current year. 2011 free efile taxes Your investment in the contract as originally figured. 2011 free efile taxes The total of all amounts received tax free under the annuity from the annuity starting date through the first day of the first period for which you received an annuity payment in the current tax year. 2011 free efile taxes Exclusion Limits Your annuity starting date determines the total amount of annuity income that you can exclude from income over the years. 2011 free efile taxes Exclusion limited to net cost. 2011 free efile taxes   If your annuity starting date is after 1986, the total amount of annuity income that you can exclude over the years as a return of your cost cannot exceed your net cost (figured without any reduction for a refund feature). 2011 free efile taxes This is the unrecovered investment in the contract as of the annuity starting date. 2011 free efile taxes   If your annuity starting date is after July 1, 1986, any unrecovered net cost at your (or last annuitant's) death is allowed as a miscellaneous itemized deduction on the final return of the decedent. 2011 free efile taxes This deduction is not subject to the 2%-of-adjusted-gross-income limit. 2011 free efile taxes Example 1. 2011 free efile taxes Your annuity starting date is after 1986. 2011 free efile taxes Your total cost is $12,500, and your net cost is $10,000, taking into account certain adjustments. 2011 free efile taxes There is no refund feature. 2011 free efile taxes Your monthly annuity payment is $833. 2011 free efile taxes 33. 2011 free efile taxes Your exclusion ratio is 12% and you exclude $100 a month. 2011 free efile taxes Your exclusion ends after 100 months, when you have excluded your net cost of $10,000. 2011 free efile taxes Thereafter, your annuity payments are fully taxable. 2011 free efile taxes Example 2. 2011 free efile taxes The facts are the same as in Example 1, except that there is a refund feature, and you die after 5 years with no surviving annuitant. 2011 free efile taxes The adjustment for the refund feature is $1,000, so the investment in the contract is $9,000. 2011 free efile taxes The exclusion ratio is 10. 2011 free efile taxes 8%, and your monthly exclusion is $90. 2011 free efile taxes After 5 years (60 months), you have recovered tax free only $5,400 ($90 x 60). 2011 free efile taxes An itemized deduction for the unrecovered net cost of $4,600 ($10,000 net cost minus $5,400) may be taken on your final income tax return. 2011 free efile taxes Your unrecovered investment is determined without regard to the refund feature adjustment, discussed earlier, under Adjustments. 2011 free efile taxes Exclusion not limited to net cost. 2011 free efile taxes   If your annuity starting date was before 1987, you could continue to take your monthly exclusion for as long as you receive your annuity. 2011 free efile taxes If you choose a joint and survivor annuity, your survivor continues to take the survivor's exclusion figured as of the annuity starting date. 2011 free efile taxes The total exclusion may be more than your investment in the contract. 2011 free efile taxes How To Use Actuarial Tables In figuring, under the General Rule, the taxable part of your annuity payments that you are to get for the rest of your life (rather than for a fixed number of years), you must use one or more of the actuarial tables in this publication. 2011 free efile taxes Unisex Annuity Tables Effective July 1, 1986, the Internal Revenue Service adopted new annuity Tables V through VIII, in which your sex is not considered when determining the applicable factor. 2011 free efile taxes These tables correspond to the old Tables I through IV. 2011 free efile taxes In general, Tables V through VIII must be used if you made contributions to the retirement plan after June 30, 1986. 2011 free efile taxes If you made no contributions to the plan after June 30, 1986, generally you must use only Tables I through IV. 2011 free efile taxes However, if you received an annuity payment after June 30, 1986, you may elect to use Tables V through VIII (see Annuity received after June 30, 1986, later). 2011 free efile taxes Special Elections Although you generally must use Tables V through VIII if you made contributions to the retirement plan after June 30, 1986, and Tables I through IV if you made no contributions after June 30, 1986, you can make the following special elections to select which tables to use. 2011 free efile taxes Contributions made both before July 1986 and after June 1986. 2011 free efile taxes   If you made contributions to the retirement plan both before July 1986 and after June 1986, you may elect to use Tables I through IV for the pre-July 1986 cost of the contract, and Tables V through VIII for the post-June 1986 cost. 2011 free efile taxes (See the examples below. 2011 free efile taxes )    Making the election. 2011 free efile taxes Attach this statement to your income tax return for the first year in which you receive an annuity:    “I elect to apply the provisions of paragraph (d) of section 1. 2011 free efile taxes 72–6 of the Income Tax Regulations. 2011 free efile taxes ”   The statement must also include your name, address, social security number, and the amount of the pre-July 1986 investment in the contract. 2011 free efile taxes   If your investment in the contract includes post-June 1986 contributions to the plan, and you do not make the election to use Tables I through IV and Tables V through VIII, then you can only use Tables V through VIII in figuring the taxable part of your annuity. 2011 free efile taxes You must also use Tables V through VIII if you are unable or do not wish to determine the portions of your contributions which were made before July 1, 1986, and after June 30, 1986. 2011 free efile taxes    Advantages of election. 2011 free efile taxes In general, a lesser amount of each annual annuity payment is taxable if you separately figure your exclusion ratio for pre-July 1986 and post-June 1986 contributions. 2011 free efile taxes    If you intend to make this election, save your records that substantiate your pre-July 1986 and post-June 1986 contributions. 2011 free efile taxes If the death benefit exclusion applies (see discussion, earlier), you do not have to apportion it between the pre-July 1986 and the post-June 1986 investment in the contract. 2011 free efile taxes   The following examples illustrate the separate computations required if you elect to use Tables I through IV for your pre-July 1986 investment in the contract and Tables V through VIII for your post-June 1986 investment in the contract. 2011 free efile taxes Example 1. 2011 free efile taxes Bill, who is single, contributed $42,000 to the retirement plan and will receive an annual annuity of $24,000 for life. 2011 free efile taxes Payment of the $42,000 contribution is guaranteed under a refund feature. 2011 free efile taxes Bill is 55 years old as of the annuity starting date. 2011 free efile taxes For figuring the taxable part of Bill's annuity, he chose to make separate computations for his pre-July 1986 investment in the contract of $41,300, and for his post-June 1986 investment in the contract of $700. 2011 free efile taxes       Pre- July 1986   Post- June 1986 A. 2011 free efile taxes Adjustment for refund feature         1) Net cost $41,300   $700   2) Annual annuity—$24,000  ($41,300/$42,000 × $24,000) $23,600       ($700/$42,000 × $24,000)     $400   3) Guarantee under contract $41,300   $700   4) No. 2011 free efile taxes of years payments  guaranteed (rounded), A(3) ÷ A(2) 2   2   5) Applicable percentage from  Tables III and VII 1%   0%   6) Adjustment for value of refund  feature, A(5) × smaller of A(1)  or A(3) $413   $0 B. 2011 free efile taxes Investment in the contract         1) Net cost $41,300   $700   2) Minus: Amount in A(6) 413   0   3) Investment in the contract $40,887   $700 C. 2011 free efile taxes Expected return         1) Annual annuity receivable $24,000   $24,000   2) Multiples from Tables I and V 21. 2011 free efile taxes 7   28. 2011 free efile taxes 6   3) Expected return, C(1) × C(2) $520,800   $686,400 D. 2011 free efile taxes Tax-free part of annuity         1) Exclusion ratio as decimal,  B(3) ÷ C(3) . 2011 free efile taxes 079   . 2011 free efile taxes 001   2) Tax-free part, C(1) × D(1) $1,896   $24 The tax-free part of Bill's total annuity is $1,920 ($1,896 plus $24). 2011 free efile taxes The taxable part of his annuity is $22,080 ($24,000 minus $1,920). 2011 free efile taxes If the annuity starting date is after 1986, the exclusion over the years cannot exceed the net cost (figured without any reduction for a refund feature). 2011 free efile taxes Example 2. 2011 free efile taxes Al is age 62 at his nearest birthday to the annuity starting date. 2011 free efile taxes Al's wife is age 60 at her nearest birthday to the annuity starting date. 2011 free efile taxes The joint and survivor annuity pays $1,000 per month to Al for life, and $500 per month to Al's surviving wife after his death. 2011 free efile taxes The pre-July 1986 investment in the contract is $53,100 and the post-June 1986 investment in the contract is $7,000. 2011 free efile taxes Al makes the election described in Example 1 . 2011 free efile taxes For purposes of this example, assume the refund feature adjustment is zero. 2011 free efile taxes If an adjustment is required, IRS will figure the amount. 2011 free efile taxes See Requesting a Ruling on Taxation of Annuity near the end of this publication. 2011 free efile taxes       Pre-  July 1986   Post-  June 1986 A. 2011 free efile taxes Adjustment for refund feature         1) Net cost $53,100   $7,000   2) Annual annuity—$12,000  ($53,100/$60,100 × $12,000) $10,602       ($7,000/$60,100 × $12,000)     $1,398   3) Guaranteed under the contract $53,100   $7,000   4) Number of years guaranteed,  rounded, A(3) ÷ A(2) 5   5   5) Applicable percentages 0%   0%   6) Refund feature adjustment, A(5) × smaller of A(1) or A(3) 0   0 B. 2011 free efile taxes Investment in the contract         1) Net cost $53,100   $7,000   2) Refund feature adjustment 0   0   3) Investment in the contract adjusted for refund feature $53,100   $7,000 C. 2011 free efile taxes Expected return         1) Multiple for both annuitants from Tables II and VI 25. 2011 free efile taxes 4   28. 2011 free efile taxes 8   2) Multiple for first annuitant from Tables I and V 16. 2011 free efile taxes 9   22. 2011 free efile taxes 5   3) Multiple applicable to surviving annuitant, subtract C(2) from C(1) 8. 2011 free efile taxes 5   6. 2011 free efile taxes 3   4) Annual annuity to surviving annuitant $6,000   $6,000   5) Portion of expected return for surviving annuitant, C(4) × C(3) $51,000   $37,800   6) Annual annuity to first annuitant $12,000   $12,000   7) Plus: Portion of expected return for first annuitant, C(6) × C(2) $202,800   $270,000   8) Expected return for both annuitants, C(5) + C(7) $253,800   $307,800 D. 2011 free efile taxes Tax-free part of annuity         1) Exclusion ratio as a decimal, B(3) ÷ C(8) . 2011 free efile taxes 209   . 2011 free efile taxes 023   2) Retiree's tax-free part of annuity, C(6) × D(1) $2,508   $276   3) Survivor's tax-free part of annuity, C(4) × D(1) $1,254   $138 The tax-free part of Al's total annuity is $2,784 ($2,508 + $276). 2011 free efile taxes The taxable part of his annuity is $9,216 ($12,000 − $2,784). 2011 free efile taxes The exclusion over the years cannot exceed the net cost of the contract (figured without any reduction for a refund feature) if the annuity starting date is after 1986. 2011 free efile taxes After Al's death, his widow will apply the same exclusion percentages (20. 2011 free efile taxes 9% and 2. 2011 free efile taxes 3%) to her annual annuity of $6,000 to figure the tax-free part of her annuity. 2011 free efile taxes Annuity received after June 30, 1986. 2011 free efile taxes   If you receive an annuity payment after June 30, 1986, (regardless of your annuity starting date), you may elect to treat the entire cost of the contract as post-June 1986 cost (even if you made no post-June 1986 contributions to the plan) and use Tables V through VIII. 2011 free efile taxes Once made, you cannot revoke the election, which will apply to all payments during the year and in any later year. 2011 free efile taxes    Make the election by attaching the following statement to your income tax return. 2011 free efile taxes    “I elect, under section 1. 2011 free efile taxes 72–9 of the Income Tax Regulations, to treat my entire cost of the contract as a post-June 1986 cost of the plan. 2011 free efile taxes ”   The statement must also include your name, address, and social security number. 2011 free efile taxes   You should also indicate you are making this election if you are unable or do not wish to determine the parts of your contributions which were made before July 1, 1986, and after June 30, 1986. 2011 free efile taxes Disqualifying form of payment or settlement. 2011 free efile taxes   If your annuity starting date is after June 30, 1986, and the contract provides for a disqualifying form of payment or settlement, such as an option to receive a lump sum in full discharge of the obligation under the contract, the entire investment in the contract is treated as post-June 1986 investment in the contract. 2011 free efile taxes See regulations section 1. 2011 free efile taxes 72–6(d)(3) for additional examples of disqualifying forms of payment or settlement. 2011 free efile taxes You can find the Income Tax Regulations in many libraries and at Internal Revenue Service Offices. 2011 free efile taxes Worksheets for Determining Taxable Annuity Worksheets I and II. 2011 free efile taxes   Worksheets I and II follow for determining your taxable annuity under Regulations Section 1. 2011 free efile taxes 72–6(d)(6) Election. 2011 free efile taxes Worksheet I For Determining Taxable Annuity Under Regulations Section 1. 2011 free efile taxes 72-6(d)(6) Election For Single Annuitant With No Survivor Annuity               Pre-July 1986   Post-June 1986 A. 2011 free efile taxes   Refund Feature Adjustment             1)   Net cost (total cost less returned premiums, dividends, etc. 2011 free efile taxes )             2)   Annual annuity allocation:                   Portion of net cost in A(1) x annual annuity                   Net cost             3)   Guaranteed under the contract             4)   Number of years guaranteed, rounded to whole years:                   A(3) divided by A(2)             5)   Applicable percentages* from Tables III and VII                   *If your annuity meets the three conditions listed in Zero value of refund feature in Investment in the Contract, earlier, both percentages are 0. 2011 free efile taxes If not, the IRS will calculate the refund feature percentage. 2011 free efile taxes             6)   Refund feature adjustment:                   A(5) times lesser of A(1) or A(3)                             B. 2011 free efile taxes   Investment in the Contract             1)   Net cost:                   A(1)             2)   Refund feature adjustment:                   A(6)             3)   Investment in the contract adjusted for refund feature:                   B(1) minus B(2)                             C. 2011 free efile taxes   Expected Return             1)   Annual Annuity:                   12 times monthly annuity**             2)   Expected return multiples from Tables I and V             3)     Expected return:                   C(1) times C(2)                             D. 2011 free efile taxes   Tax-Free Part of Annuity             1)     Exclusion ratio, as a decimal rounded to 3 places:                   B(3) divided by C(3)             2)     Tax-free part of annuity:                   C(1) times D(1)             **If the annuity is not paid monthly, figure the amount to enter by using the total number of periodic payments for the year times the amount of the periodic payment. 2011 free efile taxes     Worksheet II For Determining Taxable Annuity Under Regulations Section 1. 2011 free efile taxes 72-6(d)(6) Election For Joint and Survivor Annuity               Pre-July 1986   Post-June 1986 A. 2011 free efile taxes   Refund Feature Adjustment             1)   Net cost (total cost less returned premiums, dividends, etc. 2011 free efile taxes )             2)   Annual annuity allocation:                   Portion of net cost in A(1) x annual annuity                   Net cost             3)   Guaranteed under the contract             4)     Number of years guaranteed, rounded to whole years:                   A(3) divided by A(2)             5)   Applicable percentages*                   *If your annuity meets the three conditions listed in Zero value of refund feature in Investment in the Contract, earlier, both percentages are 0. 2011 free efile taxes If not, the IRS will calculate the refund feature percentage. 2011 free efile taxes             6)   Refund feature adjustment:                   A(5) times lesser of A(1) or A(3)                             B. 2011 free efile taxes   Investment in the Contract             1)   Net cost:                   A(1)             2)   Refund feature adjustment:                   A(6)             3)   Investment in the contract adjusted for refund future:                   B(1) minus B(2)                             C. 2011 free efile taxes   Expected Return             1)   Multiples for both annuitants, Tables II and VI             2)   Multiple for retiree. 2011 free efile taxes Tables I and VI             3)   Multiple for survivor:                   C(1) minus C(2)             4)   Annual annuity to survivor:                   12 times potential monthly rate for survivor**             5)   Expected return for survivor:                   C(3) times C(4)             6)   Annual annuity to retiree:                   12 times monthly rate for retiree**             7)   Expected return for retiree:                   C(2) times C(6)             8)   Total expected return:                   C(5) plus C(7)                             D. 2011 free efile taxes   Tax-Free Part of Annuity             1)   Exclusion ratio, as a decimal rounded to 3 places:                   B(3) divided by C(8)             2)   Retiree's tax-free part of annuity:                   C(6) times D(1)             3)   Survivor's tax-free part of annuity, if surviving after death of retiree:                   C(4) times D(1)             **If the annuity is not paid monthly, figure the amount to enter by using the total number of periodic payments for the year times the amount of the periodic payment. 2011 free efile taxes   Actuarial Tables Please click here for the text description of the image. 2011 free efile taxes Actuarial Tables Please click here for the text description of the image. 2011 free efile taxes Actuarial Tables Please click here for the text description of the image. 2011 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free efile taxes Actuarial tables Please click here for the text description of the image. 2011 free efile taxes Actuarial tables Please click here for the text description of the image. 2011 free efile taxes Actuarial tables Please click here for the text description of the image. 2011 free efile taxes Actuarial tables Please click here for the text description of the image. 2011 free efile taxes Actuarial tables Please click here for the text description of the image. 2011 free efile taxes Actuarial tables Please click here for the text description of the image. 2011 free efile taxes Actuarial tables Please click here for the text description of the image. 2011 free efile taxes Actuarial tables Please click here for the text description of the image. 2011 free efile taxes Actuarial tables Requesting a Ruling on Taxation of Annuity If you are a retiree, or the survivor of an employee or retiree, you may ask the Internal Revenue Service to help you determine the taxation of your annuity. 2011 free efile taxes If you make this request, you are asking for a ruling. 2011 free efile taxes User fee. 2011 free efile taxes   Under the law in effect at the time this publication went to print, the IRS must charge a user fee for all ruling requests. 2011 free efile taxes You should call the IRS for the proper fee. 2011 free efile taxes A request solely for the value of the refund feature is not treated as a ruling request and requires no fee. 2011 free efile taxes Send your request to:     Internal Revenue Service  Attention: EP Letter Rulings P. 2011 free efile taxes O. 2011 free efile taxes Box 27063 McPherson Station Washington, DC 20038 The user fee is allowed as a miscellaneous itemized deduction, subject to the 2%-of-adjusted-gross-income limit. 2011 free efile taxes When to make the request. 2011 free efile taxes   Please note that requests sent between February 1 and April 15 may experience some delay. 2011 free efile taxes We process requests in the order received, and we will reply to your request as soon as we can process it. 2011 free efile taxes If you do not receive your ruling by the required filing date, you may use Form 4868, Application for Automatic Extension of Time To File U. 2011 free efile taxes S. 2011 free efile taxes Individual Income Tax Return, to get an extension of time to file. 2011 free efile taxes Information you must furnish. 2011 free efile taxes   You must furnish the information listed below so the IRS can comply with your request. 2011 free efile taxes Failure to furnish the information will result in a delay in processing your request. 2011 free efile taxes Please send only copies of the following documents, as the IRS retains all material sent for its records: A letter explaining the question(s) you wish to have resolved or the information you need from the ruling. 2011 free efile taxes Copies of any documents showing distributions, annuity rates, and annuity options available to you. 2011 free efile taxes A copy of any Form 1099–R you received since your annuity began. 2011 free efile taxes A statement indicating whether you have filed your return for the year for which you are making the request. 2011 free efile taxes If you have requested an extension of time to file that return, please indicate the extension date. 2011 free efile taxes Your daytime phone number. 2011 free efile taxes Your current mailing address. 2011 free efile taxes A power of attorney if someone other than you, an attorney, a certified public accountant, or an enrolled agent is signing this request. 2011 free efile taxes Form 2848, Power of Attorney and Declaration of Representative, may be used for this purpose. 2011 free efile taxes A completed Tax Information Sheet (or facsimile) shown on the next page. 2011 free efile taxes Sign and date the Disclosure and Perjury Statement (or facsimile) at the end of the tax information sheet. 2011 free efile taxes This statement must be signed by the retiree or the survivor annuitant. 2011 free efile taxes It cannot be signed by a representative. 2011 free efile taxes Tax Information Sheet Please click here for the text description of the image. 2011 free efile taxes Tax Information Sheet Please click here for the text description of the image. 2011 free efile taxes Tax Information Sheet (continued) How To Get Tax Help Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. 2011 free efile taxes Free help with your tax return. 2011 free efile taxes   You can get free help preparing your return nationwide from IRS-certified volunteers. 2011 free efile taxes The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. 2011 free efile taxes The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. 2011 free efile taxes Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. 2011 free efile taxes In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. 2011 free efile taxes To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. 2011 free efile taxes gov, download the IRS2Go app, or call 1-800-906-9887. 2011 free efile taxes   As part of the TCE program, AARP offers the Tax-Aide counseling program. 2011 free efile taxes To find the nearest AARP Tax-Aide site, visit AARP's website at www. 2011 free efile taxes aarp. 2011 free efile taxes org/money/taxaide or call 1-888-227-7669. 2011 free efile taxes For more information on these programs, go to IRS. 2011 free efile taxes gov and enter “VITA” in the search box. 2011 free efile taxes Internet. 2011 free efile taxes    IRS. 2011 free efile taxes gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. 2011 free efile taxes Download the free IRS2Go app from the iTunes app store or from Google Play. 2011 free efile taxes Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. 2011 free efile taxes Check the status of your 2013 refund with the Where's My Refund? application on IRS. 2011 free efile taxes gov or download the IRS2Go app and select the Refund Status option. 2011 free efile taxes The IRS issues more than 9 out of 10 refunds in less than 21 days. 2011 free efile taxes Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. 2011 free efile taxes You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. 2011 free efile taxes The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. 2011 free efile taxes Use the Interactive Tax Assistant (ITA) to research your tax questions. 2011 free efile taxes No need to wait on the phone or stand in line. 2011 free efile taxes The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. 2011 free efile taxes When you reach the response screen, you can print the entire interview and the final response for your records. 2011 free efile taxes New subject areas are added on a regular basis. 2011 free efile taxes  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. 2011 free efile taxes gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. 2011 free efile taxes You can use the IRS Tax Map, to search publications and instructions by topic or keyword. 2011 free efile taxes The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. 2011 free efile taxes When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. 2011 free efile taxes Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. 2011 free efile taxes You can also ask the IRS to mail a return or an account transcript to you. 2011 free efile taxes Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. 2011 free efile taxes gov or by calling 1-800-908-9946. 2011 free efile taxes Tax return and tax account transcripts are generally available for the current year and the past three years. 2011 free efile taxes Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. 2011 free efile taxes Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. 2011 free efile taxes If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. 2011 free efile taxes Check the status of your amended return using Where's My Amended Return? Go to IRS. 2011 free efile taxes gov and enter Where's My Amended Return? in the search box. 2011 free efile taxes You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. 2011 free efile taxes It can take up to 3 weeks from the date you mailed it to show up in our system. 2011 free efile taxes Make a payment using one of several safe and convenient electronic payment options available on IRS. 2011 free efile taxes gov. 2011 free efile taxes Select the Payment tab on the front page of IRS. 2011 free efile taxes gov for more information. 2011 free efile taxes Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. 2011 free efile taxes Figure your income tax withholding with the IRS Withholding Calculator on IRS. 2011 free efile taxes gov. 2011 free efile taxes Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. 2011 free efile taxes Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. 2011 free efile taxes gov. 2011 free efile taxes Request an Electronic Filing PIN by going to IRS. 2011 free efile taxes gov and entering Electronic Filing PIN in the search box. 2011 free efile taxes Download forms, instructions and publications, including accessible versions for people with disabilities. 2011 free efile taxes Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. 2011 free efile taxes gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. 2011 free efile taxes An employee can answer questions about your tax account or help you set up a payment plan. 2011 free efile taxes Before you visit, check the Office Locator on IRS. 2011 free efile taxes gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. 2011 free efile taxes If you have a special need, such as a disability, you can request an appointment. 2011 free efile taxes Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. 2011 free efile taxes Apply for an Employer Identification Number (EIN). 2011 free efile taxes Go to IRS. 2011 free efile taxes gov and enter Apply for an EIN in the search box. 2011 free efile taxes Read the Internal Revenue Code, regulations, or other official guidance. 2011 free efile taxes Read Internal Revenue Bulletins. 2011 free efile taxes Sign up to receive local and national tax news and more by email. 2011 free efile taxes Just click on “subscriptions” above the search box on IRS. 2011 free efile taxes gov and choose from a variety of options. 2011 free efile taxes    Phone. 2011 free efile taxes You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. 2011 free efile taxes Download the free IRS2Go app from the iTunes app store or from Google Play. 2011 free efile taxes Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. 2011 free efile taxes gov, or download the IRS2Go app. 2011 free efile taxes Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. 2011 free efile taxes The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. 2011 free efile taxes Mos