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2014 Tax Forms 1040ez

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Qualifying Advanced Energy Project Credit (section 48C)

What's New

Notice 2013-12 Announces New Allocation Round; $150,228,397 Available

Notice 2013-12, issued February 7, 2013, announced the availability of $150,228,397 in section 48C tax credits in the Phase II allocation round in 2013.  Application procedures are different than in the first allocation round.  The first deadline to be met is April 9, 2013.  See Notice 2013-12 and the updated Frequently Asked Questions, available through the links below.  The Frequently Asked Questions are updated every Monday.

Overview

The Qualifying Advanced Energy Project tax credit is a credit for businesses which establish, expand or re-equip a manufacturing facility for the production of —

  • property designed to be used to produce energy from the sun, wind, geothermal deposits or other renewable resources,
  • fuel cells, microturbines, or an energy storage system for use with electric or hybrid-electric motor vehicles,
  • electric grids to support the transmission of intermittent sources of renewable energy, including storage of such energy,
  • property designed to capture and sequester carbon dioxide emissions,
  • property designed to refine or blend renewable fuels or to produce energy conservation technologies (including energy-conserving lighting technologies and smart grid technologies),
  • new qualified plug-in electric drive motor vehicles, qualified plug-in electric vehicles, or components which are designed specifically for use with such vehicles, including electric motors, generators, and power control units, or
  • other advanced energy property designed to reduce greenhouse gas emissions.

An example is building a factory to manufacture solar panels.

Because the credit was enacted as section 48C of the Internal Revenue Code (Title 26 of the U.S. Code), it is sometimes referred to as the section 48C (§ 48C) credit.

The credit amount is 30% of qualified investment in selected manufacturing facilities. Taxpayers must apply in advance and have their facilities selected to be eligible for the credit.  The process for applying and being allocated a credit is summarized as follows (details are in Notice 2013-12):

  • The taxpayer applies for the credit.
  • If approved, the IRS sends the taxpayer a letter allocating a credit to the taxpayer’s project.
  • The taxpayer sends the IRS two signed copies of the required agreement (Appendix A of Notice 2013-12).
  • The IRS signs the two copies of the agreement and returns one to the taxpayer.
  • Within 1 year of the date of the allocation letter, the taxpayer sends the IRS a request for certification of its project documenting its progress implementing the project.
  • If the IRS approves it sends the taxpayer a certification letter.
  • Within 3 years of the date of the certification letter, the taxpayer completes its project and notifies the IRS.

General 48C Resources

Section 48C of the Internal Revenue Code 

Phase II Program (2013) Resources

Notice 2013-12 -- how the Phase II program in 2013 works

Frequently Asked Questions – updated every Monday

Webinar on how to apply – an informational webinar on the 48C Phase II Program hosted by the Department of Energy on February 19, 2013.  Scroll down to the 48C section and select the “48C_Webinar” link. 

Phase II Application Portal -- all 2013 applications must be submitted through this site. Select FOA number 48C-0002013 then read the instructions on the next screen.  Click on the “EERE_eXCHANGE_48C_Applicant_User_Guide” link to view or download the user guide.  Click on the “Apply” button to register and begin the application process.”

Fillable template of the agreement required in the Phase II program in 2013

Phase I Program (2009) Resources

Notice 2009-72 – how the Phase I program in 2009 works

Fillable template of the agreement required in the Phase I program in 2009

Contact Us

Please send questions about the program to the IRS by fax at 713-209-3964 or by telephone at 713-209-3669.  Please include both your telephone number and fax number in your message.  Tell us whether you prefer a response by fax or telephone.  We will ensure that we respond to every question we receive by March 26, 2013, in time for you to meet the first deadline on April 9, 2013.  For questions we receive after March 26, 2013, we will do our best to answer as quickly as possible, but we cannot ensure that we will answer them in time for you to meet the April 9 deadline.

Page Last Reviewed or Updated: 21-Feb-2014

The 2014 Tax Forms 1040ez

2014 tax forms 1040ez 4. 2014 tax forms 1040ez   Retirement Savings Contributions Credit (Saver's Credit) Table of Contents What's New Introduction Full-time student. 2014 tax forms 1040ez Adjusted gross income. 2014 tax forms 1040ez Distributions received by spouse. 2014 tax forms 1040ez Testing period. 2014 tax forms 1040ez What's New Modified AGI limit for retirement savings contributions credit increased. 2014 tax forms 1040ez  For 2013, you may be able to claim the retirement savings contributions credit if your modified AGI is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). 2014 tax forms 1040ez Introduction You may be able to take a tax credit if you make eligible contributions (defined later) to a qualified retirement plan, an eligible deferred compensation plan, or an individual retirement arrangement (IRA). 2014 tax forms 1040ez You may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). 2014 tax forms 1040ez This credit could reduce the federal income tax you pay dollar for dollar. 2014 tax forms 1040ez    Can you claim the credit?   If you make eligible contributions to a qualified retirement plan, an eligible deferred compensation plan, or an IRA, you can claim the credit if all of the following apply. 2014 tax forms 1040ez You were born before January 2, 1996. 2014 tax forms 1040ez You are not a full-time student (explained next). 2014 tax forms 1040ez No one else, such as your parent(s), claims an exemption for you on their tax return. 2014 tax forms 1040ez Your adjusted gross income (defined below) is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). 2014 tax forms 1040ez Full-time student. 2014 tax forms 1040ez   You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. 2014 tax forms 1040ez You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time. 2014 tax forms 1040ez Adjusted gross income. 2014 tax forms 1040ez   This is generally the amount on line 38 of your 2013 Form 1040; line 22 of your 2013 Form 1040A; or line 37 of your 2013 Form 1040NR. 2014 tax forms 1040ez However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. 2014 tax forms 1040ez Eligible contributions. 2014 tax forms 1040ez   These include: Contributions to a traditional or Roth IRA, Salary reduction contributions (elective deferrals, including amounts designated as after-tax Roth contributions) to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. 2014 tax forms 1040ez They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or section 403(b) annuity. 2014 tax forms 1040ez For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. 2014 tax forms 1040ez Reducing eligible contributions. 2014 tax forms 1040ez   Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included above under Eligible contributions. 2014 tax forms 1040ez Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. 2014 tax forms 1040ez   Do not reduce your eligible contributions by any of the following. 2014 tax forms 1040ez The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. 2014 tax forms 1040ez Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. 2014 tax forms 1040ez Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. 2014 tax forms 1040ez Loans from a qualified employer plan treated as a distribution. 2014 tax forms 1040ez Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). 2014 tax forms 1040ez Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). 2014 tax forms 1040ez Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. 2014 tax forms 1040ez Distributions from a military retirement plan. 2014 tax forms 1040ez Distributions from an inherited IRA by a nonspousal beneficiary. 2014 tax forms 1040ez Distributions received by spouse. 2014 tax forms 1040ez   Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. 2014 tax forms 1040ez Testing period. 2014 tax forms 1040ez   The testing period consists of the year for which you claim the credit, the period after the end of that year and before the due date (including extensions) for filing your return for that year, and the 2 tax years before that year. 2014 tax forms 1040ez Example. 2014 tax forms 1040ez You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. 2014 tax forms 1040ez You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible deferred compensation plan in 2012. 2014 tax forms 1040ez Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. 2014 tax forms 1040ez You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. 2014 tax forms 1040ez You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you received in 2011, 2012, 2013, and 2014. 2014 tax forms 1040ez Maximum eligible contributions. 2014 tax forms 1040ez   After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. 2014 tax forms 1040ez Effect on other credits. 2014 tax forms 1040ez   The amount of this credit will not change the amount of your refundable tax credits. 2014 tax forms 1040ez A refundable tax credit, such as the earned income credit or the refundable amount of your child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. 2014 tax forms 1040ez Maximum credit. 2014 tax forms 1040ez   This is a nonrefundable credit. 2014 tax forms 1040ez The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits) in any year. 2014 tax forms 1040ez If your tax liability is reduced to zero because of other nonrefundable credits, such as the credit for child and dependent care expenses, then you will not be entitled to this credit. 2014 tax forms 1040ez How to figure and report the credit. 2014 tax forms 1040ez   The amount of the credit you can get is based on the contributions you make and your credit rate. 2014 tax forms 1040ez Your credit rate can be as low as 10% or as high as 50%. 2014 tax forms 1040ez Your credit rate depends on your income and your filing status. 2014 tax forms 1040ez See Form 8880 to determine your credit rate. 2014 tax forms 1040ez   The maximum contribution taken into account is $2,000 per person. 2014 tax forms 1040ez On a joint return, up to $2,000 is taken into account for each spouse. 2014 tax forms 1040ez   Figure the credit on Form 8880. 2014 tax forms 1040ez Report the credit on line 50 of your Form 1040; line 32 of your Form 1040A; or line 47 of your Form 1040NR and attach Form 8880 to your return. 2014 tax 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