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Amend Tax Return 2013

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Amend Tax Return 2013

Amend tax return 2013 8. Amend tax return 2013   Dividends and Other Distributions Table of Contents Reminder Introduction Useful Items - You may want to see: General InformationDividends not reported on Form 1099-DIV. Amend tax return 2013 Reporting tax withheld. Amend tax return 2013 Nominees. Amend tax return 2013 Ordinary DividendsQualified Dividends Dividends Used to Buy More Stock Money Market Funds Capital Gain DistributionsBasis adjustment. Amend tax return 2013 Nondividend DistributionsLiquidating Distributions Distributions of Stock and Stock Rights Other DistributionsInformation reporting requirement. Amend tax return 2013 Alternative minimum tax treatment. Amend tax return 2013 How To Report Dividend IncomeInvestment interest deducted. Amend tax return 2013 Reminder Foreign-source income. Amend tax return 2013  If you are a U. Amend tax return 2013 S. Amend tax return 2013 citizen with dividend income from sources outside the United States (foreign-source income), you must report that income on your tax return unless it is exempt by U. Amend tax return 2013 S. Amend tax return 2013 law. Amend tax return 2013 This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. Amend tax return 2013 Introduction This chapter discusses the tax treatment of: Ordinary dividends, Capital gain distributions, Nondividend distributions, and Other distributions you may receive from a corporation or a mutual fund. Amend tax return 2013 This chapter also explains how to report dividend income on your tax return. Amend tax return 2013 Dividends are distributions of money, stock, or other property paid to you by a corporation or by a mutual fund. Amend tax return 2013 You also may receive dividends through a partnership, an estate, a trust, or an association that is taxed as a corporation. Amend tax return 2013 However, some amounts you receive that are called dividends are actually interest income. Amend tax return 2013 (See Dividends that are actually interest under Taxable Interest in chapter 7. Amend tax return 2013 ) Most distributions are paid in cash (or check). Amend tax return 2013 However, distributions can consist of more stock, stock rights, other property, or services. Amend tax return 2013 Useful Items - You may want to see: Publication 514 Foreign Tax Credit for Individuals 550 Investment Income and Expenses Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends General Information This section discusses general rules for dividend income. Amend tax return 2013 Tax on unearned income of certain children. Amend tax return 2013   Part of a child's 2013 unearned income may be taxed at the parent's tax rate. Amend tax return 2013 If it is, Form 8615, Tax for Certain Children Who Have Unearned Income, must be completed and attached to the child's tax return. Amend tax return 2013 If not, Form 8615 is not required and the child's income is taxed at his or her own tax rate. Amend tax return 2013    Some parents can choose to include the child's interest and dividends on the parent's return if certain requirements are met. Amend tax return 2013 Use Form 8814, Parents' Election To Report Child's Interest and Dividends, for this purpose. Amend tax return 2013   For more information about the tax on unearned income of children and the parents' election, see chapter 31. Amend tax return 2013 Beneficiary of an estate or trust. Amend tax return 2013    Dividends and other distributions you receive as a beneficiary of an estate or trust are generally taxable income. Amend tax return 2013 You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Amend tax return 2013 , from the fiduciary. Amend tax return 2013 Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. Amend tax return 2013 Social security number (SSN) or individual taxpayer identification number (ITIN). Amend tax return 2013    You must give your SSN or ITIN to any person required by federal tax law to make a return, statement, or other document that relates to you. Amend tax return 2013 This includes payers of dividends. Amend tax return 2013 If you do not give your SSN or ITIN to the payer of dividends, you may have to pay a penalty. Amend tax return 2013 For more information on SSNs and ITINs, see Social Security Number (SSN) in chapter 1. Amend tax return 2013 Backup withholding. Amend tax return 2013   Your dividend income is generally not subject to regular withholding. Amend tax return 2013 However, it may be subject to backup withholding to ensure that income tax is collected on the income. Amend tax return 2013 Under backup withholding, the payer of dividends must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. Amend tax return 2013   Backup withholding may also be required if the IRS has determined that you underreported your interest or dividend income. Amend tax return 2013 For more information, see Backup Withholding in chapter 4. Amend tax return 2013 Stock certificate in two or more names. Amend tax return 2013   If two or more persons hold stock as joint tenants, tenants by the entirety, or tenants in common, each person's share of any dividends from the stock is determined by local law. Amend tax return 2013 Form 1099-DIV. Amend tax return 2013   Most corporations and mutual funds use Form 1099-DIV, Dividends and Distributions, to show you the distributions you received from them during the year. Amend tax return 2013 Keep this form with your records. Amend tax return 2013 You do not have to attach it to your tax return. Amend tax return 2013 Dividends not reported on Form 1099-DIV. Amend tax return 2013   Even if you do not receive Form 1099-DIV, you must still report all your taxable dividend income. Amend tax return 2013 For example, you may receive distributive shares of dividends from partnerships or S corporations. Amend tax return 2013 These dividends are reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Amend tax return 2013 , and Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. Amend tax return 2013 Reporting tax withheld. Amend tax return 2013   If tax is withheld from your dividend income, the payer must give you a Form 1099-DIV that indicates the amount withheld. Amend tax return 2013 Nominees. Amend tax return 2013   If someone receives distributions as a nominee for you, that person should give you a Form 1099-DIV, which will show distributions received on your behalf. Amend tax return 2013 Form 1099-MISC. Amend tax return 2013   Certain substitute payments in lieu of dividends or tax-exempt interest received by a broker on your behalf must be reported to you on Form 1099-MISC, Miscellaneous Income, or a similar statement. Amend tax return 2013 See Reporting Substitute Payments under Short Sales in chapter 4 of Publication 550 for more information about reporting these payments. Amend tax return 2013 Incorrect amount shown on a Form 1099. Amend tax return 2013   If you receive a Form 1099 that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. Amend tax return 2013 The new Form 1099 you receive will be marked “Corrected. Amend tax return 2013 ” Dividends on stock sold. Amend tax return 2013   If stock is sold, exchanged, or otherwise disposed of after a dividend is declared but before it is paid, the owner of record (usually the payee shown on the dividend check) must include the dividend in income. Amend tax return 2013 Dividends received in January. Amend tax return 2013   If a mutual fund (or other regulated investment company) or real estate investment trust (REIT) declares a dividend (including any exempt-interest dividend or capital gain distribution) in October, November, or December, payable to shareholders of record on a date in one of those months but actually pays the dividend during January of the next calendar year, you are considered to have received the dividend on December 31. Amend tax return 2013 You report the dividend in the year it was declared. Amend tax return 2013 Ordinary Dividends Ordinary (taxable) dividends are the most common type of distribution from a corporation or a mutual fund. Amend tax return 2013 They are paid out of earnings and profits and are ordinary income to you. Amend tax return 2013 This means they are not capital gains. Amend tax return 2013 You can assume that any dividend you receive on common or preferred stock is an ordinary dividend unless the paying corporation or mutual fund tells you otherwise. Amend tax return 2013 Ordinary dividends will be shown in box 1a of the Form 1099-DIV you receive. Amend tax return 2013 Qualified Dividends Qualified dividends are the ordinary dividends subject to the same 0%, 15%, or 20% maximum tax rate that applies to net capital gain. Amend tax return 2013 They should be shown in box 1b of the Form 1099-DIV you receive. Amend tax return 2013 The maximum rate of tax on qualified dividends is: 0% on any amount that otherwise would be taxed at a 10% or 15% rate. Amend tax return 2013 15% on any amount that otherwise would be taxed at rates greater than 15% but less than 39. Amend tax return 2013 6%. Amend tax return 2013 20% on any amount that otherwise would be taxed at a 39. Amend tax return 2013 6% rate. Amend tax return 2013 To qualify for the maximum rate, all of the following requirements must be met. Amend tax return 2013 The dividends must have been paid by a U. Amend tax return 2013 S. Amend tax return 2013 corporation or a qualified foreign corporation. Amend tax return 2013 (See Qualified foreign corporation , later. Amend tax return 2013 ) The dividends are not of the type listed later under Dividends that are not qualified dividends . Amend tax return 2013 You meet the holding period (discussed next). Amend tax return 2013 Holding period. Amend tax return 2013   You must have held the stock for more than 60 days during the 121-day period that begins 60 days before the ex-dividend date. Amend tax return 2013 The ex-dividend date is the first date following the declaration of a dividend on which the buyer of a stock is not entitled to receive the next dividend payment. Amend tax return 2013 Instead, the seller will get the dividend. Amend tax return 2013   When counting the number of days you held the stock, include the day you disposed of the stock, but not the day you acquired it. Amend tax return 2013 See the examples later. Amend tax return 2013 Exception for preferred stock. Amend tax return 2013   In the case of preferred stock, you must have held the stock more than 90 days during the 181-day period that begins 90 days before the ex-dividend date if the dividends are due to periods totaling more than 366 days. Amend tax return 2013 If the preferred dividends are due to periods totaling less than 367 days, the holding period in the previous paragraph applies. Amend tax return 2013 Example 1. Amend tax return 2013 You bought 5,000 shares of XYZ Corp. Amend tax return 2013 common stock on July 9, 2013. Amend tax return 2013 XYZ Corp. Amend tax return 2013 paid a cash dividend of 10 cents per share. Amend tax return 2013 The ex-dividend date was July 16, 2013. Amend tax return 2013 Your Form 1099-DIV from XYZ Corp. Amend tax return 2013 shows $500 in box 1a (ordinary dividends) and in box 1b (qualified dividends). Amend tax return 2013 However, you sold the 5,000 shares on August 12, 2013. Amend tax return 2013 You held your shares of XYZ Corp. Amend tax return 2013 for only 34 days of the 121-day period (from July 10, 2013, through August 12, 2013). Amend tax return 2013 The 121-day period began on May 17, 2013 (60 days before the ex-dividend date), and ended on September 14, 2013. Amend tax return 2013 You have no qualified dividends from XYZ Corp. Amend tax return 2013 because you held the XYZ stock for less than 61 days. Amend tax return 2013 Example 2. Amend tax return 2013 Assume the same facts as in Example 1 except that you bought the stock on July 15, 2013 (the day before the ex-dividend date), and you sold the stock on September 16, 2013. Amend tax return 2013 You held the stock for 63 days (from July 16, 2013, through September 16, 2013). Amend tax return 2013 The $500 of qualified dividends shown in box 1b of your Form 1099-DIV are all qualified dividends because you held the stock for 61 days of the 121-day period (from July 16, 2013, through September 14, 2013). Amend tax return 2013 Example 3. Amend tax return 2013 You bought 10,000 shares of ABC Mutual Fund common stock on July 9, 2013. Amend tax return 2013 ABC Mutual Fund paid a cash dividend of 10 cents a share. Amend tax return 2013 The ex-dividend date was July 16, 2013. Amend tax return 2013 The ABC Mutual Fund advises you that the portion of the dividend eligible to be treated as qualified dividends equals 2 cents per share. Amend tax return 2013 Your Form 1099-DIV from ABC Mutual Fund shows total ordinary dividends of $1,000 and qualified dividends of $200. Amend tax return 2013 However, you sold the 10,000 shares on August 12, 2013. Amend tax return 2013 You have no qualified dividends from ABC Mutual Fund because you held the ABC Mutual Fund stock for less than 61 days. Amend tax return 2013 Holding period reduced where risk of loss is diminished. Amend tax return 2013   When determining whether you met the minimum holding period discussed earlier, you cannot count any day during which you meet any of the following conditions. Amend tax return 2013 You had an option to sell, were under a contractual obligation to sell, or had made (and not closed) a short sale of substantially identical stock or securities. Amend tax return 2013 You were grantor (writer) of an option to buy substantially identical stock or securities. Amend tax return 2013 Your risk of loss is diminished by holding one or more other positions in substantially similar or related property. Amend tax return 2013   For information about how to apply condition (3), see Regulations section 1. Amend tax return 2013 246-5. Amend tax return 2013 Qualified foreign corporation. Amend tax return 2013   A foreign corporation is a qualified foreign corporation if it meets any of the following conditions. Amend tax return 2013 The corporation is incorporated in a U. Amend tax return 2013 S. Amend tax return 2013 possession. Amend tax return 2013 The corporation is eligible for the benefits of a comprehensive income tax treaty with the United States that the Treasury Department determines is satisfactory for this purpose and that includes an exchange of information program. Amend tax return 2013 For a list of those treaties, see Table 8-1. Amend tax return 2013 The corporation does not meet (1) or (2) above, but the stock for which the dividend is paid is readily tradable on an established securities market in the United States. Amend tax return 2013 See Readily tradable stock , later. Amend tax return 2013 Exception. Amend tax return 2013   A corporation is not a qualified foreign corporation if it is a passive foreign investment company during its tax year in which the dividends are paid or during its previous tax year. Amend tax return 2013 Readily tradable stock. Amend tax return 2013   Any stock (such as common, ordinary, or preferred) or an American depositary receipt in respect of that stock is considered to satisfy requirement (3) under Qualified foreign corporation , if it is listed on a national securities exchange that is registered under section 6 of the Securities Exchange Act of 1934 or on the Nasdaq Stock Market. Amend tax return 2013 For a list of the exchanges that meet these requirements, see www. Amend tax return 2013 sec. Amend tax return 2013 gov/divisions/marketreg/mrexchanges. Amend tax return 2013 shtml. Amend tax return 2013 Dividends that are not qualified dividends. Amend tax return 2013   The following dividends are not qualified dividends. Amend tax return 2013 They are not qualified dividends even if they are shown in box 1b of Form 1099-DIV. Amend tax return 2013 Capital gain distributions. Amend tax return 2013 Dividends paid on deposits with mutual savings banks, cooperative banks, credit unions, U. Amend tax return 2013 S. Amend tax return 2013 building and loan associations, U. Amend tax return 2013 S. Amend tax return 2013 savings and loan associations, federal savings and loan associations, and similar financial institutions. Amend tax return 2013 (Report these amounts as interest income. Amend tax return 2013 ) Dividends from a corporation that is a tax-exempt organization or farmer's cooperative during the corporation's tax year in which the dividends were paid or during the corporation's previous tax year. Amend tax return 2013 Dividends paid by a corporation on employer securities held on the date of record by an employee stock ownership plan (ESOP) maintained by that corporation. Amend tax return 2013 Dividends on any share of stock to the extent you are obligated (whether under a short sale or otherwise) to make related payments for positions in substantially similar or related property. Amend tax return 2013 Payments in lieu of dividends, but only if you know or have reason to know the payments are not qualified dividends. Amend tax return 2013 Payments shown in Form 1099-DIV, box 1b, from a foreign corporation to the extent you know or have reason to know the payments are not qualified dividends. Amend tax return 2013 Table 8-1. Amend tax return 2013 Income Tax Treaties Income tax treaties the United States has with the following countries satisfy requirement (2) under Qualified foreign corporation. Amend tax return 2013 Australia Indonesia Romania Austria Ireland Russian Bangladesh Israel Federation Barbados Italy Slovak Belgium Jamaica Republic Bulgaria Japan Slovenia Canada Kazakhstan South Africa China Korea Spain Cyprus Latvia Sri Lanka Czech Lithuania Sweden Republic Luxembourg Switzerland Denmark Malta Thailand Egypt Mexico Trinidad and Estonia Morocco Tobago Finland Netherlands Tunisia France New Zealand Turkey Germany Norway Ukraine Greece Pakistan United Hungary Philippines Kingdom Iceland Poland Venezuela India Portugal     Dividends Used to Buy More Stock The corporation in which you own stock may have a dividend reinvestment plan. Amend tax return 2013 This plan lets you choose to use your dividends to buy (through an agent) more shares of stock in the corporation instead of receiving the dividends in cash. Amend tax return 2013 Most mutual funds also permit shareholders to automatically reinvest distributions in more shares in the fund, instead of receiving cash. Amend tax return 2013 If you use your dividends to buy more stock at a price equal to its fair market value, you still must report the dividends as income. Amend tax return 2013 If you are a member of a dividend reinvestment plan that lets you buy more stock at a price less than its fair market value, you must report as dividend income the fair market value of the additional stock on the dividend payment date. Amend tax return 2013 You also must report as dividend income any service charge subtracted from your cash dividends before the dividends are used to buy the additional stock. Amend tax return 2013 But you may be able to deduct the service charge. Amend tax return 2013 See chapter 28 for more information about deducting expenses of producing income. Amend tax return 2013 In some dividend reinvestment plans, you can invest more cash to buy shares of stock at a price less than fair market value. Amend tax return 2013 If you choose to do this, you must report as dividend income the difference between the cash you invest and the fair market value of the stock you buy. Amend tax return 2013 When figuring this amount, use the fair market value of the stock on the dividend payment date. Amend tax return 2013 Money Market Funds Report amounts you receive from money market funds as dividend income. Amend tax return 2013 Money market funds are a type of mutual fund and should not be confused with bank money market accounts that pay interest. Amend tax return 2013 Capital Gain Distributions Capital gain distributions (also called capital gain dividends) are paid to you or credited to your account by mutual funds (or other regulated investment companies) and real estate investment trusts (REITs). Amend tax return 2013 They will be shown in box 2a of the Form 1099-DIV you receive from the mutual fund or REIT. Amend tax return 2013 Report capital gain distributions as long-term capital gains, regardless of how long you owned your shares in the mutual fund or REIT. Amend tax return 2013 Undistributed capital gains of mutual funds and REITs. Amend tax return 2013    Some mutual funds and REITs keep their long-term capital gains and pay tax on them. Amend tax return 2013 You must treat your share of these gains as distributions, even though you did not actually receive them. Amend tax return 2013 However, they are not included on Form 1099-DIV. Amend tax return 2013 Instead, they are reported to you in box 1a of Form 2439. Amend tax return 2013   Report undistributed capital gains (box 1a of Form 2439) as long-term capital gains on Schedule D (Form 1040), column (h), line 11. Amend tax return 2013   The tax paid on these gains by the mutual fund or REIT is shown in box 2 of Form 2439. Amend tax return 2013 You take credit for this tax by including it on Form 1040, line 71, and checking box a on that line. Amend tax return 2013 Attach Copy B of Form 2439 to your return, and keep Copy C for your records. Amend tax return 2013 Basis adjustment. Amend tax return 2013   Increase your basis in your mutual fund, or your interest in a REIT, by the difference between the gain you report and the credit you claim for the tax paid. Amend tax return 2013 Additional information. Amend tax return 2013   For more information on the treatment of distributions from mutual funds, see Publication 550. Amend tax return 2013 Nondividend Distributions A nondividend distribution is a distribution that is not paid out of the earnings and profits of a corporation or a mutual fund. Amend tax return 2013 You should receive a Form 1099-DIV or other statement showing the nondividend distribution. Amend tax return 2013 On Form 1099-DIV, a nondividend distribution will be shown in box 3. Amend tax return 2013 If you do not receive such a statement, you report the distribution as an ordinary dividend. Amend tax return 2013 Basis adjustment. Amend tax return 2013   A nondividend distribution reduces the basis of your stock. Amend tax return 2013 It is not taxed until your basis in the stock is fully recovered. Amend tax return 2013 This nontaxable portion is also called a return of capital; it is a return of your investment in the stock of the company. Amend tax return 2013 If you buy stock in a corporation in different lots at different times, and you cannot definitely identify the shares subject to the nondividend distribution, reduce the basis of your earliest purchases first. Amend tax return 2013   When the basis of your stock has been reduced to zero, report any additional nondividend distribution you receive as a capital gain. Amend tax return 2013 Whether you report it as a long-term or short-term capital gain depends on how long you have held the stock. Amend tax return 2013 See Holding Period in chapter 14. Amend tax return 2013 Example. Amend tax return 2013 You bought stock in 2000 for $100. Amend tax return 2013 In 2003, you received a nondividend distribution of $80. Amend tax return 2013 You did not include this amount in your income, but you reduced the basis of your stock to $20. Amend tax return 2013 You received a nondividend distribution of $30 in 2013. Amend tax return 2013 The first $20 of this amount reduced your basis to zero. Amend tax return 2013 You report the other $10 as a long-term capital gain for 2013. Amend tax return 2013 You must report as a long-term capital gain any nondividend distribution you receive on this stock in later years. Amend tax return 2013 Liquidating Distributions Liquidating distributions, sometimes called liquidating dividends, are distributions you receive during a partial or complete liquidation of a corporation. Amend tax return 2013 These distributions are, at least in part, one form of a return of capital. Amend tax return 2013 They may be paid in one or more installments. Amend tax return 2013 You will receive Form 1099-DIV from the corporation showing you the amount of the liquidating distribution in box 8 or 9. Amend tax return 2013 For more information on liquidating distributions, see chapter 1 of Publication 550. Amend tax return 2013 Distributions of Stock and Stock Rights Distributions by a corporation of its own stock are commonly known as stock dividends. Amend tax return 2013 Stock rights (also known as “stock options”) are distributions by a corporation of rights to acquire the corporation's stock. Amend tax return 2013 Generally, stock dividends and stock rights are not taxable to you, and you do not report them on your return. Amend tax return 2013 Taxable stock dividends and stock rights. Amend tax return 2013   Distributions of stock dividends and stock rights are taxable to you if any of the following apply. Amend tax return 2013 You or any other shareholder have the choice to receive cash or other property instead of stock or stock rights. Amend tax return 2013 The distribution gives cash or other property to some shareholders and an increase in the percentage interest in the corporation's assets or earnings and profits to other shareholders. Amend tax return 2013 The distribution is in convertible preferred stock and has the same result as in (2). Amend tax return 2013 The distribution gives preferred stock to some common stock shareholders and common stock to other common stock shareholders. Amend tax return 2013 The distribution is on preferred stock. Amend tax return 2013 (The distribution, however, is not taxable if it is an increase in the conversion ratio of convertible preferred stock made solely to take into account a stock dividend, stock split, or similar event that would otherwise result in reducing the conversion right. Amend tax return 2013 )   The term “stock” includes rights to acquire stock, and the term “shareholder” includes a holder of rights or of convertible securities. Amend tax return 2013 If you receive taxable stock dividends or stock rights, include their fair market value at the time of distribution in your income. Amend tax return 2013 Preferred stock redeemable at a premium. Amend tax return 2013   If you hold preferred stock having a redemption price higher than its issue price, the difference (the redemption premium) generally is taxable as a constructive distribution of additional stock on the preferred stock. Amend tax return 2013 For more information, see chapter 1 of Publication 550. Amend tax return 2013 Basis. Amend tax return 2013   Your basis in stock or stock rights received in a taxable distribution is their fair market value when distributed. Amend tax return 2013 If you receive stock or stock rights that are not taxable to you, see Stocks and Bonds under Basis of Investment Property in chapter 4 of Publication 550 for information on how to figure their basis. Amend tax return 2013 Fractional shares. Amend tax return 2013    You may not own enough stock in a corporation to receive a full share of stock if the corporation declares a stock dividend. Amend tax return 2013 However, with the approval of the shareholders, the corporation may set up a plan in which fractional shares are not issued but instead are sold, and the cash proceeds are given to the shareholders. Amend tax return 2013 Any cash you receive for fractional shares under such a plan is treated as an amount realized on the sale of the fractional shares. Amend tax return 2013 Report this transaction on Form 8949, Sales and Other Dispositions of Capital Assets. Amend tax return 2013 Enter your gain or loss, the difference between the cash you receive and the basis of the fractional shares sold, in column (h) of Schedule D (Form 1040) in Part I or Part II, whichever is appropriate. Amend tax return 2013    Report these transactions on Form 8949 with the correct box checked. Amend tax return 2013   For more information on Form 8949 and Schedule D (Form 1040), see chapter 4 of Publication 550. Amend tax return 2013 Also see the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040). Amend tax return 2013 Example. Amend tax return 2013 You own one share of common stock that you bought on January 3, 2004, for $100. Amend tax return 2013 The corporation declared a common stock dividend of 5% on June 29, 2013. Amend tax return 2013 The fair market value of the stock at the time the stock dividend was declared was $200. Amend tax return 2013 You were paid $10 for the fractional-share stock dividend under a plan described in the discussion above. Amend tax return 2013 You figure your gain or loss as follows: Fair market value of old stock $200. Amend tax return 2013 00 Fair market value of stock dividend (cash received) +10. Amend tax return 2013 00 Fair market value of old stock and stock dividend $210. Amend tax return 2013 00 Basis (cost) of old stock after the stock dividend (($200 ÷ $210) × $100) $95. Amend tax return 2013 24 Basis (cost) of stock dividend (($10 ÷ $210) × $100) + 4. Amend tax return 2013 76 Total $100. Amend tax return 2013 00 Cash received $10. Amend tax return 2013 00 Basis (cost) of stock dividend − 4. Amend tax return 2013 76 Gain $5. Amend tax return 2013 24 Because you had held the share of stock for more than 1 year at the time the stock dividend was declared, your gain on the stock dividend is a long-term capital gain. Amend tax return 2013 Scrip dividends. Amend tax return 2013   A corporation that declares a stock dividend may issue you a scrip certificate that entitles you to a fractional share. Amend tax return 2013 The certificate is generally nontaxable when you receive it. Amend tax return 2013 If you choose to have the corporation sell the certificate for you and give you the proceeds, your gain or loss is the difference between the proceeds and the portion of your basis in the corporation's stock allocated to the certificate. Amend tax return 2013   However, if you receive a scrip certificate that you can choose to redeem for cash instead of stock, the certificate is taxable when you receive it. Amend tax return 2013 You must include its fair market value in income on the date you receive it. Amend tax return 2013 Other Distributions You may receive any of the following distributions during the year. Amend tax return 2013 Exempt-interest dividends. Amend tax return 2013   Exempt-interest dividends you receive from a mutual fund or other regulated investment company, including those received from a qualified fund of funds in any tax year beginning after December 22, 2010, are not included in your taxable income. Amend tax return 2013 Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. Amend tax return 2013 Information reporting requirement. Amend tax return 2013   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file a return. Amend tax return 2013 This is an information reporting requirement and does not change the exempt-interest dividends to taxable income. Amend tax return 2013 Alternative minimum tax treatment. Amend tax return 2013   Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. Amend tax return 2013 See Alternative Minimum Tax (AMT) in chapter 30 for more information. Amend tax return 2013 Dividends on insurance policies. Amend tax return 2013    Insurance policy dividends the insurer keeps and uses to pay your premiums are not taxable. Amend tax return 2013 However, you must report as taxable interest income the interest that is paid or credited on dividends left with the insurance company. Amend tax return 2013    If dividends on an insurance contract (other than a modified endowment contract) are distributed to you, they are a partial return of the premiums you paid. Amend tax return 2013 Do not include them in your gross income until they are more than the total of all net premiums you paid for the contract. Amend tax return 2013 Report any taxable distributions on insurance policies on Form 1040, line 21. Amend tax return 2013 Dividends on veterans' insurance. Amend tax return 2013   Dividends you receive on veterans' insurance policies are not taxable. Amend tax return 2013 In addition, interest on dividends left with the Department of Veterans Affairs is not taxable. Amend tax return 2013 Patronage dividends. Amend tax return 2013   Generally, patronage dividends you receive in money from a cooperative organization are included in your income. Amend tax return 2013   Do not include in your income patronage dividends you receive on: Property bought for your personal use, or Capital assets or depreciable property bought for use in your business. Amend tax return 2013 But you must reduce the basis (cost) of the items bought. Amend tax return 2013 If the dividend is more than the adjusted basis of the assets, you must report the excess as income. Amend tax return 2013   These rules are the same whether the cooperative paying the dividend is a taxable or tax-exempt cooperative. Amend tax return 2013 Alaska Permanent Fund dividends. Amend tax return 2013    Do not report these amounts as dividends. Amend tax return 2013 Instead, report these amounts on Form 1040, line 21; Form 1040A, line 13; or Form 1040EZ, line 3. Amend tax return 2013 How To Report Dividend Income Generally, you can use either Form 1040 or Form 1040A to report your dividend income. Amend tax return 2013 Report the total of your ordinary dividends on line 9a of Form 1040 or Form 1040A. Amend tax return 2013 Report qualified dividends on line 9b of Form 1040 or Form 1040A. Amend tax return 2013 If you receive capital gain distributions, you may be able to use Form 1040A or you may have to use Form 1040. Amend tax return 2013 See Exceptions to filing Form 8949 and Schedule D (Form 1040) in chapter 16. Amend tax return 2013 If you receive nondividend distributions required to be reported as capital gains, you must use Form 1040. Amend tax return 2013 You cannot use Form 1040EZ if you receive any dividend income. Amend tax return 2013 Form 1099-DIV. Amend tax return 2013   If you owned stock on which you received $10 or more in dividends and other distributions, you should receive a Form 1099-DIV. Amend tax return 2013 Even if you do not receive Form 1099-DIV, you must report all your dividend income. Amend tax return 2013   See Form 1099-DIV for more information on how to report dividend income. Amend tax return 2013 Form 1040A or 1040. Amend tax return 2013    You must complete Schedule B (Form 1040A or 1040), Part II, and attach it to your Form 1040A or 1040, if: Your ordinary dividends (Form 1099-DIV, box 1a) are more than $1,500, or You received, as a nominee, dividends that actually belong to someone else. Amend tax return 2013 If your ordinary dividends are more than $1,500, you must also complete Schedule B (Form 1040A or 1040), Part III. Amend tax return 2013   List on Schedule B (Form 1040A or 1040), Part II, line 5, each payer's name and the ordinary dividends you received. Amend tax return 2013 If your securities are held by a brokerage firm (in “street name”), list the name of the brokerage firm shown on Form 1099-DIV as the payer. Amend tax return 2013 If your stock is held by a nominee who is the owner of record, and the nominee credited or paid you dividends on the stock, show the name of the nominee and the dividends you received or for which you were credited. Amend tax return 2013   Enter on line 6 the total of the amounts listed on line 5. Amend tax return 2013 Also enter this total on line 9a of Form 1040A or 1040. Amend tax return 2013 Qualified dividends. Amend tax return 2013   Report qualified dividends (Form 1099-DIV, box 1b) on line 9b of Form 1040 or Form 1040A. Amend tax return 2013 The amount in box 1b is already included in box 1a. Amend tax return 2013 Do not add the amount in box 1b to, or substract it from, the amount in box 1a. Amend tax return 2013   Do not include any of the following on line 9b. Amend tax return 2013 Qualified dividends you received as a nominee. Amend tax return 2013 See Nominees under How to Report Dividend Income in chapter 1 of Publication 550. Amend tax return 2013 Dividends on stock for which you did not meet the holding period. Amend tax return 2013 See Holding period , earlier under Qualified Dividends. Amend tax return 2013 Dividends on any share of stock to the extent you are obligated (whether under a short sale or otherwise) to make related payments for positions in substantially similar or related property. Amend tax return 2013 Payments in lieu of dividends, but only if you know or have reason to know the payments are not qualified dividends. Amend tax return 2013 Payments shown in Form 1099-DIV, box 1b, from a foreign corporation to the extent you know or have reason to know the payments are not qualified dividends. Amend tax return 2013   If you have qualified dividends, you must figure your tax by completing the Qualified Dividends and Capital Gain Tax Worksheet in the Form 1040 or 1040A instructions or the Schedule D Tax Worksheet in the Schedule D (Form 1040) instructions, whichever applies. Amend tax return 2013 Enter qualified dividends on line 2 of the worksheet. Amend tax return 2013 Investment interest deducted. Amend tax return 2013   If you claim a deduction for investment interest, you may have to reduce the amount of your qualified dividends that are eligible for the 0%, 15%, or 20% tax rate. Amend tax return 2013 Reduce it by the qualified dividends you choose to include in investment income when figuring the limit on your investment interest deduction. Amend tax return 2013 This is done on the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet. Amend tax return 2013 For more information about the limit on investment interest, see Investment expenses in chapter 23. Amend tax return 2013 Expenses related to dividend income. Amend tax return 2013   You may be able to deduct expenses related to dividend income if you itemize your deductions on Schedule A (Form 1040). Amend tax return 2013 See chapter 28 for general information about deducting expenses of producing income. Amend tax return 2013 More information. Amend tax return 2013    For more information about how to report dividend income, see chapter 1 of Publication 550 or the instructions for the form you must file. Amend tax return 2013 Prev  Up  Next   Home   More Online Publications
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General sources of insurance information include the American Council of Life Insurers, the Insurance Information Institute , the National Association of Insurance Commissioners, and your state insurance department. You can also visit insure.com

When buying insurance, whether its home, life, auto, rental or other:

  • Find out whether your state insurance department offers any information concerning insurance companies and rates. This is a good way to get a feeling for the range of prices and the lowest-cost providers in your area.
  • Check several sources for the best deal. Try getting quotes from an insurance focused website, but be aware that many online services may provide prices for just a few companies. An independent insurance agent that works with several insurers in your local area might be able to get you a better deal.
  • Make sure the insurance company is licensed and covered by the state's guaranty fund. The fund pays claims in case the company defaults. Your state insurance department can provide this information.
  • Check the financial stability and soundness of the insurance company. Ratings from A.M. Best, Standard and Poor's, and Moody's Investors Services are available online and at most public libraries.
  • Research the complaint record of the company. Contact your state insurance department or visit the website of the National Association of Insurance Commissioners, which has a database of complaints filed with state regulators.
  • Find out what others think about the company's customer service. Consumers can rate homeowner insurance companies at J.D. Power's website.
  • Once you pay your first insurance premium, make sure you receive a written policy. This tells you the agent forwarded your premium to the insurance company. If you don't receive a policy within 60 days, contact your agent and the insurance company.

If you suspect fraud, call the National Insurance Crime Bureau's hotline at 1-800-835-6422. Or for more information, check out the Coalition Against Insurance Fraud website

The Amend Tax Return 2013

Amend tax return 2013 Publication 3920 - Introductory Material Table of Contents Introduction Useful Items - You may want to see: Introduction This publication explains some of the provisions of the Victims of Terrorism Tax Relief Act of 2001. Amend tax return 2013 Under this Act, the federal income tax liability of those killed in the following attacks is forgiven for certain tax years. Amend tax return 2013 The April 19, 1995, attack on the Alfred P. Amend tax return 2013 Murrah Federal Building (Oklahoma City attack). Amend tax return 2013 The September 11, 2001, attacks on the World Trade Center, the Pentagon, and United Airlines Flight 93 in Somerset County, Pennsylvania (September 11 attacks). Amend tax return 2013 Terrorist attacks involving anthrax occurring after September 10, 2001, and before January 1, 2002 (anthrax attacks). Amend tax return 2013 The Act also provides other types of relief. Amend tax return 2013 For example, it provides that the following amounts are not included in income. Amend tax return 2013 Payments from the September 11th Victim Compensation Fund of 2001. Amend tax return 2013 Qualified disaster relief payments made after September 10, 2001, to cover personal, family, living, or funeral expenses incurred because of a terrorist attack. Amend tax return 2013 Certain disability payments received in tax years ending after September 10, 2001, for injuries sustained in a terrorist attack. Amend tax return 2013 Death benefits paid by an employer to the survivor of an employee if the benefits are paid because the employee died as a result of a terrorist attack. Amend tax return 2013 Debt cancellations made after September 10, 2001, and before January 1, 2002, because an individual died as a result of the September 11 attacks or anthrax attacks. Amend tax return 2013 Worksheet A. Amend tax return 2013 Figuring the Tax To Be Forgiven (For Decedents Who Filed a Return as Single, Married Filing Separately, Head of Household, or Qualifying Widow(er))         (A) First Eligible Year (1994 or 2000) (B) Second Eligible Year (1995 or 2001) (C) Third Eligible Year (1996 or 2002) 1 Enter the years eligible for tax forgiveness. Amend tax return 2013 1       2 Enter the total tax from the decedent's income tax return. Amend tax return 2013 See Table 1 on page 5 for the line number for years before 2002. Amend tax return 2013 2       3 Enter the following taxes, if any, shown on the decedent's income tax return. Amend tax return 2013 (These taxes are not eligible for forgiveness. Amend tax return 2013 )           a Self-employment tax. Amend tax return 2013 3a         b Social security and Medicare tax on tip income not reported to employer. Amend tax return 2013 3b         c Tax on excess contributions to IRAs, Coverdell education savings accounts (formerly Ed IRAs), or Archer MSAs (formerly medical savings accounts). Amend tax return 2013 3c         d Tax on excess accumulation in qualified retirement plans. Amend tax return 2013 3d         e Household employment taxes. Amend tax return 2013 3e         f Uncollected social security and Medicare or RRTA tax on tips or group-term life insurance. Amend tax return 2013 3f         g Tax on golden parachute payments. Amend tax return 2013 3g       4 Add lines 3a through 3g. Amend tax return 2013 4       5 Tax to be forgiven. Amend tax return 2013 Subtract line 4 from line 2. Amend tax return 2013 5       Note. Amend tax return 2013 If the total of columns (A), (B), and (C) of line 5 (including any amounts shown on line 15 of Worksheet B) is less than $10,000, also complete Worksheet C. Amend tax return 2013 Attach the computation of the tax to be forgiven or a copy of this worksheet to the decedent's final income tax return or amended tax return (Form 1040X) for each year listed on line 1. Amend tax return 2013 If filing Form 1040X for an eligible year, enter the amount from line 5 above on Form 1040X in column B of line 10 as a decrease in tax. Amend tax return 2013 The IRS will determine the amount to be refunded. Amend tax return 2013 Worksheet A. Amend tax return 2013 Figuring the Tax To Be Forgiven (For Decedents Who Filed a Return as Single, Married Filing Separately, Head of Household, or Qualifying Widow(er))         (A) First Eligible Year (1994 or 2000) (B) Second Eligible Year (1995 or 2001) (C) Third Eligible Year (1996 or 2002) 1 Enter the years eligible for tax forgiveness. Amend tax return 2013 1       2 Enter the total tax from the decedent's income tax return. Amend tax return 2013 See Table 1 on page 5 for the line number for years before 2002. Amend tax return 2013 2       3 Enter the following taxes, if any, shown on the decedent's income tax return. Amend tax return 2013 (These taxes are not eligible for forgiveness. Amend tax return 2013 )           a Self-employment tax. Amend tax return 2013 3a         b Social security and Medicare tax on tip income not reported to employer. Amend tax return 2013 3b         c Tax on excess contributions to IRAs, Coverdell education savings accounts (formerly Ed IRAs), or Archer MSAs (formerly medical savings accounts). Amend tax return 2013 3c         d Tax on excess accumulation in qualified retirement plans. Amend tax return 2013 3d         e Household employment taxes. Amend tax return 2013 3e         f Uncollected social security and Medicare or RRTA tax on tips or group-term life insurance. Amend tax return 2013 3f         g Tax on golden parachute payments. Amend tax return 2013 3g       4 Add lines 3a through 3g. Amend tax return 2013 4       5 Tax to be forgiven. Amend tax return 2013 Subtract line 4 from line 2. Amend tax return 2013 5       Note. Amend tax return 2013 If the total of columns (A), (B), and (C) of line 5 (including any amounts shown on line 15 of Worksheet B) is less than $10,000, also complete Worksheet C. Amend tax return 2013 Attach the computation of the tax to be forgiven or a copy of this worksheet to the decedent's final income tax return or amended tax return (Form 1040X) for each year listed on line 1. Amend tax return 2013 If filing Form 1040X for an eligible year, enter the amount from line 5 above on Form 1040X in column B of line 10 as a decrease in tax. Amend tax return 2013 The IRS will determine the amount to be refunded. Amend tax return 2013 Useful Items - You may want to see: Publication 547 Casualties, Disasters, and Thefts 559 Survivors, Executors, and Administrators Form (and Instructions) 706 United States Estate (and Generation- Skipping Transfer) Tax Return 1040 U. Amend tax return 2013 S. Amend tax return 2013 Individual Income Tax Return 1040NR U. Amend tax return 2013 S. Amend tax return 2013 Nonresident Alien Income Tax Return 1040X Amended U. Amend tax return 2013 S. Amend tax return 2013 Individual Income Tax Return 1041 U. Amend tax return 2013 S. Amend tax return 2013 Income Tax Return for Estates and Trusts 1310 Statement of Person Claiming Refund Due a Deceased Taxpayer 4506 Request for Copy or Transcript of Tax Form Prev  Up  Next   Home   More Online Publications