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Can You File 2012 Taxes Now

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Can You File 2012 Taxes Now

Can you file 2012 taxes now 2. Can you file 2012 taxes now   American Opportunity Credit Table of Contents Introduction Can You Claim the CreditWho Can Claim the Credit Who Cannot Claim the Credit What Expenses QualifyQualified Education Expenses No Double Benefit Allowed Expenses That Do Not Qualify Who Is an Eligible StudentException. Can you file 2012 taxes now Who Can Claim a Dependent's Expenses Figuring the CreditEffect of the Amount of Your Income on the Amount of Your Credit Refundable Part of Credit Claiming the Credit Introduction For 2013, there are two tax credits available to help you offset the costs of higher education by reducing the amount of your income tax. Can you file 2012 taxes now They are the American opportunity credit (this chapter) and the lifetime learning credit ( chapter 3 ). Can you file 2012 taxes now This chapter explains: Who can claim the American opportunity credit, What expenses qualify for the credit, Who is an eligible student, Who can claim a dependent's expenses, How to figure the credit, How to claim the credit, and When the credit must be repaid. Can you file 2012 taxes now What is the tax benefit of the American opportunity credit. Can you file 2012 taxes now   For the tax year, you may be able to claim an American opportunity credit of up to $2,500 for qualified education expenses paid for each eligible student. Can you file 2012 taxes now   A tax credit reduces the amount of income tax you may have to pay. Can you file 2012 taxes now Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself. Can you file 2012 taxes now Forty percent of the American opportunity credit may be refundable. Can you file 2012 taxes now This means that if the refundable portion of your credit is more than your tax, the excess will be refunded to you. Can you file 2012 taxes now   Your allowable American opportunity credit may be limited by the amount of your income. Can you file 2012 taxes now Also, the nonrefundable part of the credit may be limited by the amount of your tax. Can you file 2012 taxes now Overview of the American opportunity credit. Can you file 2012 taxes now   See Table 2-1, Overview of the American Opportunity Credit , for the basics of this credit. Can you file 2012 taxes now The details are discussed in this chapter. Can you file 2012 taxes now Can you claim more than one education credit this year. Can you file 2012 taxes now   For each student, you can elect for any year only one of the credits. Can you file 2012 taxes now For example, if you elect to take the American opportunity credit for a child on your 2013 tax return, you cannot use that same child's qualified education expenses to figure the lifetime learning credit for 2013. Can you file 2012 taxes now   If you pay qualified education expenses for more than one student in the same year, you can choose to take the American opportunity credit on a per-student, per-year basis. Can you file 2012 taxes now If you pay qualified education expenses for a student (or students) for whom you do not claim the American opportunity credit, you can use the adjusted qualified education expenses of that student (or those students) in figuring your lifetime learning credit. Can you file 2012 taxes now This means that, for example, you can claim the American opportunity credit for one student and the lifetime learning credit for another student in the same year. Can you file 2012 taxes now Differences between the American opportunity and lifetime learning credits. Can you file 2012 taxes now   There are several differences between these two credits. Can you file 2012 taxes now For example, you can claim the American opportunity credit based on the same student's expenses for no more than 4 tax years, which includes any tax years you claimed the Hope Scholarship Credit for that student. Can you file 2012 taxes now However, there is no limit on the number of years for which you can claim a lifetime learning credit based on the same student's expenses. Can you file 2012 taxes now The differences between these credits are shown in Appendix B, Highlights of Education Tax Benefits for Tax Year 2013 near the end of this publication. Can you file 2012 taxes now If you claim the American opportunity credit for any student, you can choose between using that student's adjusted qualified education expenses for the American opportunity credit or the lifetime learning credit. Can you file 2012 taxes now If you have the choice, the American opportunity credit will always be greater than the lifetime learning credit. Can you file 2012 taxes now Table 2-1. Can you file 2012 taxes now Overview of the American Opportunity Credit Maximum credit Up to $2,500 credit per eligible student Limit on modified adjusted gross income (MAGI) $180,000 if married filing jointly; $90,000 if single, head of household, or qualifying widow(er) Refundable or nonrefundable 40% of credit may be refundable; the rest is nonrefundable Number of years of postsecondary education Available ONLY if the student had not completed the first 4 years of postsecondary education before 2013 Number of tax years credit available Available ONLY for 4 tax years per eligible student (including any year(s) Hope Scholarship Credit was claimed) Type of program required Student must be pursuing a program leading to a degree or other recognized education credential Number of courses Student must be enrolled at least half time for at least one academic period that begins during the tax year Felony drug conviction As of the end of 2013, the student had not been convicted of a felony for possessing or distributing a controlled substance Qualified expenses Tuition, required enrollment fees, and course materials that the student needs for a course of study whether or not the materials are bought at the educational institution as a condition of enrollment or attendance Payments for academic periods Payments made in 2013 for academic periods beginning in 2013 or beginning in the first 3 months of 2014 Can You Claim the Credit The following rules will help you determine if you are eligible to claim the American opportunity credit on your tax return. Can you file 2012 taxes now Who Can Claim the Credit Generally, you can claim the American opportunity credit if all three of the following requirements are met. Can you file 2012 taxes now You pay qualified education expenses of higher education. Can you file 2012 taxes now You pay the education expenses for an eligible student. Can you file 2012 taxes now The eligible student is either yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. Can you file 2012 taxes now Student qualifications. Can you file 2012 taxes now   Generally, you can take the American opportunity credit for a student only if all of the following four requirements are met. Can you file 2012 taxes now As of the beginning of 2013, the student had not completed the first four years of postsecondary education (generally, the freshman through senior years of college), as determined by the eligible educational institution. Can you file 2012 taxes now For this purpose, do not include academic credit awarded solely because of the student's performance on proficiency examinations. Can you file 2012 taxes now Neither the American opportunity credit nor the Hope Scholarship Credit has been claimed (by you or anyone else) for this student for any four tax years before 2013. Can you file 2012 taxes now If the American opportunity credit (and Hope Scholarship Credit) has been claimed for this student for any three or fewer tax years before 2013, this requirement is met. Can you file 2012 taxes now For at least one academic period beginning (or treated as beginning) in 2013, the student both: Was enrolled in a program that leads to a degree, certificate, or other recognized educational credential; and Carried at least one-half the normal full-time workload for his or her course of study. Can you file 2012 taxes now The standard for what is half of the normal full-time work load is determined by each eligible educational institution. Can you file 2012 taxes now However, the standard may not be lower than any of those established by the U. Can you file 2012 taxes now S. Can you file 2012 taxes now Department of Education under the Higher Education Act of 1965. Can you file 2012 taxes now For purposes of whether the student satisfies this third requirement for 2013, treat an academic period beginning in the first three months of 2014 as if it began in 2013 if qualified education expenses for the student were paid in 2013 for that academic period. Can you file 2012 taxes now See Prepaid expenses, later. Can you file 2012 taxes now As of the end of 2013, the student had not been convicted of a federal or state felony for possessing or distributing a controlled substance. Can you file 2012 taxes now Example 1. Can you file 2012 taxes now Sharon was eligible for the Hope Scholarship Credit for 2007 and 2008 and for the American opportunity credit for 2010 and 2012. Can you file 2012 taxes now Her parents claimed the Hope Scholarship Credit for Sharon on their tax returns for 2007 and 2008 and claimed the American opportunity credit for Sharon on their 2010 tax return. Can you file 2012 taxes now Sharon claimed the American opportunity credit on her 2012 tax return. Can you file 2012 taxes now The American opportunity credit and Hope Scholarship Credit have been claimed for Sharon for four tax years before 2013. Can you file 2012 taxes now Therefore, the American opportunity credit cannot be claimed by Sharon for 2013. Can you file 2012 taxes now If Sharon were to file Form 8863 for 2013, she would check “Yes” for Part III, line 23, and would be eligible to claim only the lifetime learning credit. Can you file 2012 taxes now Example 2. Can you file 2012 taxes now Wilbert was eligible for the American opportunity credit for 2009, 2010, 2011, and 2013. Can you file 2012 taxes now His parents claimed the American opportunity credit for Wilbert on their tax returns for 2009, 2010, and 2011. Can you file 2012 taxes now No one claimed an American opportunity credit or Hope Scholarship Credit for Wilbert for any other tax year. Can you file 2012 taxes now The American opportunity credit and Hope Scholarship Credit have been claimed for Wilbert for only three tax years before 2013. Can you file 2012 taxes now Therefore, Wilbert meets the second requirement to be eligible for the American opportunity credit. Can you file 2012 taxes now If Wilbert were to file Form 8863 for 2013, he would check “No” for Part III, line 23. Can you file 2012 taxes now If Wilbert meets all of the other requirements, he is eligible for the American opportunity credit. Can you file 2012 taxes now Example 3. Can you file 2012 taxes now Glenda enrolls on a full-time basis in a degree program for the 2014 Spring semester, which begins in January 2014. Can you file 2012 taxes now Glenda pays her tuition for the 2014 Spring semester in December 2013. Can you file 2012 taxes now Because the tuition Glenda paid in 2013 relates to an academic period that begins in the first 3 months of 2014, her eligibility to claim an American opportunity credit in 2013 is determined as if the 2014 Spring semester began in 2013. Can you file 2012 taxes now If the requirements above are not met for any student, you cannot take the American opportunity credit for that student. Can you file 2012 taxes now You may be able to take the lifetime learning credit for part or all of that student's qualified education expenses instead. Can you file 2012 taxes now Note. Can you file 2012 taxes now Qualified education expenses paid by a dependent for whom you claim an exemption, or by a third party for that dependent, are considered paid by you. Can you file 2012 taxes now “Qualified education expenses” are defined later under Qualified Education Expenses . Can you file 2012 taxes now “Eligible students” are defined later under Who Is an Eligible Student . Can you file 2012 taxes now A dependent for whom you claim an exemption is defined later under Who Can Claim a Dependent's Expenses . Can you file 2012 taxes now You may find Figure 2-1, Can You Claim the American Opportunity Credit for 2013 , later, helpful in determining if you can claim an American opportunity credit on your tax return. Can you file 2012 taxes now This image is too large to be displayed in the current screen. Can you file 2012 taxes now Please click the link to view the image. Can you file 2012 taxes now Figure 2-1 Can you claim the American opportunity credit for 2012? Who Cannot Claim the Credit You cannot claim the American opportunity credit for 2013 if any of the following apply. Can you file 2012 taxes now Your filing status is married filing separately. Can you file 2012 taxes now You are listed as a dependent on another person's tax return (such as your parents'). Can you file 2012 taxes now See Who Can Claim a Dependent's Expenses , later. Can you file 2012 taxes now Your modified adjusted gross income (MAGI) is $90,000 or more ($180,000 or more in the case of a joint return). Can you file 2012 taxes now MAGI is explained later under Effect of the Amount of Your Income on the Amount of Your Credit . Can you file 2012 taxes now You (or your spouse) were a nonresident alien for any part of 2013 and the nonresident alien did not elect to be treated as a resident alien for tax purposes. Can you file 2012 taxes now More information on nonresident aliens can be found in Publication 519, U. Can you file 2012 taxes now S. Can you file 2012 taxes now Tax Guide for Aliens. Can you file 2012 taxes now What Expenses Qualify The American opportunity credit is based on adjusted qualified education expenses you pay for yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. Can you file 2012 taxes now Generally, the credit is allowed for adjusted qualified education expenses paid in 2013 for an academic period beginning in 2013 or beginning in the first three months of 2014. Can you file 2012 taxes now For example, if you paid $1,500 in December 2013 for qualified tuition for the spring 2014 semester beginning January 2014, you can use that $1,500 in figuring your 2013 credit. Can you file 2012 taxes now Academic period. Can you file 2012 taxes now   An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. Can you file 2012 taxes now In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. Can you file 2012 taxes now Paid with borrowed funds. Can you file 2012 taxes now   You can claim an American opportunity credit for qualified education expenses paid with the proceeds of a loan. Can you file 2012 taxes now Use the expenses to figure the American opportunity credit for the year in which the expenses are paid, not the year in which the loan is repaid. Can you file 2012 taxes now Treat loan payments sent directly to the educational institution as paid on the date the institution credits the student's account. Can you file 2012 taxes now Student withdraws from class(es). Can you file 2012 taxes now   You can claim an American opportunity credit for qualified education expenses not refunded when a student withdraws. Can you file 2012 taxes now Qualified Education Expenses For purposes of the American opportunity credit, qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. Can you file 2012 taxes now Eligible educational institution. Can you file 2012 taxes now   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Can you file 2012 taxes now S. Can you file 2012 taxes now Department of Education. Can you file 2012 taxes now It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Can you file 2012 taxes now The educational institution should be able to tell you if it is an eligible educational institution. Can you file 2012 taxes now   Certain educational institutions located outside the United States also participate in the U. Can you file 2012 taxes now S. Can you file 2012 taxes now Department of Education's Federal Student Aid (FSA) programs. Can you file 2012 taxes now Related expenses. Can you file 2012 taxes now   Student-activity fees are included in qualified education expenses only if the fees must be paid to the institution as a condition of enrollment or attendance. Can you file 2012 taxes now   However, expenses for books, supplies, and equipment needed for a course of study are included in qualified education expenses whether or not the materials are purchased from the educational institution. Can you file 2012 taxes now Prepaid expenses. Can you file 2012 taxes now   Qualified education expenses paid in 2013 for an academic period that begins in the first three months of 2014 can be used in figuring an education credit for 2013 only. Can you file 2012 taxes now See Academic period, earlier. Can you file 2012 taxes now For example, if you pay $2,000 in December 2013, for qualified tuition for the 2014 winter quarter that begins in January 2014, you can use that $2,000 in figuring an education credit for 2013 only (if you meet all the other requirements). Can you file 2012 taxes now    You cannot use any amount you paid in 2012 or 2014 to figure the qualified education expenses you use to figure your 2013 education credit(s). Can you file 2012 taxes now   In the following examples, assume that each student is an eligible student at an eligible educational institution. Can you file 2012 taxes now Example 1. Can you file 2012 taxes now Jefferson is a sophomore in University V's degree program in dentistry. Can you file 2012 taxes now This year, in addition to tuition, he is required to pay a fee to the university for the rental of the dental equipment he will use in this program. Can you file 2012 taxes now Because the equipment rental is needed for his course of study, Jefferson's equipment rental fee is a qualified expense. Can you file 2012 taxes now Example 2. Can you file 2012 taxes now Grace and William, both first-year students at College W, are required to have certain books and other reading materials to use in their mandatory first-year classes. Can you file 2012 taxes now The college has no policy about how students should obtain these materials, but any student who purchases them from College W's bookstore will receive a bill directly from the college. Can you file 2012 taxes now William bought his books from a friend; Grace bought hers at College W's bookstore. Can you file 2012 taxes now Both are qualified education expenses for the American opportunity credit. Can you file 2012 taxes now Example 3. Can you file 2012 taxes now When Kelly enrolled at College X for her freshman year, she had to pay a separate student activity fee in addition to her tuition. Can you file 2012 taxes now This activity fee is required of all students, and is used solely to fund on-campus organizations and activities run by students, such as the student newspaper and the student government. Can you file 2012 taxes now No portion of the fee covers personal expenses. Can you file 2012 taxes now Although labeled as a student activity fee, the fee is required for Kelly's enrollment and attendance at College X and is a qualified expense. Can you file 2012 taxes now No Double Benefit Allowed You cannot do any of the following. Can you file 2012 taxes now Deduct higher education expenses on your income tax return (as, for example, a business expense) and also claim an American opportunity credit based on those same expenses. Can you file 2012 taxes now Claim an American opportunity credit in the same year that you are claiming a tuition and fees deduction for the same student. Can you file 2012 taxes now Claim an American opportunity credit for any student and use any of that student's expenses in figuring your lifetime learning credit. Can you file 2012 taxes now Figure the tax-free portion of a distribution from a Coverdell education savings account (ESA) or qualified tuition program (QTP) using the same expenses you used to figure the American opportunity credit. Can you file 2012 taxes now See Coordination With American Opportunity and Lifetime Learning Credits in chapter 7, Coverdell Education Savings Account, and Coordination With American Opportunity and Lifetime Learning Credits in chapter 8, Qualified Tuition Program. Can you file 2012 taxes now Claim a credit based on qualified education expenses paid with tax-free educational assistance, such as a scholarship, grant, or assistance provided by an employer. Can you file 2012 taxes now See Adjustments to Qualified Education Expenses, next. Can you file 2012 taxes now Adjustments to Qualified Education Expenses For each student, reduce the qualified education expenses paid by or on behalf of that student under the following rules. Can you file 2012 taxes now The result is the amount of adjusted qualified education expenses for each student. Can you file 2012 taxes now Tax-free educational assistance. Can you file 2012 taxes now   For tax-free educational assistance received in 2013, reduce the qualified educational expenses for each academic period by the amount of tax-free educational assistance allocable to that academic period. Can you file 2012 taxes now See Academic period, earlier. Can you file 2012 taxes now   Some tax-free educational assistance received after 2013 may be treated as a refund of qualified education expenses paid in 2013. Can you file 2012 taxes now This tax-free educational assistance is any tax-free educational assistance received by you or anyone else after 2013 for qualified education expenses paid on behalf of a student in 2013 (or attributable to enrollment at an eligible educational institution during 2013). Can you file 2012 taxes now   If this tax-free educational assistance is received after 2013 but before you file your 2013 income tax return, see Refunds received after 2013 but before your income tax return is filed, later. Can you file 2012 taxes now If this tax-free educational assistance is received after 2013 and after you file your 2013 income tax return, see Refunds received after 2013 and after your income tax return is filed, later. Can you file 2012 taxes now   Tax-free educational assistance includes: The tax-free parts of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). Can you file 2012 taxes now Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Can you file 2012 taxes now Generally, any scholarship or fellowship is treated as tax free. Can you file 2012 taxes now However, a scholarship or fellowship is not treated as tax free to the extent the student includes it in gross income (if the student is required to file a tax return for the year the scholarship or fellowship is received) and either of the following is true. Can you file 2012 taxes now The scholarship or fellowship (or any part of it) must be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Can you file 2012 taxes now The scholarship or fellowship (or any part of it) may be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Can you file 2012 taxes now You may be able to increase the combined value of an education credit and certain educational assistance if the student includes some or all of the educational assistance in income in the year it is received. Can you file 2012 taxes now For examples, see Coordination with Pell grants and other scholarships, later. Can you file 2012 taxes now Refunds. Can you file 2012 taxes now   A refund of qualified education expenses may reduce adjusted qualified education expenses for the tax year or require repayment (recapture) of a credit claimed in an earlier year. Can you file 2012 taxes now Some tax-free educational assistance received after 2013 may be treated as a refund. Can you file 2012 taxes now See Tax-free educational assistance, earlier. Can you file 2012 taxes now Refunds received in 2013. Can you file 2012 taxes now   For each student, figure the adjusted qualified education expenses for 2013 by adding all the qualified education expenses for 2013 and subtracting any refunds of those expenses received from the eligible educational institution during 2013. Can you file 2012 taxes now Refunds received after 2013 but before your income tax return is filed. Can you file 2012 taxes now   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is paid before you file an income tax return for 2013, the amount of qualified education expenses for 2013 is reduced by the amount of the refund. Can you file 2012 taxes now Refunds received after 2013 and after your income tax return is filed. Can you file 2012 taxes now   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is paid after you file an income tax return for 2013, you may need to repay some or all of the credit. Can you file 2012 taxes now See Credit recapture, next. Can you file 2012 taxes now Credit recapture. Can you file 2012 taxes now    If any tax-free educational assistance for the qualified education expenses paid in 2013, or any refund of your qualified education expenses paid in 2013, is received after you file your 2013 income tax return, you must recapture (repay) any excess credit. Can you file 2012 taxes now You do this by refiguring the amount of your adjusted qualified education expenses for 2013 by reducing the expenses by the amount of the refund or tax-free educational assistance. Can you file 2012 taxes now You then refigure your education credit(s) for 2013 and figure the amount by which your 2013 tax liability would have increased if you claimed the refigured credit(s). Can you file 2012 taxes now Include that amount as an additional tax for the year the refund or tax-free assistance was received. Can you file 2012 taxes now Example. Can you file 2012 taxes now   You paid $7,000 tuition and fees in August 2013, and your child began college in September 2013. Can you file 2012 taxes now You filed your 2013 tax return on February 17, 2014, and claimed an American opportunity credit of $2,500. Can you file 2012 taxes now After you filed your return, you received a refund of $4,000. Can you file 2012 taxes now You must refigure your 2013 American opportunity credit using $3,000 of qualified education expenses instead of $7,000. Can you file 2012 taxes now The refigured credit is $2,250. Can you file 2012 taxes now The increase to your tax liability is also $250. Can you file 2012 taxes now Include the difference of $250 as additional tax on your 2014 tax return. Can you file 2012 taxes now See the instructions for your 2014 income tax return to determine where to include this tax. Can you file 2012 taxes now If you pay qualified education expenses in 2014 for an academic period that begins in the first 3 months of 2014 and you receive tax-free educational assistance, or a refund, as described above, you may choose to reduce your qualified education expenses for 2014 instead of reducing your expenses for 2013. Can you file 2012 taxes now Amounts that do not reduce qualified education expenses. Can you file 2012 taxes now   Do not reduce qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance, or A withdrawal from the student's personal savings. Can you file 2012 taxes now   Do not reduce the qualified education expenses by any scholarship or fellowship reported as income on the student's tax return in the following situations. Can you file 2012 taxes now The use of the money is restricted, by the terms of the scholarship or fellowship, to costs of attendance (such as room and board) other than qualified education expenses as defined in Qualified education expenses in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Can you file 2012 taxes now The use of the money is not restricted. Can you file 2012 taxes now Example 1. Can you file 2012 taxes now Joan paid $3,000 for tuition and $5,000 for room and board at University X. Can you file 2012 taxes now The university did not require her to pay any fees in addition to her tuition in order to enroll in or attend classes. Can you file 2012 taxes now To help pay these costs, she was awarded a $2,000 scholarship and a $4,000 student loan. Can you file 2012 taxes now The terms of the scholarship state that it can be used to pay any of Joan's college expenses. Can you file 2012 taxes now University X applies the $2,000 scholarship against Joan's $8,000 total bill, and Joan pays the $6,000 balance of her bill from University X with a combination of her student loan and her savings. Can you file 2012 taxes now Joan does not report any portion of the scholarship as income on her tax return. Can you file 2012 taxes now In figuring the amount of either education credit (American opportunity or lifetime learning), Joan must reduce her qualified education expenses by the amount of the scholarship ($2,000) because she excluded the entire scholarship from her income. Can you file 2012 taxes now The student loan is not tax-free educational assistance, so she does not need to reduce her qualified expenses by any part of the loan proceeds. Can you file 2012 taxes now Joan is treated as having paid $1,000 in qualified education expenses ($3,000 tuition – $2,000 scholarship). Can you file 2012 taxes now Example 2. Can you file 2012 taxes now The facts are the same as in Example 1, except that Joan reports her entire scholarship as income on her tax return. Can you file 2012 taxes now Because Joan reported the entire $2,000 scholarship in her income, she does not need to reduce her qualified education expenses. Can you file 2012 taxes now Joan is treated as having paid $3,000 in qualified education expenses. Can you file 2012 taxes now Coordination with Pell grants and other scholarships. Can you file 2012 taxes now   In some cases, you may be able to reduce your tax liability by including scholarships in income. Can you file 2012 taxes now If you are claiming an education credit for a claimed dependent who received a scholarship, you may be able to reduce your tax liability if the student includes the scholarship in income. Can you file 2012 taxes now The scholarship must be one that may (by its terms) be applied to expenses (such as room and board) other than qualified education expenses. Can you file 2012 taxes now Example 1—No scholarship. Can you file 2012 taxes now Bill Pass, age 28 and unmarried, enrolled full-time in 2013 as a first-year student at a local college to earn a degree in law enforcement. Can you file 2012 taxes now This was his first year of postsecondary education. Can you file 2012 taxes now During 2013, he paid $5,600 for his qualified education expenses and $4,400 for his room and board for the fall 2013 semester. Can you file 2012 taxes now He and the college meet all the requirements for the American opportunity credit. Can you file 2012 taxes now Bill's AGI and his MAGI, for purposes of figuring his credit, are $30,000. Can you file 2012 taxes now Bill takes the standard deduction of $5,950 and personal exemption of $3,800, reducing his AGI to taxable income of $20,250. Can you file 2012 taxes now His income tax liability, before credits, is $2,599 and Bill claims no credits other than the American opportunity credit. Can you file 2012 taxes now He figures his American opportunity credit based on qualified education expenses of $4,000, which results in a credit of $2,500 and tax after credits of $99. Can you file 2012 taxes now Example 2—Scholarship excluded from income. Can you file 2012 taxes now The facts are the same as in Example 1—No scholarship, except that Bill was awarded a $5,600 scholarship. Can you file 2012 taxes now Under the terms of his scholarship, it may be used to pay any educational expenses, including room and board. Can you file 2012 taxes now If Bill excludes the scholarship from income, he will be deemed (for purposes of computing his education credit) to have used the scholarship to pay for tuition, required fees, and course materials. Can you file 2012 taxes now His adjusted qualified education expenses will be zero and he will not have an education credit. Can you file 2012 taxes now Therefore, Bill's tax after credits would be $2,599. Can you file 2012 taxes now Example 3—Scholarship partially included in income. Can you file 2012 taxes now The facts are the same as in Example 2—Scholarship excluded from income. Can you file 2012 taxes now If, unlike Example 2, Bill includes $4,000 of the scholarship in income, he will be deemed to have used that amount to pay for room and board. Can you file 2012 taxes now The remaining $1,600 of the $5,600 scholarship will reduce his qualified education expenses and his adjusted qualified education expenses will be $4,000. Can you file 2012 taxes now Bill's AGI will increase to $34,000, his taxable income will increase to $24,250, and his tax before credits will increase to $3,199. Can you file 2012 taxes now Based on his adjusted qualified education expenses of $4,000, Bill would be able to claim an American opportunity tax credit of $2,500 and his tax after credits would be $699. Can you file 2012 taxes now Expenses That Do Not Qualify Qualified education expenses do not include amounts paid for: Insurance, Medical expenses (including student health fees), Room and board, Transportation, or Similar personal, living, or family expenses. Can you file 2012 taxes now This is true even if the amount must be paid to the institution as a condition of enrollment or attendance. Can you file 2012 taxes now Sports, games, hobbies, and noncredit courses. Can you file 2012 taxes now   Qualified education expenses generally do not include expenses that relate to any course of instruction or other education that involves sports, games or hobbies, or any noncredit course. Can you file 2012 taxes now However, if the course of instruction or other education is part of the student's degree program, these expenses can qualify. Can you file 2012 taxes now Comprehensive or bundled fees. Can you file 2012 taxes now   Some eligible educational institutions combine all of their fees for an academic period into one amount. Can you file 2012 taxes now If you do not receive or do not have access to an allocation showing how much you paid for qualified education expenses and how much you paid for personal expenses, such as those listed earlier, contact the institution. Can you file 2012 taxes now The institution is required to make this allocation and provide you with the amount you paid (or were billed) for qualified education expenses on Form 1098-T, Tuition Statement. Can you file 2012 taxes now See Figuring the Credit , later, for more information about Form 1098-T. Can you file 2012 taxes now Who Is an Eligible Student To claim the American opportunity credit, the student for whom you pay qualified education expenses must be an eligible student. Can you file 2012 taxes now This is a student who meets all of the following requirements. Can you file 2012 taxes now The student did not have expenses that were used to figure an American opportunity credit in any 4 earlier tax years. Can you file 2012 taxes now This includes any tax year(s) in which you claimed the Hope Scholarship Credit for the same student. Can you file 2012 taxes now The student had not completed the first 4 years of postsecondary education (generally, the freshman, sophomore, junior, and senior years of college) before 2013. Can you file 2012 taxes now For at least one academic period beginning in 2013, the student was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. Can you file 2012 taxes now The student has not been convicted of any federal or state felony for possessing or distributing a controlled substance as of the end of 2013. Can you file 2012 taxes now These requirements are also shown in Figure 2-2, Who is an Eligible Student for the American Opportunity Credit , later. Can you file 2012 taxes now Completion of first 4 years. Can you file 2012 taxes now   A student has completed the first 4 years of postsecondary education if the institution at which the student is enrolled awards the student 4 years of academic credit at that institution for coursework completed by the student before 2013. Can you file 2012 taxes now This student generally would not be an eligible student for purposes of the American opportunity credit. Can you file 2012 taxes now Exception. Can you file 2012 taxes now   Any academic credit awarded solely on the basis of the student's performance on proficiency examinations is disregarded in determining whether the student has completed 4 years of postsecondary education. Can you file 2012 taxes now Enrolled at least half-time. Can you file 2012 taxes now   A student was enrolled at least half-time if the student was taking at least half the normal full-time work load for his or her course of study. Can you file 2012 taxes now   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. Can you file 2012 taxes now However, the standard may not be lower than any of those established by the U. Can you file 2012 taxes now S. Can you file 2012 taxes now Department of Education under the Higher Education Act of 1965. Can you file 2012 taxes now Please click here for the text description of the image. Can you file 2012 taxes now Figure 2-2 Example 1. Can you file 2012 taxes now Mack graduated from high school in June 2012. Can you file 2012 taxes now In September, he enrolled in an undergraduate degree program at College U, and attended full-time for both the 2012 fall and 2013 spring semesters. Can you file 2012 taxes now For the 2013 fall semester, Mack was enrolled less than half-time. Can you file 2012 taxes now Because Mack was enrolled in an undergraduate degree program on at least a half-time basis for at least one academic period that began during 2012 and at least one academic period that began during 2013, he is an eligible student for tax years 2012 and 2013 (including the 2013 fall semester when he enrolled at College U on less than a half-time basis). Can you file 2012 taxes now Example 2. Can you file 2012 taxes now After taking classes at College V on a part-time basis for a few years, Shelly became a full-time student for the 2013 spring semester. Can you file 2012 taxes now College V classified Shelly as a second-semester senior (fourth year) for the 2013 spring semester and as a first-semester graduate student (fifth year) for the 2013 fall semester. Can you file 2012 taxes now Because College V did not classify Shelly as having completed the first 4 years of postsecondary education as of the beginning of 2013, Shelly is an eligible student for tax year 2013. Can you file 2012 taxes now Therefore, the qualified education expenses paid for the 2013 spring semester and the 2013 fall semester are taken into account in calculating the American opportunity credit for 2013. Can you file 2012 taxes now Example 3. Can you file 2012 taxes now During the 2012 fall semester, Larry was a high school student who took classes on a half-time basis at College X. Can you file 2012 taxes now Larry was not enrolled as part of a degree program at College X because College X only admits students to a degree program if they have a high school diploma or equivalent. Can you file 2012 taxes now Because Larry was not enrolled in a degree program at College X during 2012, Larry was not an eligible student for tax year 2012. Can you file 2012 taxes now Example 4. Can you file 2012 taxes now The facts are the same as in Example 3. Can you file 2012 taxes now During the 2013 spring semester, Larry again attended College X but not as part of a degree program. Can you file 2012 taxes now Larry graduated from high school in June 2013. Can you file 2012 taxes now For the 2013 fall semester, Larry enrolled as a full-time student in College X as part of a degree program, and College X awarded Larry credit for his prior coursework at College X. Can you file 2012 taxes now Because Larry was enrolled in a degree program at College X for the 2013 fall term on at least a half-time basis, Larry is an eligible student for all of tax year 2013. Can you file 2012 taxes now Therefore, the qualified education expenses paid for classes taken at College X during both the 2013 spring semester (during which Larry was not enrolled in a degree program) and the 2013 fall semester are taken into account in computing any American opportunity credit. Can you file 2012 taxes now Example 5. Can you file 2012 taxes now Dee graduated from high school in June 2012. Can you file 2012 taxes now In January 2013, Dee enrolled in a 1-year postsecondary certificate program on a full-time basis to obtain a certificate as a travel agent. Can you file 2012 taxes now Dee completed the program in December 2013, and was awarded a certificate. Can you file 2012 taxes now In January 2014, she enrolled in a 1-year postsecondary certificate program on a full-time basis to obtain a certificate as a computer programmer. Can you file 2012 taxes now Dee is an eligible student for both tax years 2013 and 2014 because she meets the degree requirement, the work load requirement, and the year of study requirement for those years. Can you file 2012 taxes now Who Can Claim a Dependent's Expenses If there are qualified education expenses for your dependent during a tax year, either you or your dependent, but not both of you, can claim an American opportunity credit for your dependent's expenses for that year. Can you file 2012 taxes now For you to claim an American opportunity credit for your dependent's expenses, you must also claim an exemption for your dependent. Can you file 2012 taxes now You do this by listing your dependent's name and other required information on Form 1040 (or Form 1040A), line 6c. Can you file 2012 taxes now IF you. Can you file 2012 taxes now . Can you file 2012 taxes now . Can you file 2012 taxes now THEN only. Can you file 2012 taxes now . Can you file 2012 taxes now . Can you file 2012 taxes now claim an exemption on  your tax return for a  dependent who is an  eligible student you can claim the American opportunity credit based on that dependent's expenses. Can you file 2012 taxes now The dependent cannot claim the credit. Can you file 2012 taxes now do not claim an exemption on your tax return for a dependent who is an eligible student (even if entitled to the exemption) the dependent can claim the American opportunity credit. Can you file 2012 taxes now You cannot claim the credit based on this dependent's expenses. Can you file 2012 taxes now Expenses paid by dependent. Can you file 2012 taxes now   If you claim an exemption on your tax return for an eligible student who is your dependent, treat any expenses paid (or deemed paid) by your dependent as if you had paid them. Can you file 2012 taxes now Include these expenses when figuring the amount of your American opportunity credit. Can you file 2012 taxes now    Qualified education expenses paid directly to an eligible educational institution for your dependent under a court-approved divorce decree are treated as paid by your dependent. Can you file 2012 taxes now Expenses paid by you. Can you file 2012 taxes now   If you claim an exemption for a dependent who is an eligible student, only you can include any expenses you paid when figuring the amount of the American opportunity credit. Can you file 2012 taxes now If neither you nor anyone else claims an exemption for the dependent, only the dependent can include any expenses you paid when figuring the American opportunity credit. Can you file 2012 taxes now Expenses paid by others. Can you file 2012 taxes now   Someone other than you, your spouse, or your dependent (such as a relative or former spouse) may make a payment directly to an eligible educational institution to pay for an eligible student's qualified education expenses. Can you file 2012 taxes now In this case, the student is treated as receiving the payment from the other person and, in turn, paying the institution. Can you file 2012 taxes now If you claim an exemption on your tax return for the student, you are considered to have paid the expenses. Can you file 2012 taxes now Example. Can you file 2012 taxes now In 2013, Ms. Can you file 2012 taxes now Allen makes a payment directly to an eligible educational institution for her grandson Todd's qualified education expenses. Can you file 2012 taxes now For purposes of claiming an American opportunity credit, Todd is treated as receiving the money from his grandmother and, in turn, paying his qualified education expenses himself. Can you file 2012 taxes now Unless an exemption for Todd is claimed on someone else's 2013 tax return, only Todd can use the payment to claim an American opportunity credit. Can you file 2012 taxes now If anyone, such as Todd's parents, claims an exemption for Todd on his or her 2013 tax return, whoever claims the exemption may be able to use the expenses to claim an American opportunity credit. Can you file 2012 taxes now If anyone else claims an exemption for Todd, Todd cannot claim an American opportunity credit. Can you file 2012 taxes now Tuition reduction. Can you file 2012 taxes now    When an eligible educational institution provides a reduction in tuition to an employee of the institution (or spouse or dependent child of an employee), the amount of the reduction may or may not be taxable. Can you file 2012 taxes now If it is taxable, the employee is treated as receiving a payment of that amount and, in turn, paying it to the educational institution on behalf of the student. Can you file 2012 taxes now For more information on tuition reductions, see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Can you file 2012 taxes now Figuring the Credit The amount of the American opportunity credit (per eligible student) is the sum of: 100% of the first $2,000 of qualified education expenses you paid for the eligible student, and 25% of the next $2,000 of qualified education expenses you paid for that student. Can you file 2012 taxes now The maximum amount of American opportunity credit you can claim in 2013 is $2,500 multiplied by the number of eligible students. Can you file 2012 taxes now You can claim the full $2,500 for each eligible student for whom you paid at least $4,000 of adjusted qualified education expenses. Can you file 2012 taxes now However, the credit may be reduced based on your MAGI. Can you file 2012 taxes now See Effect of the Amount of Your Income on the Amount of Your Credit , later. Can you file 2012 taxes now Example. Can you file 2012 taxes now Jack and Kay Ford are married and file a joint tax return. Can you file 2012 taxes now For 2013, they claim an exemption for their dependent daughter on their tax return. Can you file 2012 taxes now Their MAGI is $70,000. Can you file 2012 taxes now Their daughter is in her junior (third) year of studies at the local university. Can you file 2012 taxes now Jack and Kay paid qualified education expenses of $4,300 in 2013. Can you file 2012 taxes now Jack and Kay, their daughter, and the local university meet all of the requirements for the American opportunity credit. Can you file 2012 taxes now Jack and Kay can claim a $2,500 American opportunity credit in 2013. Can you file 2012 taxes now This is 100% of the first $2,000 of qualified education expenses, plus 25% of the next $2,000. Can you file 2012 taxes now Form 1098-T. Can you file 2012 taxes now   To help you figure your American opportunity credit, the student should receive Form 1098-T, Tuition Statement. Can you file 2012 taxes now Generally, an eligible educational institution (such as a college or university) must send Form 1098-T (or acceptable substitute) to each enrolled student by January 31, 2014. Can you file 2012 taxes now An institution may choose to report either payments received (box 1), or amounts billed (box 2), for qualified education expenses. Can you file 2012 taxes now However, the amounts in boxes 1 and 2 of Form 1098-T might be different than what you paid. Can you file 2012 taxes now When figuring the credit, use only the amounts you paid or are deemed to have paid in 2013 for qualified education expenses. Can you file 2012 taxes now   In addition, Form 1098-T should give other information for that institution, such as adjustments made for prior years, the amount of scholarships or grants, reimbursements or refunds, and whether the student was enrolled at least half-time or was a graduate student. Can you file 2012 taxes now    The eligible educational institution may ask for a completed Form W-9S, Request for Student's or Borrower's Taxpayer Identification Number and Certification, or similar statement to obtain the student's name, address, and taxpayer identification number. Can you file 2012 taxes now Effect of the Amount of Your Income on the Amount of Your Credit The amount of your American opportunity credit is phased out (gradually reduced) if your MAGI is between $80,000 and $90,000 ($160,000 and $180,000 if you file a joint return). Can you file 2012 taxes now You cannot claim an American opportunity credit if your MAGI is $90,000 or more ($180,000 or more if you file a joint return). Can you file 2012 taxes now Modified adjusted gross income (MAGI). Can you file 2012 taxes now   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return. Can you file 2012 taxes now MAGI when using Form 1040A. Can you file 2012 taxes now   If you file Form 1040A, your MAGI is the AGI on line 22 of that form. Can you file 2012 taxes now MAGI when using Form 1040. Can you file 2012 taxes now   If you file Form 1040, your MAGI is the AGI on line 38 of that form, modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. Can you file 2012 taxes now You can use Worksheet 2-1, next, to figure your MAGI. Can you file 2012 taxes now    Worksheet 2-1. Can you file 2012 taxes now MAGI for the American Opportunity Credit 1. Can you file 2012 taxes now Enter your adjusted gross income  (Form 1040, line 38)   1. Can you file 2012 taxes now   2. Can you file 2012 taxes now Enter your foreign earned income exclusion and/or housing exclusion (Form 2555, line 45, or Form 2555-EZ, line 18)   2. Can you file 2012 taxes now       3. Can you file 2012 taxes now Enter your foreign housing deduction (Form 2555, line 50)   3. Can you file 2012 taxes now       4. Can you file 2012 taxes now Enter the amount of income from Puerto Rico you are excluding   4. Can you file 2012 taxes now       5. Can you file 2012 taxes now Enter the amount of income from American Samoa you are excluding (Form 4563, line 15)   5. Can you file 2012 taxes now       6. Can you file 2012 taxes now Add the amounts on lines 2, 3, 4, and 5   6. Can you file 2012 taxes now   7. Can you file 2012 taxes now Add the amounts on lines 1 and 6. Can you file 2012 taxes now  This is your modified adjusted  gross income. Can you file 2012 taxes now Enter here and  on Form 8863, line 3   7. Can you file 2012 taxes now   Phaseout. Can you file 2012 taxes now   If your MAGI is within the range of incomes where the credit must be reduced, you will figure your reduced credit using lines 2-7, of Form 8863, Part I. Can you file 2012 taxes now The same method is shown in the following example. Can you file 2012 taxes now Example. Can you file 2012 taxes now You are filing a joint return and your MAGI is $165,000. Can you file 2012 taxes now In 2013, you paid $5,000 of qualified education expenses. Can you file 2012 taxes now You figure a tentative American opportunity credit of $2,500 (100% of the first $2,000 of qualified education expenses, plus 25% of the next $2,000 of qualified education expenses). Can you file 2012 taxes now Because your MAGI is within the range of incomes where the credit must be reduced, you must multiply your tentative credit ($2,500) by a fraction. Can you file 2012 taxes now The numerator of the fraction is $180,000 (the upper limit for those filing a joint return) minus your MAGI. Can you file 2012 taxes now The denominator is $20,000, the range of incomes for the phaseout ($160,000 to $180,000). Can you file 2012 taxes now The result is the amount of your phased out (reduced) American opportunity credit ($1,875). Can you file 2012 taxes now      $2,500 × $180,000 − $165,000  $20,000 = $1,875   Refundable Part of Credit Forty percent of the American opportunity credit is refundable for most taxpayers. Can you file 2012 taxes now However, if you were under age 24 at the end of 2013 and the conditions listed below apply to you, you cannot claim any part of the American opportunity credit as a refundable credit on your tax return. Can you file 2012 taxes now Instead, your allowed credit (figured on Form 8863, Part II) will be used to reduce your tax as a nonrefundable credit only. Can you file 2012 taxes now You do not qualify for a refund if items 1 (a, b, or c), 2, and 3 below apply to you. Can you file 2012 taxes now You were: Under age 18 at the end of 2013, or Age 18 at the end of 2013 and your earned income (defined below) was less than one-half of your support (defined below), or Over age 18 and under age 24 at the end of 2013 and a full-time student (defined below) and your earned income (defined below) was less than one-half of your support (defined below). Can you file 2012 taxes now At least one of your parents was alive at the end of 2013. Can you file 2012 taxes now You are filing a return as single, head of household, qualifying widow(er), or married filing separately for 2013. Can you file 2012 taxes now Earned income. Can you file 2012 taxes now   Earned income includes wages, salaries, professional fees, and other payments received for personal services actually performed. Can you file 2012 taxes now Earned income includes the part of any scholarship or fellowship that represents payment for teaching, research, or other services performed by the student that are required as a condition for receiving the scholarship or fellowship. Can you file 2012 taxes now Earned income does not include that part of the compensation for personal services rendered to a corporation which represents a distribution of earnings or profits rather than a reasonable allowance as compensation for the personal services actually rendered. Can you file 2012 taxes now   If you are a sole proprietor or a partner in a trade or business in which both personal services and capital are material income-producing factors, earned income also includes a reasonable allowance for compensation for personal services, but not more than 30% of your share of the net profits from that trade or business (after subtracting the deduction for one-half of self-employment tax). Can you file 2012 taxes now However, if capital is not an income-producing factor and your personal services produced the business income, the 30% limit does not apply. Can you file 2012 taxes now Support. Can you file 2012 taxes now   Your support includes food, shelter, clothing, medical and dental care, education, and the like. Can you file 2012 taxes now Generally, the amount of the item of support will be the amount of expenses incurred by the one furnishing such item. Can you file 2012 taxes now If the item of support is in the form of property or lodging, measure the amount of such item of support by its fair market value. Can you file 2012 taxes now However, a scholarship received by you is not considered support if you are a full-time student. Can you file 2012 taxes now See Publication 501 for details. Can you file 2012 taxes now Full-time student. Can you file 2012 taxes now   You are a full-time student for 2013 if during any part of any 5 calendar months during the year you were enrolled as a full-time student at an eligible educational institution (defined earlier), or took a full-time, on-farm training course given by such an institution or by a state, county, or local government agency. Can you file 2012 taxes now Claiming the Credit You claim the American opportunity credit by completing Form 8863 and submitting it with your Form 1040 or 1040A. Can you file 2012 taxes now Enter the nonrefundable part of the credit on Form 1040, line 49, or on Form 1040A, line 31. Can you file 2012 taxes now Enter the refundable part of the credit on Form 1040, line 66, or on Form 1040A, line 40. Can you file 2012 taxes now A filled-in Form 8863 is shown at the end of this publication. Can you file 2012 taxes now Note. Can you file 2012 taxes now In Appendix A. Can you file 2012 taxes now at the end of this publication, there is an example illustrating the use of Form 8863 when both the American opportunity credit and the lifetime learning credit are claimed on the same tax return. Can you file 2012 taxes now Prev  Up  Next   Home   More Online Publications
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The Can You File 2012 Taxes Now

Can you file 2012 taxes now Index Symbols 403(b) plans, 403(b) Plans A Accounting methods, Nonaccrual-Experience Method Acquisition date: Special depreciation allowance, Acquisition date test. Can you file 2012 taxes now Special Liberty Zone depreciation allowance, Acquisition date test. Can you file 2012 taxes now Annuities, tax-sheltered 403(b) plans, 403(b) Plans Assistance (see Tax help) Automobile (see Passenger automobile) B Bonds: New York Liberty, Tax Incentives for New York Liberty Zone Qualified zone academy, Issuance of Qualified Zone Academy Bonds C Car (see Passenger automobile) Car expenses, Car Expenses Catch-up contributions, 403(b), 403(b) Plans Child and dependent care, Child and Dependent Care Expenses Church employees and ministers, Years of service for church employees and ministers. Can you file 2012 taxes now Clean-fuel vehicle, Electric and Clean-Fuel Vehicles Comments, Comments and suggestions. Can you file 2012 taxes now Credit: Child and dependent care, Child and Dependent Care Expenses Credit for pension plan startup, Credit For Pension Plan Startup Costs Electric vehicles, Electric and Clean-Fuel Vehicles Indian employment, Indian Employment Credit Extended Renewable electricity production, Renewable Electricity Production Credit Welfare-to-work, Welfare-to-Work Credit Extended Work opportunity, Work Opportunity Credit Expanded in New York Liberty Zone , Work Opportunity Credit Extended D Deduction limit, automobile, Passenger Automobiles Deemed IRAs, Deemed IRAs Depletion, Depletion Depreciation: New property, Special Depreciation Allowance Property on reservations, Depreciation of Property Used on Indian Reservations Special depreciation allowance, Special Depreciation Allowance Special Liberty Zone depreciation allowance, Special Liberty Zone Depreciation Allowance Supplement to Publication 946, Depreciation E Election: Deemed not to claim special allowance, Deemed election. Can you file 2012 taxes now Not to claim special allowance, Election Not To Claim the Allowance Not to claim special Liberty Zone allowance, Election Not To Claim the Liberty Zone Allowance Electric vehicle, Electric and Clean-Fuel Vehicles Eligible educator, Deduction for Educator Expenses Estimated tax payments, Adjusting your withholding or estimated tax payments for 2002. Can you file 2012 taxes now Excepted property: Special depreciation allowance, Excepted Property Special Liberty Zone depreciation allowance, Excepted property. Can you file 2012 taxes now F Foreign missionaries, Foreign missionaries. Can you file 2012 taxes now Form 1099, Electronic Form 1099 Free tax services, How To Get Tax Help H Help (see Tax help) I Indian employment credit, Indian Employment Credit Extended Indian reservations, depreciation rules, Depreciation of Property Used on Indian Reservations IRAs, Deemed IRAs L Leasehold improvement property, defined, Qualified leasehold improvement property. Can you file 2012 taxes now Liberty Zone leasehold improvement property: Defined, Qualified New York Liberty Zone leasehold improvement property. Can you file 2012 taxes now Depreciated as 5-year property, Liberty Zone Leasehold Improvement Property Returns filed before June 1, 2002, Returns Filed Before June 1, 2002 Liberty Zone property: Increased section 179 dollar limit, Increased Dollar Limit Reduced section 179 dollar limit, Reduced Dollar Limit M Marginal production, Depletion More information (see Tax help) N Net operating losses, New 5-Year Carryback Rule for Net Operating Losses (NOLs), New 5-Year Carryback Rule for Net Operating Losses (NOLs) New York Liberty Zone: Area defined, New York Liberty Zone Benefits Leasehold improvement property, Liberty Zone Leasehold Improvement Property Section 179 deduction, Increased Section 179 Deduction Special depreciation, Special Liberty Zone Depreciation Allowance Tax incentives, Tax Incentives for New York Liberty Zone Work opportunity credit, Work Opportunity Credit Expanded in New York Liberty Zone NOLs, New 5-Year Carryback Rule for Net Operating Losses (NOLs), New 5-Year Carryback Rule for Net Operating Losses (NOLs) Nonaccrual-experience method, Nonaccrual-Experience Method Nonresidential real property, Nonresidential real property and residential rental property. Can you file 2012 taxes now P Passenger automobile, limit on, Passenger Automobiles Pension plan startup costs, Credit For Pension Plan Startup Costs Placed in service date, Placed in service date test. Can you file 2012 taxes now , Placed in service date test. Can you file 2012 taxes now Plans, tax-sheltered annuities, 403(b) plans, 403(b) Plans Publications (see Tax help) Q Qualified leasehold improvement property, defined, Qualified leasehold improvement property. Can you file 2012 taxes now Qualified Liberty Zone leasehold improvement property, Qualified New York Liberty Zone leasehold improvement property. Can you file 2012 taxes now Qualified property: Increased section 179 deduction, Qualified property. Can you file 2012 taxes now Special depreciation allowance, Qualified Property Special Liberty Zone depreciation allowance, Qualified Liberty Zone Property Qualified zone academy bonds, Issuance of Qualified Zone Academy Bonds R Recapture, section 179 deduction, Recapture Rules Renewable electricity, Renewable Electricity Production Credit Residential rental property, Nonresidential real property and residential rental property. Can you file 2012 taxes now Rollovers, 403(b) plans, Rollovers to and from 403(b) plans. Can you file 2012 taxes now S Section 1256 contracts, Wash Sale Rules Do Not Apply to Section 1256 Contracts Section 179 deduction: Increased dollar limit for Liberty Zone property, Increased Dollar Limit Reduced dollar limit for Liberty Zone property, Reduced Dollar Limit Returns filed before June 1, 2002, Returns Filed Before June 1, 2002 Simplified employee pensions (SEPs), Simplified Employee Pensions (SEPs) Special depreciation allowance: Election not to claim, Election Not To Claim the Allowance Excepted property, Excepted Property Qualified property, Qualified Property Requirements for claiming, Qualified Property Returns filed before June 1, 2002, Rules for Returns Filed Before June 1, 2002 Tests for qualification, Tests To Be Met Special Liberty Zone depreciation allowance: Election not to claim, Election Not To Claim the Liberty Zone Allowance Excepted property, Excepted property. Can you file 2012 taxes now Qualified property, Qualified Liberty Zone Property Requirements for claiming, Qualified Liberty Zone Property Returns filed before June 1, 2002, Returns filed before June 1, 2002. Can you file 2012 taxes now Tests for qualification, Tests to be met. Can you file 2012 taxes now Substantial use, special Liberty Zone depreciation allowance, Substantial use test. Can you file 2012 taxes now Suggestions, Comments and suggestions. Can you file 2012 taxes now T Tax help, How To Get Tax Help Tax-sheltered annuity plans, 403(b) plans, 403(b) Plans Taxpayer Advocate, Contacting your Taxpayer Advocate. Can you file 2012 taxes now Teachers, classroom materials, Deduction for Educator Expenses Tests for qualification, Tests To Be Met, Tests to be met. Can you file 2012 taxes now TTY/TDD information, How To Get Tax Help W Wash sale rules, Wash Sale Rules Do Not Apply to Section 1256 Contracts Welfare-to-work credit, Welfare-to-Work Credit Extended Withholding, Adjusting your withholding or estimated tax payments for 2002. Can you file 2012 taxes now Work opportunity credit, Work Opportunity Credit Expanded in New York Liberty Zone , Work Opportunity Credit Extended Y Years of service, church employees and ministers, Years of service for church employees and ministers. Can you file 2012 taxes now Prev  Up     Home   More Online Publications