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Do My 2007 Taxes Online

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Do My 2007 Taxes Online

Do my 2007 taxes online 2. Do my 2007 taxes online   Taxable and Nontaxable Income Table of Contents Compensation for Services Retirement Plan DistributionsIndividual Retirement Arrangements (IRAs) Pensions and Annuities Social Security and Equivalent Railroad Retirement BenefitsAre Any of Your Benefits Taxable? How Much Is Taxable? How To Report Your Benefits Lump-Sum Election Repayments More Than Gross Benefits Sickness and Injury BenefitsDisability Pensions Long-Term Care Insurance Contracts Workers' Compensation Other Sickness and Injury Benefits Life Insurance ProceedsInstallments for life. Do my 2007 taxes online Surviving spouse. Do my 2007 taxes online Endowment Contract Proceeds Accelerated Death Benefits Sale of HomeMaximum Amount of Exclusion Ownership and Use Tests Married Persons Business Use or Rental of Home Reporting the Sale Reverse Mortgages Other ItemsWelfare benefits. Do my 2007 taxes online Payments from a state fund for victims of crime. Do my 2007 taxes online Home Affordable Modification Program (HAMP). Do my 2007 taxes online Mortgage assistance payments. Do my 2007 taxes online Payments to reduce cost of winter energy use. Do my 2007 taxes online Nutrition Program for the Elderly. Do my 2007 taxes online Reemployment Trade Adjustment Assistance (RTAA). Do my 2007 taxes online Generally, income is taxable unless it is specifically exempt (not taxed) by law. Do my 2007 taxes online Your taxable income may include compensation for services, interest, dividends, rents, royalties, income from partnerships, estate or trust income, gain from sales or exchanges of property, and business income of all kinds. Do my 2007 taxes online Under special provisions of the law, certain items are partially or fully exempt from tax. Do my 2007 taxes online Provisions that are of special interest to older taxpayers are discussed in this chapter. Do my 2007 taxes online Compensation for Services Generally, you must include in gross income everything you receive in payment for personal services. Do my 2007 taxes online In addition to wages, salaries, commissions, fees, and tips, this includes other forms of compensation such as fringe benefits and stock options. Do my 2007 taxes online You need not receive the compensation in cash for it to be taxable. Do my 2007 taxes online Payments you receive in the form of goods or services generally must be included in gross income at their fair market value. Do my 2007 taxes online Volunteer work. Do my 2007 taxes online   Do not include in your gross income amounts you receive for supportive services or reimbursements for out-of-pocket expenses under any of the following volunteer programs. Do my 2007 taxes online Retired Senior Volunteer Program (RSVP). Do my 2007 taxes online Foster Grandparent Program. Do my 2007 taxes online Senior Companion Program. Do my 2007 taxes online Service Corps of Retired Executives (SCORE). Do my 2007 taxes online Unemployment compensation. Do my 2007 taxes online   You must include in income all unemployment compensation you or your spouse (if married filing jointly) received. Do my 2007 taxes online More information. Do my 2007 taxes online   See Publication 525, Taxable and Nontaxable Income, for more detailed information on specific types of income. Do my 2007 taxes online Retirement Plan Distributions This section summarizes the tax treatment of amounts you receive from traditional individual retirement arrangements (IRA), employee pensions or annuities, and disability pensions or annuities. Do my 2007 taxes online A traditional IRA is any IRA that is not a Roth or SIMPLE IRA. Do my 2007 taxes online A Roth IRA is an individual retirement plan that can be either an account or an annuity and features nondeductible contributions and tax-free distributions. Do my 2007 taxes online A SIMPLE IRA is a tax-favored retirement plan that certain small employers (including self-employed individuals) can set up for the benefit of their employees. Do my 2007 taxes online More detailed information can be found in Publication 590, Individual Retirement Arrangements (IRAs), and Publication 575, Pension and Annuity Income. Do my 2007 taxes online Individual Retirement Arrangements (IRAs) In general, distributions from a traditional IRA are taxable in the year you receive them. Do my 2007 taxes online Exceptions to the general rule are rollovers, tax-free withdrawals of contributions, and the return of nondeductible contributions. Do my 2007 taxes online These are discussed in Publication 590. Do my 2007 taxes online If you made nondeductible contributions to a traditional IRA, you must file Form 8606, Nondeductible IRAs. Do my 2007 taxes online If you do not file Form 8606 with your return, you may have to pay a $50 penalty. Do my 2007 taxes online Also, when you receive distributions from your traditional IRA, the amounts will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made. Do my 2007 taxes online Early distributions. Do my 2007 taxes online   Generally, early distributions are amounts distributed from your traditional IRA account or annuity before you are age 59½, or amounts you receive when you cash in retirement bonds before you are age  59½. Do my 2007 taxes online You must include early distributions of taxable amounts in your gross income. Do my 2007 taxes online These taxable amounts are also subject to an additional 10% tax unless the distribution qualifies for an exception. Do my 2007 taxes online For purposes of the additional 10% tax, an IRA is a qualified retirement plan. Do my 2007 taxes online For more information about this tax, see Tax on Early Distributions under Pensions and Annuities, later. Do my 2007 taxes online After age 59½ and before age 70½. Do my 2007 taxes online   After you reach age 59½, you can receive distributions from your traditional IRA without having to pay the 10% additional tax. Do my 2007 taxes online Even though you can receive distributions after you reach age 59½, distributions are not required until you reach  age 70½. Do my 2007 taxes online Required distributions. Do my 2007 taxes online   If you are the owner of a traditional IRA, you generally must receive the entire balance in your IRA or start receiving periodic distributions from your IRA by April 1 of the year following the year in which you reach age 70½. Do my 2007 taxes online See When Must You Withdraw Assets? (Required Minimum Distributions) in Publication 590. Do my 2007 taxes online If distributions from your traditional IRA(s) are less than the required minimum distribution for the year, you may have to pay a 50% excise tax for that year on the amount not distributed as required. Do my 2007 taxes online For purposes of the 50% excise tax, an IRA is a qualified retirement plan. Do my 2007 taxes online For more information about this tax, see Tax on Excess Accumulation under Pensions and Annuities, later. Do my 2007 taxes online See also Excess Accumulations (Insufficient Distributions) in Publication 590. Do my 2007 taxes online Pensions and Annuities Generally, if you did not pay any part of the cost of your employee pension or annuity, and your employer did not withhold part of the cost of the contract from your pay while you worked, the amounts you receive each year are fully taxable. Do my 2007 taxes online However, see Insurance Premiums for Retired Public Safety Officers , later. Do my 2007 taxes online If you paid part of the cost of your pension or annuity plan (see Cost , later), you can exclude part of each annuity payment from income as a recovery of your cost (investment in the contract). Do my 2007 taxes online This tax-free part of the payment is figured when your annuity starts and remains the same each year, even if the amount of the payment changes. Do my 2007 taxes online The rest of each payment is taxable. Do my 2007 taxes online However, see Insurance Premiums for Retired Public Safety Officers , later. Do my 2007 taxes online You figure the tax-free part of the payment using one of the following methods. Do my 2007 taxes online Simplified Method. Do my 2007 taxes online You generally must use this method if your annuity is paid under a qualified plan (a qualified employee plan, a qualified employee annuity, or a tax-sheltered annuity plan or contract). Do my 2007 taxes online You cannot use this method if your annuity is paid under a nonqualified plan. Do my 2007 taxes online General Rule. Do my 2007 taxes online You must use this method if your annuity is paid under a nonqualified plan. Do my 2007 taxes online You generally cannot use this method if your annuity is paid under a qualified plan. Do my 2007 taxes online Contact your employer or plan administrator to find out if your pension or annuity is paid under a qualified or nonqualified plan. Do my 2007 taxes online You determine which method to use when you first begin receiving your annuity, and you continue using it each year that you recover part of your cost. Do my 2007 taxes online Exclusion limit. Do my 2007 taxes online   If your annuity starting date is after 1986, the total amount of annuity income you can exclude over the years as a recovery of the cost cannot exceed your total cost. Do my 2007 taxes online Any unrecovered cost at your (or the last annuitant's) death is allowed as a miscellaneous itemized deduction on the final return of the decedent. Do my 2007 taxes online This deduction is not subject to the 2%-of-adjusted-gross-income limit on miscellaneous deductions. Do my 2007 taxes online   If you contributed to your pension or annuity and your annuity starting date is before 1987, you can continue to take your monthly exclusion for as long as you receive your annuity. Do my 2007 taxes online If you chose a joint and survivor annuity, your survivor can continue to take the survivor's exclusion figured as of the annuity starting date. Do my 2007 taxes online The total exclusion may be more than your cost. Do my 2007 taxes online Cost. Do my 2007 taxes online   Before you can figure how much, if any, of your pension or annuity benefits are taxable, you must determine your cost in the plan (your investment in the contract). Do my 2007 taxes online Your total cost in the plan includes everything that you paid. Do my 2007 taxes online It also includes amounts your employer contributed that were taxable to you when paid. Do my 2007 taxes online However, see Foreign employment contributions , later. Do my 2007 taxes online   From this total cost, subtract any refunded premiums, rebates, dividends, unrepaid loans, or other tax-free amounts you received by the later of the annuity starting date or the date on which you received your first payment. Do my 2007 taxes online   The annuity starting date is the later of the first day of the first period for which you received a payment from the plan or the date on which the plan's obligations became fixed. Do my 2007 taxes online    The amount of your contributions to the plan may be shown in box 9b of any Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Do my 2007 taxes online , that you receive. Do my 2007 taxes online Foreign employment contributions. Do my 2007 taxes online   If you worked abroad, certain amounts your employer paid into your retirement plan that were not includible in your gross income may be considered part of your cost. Do my 2007 taxes online For details, see Foreign employment contributions in Publication 575. Do my 2007 taxes online Withholding. Do my 2007 taxes online   The payer of your pension, profit-sharing, stock bonus, annuity, or deferred compensation plan will withhold income tax on the taxable part of amounts paid to you. Do my 2007 taxes online However, you can choose not to have tax withheld on the payments you receive, unless they are eligible rollover distributions. Do my 2007 taxes online (These are distributions that are eligible for rollover treatment but are not paid directly to another qualified retirement plan or to a traditional IRA. Do my 2007 taxes online ) See Withholding Tax and Estimated Tax and Rollovers in Publication 575 for more information. Do my 2007 taxes online   For payments other than eligible rollover distributions, you can tell the payer how much to withhold by filing a Form W-4P, Withholding Certificate for Pension or Annuity Payments. Do my 2007 taxes online Simplified Method. Do my 2007 taxes online   Under the Simplified Method, you figure the tax-free part of each annuity payment by dividing your cost by the total number of anticipated monthly payments. Do my 2007 taxes online For an annuity that is payable over the lives of the annuitants, this number is based on the annuitants' ages on the annuity starting date and is determined from a table. Do my 2007 taxes online For any other annuity, this number is the number of monthly annuity payments under the contract. Do my 2007 taxes online Who must use the Simplified Method. Do my 2007 taxes online   You must use the Simplified Method if your annuity starting date is after November 18, 1996, and you receive your pension or annuity payments from a qualified plan or annuity, unless you were at least 75 years old and entitled to at least 5 years of guaranteed payments (defined next). Do my 2007 taxes online   In addition, if your annuity starting date is after July 1, 1986, and before November 19, 1996, you could have chosen to use the Simplified Method for payments from a qualified plan, unless you were at least 75 years old and entitled to at least 5 years of guaranteed payments. Do my 2007 taxes online If you chose to use the Simplified Method, you must continue to use it each year that you recover part of your cost. Do my 2007 taxes online Guaranteed payments. Do my 2007 taxes online   Your annuity contract provides guaranteed payments if a minimum number of payments or a minimum amount (for example, the amount of your investment) is payable even if you and any survivor annuitant do not live to receive the minimum. Do my 2007 taxes online If the minimum amount is less than the total amount of the payments you are to receive, barring death, during the first 5 years after payments begin (figured by ignoring any payment increases), you are entitled to less than 5 years of guaranteed payments. Do my 2007 taxes online Who cannot use the Simplified Method. Do my 2007 taxes online   You cannot use the Simplified Method and must use the General Rule if you receive pension or annuity payments from: A nonqualified plan, such as a private annuity, a purchased commercial annuity, or a nonqualified employee plan, or A qualified plan if you are age 75 or older on your annuity starting date and you are entitled to at least 5 years of guaranteed payments (defined above). Do my 2007 taxes online   In addition, you had to use the General Rule for either circumstance described above if your annuity starting date is after July 1, 1986, and before November 19, 1996. Do my 2007 taxes online If you did not have to use the General Rule, you could have chosen to use it. Do my 2007 taxes online You also had to use the General Rule for payments from a qualified plan if your annuity starting date is before July 2, 1986, and you did not qualify to use the Three-Year Rule. Do my 2007 taxes online   If you had to use the General Rule (or chose to use it), you must continue to use it each year that you recover your cost. Do my 2007 taxes online   Unless your annuity starting date was before 1987, once you have recovered all of your non-taxable investment, all of each remaining payment you receive is fully taxable. Do my 2007 taxes online Once your remaining payments are fully taxable, there is no longer a concern with the General Rule or Simplified Method. Do my 2007 taxes online   Complete information on the General Rule, including the actuarial tables you need, is contained in Publication 939, General Rule for Pensions and Annuities. Do my 2007 taxes online How to use the Simplified Method. Do my 2007 taxes online   Complete the Simplified Method Worksheet in the Form 1040, Form 1040A, or Form 1040NR instructions or in Publication 575 to figure your taxable annuity for 2013. Do my 2007 taxes online Be sure to keep the completed worksheet; it will help you figure your taxable annuity next year. Do my 2007 taxes online   To complete line 3 of the worksheet, you must determine the total number of expected monthly payments for your annuity. Do my 2007 taxes online How you do this depends on whether the annuity is for a single life, multiple lives, or a fixed period. Do my 2007 taxes online For this purpose, treat an annuity that is payable over the life of an annuitant as payable for that annuitant's life even if the annuity has a fixed-period feature or also provides a temporary annuity payable to the annuitant's child under age 25. Do my 2007 taxes online    You do not need to complete line 3 of the worksheet or make the computation on line 4 if you received annuity payments last year and used last year's worksheet to figure your taxable annuity. Do my 2007 taxes online Instead, enter the amount from line 4 of last year's worksheet on line 4 of this year's worksheet. Do my 2007 taxes online Single-life annuity. Do my 2007 taxes online   If your annuity is payable for your life alone, use Table 1 at the bottom of the worksheet to determine the total number of expected monthly payments. Do my 2007 taxes online Enter on line 3 the number shown for your age on your annuity starting date. Do my 2007 taxes online This number will differ depending on whether your annuity starting date is before November 19, 1996, or after November 18, 1996. Do my 2007 taxes online Multiple-lives annuity. Do my 2007 taxes online   If your annuity is payable for the lives of more than one annuitant, use Table 2 at the bottom of the worksheet to determine the total number of expected monthly payments. Do my 2007 taxes online Enter on line 3 the number shown for the annuitants' combined ages on the annuity starting date. Do my 2007 taxes online For an annuity payable to you as the primary annuitant and to more than one survivor annuitant, combine your age and the age of the youngest survivor annuitant. Do my 2007 taxes online For an annuity that has no primary annuitant and is payable to you and others as survivor annuitants, combine the ages of the oldest and youngest annuitants. Do my 2007 taxes online Do not treat as a survivor annuitant anyone whose entitlement to payments depends on an event other than the primary annuitant's death. Do my 2007 taxes online   However, if your annuity starting date is before 1998, do not use Table 2 and do not combine the annuitants' ages. Do my 2007 taxes online Instead, you must use Table 1 at the bottom of the worksheet and enter on line 3 the number shown for the primary annuitant's age on the annuity starting date. Do my 2007 taxes online This number will differ depending on whether your annuity starting date is before November 19, 1996, or after November 18, 1996. Do my 2007 taxes online Fixed-period annuities. Do my 2007 taxes online   If your annuity does not depend in whole or in part on anyone's life expectancy, the total number of expected monthly payments to enter on line 3 of the worksheet is the number of monthly annuity payments under the contract. Do my 2007 taxes online Line 6. Do my 2007 taxes online   The amount on line 6 should include all amounts that could have been recovered in prior years. Do my 2007 taxes online If you did not recover an amount in a prior year, you may be able to amend your returns for the affected years. Do my 2007 taxes online    Be sure to keep a copy of the completed worksheet; it will help you figure your taxable annuity in later years. Do my 2007 taxes online Example. Do my 2007 taxes online Bill Smith, age 65, began receiving retirement benefits in 2013, under a joint and survivor annuity. Do my 2007 taxes online Bill's annuity starting date is January 1, 2013. Do my 2007 taxes online The benefits are to be paid over the joint lives of Bill and his wife, Kathy, age 65. Do my 2007 taxes online Bill had contributed $31,000 to a qualified plan and had received no distributions before the annuity starting date. Do my 2007 taxes online Bill is to receive a retirement benefit of $1,200 a month, and Kathy is to receive a monthly survivor benefit of $600 upon Bill's death. Do my 2007 taxes online Bill must use the Simplified Method to figure his taxable annuity because his payments are from a qualified plan and he is under age 75. Do my 2007 taxes online See the illustrated Worksheet 2-A, Simplified Method Worksheet, later. Do my 2007 taxes online You can find a blank version of this worksheet in Publication 575. Do my 2007 taxes online (The references in the illustrated worksheet are to sections in Publication 575). Do my 2007 taxes online His annuity is payable over the lives of more than one annuitant, so Bill uses his and Kathy's combined ages, 130 (65 + 65), and Table 2 at the bottom of the worksheet in completing line 3 of the worksheet and finds the line 3 amount to be 310. Do my 2007 taxes online Bill's tax-free monthly amount is $100 ($31,000 ÷ 310 as shown on line 4 of the worksheet). Do my 2007 taxes online Upon Bill's death, if Bill has not recovered the full $31,000 investment, Kathy will also exclude $100 from her $600 monthly payment. Do my 2007 taxes online The full amount of any annuity payments received after 310 payments are paid must generally be included in gross income. Do my 2007 taxes online If Bill and Kathy die before 310 payments are made, a miscellaneous itemized deduction will be allowed for the unrecovered cost on the final income tax return of the last to die. Do my 2007 taxes online This deduction is not subject to the 2%-of-adjusted-gross-income limit. Do my 2007 taxes online Worksheet 2-A. Do my 2007 taxes online Simplified Method Worksheet—Illustrated 1. Do my 2007 taxes online Enter the total pension or annuity payments received this year. Do my 2007 taxes online Also, add this amount to the total for Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a 1. Do my 2007 taxes online $ 14,400 2. Do my 2007 taxes online Enter your cost in the plan (contract) at the annuity starting date plus any death benefit exclusion* See Cost (Investment in the Contract), earlier 2. Do my 2007 taxes online 31,000   Note. Do my 2007 taxes online If your annuity starting date was before this year and you completed this worksheet last year, skip line 3 and enter the amount from line 4 of last year's worksheet on line 4 below (even if the amount of your pension or annuity has changed). Do my 2007 taxes online Otherwise, go to line 3. Do my 2007 taxes online     3. Do my 2007 taxes online Enter the appropriate number from Table 1 below. Do my 2007 taxes online But if your annuity starting date was after 1997 and the payments are for your life and that of your beneficiary, enter the appropriate number from Table 2 below 3. Do my 2007 taxes online 310 4. Do my 2007 taxes online Divide line 2 by the number on line 3 4. Do my 2007 taxes online 100 5. Do my 2007 taxes online Multiply line 4 by the number of months for which this year's payments were made. Do my 2007 taxes online If your annuity starting date was before 1987, enter this amount on line 8 below and skip lines 6, 7, 10, and 11. Do my 2007 taxes online Otherwise, go to line 6 5. Do my 2007 taxes online 1,200 6. Do my 2007 taxes online Enter any amount previously recovered tax free in years after 1986. Do my 2007 taxes online This is the amount shown on line 10 of your worksheet for last year 6. Do my 2007 taxes online 0 7. Do my 2007 taxes online Subtract line 6 from line 2 7. Do my 2007 taxes online 31,000 8. Do my 2007 taxes online Enter the smaller of line 5 or line 7 8. Do my 2007 taxes online 1,200 9. Do my 2007 taxes online Taxable amount for year. Do my 2007 taxes online Subtract line 8 from line 1. Do my 2007 taxes online Enter the result, but not less than zero. Do my 2007 taxes online Also, add this amount to the total for Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b. Do my 2007 taxes online Note. Do my 2007 taxes online If your Form 1099-R shows a larger taxable amount, use the amount figured on this line instead. Do my 2007 taxes online If you are a retired public safety officer, see Insurance Premiums for Retired Public Safety Officers, earlier, before entering an amount on your tax return. Do my 2007 taxes online 9. Do my 2007 taxes online $ 13,200 10. Do my 2007 taxes online Was your annuity starting date before 1987? □ Yes. Do my 2007 taxes online STOP. Do my 2007 taxes online Do not complete the rest of this worksheet. Do my 2007 taxes online  ☑ No. Do my 2007 taxes online Add lines 6 and 8. Do my 2007 taxes online This is the amount you have recovered tax free through 2013. Do my 2007 taxes online You will need this number if you need to fill out this worksheet next year. Do my 2007 taxes online 10. Do my 2007 taxes online 1,200 11. Do my 2007 taxes online Balance of cost to be recovered. Do my 2007 taxes online Subtract line 10 from line 2. Do my 2007 taxes online If zero, you will not have to complete this worksheet next year. Do my 2007 taxes online The payments you receive next year will generally be fully taxable 11. Do my 2007 taxes online $ 29,800 * A death benefit exclusion (up to $5,000) applied to certain benefits received by employees who died before August 21, 1996. Do my 2007 taxes online   Table 1 for Line 3 Above       AND your annuity starting date was—   IF your age on your annuity starting date was . Do my 2007 taxes online . Do my 2007 taxes online . Do my 2007 taxes online   BEFORE November 19, 1996, enter on line 3 . Do my 2007 taxes online . Do my 2007 taxes online . Do my 2007 taxes online AFTER November 18, 1996, enter on line 3 . Do my 2007 taxes online . Do my 2007 taxes online . Do my 2007 taxes online   55 or under 300 360   56-60 260 310   61-65 240 260   66-70 170 210   71 or over 120 160 Table 2 for Line 3 Above   IF the annuitants' combined ages on your annuity starting date were . Do my 2007 taxes online . Do my 2007 taxes online . Do my 2007 taxes online   THEN enter on line 3 . Do my 2007 taxes online . Do my 2007 taxes online . Do my 2007 taxes online         110 or under   410         111-120   360         121-130   310         131-140   260         141 or over   210       Survivors of retirees. Do my 2007 taxes online   Benefits paid to you as a survivor under a joint and survivor annuity must be included in your gross income in the same way the retiree would have included them in gross income. Do my 2007 taxes online   If you receive a survivor annuity because of the death of a retiree who had reported the annuity under the Three-Year Rule, include the total received in your income. Do my 2007 taxes online The retiree's cost has already been recovered tax free. Do my 2007 taxes online   If the retiree was reporting the annuity payments under the General Rule, you must apply the same exclusion percentage the retiree used to your initial payment called for in the contract. Do my 2007 taxes online The resulting tax-free amount will then remain fixed. Do my 2007 taxes online Any increases in the survivor annuity are fully taxable. Do my 2007 taxes online   If the retiree was reporting the annuity payments under the Simplified Method, the part of each payment that is tax free is the same as the tax-free amount figured by the retiree at the annuity starting date. Do my 2007 taxes online See Simplified Method , earlier. Do my 2007 taxes online How to report. Do my 2007 taxes online   If you file Form 1040, report your total annuity on line 16a, and the taxable part on line 16b. Do my 2007 taxes online If your pension or annuity is fully taxable, enter it on line 16b. Do my 2007 taxes online Do not make an entry on line 16a. Do my 2007 taxes online   If you file Form 1040A, report your total annuity on line 12a, and the taxable part on line 12b. Do my 2007 taxes online If your pension or annuity is fully taxable, enter it on line 12b. Do my 2007 taxes online Do not make an entry on line 12a. Do my 2007 taxes online   If you file Form 1040NR, report your total annuity on line 17a, and the taxable part on line 17b. Do my 2007 taxes online If your pension or annuity is fully taxable, enter it on line 17b. Do my 2007 taxes online Do not make an entry on line 17a. Do my 2007 taxes online Example. Do my 2007 taxes online You are a Form 1040 filer and you received monthly payments totaling $1,200 (12 months x $100) during 2013 from a pension plan that was completely financed by your employer. Do my 2007 taxes online You had paid no tax on the payments that your employer made to the plan, and the payments were not used to pay for accident, health, or long-term care insurance premiums (as discussed later under Insurance Premiums for Retired Public Safety Officers ). Do my 2007 taxes online The entire $1,200 is taxable. Do my 2007 taxes online You include $1,200 only on Form 1040, line 16b. Do my 2007 taxes online Joint return. Do my 2007 taxes online   If you file a joint return and you and your spouse each receive one or more pensions or annuities, report the total of the pensions and annuities on line 16a of Form 1040, line 12a of Form 1040A, or line 17a of Form 1040NR. Do my 2007 taxes online Report the total of the taxable parts on line 16b of Form 1040, line 12b of Form 1040A, or line 17b of Form 1040NR. Do my 2007 taxes online Form 1099-R. Do my 2007 taxes online   You should receive a Form 1099-R for your pension or annuity. Do my 2007 taxes online Form 1099-R shows your pension or annuity for the year and any income tax withheld. Do my 2007 taxes online You should receive a Form W-2 if you receive distributions from certain nonqualified plans. Do my 2007 taxes online You must attach Forms 1099-R or Forms W-2 to your 2013 tax return if federal income tax was withheld. Do my 2007 taxes online Generally, you should be sent these forms by January 31, 2014. Do my 2007 taxes online Nonperiodic Distributions If you receive a nonperiodic distribution from your retirement plan, you may be able to exclude all or part of it from your income as a recovery of your cost. Do my 2007 taxes online Nonperiodic distributions include cash withdrawals, distributions of current earnings (dividends) on your investment, and certain loans. Do my 2007 taxes online For information on how to figure the taxable amount of a nonperiodic distribution, see Taxation of Nonperiodic Payments in Publication 575. Do my 2007 taxes online The taxable part of a nonperiodic distribution may be subject to an additional 10% tax. Do my 2007 taxes online See Tax on Early Distributions, later. Do my 2007 taxes online Lump-sum distributions. Do my 2007 taxes online   If you receive a lump-sum distribution from a qualified employee plan or qualified employee annuity and the plan participant was born before January 2, 1936, you may be able to elect optional methods of figuring the tax on the distribution. Do my 2007 taxes online The part from active participation in the plan before 1974 may qualify as capital gain subject to a 20% tax rate. Do my 2007 taxes online The part from participation after 1973 (and any part from participation before 1974 that you do not report as capital gain) is ordinary income. Do my 2007 taxes online You may be able to use the 10-year tax option to figure tax on the ordinary income part. Do my 2007 taxes online Form 1099-R. Do my 2007 taxes online   If you receive a total distribution from a plan, you should receive a Form 1099-R. Do my 2007 taxes online If the distribution qualifies as a lump-sum distribution, box 3 shows the capital gain part of the distribution. Do my 2007 taxes online The amount in box 2a, Taxable amount, minus the amount in box 3, Capital gain, is the ordinary income part. Do my 2007 taxes online More information. Do my 2007 taxes online   For more detailed information on lump-sum distributions, see Publication 575 or Form 4972, Tax on Lump-Sum Distributions. Do my 2007 taxes online Tax on Early Distributions Most distributions you receive from your qualified retirement plan and nonqualified annuity contracts before you reach age 59½ are subject to an additional tax of 10%. Do my 2007 taxes online The tax applies to the taxable part of the distribution. Do my 2007 taxes online For this purpose, a qualified retirement plan is: A qualified employee plan (including a qualified cash or deferred arrangement (CODA) under Internal Revenue Code section 401(k)), A qualified employee annuity plan, A tax-sheltered annuity plan (403(b) plan), or An eligible state or local government section 457 deferred compensation plan (to the extent that any distribution is attributable to amounts the plan received in a direct transfer or rollover from one of the other plans listed here or an IRA). Do my 2007 taxes online  An IRA is also a qualified retirement plan for purposes of this tax. Do my 2007 taxes online General exceptions to tax. Do my 2007 taxes online   The early distribution tax does not apply to any distributions that are: Made as part of a series of substantially equal periodic payments (made at least annually) for your life (or life expectancy) or the joint lives (or joint life expectancies) of you and your designated beneficiary (if from a qualified retirement plan, the payments must begin after separation from service), Made because you are totally and permanently disabled, or Made on or after the death of the plan participant or contract holder. Do my 2007 taxes online Additional exceptions. Do my 2007 taxes online   There are additional exceptions to the early distribution tax for certain distributions from qualified retirement plans and nonqualified annuity contracts. Do my 2007 taxes online See Publication 575 for details. Do my 2007 taxes online Reporting tax. Do my 2007 taxes online   If you owe only the tax on early distributions and distribution code 1 (early distribution, no known exception) is correctly shown in Form 1099-R, box 7, multiply the taxable part of the early distribution by 10% (. Do my 2007 taxes online 10) and enter the result on Form 1040, line 58, or Form 1040NR, line 56. Do my 2007 taxes online See the instructions for line 58 of Form 1040 or line 56 of Form 1040NR for more information about reporting the early distribution tax. Do my 2007 taxes online Tax on Excess Accumulation To make sure that most of your retirement benefits are paid to you during your lifetime, rather than to your beneficiaries after your death, the payments that you receive from qualified retirement plans must begin no later than your required beginning date. Do my 2007 taxes online Unless the rule for 5% owners applies, this is generally April 1 of the year that follows the later of: The calendar year in which you reach age 70½, or The calendar year in which you retire from employment with the employer maintaining the plan. Do my 2007 taxes online However, your plan may require you to begin to receive payments by April 1 of the year that follows the year in which you reach 70½, even if you have not retired. Do my 2007 taxes online For this purpose, a qualified retirement plan includes: A qualified employee plan, A qualified employee annuity plan, An eligible section 457 deferred compensation plan, or A tax-sheltered annuity plan (403(b) plan) (for benefits accruing after 1986). Do my 2007 taxes online  An IRA is also a qualified retirement plan for purposes of this tax. Do my 2007 taxes online An excess accumulation is the undistributed remainder of the required minimum distribution that was left in your qualified retirement plan. Do my 2007 taxes online 5% owners. Do my 2007 taxes online   If you own (or are considered to own under section 318 of the Internal Revenue Code) more than 5% of the company maintaining your qualified retirement plan, you must begin to receive distributions from the plan by April 1 of the year after the calendar year in which you reach age 70½. Do my 2007 taxes online See Publication 575 for more information. Do my 2007 taxes online Amount of tax. Do my 2007 taxes online   If you do not receive the required minimum distribution, you are subject to an additional tax. Do my 2007 taxes online The tax equals 50% of the difference between the amount that must be distributed and the amount that was distributed during the tax year. Do my 2007 taxes online You can get this excise tax excused if you establish that the shortfall in distributions was due to reasonable error and that you are taking reasonable steps to remedy the shortfall. Do my 2007 taxes online Form 5329. Do my 2007 taxes online   You must file a Form 5329 if you owe a tax because you did not receive a minimum required distribution from your qualified retirement plan. Do my 2007 taxes online Additional information. Do my 2007 taxes online   For more detailed information on the tax on excess accumulation, see Publication 575. Do my 2007 taxes online Insurance Premiums for Retired Public Safety Officers If you are an eligible retired public safety officer (law enforcement officer, firefighter, chaplain, or member of a rescue squad or ambulance crew), you can elect to exclude from income distributions made from your eligible retirement plan that are used to pay the premiums for accident or health insurance or long-term care insurance. Do my 2007 taxes online The premiums can be for coverage for you, your spouse, or dependent(s). Do my 2007 taxes online The distribution must be made directly from the plan to the insurance provider. Do my 2007 taxes online You can exclude from income the smaller of the amount of the insurance premiums or $3,000. Do my 2007 taxes online You can only make this election for amounts that would otherwise be included in your income. Do my 2007 taxes online The amount excluded from your income cannot be used to claim a medical expense deduction. Do my 2007 taxes online An eligible retirement plan is a governmental plan that is a: Qualified trust, Section 403(a) plan, Section 403(b) annuity, or Section 457(b) plan. Do my 2007 taxes online If you make this election, reduce the otherwise taxable amount of your pension or annuity by the amount excluded. Do my 2007 taxes online The taxable amount shown in box 2a of any Form 1099-R that you receive does not reflect the exclusion. Do my 2007 taxes online Report your total distributions on Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a. Do my 2007 taxes online Report the taxable amount on Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b. Do my 2007 taxes online Enter “PSO” next to the appropriate line on which you report the taxable amount. Do my 2007 taxes online Railroad Retirement Benefits Benefits paid under the Railroad Retirement Act fall into two categories. Do my 2007 taxes online These categories are treated differently for income tax purposes. Do my 2007 taxes online Social security equivalent benefits. Do my 2007 taxes online   The first category is the amount of tier 1 railroad retirement benefits that equals the social security benefit that a railroad employee or beneficiary would have been entitled to receive under the social security system. Do my 2007 taxes online This part of the tier 1 benefit is the social security equivalent benefit (SSEB) and is treated for tax purposes like social security benefits. Do my 2007 taxes online (See Social Security and Equivalent Railroad Retirement Benefits , later. Do my 2007 taxes online ) Non-social security equivalent benefits. Do my 2007 taxes online   The second category contains the rest of the tier 1 benefits, called the non-social security equivalent benefit (NSSEB). Do my 2007 taxes online It also contains any tier 2 benefit, vested dual benefit (VDB), and supplemental annuity benefit. Do my 2007 taxes online This category of benefits is treated as an amount received from a qualified employee plan. Do my 2007 taxes online This allows for the tax-free (nontaxable) recovery of employee contributions from the tier 2 benefits and the NSSEB part of the tier 1 benefits. Do my 2007 taxes online Vested dual benefits and supplemental annuity benefits are non-contributory pensions and are fully taxable. Do my 2007 taxes online More information. Do my 2007 taxes online   For more information about railroad retirement benefits, see Publication 575. Do my 2007 taxes online Military Retirement Pay Military retirement pay based on age or length of service is taxable and must be included in income as a pension on Form 1040, lines 16a and 16b; on Form 1040A, lines 12a and 12b; or on Form 1040NR, lines 17a and 17b. Do my 2007 taxes online But, certain military and government disability pensions that are based on a percentage of disability from active service in the Armed Forces of any country generally are not taxable. Do my 2007 taxes online For more information, including information about veterans' benefits and insurance, see Publication 525. Do my 2007 taxes online Social Security and Equivalent Railroad Retirement Benefits This discussion explains the federal income tax rules for social security benefits and equivalent tier 1 railroad retirement benefits. Do my 2007 taxes online Social security benefits include monthly retirement, survivor, and disability benefits. Do my 2007 taxes online They do not include supplemental security income (SSI) payments, which are not taxable. Do my 2007 taxes online Equivalent tier 1 railroad retirement benefits are the part of tier 1 benefits that a railroad employee or beneficiary would have been entitled to receive under the social security system. Do my 2007 taxes online They commonly are called the social security equivalent benefit (SSEB) portion of tier 1 benefits. Do my 2007 taxes online If you received these benefits during 2013, you should have received a Form SSA-1099 or Form RRB-1099 (Form SSA-1042S or Form RRB-1042S if you are a nonresident alien), showing the amount of the benefits. Do my 2007 taxes online Are Any of Your Benefits Taxable? Note. Do my 2007 taxes online When the term “benefits” is used in this section, it applies to both social security benefits and the SSEB portion of tier 1 railroad retirement benefits. Do my 2007 taxes online  To find out whether any of your benefits may be taxable, compare the base amount for your filing status (explained later) with the total of: One-half of your benefits, plus All your other income, including tax-exempt interest. Do my 2007 taxes online When making this comparison, do not reduce your other income by any exclusions for: Interest from qualified U. Do my 2007 taxes online S. Do my 2007 taxes online savings bonds, Employer-provided adoption benefits, Foreign earned income or foreign housing, or Income earned in American Samoa or Puerto Rico by bona fide residents. Do my 2007 taxes online Figuring total income. Do my 2007 taxes online   To figure the total of one-half of your benefits plus your other income, use Worksheet 2-B. Do my 2007 taxes online If that total amount is more than your base amount, part of your benefits may be taxable. Do my 2007 taxes online If you are married and file a joint return for 2013, you and your spouse must combine your incomes and your benefits to figure whether any of your combined benefits are taxable. Do my 2007 taxes online Even if your spouse did not receive any benefits, you must add your spouse's income to yours to figure whether any of your benefits are taxable. Do my 2007 taxes online If the only income you received during 2013 was your social security or the SSEB portion of tier 1 railroad retirement benefits, your benefits generally are not taxable and you probably do not have to file a return. Do my 2007 taxes online If you have income in addition to your benefits, you may have to file a return even if none of your benefits are taxable. Do my 2007 taxes online Worksheet 2-B. Do my 2007 taxes online A Quick Way To Check if Your Benefits May Be Taxable A. Do my 2007 taxes online Enter the amount from box 5 of all your Forms SSA-1099 and RRB-1099. Do my 2007 taxes online Include  the full amount of any lump-sum benefit payments received in 2013, for 2013 and  earlier years. Do my 2007 taxes online (If you received more than one form, combine the amounts from box 5  and enter the total. Do my 2007 taxes online ) A. Do my 2007 taxes online     Note. Do my 2007 taxes online If the amount on line A is zero or less, stop here; none of your benefits are  taxable this year. Do my 2007 taxes online     B. Do my 2007 taxes online Enter one-half of the amount on line A B. Do my 2007 taxes online   C. Do my 2007 taxes online Enter your taxable pensions, wages, interest, dividends, and other taxable income C. Do my 2007 taxes online   D. Do my 2007 taxes online Enter any tax-exempt interest income (such as interest on municipal bonds) plus any exclusions from income for: •Interest from qualified U. Do my 2007 taxes online S. Do my 2007 taxes online savings bonds, •Employer-provided adoption benefits, •Foreign earned income or foreign housing, or •Income earned in American Samoa or Puerto Rico by bona fide residents D. Do my 2007 taxes online   E. Do my 2007 taxes online Add lines B, C, and D and enter the total E. Do my 2007 taxes online   F. Do my 2007 taxes online If you are: •Married filing jointly, enter $32,000 •Single, head of household, qualifying widow(er), or married filing separately and you  lived apart from your spouse for all of 2013, enter $25,000 •Married filing separately and you lived with your spouse at any time during 2013,  enter -0- F. Do my 2007 taxes online   G. Do my 2007 taxes online Is the amount on line F less than or equal to the amount on line E? □ No. Do my 2007 taxes online None of your benefits are taxable this year. Do my 2007 taxes online  □ Yes. Do my 2007 taxes online Some of your benefits may be taxable. Do my 2007 taxes online To figure how much of your benefits  are taxable, see Which worksheet to use under How Much Is Taxable. Do my 2007 taxes online     Base Amount Your base amount is: $25,000 if you are single, head of household, or qualifying widow(er) with dependent child, $25,000 if you are married filing separately and lived apart from your spouse for all of 2013, $32,000 if you are married filing jointly, or $0 if you are married filing separately and lived with your spouse at any time during 2013. Do my 2007 taxes online Repayment of Benefits Any repayment of benefits you made during 2013 must be subtracted from the gross benefits you received in 2013. Do my 2007 taxes online It does not matter whether the repayment was for a benefit you received in 2013 or in an earlier year. Do my 2007 taxes online If you repaid more than the gross benefits you received in 2013, see Repayments More Than Gross Benefits , later. Do my 2007 taxes online Your gross benefits are shown in box 3 of Form SSA-1099 or Form RRB-1099. Do my 2007 taxes online Your repayments are shown in box 4. Do my 2007 taxes online The amount in box 5 shows your net benefits for 2013 (box 3 minus box 4). Do my 2007 taxes online Use the amount in box 5 to figure whether any of your benefits are taxable. Do my 2007 taxes online Tax Withholding and Estimated Tax You can choose to have federal income tax withheld from your social security and/or the SSEB portion of your tier 1 railroad retirement benefits. Do my 2007 taxes online If you choose to do this, you must complete a Form W-4V, Voluntary Withholding Request. Do my 2007 taxes online If you do not choose to have income tax withheld, you may have to request additional withholding from other income, or pay estimated tax during the year. Do my 2007 taxes online For details, see Publication 505, Tax Withholding and Estimated Tax, or the instructions for Form 1040-ES, Estimated Tax for Individuals. Do my 2007 taxes online How Much Is Taxable? If part of your benefits is taxable, how much is taxable depends on the total amount of your benefits and other income. Do my 2007 taxes online Generally, the higher that total amount, the greater the taxable part of your benefits. Do my 2007 taxes online Maximum taxable part. Do my 2007 taxes online   The taxable part of your benefits usually cannot be more than 50%. Do my 2007 taxes online However, up to 85% of your benefits can be taxable if either of the following situations applies to you. Do my 2007 taxes online The total of one-half of your benefits and all your other income is more than $34,000 ($44,000 if you are married filing jointly). Do my 2007 taxes online You are married filing separately and lived with your spouse at any time during 2013. Do my 2007 taxes online   If you are a nonresident alien, 85% of your benefits are taxable. Do my 2007 taxes online However, this income is exempt under some tax treaties. Do my 2007 taxes online Which worksheet to use. Do my 2007 taxes online   A worksheet to figure your taxable benefits is in the instructions for your Form 1040 or 1040A. Do my 2007 taxes online However, you will need to use a different worksheet(s) if any of the following situations applies to you. Do my 2007 taxes online You contributed to a traditional individual retirement arrangement (IRA) and you or your spouse were covered by a retirement plan at work. Do my 2007 taxes online In this situation, you must use the special worksheets in Appendix B of Publication 590 to figure both your IRA deduction and your taxable benefits. Do my 2007 taxes online Situation (1) does not apply and you take one or more of the following exclusions. Do my 2007 taxes online Interest from qualified U. Do my 2007 taxes online S. Do my 2007 taxes online savings bonds (Form 8815). Do my 2007 taxes online Employer-provided adoption benefits (Form 8839). Do my 2007 taxes online Foreign earned income or housing (Form 2555 or Form 2555-EZ). Do my 2007 taxes online Income earned in American Samoa (Form 4563) or Puerto Rico by bona fide residents. Do my 2007 taxes online In these situations, you must use Worksheet 1 in Publication 915, Social Security and Equivalent Railroad Retirement Benefits, to figure your taxable benefits. Do my 2007 taxes online You received a lump-sum payment for an earlier year. Do my 2007 taxes online In this situation, also complete Worksheet 2 or 3 and Worksheet 4 in Publication 915. Do my 2007 taxes online See Lump-Sum Election , later. Do my 2007 taxes online How To Report Your Benefits If part of your benefits are taxable, you must use Form 1040, Form 1040A, or Form 1040NR. Do my 2007 taxes online You cannot use Form 1040EZ. Do my 2007 taxes online Reporting on Form 1040. Do my 2007 taxes online   Report your net benefits (the amount in box 5 of your Form SSA-1099 or Form RRB-1099) on line 20a and the taxable part on line 20b. Do my 2007 taxes online If you are married filing separately and you lived apart from your spouse for all of 2013, also enter “D” to the right of the word “benefits” on line 20a. Do my 2007 taxes online Reporting on Form 1040A. Do my 2007 taxes online   Report your net benefits (the amount in box 5 of your Form SSA-1099 or Form RRB-1099) on line 14a and the taxable part on line 14b. Do my 2007 taxes online If you are married filing separately and you lived apart from your spouse for all of 2013, also enter “D” to the right of the word “benefits” on line 14a. Do my 2007 taxes online Reporting on Form 1040NR. Do my 2007 taxes online   Report 85% of the total amount of your benefits (box 5 of your Form SSA-1042S or Form RRB-1042S) in the appropriate column of Form 1040NR, Schedule NEC, line 8. Do my 2007 taxes online Benefits not taxable. Do my 2007 taxes online   If you are filing Form 1040EZ, do not report any benefits on your tax return. Do my 2007 taxes online If you are filing Form 1040 or Form 1040A, report your net benefits (the amount in box 5 of your Form SSA-1099 or Form RRB-1099) on Form 1040, line 20a, or Form 1040A, line 14a. Do my 2007 taxes online Enter -0- on Form 1040, line 20b, or Form 1040A, line 14b. Do my 2007 taxes online If you are married filing separately and you lived apart from your spouse for all of 2013, also enter “D” to the right of the word “benefits” on Form 1040, line 20a, or Form 1040A, line 14a. Do my 2007 taxes online Lump-Sum Election You must include the taxable part of a lump-sum (retroactive) payment of benefits received in 2013 in your 2013 income, even if the payment includes benefits for an earlier year. Do my 2007 taxes online This type of lump-sum benefit payment should not be confused with the lump-sum death benefit that both the SSA and RRB pay to many of their beneficiaries. Do my 2007 taxes online No part of the lump-sum death benefit is subject to tax. Do my 2007 taxes online For more information about the lump-sum death benefit, visit the Social Security Administration website at www. Do my 2007 taxes online SSA. Do my 2007 taxes online gov, and use keyword: death benefit. Do my 2007 taxes online Generally, you use your 2013 income to figure the taxable part of the total benefits received in 2013. Do my 2007 taxes online However, you may be able to figure the taxable part of a lump-sum payment for an earlier year separately, using your income for the earlier year. Do my 2007 taxes online You can elect this method if it lowers your taxable benefits. Do my 2007 taxes online See Publication 915 for more information. Do my 2007 taxes online Repayments More Than Gross Benefits In some situations, your Form SSA-1099 or Form RRB-1099 will show that the total benefits you repaid (box 4) are more than the gross benefits (box 3) you received. Do my 2007 taxes online If this occurred, your net benefits in box 5 will be a negative figure (a figure in parentheses) and none of your benefits will be taxable. Do my 2007 taxes online If you receive more than one form, a negative figure in box 5 of one form is used to offset a positive figure in box 5 of another form for that same year. Do my 2007 taxes online If you have any questions about this negative figure, contact your local Social Security Administration office or your local U. Do my 2007 taxes online S. Do my 2007 taxes online Railroad Retirement Board field office. Do my 2007 taxes online Joint return. Do my 2007 taxes online   If you and your spouse file a joint return, and your Form SSA-1099 or RRB-1099 has a negative figure in box 5 but your spouse's does not, subtract the box 5 amount on your form from the box 5 amount on your spouse's form. Do my 2007 taxes online You do this to get your net benefits when figuring if your combined benefits are taxable. Do my 2007 taxes online Repayment of benefits received in an earlier year. Do my 2007 taxes online   If the total amount shown in box 5 of all of your Forms SSA-1099 and RRB-1099 is a negative figure, you can take an itemized deduction for the part of this negative figure that represents benefits you included in gross income in an earlier year. Do my 2007 taxes online   If this deduction is $3,000 or less, it is subject to the 2%-of-adjusted-gross-income limit that applies to certain miscellaneous itemized deductions. Do my 2007 taxes online Claim it on Schedule A (Form 1040), line 23. Do my 2007 taxes online   If this deduction is more than $3,000, you have to follow some special instructions. Do my 2007 taxes online See Publication 915 for those instructions. Do my 2007 taxes online Sickness and Injury Benefits Generally, you must report as income any amount you receive for personal injury or sickness through an accident or health plan that is paid for by your employer. Do my 2007 taxes online If both you and your employer pay for the plan, only the amount you receive that is due to your employer's payments is reported as income. Do my 2007 taxes online However, certain payments may not be taxable to you. Do my 2007 taxes online Some of these payments are discussed later in this section. Do my 2007 taxes online Also, see Military and Government Disability Pensions and Other Sickness and Injury Benefits in Publication 525. Do my 2007 taxes online Cost paid by you. Do my 2007 taxes online   If you pay the entire cost of an accident or health plan, do not include any amounts you receive from the plan for personal injury or sickness as income on your tax return. Do my 2007 taxes online If your plan reimbursed you for medical expenses you deducted in an earlier year, you may have to include some, or all, of the reimbursement in your income. Do my 2007 taxes online Disability Pensions If you retired on disability, you must include in income any disability pension you receive under a plan that is paid for by your employer. Do my 2007 taxes online You must report your taxable disability payments as wages on line 7 of Form 1040 or Form 1040A or on line 8 of Form 1040NR until you reach minimum retirement age. Do my 2007 taxes online Minimum retirement age generally is the age at which you can first receive a pension or annuity if you are not disabled. Do my 2007 taxes online If you were 65 or older by the end of 2013 or you were retired on permanent and total disability and received taxable disability income, you may be able to claim the credit for the elderly or the disabled. Do my 2007 taxes online See Credit for the Elderly or the Disabled, later. Do my 2007 taxes online For more information on this credit, see Publication 524, Credit for the Elderly or the Disabled. Do my 2007 taxes online Beginning on the day after you reach minimum retirement age, payments you receive are taxable as a pension or annuity. Do my 2007 taxes online Report the payments on lines 16a and 16b of Form 1040, on lines 12a and 12b of Form 1040A, or on lines 17a and 17b of Form 1040NR. Do my 2007 taxes online For more information on pensions and annuities, see Publication 575. Do my 2007 taxes online Retirement and profit-sharing plans. Do my 2007 taxes online   If you receive payments from a retirement or profit-sharing plan that does not provide for disability retirement, do not treat the payments as a disability pension. Do my 2007 taxes online The payments must be reported as a pension or annuity. Do my 2007 taxes online Accrued leave payment. Do my 2007 taxes online   If you retire on disability, any lump-sum payment you receive for accrued annual leave is a salary payment. Do my 2007 taxes online The payment is not a disability payment. Do my 2007 taxes online Include it in your income in the tax year you receive it. Do my 2007 taxes online Long-Term Care Insurance Contracts In most cases, long-term care insurance contracts generally are treated as accident and health insurance contracts. Do my 2007 taxes online Amounts you receive from them (other than policyholder dividends or premium refunds) generally are excludable from income as amounts received for personal injury or sickness. Do my 2007 taxes online However, the amount you can exclude may be limited. Do my 2007 taxes online Long-term care insurance contracts are discussed in more detail in Publication 525. Do my 2007 taxes online Workers' Compensation Amounts you receive as workers' compensation for an occupational sickness or injury are fully exempt from tax if they are paid under a workers' compensation act or a statute in the nature of a workers' compensation act. Do my 2007 taxes online The exemption also applies to your survivors. Do my 2007 taxes online The exemption, however, does not apply to retirement plan benefits you receive based on your age, length of service, or prior contributions to the plan, even if you retired because of an occupational sickness or injury. Do my 2007 taxes online If part of your workers' compensation reduces your social security or equivalent railroad retirement benefits, that part is considered social security (or equivalent railroad retirement) benefits and may be taxable. Do my 2007 taxes online For a discussion of the taxability of these benefits, see Social Security and Equivalent Railroad Retirement Benefits, earlier. Do my 2007 taxes online Return to work. Do my 2007 taxes online   If you return to work after qualifying for workers' compensation, salary payments you receive for performing light duties are taxable as wages. Do my 2007 taxes online Other Sickness and Injury Benefits In addition to disability pensions and annuities, you may receive other payments for sickness or injury. Do my 2007 taxes online Federal Employees' Compensation Act (FECA). Do my 2007 taxes online   Payments received under this Act for personal injury or sickness, including payments to beneficiaries in case of death, are not taxable. Do my 2007 taxes online However, you are taxed on amounts you receive under this Act as continuation of pay for up to 45 days while a claim is being decided. Do my 2007 taxes online Report this income on Form 1040, line 7; Form 1040A, line 7; on Form 1040EZ, line 1; or Form 1040NR, line 8. Do my 2007 taxes online Also, pay for sick leave while a claim is being processed is taxable and must be included in your income as wages. Do my 2007 taxes online    If part of the payments you receive under FECA reduces your social security or equivalent railroad retirement benefits, that part is considered social security (or equivalent railroad retirement) benefits and may be taxable. Do my 2007 taxes online For a discussion of the taxability of these benefits, see Social Security and Equivalent Railroad Retirement Benefits, earlier. Do my 2007 taxes online Other compensation. Do my 2007 taxes online   Many other amounts you receive as compensation for sickness or injury are not taxable. Do my 2007 taxes online These include the following amounts. Do my 2007 taxes online Benefits you receive under an accident or health insurance policy on which either you paid the premiums or your employer paid the premiums but you had to include them in your income. Do my 2007 taxes online Disability benefits you receive for loss of income or earning capacity as a result of injuries under a no-fault car insurance policy. Do my 2007 taxes online Compensation you receive for permanent loss or loss of use of a part or function of your body, for your permanent disfigurement, or for such loss or disfigurement suffered by your spouse or dependent(s). Do my 2007 taxes online This compensation must be based only on the injury and not on the period of your absence from work. Do my 2007 taxes online These benefits are not taxable even if your employer pays for the accident and health plan that provides these benefits. Do my 2007 taxes online Life Insurance Proceeds Life insurance proceeds paid to you because of the death of the insured person are not taxable unless the policy was turned over to you for a price. Do my 2007 taxes online This is true even if the proceeds were paid under an accident or health insurance policy or an endowment contract. Do my 2007 taxes online Proceeds not received in installments. Do my 2007 taxes online   If death benefits are paid to you in a lump sum or other than at regular intervals, include in your income only the benefits that are more than the amount payable to you at the time of the insured person's death. Do my 2007 taxes online If the benefit payable at death is not specified, you include in your income the benefit payments that are more than the present value of the payments at the time of death. Do my 2007 taxes online Proceeds received in installments. Do my 2007 taxes online   If you receive life insurance proceeds in installments, you can exclude part of each installment from your income. Do my 2007 taxes online   To determine the excluded part, divide the amount held by the insurance company (generally the total lump sum payable at the death of the insured person) by the number of installments to be paid. Do my 2007 taxes online Include anything over this excluded part in your income as interest. Do my 2007 taxes online Installments for life. Do my 2007 taxes online   If, as the beneficiary under an insurance contract, you are entitled to receive the proceeds in installments for the rest of your life without a refund or period-certain guarantee, you figure the excluded part of each installment by dividing the amount held by the insurance company by your life expectancy. Do my 2007 taxes online If there is a refund or period-certain guarantee, the amount held by the insurance company for this purpose is reduced by the actuarial value of the guarantee. Do my 2007 taxes online Surviving spouse. Do my 2007 taxes online   If your spouse died before October 23, 1986, and insurance proceeds paid to you because of the death of your spouse are received in installments, you can exclude, in any year, up to $1,000 of the interest included in the installments. Do my 2007 taxes online If you remarry, you can continue to take the exclusion. Do my 2007 taxes online Surrender of policy for cash. Do my 2007 taxes online   If you surrender a life insurance policy for cash, you must include in income any proceeds that are more than the cost of the life insurance policy. Do my 2007 taxes online In general, your cost (or investment in the contract) is the total of premiums that you paid for the life insurance policy, less any refunded premiums, rebates, dividends, or unrepaid loans that were not included in your income. Do my 2007 taxes online You should receive a Form 1099-R showing the total proceeds and the taxable part. Do my 2007 taxes online Report these amounts on Form 1040, lines 16a and 16b; Form 1040A, lines 12a and 12b; or Form 1040NR, lines 17a and 17b. Do my 2007 taxes online Endowment Contract Proceeds An endowment contract is a policy that pays over to you a specified amount of money on a certain date unless you die before that date, in which case, the money is paid to your designated beneficiary. Do my 2007 taxes online Endowment proceeds paid in a lump sum to you at maturity are taxable only if the proceeds are more than the cost of the policy. Do my 2007 taxes online To determine your cost, subtract from the total premiums (or other consideration) paid for the contract any amount that you previously received under the contract and excluded from your income. Do my 2007 taxes online Include in your income the part of the lump-sum payment that is more than your cost. Do my 2007 taxes online Endowment proceeds that you choose to receive in installments instead of a lump-sum payment at the maturity of the policy are taxed as an annuity. Do my 2007 taxes online The tax treatment of an annuity is explained in Publication 575. Do my 2007 taxes online For this treatment to apply, you must choose to receive the proceeds in installments before receiving any part of the lump sum. Do my 2007 taxes online This election must be made within 60 days after the lump-sum payment first becomes payable to you. Do my 2007 taxes online Accelerated Death Benefits Certain amounts paid as accelerated death benefits under a life insurance contract or viatical settlement before the insured's death are generally excluded from income if the insured is terminally or chronically ill. Do my 2007 taxes online However, see Exception , later. Do my 2007 taxes online For a chronically ill individual, accelerated death benefits paid on the basis of costs incurred for qualified long-term care services are fully excludable. Do my 2007 taxes online Accelerated death benefits paid on a per diem or other periodic basis without regard to the costs are excludable up to a limit. Do my 2007 taxes online In addition, if any portion of a death benefit under a life insurance contract on the life of a terminally or chronically ill individual is sold or assigned to a viatical settlement provider, the amount received also is excluded from income. Do my 2007 taxes online Generally, a viatical settlement provider is one who regularly engages in the business of buying or taking assignment of life insurance contracts on the lives of insured individuals who are terminally or chronically ill. Do my 2007 taxes online To report taxable accelerated death benefits made on a per diem or other periodic basis, you must file Form 8853, Archer MSAs and Long-Term Care Insurance Contracts, with your return. Do my 2007 taxes online Terminally or chronically ill defined. Do my 2007 taxes online   A terminally ill person is one who has been certified by a physician as having an illness or physical condition that reasonably can be expected to result in death within 24 months from the date of the certification. Do my 2007 taxes online A chronically ill person is one who is not terminally ill but has been certified (within the previous 12 months) by a licensed health care practitioner as meeting either of the following conditions. Do my 2007 taxes online The person is unable to perform (without substantial help) at least two activities of daily living (eating, toileting, transferring, bathing, dressing, and continence) for a period of 90 days or more because of a loss of functional capacity. Do my 2007 taxes online The person requires substantial supervision to protect himself or herself from threats to health and safety due to severe cognitive impairment. Do my 2007 taxes online Exception. Do my 2007 taxes online   The exclusion does not apply to any amount paid to a person other than the insured if that other person has an insurable interest in the life of the insured because the insured: Is a director, officer, or employee of the other person, or Has a financial interest in the business of the other person. Do my 2007 taxes online Sale of Home You may be able to exclude from income any gain up to $250,000 ($500,000 on a joint return in most cases) on the sale of your main home. Do my 2007 taxes online Generally, if you can exclude all of the gain, you do not need to report the sale on your tax return. Do my 2007 taxes online You can choose not to take the exclusion by including the gain from the sale in your gross income on your tax return for the year of the sale. Do my 2007 taxes online Main home. Do my 2007 taxes online   Usually, your main home is the home you live in most of the time and can be a: House, Houseboat, Mobile home, Cooperative apartment, or Condominium. Do my 2007 taxes online Repaying the first-time homebuyer credit because you sold your home. Do my 2007 taxes online   If you claimed a first-time homebuyer credit for your main home and you sell it, you may have to repay the credit. Do my 2007 taxes online For a home purchased in 2008 and used as your main home until sold in 2013, you must file Form 5405 and repay the balance of the unpaid credit on your 2013 tax return. Do my 2007 taxes online   For a home purchased after 2008, you generally must repay the entire credit if the home was sold (or otherwise ceased to be your main home) within 36 months of the purchase date. Do my 2007 taxes online If you purchased your home in 2009 and used it as your main home until sold in 2013, you do not have to repay the credit or file Form 5405. Do my 2007 taxes online If you purchased your home in 2010 and used it as your main home until sold in 2013, you may have to file Form 5405 and repay the entire credit on your 2013 tax return. Do my 2007 taxes online   See the Instructions for Form 5405 for more information about repaying the credit and exceptions to repayment that may apply to you. Do my 2007 taxes online Maximum Amount of Exclusion You can generally exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if all of the following are true. Do my 2007 taxes online You meet the ownership test. Do my 2007 taxes online You meet the use test. Do my 2007 taxes online During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home. Do my 2007 taxes online You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons . Do my 2007 taxes online Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. Do my 2007 taxes online This means that during the 5-year period ending on the date of the sale, you must have: Owned the home for at least 2 years (the ownership test), and Lived in the home as your main home for at least 2 years (the use test). Do my 2007 taxes online Exception to ownership and use tests. Do my 2007 taxes online   If you owned and lived in the property as your main home for less than 2 years, you still can claim an exclusion in some cases. Do my 2007 taxes online Generally, you must have sold the home due to a change in place of employment, health, or unforeseen circumstances. Do my 2007 taxes online The maximum amount you can exclude will be reduced. Do my 2007 taxes online See Publication 523, Selling Your Home, for more information. Do my 2007 taxes online Exception to use test for individuals with a disability. Do my 2007 taxes online   There is an exception to the use test if, during the 5-year period before the sale of your home: You become physically or mentally unable to care for yourself, and You owned and lived in your home as your main home for a total of at least 1 year. Do my 2007 taxes online Under this exception, you are considered to live in your home during any time that you own the home and live in a facility (including a nursing home) that is licensed by a state or political subdivision to care for persons in your condition. Do my 2007 taxes online   If you meet this exception to the use test, you still have to meet the 2-out-of-5-year ownership test to claim the exclusion. Do my 2007 taxes online Exception to ownership test for property acquired in a like-kind exchange. Do my 2007 taxes online   You must have owned your main home for at least 5 years to qualify for the exclusion if you acquired your main home in a like-kind exchange. Do my 2007 taxes online This special 5-year ownership rule continues to apply to a home you acquired in a like-kind exchange and gave to another person. Do my 2007 taxes online A like-kind exchange is an exchange of property held for productive use in a trade or business or for investment. Do my 2007 taxes online See Publication 523 for more information. Do my 2007 taxes online Period of nonqualified use. Do my 2007 taxes online   Generally, the gain from the sale or exchange of your main home will not qualify for the exclusion to the extent that the gain is allocated to periods of nonqualified use. Do my 2007 taxes online Nonqualified use is any period after December 31, 2008, during which the property is not used as the main home. Do my 2007 taxes online See Publication 523 for more information. Do my 2007 taxes online Married Persons In the special situations discussed below, if you and your spouse file a joint return for the year of sale and one spouse meets the ownership and use test, you can exclude up to $250,000 of gain. Do my 2007 taxes online However, see Special rules for joint returns , next. Do my 2007 taxes online Special rules for joint returns. Do my 2007 taxes online   You can exclude up to $500,000 of the gain on the sale of your main home if all of the following are true. Do my 2007 taxes online You are married and file a joint return for the year. Do my 2007 taxes online Either you or your spouse meets the ownership test. Do my 2007 taxes online Both you and your spouse meet the use test. Do my 2007 taxes online During the 2-year period ending on the date of the sale, neither you nor your spouse exclude gain from the sale of another home. Do my 2007 taxes online Sale of home by surviving spouse. Do my 2007 taxes online   If your spouse died and you did not remarry before the date of sale, you are considered to have owned and lived in the property as your main home during any period of time when your spouse owned and lived in it as a main home. Do my 2007 taxes online   If you meet all of the following requirements, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home in 2013. Do my 2007 taxes online The sale or exchange took place no more than 2 years after the date of death of your spouse. Do my 2007 taxes online You have not remarried. Do my 2007 taxes online You and your spouse met the use test at the time of your spouse's death. Do my 2007 taxes online You or your spouse met the ownership test at the time of your spouse's death. Do my 2007 taxes online Neither you nor your spouse excluded gain from the sale of another home during the last 2 years. Do my 2007 taxes online Home transferred from spouse. Do my 2007 taxes online   If your home was transferred to you by your spouse (or former spouse if the transfer was incident to divorce), you are considered to have owned it during any period of time when your spouse owned it. Do my 2007 taxes online Use of home after divorce. Do my 2007 taxes online   You are considered to have used property as your main home during any period when: You owned it, and Your spouse or former spouse is allowed to live in it under a divorce or separation instrument and uses it as his or her main home. Do my 2007 taxes online Business Use or Rental of Home You may be able to exclude gain from the sale of a home that you have used for business or to produce rental income. Do my 2007 taxes online However, you must meet the ownership and use tests. Do my 2007 taxes online See Publication 523 for more information. Do my 2007 taxes online Depreciation after May 6, 1997. Do my 2007 taxes online   If you were entitled to take depreciation deductions because you used your home for business purposes or as rental property, you cannot exclude the part of your gain equal to any depreciation allowed or allowable as a deduction for periods after May 6, 1997. Do my 2007 taxes online See Publication 523 for more information. Do my 2007 taxes online Reporting the Sale Do not report the 2013 sale of your main home on your tax return unless: You have a gain and you do not qualify to exclude all of it, You have a gain and you choose not to exclude it, or You received Form 1099-S. Do my 2007 taxes online If you have a gain that you cannot or choose not to exclude, if you received a Form 1099-S, or if you have a deductible loss, report the sale on your tax return. Do my 2007 taxes online Report the sale on Part I or Part II of Form 8949 as a short-term or long-term transaction, depending on how long you owned the home. Do my 2007 taxes online If you used your home for business or to produce rental income, you may have to use Form 4797, Sales of Business Property, to report the sale of the business or rental part. Do my 2007 taxes online See Publication 523 for more information. Do my 2007 taxes online Reverse Mortgages A revers
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Your Rights When Disputing a Credit Card Charge

Under the Fair Credit Billing Act, you have the right to dispute charges on your credit card you didn't make, are incorrect, or for goods or services you didn't receive.

  • Send a letter to the creditor within 60 days of the postmark of the bill with the with disputed charge.
  • Include your name and account number, the date and amount of the disputed charge, and a complete explanation of why you are disputing the charge.
  • To ensure it's received, send your letter by certified mail, with a return receipt requested.
  • The creditor or card issuer must acknowledge your letter in writing within 30 days of receiving it and conduct an investigation within 90 days. You do not have to pay the amount in dispute during the investigation.
  • If there was an error, the creditor must credit your account and remove any fees.
  • If the bill is correct, you must be told in writing what you owe and why. You must pay it along with any related finance charges.

If you don't agree with the creditor's decision, file an appeal with the Consumer Financial Protection Bureau (CFPB).

Complaints

To complain about a problem with your credit card company, call the number on the back of your card and or try to resolve it with the Consumer Financial Protection Bureau. If you fail to resolve the issue, ask for the name, address and phone number of its regulatory agency. See the chart of regulators to the best federal or state regulatory agency to contact.

To complain about a credit bureau, contact the CFPB; for complaints about a department store that offers credit, or other Federal Deposit Insurance Corporation (FDIC)-insured financial institution, write to the agency's Consumer Response Center. You may also file a complaint with the FTC.

The Do My 2007 Taxes Online

Do my 2007 taxes online 22. Do my 2007 taxes online   Impuestos Table of Contents IntroductionGobierno tribal de indios estadounidenses. Do my 2007 taxes online Useful Items - You may want to see: Requisitos para Deducir Todo Impuesto Impuestos sobre los IngresosImpuestos Estatales y Locales sobre los Ingresos Impuestos Extranjeros sobre los Ingresos Impuestos Generales sobre las VentasVehículos de motor. Do my 2007 taxes online Impuestos sobre Bienes RaícesImpuestos sobre bienes raíces de años anteriores. Do my 2007 taxes online Ejemplos. Do my 2007 taxes online Formulario 1099-S. Do my 2007 taxes online Cantidades Relacionadas con Bienes Raíces que no Puede Deducir Impuestos sobre Bienes Muebles Impuestos y Cargos que no Puede Deducir Dónde se Anotan las Deducciones Introduction Este capítulo trata de los impuestos que puede deducir si detalla sus deducciones en el Anexo A (Formulario 1040). Do my 2007 taxes online También explica cuáles impuestos puede deducir en otros anexos o formularios y cuáles impuestos no puede deducir. Do my 2007 taxes online Este capítulo trata sobre los siguientes temas: Impuestos sobre los ingresos (federales, estatales, locales, y extranjeros). Do my 2007 taxes online Impuestos generales sobre ventas (estatales y locales). Do my 2007 taxes online Impuestos sobre bienes raíces (estatales, locales, y extranjeros). Do my 2007 taxes online Impuestos sobre bienes muebles (estatales y locales). Do my 2007 taxes online Impuestos y cargos que usted no puede deducir. Do my 2007 taxes online Use la Tabla 22-1 como guía para determinar cuáles impuestos se pueden deducir. Do my 2007 taxes online Hay una sección al final del capítulo que le explica cuál formulario debe usar para deducir diferentes tipos de impuestos. Do my 2007 taxes online Impuestos de negocio. Do my 2007 taxes online   Puede deducir ciertos impuestos solamente si son gastos ordinarios y necesarios de su ocupación o negocio o si los incurre para generar ingresos. Do my 2007 taxes online Para información sobre estos impuestos, vea la Publicación 535, Business Expenses (Gastos de negocio), en inglés. Do my 2007 taxes online Impuestos estatales o locales. Do my 2007 taxes online   Éstos son impuestos gravados por los 50 estados, posesiones (territorios no autónomos) de los EE. Do my 2007 taxes online UU. Do my 2007 taxes online o cualquiera de sus subdivisiones políticas (tal como un condado o una ciudad) o por el Distrito de Columbia. Do my 2007 taxes online Gobierno tribal de indios estadounidenses. Do my 2007 taxes online   Un gobierno tribal de indios estadounidenses, al que el Secretario del Tesoro reconoce que desempeña funciones gubernamentales sustanciales, se considera un estado para el propósito de reclamar una deducción tributaria. Do my 2007 taxes online Los impuestos sobre los ingresos, impuestos sobre bienes raíces e impuestos sobre bienes muebles gravados por dicho gobierno tribal de indios estadounidenses (o por cualquiera de sus subdivisiones tratadas como si fueran subdivisiones políticas de un estado) son deducibles. Do my 2007 taxes online Impuestos generales sobre las ventas. Do my 2007 taxes online   Estos son impuestos que se gravan a tasa fija sobre ventas al por menor. Do my 2007 taxes online Dichos impuestos corresponden a una amplia gama de diferentes tipos de artículos. Do my 2007 taxes online Impuestos extranjeros. Do my 2007 taxes online   Éstos son impuestos que grava un país extranjero o cualesquiera de sus subdivisiones políticas. Do my 2007 taxes online Useful Items - You may want to see: Publicación 514 Foreign Tax Credit for Individuals (Crédito por impuestos extranjeros para personas físicas), en inglés 530 Tax Information for Homeowners (Información tributaria para propietarios de vivienda), en inglés Formularios (e Instrucciones) Anexo A (Formulario 1040) Itemized Deductions (Deducciones detalladas), en inglés Anexo E (Formulario 1040) Supplemental Income and Loss (Ingresos y pérdidas suplementarios), en inglés 1116 Foreign Tax Credit (Crédito por impuestos extranjeros), en inglés Requisitos para Deducir Todo Impuesto Para que un impuesto sea deducible, se tienen que cumplir los dos requisitos siguientes: Se le tiene que gravar el impuesto a usted. Do my 2007 taxes online Usted tiene que pagar el impuesto durante su año tributario. Do my 2007 taxes online Se le tiene que gravar el impuesto a usted. Do my 2007 taxes online   En general, sólo puede deducir los impuestos que se le gravan a usted. Do my 2007 taxes online   Generalmente, puede deducir impuestos sobre bienes muebles sólo si usted es el dueño de la propiedad. Do my 2007 taxes online Si su cónyuge es dueño de la propiedad y paga impuestos sobre bienes raíces correspondientes a la misma, los impuestos se pueden deducir en la declaración separada de su cónyuge o en su declaración conjunta. Do my 2007 taxes online Tiene que pagar el impuesto durante su año tributario. Do my 2007 taxes online   Si es un contribuyente que usa el método contable a base de efectivo para pagar sus impuestos, puede deducir sólo aquellos impuestos que de hecho pagó durante su año tributario. Do my 2007 taxes online Si paga sus impuestos con cheque, el día en que envía o entrega el cheque se considera la fecha de pago, con tal de que el cheque sea aceptado por la institución financiera. Do my 2007 taxes online Si utiliza una cuenta para pagar por teléfono (como una tarjeta de crédito o retiro de fondos electrónico), la fecha de pago será la fecha en el estado de cuentas de la institución financiera indicando cuándo se hizo el pago. Do my 2007 taxes online Si usted disputa una obligación tributaria y es un contribuyente que usa el método a base de efectivo para pagar sus impuestos, puede deducir el impuesto únicamente en el año en que de hecho lo paga (o transfiere dinero u otros bienes para cumplir con la obligación en disputa). Do my 2007 taxes online Vea la Publicación 538, Accounting Periods and Methods (Períodos y métodos contables), en inglés, para más detalles. Do my 2007 taxes online    Si usa el método contable a base de lo devengado, vea la Publicación 538, en inglés, para más información. Do my 2007 taxes online Impuestos sobre los Ingresos Esta sección explica cuáles impuestos estatales y locales sobre los ingresos (incluyendo aportaciones del empleado a fondos estatales de beneficios) y cuáles impuestos sobre ingresos extranjeros se pueden deducir. Do my 2007 taxes online Impuestos Estatales y Locales sobre los Ingresos Puede deducir los impuestos estatales o locales sobre los ingresos. Do my 2007 taxes online Sin embargo, puede eligir deducir los impuestos generales estatales y locales sobre ventas en vez de deducir los impuestos estatales y locales sobre los ingresos. Do my 2007 taxes online Vea Impuestos Generales sobre las Ventas , mas adelante. Do my 2007 taxes online Excepción. Do my 2007 taxes online    No puede deducir impuestos estatales y locales que pague sobre ingresos exentos del impuesto federal sobre el ingreso, a menos que el ingreso exento del impuesto sea ingreso de intereses. Do my 2007 taxes online Por ejemplo, no puede deducir la parte del impuesto estatal sobre el ingreso que se grava sobre un subsidio por costo de vida exento del impuesto federal sobre el ingreso. Do my 2007 taxes online Qué Deducir Su deducción puede ser por impuestos retenidos, pagos de impuesto estimado u otros pagos de impuestos conforme a lo siguiente: Impuestos retenidos. Do my 2007 taxes online   Puede deducir los impuestos estatales y locales sobre el ingreso retenidos de su sueldo en el año en que son retenidos. Do my 2007 taxes online Sus Formularios W-2 indicarán la cantidad. Do my 2007 taxes online Los Formularios W-2G, 1099-G, 1099-R, y 1099-MISC también pueden indicar los impuestos sobre los ingresos estatales y locales retenidos. Do my 2007 taxes online Pagos de impuesto estimado. Do my 2007 taxes online   Puede deducir los pagos de impuesto estimado que hizo durante el año a un gobierno estatal o local. Do my 2007 taxes online Sin embargo, tendrá que tener una base razonable para hacer los pagos de impuesto estimado. Do my 2007 taxes online Todo pago de impuesto estimado estatal o local que no haya sido hecho de buena fe en el momento del pago no es deducible. Do my 2007 taxes online Por ejemplo, usted hizo un pago estimado del impuesto estatal sobre el ingreso. Do my 2007 taxes online No obstante, el cálculo aproximado de su obligación tributaria estatal resulta en que va a recibir un reembolso de todo su pago estimado. Do my 2007 taxes online Usted no tenía ninguna base razonable para creer que podría adeudar algún impuesto estatal sobre el ingreso adicional y no puede deducir el pago de impuesto estimado. Do my 2007 taxes online Reembolso aplicado a los impuestos. Do my 2007 taxes online   Puede deducir toda parte de un reembolso de impuestos estatales y locales sobre el ingreso de un año anterior que haya elegido utilizar para pagar sus impuestos estimados estatales o locales sobre el ingreso del año 2013. Do my 2007 taxes online    No reste de la deducción ninguno de los siguientes artículos: Todo reembolso de (o crédito por) el impuesto estatal o local sobre el ingreso (o crédito) que espere recibir para el año 2013. Do my 2007 taxes online Todo reembolso de (o crédito por) impuestos estatales y locales sobre los ingresos de un año anterior que de hecho haya recibido en 2013. Do my 2007 taxes online   Sin embargo, todo o parte de este reembolso (o crédito) puede ser tributable. Do my 2007 taxes online Vea Reembolso de (o crédito por) impuestos estatales o locales sobre el ingreso , más adelante. Do my 2007 taxes online Declaraciones federales separadas. Do my 2007 taxes online   Si usted y su cónyuge presentan declaraciones separadas del impuesto estatal, local y federal sobre el ingreso, cada uno puede deducir en su declaración federal sólo la cantidad de su propio impuesto estatal y local sobre el ingreso que pagó durante el año tributario. Do my 2007 taxes online Declaraciones conjuntas estatales y locales. Do my 2007 taxes online   Si usted y su cónyuge presentan declaraciones conjuntas estatales y locales y declaraciones federales separadas, cada uno puede deducir en su declaración federal separada parte del total de los impuestos estatales y locales sobre el ingreso pagados durante el año tributario. Do my 2007 taxes online Puede deducir sólo la cantidad del total de los impuestos que esté en proporción con sus ingresos brutos, comparados con la suma de los ingresos brutos de usted y los de su cónyuge. Do my 2007 taxes online Sin embargo, no puede deducir más de la cantidad que realmente pagó durante el año. Do my 2007 taxes online Puede evitar este cálculo si usted y su cónyuge son responsables, conjuntamente y por separado, de pagar la cantidad completa de impuestos estatales y locales sobre el ingreso. Do my 2007 taxes online De ser así, ambos pueden deducir en sus declaraciones federales separadas la cantidad que de hecho pagó cada uno. Do my 2007 taxes online Declaración conjunta federal. Do my 2007 taxes online   Si ustedes presentan una declaración conjunta federal, pueden deducir el total de los impuestos estatales y locales sobre el ingreso que pagaron ustedes dos. Do my 2007 taxes online Aportaciones a fondos de beneficios estatales. Do my 2007 taxes online    Como empleado, puede deducir aportaciones obligatorias hechas a fondos de beneficios estatales y retenidas de su salario que proveen protección contra la pérdida de salario. Do my 2007 taxes online Por ejemplo, algunos estados requieren que los empleados hagan aportaciones a fondos estatales que proveen beneficios del seguro por incapacidad o desempleo. Do my 2007 taxes online Los pagos obligatorios hechos a los siguientes fondos de beneficios estatales se pueden deducir como impuestos estatales sobre el ingreso en la línea 5 del Anexo A (Formulario 1040). Do my 2007 taxes online Fondo de Compensación por Desempleo de Alaska. Do my 2007 taxes online Fondo de Beneficios por Incapacidad no Laboral de California. Do my 2007 taxes online Fondo de Beneficios por Incapacidad no Laboral de Nueva Jersey. Do my 2007 taxes online Fondo de Compensación por Desempleo de Nueva Jersey. Do my 2007 taxes online Fondo de Beneficios por Incapacidad no Laboral de Nueva York. Do my 2007 taxes online Fondo de Compensación por Desempleo de Pennsylvania. Do my 2007 taxes online Fondo de Beneficios Temporales por Incapacidad de Rhode Island. Do my 2007 taxes online Fondo de Compensación Suplementaria del Seguro Obrero del Estado de Washington. Do my 2007 taxes online    Las aportaciones del empleado a planes de incapacidad privados o voluntarios no son deducibles. Do my 2007 taxes online Reembolso de (o crédito por) impuestos estatales o locales sobre el ingreso. Do my 2007 taxes online   Si recibe un reembolso de (o crédito por) impuestos estatales o locales sobre el ingreso en un año siguiente al año en que los pagó, puede verse obligado a incluir el reembolso en sus ingresos del año en que lo reciba, anotándolo en la línea 10 del Formulario 1040. Do my 2007 taxes online Esto incluye los reembolsos resultantes de impuestos que han sido retenidos en exceso, aplicados de una declaración de un año anterior, que no han sido calculados correctamente, o que han sido calculados nuevamente, debido a una declaración enmendada. Do my 2007 taxes online Si no detalló sus deducciones en el año anterior, no incluya el reembolso en los ingresos. Do my 2007 taxes online Si dedujo los impuestos en el año anterior, incluya todo o parte del reembolso en la línea 10 del Formulario 1040 en el año en que reciba el reembolso. Do my 2007 taxes online Para obtener una explicación de cuánto incluir, vea Recuperaciones de Fondos en el capítulo 12. Do my 2007 taxes online Impuestos Extranjeros sobre los Ingresos Generalmente, puede tomar una deducción o un crédito por los impuestos sobre los ingresos que le grava un país extranjero o una posesión (territorio no autónomo) de los Estados Unidos. Do my 2007 taxes online Sin embargo, no puede tomar una deducción ni un crédito por impuestos sobre los ingresos gravados a usted por otros países, que usted pagó sobre ingresos exentos del impuesto de los EE. Do my 2007 taxes online UU. Do my 2007 taxes online , conforme a la exclusión de ingresos ganados en el extranjero o la exclusión por concepto de vivienda en el extranjero. Do my 2007 taxes online Para información sobre estas exclusiones, vea la Publicación 54, Tax Guide for U. Do my 2007 taxes online S. Do my 2007 taxes online Citizens and Resident Aliens Abroad (Guía tributaria para ciudadanos y residentes extranjeros de los EE. Do my 2007 taxes online UU. Do my 2007 taxes online en el extranjero), en inglés. Do my 2007 taxes online Para información sobre el crédito por impuestos extranjeros, vea la Publicación 514, en inglés. Do my 2007 taxes online Impuestos Generales sobre las Ventas Puede optar por deducir impuestos generales estatales y locales sobre ventas, en lugar de impuestos estatales y locales sobre los ingresos, como deducción detallada en la línea 5b del Anexo A (Formulario 1040). Do my 2007 taxes online Usted puede calcular la deducción de impuestos sobre las ventas usando los gastos reales o las tablas correspondientes a impuestos estatales y locales. Do my 2007 taxes online Gastos reales. Do my 2007 taxes online   Normalmente, puede deducir los impuestos generales estatales y locales reales sobre las ventas (incluidos los impuestos de uso compensatorio) si la tasa de impuestos era igual a la tasa del impuesto general sobre las ventas. Do my 2007 taxes online No obstante, los impuestos sobre las ventas de comida, ropa, suministros médicos y vehículos motorizados son deducibles como impuestos generales sobre las ventas aun si la tasa de impuestos era inferior a la tasa del impuesto general sobre las ventas. Do my 2007 taxes online Si pagó impuestos sobre la venta de un vehículo motorizado a una tasa superior a la tasa del impuesto general sobre las ventas, puede deducir sólo la cantidad de impuestos que hubiera pagado conforme a la tasa del impuesto general sobre las ventas correspondientes a dicho vehículo. Do my 2007 taxes online Si usa el método basado en los gastos reales, tiene que tener recibos para demostrar los impuestos generales pagados sobre las ventas. Do my 2007 taxes online No incluya impuestos sobre las ventas pagado en los artículos utilizados en su actividad comercial o empresarial. Do my 2007 taxes online Vehículos de motor. Do my 2007 taxes online   Para propósitos de esta sección, los vehículos de motor incluyen: automóviles, motocicletas, casas rodantes, vehículos recreativos, vehículos utilitarios deportivos, camiones, camionetas y vehículos para uso fuera de la carretera. Do my 2007 taxes online Esto también incluye los impuestos sobre las ventas en un vehículo arrendado, pero no en los vehículos utilizados en su actividad comercial o empresarial. Do my 2007 taxes online Tablas de las tarifas opcionales para impuestos sobre las ventas. Do my 2007 taxes online   En vez de usar los gastos reales, puede calcular la deducción por impuestos generales estatales y locales sobre las ventas consultando las tablas de tarifas para el impuesto estatal y local sobre las ventas en las Instrucciones del Anexo A (Formulario1040). Do my 2007 taxes online Además, tal vez pueda añadir los impuestos generales estatales y locales sobre las ventas pagados sobre ciertos artículos específicos. Do my 2007 taxes online   Su cantidad correspondiente de las tarifas está basada en el estado donde vive, sus ingresos y el número de exenciones reclamadas en su declaración de impuestos. Do my 2007 taxes online Sus ingresos son el ingreso bruto ajustado más todo artículo no sujeto a impuestos, como los siguientes: Intereses exentos de impuestos. Do my 2007 taxes online Beneficios para veteranos. Do my 2007 taxes online Paga por combate no tributable. Do my 2007 taxes online Compensación del seguro obrero. Do my 2007 taxes online La parte no sujeta a impuestos de los beneficios del Seguro Social y de la jubilación de empleados ferroviarios. Do my 2007 taxes online La parte no sujeta a impuestos de una cuenta IRA, pensión o distribuciones de una anualidad, a excepción de las reinversiones. Do my 2007 taxes online Pagos de beneficios de asistencia pública. Do my 2007 taxes online   Si vivió en diferentes estados del país durante el mismo año tributario, tiene que prorratear la cantidad de las tarifas correspondiente a cada estado en el que vivió según las fechas en que vivió que en cada estado. Do my 2007 taxes online Vea las instrucciones de la línea 5 del Anexo A (Formulario 1040) para detalles adicionales. Do my 2007 taxes online Impuestos sobre Bienes Raíces Los impuestos sobre bienes raíces deducibles son todos los impuestos estatales, locales o extranjeros sobre bienes raíces que se graven para el bienestar general del público. Do my 2007 taxes online Puede deducir dichos impuestos sólo si se basan en el valor tasado de los bienes raíces y son cobrados uniformemente contra todos los bienes dentro de la jurisdicción de las autoridades tributarias. Do my 2007 taxes online Los impuestos sobre bienes raíces deducibles no suelen incluir impuestos cobrados por beneficios locales ni mejoras que aumentan el valor de los bienes. Do my 2007 taxes online Tampoco incluyen cargos detallados por servicios (tal como la recogida de basura) que se les cobran a bienes específicos o ciertas personas, aunque se les pague el cargo a las autoridades tributarias. Do my 2007 taxes online Para más información sobre impuestos y cargos que no son deducibles, vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir , más adelante. Do my 2007 taxes online Inquilinos-accionistas de una sociedad anónima de cooperativa de viviendas. Do my 2007 taxes online   Normalmente, si es inquilino-accionista de una sociedad anónima de cooperativa de viviendas, puede deducir la cantidad pagada a dicha sociedad anónima que corresponda a su parte de los impuestos sobre bienes raíces que dicha sociedad anónima pagó, o en los que incurrió por la vivienda de usted. Do my 2007 taxes online La sociedad anónima debería proporcionarle un estado de cuentas en el cual indica la parte de los impuestos que le corresponde. Do my 2007 taxes online Para más información, vea las Special Rules for Cooperatives (Reglas especiales para cooperativas), en la Publicación 530, en inglés. Do my 2007 taxes online División de los impuestos sobre bienes raíces entre compradores y vendedores. Do my 2007 taxes online   Si compró o vendió bienes raíces durante el año, los impuestos sobre bienes raíces tienen que ser divididos entre el comprador y el vendedor. Do my 2007 taxes online   El comprador y el vendedor tienen que dividir los impuestos de bienes raíces basándose en el número de días del año tributario para bienes raíces (el período relacionado con el impuesto gravado) que cada uno fue dueño de la propiedad. Do my 2007 taxes online Al vendedor se le trata como si hubiese pagado los impuestos hasta la fecha de la venta, pero sin incluir dicha fecha. Do my 2007 taxes online Al comprador se le trata como si hubiese pagado los impuestos a partir de la fecha de la venta. Do my 2007 taxes online Esto corresponde independientemente de las fechas de gravamen bajo la ley local. Do my 2007 taxes online Generalmente, esta información se incluye en el estado de liquidación proporcionado al cierre. Do my 2007 taxes online    Si usted (el vendedor) no puede deducir los impuestos hasta que se paguen debido a su uso del método contable a base de efectivo, y el comprador de su propiedad es personalmente responsable de pagar el impuesto, se considera que usted ha pagado su parte del impuesto en el momento de la venta. Do my 2007 taxes online Esto le permite deducir su parte del impuesto hasta la fecha de venta aunque de hecho no lo haya pagado. Do my 2007 taxes online Sin embargo, también tiene que incluir la cantidad de dicho impuesto en el precio de venta de la propiedad. Do my 2007 taxes online El comprador tiene que incluir la misma cantidad en su costo de la propiedad. Do my 2007 taxes online   Calcule su deducción tributaria sobre cada propiedad comprada o vendida durante el año tributario para bienes raíces conforme a lo siguiente: Hoja de Trabajo 22-1. Do my 2007 taxes online Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces 1. Do my 2007 taxes online Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces   2. Do my 2007 taxes online Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad   3. Do my 2007 taxes online Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . Do my 2007 taxes online 4. Do my 2007 taxes online Multiplique la línea 1 por la línea 3. Do my 2007 taxes online Ésta es su deducción. Do my 2007 taxes online Anótela en la línea 6 del Anexo A (Formulario 1040). Do my 2007 taxes online   Nota: Repita los pasos 1 al 4 para cada propiedad que compró o vendió durante el año tributario para bienes raíces. Do my 2007 taxes online La deducción total es la suma de las cantidades de la línea 4 para todas las propiedades. Do my 2007 taxes online Impuestos sobre bienes raíces de años anteriores. Do my 2007 taxes online   No divida impuestos morosos entre el comprador y el vendedor si dichos impuestos corresponden a un año tributario de bienes raíces anterior al año en que se vendió la propiedad. Do my 2007 taxes online Aunque el comprador acuerde pagar los impuestos morosos, el mismo no los puede deducir y tiene que sumarlos al costo de la propiedad. Do my 2007 taxes online El vendedor puede deducir estos impuestos pagados por el comprador. Do my 2007 taxes online Sin embargo, el vendedor tiene que incluirlos en el precio de venta. Do my 2007 taxes online Ejemplos. Do my 2007 taxes online   Los siguientes ejemplos demuestran cómo se dividen los impuestos sobre bienes raíces entre el comprador y el vendedor. Do my 2007 taxes online Ejemplo 1. Do my 2007 taxes online El año tributario de bienes raíces de José y María Blanco, tanto para su antigua vivienda como para su nueva vivienda, es el año natural. Do my 2007 taxes online El plazo para pagar vence el 1 de agosto. Do my 2007 taxes online El impuesto sobre su antigua vivienda, vendida el 7 de mayo, era $620. Do my 2007 taxes online El impuesto sobre su nueva vivienda, comprada el 3 de mayo, es $732. Do my 2007 taxes online Se considera que José y María han pagado una parte proporcional de los impuestos para bienes raíces sobre la antigua vivienda aunque de hecho no se los pagaron a las autoridades tributarias. Do my 2007 taxes online Por otro lado, pueden declarar sólo una parte proporcional de los impuestos que pagaron sobre su nueva propiedad, aunque pagaron la cantidad completa. Do my 2007 taxes online José y María fueron dueños de su antigua vivienda durante 126 días del año tributario para bienes raíces (del 1 de enero al 6 de mayo, el día antes de la venta). Do my 2007 taxes online Calculan su deducción tributaria sobre su antigua vivienda conforme a lo siguiente: Hoja de Trabajo 22-1. Do my 2007 taxes online Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces−Impuestos sobre Antigua Vivienda 1. Do my 2007 taxes online Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces $620 2. Do my 2007 taxes online Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad 126 3. Do my 2007 taxes online Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . Do my 2007 taxes online 3452 4. Do my 2007 taxes online Multiplique la línea 1 por la línea 3. Do my 2007 taxes online Ésta es su deducción. Do my 2007 taxes online Anótela en la línea 6 del Anexo A (Formulario 1040). Do my 2007 taxes online $214 Como los compradores de su antigua vivienda pagaron todos los impuestos, José y María también incluyen los $214 en el precio de venta de la antigua vivienda. Do my 2007 taxes online Los compradores suman los $214 al costo de su vivienda. Do my 2007 taxes online José y María fueron dueños de su nueva vivienda durante el año tributario para bienes raíces por 243 días (del 3 de mayo al 31 de diciembre, incluyendo la fecha de compra). Do my 2007 taxes online Calculan su deducción tributaria sobre su nueva vivienda conforme a lo siguiente: Hoja de Trabajo 22-1. Do my 2007 taxes online Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces−Impuestos sobre Nueva Vivienda 1. Do my 2007 taxes online Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces $732 2. Do my 2007 taxes online Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad 243 3. Do my 2007 taxes online Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . Do my 2007 taxes online 6658 4. Do my 2007 taxes online Multiplique la línea 1 por la línea 3. Do my 2007 taxes online Ésta es su deducción. Do my 2007 taxes online Anótela en la línea 6 del Anexo A (Formulario 1040). Do my 2007 taxes online $487 Como José y María pagaron todos los impuestos sobre la nueva vivienda, suman $245 ($732 pagados menos una deducción de $487) a su costo de la nueva vivienda. Do my 2007 taxes online Los vendedores suman estos $245 a su precio de venta y deducen los $245 como impuesto sobre los bienes raíces. Do my 2007 taxes online La deducción por el impuesto sobre bienes raíces de José y María por sus antiguas y nuevas viviendas es la suma de $214 y $487, o sea $701. Do my 2007 taxes online Anotarán esta cantidad en la línea 6 del Anexo A (Formulario 1040). Do my 2007 taxes online Ejemplo 2. Do my 2007 taxes online Jorge y Helena Moreno compraron una nueva casa el 3 de mayo del año 2013. Do my 2007 taxes online Su año tributario de bienes raíces para la nueva casa es el año natural. Do my 2007 taxes online Los impuestos sobre bienes raíces para el año 2012 fueron gravados en el estado donde viven los Moreno el 1 de enero del año 2013. Do my 2007 taxes online El plazo para pagar los impuestos venció el 31 de mayo del año 2013 y el 31 de octubre del año 2013. Do my 2007 taxes online Los Moreno acordaron pagar todos los impuestos morosos después de la fecha de compra. Do my 2007 taxes online Los impuestos sobre bienes raíces para el año 2012 fueron $680. Do my 2007 taxes online Pagaron $340 el 31 de mayo del año 2012 y $340 el 31 de octubre del año 2013. Do my 2007 taxes online Estos impuestos fueron para el año tributario de bienes raíces de 2012. Do my 2007 taxes online Los Moreno no pueden deducirlos ya que no fueron dueños de la propiedad hasta el año 2013. Do my 2007 taxes online En lugar de ello, tienen que añadir $680 al costo de su nueva vivienda. Do my 2007 taxes online En enero del año 2014, los Moreno reciben su estado de cuenta del impuesto sobre bienes raíces del año 2013 por $752 y pagarán esta cantidad en el año 2014. Do my 2007 taxes online Los Moreno fueron dueños de su nueva vivienda por 243 días (desde el 3 de mayo hasta el 31 de diciembre) durante el año tributario para bienes raíces de 2013. Do my 2007 taxes online Calcularán su deducción tributaria para el año 2014 conforme a lo siguiente: Hoja de Trabajo 22-1. Do my 2007 taxes online Cómo Calcular su Deducción por Impuestos sobre Bienes Raíces−Impuestos sobre Nueva Vivienda 1. Do my 2007 taxes online Anote el total de los impuestos sobre bienes raíces del año tributario para bienes raíces $752 2. Do my 2007 taxes online Anote el número de días del año tributario para bienes raíces que usted fue dueño de la propiedad 243 3. Do my 2007 taxes online Divida la cantidad de la línea 2 entre 365 (para años bisiestos, divida la cantidad de la línea 2 entre 366) . Do my 2007 taxes online 6658 4. Do my 2007 taxes online Multiplique la línea 1 por la línea 3. Do my 2007 taxes online Ésta es su deducción. Do my 2007 taxes online Anótela en la línea 6 del Anexo A (Formulario 1040). Do my 2007 taxes online $501 Los impuestos restantes de $251 (los $752 pagados menos una deducción de $501) que fueron pagados en el año 2014, junto con los $680 que fueron pagados en el año 2013, se suman al costo de su nueva vivienda. Do my 2007 taxes online Debido a que se considera que los impuestos hasta la fecha de venta han sido pagados por el vendedor en la fecha de venta, éste tiene derecho a una deducción tributaria de $931 para el año 2013. Do my 2007 taxes online Ésta es la suma de los $680 del año 2012 y los $251 por los 122 días durante los cuales fue dueño de la vivienda en el año 2013. Do my 2007 taxes online El vendedor también tiene que incluir los $931 en el precio de venta cuando calcule la ganancia o pérdida en la venta. Do my 2007 taxes online El vendedor debería ponerse en contacto con los Moreno en enero del año 2014 para averiguar cuánto impuesto sobre bienes raíces se debe pagar para el año 2013. Do my 2007 taxes online Formulario 1099-S. Do my 2007 taxes online   Para ciertas ventas o intercambios de bienes raíces, la persona encargada del cierre de la venta (generalmente el agente a cargo del cierre) prepara el Formulario 1099-S, Proceeds From Real Estate Transactions (Ganancias procedentes de transacciones de bienes raíces), en inglés, para declarar cierta información al IRS y al vendedor de la propiedad. Do my 2007 taxes online El recuadro 2 del Formulario 1099-S es para las utilidades brutas de la venta y debería incluir la parte de la obligación tributaria por bienes raíces correspondiente al vendedor que el comprador pagará a partir de la fecha de la venta. Do my 2007 taxes online El comprador incluye estos impuestos en la base del costo de la propiedad y el vendedor deduce esta cantidad como un impuesto pagado y lo incluye en el precio de venta de la propiedad. Do my 2007 taxes online   Para una transacción de bienes raíces que incluya una vivienda, todo impuesto sobre bienes raíces que el vendedor haya pagado por adelantado pero que es la obligación del comprador aparece en el recuadro 5 del Formulario 1099-S. Do my 2007 taxes online El comprador deduce esta cantidad como un impuesto sobre bienes raíces y el vendedor reduce esa misma cantidad de su deducción del impuesto sobre bienes raíces (o la incluye en el ingreso). Do my 2007 taxes online Vea Reembolso (o rebaja) , más adelante. Do my 2007 taxes online Impuestos depositados en plica. Do my 2007 taxes online   Si su pago hipotecario mensual incluye una cantidad depositada en plica (puesta bajo la custodia de un tercero) para impuestos sobre bienes raíces, es posible que no pueda deducir toda la cantidad que fue depositada en plica. Do my 2007 taxes online Puede deducir sólo el impuesto sobre bienes raíces que el tercero de hecho les pagó a las autoridades tributarias. Do my 2007 taxes online Si el tercero no le avisa de la cantidad de impuesto sobre bienes raíces pagada en nombre suyo, póngase en contacto con el tercero o las autoridades tributarias para averiguar la cantidad que debe usar en su declaración. Do my 2007 taxes online Tenencia en su totalidad. Do my 2007 taxes online   Si usted y su cónyuge tuvieron propiedad conyugal en su totalidad y presentan declaraciones federales separadas, cada uno de ustedes puede deducir sólo los impuestos que cada uno de ustedes pagó sobre la propiedad. Do my 2007 taxes online Personas divorciadas. Do my 2007 taxes online   Si su acuerdo de divorcio o separación declara que usted tiene que pagar los impuestos sobre bienes raíces por una vivienda cuyos dueños son usted y su cónyuge, una parte de sus pagos podría ser deducible como pensión para el cónyuge divorciado y otra parte como impuestos sobre bienes raíces. Do my 2007 taxes online Vea Impuestos y seguro en el capítulo 18 para más información. Do my 2007 taxes online Asignaciones para la vivienda para ministros de una orden religiosa y personal militar. Do my 2007 taxes online   Si es ministro de la iglesia o miembro de los servicios militares y recibe una asignación para su vivienda que puede excluir de sus ingresos, aún puede deducir todos los impuestos sobre bienes raíces que pague sobre su vivienda. Do my 2007 taxes online Reembolso (o rebaja). Do my 2007 taxes online   Si recibió un reembolso o una rebaja en el año tributario 2013 sobre bienes raíces que pagó ese año, tiene que reducir su deducción por la cantidad que se le ha reembolsado. Do my 2007 taxes online Si recibió un reembolso o una rebaja en el año tributario 2013 sobre bienes raíces que dedujo en un año anterior (ya sea como deducción detallada o como aumento en la deducción estándar), generalmente tiene que incluir el reembolso o la rebaja en los ingresos del año en que lo reciba. Do my 2007 taxes online Sin embargo, la cantidad que se incluye en los ingresos se limita a la cantidad de la deducción que disminuyó su impuesto en el año anterior. Do my 2007 taxes online Para más información, vea Recuperación de Fondos en el capítulo 12. Do my 2007 taxes online Tabla 22-1. Do my 2007 taxes online ¿Qué Impuestos Puede Deducir? Tipo de Impuestos Puede Deducir No Puede Deducir Honorarios y Cargos Honorarios y cargos que son gastos de su ocupación o negocio o de la generación de ingresos. Do my 2007 taxes online Honorarios y cargos que no son gastos de su ocupación o negocio o de la generación de ingresos, tales como cargos de licencias para conducir, inspección de vehículos, estacionamiento o cargos por servicios de agua (vea Impuestos y Cargos que no Puede Deducir ). Do my 2007 taxes online     Multas y sanciones. Do my 2007 taxes online Impuestos sobre los Ingresos Impuestos estatales y locales sobre los ingresos. Do my 2007 taxes online Impuestos federales sobre los ingresos. Do my 2007 taxes online   Impuestos extranjeros sobre los ingresos. Do my 2007 taxes online Aportaciones del empleado a planes de seguro por incapacidad privados o voluntarios. Do my 2007 taxes online   Aportaciones del empleado a fondos estatales, tal como se indica bajo Aportaciones a fondos de beneficios estatales . Do my 2007 taxes online Impuestos generales estatales y locales sobre las ventas si opta por deducir impuestos estatales y locales sobre los ingresos. Do my 2007 taxes online Impuestos Generales sobre las Ventas Impuestos generales estatales y locales sobre las ventas, incluyendo los impuestos de uso compensatorio. Do my 2007 taxes online Impuestos estatales y locales sobre los ingresos si opta por deducir impuestos generales estatales y locales sobre las ventas. Do my 2007 taxes online Otros Impuestos Impuestos que son gastos de su ocupación o negocio. Do my 2007 taxes online Impuestos federales sobre artículos de uso y consumo, tal como el impuesto sobre gasolina, que no son gastos de su ocupación o negocio o de la generación de ingresos. Do my 2007 taxes online   Impuestos sobre bienes que generan ingresos del alquiler o de regalías. Do my 2007 taxes online Impuestos per cápita. Do my 2007 taxes online   Impuestos sobre una profesión u ocupación. Do my 2007 taxes online Vea el capítulo 28. Do my 2007 taxes online     La mitad del impuesto sobre el trabajo por cuenta propia pagado. Do my 2007 taxes online   Impuestos sobre Bienes Muebles Impuestos estatales y locales sobre bienes muebles. Do my 2007 taxes online Aranceles de aduanas que no son gastos de su ocupación o negocio o de la generación de ingresos. Do my 2007 taxes online Impuestos sobre Bienes Raíces Impuestos estatales y locales sobre bienes raíces. Do my 2007 taxes online Impuestos sobre bienes raíces que se tratan como si hubiesen sido gravados a otra persona (vea División de los impuestos sobre bienes raíces entre compradores y vendedores ). Do my 2007 taxes online   Impuestos extranjeros sobre bienes raíces. Do my 2007 taxes online Impuestos para beneficios locales (con excepciones). Do my 2007 taxes online Vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir . Do my 2007 taxes online   La parte de los impuestos sobre bienes raíces del inquilino pagada por una sociedad anónima cooperativa de viviendas. Do my 2007 taxes online Cargos por la recogida de basura y desperdicios (hay excepciones). Do my 2007 taxes online Vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir . Do my 2007 taxes online     Aumento del alquiler debido a impuestos sobre bienes raíces más altos. Do my 2007 taxes online     Cuotas de la asociación de propietarios de viviendas. Do my 2007 taxes online Cantidades Relacionadas con Bienes Raíces que no Puede Deducir Los pagos de los siguientes no suelen ser deducibles como impuestos sobre bienes raíces: Impuestos por beneficios locales. Do my 2007 taxes online Cargos detallados por servicios (tales como cargos por la recogida de basura y desperdicios). Do my 2007 taxes online Impuestos de traspaso (impuestos de timbre). Do my 2007 taxes online Aumentos del alquiler ocasionados por aumentos en los impuestos sobre bienes raíces. Do my 2007 taxes online Cuotas de la asociación de propietarios de vivienda. Do my 2007 taxes online Impuestos por beneficios locales. Do my 2007 taxes online   Los impuestos deducibles sobre bienes raíces no suelen incluir impuestos gravados por beneficios locales y mejoras que tienden a aumentar el valor de la propiedad. Do my 2007 taxes online Estos incluyen impuestos por mejoras de calles, aceras o banquetas, cañerías principales, alcantarillado, instalaciones de estacionamiento público y mejoras parecidas. Do my 2007 taxes online Debe aumentar la base de su propiedad por la cantidad pagada. Do my 2007 taxes online   Los impuestos sobre beneficios locales se pueden deducir únicamente si son por mantenimiento, reparaciones o cargos de intereses relacionados con aquellos beneficios. Do my 2007 taxes online Si sólo una parte de los impuestos es por mantenimiento, reparaciones o intereses, tiene que poder determinar cuánta fue la cantidad de dicha parte para reclamar la deducción. Do my 2007 taxes online Si no puede determinar qué parte del impuesto es por mantenimiento, reparaciones o intereses, ninguna parte de éste es deducible. Do my 2007 taxes online    Los impuestos sobre beneficios locales podrían incluirse en su factura del impuesto sobre bienes raíces. Do my 2007 taxes online Si las autoridades tributarias (o prestamista hipotecario) no le proveen una copia de su factura del impuesto sobre bienes raíces, pídala. Do my 2007 taxes online Debe usar las reglas indicadas anteriormente para determinar si puede deducir el impuesto sobre beneficios locales. Do my 2007 taxes online Comuníquese con las autoridades tributarias si necesita información adicional sobre un cargo específico indicado en su factura del impuesto sobre bienes raíces. Do my 2007 taxes online Cargos detallados por servicios. Do my 2007 taxes online    Un cargo detallado por servicios sobre una propiedad o persona específica no es un impuesto, aun si el cargo se paga a las autoridades tributarias. Do my 2007 taxes online Por ejemplo, no puede deducir el cargo como un impuesto sobre bienes raíces si es: Un cargo unitario por el abastecimiento de un servicio (tal como un cargo de $5 que se cobra por cada 1,000 galones de agua que use), Un cargo periódico por un servicio residencial (tal como un cargo de $20 al mes o $240 al año que se le cobra a cada propietario de viviendas por la recogida de basura) o Un cargo fijo que se cobra por un solo servicio provisto por su gobierno (tal como un cargo de $30 por cortar el césped por haberla dejado crecer más de lo permitido conforme al reglamento local). Do my 2007 taxes online    Tiene que revisar su factura del impuesto sobre bienes raíces para determinar si algún cargo detallado no deducible, como los que se enumeran anteriormente, se ha incluido en la factura. Do my 2007 taxes online Si las autoridades tributarias (o el prestamista hipotecario) no le proveen una copia de su factura del impuesto sobre bienes raíces, pídala. Do my 2007 taxes online Excepción. Do my 2007 taxes online   Los cargos que se utilizan para mantener o mejorar servicios (tal como la recogida de basura o la protección policial o contra incendios) son deducibles como impuestos sobre bienes raíces si: Los cargos se gravan a una tasa similar para todos los bienes en la jurisdicción que impone el impuesto, Los fondos recaudados no tienen designación específica; en vez de ello, están mezclados con fondos fiscales generales y Los fondos utilizados para mantener y mejorar servicios no se limitan a la cantidad de dichos cargos recaudados ni están determinados por dicha cantidad. Do my 2007 taxes online Impuestos de traspaso (impuestos de timbre). Do my 2007 taxes online   No se pueden deducir los impuestos de traspaso ni impuestos similares, ni los cargos sobre la venta de una vivienda personal. Do my 2007 taxes online Si los paga el vendedor, son gastos de la venta y reducen la cantidad generada por la venta. Do my 2007 taxes online Si los paga el comprador, se incluyen en la base del costo de los bienes. Do my 2007 taxes online Aumento del alquiler debido a impuestos sobre bienes raíces más altos. Do my 2007 taxes online   Si su arrendador aumenta su alquiler en forma de recargo tributario (surcharge) debido a un aumento de los impuestos sobre bienes raíces, no puede deducir dicho aumento como impuesto. Do my 2007 taxes online Cuotas de la asociación de propietarios de vivienda. Do my 2007 taxes online   Estos cargos no se pueden deducir porque son gravados por la asociación de propietarios de vivienda y no por el gobierno estatal o local. Do my 2007 taxes online Impuestos sobre Bienes Muebles El impuesto sobre bienes muebles es deducible si es un impuesto estatal o local que: Se cobra sobre bienes muebles, Se basa únicamente en el valor de los bienes muebles y Se cobra anualmente, aunque se pague más o menos una vez al año. Do my 2007 taxes online Se puede considerar que un impuesto que reúna los requisitos anteriores ha sido cobrado sobre bienes muebles aunque sea para el ejercicio de un privilegio. Do my 2007 taxes online Por ejemplo, un impuesto anual basado en el valor reúne los requisitos como impuesto sobre bienes muebles, aunque se denomine un cargo de registro y sea para el privilegio de registrar automóviles o utilizarlos en las carreteras. Do my 2007 taxes online Si el impuesto se basa parcialmente en el valor y parcialmente en otros criterios, puede reunir los requisitos en parte. Do my 2007 taxes online Ejemplo. Do my 2007 taxes online El estado en el que vive cobra un impuesto anual del 1% del valor, más 50 centavos por quintal (cien libras de peso) de un vehículo por el registro del mismo. Do my 2007 taxes online Usted pagó $32 basados en el valor ($1,500) y peso (3,400 libras) de su automóvil. Do my 2007 taxes online Puede deducir $15 (1% x $1,500) como un impuesto sobre bienes muebles, ya que esa parte se basa en el valor. Do my 2007 taxes online Los $17 restantes ($0. Do my 2007 taxes online 50 x 34), basados en el peso, no se pueden deducir. Do my 2007 taxes online Impuestos y Cargos que no Puede Deducir Muchos impuestos del gobierno federal, estatal y local no son deducibles porque no pertenecen a las categorías mencionadas anteriormente. Do my 2007 taxes online Otros impuestos y cargos, tales como los impuestos federales sobre los ingresos, no son deducibles debido a que la ley tributaria prohibe específicamente la deducción de éstos. Do my 2007 taxes online Vea la Tabla 22-1. Do my 2007 taxes online Los impuestos y cargos que generalmente no se pueden deducir incluyen los siguientes: Impuestos sobre la nómina. Do my 2007 taxes online Esto incluye los impuestos del Seguro Social, Medicare e impuestos sobre la jubilación ferroviaria retenidos de su paga. Do my 2007 taxes online No obstante, una mitad del impuesto que usted paga sobre el trabajo por cuenta propia es deducible. Do my 2007 taxes online Asimismo, es posible que los impuestos del Seguro Social y otros impuestos laborales sobre la nómina que usted paga sobre el salario de un empleado doméstico se puedan incluir en los gastos médicos deducibles o en los gastos del cuidado de hijos que le permitan reclamar el crédito por gastos del cuidado de menores y dependientes. Do my 2007 taxes online Para más información, vea los capítulos 21 y 32. Do my 2007 taxes online Impuestos sobre caudales hereditarios, herencias, legados o sucesiones. Do my 2007 taxes online No obstante, puede deducir la parte del impuesto sobre la herencia atribuible al ingreso proveniente de un difunto si usted, como beneficiario, tiene que incluir dicho ingreso en su propio ingreso bruto. Do my 2007 taxes online En este caso, deduzca el impuesto sobre la herencia como deducción miscelánea no sujeta al límite del 2% del ingreso bruto ajustado. Do my 2007 taxes online Para más información, vea la Publicación 559, Survivors, Executors, and Administrators (Sobrevivientes, albaceas y administradores), en inglés. Do my 2007 taxes online Impuestos federales sobre los ingresos. Do my 2007 taxes online Incluye impuestos sobre los ingresos retenidos de su paga. Do my 2007 taxes online Multas y sanciones. Do my 2007 taxes online No puede deducir multas y sanciones pagadas a un gobierno por la violación de alguna ley, incluidas cantidades afines de garantía que haya perdido. Do my 2007 taxes online Impuestos sobre donaciones. Do my 2007 taxes online Cargos por licencias. Do my 2007 taxes online No puede deducir cargos por licencias para propósitos personales (cargos por licencia matrimonial, licencias para conducir y permiso para perros). Do my 2007 taxes online Impuestos per cápita. Do my 2007 taxes online No puede deducir los impuestos per cápita estatales o locales. Do my 2007 taxes online Muchos impuestos y cargos que no se enumeraron anteriormente tampoco pueden ser deducidos, a menos que sean gastos ordinarios y necesarios de una actividad comercial o una actividad que genere ingresos. Do my 2007 taxes online Para otros cargos que no se pueden deducir, vea Cantidades Relacionadas con Bienes Raíces que no Puede Deducir , anteriormente. Do my 2007 taxes online Dónde se Anotan las Deducciones Los impuestos se deducen en los siguientes anexos: Impuestos estatales y locales sobre los ingresos. Do my 2007 taxes online    Estos impuestos se deducen en la línea 5 del Anexo A (Formulario 1040), aunque su única fuente de ingresos sea de negocios, alquileres o regalías. Do my 2007 taxes online Marque el recuadro a en la línea 5. Do my 2007 taxes online Impuestos generales sobre las ventas. Do my 2007 taxes online   Los impuestos sobre las ventas se deducen en la línea 5 del Anexo A (Formulario 1040). Do my 2007 taxes online Usted tiene que marcar el recuadro b en la línea 5. Do my 2007 taxes online Si elige deducir estos impuestos, no puede deducir impuestos estatales y locales sobre los ingresos en el recuadro a de la línea 5 del Anexo A (Formulario 1040). Do my 2007 taxes online Impuestos extranjeros sobre los ingresos. Do my 2007 taxes online   Por lo general, los impuestos que paga a un país extranjero o una posesión (territorio no autónomo) estadounidense pueden ser reclamados como una deducción detallada en la línea 8 del Anexo A (Formulario 1040) o como un crédito a su favor para su impuesto sobre el ingreso de los EE. Do my 2007 taxes online UU. Do my 2007 taxes online en la línea 47 del Formulario 1040. Do my 2007 taxes online Para reclamar el crédito, es posible que tenga que llenar y adjuntar el Formulario 1116, en inglés. Do my 2007 taxes online Para más información, vea el capítulo 37 de esta publicación, las Instrucciones del Formulario 1040 o la Publicación 514, estos dos últimos en inglés. Do my 2007 taxes online Impuestos sobre bienes raíces e impuestos sobre bienes muebles. Do my 2007 taxes online    Los impuestos sobre bienes raíces e impuestos sobre bienes muebles se anotan en las líneas 6 y 7, respectivamente, del Anexo A (Formulario 1040), a menos que se paguen sobre bienes utilizados en su negocio. Do my 2007 taxes online En tal caso, se anotan en el Anexo C, Anexo C-EZ o Anexo F (Formulario 1040). Do my 2007 taxes online Los impuestos sobre propiedad que genere ingresos de alquiler o de regalías se anotan en el Anexo E (Formulario 1040). Do my 2007 taxes online Impuestos sobre el trabajo por cuenta propia. Do my 2007 taxes online    Deduzca la mitad de su impuesto sobre el trabajo por cuenta propia en la línea 27 del Formulario 1040. Do my 2007 taxes online Otros impuestos. Do my 2007 taxes online    Todos los demás impuestos deducibles se anotan en la línea 8 del Anexo A (Formulario 1040). Do my 2007 taxes online Prev  Up  Next   Home   More Online Publications