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Ez Form 2012

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Ez Form 2012

Ez form 2012 35. Ez form 2012   Créditos Tributarios por Estudios Table of Contents Introduction Useful Items - You may want to see: ¿Quién Puede Reclamar un Crédito Tributario por Estudios? Gastos de Estudios CalificadosNo se Permite Beneficio Doble Ajustes a los Gastos de Estudios Calificados Introduction Para 2013, hay dos créditos tributarios para personas que paguen gastos de enseñanza superior (postsecundaria). Ez form 2012 Éstos son: El crédito tributario de oportunidad para los estadounidenses y El crédito vitalicio por aprendizaje. Ez form 2012 Este capítulo explica en términos generales estos créditos tributarios por estudios. Ez form 2012 Para obtener la información detallada que necesitará para reclamar cualquiera de los créditos, y para ver ejemplos aclaratorios, consulte los capítulos 2 y 3 de la Publicación 970, Tax Benefits for Education (Beneficios tributarios por estudios), en inglés. Ez form 2012 ¿Puede reclamar más de un crédito por estudios este año?   Puede escoger sólo uno de los créditos por cada estudiante por cada año. Ez form 2012 Por ejemplo, si reclama el crédito tributario de oportunidad para los estadounidenses por un hijo en su declaración de impuestos de 2013, no puede tomar el crédito vitalicio por aprendizaje para 2013 si se trata del mismo hijo. Ez form 2012   Si reúne los requisitos del crédito tributario de oportunidad para los estadounidenses y también del crédito vitalicio por aprendizaje por el mismo estudiante durante el mismo año, puede reclamar sólo uno de los dos créditos, pero no ambos. Ez form 2012   Si paga gastos de estudios calificados por más de un estudiante durante el mismo año, puede reclamar el crédito tributario de oportunidad para los estadounidenses y el crédito vitalicio por aprendizaje basado por cada estudiante y por año. Ez form 2012 Esto quiere decir que, por ejemplo, puede reclamar el crédito tributario de oportunidad para los estadounidenses por un estudiante y el crédito vitalicio por aprendizaje por otro estudiante en el mismo año. Ez form 2012    Tabla 35-1. Ez form 2012 Comparación de los Créditos Tributarios por Estudios Precaución: Puede reclamar el crédito tributario de oportunidad para los estadounidenses y el crédito vitalicio por aprendizaje en la misma declaración —pero no por el mismo estudiante. Ez form 2012   Crédito tributario de oportunidad para los estadounidenses Crédito vitalicio por aprendizaje Crédito máximo Un crédito de hasta $2,500 por cada estudiante que reúne los requisitos Un crédito de hasta $2,000 por cada declaración Límite a los ingresos brutos ajustados modificados (MAGI, por sus siglas en inglés) $180,000 si es casado que presenta una declaración conjunta;  $90,000 si es soltero, cabeza de familia o viudo que reúne los requisitos $127,000 si es casado que presenta una declaración conjunta;  $63,000 si es soltero, cabeza de familia o viudo que reúne los requisitos Reembolsable o no reembolsable El 40% del crédito podría ser reembolsable El monto del crédito está limitado al monto de impuestos que tiene que pagar sobre sus ingresos sujetos a impuestos Número de años de enseñanza postsecundaria Disponible SÓLO si el estudiante no ha completado los 4 primeros años de enseñanza postsecundaria antes de 2013 Disponible para todo año de enseñanza postsecundaria y cursos para adquirir o mejorar aptitudes en el trabajo Número de años tributarios por los cuales se ofrece el crédito Disponible SÓLO por 4 años por cada estudiante que reúna los requisitos (incluido todo año en el que se haya reclamado el crédito Hope) Disponible por un número ilimitado de años Tipo de programa académico requerido El estudiante tiene que estar cursando un programa de estudios con miras a sacar una licenciatura u otro título o certificado académico acreditado El estudiante no necesita estar cursando un programa de estudios con miras a sacar una licenciatura u otro título o certificado académico acreditado Número de cursos El estudiante tiene que estar matriculado a medio tiempo como mínimo durante al menos un período académico que haya comenzado en el transcurso del año tributario Disponible para uno o más cursos Fallo condenatorio por delito grave de drogas Si para el fin de 2013 no consta fallo condenatorio alguno al estudiante por delito grave de poseer o distribuir drogas Fallos condenatorios por delito grave de drogas no hacen que el estudiante no reúna los requisitos Gastos que reúnen los requisitos Costos de matrícula y gastos de inscripción obligatorios y todos los materiales relacionados con un curso que necesita el estudiante, tanto si son comprados o no en la institución como condición de inscripción o asistencia Costos de matrícula y gastos de inscripción obligatorios (incluidas cantidades que tienen que pagarse a la institución por textos, materiales y equipo relacionados con un curso) Pagos por períodos académicos Pagos efectuados en 2013 para períodos académicos que se iniciaron en 2013 y en los tres primeros meses de 2014 Diferencias entre el crédito tributario de oportunidad para los estadounidenses y el crédito vitalicio por aprendizaje. Ez form 2012   Existen varias diferencias entre estos dos créditos. Ez form 2012 Estas diferencias se resumen en la Tabla 35-1, más adelante. Ez form 2012 Useful Items - You may want to see: Publicación 970 Tax Benefits for Education (Beneficios tributarios por estudios), en inglés Formulario (e Instrucciones) 8863 Education Credits (American Opportunity and Lifetime Learning Credits) (Créditos tributarios por estudios (crédito tributario de oportunidad para los estadounidenses y crédito vitalicio por aprendizaje)), en inglés ¿Quién Puede Reclamar un Crédito Tributario por Estudios? Tal vez pueda reclamar un crédito tributario por estudios si usted, su cónyuge o un dependiente reclamado en su declaración de impuestos era estudiante matriculado en, o asistió a, una institución de enseñanza superior que reúne los requisitos. Ez form 2012 Los créditos se basan en la cantidad de gastos de estudios calificados que hayan sido pagados a nombre del estudiante en 2013 por períodos académicos que comenzaron en 2013 y en los primeros tres meses de 2014. Ez form 2012 Por ejemplo, si pagó $1,500 en diciembre de 2013 por una matrícula calificada por el semestre de primavera de 2014 que comience en enero de 2014, tal vez pueda usar los $1,500 en el cálculo del (de los) crédito(s) para 2013. Ez form 2012 Período académico. Ez form 2012   Un período académico abarca un semestre, trimestre, cuatrimestre u otro período de estudios (como un curso de escuela de verano) según lo determine de manera razonable una institución de enseñanza superior. Ez form 2012 En el caso de una institución de enseñanza superior que no tenga períodos académicos sino horas de crédito u horas de reloj, cada período de pago se puede considerar período académico. Ez form 2012 Institución de enseñanza superior que reúne los requisitos. Ez form 2012   Una “institución de enseñanza superior que reúne los requisitos” es todo colegio universitario, universidad, escuela de enseñanza técnica u otra institución de enseñanza superior con derecho a participar en un programa de asistencia financiera al estudiante administrado por el Departamento de Educación de los Estados Unidos. Ez form 2012 Esta clase de institución abarca prácticamente todas las instituciones acreditadas de enseñanza superior públicas, sin fines de lucro y las privadas con fines de lucro. Ez form 2012 La institución de enseñanza superior debe poder indicarle si reúne los requisitos. Ez form 2012   Determinadas instituciones de enseñanza superior ubicadas en el extranjero participan también en los programas de Federal Student Aid (Asistencia Financiera al Estudiante o FSA, por sus siglas en inglés) del Departamento de Educación de los Estados Unidos. Ez form 2012 ¿Quién puede reclamar los gastos de un dependiente?   Si una persona reclama al estudiante como dependiente y se permite una deducción por aquel estudiante en la declaración de dicha persona, se considera que esa persona ha pagado todos los gastos de estudios calificados del estudiante. Ez form 2012 Por lo tanto, sólo esa persona puede reclamar un crédito por estudios en nombre del estudiante. Ez form 2012 Si un estudiante no es reclamado como dependiente en la declaración de impuestos de otra persona, sólo el estudiante puede reclamar un crédito. Ez form 2012 Gastos pagados por un tercero. Ez form 2012   Los gastos de estudios calificados pagados en nombre del estudiante por una persona que no sea el estudiante (como un pariente) se tratan como si hubiesen sido pagados por dicho estudiante. Ez form 2012 Sin embargo, los gastos de estudios calificados pagados (o que se tratan como si hubiesen sido pagados) por un estudiante que es reclamado como dependiente en su declaración de impuestos, se tratan como si hubiesen sido pagados por usted. Ez form 2012 Por lo tanto, a usted se le trata como si hubiese pagado los gastos que fueron pagados por el tercero. Ez form 2012 Para más información y para ver un ejemplo, vea Who can Claim a Dependent's Expenses (¿Quién puede reclamar los gastos de un dependiente?) en el capítulo 2 ó 3 de la Publicación 970, en inglés. Ez form 2012 ¿Quién no puede reclamar el crédito?   No puede tomar un crédito tributario por estudios si alguna de las siguientes situaciones le corresponde: Usted es reclamado como dependiente en la declaración de impuestos de otra persona, como la de sus padres. Ez form 2012 Su estado civil para efectos de la declaración es casado que presenta una declaración por separado. Ez form 2012 Usted (o su cónyuge) fue extranjero no residente durante cualquier parte de 2013 y no optó por ser tratado como extranjero residente para fines tributarios. Ez form 2012 Sus ingresos brutos ajustados modificados (MAGI, por sus siglas en inglés) es uno de los siguientes: Crédito tributario de oportunidad para los estadounidenses: $180,000 o más si es casado que presenta la declaración conjunta, o $90,000 o más si es soltero, cabeza de familia o viudo que reúne los requisitos. Ez form 2012 Crédito vitalicio por aprendizaje: $127,000 o más si es casado que presenta la declaración conjunta, o $63,000 o más si es soltero, cabeza de familia o viudo que reúne los requisitos. Ez form 2012   Por lo general, su MAGI es la cantidad de la línea 38 de su Formulario 1040 o la línea 22 del Formulario 1040A. Ez form 2012 No obstante, si presenta el Formulario 2555, 2555-EZ o 4563 o si excluye ingresos de fuentes dentro de Puerto Rico, sume la cantidad excluida del ingreso a la cantidad en la línea 38 de su Formulario 1040 o de la línea 22 del Formulario 1040A. Ez form 2012 Para más detalles, vea la Publicación 970, en inglés. Ez form 2012   La Figura 35-A podría ser útil al momento de determinar si puede reclamar un crédito tributario por estudios en su declaración de impuestos. Ez form 2012    El crédito tributario de oportunidad para los estadounidenses siempre será mayor que o igual al crédito vitalicio por aprendizaje para todo estudiante que reúna los requisitos para ambos créditos. Ez form 2012 Sin embargo, si no se cumplen todos los requisitos correspondientes al crédito tributario de oportunidad para los estadounidenses enumerados anteriormente en la Tabla 35-1, usted no puede reclamar dicho crédito en base de este estudiante. Ez form 2012 En lugar de ello, quizás podría reclamar el crédito vitalicio por aprendizaje por una parte o la totalidad de los gastos de estudios calificados de dicho estudiante. Ez form 2012 Para obtener información sobre otros beneficios relacionados con los estudios, vea la Publicación 970, en inglés. Ez form 2012 Gastos de Estudios Calificados Generalmente, se considera que los gastos de estudios calificados son cantidades pagadas en 2013 por matrícula y gastos escolares obligatorios para matricularse en un curso o asistir al mismo en una institución de enseñanza superior. Ez form 2012 No importa si los gastos fueron pagados en efectivo, por cheque, con tarjeta de crédito o débito, o con préstamos. Ez form 2012 Sólo reúnen los requisitos ciertos gastos por libros, materiales y equipos relacionados con un curso: Crédito tributario de oportunidad para los estadounidenses: Los gastos de estudios calificados abarcan cantidades gastadas en libros, materiales y equipos necesarios para cursos de un programa de estudios, ya sea o no que se compren estos materiales en la institución de enseñanza como condición para matricularse o asistir a tales cursos. Ez form 2012 Crédito vitalicio por aprendizaje: Los gastos de estudios calificados abarcan cantidades gastadas en libros, materiales y equipos sólo si se tienen que pagar a la institución como condición para matricularse o asistir a cursos. Ez form 2012 Los gastos de estudios calificados incluyen cuotas no académicas, tales como cuotas por actividades estudiantiles, cuotas por actividades deportivas u otros gastos no relacionados con el curso de instrucción, sólo si la cuota tiene que pagarse a la institución como condición de inscripción o asistencia. Ez form 2012 Sin embargo, las cuotas por gastos personales (descritos a continuación) nunca se consideran gastos de estudios calificados. Ez form 2012 Los gastos de estudios calificados no incluyen cantidades pagadas por: Gastos personales. Ez form 2012 Éstos incluyen gastos de alojamiento y comida, seguros, gastos médicos (incluyendo las cuotas de servicios de salud para estudiantes), transporte y otros gastos personales similares o de familia. Ez form 2012 Todo curso u otros estudios que se relacionen con deportes, juegos o pasatiempos o todo curso sin crédito académico, a menos que dicho curso o dichos estudios formen parte del programa de estudios para obtener un título del estudiante o (sólo en el caso del crédito vitalicio por aprendizaje) ayude al estudiante a adquirir o mejorar aptitudes en el trabajo. Ez form 2012 Usted debe recibir el Formulario 1098-T, Tuition Statement (Información sobre el pago de matrícula), en inglés, de la institución que informa cualesquiera de los pagos recibidos en 2013 (encasillado 1) o las cantidades facturadas en 2013 (encasillado 2). Ez form 2012 Sin embargo, la cantidad pagada (o tratada como pagada) puede ser distinta a la cantidad en el encasillado 1 ó 2 del Formulario 1098-T. Ez form 2012 Al completar el Formulario 8863, en inglés, utilice sólo las cantidades que realmente pagó (además de cualquier otra cantidad tratada como pagada) en 2013, reducida cuando sea necesario, como se describe en Ajustes a los Gastos de Estudios Calificados , más adelante. Ez form 2012 Los gastos de estudios calificados pagados en nombre del estudiante por una persona que no sea el estudiante (como un pariente) se tratan como si hubiesen sido pagados por dicho estudiante. Ez form 2012 Los gastos de estudios calificados pagados (o que se tratan como si hubiesen sido pagados) por un estudiante que es reclamado como dependiente en su declaración de impuestos se tratan como si hubiesen sido pagados por usted. Ez form 2012 Al calcular los créditos tributarios por estudios, si usted o el estudiante toman una deducción por gastos de enseñanza superior, tal como en el Anexo A o C (Formulario 1040), no pueden utilizar esos gastos como gastos de estudios calificados. Ez form 2012 Los gastos de estudios calificados para cualquier período académico tienen que ser reducidos por toda ayuda económica de estudios exenta de los impuestos asignable a dicho período académico. Ez form 2012 Vea Ajustes a los Gastos de Estudios Calificados , más adelante. Ez form 2012 Gastos pagados por adelantado. Ez form 2012   Los gastos de estudios calificados pagados en 2013 para un período académico que comienza en los primeros tres meses de 2014 se pueden utilizar sólo en el cálculo del crédito por estudios de 2013. Ez form 2012 Vea Período académico , anteriormente. Ez form 2012 Por ejemplo, si usted paga $2,000 en diciembre de 2013 para matrícula calificada por el cuatrimestre del invierno de 2014 que comienza en enero de 2014, puede utilizar los $2,000 en el cálculo del crédito por estudios sólo para 2013 (si reúne todos los otros requisitos). Ez form 2012 No puede utilizar cantidad alguna que haya pagado en 2012 ó 2014 para calcular su(s) crédito(s) tributario(s) por estudios de 2013. Ez form 2012 Gastos pagados con un préstamo. Ez form 2012   Puede reclamar un crédito por estudios en el caso de gastos de estudios calificados que haya pagado con un préstamo. Ez form 2012 Utilice los gastos para calcular el crédito tributario por estudios correspondiente al año en que se paguen los gastos y no al año en el que se pague el préstamo. Ez form 2012 Trate los pagos del préstamo enviados directamente a la institución de enseñanza superior como si se hubiesen pagado en la fecha en que dicha institución abone los pagos a la cuenta del estudiante. Ez form 2012 Si el estudiante se retira de uno o más cursos. Ez form 2012   Puede reclamar un crédito tributario por estudios en el caso de gastos de estudios calificados que no se le devuelvan al estudiante si el estudiante se retira de uno o más cursos. Ez form 2012 No se Permite Beneficio Doble No se permite hacer lo siguiente: Deducir gastos de enseñanza superior en su declaración de impuestos sobre los ingresos (por ejemplo, un gasto de negocio) y reclamar también un crédito por estudios basándose en dichos gastos. Ez form 2012 Reclamar más de un (1) crédito tributario por estudios basándose en los mismos gastos de estudios calificados. Ez form 2012 Reclamar un crédito por estudios basándose en los mismos gastos utilizados para calcular la parte exenta del impuesto de distribuciones de una cuenta de ahorros para estudios Coverdell (Coverdell ESA, por su abreviatura en inglés) o un programa de matrícula calificada (QTP, por sus siglas en inglés). Ez form 2012 Reclamar un crédito basándose en gastos de estudios calificados que hayan sido pagados con ayuda para estudios, tal como una beca o subvención o ayuda provista por el empleador, libres de impuestos. Ez form 2012 Vea Ajustes a los Gastos de Estudios Calificados, a continuación. Ez form 2012 Ajustes a los Gastos de Estudios Calificados Para cada estudiante, se tiene que restar los gastos de estudios calificados, pagados en 2013, por o en nombre de dicho estudiante bajo las siguientes reglas. Ez form 2012 El resultado es la cantidad ajustada en gastos de estudios calificados por cada estudiante. Ez form 2012 Ayuda económica para estudios exenta de impuestos. Ez form 2012   Si en 2013 recibió ayuda económica para estudios que está exenta de impuestos, reste la cantidad de la ayuda económica para estudios exenta de impuestos asignable para cada período académico de la cantidad de gastos de estudios calificados para cada período académico. Ez form 2012 Vea Período académico , anteriormente. Ez form 2012   La ayuda económica para estudios exenta de impuestos incluye: Partes no sujetas a impuestos de becas de estudios y becas de investigación (vea el capítulo 12 de esta publicación y el capítulo 1 de la Publicación 970, en inglés), La parte no sujeta a impuestos de subvenciones federales Pell (vea el capítulo 1 de la Publicación 970, en inglés), La parte no sujeta a impuestos de ayuda económica para estudios provista por el empleador (vea la Publicación 970, en inglés), Ayuda económica para estudios para veteranos (vea el capítulo 1 de la Publicación 970, en inglés) y Cualquier otro pago no sujeto a impuestos (libre de impuestos) (que no sean regalos ni herencias) recibido como ayuda económica para estudios. Ez form 2012   Por lo general, toda beca de estudios o de investigación es tratada como una ayuda económica para estudios exenta de impuestos. Ez form 2012 Sin embargo, una beca de estudios o de investigación no será tratada como dicha ayuda al punto de que el estudiante la incluye como ingreso bruto (si el estudiante tiene que presentar una declaración de impuestos) para el año en que reciba la beca de estudios o de investigación y le corresponde uno de los siguientes: La beca de estudios o de investigación (o cualquier parte de dicha beca) tiene que ser aplicada (por sus condiciones) a gastos (como de alojamiento y comida) que no sean gastos de estudios calificados como se define en el capítulo 1, Qualified education expenses (Gastos de estudios calificados), de la Publicación 970, en inglés, o La beca de estudios o de investigación (o cualquier parte de dicha beca) puede ser aplicada (por sus condiciones) a gastos (como de alojamiento y comida) que no sean gastos de estudios calificados como se define en el capítulo 1, Qualified education expenses (Gastos de estudios calificados), de la Publicación 970, en inglés. Ez form 2012 Podría aumentar el valor combinado del crédito tributario por estudios y cierta ayuda económica para estudios si el estudiante incluye alguna o toda ayuda económica para estudios del ingreso en el año en que recibió dicha ayuda. Ez form 2012 Para detalles, vea Adjustments of Qualified Education Expenses (Ajustes a los gastos de estudios calificados) en los capítulos 2 y 3 de la Publicación 970, en inglés. Ez form 2012 Cierta ayuda económica para estudios exenta de impuestos recibida después de 2013 podría ser tratada como un reembolso de gastos de estudios calificados que se pagaron en 2013. Ez form 2012 Esta ayuda económica para estudios exenta de impuestos es toda ayuda económica para estudios exenta de impuestos que usted o cualquier otro ha recibido después de 2013 por gastos de estudios calificados pagados en nombre de un estudiante en 2013 (o atribuible a la matrícula de una institución de enseñanza superior que reúne los requisitos durante 2013). Ez form 2012 Si dicha ayuda económica para estudios exenta de impuestos se recibe después de 2013 pero antes de que presente su declaración de impuestos sobre los ingresos para 2013, vea Reembolsos recibidos después de 2013 pero antes de presentar su declaración de impuestos sobre los ingresos, más adelante. Ez form 2012 Si dicha ayuda económica para estudios exenta de impuestos se recibe después de 2013 y después que presenta su declaración de impuestos sobre los ingresos para 2013, vea Reembolsos recibidos después de 2013 y después que presenta su declaración de impuestos sobre los ingresos, más adelante. Ez form 2012 Reembolsos. Ez form 2012   Un reembolso de gastos de estudios calificados puede reducir gastos de estudios calificados por el año tributable o puede requerir que recupere (reintegre) el crédito tributario por estudios que reclamó en un año anterior. Ez form 2012 Cierta ayuda económica para estudios exenta de impuestos recibida después de 2013 puede ser tratada como un reembolso. Ez form 2012 Vea Ayuda económica para estudios exenta de impuestos, anteriormente. Ez form 2012 Reembolsos recibidos en 2013. Ez form 2012   Por cada estudiante, calcule los gastos de estudios calificados ajustados de 2013 sumando todos los gastos de estudios calificados pagados en 2013 y reste todos los reembolsos de esos gastos recibidos de la institución de enseñanza superior que reúne los requisitos durante 2013. Ez form 2012 Reembolsos recibidos después de 2013 pero antes de presentar su declaración de impuestos sobre los ingresos. Ez form 2012   Si alguien recibe un reembolso después de 2013 por gastos de estudios calificados pagado en nombre de un estudiante en 2013 y el reembolso es recibido antes de que presente su declaración de impuestos sobre los ingresos de 2013, reste la cantidad de gastos de estudios calificados de 2013 por la cantidad del reembolso. Ez form 2012 Reembolsos recibidos después de 2013 y después de presentar su declaración de impuestos sobre los ingresos. Ez form 2012   Si alguien recibe un reembolso después de 2013 por gastos de estudios calificados pagados en nombre de un estudiante en 2013 y el reembolso es recibido después de presentar su declaración de impuestos sobre los ingresos de 2013, podría verse obligado a reintegrar parte o todo el crédito tributario por estudios que reclamó. Ez form 2012 Vea Recuperar (reintegrar) el crédito, a continuación. Ez form 2012 Recuperar (reintegrar) el crédito. Ez form 2012   Si después de haber presentado su declaración de impuestos sobre los ingresos de 2013, recibe alguna ayuda económica para estudios exenta de impuestos o cualquier reembolso correspondiente a gastos de estudios calificados que haya pagado en 2013, tiene que recuperar (reintegrar) todo crédito en exceso. Ez form 2012 Cuando se vuelve a calcular la cantidad de gastos de estudios calificados ajustados de 2013, reste de dichos gastos la cantidad de la ayuda económica para estudios exenta de impuestos o el (los) reembolso(s) que haya recibido. Ez form 2012 Entonces se calcula nuevamente su(s) crédito(s) tributario(s) por estudios de 2013 y se calcula la cantidad por la cual su impuesto adeudado de 2013 hubiera aumentado si hubiese reclamado dicho(s) crédito(s) nuevamente calculado(s). Ez form 2012 Incluya esa cantidad como un impuesto adicional para el año en que la ayuda económica o el reembolso fueron recibidos. Ez form 2012 Ejemplo. Ez form 2012   Usted pagó $8,000 por matrícula y gastos escolares de su hijo en diciembre de 2013 por el semestre de primavera que comienza en enero de 2014. Ez form 2012 Usted presentó su declaración de impuestos de 2013 el 3 de febrero de 2014 y reclamó un crédito vitalicio por aprendizaje de $1,600 ($8,000 de gastos de estudios calificados multiplicado por 0. Ez form 2012 20). Ez form 2012 Usted no reclamó otros créditos tributarios. Ez form 2012 Después de haber presentado su declaración, su hijo se retiró de dos cursos y usted recibió un reembolso de $1,400. Ez form 2012 Tiene que volver a calcular su crédito vitalicio por aprendizaje de 2013 usando $6,600 ($1,400 del reembolso que se resta de los gastos de estudios calificados de $8,000). Ez form 2012 El crédito nuevamente calculado es $1,320 y su impuesto adeudado aumentó por $280. Ez form 2012 Tiene que incluir el resultado de $280 (lo que queda después de que haya restado $1,320 (el crédito nuevamente calculado) de $1,600 (el crédito que había reclamado originalmente)) como un impuesto adicional en su declaración de impuestos sobre los ingresos de 2014. Ez form 2012 Para determinar en dónde incluir dicho impuesto adicional, vea las instrucciones de su declaración de impuestos sobre los ingresos de 2014. Ez form 2012    Si también paga gastos de estudios calificados en 2014 para un período académico que comienza en los primeros tres meses de 2014 y recibe ayuda económica para estudios exenta de impuestos o un reembolso como se explicó anteriormente, usted puede escoger reducir sus gastos de estudios calificados para el 2014 en vez de reducir sus gastos para 2013. Ez form 2012 Cantidades que no reducen los gastos de estudios calificados. Ez form 2012   No reste de los gastos de estudios calificados las cantidades pagadas con fondos que el estudiante reciba como: Pagos por servicios, como salarios; Un préstamo; Un regalo; Una herencia o Un retiro de la cuenta de ahorros personal del estudiante. Ez form 2012   No reste de los gastos de estudios calificados ninguna beca de estudios o beca de investigación reclamada como ingresos en la declaración de ingresos del estudiante en las siguientes situaciones: El uso del dinero está limitado, por los términos de la beca de estudios o de investigación, a los costos de asistencia (como alojamiento y comida) que no sean gastos de estudios calificados, como se definen en el capítulo 1 de la Publicación 970, en inglés. Ez form 2012 El uso del dinero no está limitado. Ez form 2012   Para ver ejemplos, consulte el capítulo 2 de la Publicación 970, en inglés. Ez form 2012 Please click here for the text description of the image. Ez form 2012 Figura 35-A ¿Puede usted reclamar el crédito por Estudios para 2013? Prev  Up  Next   Home   More Online Publications
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Before renting a car:

  • Ask what the total cost will be after all fees are included.There may be an airport surcharge or drop-off fees, insurance fees, fuel charges, mileage fees, taxes, additional-driver fees, under aged-driver fees, and equipment rental fees (for items such as ski racks and car seats). See information on drip pricing.
  • Ask whether the rental company checks the driving records of customers when they arrive at the counter. If so, you could be rejected even if you have a confirmed reservation.
  • Check in advance to be sure you aren't duplicating insurance coverage. If you're traveling on business, your employer might have insurance that covers accidental damage to the vehicle. You might also have coverage through your personal auto insurance, a motor club membership, or the credit card you used to reserve the rental.
  • Carefully inspect the vehicle and its tires before renting and when you return it. Try to return the car during regular hours so you and the rental staff can look at the car together to verify that you didn't damage it.
  • Check refueling policies and charges.
  • Pay with a credit card rather than a debit card, to avoid holds on other funds in your checking account.
  • Ask the rental company if a deposit is required. If so, ask for a clear explanation of the deposit refund procedures.

The National Association of Insurance Commissioners has more information about renting a car and the insurance options.

Some state laws cover short-term car and truck rentals. Contact your state or local consumer protection office for information or to file a complaint.

The Ez Form 2012

Ez form 2012 9. Ez form 2012   Depletion Table of Contents Introduction Topics - This chapter discusses: Who Can Claim Depletion? Mineral PropertyCost Depletion Percentage Depletion Oil and Gas Wells Mines and Geothermal Deposits Lessor's Gross Income TimberTimber units. Ez form 2012 Depletion unit. Ez form 2012 Introduction Depletion is the using up of natural resources by mining, drilling, quarrying stone, or cutting timber. Ez form 2012 The depletion deduction allows an owner or operator to account for the reduction of a product's reserves. Ez form 2012 There are two ways of figuring depletion: cost depletion and percentage depletion. Ez form 2012 For mineral property, you generally must use the method that gives you the larger deduction. Ez form 2012 For standing timber, you must use cost depletion. Ez form 2012 Topics - This chapter discusses: Who can claim depletion Mineral property Timber Who Can Claim Depletion? If you have an economic interest in mineral property or standing timber, you can take a deduction for depletion. Ez form 2012 More than one person can have an economic interest in the same mineral deposit or timber. Ez form 2012 In the case of leased property, the depletion deduction is divided between the lessor and the lessee. Ez form 2012 You have an economic interest if both the following apply. Ez form 2012 You have acquired by investment any interest in mineral deposits or standing timber. Ez form 2012 You have a legal right to income from the extraction of the mineral or cutting of the timber to which you must look for a return of your capital investment. Ez form 2012 A contractual relationship that allows you an economic or monetary advantage from products of the mineral deposit or standing timber is not, in itself, an economic interest. Ez form 2012 A production payment carved out of, or retained on the sale of, mineral property is not an economic interest. Ez form 2012 Individuals, corporations, estates, and trusts who claim depletion deductions may be liable for alternative minimum tax. Ez form 2012 Basis adjustment for depletion. Ez form 2012   You must reduce the basis of your property by the depletion allowed or allowable, whichever is greater. Ez form 2012 Mineral Property Mineral property includes oil and gas wells, mines, and other natural deposits (including geothermal deposits). Ez form 2012 For this purpose, the term “property” means each separate interest you own in each mineral deposit in each separate tract or parcel of land. Ez form 2012 You can treat two or more separate interests as one property or as separate properties. Ez form 2012 See section 614 of the Internal Revenue Code and the related regulations for rules on how to treat separate mineral interests. Ez form 2012 There are two ways of figuring depletion on mineral property. Ez form 2012 Cost depletion. Ez form 2012 Percentage depletion. Ez form 2012 Generally, you must use the method that gives you the larger deduction. Ez form 2012 However, unless you are an independent producer or royalty owner, you generally cannot use percentage depletion for oil and gas wells. Ez form 2012 See Oil and Gas Wells , later. Ez form 2012 Cost Depletion To figure cost depletion you must first determine the following. Ez form 2012 The property's basis for depletion. Ez form 2012 The total recoverable units of mineral in the property's natural deposit. Ez form 2012 The number of units of mineral sold during the tax year. Ez form 2012 Basis for depletion. Ez form 2012   To figure the property's basis for depletion, subtract all the following from the property's adjusted basis. Ez form 2012 Amounts recoverable through: Depreciation deductions, Deferred expenses (including deferred exploration and development costs), and Deductions other than depletion. Ez form 2012 The residual value of land and improvements at the end of operations. Ez form 2012 The cost or value of land acquired for purposes other than mineral production. Ez form 2012 Adjusted basis. Ez form 2012   The adjusted basis of your property is your original cost or other basis, plus certain additions and improvements, and minus certain deductions such as depletion allowed or allowable and casualty losses. Ez form 2012 Your adjusted basis can never be less than zero. Ez form 2012 See Publication 551, Basis of Assets, for more information on adjusted basis. Ez form 2012 Total recoverable units. Ez form 2012   The total recoverable units is the sum of the following. Ez form 2012 The number of units of mineral remaining at the end of the year (including units recovered but not sold). Ez form 2012 The number of units of mineral sold during the tax year (determined under your method of accounting, as explained next). Ez form 2012   You must estimate or determine recoverable units (tons, pounds, ounces, barrels, thousands of cubic feet, or other measure) of mineral products using the current industry method and the most accurate and reliable information you can obtain. Ez form 2012 You must include ores and minerals that are developed, in sight, blocked out, or assured. Ez form 2012 You must also include probable or prospective ores or minerals that are believed to exist based on good evidence. Ez form 2012 But see Elective safe harbor for owners of oil and gas property , later. Ez form 2012 Number of units sold. Ez form 2012   You determine the number of units sold during the tax year based on your method of accounting. Ez form 2012 Use the following table to make this determination. Ez form 2012    IF you  use . Ez form 2012 . Ez form 2012 . Ez form 2012 THEN the units sold during the year are . Ez form 2012 . Ez form 2012 . Ez form 2012 The cash method of accounting The units sold for which you receive payment during the tax year (regardless of the year of sale). Ez form 2012 An accrual method of accounting The units sold based on your inventories and method of accounting for inventory. Ez form 2012   The number of units sold during the tax year does not include any for which depletion deductions were allowed or allowable in earlier years. Ez form 2012 Figuring the cost depletion deduction. Ez form 2012   Once you have figured your property's basis for depletion, the total recoverable units, and the number of units sold during the tax year, you can figure your cost depletion deduction by taking the following steps. Ez form 2012 Step Action Result 1 Divide your property's basis for depletion by total recoverable units. Ez form 2012 Rate per unit. Ez form 2012 2 Multiply the rate per unit by units sold during the tax year. Ez form 2012 Cost depletion deduction. Ez form 2012 You must keep accounts for the depletion of each property and adjust these accounts each year for units sold and depletion claimed. Ez form 2012 Elective safe harbor for owners of oil and gas property. Ez form 2012   Instead of using the method described earlier to determine the total recoverable units, you can use an elective safe harbor. Ez form 2012 If you choose the elective safe harbor, the total recoverable units equal 105% of a property's proven reserves (both developed and undeveloped). Ez form 2012 For details, see Revenue Procedure 2004-19 on page 563 of Internal Revenue Bulletin 2004-10, available at www. Ez form 2012 irs. Ez form 2012 gov/pub/irs-irbs/irb04-10. Ez form 2012 pdf. Ez form 2012   To make the election, attach a statement to your timely filed (including extensions) original return for the first tax year for which the safe harbor is elected. Ez form 2012 The statement must indicate that you are electing the safe harbor provided by Revenue Procedure 2004-19. Ez form 2012 The election, if made, is effective for the tax year in which it is made and all later years. Ez form 2012 It cannot be revoked for the tax year in which it is elected, but may be revoked in a later year. Ez form 2012 Once revoked, it cannot be re-elected for the next 5 years. Ez form 2012 Percentage Depletion To figure percentage depletion, you multiply a certain percentage, specified for each mineral, by your gross income from the property during the tax year. Ez form 2012 The rates to be used and other rules for oil and gas wells are discussed later under Independent Producers and Royalty Owners and under Natural Gas Wells . Ez form 2012 Rates and other rules for percentage depletion of other specific minerals are found later in Mines and Geothermal Deposits . Ez form 2012 Gross income. Ez form 2012   When figuring percentage depletion, subtract from your gross income from the property the following amounts. Ez form 2012 Any rents or royalties you paid or incurred for the property. Ez form 2012 The part of any bonus you paid for a lease on the property allocable to the product sold (or that otherwise gives rise to gross income) for the tax year. Ez form 2012 A bonus payment includes amounts you paid as a lessee to satisfy a production payment retained by the lessor. Ez form 2012   Use the following fraction to figure the part of the bonus you must subtract. Ez form 2012 No. Ez form 2012 of units sold in the tax year Recoverable units from the property × Bonus Payments For oil and gas wells and geothermal deposits, more information about the definition of gross income from the property is under Oil and Gas Wells , later. Ez form 2012 For other property, more information about the definition of gross income from the property is under Mines and Geothermal Deposits , later. Ez form 2012 Taxable income limit. Ez form 2012   The percentage depletion deduction generally cannot be more than 50% (100% for oil and gas property) of your taxable income from the property figured without the depletion deduction and the domestic production activities deduction. Ez form 2012   Taxable income from the property means gross income from the property minus all allowable deductions (except any deduction for depletion or domestic production activities) attributable to mining processes, including mining transportation. Ez form 2012 These deductible items include, but are not limited to, the following. Ez form 2012 Operating expenses. Ez form 2012 Certain selling expenses. Ez form 2012 Administrative and financial overhead. Ez form 2012 Depreciation. Ez form 2012 Intangible drilling and development costs. Ez form 2012 Exploration and development expenditures. Ez form 2012 Deductible taxes (see chapter 5), but not taxes that you capitalize or take as a credit. Ez form 2012 Losses sustained. Ez form 2012   The following rules apply when figuring your taxable income from the property for purposes of the taxable income limit. Ez form 2012 Do not deduct any net operating loss deduction from the gross income from the property. Ez form 2012 Corporations do not deduct charitable contributions from the gross income from the property. Ez form 2012 If, during the year, you dispose of an item of section 1245 property that was used in connection with mineral property, reduce any allowable deduction for mining expenses by the part of any gain you must report as ordinary income that is allocable to the mineral property. Ez form 2012 See section 1. Ez form 2012 613-5(b)(1) of the regulations for information on how to figure the ordinary gain allocable to the property. Ez form 2012 Oil and Gas Wells You cannot claim percentage depletion for an oil or gas well unless at least one of the following applies. Ez form 2012 You are either an independent producer or a royalty owner. Ez form 2012 The well produces natural gas that is either sold under a fixed contract or produced from geopressured brine. Ez form 2012 If you are an independent producer or royalty owner, see Independent Producers and Royalty Owners , next. Ez form 2012 For information on the depletion deduction for wells that produce natural gas that is either sold under a fixed contract or produced from geopressured brine, see Natural Gas Wells , later. Ez form 2012 Independent Producers and Royalty Owners If you are an independent producer or royalty owner, you figure percentage depletion using a rate of 15% of the gross income from the property based on your average daily production of domestic crude oil or domestic natural gas up to your depletable oil or natural gas quantity. Ez form 2012 However, certain refiners, as explained next, and certain retailers and transferees of proven oil and gas properties, as explained next, cannot claim percentage depletion. Ez form 2012 For information on figuring the deduction, see Figuring percentage depletion , later. Ez form 2012 Refiners who cannot claim percentage depletion. Ez form 2012   You cannot claim percentage depletion if you or a related person refine crude oil and you and the related person refined more than 75,000 barrels on any day during the tax year based on average (rather than actual) daily refinery runs for the tax year. Ez form 2012 The average daily refinery run is computed by dividing total refinery runs for the tax year by the total number of days in the tax year. Ez form 2012 Related person. Ez form 2012   You and another person are related persons if either of you holds a significant ownership interest in the other person or if a third person holds a significant ownership interest in both of you. Ez form 2012 For example, a corporation, partnership, estate, or trust and anyone who holds a significant ownership interest in it are related persons. Ez form 2012 A partnership and a trust are related persons if one person holds a significant ownership interest in each of them. Ez form 2012 For purposes of the related person rules, significant ownership interest means direct or indirect ownership of 5% or more in any one of the following. Ez form 2012 The value of the outstanding stock of a corporation. Ez form 2012 The interest in the profits or capital of a partnership. Ez form 2012 The beneficial interests in an estate or trust. Ez form 2012 Any interest owned by or for a corporation, partnership, trust, or estate is considered to be owned directly both by itself and proportionately by its shareholders, partners, or beneficiaries. Ez form 2012 Retailers who cannot claim percentage depletion. Ez form 2012   You cannot claim percentage depletion if both the following apply. Ez form 2012 You sell oil or natural gas or their by-products directly or through a related person in any of the following situations. Ez form 2012 Through a retail outlet operated by you or a related person. Ez form 2012 To any person who is required under an agreement with you or a related person to use a trademark, trade name, or service mark or name owned by you or a related person in marketing or distributing oil, natural gas, or their by-products. Ez form 2012 To any person given authority under an agreement with you or a related person to occupy any retail outlet owned, leased, or controlled by you or a related person. Ez form 2012 The combined gross receipts from sales (not counting resales) of oil, natural gas, or their by-products by all retail outlets taken into account in (1) are more than $5 million for the tax year. Ez form 2012   For the purpose of determining if this rule applies, do not count the following. Ez form 2012 Bulk sales (sales in very large quantities) of oil or natural gas to commercial or industrial users. Ez form 2012 Bulk sales of aviation fuels to the Department of Defense. Ez form 2012 Sales of oil or natural gas or their by-products outside the United States if none of your domestic production or that of a related person is exported during the tax year or the prior tax year. Ez form 2012 Related person. Ez form 2012   To determine if you and another person are related persons, see Related person under Refiners who cannot claim percentage depletion, earlier. Ez form 2012 Sales through a related person. Ez form 2012   You are considered to be selling through a related person if any sale by the related person produces gross income from which you may benefit because of your direct or indirect ownership interest in the person. Ez form 2012   You are not considered to be selling through a related person who is a retailer if all the following apply. Ez form 2012 You do not have a significant ownership interest in the retailer. Ez form 2012 You sell your production to persons who are not related to either you or the retailer. Ez form 2012 The retailer does not buy oil or natural gas from your customers or persons related to your customers. Ez form 2012 There are no arrangements for the retailer to acquire oil or natural gas you produced for resale or made available for purchase by the retailer. Ez form 2012 Neither you nor the retailer knows of or controls the final disposition of the oil or natural gas you sold or the original source of the petroleum products the retailer acquired for resale. Ez form 2012 Transferees who cannot claim percentage depletion. Ez form 2012   You cannot claim percentage depletion if you received your interest in a proven oil or gas property by transfer after 1974 and before October 12, 1990. Ez form 2012 For a definition of the term “transfer,” see section 1. Ez form 2012 613A-7(n) of the regulations. Ez form 2012 For a definition of the term “interest in proven oil or gas property,” see section 1. Ez form 2012 613A-7(p) of the regulations. Ez form 2012 Figuring percentage depletion. Ez form 2012   Generally, as an independent producer or royalty owner, you figure your percentage depletion by computing your average daily production of domestic oil or gas and comparing it to your depletable oil or gas quantity. Ez form 2012 If your average daily production does not exceed your depletable oil or gas quantity, you figure your percentage depletion by multiplying the gross income from the oil or gas property (defined later) by 15%. Ez form 2012 If your average daily production of domestic oil or gas exceeds your depletable oil or gas quantity, you must make an allocation as explained later under Average daily production. Ez form 2012   In addition, there is a limit on the percentage depletion deduction. Ez form 2012 See Taxable income limit , later. Ez form 2012 Average daily production. Ez form 2012   Figure your average daily production by dividing your total domestic production of oil or gas for the tax year by the number of days in your tax year. Ez form 2012 Partial interest. Ez form 2012   If you have a partial interest in the production from a property, figure your share of the production by multiplying total production from the property by your percentage of interest in the revenues from the property. Ez form 2012   You have a partial interest in the production from a property if you have a net profits interest in the property. Ez form 2012 To figure the share of production for your net profits interest, you must first determine your percentage participation (as measured by the net profits) in the gross revenue from the property. Ez form 2012 To figure this percentage, you divide the income you receive for your net profits interest by the gross revenue from the property. Ez form 2012 Then multiply the total production from the property by your percentage participation to figure your share of the production. Ez form 2012 Example. Ez form 2012 Javier Robles owns oil property in which Pablo Olmos owns a 20% net profits interest. Ez form 2012 During the year, the property produced 10,000 barrels of oil, which Javier sold for $200,000. Ez form 2012 Javier had expenses of $90,000 attributable to the property. Ez form 2012 The property generated a net profit of $110,000 ($200,000 − $90,000). Ez form 2012 Pablo received income of $22,000 ($110,000 × . Ez form 2012 20) for his net profits interest. Ez form 2012 Pablo determined his percentage participation to be 11% by dividing $22,000 (the income he received) by $200,000 (the gross revenue from the property). Ez form 2012 Pablo determined his share of the oil production to be 1,100 barrels (10,000 barrels × 11%). Ez form 2012 Depletable oil or natural gas quantity. Ez form 2012   Generally, your depletable oil quantity is 1,000 barrels. Ez form 2012 Your depletable natural gas quantity is 6,000 cubic feet multiplied by the number of barrels of your depletable oil quantity that you choose to apply. Ez form 2012 If you claim depletion on both oil and natural gas, you must reduce your depletable oil quantity (1,000 barrels) by the number of barrels you use to figure your depletable natural gas quantity. Ez form 2012 Example. Ez form 2012 You have both oil and natural gas production. Ez form 2012 To figure your depletable natural gas quantity, you choose to apply 360 barrels of your 1000-barrel depletable oil quantity. Ez form 2012 Your depletable natural gas quantity is 2. Ez form 2012 16 million cubic feet of gas (360 × 6000). Ez form 2012 You must reduce your depletable oil quantity to 640 barrels (1000 − 360). Ez form 2012 If you have production from marginal wells, see section 613A(c)(6) of the Internal Revenue Code to figure your depletable oil or natural gas quantity. Ez form 2012 Also, see Notice 2012-50, available at www. Ez form 2012 irs. Ez form 2012 gov/irb/2012–31_IRB/index. Ez form 2012 html. Ez form 2012 Business entities and family members. Ez form 2012   You must allocate the depletable oil or gas quantity among the following related persons in proportion to each entity's or family member's production of domestic oil or gas for the year. Ez form 2012 Corporations, trusts, and estates if 50% or more of the beneficial interest is owned by the same or related persons (considering only persons that own at least 5% of the beneficial interest). Ez form 2012 You and your spouse and minor children. Ez form 2012 A related person is anyone mentioned in the related persons discussion under Nondeductible loss in chapter 2 of Publication 544, except that for purposes of this allocation, item (1) in that discussion includes only an individual, his or her spouse, and minor children. Ez form 2012 Controlled group of corporations. Ez form 2012   Members of the same controlled group of corporations are treated as one taxpayer when figuring the depletable oil or natural gas quantity. Ez form 2012 They share the depletable quantity. Ez form 2012 A controlled group of corporations is defined in section 1563(a) of the Internal Revenue Code, except that, for this purpose, the stock ownership requirement in that definition is “more than 50%” rather than “at least 80%. Ez form 2012 ” Gross income from the property. Ez form 2012   For purposes of percentage depletion, gross income from the property (in the case of oil and gas wells) is the amount you receive from the sale of the oil or gas in the immediate vicinity of the well. Ez form 2012 If you do not sell the oil or gas on the property, but manufacture or convert it into a refined product before sale or transport it before sale, the gross income from the property is the representative market or field price (RMFP) of the oil or gas, before conversion or transportation. Ez form 2012   If you sold gas after you removed it from the premises for a price that is lower than the RMFP, determine gross income from the property for percentage depletion purposes without regard to the RMFP. Ez form 2012   Gross income from the property does not include lease bonuses, advance royalties, or other amounts payable without regard to production from the property. Ez form 2012 Average daily production exceeds depletable quantities. Ez form 2012   If your average daily production for the year is more than your depletable oil or natural gas quantity, figure your allowance for depletion for each domestic oil or natural gas property as follows. Ez form 2012 Figure your average daily production of oil or natural gas for the year. Ez form 2012 Figure your depletable oil or natural gas quantity for the year. Ez form 2012 Figure depletion for all oil or natural gas produced from the property using a percentage depletion rate of 15%. Ez form 2012 Multiply the result figured in (3) by a fraction, the numerator of which is the result figured in (2) and the denominator of which is the result figured in (1). Ez form 2012 This is your depletion allowance for that property for the year. Ez form 2012 Taxable income limit. Ez form 2012   If you are an independent producer or royalty owner of oil and gas, your deduction for percentage depletion is limited to the smaller of the following. Ez form 2012 100% of your taxable income from the property figured without the deduction for depletion and the deduction for domestic production activities under section 199 of the Internal Revenue Code. Ez form 2012 For a definition of taxable income from the property, see Taxable income limit , earlier, under Mineral Property. Ez form 2012 65% of your taxable income from all sources, figured without the depletion allowance, the deduction for domestic production activities, any net operating loss carryback, and any capital loss carryback. Ez form 2012 You can carry over to the following year any amount you cannot deduct because of the 65%-of-taxable-income limit. Ez form 2012 Add it to your depletion allowance (before applying any limits) for the following year. Ez form 2012 Partnerships and S Corporations Generally, each partner or S corporation shareholder, and not the partnership or S corporation, figures the depletion allowance separately. Ez form 2012 (However, see Electing large partnerships must figure depletion allowance , later. Ez form 2012 ) Each partner or shareholder must decide whether to use cost or percentage depletion. Ez form 2012 If a partner or shareholder uses percentage depletion, he or she must apply the 65%-of-taxable-income limit using his or her taxable income from all sources. Ez form 2012 Partner's or shareholder's adjusted basis. Ez form 2012   The partnership or S corporation must allocate to each partner or shareholder his or her share of the adjusted basis of each oil or gas property held by the partnership or S corporation. Ez form 2012 The partnership or S corporation makes the allocation as of the date it acquires the oil or gas property. Ez form 2012   Each partner's share of the adjusted basis of the oil or gas property generally is figured according to that partner's interest in partnership capital. Ez form 2012 However, in some cases, it is figured according to the partner's interest in partnership income. Ez form 2012   The partnership or S corporation adjusts the partner's or shareholder's share of the adjusted basis of the oil and gas property for any capital expenditures made for the property and for any change in partnership or S corporation interests. Ez form 2012 Recordkeeping. Ez form 2012 Each partner or shareholder must separately keep records of his or her share of the adjusted basis in each oil and gas property of the partnership or S corporation. Ez form 2012 The partner or shareholder must reduce his or her adjusted basis by the depletion allowed or allowable on the property each year. Ez form 2012 The partner or shareholder must use that reduced adjusted basis to figure cost depletion or his or her gain or loss if the partnership or S corporation disposes of the property. Ez form 2012 Reporting the deduction. Ez form 2012   Information that you, as a partner or shareholder, use to figure your depletion deduction on oil and gas properties is reported by the partnership or S corporation on Schedule K-1 (Form 1065) or on Schedule K-1 (Form 1120S). Ez form 2012 Deduct oil and gas depletion for your partnership or S corporation interest on Schedule E (Form 1040). Ez form 2012 The depletion deducted on Schedule E is included in figuring income or loss from rental real estate or royalty properties. Ez form 2012 The instructions for Schedule E explain where to report this income or loss and whether you need to file either of the following forms. Ez form 2012 Form 6198, At-Risk Limitations. Ez form 2012 Form 8582, Passive Activity Loss Limitations. Ez form 2012 Electing large partnerships must figure depletion allowance. Ez form 2012   An electing large partnership, rather than each partner, generally must figure the depletion allowance. Ez form 2012 The partnership figures the depletion allowance without taking into account the 65-percent-of-taxable-income limit and the depletable oil or natural gas quantity. Ez form 2012 Also, the adjusted basis of a partner's interest in the partnership is not affected by the depletion allowance. Ez form 2012   An electing large partnership is one that meets both the following requirements. Ez form 2012 The partnership had 100 or more partners in the preceding year. Ez form 2012 The partnership chooses to be an electing large partnership. Ez form 2012 Disqualified persons. Ez form 2012   An electing large partnership does not figure the depletion allowance of its partners that are disqualified persons. Ez form 2012 Disqualified persons must figure it themselves, as explained earlier. Ez form 2012   All the following are disqualified persons. Ez form 2012 Refiners who cannot claim percentage depletion (discussed under Independent Producers and Royalty Owners , earlier). Ez form 2012 Retailers who cannot claim percentage depletion (discussed under Independent Producers and Royalty Owners , earlier). Ez form 2012 Any partner whose average daily production of domestic crude oil and natural gas is more than 500 barrels during the tax year in which the partnership tax year ends. Ez form 2012 Average daily production is discussed earlier. Ez form 2012 Natural Gas Wells You can use percentage depletion for a well that produces natural gas that is either Sold under a fixed contract, or Produced from geopressured brine. Ez form 2012 Natural gas sold under a fixed contract. Ez form 2012   Natural gas sold under a fixed contract qualifies for a percentage depletion rate of 22%. Ez form 2012 This is domestic natural gas sold by the producer under a contract that does not provide for a price increase to reflect any increase in the seller's tax liability because of the repeal of percentage depletion for gas. Ez form 2012 The contract must have been in effect from February 1, 1975, until the date of sale of the gas. Ez form 2012 Price increases after February 1, 1975, are presumed to take the increase in tax liability into account unless demonstrated otherwise by clear and convincing evidence. Ez form 2012 Natural gas from geopressured brine. Ez form 2012   Qualified natural gas from geopressured brine is eligible for a percentage depletion rate of 10%. Ez form 2012 This is natural gas that is both the following. Ez form 2012 Produced from a well you began to drill after September 1978 and before 1984. Ez form 2012 Determined in accordance with section 503 of the Natural Gas Policy Act of 1978 to be produced from geopressured brine. Ez form 2012 Mines and Geothermal Deposits Certain mines, wells, and other natural deposits, including geothermal deposits, qualify for percentage depletion. Ez form 2012 Mines and other natural deposits. Ez form 2012   For a natural deposit, the percentage of your gross income from the property that you can deduct as depletion depends on the type of deposit. Ez form 2012   The following is a list of the percentage depletion rates for the more common minerals. Ez form 2012 DEPOSITS RATE Sulphur, uranium, and, if from deposits in the United States, asbestos, lead ore, zinc ore, nickel ore, and mica 22% Gold, silver, copper, iron ore, and certain oil shale, if from deposits in the United States 15% Borax, granite, limestone, marble, mollusk shells, potash, slate, soapstone, and carbon dioxide produced from a well 14% Coal, lignite, and sodium chloride 10% Clay and shale used or sold for use in making sewer pipe or bricks or used or sold for use as sintered or burned lightweight aggregates 7½% Clay used or sold for use in making drainage and roofing tile, flower pots, and kindred products, and gravel, sand, and stone (other than stone used or sold for use by a mine owner or operator as dimension or ornamental stone) 5%   You can find a complete list of minerals and their percentage depletion rates in section 613(b) of the Internal Revenue Code. Ez form 2012 Corporate deduction for iron ore and coal. Ez form 2012   The percentage depletion deduction of a corporation for iron ore and coal (including lignite) is reduced by 20% of: The percentage depletion deduction for the tax year (figured without this reduction), minus The adjusted basis of the property at the close of the tax year (figured without the depletion deduction for the tax year). Ez form 2012 Gross income from the property. Ez form 2012   For property other than a geothermal deposit or an oil or gas well, gross income from the property means the gross income from mining. Ez form 2012 Mining includes all the following. Ez form 2012 Extracting ores or minerals from the ground. Ez form 2012 Applying certain treatment processes described later. Ez form 2012 Transporting ores or minerals (generally, not more than 50 miles) from the point of extraction to the plants or mills in which the treatment processes are applied. Ez form 2012 Excise tax. Ez form 2012   Gross income from mining includes the separately stated excise tax received by a mine operator from the sale of coal to compensate the operator for the excise tax the mine operator must pay to finance black lung benefits. Ez form 2012 Extraction. Ez form 2012   Extracting ores or minerals from the ground includes extraction by mine owners or operators of ores or minerals from the waste or residue of prior mining. Ez form 2012 This does not apply to extraction from waste or residue of prior mining by the purchaser of the waste or residue or the purchaser of the rights to extract ores or minerals from the waste or residue. Ez form 2012 Treatment processes. Ez form 2012   The processes included as mining depend on the ore or mineral mined. Ez form 2012 To qualify as mining, the treatment processes must be applied by the mine owner or operator. Ez form 2012 For a listing of treatment processes considered as mining, see section 613(c)(4) of the Internal Revenue Code and the related regulations. Ez form 2012 Transportation of more than 50 miles. Ez form 2012   If the IRS finds that the ore or mineral must be transported more than 50 miles to plants or mills to be treated because of physical and other requirements, the additional authorized transportation is considered mining and included in the computation of gross income from mining. Ez form 2012    If you wish to include transportation of more than 50 miles in the computation of gross income from mining, request an advance ruling from the IRS. Ez form 2012 Include in the request the facts about the physical and other requirements that prevented the construction and operation of the plant within 50 miles of the point of extraction. Ez form 2012 For more information about requesting an advance ruling, see Revenue Procedure 2013-1, available at www. Ez form 2012 irs. Ez form 2012 gov/irb/2013-01_IRB/ar11. Ez form 2012 html. Ez form 2012 Disposal of coal or iron ore. Ez form 2012   You cannot take a depletion deduction for coal (including lignite) or iron ore mined in the United States if both the following apply. Ez form 2012 You disposed of it after holding it for more than 1 year. Ez form 2012 You disposed of it under a contract under which you retain an economic interest in the coal or iron ore. Ez form 2012 Treat any gain on the disposition as a capital gain. Ez form 2012 Disposal to related person. Ez form 2012   This rule does not apply if you dispose of the coal or iron ore to one of the following persons. Ez form 2012 A related person (as listed in chapter 2 of Publication 544). Ez form 2012 A person owned or controlled by the same interests that own or control you. Ez form 2012 Geothermal deposits. Ez form 2012   Geothermal deposits located in the United States or its possessions qualify for a percentage depletion rate of 15%. Ez form 2012 A geothermal deposit is a geothermal reservoir of natural heat stored in rocks or in a watery liquid or vapor. Ez form 2012 For percentage depletion purposes, a geothermal deposit is not considered a gas well. Ez form 2012   Figure gross income from the property for a geothermal steam well in the same way as for oil and gas wells. Ez form 2012 See Gross income from the property , earlier, under Oil and Gas Wells. Ez form 2012 Percentage depletion on a geothermal deposit cannot be more than 50% of your taxable income from the property. Ez form 2012 Lessor's Gross Income In the case of leased property, the depletion deduction is divided between the lessor and the lessee. Ez form 2012 A lessor's gross income from the property that qualifies for percentage depletion usually is the total of the royalties received from the lease. Ez form 2012 Bonuses and advanced royalties. Ez form 2012   Bonuses and advanced royalties are payments a lessee makes before production to a lessor for the grant of rights in a lease or for minerals, gas, or oil to be extracted from leased property. Ez form 2012 If you are the lessor, your income from bonuses and advanced royalties received is subject to an allowance for depletion, as explained in the next two paragraphs. Ez form 2012 Figuring cost depletion. Ez form 2012   To figure cost depletion on a bonus, multiply your adjusted basis in the property by a fraction, the numerator of which is the bonus and the denominator of which is the total bonus and royalties expected to be received. Ez form 2012 To figure cost depletion on advanced royalties, use the computation explained earlier under Cost Depletion , treating the number of units for which the advanced royalty is received as the number of units sold. Ez form 2012 Figuring percentage depletion. Ez form 2012   In the case of mines, wells, and other natural deposits other than gas, oil, or geothermal property, you may use the percentage rates discussed earlier under Mines and Geothermal Deposits . Ez form 2012 Any bonus or advanced royalty payments are generally part of the gross income from the property to which the rates are applied in making the calculation. Ez form 2012 However, for oil, gas, or geothermal property, gross income does not include lease bonuses, advanced royalties, or other amounts payable without regard to production from the property. Ez form 2012 Ending the lease. Ez form 2012   If you receive a bonus on a lease that ends or is abandoned before you derive any income from mineral extraction, include in income the depletion deduction you took. Ez form 2012 Do this for the year the lease ends or is abandoned. Ez form 2012 Also increase your adjusted basis in the property to restore the depletion deduction you previously subtracted. Ez form 2012   For advanced royalties, include in income the depletion claimed on minerals for which the advanced royalties were paid if the minerals were not produced before the lease ended. Ez form 2012 Include this amount in income for the year the lease ends. Ez form 2012 Increase your adjusted basis in the property by the amount you include in income. Ez form 2012 Delay rentals. Ez form 2012   These are payments for deferring development of the property. Ez form 2012 Since delay rentals are ordinary rent, they are ordinary income that is not subject to depletion. Ez form 2012 These rentals can be avoided by either abandoning the lease, beginning development operations, or obtaining production. Ez form 2012 Timber You can figure timber depletion only by the cost method. Ez form 2012 Percentage depletion does not apply to timber. Ez form 2012 Base your depletion on your cost or other basis in the timber. Ez form 2012 Your cost does not include the cost of land or any amounts recoverable through depreciation. Ez form 2012 Depletion takes place when you cut standing timber. Ez form 2012 You can figure your depletion deduction when the quantity of cut timber is first accurately measured in the process of exploitation. Ez form 2012 Figuring cost depletion. Ez form 2012   To figure your cost depletion allowance, you multiply the number of timber units cut by your depletion unit. Ez form 2012 Timber units. Ez form 2012   When you acquire timber property, you must make an estimate of the quantity of marketable timber that exists on the property. Ez form 2012 You measure the timber using board feet, log scale, cords, or other units. Ez form 2012 If you later determine that you have more or less units of timber, you must adjust the original estimate. Ez form 2012   The term “timber property” means your economic interest in standing timber in each tract or block representing a separate timber account. Ez form 2012 Depletion unit. Ez form 2012   You figure your depletion unit each year by taking the following steps. Ez form 2012 Determine your cost or adjusted basis of the timber on hand at the beginning of the year. Ez form 2012 Adjusted basis is defined under Cost Depletion in the discussion on Mineral Property. Ez form 2012 Add to the amount determined in (1) the cost of any timber units acquired during the year and any additions to capital. Ez form 2012 Figure the number of timber units to take into account by adding the number of timber units acquired during the year to the number of timber units on hand in the account at the beginning of the year and then adding (or subtracting) any correction to the estimate of the number of timber units remaining in the account. Ez form 2012 Divide the result of (2) by the result of (3). Ez form 2012 This is your depletion unit. Ez form 2012 Example. Ez form 2012 You bought a timber tract for $160,000 and the land was worth as much as the timber. Ez form 2012 Your basis for the timber is $80,000. Ez form 2012 Based on an estimated one million board feet (1,000 MBF) of standing timber, you figure your depletion unit to be $80 per MBF ($80,000 ÷ 1,000). Ez form 2012 If you cut 500 MBF of timber, your depletion allowance would be $40,000 (500 MBF × $80). Ez form 2012 When to claim depletion. Ez form 2012   Claim your depletion allowance as a deduction in the year of sale or other disposition of the products cut from the timber, unless you choose to treat the cutting of timber as a sale or exchange (explained below). Ez form 2012 Include allowable depletion for timber products not sold during the tax year the timber is cut as a cost item in the closing inventory of timber products for the year. Ez form 2012 The inventory is your basis for determining gain or loss in the tax year you sell the timber products. Ez form 2012 Example. Ez form 2012 The facts are the same as in the previous example except that you sold only half of the timber products in the cutting year. Ez form 2012 You would deduct $20,000 of the $40,000 depletion that year. Ez form 2012 You would add the remaining $20,000 depletion to your closing inventory of timber products. Ez form 2012 Electing to treat the cutting of timber as a sale or exchange. Ez form 2012   You can elect, under certain circumstances, to treat the cutting of timber held for more than 1 year as a sale or exchange. Ez form 2012 You must make the election on your income tax return for the tax year to which it applies. Ez form 2012 If you make this election, subtract the adjusted basis for depletion from the fair market value of the timber on the first day of the tax year in which you cut it to figure the gain or loss on the cutting. Ez form 2012 You generally report the gain as long-term capital gain. Ez form 2012 The fair market value then becomes your basis for figuring your ordinary gain or loss on the sale or other disposition of the products cut from the timber. Ez form 2012 For more information, see Timber in chapter 2 of Publication 544, Sales and Other Dispositions of Assets. Ez form 2012   You may revoke an election to treat the cutting of timber as a sale or exchange without IRS's consent. Ez form 2012 The prior election (and revocation) is disregarded for purposes of making a subsequent election. Ez form 2012 See Form T (Timber), Forest Activities Schedule, for more information. Ez form 2012 Form T. Ez form 2012   Complete and attach Form T (Timber) to your income tax return if you claim a deduction for timber depletion, choose to treat the cutting of timber as a sale or exchange, or make an outright sale of timber. Ez form 2012 Prev  Up  Next   Home   More Online Publications