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Filing An Amended Return For 2012

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Filing An Amended Return For 2012

Filing an amended return for 2012 10. Filing an amended return for 2012   Retirement Plans, Pensions, and Annuities Table of Contents What's New Reminder IntroductionThe General Rule. Filing an amended return for 2012 Individual retirement arrangements (IRAs). Filing an amended return for 2012 Civil service retirement benefits. Filing an amended return for 2012 Useful Items - You may want to see: General InformationIn-plan rollovers to designated Roth accounts. Filing an amended return for 2012 How To Report Cost (Investment in the Contract) Taxation of Periodic PaymentsExclusion limited to cost. Filing an amended return for 2012 Exclusion not limited to cost. Filing an amended return for 2012 Simplified Method Taxation of Nonperiodic PaymentsLump-Sum Distributions RolloversIn-plan rollovers to designated Roth accounts. Filing an amended return for 2012 Special Additional TaxesTax on Early Distributions Tax on Excess Accumulation Survivors and Beneficiaries What's New For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 408, 408A, or 457(b) plans). Filing an amended return for 2012 However, these distributions are taken into account when determining the modified adjusted gross income threshold. Filing an amended return for 2012 Distributions from a nonqualified retirement plan are included in net investment income. Filing an amended return for 2012 See Form 8960, Net Investment Income Tax - Individuals, Estates, and Trusts, and its instructions for more information. Filing an amended return for 2012 Reminder Starting in 2013, the American Taxpayer Relief Act of 2012 expanded the rules for in-plan Roth rollovers to include more taxpayers. Filing an amended return for 2012 For more information, see Designated Roth accounts discussed later. Filing an amended return for 2012 Introduction This chapter discusses the tax treatment of distributions you receive from: An employee pension or annuity from a qualified plan, A disability retirement, and A purchased commercial annuity. Filing an amended return for 2012 What is not covered in this chapter. Filing an amended return for 2012   The following topics are not discussed in this chapter. Filing an amended return for 2012 The General Rule. Filing an amended return for 2012   This is the method generally used to determine the tax treatment of pension and annuity income from nonqualified plans (including commercial annuities). Filing an amended return for 2012 For a qualified plan, you generally cannot use the General Rule unless your annuity starting date is before November 19, 1996. Filing an amended return for 2012 For more information about the General Rule, see Publication 939, General Rule for Pensions and Annuities. Filing an amended return for 2012 Individual retirement arrangements (IRAs). Filing an amended return for 2012   Information on the tax treatment of amounts you receive from an IRA is in chapter 17. Filing an amended return for 2012 Civil service retirement benefits. Filing an amended return for 2012    If you are retired from the federal government (regular, phased, or disability retirement), see Publication 721, Tax Guide to U. Filing an amended return for 2012 S. Filing an amended return for 2012 Civil Service Retirement Benefits. Filing an amended return for 2012 Publication 721 also covers the information that you need if you are the survivor or beneficiary of a federal employee or retiree who died. Filing an amended return for 2012 Useful Items - You may want to see: Publication 575 Pension and Annuity Income 721 Tax Guide to U. Filing an amended return for 2012 S. Filing an amended return for 2012 Civil Service Retirement Benefits 939 General Rule for Pensions and Annuities Form (and Instructions) W-4P Withholding Certificate for Pension or Annuity Payments 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Filing an amended return for 2012 4972 Tax on Lump-Sum Distributions 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts General Information Designated Roth accounts. Filing an amended return for 2012   A designated Roth account is a separate account created under a qualified Roth contribution program to which participants may elect to have part or all of their elective deferrals to a 401(k), 403(b), or 457(b) plan designated as Roth contributions. Filing an amended return for 2012 Elective deferrals that are designated as Roth contributions are included in your income. Filing an amended return for 2012 However, qualified distributions are not included in your income. Filing an amended return for 2012 See Publication 575 for more information. Filing an amended return for 2012 In-plan rollovers to designated Roth accounts. Filing an amended return for 2012   If you are a participant in a 401(k), 403(b), or 457(b) plan, your plan may permit you to roll over amounts in those plans to a designated Roth account within the same plan. Filing an amended return for 2012 The rollover of any untaxed amounts must be included in income. Filing an amended return for 2012 See Publication 575 for more information. Filing an amended return for 2012 More than one program. Filing an amended return for 2012   If you receive benefits from more than one program under a single trust or plan of your employer, such as a pension plan and a profit-sharing plan, you may have to figure the taxable part of each pension or annuity contract separately. Filing an amended return for 2012 Your former employer or the plan administrator should be able to tell you if you have more than one pension or annuity contract. Filing an amended return for 2012 Section 457 deferred compensation plans. Filing an amended return for 2012    If you work for a state or local government or for a tax-exempt organization, you may be able to participate in a section 457 deferred compensation plan. Filing an amended return for 2012 If your plan is an eligible plan, you are not taxed currently on pay that is deferred under the plan or on any earnings from the plan's investment of the deferred pay. Filing an amended return for 2012 You are generally taxed on amounts deferred in an eligible state or local government plan only when they are distributed from the plan. Filing an amended return for 2012 You are taxed on amounts deferred in an eligible tax-exempt organization plan when they are distributed or otherwise made available to you. Filing an amended return for 2012   Your 457(b) plan may have a designated Roth account option. Filing an amended return for 2012 If so, you may be able to roll over amounts to the designated Roth account or make contributions. Filing an amended return for 2012 Elective deferrals to a designated Roth account are included in your income. Filing an amended return for 2012 Qualified distributions from a designated Roth account are not subject to tax. Filing an amended return for 2012   This chapter covers the tax treatment of benefits under eligible section 457 plans, but it does not cover the treatment of deferrals. Filing an amended return for 2012 For information on deferrals under section 457 plans, see Retirement Plan Contributions under Employee Compensation in Publication 525, Taxable and Nontaxable Income. Filing an amended return for 2012   For general information on these deferred compensation plans, see Section 457 Deferred Compensation Plans in Publication 575. Filing an amended return for 2012 Disability pensions. Filing an amended return for 2012   If you retired on disability, you generally must include in income any disability pension you receive under a plan that is paid for by your employer. Filing an amended return for 2012 You must report your taxable disability payments as wages on line 7 of Form 1040 or Form 1040A until you reach minimum retirement age. Filing an amended return for 2012 Minimum retirement age generally is the age at which you can first receive a pension or annuity if you are not disabled. Filing an amended return for 2012    You may be entitled to a tax credit if you were permanently and totally disabled when you retired. Filing an amended return for 2012 For information on the credit for the elderly or the disabled, see chapter 33. Filing an amended return for 2012   Beginning on the day after you reach minimum retirement age, payments you receive are taxable as a pension or annuity. Filing an amended return for 2012 Report the payments on Form 1040, lines 16a and 16b, or on Form 1040A, lines 12a and 12b. Filing an amended return for 2012    Disability payments for injuries incurred as a direct result of a terrorist attack directed against the United States (or its allies) are not included in income. Filing an amended return for 2012 For more information about payments to survivors of terrorist attacks, see Publication 3920, Tax Relief for Victims of Terrorist Attacks. Filing an amended return for 2012   For more information on how to report disability pensions, including military and certain government disability pensions, see chapter 5. Filing an amended return for 2012 Retired public safety officers. Filing an amended return for 2012   An eligible retired public safety officer can elect to exclude from income distributions of up to $3,000 made directly from a government retirement plan to the provider of accident, health, or long-term disability insurance. Filing an amended return for 2012 See Insurance Premiums for Retired Public Safety Officers in Publication 575 for more information. Filing an amended return for 2012 Railroad retirement benefits. Filing an amended return for 2012   Part of any railroad retirement benefits you receive is treated for tax purposes as social security benefits, and part is treated as an employee pension. Filing an amended return for 2012 For information about railroad retirement benefits treated as social security benefits, see Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Filing an amended return for 2012 For information about railroad retirement benefits treated as an employee pension, see Railroad Retirement Benefits in Publication 575. Filing an amended return for 2012 Withholding and estimated tax. Filing an amended return for 2012   The payer of your pension, profit-sharing, stock bonus, annuity, or deferred compensation plan will withhold income tax on the taxable parts of amounts paid to you. Filing an amended return for 2012 You can tell the payer how much to withhold, or not to withhold, by filing Form W-4P. Filing an amended return for 2012 If you choose not to have tax withheld, or you do not have enough tax withheld, you may have to pay estimated tax. Filing an amended return for 2012   If you receive an eligible rollover distribution, you cannot choose not to have tax withheld. Filing an amended return for 2012 Generally, 20% will be withheld, but no tax will be withheld on a direct rollover of an eligible rollover distribution. Filing an amended return for 2012 See Direct rollover option under Rollovers, later. Filing an amended return for 2012   For more information, see Pensions and Annuities under Tax Withholding for 2014 in chapter 4. Filing an amended return for 2012 Qualified plans for self-employed individuals. Filing an amended return for 2012   Qualified plans set up by self-employed individuals are sometimes called Keogh or H. Filing an amended return for 2012 R. Filing an amended return for 2012 10 plans. Filing an amended return for 2012 Qualified plans can be set up by sole proprietors, partnerships (but not a partner), and corporations. Filing an amended return for 2012 They can cover self-employed persons, such as the sole proprietor or partners, as well as regular (common-law) employees. Filing an amended return for 2012    Distributions from a qualified plan are usually fully taxable because most recipients have no cost basis. Filing an amended return for 2012 If you have an investment (cost) in the plan, however, your pension or annuity payments from a qualified plan are taxed under the Simplified Method. Filing an amended return for 2012 For more information about qualified plans, see Publication 560, Retirement Plans for Small Business. Filing an amended return for 2012 Purchased annuities. Filing an amended return for 2012   If you receive pension or annuity payments from a privately purchased annuity contract from a commercial organization, such as an insurance company, you generally must use the General Rule to figure the tax-free part of each annuity payment. Filing an amended return for 2012 For more information about the General Rule, get Publication 939. Filing an amended return for 2012 Also, see Variable Annuities in Publication 575 for the special provisions that apply to these annuity contracts. Filing an amended return for 2012 Loans. Filing an amended return for 2012   If you borrow money from your retirement plan, you must treat the loan as a nonperiodic distribution from the plan unless certain exceptions apply. Filing an amended return for 2012 This treatment also applies to any loan under a contract purchased under your retirement plan, and to the value of any part of your interest in the plan or contract that you pledge or assign. Filing an amended return for 2012 This means that you must include in income all or part of the amount borrowed. Filing an amended return for 2012 Even if you do not have to treat the loan as a nonperiodic distribution, you may not be able to deduct the interest on the loan in some situations. Filing an amended return for 2012 For details, see Loans Treated as Distributions in Publication 575. Filing an amended return for 2012 For information on the deductibility of interest, see chapter 23. Filing an amended return for 2012 Tax-free exchange. Filing an amended return for 2012   No gain or loss is recognized on an exchange of an annuity contract for another annuity contract if the insured or annuitant remains the same. Filing an amended return for 2012 However, if an annuity contract is exchanged for a life insurance or endowment contract, any gain due to interest accumulated on the contract is ordinary income. Filing an amended return for 2012 See Transfers of Annuity Contracts in Publication 575 for more information about exchanges of annuity contracts. Filing an amended return for 2012 How To Report If you file Form 1040, report your total annuity on line 16a and the taxable part on line 16b. Filing an amended return for 2012 If your pension or annuity is fully taxable, enter it on line 16b; do not make an entry on line 16a. Filing an amended return for 2012 If you file Form 1040A, report your total annuity on line 12a and the taxable part on line 12b. Filing an amended return for 2012 If your pension or annuity is fully taxable, enter it on line 12b; do not make an entry on line 12a. Filing an amended return for 2012 More than one annuity. Filing an amended return for 2012   If you receive more than one annuity and at least one of them is not fully taxable, enter the total amount received from all annuities on Form 1040, line 16a, or Form 1040A, line 12a, and enter the taxable part on Form 1040, line 16b, or Form 1040A, line 12b. Filing an amended return for 2012 If all the annuities you receive are fully taxable, enter the total of all of them on Form 1040, line 16b, or Form 1040A, line 12b. Filing an amended return for 2012 Joint return. Filing an amended return for 2012   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 Form 1040, line 16a, or Form 1040A, line 12a, and report the taxable part on Form 1040, line 16b, or Form 1040A, line 12b. Filing an amended return for 2012 Cost (Investment in the Contract) Before you can figure how much, if any, of a distribution from your pension or annuity plan is taxable, you must determine your cost (your investment in the contract) in the pension or annuity. Filing an amended return for 2012 Your total cost in the plan includes the total premiums, contributions, or other amounts you paid. Filing an amended return for 2012 This includes the amounts your employer contributed that were taxable to you when paid. Filing an amended return for 2012 Cost does not include any amounts you deducted or were excluded from your income. Filing an amended return for 2012 From this total cost, subtract any refunds of premiums, rebates, dividends, unrepaid loans that were not included in your income, or other tax-free amounts that you received by the later of the annuity starting date or the date on which you received your first payment. Filing an amended return for 2012 Your annuity starting date is the later of the first day of the first period for which you received a payment or the date the plan's obligations became fixed. Filing an amended return for 2012 Designated Roth accounts. Filing an amended return for 2012   Your cost in these accounts is your designated Roth contributions that were included in your income as wages subject to applicable withholding requirements. Filing an amended return for 2012 Your cost will also include any in-plan Roth rollovers you included in income. Filing an amended return for 2012 Foreign employment contributions. Filing an amended return for 2012   If you worked in a foreign country and contributions were made to your retirement plan, special rules apply in determining your cost. Filing an amended return for 2012 See Foreign employment contributions under Cost (Investment in the Contract) in Publication 575. Filing an amended return for 2012 Taxation of Periodic Payments Fully taxable payments. Filing an amended return for 2012   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 from your pay while you worked, the amounts you receive each year are fully taxable. Filing an amended return for 2012 You must report them on your income tax return. Filing an amended return for 2012 Partly taxable payments. Filing an amended return for 2012   If you paid part of the cost of your pension or annuity, you are not taxed on the part of the pension or annuity you receive that represents a return of your cost. Filing an amended return for 2012 The rest of the amount you receive is generally taxable. Filing an amended return for 2012 You figure the tax-free part of the payment using either the Simplified Method or the General Rule. Filing an amended return for 2012 Your annuity starting date and whether or not your plan is qualified determine which method you must or may use. Filing an amended return for 2012   If your annuity starting date is after November 18, 1996, and your payments are from a qualified plan, you must use the Simplified Method. Filing an amended return for 2012 Generally, you must use the General Rule if your annuity is paid under a nonqualified plan, and you cannot use this method if your annuity is paid under a qualified plan. Filing an amended return for 2012   If you had more than one partly taxable pension or annuity, figure the tax-free part and the taxable part of each separately. Filing an amended return for 2012   If your annuity is paid under a qualified plan and your annuity starting date is after July 1, 1986, and before November 19, 1996, you could have chosen to use either the General Rule or the Simplified Method. Filing an amended return for 2012 Exclusion limit. Filing an amended return for 2012   Your annuity starting date determines the total amount of annuity payments that you can exclude from your taxable income over the years. Filing an amended return for 2012 Once your annuity starting date is determined, it does not change. Filing an amended return for 2012 If you calculate the taxable portion of your annuity payments using the simplified method worksheet, the annuity starting date determines the recovery period for your cost. Filing an amended return for 2012 That recovery period begins on your annuity starting date and is not affected by the date you first complete the worksheet. Filing an amended return for 2012 Exclusion limited to cost. Filing an amended return for 2012   If your annuity starting date is after 1986, the total amount of annuity income that you can exclude over the years as a recovery of the cost cannot exceed your total cost. Filing an amended return for 2012 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. Filing an amended return for 2012 This deduction is not subject to the 2%-of-adjusted-gross-income limit. Filing an amended return for 2012 Exclusion not limited to cost. Filing an amended return for 2012   If your annuity starting date is before 1987, you can continue to take your monthly exclusion for as long as you receive your annuity. Filing an amended return for 2012 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. Filing an amended return for 2012 The total exclusion may be more than your cost. Filing an amended return for 2012 Simplified Method 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. Filing an amended return for 2012 For an annuity that is payable for the lives of the annuitants, this number is based on the annuitants' ages on the annuity starting date and is determined from a table. Filing an amended return for 2012 For any other annuity, this number is the number of monthly annuity payments under the contract. Filing an amended return for 2012 Who must use the Simplified Method. Filing an amended return for 2012   You must use the Simplified Method if your annuity starting date is after November 18, 1996, and you both: Receive pension or annuity payments from a qualified employee plan, qualified employee annuity, or a tax-sheltered annuity (403(b)) plan, and On your annuity starting date, you were either under age 75, or entitled to less than 5 years of guaranteed payments. Filing an amended return for 2012 Guaranteed payments. Filing an amended return for 2012   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. Filing an amended return for 2012 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. Filing an amended return for 2012 How to use the Simplified Method. Filing an amended return for 2012    Complete the Simplified Method Worksheet in Publication 575 to figure your taxable annuity for 2013. Filing an amended return for 2012 Single-life annuity. Filing an amended return for 2012    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. Filing an amended return for 2012 Enter on line 3 the number shown for your age at the annuity starting date. Filing an amended return for 2012 Multiple-lives annuity. Filing an amended return for 2012   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. Filing an amended return for 2012 Enter on line 3 the number shown for the combined ages of you and the youngest survivor annuitant at the annuity starting date. Filing an amended return for 2012   However, if your annuity starting date is before 1998, do not use Table 2 and do not combine the annuitants' ages. Filing an amended return for 2012 Instead you must use Table 1 and enter on line 3 the number shown for the primary annuitant's age on the annuity starting date. Filing an amended return for 2012    Be sure to keep a copy of the completed worksheet; it will help you figure your taxable annuity next year. Filing an amended return for 2012 Example. Filing an amended return for 2012 Bill Smith, age 65, began receiving retirement benefits in 2013, under a joint and survivor annuity. Filing an amended return for 2012 Bill's annuity starting date is January 1, 2013. Filing an amended return for 2012 The benefits are to be paid for the joint lives of Bill and his wife Kathy, age 65. Filing an amended return for 2012 Bill had contributed $31,000 to a qualified plan and had received no distributions before the annuity starting date. Filing an amended return for 2012 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. Filing an amended return for 2012 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. Filing an amended return for 2012 Because his annuity is payable over the lives of more than one annuitant, he uses his and Kathy's combined ages and Table 2 at the bottom of the worksheet in completing line 3 of the worksheet. Filing an amended return for 2012 His completed worksheet is shown in Worksheet 10-A. Filing an amended return for 2012 Bill's tax-free monthly amount is $100 ($31,000 ÷ 310) as shown on line 4 of the worksheet. Filing an amended return for 2012 Upon Bill's death, if Bill has not recovered the full $31,000 investment, Kathy will also exclude $100 from her $600 monthly payment. Filing an amended return for 2012 The full amount of any annuity payments received after 310 payments are paid must be included in gross income. Filing an amended return for 2012 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. Filing an amended return for 2012 This deduction is not subject to the 2%-of-adjusted- gross-income limit. Filing an amended return for 2012 Worksheet 10-A. Filing an amended return for 2012 Simplified Method Worksheet for Bill Smith 1. Filing an amended return for 2012 Enter the total pension or annuity payments received this year. Filing an amended return for 2012 Also, add this amount to the total for Form 1040, line 16a, or Form 1040A, line 12a 1. Filing an amended return for 2012 14,400 2. Filing an amended return for 2012 Enter your cost in the plan (contract) at the annuity starting date plus any death benefit exclusion*. Filing an amended return for 2012 See Cost (Investment in the Contract) , earlier 2. Filing an amended return for 2012 31,000       Note: 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). Filing an amended return for 2012 Otherwise, go to line 3. Filing an amended return for 2012         3. Filing an amended return for 2012 Enter the appropriate number from Table 1 below. Filing an amended return for 2012 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. Filing an amended return for 2012 310     4. Filing an amended return for 2012 Divide line 2 by the number on line 3 4. Filing an amended return for 2012 100     5. Filing an amended return for 2012 Multiply line 4 by the number of months for which this year's payments were made. Filing an amended return for 2012 If your annuity starting date was before 1987, enter this amount on line 8 below and skip lines 6, 7, 10, and 11. Filing an amended return for 2012 Otherwise, go to line 6 5. Filing an amended return for 2012 1,200     6. Filing an amended return for 2012 Enter any amounts previously recovered tax free in years after 1986. Filing an amended return for 2012 This is the amount shown on line 10 of your worksheet for last year 6. Filing an amended return for 2012 -0-     7. Filing an amended return for 2012 Subtract line 6 from line 2 7. Filing an amended return for 2012 31,000     8. Filing an amended return for 2012 Enter the smaller of line 5 or line 7 8. Filing an amended return for 2012 1,200 9. Filing an amended return for 2012 Taxable amount for year. Filing an amended return for 2012 Subtract line 8 from line 1. Filing an amended return for 2012 Enter the result, but not less than zero. Filing an amended return for 2012 Also, add this amount to the total for Form 1040, line 16b, or Form 1040A, line 12b 9. Filing an amended return for 2012 13,200   Note: If your Form 1099-R shows a larger taxable amount, use the amount figured on this line instead. Filing an amended return for 2012 If you are a retired public safety officer, see Insurance Premiums for Retired Public Safety Officers in Publication 575 before entering an amount on your tax return. Filing an amended return for 2012     10. Filing an amended return for 2012 Was your annuity starting date before 1987? □ Yes. Filing an amended return for 2012 STOP. Filing an amended return for 2012 Do not complete the rest of this worksheet. Filing an amended return for 2012  ☑ No. Filing an amended return for 2012 Add lines 6 and 8. Filing an amended return for 2012 This is the amount you have recovered tax free through 2013. Filing an amended return for 2012 You will need this number if you need to fill out this worksheet next year 10. Filing an amended return for 2012 1,200 11. Filing an amended return for 2012 Balance of cost to be recovered. Filing an amended return for 2012 Subtract line 10 from line 2. Filing an amended return for 2012 If zero, you will not have to complete this worksheet next year. Filing an amended return for 2012 The payments you receive next year will generally be fully taxable 11. Filing an amended return for 2012 29,800 TABLE 1 FOR LINE 3 ABOVE   AND your annuity starting date was— IF the age at annuity starting date was. Filing an amended return for 2012 . Filing an amended return for 2012 . Filing an amended return for 2012 before November 19, 1996, enter on line 3. Filing an amended return for 2012 . Filing an amended return for 2012 . Filing an amended return for 2012 after November 18, 1996, enter on line 3. Filing an amended return for 2012 . Filing an amended return for 2012 . Filing an amended return for 2012 55 or under 300 360 56–60 260 310 61–65 240 260 66–70 170 210 71 or older 120 160 TABLE 2 FOR LINE 3 ABOVE IF the combined ages at annuity starting date were. Filing an amended return for 2012 . Filing an amended return for 2012 . Filing an amended return for 2012   THEN enter on line 3. Filing an amended return for 2012 . Filing an amended return for 2012 . Filing an amended return for 2012 110 or under   410 111–120   360 121–130   310 131–140   260 141 or older   210 * A death benefit exclusion (up to $5,000) applied to certain benefits received by employees who died before August 21, 1996. Filing an amended return for 2012 Who must use the General Rule. Filing an amended return for 2012   You 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 your annuity payments are guaranteed for at least 5 years. Filing an amended return for 2012 Annuity starting before November 19, 1996. Filing an amended return for 2012   If your annuity starting date is after July 1, 1986, and before November 19, 1996, you had to use the General Rule for either circumstance just described. Filing an amended return for 2012 You also had to use it for any fixed-period annuity. Filing an amended return for 2012 If you did not have to use the General Rule, you could have chosen to use it. Filing an amended return for 2012 If your annuity starting date is before July 2, 1986, you had to use the General Rule unless you could use the Three-Year Rule. Filing an amended return for 2012   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. Filing an amended return for 2012 Who cannot use the General Rule. Filing an amended return for 2012   You cannot use the General Rule if you receive your pension or annuity from a qualified plan and none of the circumstances described in the preceding discussions apply to you. Filing an amended return for 2012 See Who must use the Simplified Method , earlier. Filing an amended return for 2012 More information. Filing an amended return for 2012   For complete information on using the General Rule, including the actuarial tables you need, see Publication 939. Filing an amended return for 2012 Taxation of Nonperiodic Payments Nonperiodic distributions are also known as amounts not received as an annuity. Filing an amended return for 2012 They include all payments other than periodic payments and corrective distributions. Filing an amended return for 2012 Examples of nonperiodic payments are cash withdrawals, distributions of current earnings, certain loans, and the value of annuity contracts transferred without full and adequate consideration. Filing an amended return for 2012 Corrective distributions of excess plan contributions. Filing an amended return for 2012   Generally, if the contributions made for you during the year to certain retirement plans exceed certain limits, the excess is taxable to you. Filing an amended return for 2012 To correct an excess, your plan may distribute it to you (along with any income earned on the excess). Filing an amended return for 2012 For information on plan contribution limits and how to report corrective distributions of excess contributions, see Retirement Plan Contributions under Employee Compensation in Publication 525. Filing an amended return for 2012 Figuring the taxable amount of nonperiodic payments. Filing an amended return for 2012   How you figure the taxable amount of a nonperiodic distribution depends on whether it is made before the annuity starting date, or on or after the annuity starting date. Filing an amended return for 2012 If it is made before the annuity starting date, its tax treatment also depends on whether it is made under a qualified or nonqualified plan. Filing an amended return for 2012 If it is made under a nonqualified plan, its tax treatment depends on whether it fully discharges the contract, is received under certain life insurance or endowment contracts, or is allocable to an investment you made before August 14, 1982. Filing an amended return for 2012 Annuity starting date. Filing an amended return for 2012   The annuity starting date is either the first day of the first period for which you receive an annuity payment under the contract or the date on which the obligation under the contract becomes fixed, whichever is later. Filing an amended return for 2012 Distribution on or after annuity starting date. Filing an amended return for 2012   If you receive a nonperiodic payment from your annuity contract on or after the annuity starting date, you generally must include all of the payment in gross income. Filing an amended return for 2012 Distribution before annuity starting date. Filing an amended return for 2012   If you receive a nonperiodic distribution before the annuity starting date from a qualified retirement plan, you generally can allocate only part of it to the cost of the contract. Filing an amended return for 2012 You exclude from your gross income the part that you allocate to the cost. Filing an amended return for 2012 You include the remainder in your gross income. Filing an amended return for 2012   If you receive a nonperiodic distribution before the annuity starting date from a plan other than a qualified retirement plan (nonqualified plan), it is allocated first to earnings (the taxable part) and then to the cost of the contract (the tax-free part). Filing an amended return for 2012 This allocation rule applies, for example, to a commercial annuity contract you bought directly from the issuer. Filing an amended return for 2012    Distributions from nonqualified plans are subject to the net investment income tax. Filing an amended return for 2012 See the Instructions for Form 8960. Filing an amended return for 2012   For more information, see Figuring the Taxable Amount under Taxation of Nonperiodic Payments in Publication 575. Filing an amended return for 2012 Lump-Sum Distributions This section on lump-sum distributions only applies if the plan participant was born before January 2, 1936. Filing an amended return for 2012 If the plan participant was born after January 1, 1936, the taxable amount of this nonperiodic payment is reported as discussed earlier. Filing an amended return for 2012 A lump-sum distribution is the distribution or payment in one tax year of a plan participant's entire balance from all of the employer's qualified plans of one kind (for example, pension, profit-sharing, or stock bonus plans). Filing an amended return for 2012 A distribution from a nonqualified plan (such as a privately purchased commercial annuity or a section 457 deferred compensation plan of a state or local government or tax-exempt organization) cannot qualify as a lump-sum distribution. Filing an amended return for 2012 The participant's entire balance from a plan does not include certain forfeited amounts. Filing an amended return for 2012 It also does not include any deductible voluntary employee contributions allowed by the plan after 1981 and before 1987. Filing an amended return for 2012 For more information about distributions that do not qualify as lump-sum distributions, see Distributions that do not qualify under Lump-Sum Distributions in Publication 575. Filing an amended return for 2012 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. Filing an amended return for 2012 The part from active participation in the plan before 1974 may qualify as capital gain subject to a 20% tax rate. Filing an amended return for 2012 The part from participation after 1973 (and any part from participation before 1974 that you do not report as capital gain) is ordinary income. Filing an amended return for 2012 You may be able to use the 10-year tax option, discussed later, to figure tax on the ordinary income part. Filing an amended return for 2012 Use Form 4972 to figure the separate tax on a lump-sum distribution using the optional methods. Filing an amended return for 2012 The tax figured on Form 4972 is added to the regular tax figured on your other income. Filing an amended return for 2012 This may result in a smaller tax than you would pay by including the taxable amount of the distribution as ordinary income in figuring your regular tax. Filing an amended return for 2012 How to treat the distribution. Filing an amended return for 2012   If you receive a lump-sum distribution, you may have the following options for how you treat the taxable part. Filing an amended return for 2012 Report the part of the distribution from participation before 1974 as a capital gain (if you qualify) and the part from participation after 1973 as ordinary income. Filing an amended return for 2012 Report the part of the distribution from participation before 1974 as a capital gain (if you qualify) and use the 10-year tax option to figure the tax on the part from participation after 1973 (if you qualify). Filing an amended return for 2012 Use the 10-year tax option to figure the tax on the total taxable amount (if you qualify). Filing an amended return for 2012 Roll over all or part of the distribution. Filing an amended return for 2012 See Rollovers , later. Filing an amended return for 2012 No tax is currently due on the part rolled over. Filing an amended return for 2012 Report any part not rolled over as ordinary income. Filing an amended return for 2012 Report the entire taxable part of the distribution as ordinary income on your tax return. Filing an amended return for 2012   The first three options are explained in the following discussions. Filing an amended return for 2012 Electing optional lump-sum treatment. Filing an amended return for 2012   You can choose to use the 10-year tax option or capital gain treatment only once after 1986 for any plan participant. Filing an amended return for 2012 If you make this choice, you cannot use either of these optional treatments for any future distributions for the participant. Filing an amended return for 2012 Taxable and tax-free parts of the distribution. Filing an amended return for 2012    The taxable part of a lump-sum distribution is the employer's contributions and income earned on your account. Filing an amended return for 2012 You may recover your cost in the lump sum and any net unrealized appreciation (NUA) in employer securities tax free. Filing an amended return for 2012 Cost. Filing an amended return for 2012   In general, your cost is the total of: The plan participant's nondeductible contributions to the plan, The plan participant's taxable costs of any life insurance contract distributed, Any employer contributions that were taxable to the plan participant, and Repayments of any loans that were taxable to the plan participant. Filing an amended return for 2012 You must reduce this cost by amounts previously distributed tax free. Filing an amended return for 2012 Net unrealized appreciation (NUA). Filing an amended return for 2012   The NUA in employer securities (box 6 of Form 1099-R) received as part of a lump-sum distribution is generally tax free until you sell or exchange the securities. Filing an amended return for 2012 (For more information, see Distributions of employer securities under Taxation of Nonperiodic Payments in Publication 575. Filing an amended return for 2012 ) Capital Gain Treatment Capital gain treatment applies only to the taxable part of a lump-sum distribution resulting from participation in the plan before 1974. Filing an amended return for 2012 The amount treated as capital gain is taxed at a 20% rate. Filing an amended return for 2012 You can elect this treatment only once for any plan participant, and only if the plan participant was born before January 2, 1936. Filing an amended return for 2012 Complete Part II of Form 4972 to choose the 20% capital gain election. Filing an amended return for 2012 For more information, see Capital Gain Treatment under Lump-Sum Distributions in Publication 575. Filing an amended return for 2012 10-Year Tax Option The 10-year tax option is a special formula used to figure a separate tax on the ordinary income part of a lump-sum distribution. Filing an amended return for 2012 You pay the tax only once, for the year in which you receive the distribution, not over the next 10 years. Filing an amended return for 2012 You can elect this treatment only once for any plan participant, and only if the plan participant was born before January 2, 1936. Filing an amended return for 2012 The ordinary income part of the distribution is the amount shown in box 2a of the Form 1099-R given to you by the payer, minus the amount, if any, shown in box 3. Filing an amended return for 2012 You also can treat the capital gain part of the distribution (box 3 of Form 1099-R) as ordinary income for the 10-year tax option if you do not choose capital gain treatment for that part. Filing an amended return for 2012 Complete Part III of Form 4972 to choose the 10-year tax option. Filing an amended return for 2012 You must use the special Tax Rate Schedule shown in the instructions for Part III to figure the tax. Filing an amended return for 2012 Publication 575 illustrates how to complete Form 4972 to figure the separate tax. Filing an amended return for 2012 Rollovers If you withdraw cash or other assets from a qualified retirement plan in an eligible rollover distribution, you can defer tax on the distribution by rolling it over to another qualified retirement plan or a traditional IRA. Filing an amended return for 2012 For this purpose, the following plans are qualified retirement plans. Filing an amended return for 2012 A qualified employee plan. Filing an amended return for 2012 A qualified employee annuity. Filing an amended return for 2012 A tax-sheltered annuity plan (403(b) plan). Filing an amended return for 2012 An eligible state or local government section 457 deferred compensation plan. Filing an amended return for 2012 Eligible rollover distributions. Filing an amended return for 2012   Generally, an eligible rollover distribution is any distribution of all or any part of the balance to your credit in a qualified retirement plan. Filing an amended return for 2012 For information about exceptions to eligible rollover distributions, see Publication 575. Filing an amended return for 2012 Rollover of nontaxable amounts. Filing an amended return for 2012   You may be able to roll over the nontaxable part of a distribution (such as your after-tax contributions) made to another qualified retirement plan that is a qualified employee plan or a 403(b) plan, or to a traditional or Roth IRA. Filing an amended return for 2012 The transfer must be made either through a direct rollover to a qualified plan or 403(b) plan that separately accounts for the taxable and nontaxable parts of the rollover or through a rollover to a traditional or Roth IRA. Filing an amended return for 2012   If you roll over only part of a distribution that includes both taxable and nontaxable amounts, the amount you roll over is treated as coming first from the taxable part of the distribution. Filing an amended return for 2012   Any after-tax contributions that you roll over into your traditional IRA become part of your basis (cost) in your IRAs. Filing an amended return for 2012 To recover your basis when you take distributions from your IRA, you must complete Form 8606 for the year of the distribution. Filing an amended return for 2012 For more information, see the Form 8606 instructions. Filing an amended return for 2012 Direct rollover option. Filing an amended return for 2012   You can choose to have any part or all of an eligible rollover distribution paid directly to another qualified retirement plan that accepts rollover distributions or to a traditional or Roth IRA. Filing an amended return for 2012 If you choose the direct rollover option, or have an automatic rollover, no tax will be withheld from any part of the distribution that is directly paid to the trustee of the other plan. Filing an amended return for 2012 Payment to you option. Filing an amended return for 2012   If an eligible rollover distribution is paid to you, 20% generally will be withheld for income tax. Filing an amended return for 2012 However, the full amount is treated as distributed to you even though you actually receive only 80%. Filing an amended return for 2012 You generally must include in income any part (including the part withheld) that you do not roll over within 60 days to another qualified retirement plan or to a traditional or Roth IRA. Filing an amended return for 2012 (See Pensions and Annuities under Tax Withholding for 2014 in chapter 4. Filing an amended return for 2012 )    If you decide to roll over an amount equal to the distribution before withholding, your contribution to the new plan or IRA must include other money (for example, from savings or amounts borrowed) to replace the amount withheld. Filing an amended return for 2012 Time for making rollover. Filing an amended return for 2012   You generally must complete the rollover of an eligible rollover distribution paid to you by the 60th day following the day on which you receive the distribution from your employer's plan. Filing an amended return for 2012 (If an amount distributed to you becomes a frozen deposit in a financial institution during the 60-day period after you receive it, the rollover period is extended for the period during which the distribution is in a frozen deposit in a financial institution. Filing an amended return for 2012 )   The IRS may waive the 60-day requirement where the failure to do so would be against equity or good conscience, such as in the event of a casualty, disaster, or other event beyond your reasonable control. Filing an amended return for 2012   The administrator of a qualified plan must give you a written explanation of your distribution options within a reasonable period of time before making an eligible rollover distribution. Filing an amended return for 2012 Qualified domestic relations order (QDRO). Filing an amended return for 2012   You may be able to roll over tax free all or part of a distribution from a qualified retirement plan that you receive under a QDRO. Filing an amended return for 2012 If you receive the distribution as an employee's spouse or former spouse (not as a nonspousal beneficiary), the rollover rules apply to you as if you were the employee. Filing an amended return for 2012 You can roll over the distribution from the plan into a traditional IRA or to another eligible retirement plan. Filing an amended return for 2012 See Rollovers in Publication 575 for more information on benefits received under a QDRO. Filing an amended return for 2012 Rollover by surviving spouse. Filing an amended return for 2012   You may be able to roll over tax free all or part of a distribution from a qualified retirement plan you receive as the surviving spouse of a deceased employee. Filing an amended return for 2012 The rollover rules apply to you as if you were the employee. Filing an amended return for 2012 You can roll over a distribution into a qualified retirement plan or a traditional or Roth IRA. Filing an amended return for 2012 For a rollover to a Roth IRA, see Rollovers to Roth IRAs , later. Filing an amended return for 2012    A distribution paid to a beneficiary other than the employee's surviving spouse is generally not an eligible rollover distribution. Filing an amended return for 2012 However, see Rollovers by nonspouse beneficiary next. Filing an amended return for 2012 Rollovers by nonspouse beneficiary. Filing an amended return for 2012   If you are a designated beneficiary (other than a surviving spouse) of a deceased employee, you may be able to roll over tax free all or a portion of a distribution you receive from an eligible retirement plan of the employee. Filing an amended return for 2012 The distribution must be a direct trustee-to-trustee transfer to your traditional or Roth IRA that was set up to receive the distribution. Filing an amended return for 2012 The transfer will be treated as an eligible rollover distribution and the receiving plan will be treated as an inherited IRA. Filing an amended return for 2012 For information on inherited IRAs, see What if You Inherit an IRA? in chapter 1 of Publication 590, Individual Retirement Arrangements (IRAs). Filing an amended return for 2012 Retirement bonds. Filing an amended return for 2012   If you redeem retirement bonds purchased under a qualified bond purchase plan, you can roll over the proceeds that exceed your basis tax free into an IRA (as discussed in Publication 590) or a qualified employer plan. Filing an amended return for 2012 Designated Roth accounts. Filing an amended return for 2012   You can roll over an eligible rollover distribution from a designated Roth account into another designated Roth account or a Roth IRA. Filing an amended return for 2012 If you want to roll over the part of the distribution that is not included in income, you must make a direct rollover of the entire distribution or you can roll over the entire amount (or any portion) to a Roth IRA. Filing an amended return for 2012 For more information on rollovers from designated Roth accounts, see Rollovers in Publication 575. Filing an amended return for 2012 In-plan rollovers to designated Roth accounts. Filing an amended return for 2012   If you are a plan participant in a 401(k), 403(b), or 457(b) plan, your plan may permit you to roll over amounts in those plans to a designated Roth account within the same plan. Filing an amended return for 2012 The rollover of any untaxed amounts must be included in income. Filing an amended return for 2012 See Designated Roth accounts under Rollovers in Publication 575 for more information. Filing an amended return for 2012 Rollovers to Roth IRAs. Filing an amended return for 2012   You can roll over distributions directly from a qualified retirement plan (other than a designated Roth account) to a Roth IRA. Filing an amended return for 2012   You must include in your gross income distributions from a qualified retirement plan (other than a designated Roth account) that you would have had to include in income if you had not rolled them over into a Roth IRA. Filing an amended return for 2012 You do not include in gross income any part of a distribution from a qualified retirement plan that is a return of contributions to the plan that were taxable to you when paid. Filing an amended return for 2012 In addition, the 10% tax on early distributions does not apply. Filing an amended return for 2012 More information. Filing an amended return for 2012   For more information on the rules for rolling over distributions, see Rollovers in Publication 575. Filing an amended return for 2012 Special Additional Taxes To discourage the use of pension funds for purposes other than normal retirement, the law imposes additional taxes on early distributions of those funds and on failures to withdraw the funds timely. Filing an amended return for 2012 Ordinarily, you will not be subject to these taxes if you roll over all early distributions you receive, as explained earlier, and begin drawing out the funds at a normal retirement age, in reasonable amounts over your life expectancy. Filing an amended return for 2012 These special additional taxes are the taxes on: Early distributions, and Excess accumulation (not receiving minimum distributions). Filing an amended return for 2012 These taxes are discussed in the following sections. Filing an amended return for 2012 If you must pay either of these taxes, report them on Form 5329. Filing an amended return for 2012 However, you do not have to file Form 5329 if you owe only the tax on early distributions and your Form 1099-R correctly shows a “1” in box 7. Filing an amended return for 2012 Instead, enter 10% of the taxable part of the distribution on Form 1040, line 58 and write “No” under the heading “Other Taxes” to the left of line 58. Filing an amended return for 2012 Even if you do not owe any of these taxes, you may have to complete Form 5329 and attach it to your Form 1040. Filing an amended return for 2012 This applies if you meet an exception to the tax on early distributions but box 7 of your Form 1099-R does not indicate an exception. Filing an amended return for 2012 Tax on Early Distributions Most distributions (both periodic and nonperiodic) from qualified retirement plans and nonqualified annuity contracts made to you before you reach age 59½ are subject to an additional tax of 10%. Filing an amended return for 2012 This tax applies to the part of the distribution that you must include in gross income. Filing an amended return for 2012 For this purpose, a qualified retirement plan is: A qualified employee plan, A qualified employee annuity plan, A tax-sheltered annuity 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). Filing an amended return for 2012 5% rate on certain early distributions from deferred annuity contracts. Filing an amended return for 2012   If an early withdrawal from a deferred annuity is otherwise subject to the 10% additional tax, a 5% rate may apply instead. Filing an amended return for 2012 A 5% rate applies to distributions under a written election providing a specific schedule for the distribution of your interest in the contract if, as of March 1, 1986, you had begun receiving payments under the election. Filing an amended return for 2012 On line 4 of Form 5329, multiply the line 3 amount by 5% instead of 10%. Filing an amended return for 2012 Attach an explanation to your return. Filing an amended return for 2012 Distributions from Roth IRAs allocable to a rollover from an eligible retirement plan within the 5-year period. Filing an amended return for 2012   If, within the 5-year period starting with the first day of your tax year in which you rolled over an amount from an eligible retirement plan to a Roth IRA, you take a distribution from the Roth IRA, you may have to pay the additional 10% tax on early distributions. Filing an amended return for 2012 You generally must pay the 10% additional tax on any amount attributable to the part of the rollover that you had to include in income. Filing an amended return for 2012 The additional tax is figured on Form 5329. Filing an amended return for 2012 For more information, see Form 5329 and its instructions. Filing an amended return for 2012 For information on qualified distributions from Roth IRAs, see Additional Tax on Early Distributions in chapter 2 of Publication 590. Filing an amended return for 2012 Distributions from designated Roth accounts allocable to in-plan Roth rollovers within the 5-year period. Filing an amended return for 2012   If, within the 5-year period starting with the first day of your tax year in which you rolled over an amount from a 401(k), 403(b), or 457(b) plan to a designated Roth account, you take a distribution from the designated Roth account, you may have to pay the additional 10% tax on early distributions. Filing an amended return for 2012 You generally must pay the 10% additional tax on any amount attributable to the part of the in-plan rollover that you had to include in income. Filing an amended return for 2012 The additional tax is figured on Form 5329. Filing an amended return for 2012 For more information, see Form 5329 and its instructions. Filing an amended return for 2012 For information on qualified distributions from designated Roth accounts, see Designated Roth accounts under Taxation of Periodic Payments in Publication 575. Filing an amended return for 2012 Exceptions to tax. Filing an amended return for 2012    Certain early distributions are excepted from the early distribution tax. Filing an amended return for 2012 If the payer knows that an exception applies to your early distribution, distribution code “2,” “3,” or “4” should be shown in box 7 of your Form 1099-R and you do not have to report the distribution on Form 5329. Filing an amended return for 2012 If an exception applies but distribution code “1” (early distribution, no known exception) is shown in box 7, you must file Form 5329. Filing an amended return for 2012 Enter the taxable amount of the distribution shown in box 2a of your Form 1099-R on line 1 of Form 5329. Filing an amended return for 2012 On line 2, enter the amount that can be excluded and the exception number shown in the Form 5329 instructions. Filing an amended return for 2012    If distribution code “1” is incorrectly shown on your Form 1099-R for a distribution received when you were age 59½ or older, include that distribution on Form 5329. Filing an amended return for 2012 Enter exception number “12” on line 2. Filing an amended return for 2012 General exceptions. Filing an amended return for 2012   The tax does not apply to 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 your 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. Filing an amended return for 2012 Additional exceptions for qualified retirement plans. Filing an amended return for 2012   The tax does not apply to distributions that are: From a qualified retirement plan (other than an IRA) after your separation from service in or after the year you reached age 55 (age 50 for qualified public safety employees), From a qualified retirement plan (other than an IRA) to an alternate payee under a qualified domestic relations order, From a qualified retirement plan to the extent you have deductible medical expenses that exceed 10% (or 7. Filing an amended return for 2012 5% if you or your spouse are age 65 or older) of your adjusted gross income, whether or not you itemize your deductions for the year, From an employer plan under a written election that provides a specific schedule for distribution of your entire interest if, as of March 1, 1986, you had separated from service and had begun receiving payments under the election, From an employee stock ownership plan for dividends on employer securities held by the plan, From a qualified retirement plan due to an IRS levy of the plan, From elective deferral accounts under 401(k) or 403(b) plans or similar arrangements that are qualified reservist distributions, or Phased retirement annuity payments made to federal employees. Filing an amended return for 2012 See Pub. Filing an amended return for 2012 721 for more information on the phased retirement program. Filing an amended return for 2012 Qualified public safety employees. Filing an amended return for 2012   If you are a qualified public safety employee, distributions made from a governmental defined benefit pension plan are not subject to the additional tax on early distributions. Filing an amended return for 2012 You are a qualified public safety employee if you provide police protection, firefighting services, or emergency medical services for a state or municipality, and you separated from service in or after the year you attained age 50. Filing an amended return for 2012 Qualified reservist distributions. Filing an amended return for 2012   A qualified reservist distribution is not subject to the additional tax on early distributions. Filing an amended return for 2012 A qualified reservist distribution is a distribution (a) from elective deferrals under a section 401(k) or 403(b) plan, or a similar arrangement, (b) to an individual ordered or called to active duty (because he or she is a member of a reserve component) for a period of more than 179 days or for an indefinite period, and (c) made during the period beginning on the date of the order or call and ending at the close of the active duty period. Filing an amended return for 2012 You must have been ordered or called to active duty after September 11, 2001. Filing an amended return for 2012 For more information, see Qualified reservist distributions under Special Additional Taxes in Publication 575. Filing an amended return for 2012 Additional exceptions for nonqualified annuity contracts. Filing an amended return for 2012   The tax does not apply to distributions from: A deferred annuity contract to the extent allocable to investment in the contract before August 14, 1982, A deferred annuity contract under a qualified personal injury settlement, A deferred annuity contract purchased by your employer upon termination of a qualified employee plan or qualified employee annuity plan and held by your employer until your separation from service, or An immediate annuity contract (a single premium contract providing substantially equal annuity payments that start within 1 year from the date of purchase and are paid at least annually). Filing an amended return for 2012 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 (defined later). Filing an amended return for 2012 The payments each year cannot be less than the required minimum distribution. Filing an amended return for 2012 Required distributions not made. Filing an amended return for 2012   If the actual distributions to you in any year are less than the minimum required distribution for that year, you are subject to an additional tax. Filing an amended return for 2012 The tax equals 50% of the part of the required minimum distribution that was not distributed. Filing an amended return for 2012   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). Filing an amended return for 2012 Waiver. Filing an amended return for 2012   The tax may be waived if you establish that the shortfall in distributions was due to reasonable error and that reasonable steps are being taken to remedy the shortfall. Filing an amended return for 2012 See the Instructions for Form 5329 for the procedure to follow if you believe you qualify for a waiver of this tax. Filing an amended return for 2012 State insurer delinquency proceedings. Filing an amended return for 2012   You might not receive the minimum distribution because assets are invested in a contract issued by an insurance company in state insurer delinquency proceedings. Filing an amended return for 2012 If your payments are reduced below the minimum due to these proceedings, you should contact your plan administrator. Filing an amended return for 2012 Under certain conditions, you will not have to pay the 50% excise tax. Filing an amended return for 2012 Required beginning date. Filing an amended return for 2012   Unless the rule for 5% owners applies, you generally must begin to receive distributions from your qualified retirement plan by 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. Filing an amended return for 2012 However, your plan may require you to begin to receive distributions by April 1 of the year that follows the year in which you reach age 70½, even if you have not retired. Filing an amended return for 2012   If you reached age 70½ in 2013, you may be required to receive your first distribution by April 1, 2014. Filing an amended return for 2012 Your required distribution then must be made for 2014 by December 31, 2014. Filing an amended return for 2012 5% owners. Filing an amended return for 2012   If you are a 5% owner, you must begin to receive distributions by April 1 of the year that follows the calendar year in which you reach age 70½. Filing an amended return for 2012   You are a 5% owner if, for the plan year ending in the calendar year in which you reach age 70½, you own (or are considered to own under section 318 of the Internal Revenue Code) more than 5% of the outstanding stock (or more than 5% of the total voting power of all stock) of the employer, or more than 5% of the capital or profits interest in the employer. Filing an amended return for 2012 Age 70½. Filing an amended return for 2012   You reach age 70½ on the date that is 6 calendar months after the date of your 70th birthday. Filing an amended return for 2012   For example, if you are retired and your 70th birthday was on June 30, 2013, you were age 70½ on December 30, 2013. Filing an amended return for 2012 If your 70th birthday was on July 1, 2013, you reached age 70½ on January 1, 2014. Filing an amended return for 2012 Required distributions. Filing an amended return for 2012   By the required beginning date, as explained earlier, you must either: Receive your entire interest in the plan (for a tax-sheltered annuity, your entire benefit accruing after 1986), or Begin receiving periodic distributions in annual amounts calculated to distribute your entire interest (for a tax-sheltered annuity, your entire benefit accruing after 1986) over your life or life expectancy or over the joint lives or joint life expectancies of you and a designated beneficiary (or over a shorter period). Filing an amended return for 2012 Additional information. Filing an amended return for 2012   For more information on this rule, see Tax on Excess Accumulation in Publication 575. Filing an amended return for 2012 Form 5329. Filing an amended return for 2012   You must file Form 5329 if you owe tax because you did not receive a minimum required distribution from your qualified retirement plan. Filing an amended return for 2012 Survivors and Beneficiaries Generally, a survivor or beneficiary reports pension or annuity income in the same way the plan participant would have. Filing an amended return for 2012 However, some special rules apply. Filing an amended return for 2012 See Publication 575 for more information. Filing an amended return for 2012 Survivors of employees. Filing an amended return for 2012   If you are entitled to receive a survivor annuity on the death of an employee who died, you can exclude part of each annuity payment as a tax-free recovery of the employee's investment in the contract. Filing an amended return for 2012 You must figure the taxable and tax-free parts of your annuity payments using the method that applies as if you were the employee. Filing an amended return for 2012 Survivors of retirees. Filing an amended return for 2012   If you receive benefits as a survivor under a joint and survivor annuity, include those benefits in income in the same way the retiree would have included them in income. Filing an amended return for 2012 If you receive a survivor annuity because of the death of a retiree who had reported the annuity under the Three-Year Rule and recovered all of the cost tax free, your survivor payments are fully taxable. Filing an amended return for 2012    If the retiree was reporting the annuity payments under the General Rule, you must apply the same exclusion percentage to your initial survivor annuity payment called for in the contract. Filing an amended return for 2012 The resulting tax-free amount will then remain fixed. Filing an amended return for 2012 Any increases in the survivor annuity are fully taxable. Filing an amended return for 2012    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. Filing an amended return for 2012 This amount remains fixed even if the annuity payments are increased or decreased. Filing an amended return for 2012 See Simplified Method , earlier. Filing an amended return for 2012   In any case, if the annuity starting date is after 1986, the total exclusion over the years cannot be more than the cost. Filing an amended return for 2012 Estate tax deduction. Filing an amended return for 2012   If your annuity was a joint and survivor annuity that was included in the decedent's estate, an estate tax may have been paid on it. Filing an amended return for 2012 You can deduct the part of the total estate tax that was based on the annuity. Filing an amended return for 2012 The deceased annuitant must have died after the annuity starting date. Filing an amended return for 2012 (For details, see section 1. Filing an amended return for 2012 691(d)-1 of the regulations. Filing an amended return for 2012 ) Deduct it in equal amounts over your remaining life expectancy. Filing an amended return for 2012   If the decedent died before the annuity starting date of a deferred annuity contract and you receive a death benefit under that contract, the amount you receive (either in a lump sum or as periodic payments) in excess of the decedent's cost is included in your gross income as income in respect of a decedent for which you may be able to claim an estate tax deduction. Filing an amended return for 2012   You can take the estate tax deduction as an itemized deduction on Schedule A, Form 1040. Filing an amended return for 2012 This deduction is not subject to the 2%-of-adjusted-gross-income limit on miscellaneous deductions. Filing an amended return for 2012 See Publication 559, Survivors, Executors, and Administrators, for more information on the estate tax deduction. Filing an amended return for 2012 Prev  Up  Next   Home   More Online Publications
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Filing an amended return for 2012 5. Filing an amended return for 2012   Recordkeeping Table of Contents How To Prove ExpensesWhat Are Adequate Records? What If I Have Incomplete Records? Separating and Combining Expenses How Long To Keep Records and Receipts Examples of Records If you deduct travel, entertainment, gift, or transportation expenses, you must be able to prove (substantiate) certain elements of expense. Filing an amended return for 2012 This chapter discusses the records you need to keep to prove these expenses. Filing an amended return for 2012 If you keep timely and accurate records, you will have support to show the IRS if your tax return is ever examined. Filing an amended return for 2012 You will also have proof of expenses that your employer may require if you are reimbursed under an accountable plan. Filing an amended return for 2012 These plans are discussed in chapter 6 under Reimbursements . Filing an amended return for 2012 How To Prove Expenses Table 5-1 is a summary of records you need to prove each expense discussed in this publication. Filing an amended return for 2012 You must be able to prove the elements listed across the top portion of the chart. Filing an amended return for 2012 You prove them by having the information and receipts (where needed) for the expenses listed in the first column. Filing an amended return for 2012 You cannot deduct amounts that you approximate or estimate. Filing an amended return for 2012 You should keep adequate records to prove your expenses or have sufficient evidence that will support your own statement. Filing an amended return for 2012 You must generally prepare a written record for it to be considered adequate. Filing an amended return for 2012 This is because written evidence is more reliable than oral evidence alone. Filing an amended return for 2012 However, if you prepare a record on a computer, it is considered an adequate record. Filing an amended return for 2012 What Are Adequate Records? You should keep the proof you need in an account book, diary, log, statement of expense, trip sheets, or similar record. Filing an amended return for 2012 You should also keep documentary evidence that, together with your record, will support each element of an expense. Filing an amended return for 2012 Documentary evidence. Filing an amended return for 2012   You generally must have documentary evidence, such as receipts, canceled checks, or bills, to support your expenses. Filing an amended return for 2012 Exception. Filing an amended return for 2012   Documentary evidence is not needed if any of the following conditions apply. Filing an amended return for 2012 You have meals or lodging expenses while traveling away from home for which you account to your employer under an accountable plan, and you use a per diem allowance method that includes meals and/or lodging. Filing an amended return for 2012 ( Accountable plans and per diem allowances are discussed in chapter 6. Filing an amended return for 2012 ) Your expense, other than lodging, is less than $75. Filing an amended return for 2012 You have a transportation expense for which a receipt is not readily available. Filing an amended return for 2012 Adequate evidence. Filing an amended return for 2012   Documentary evidence ordinarily will be considered adequate if it shows the amount, date, place, and essential character of the expense. Filing an amended return for 2012   For example, a hotel receipt is enough to support expenses for business travel if it has all of the following information. Filing an amended return for 2012 The name and location of the hotel. Filing an amended return for 2012 The dates you stayed there. Filing an amended return for 2012 Separate amounts for charges such as lodging, meals, and telephone calls. Filing an amended return for 2012   A restaurant receipt is enough to prove an expense for a business meal if it has all of the following information. Filing an amended return for 2012 The name and location of the restaurant. Filing an amended return for 2012 The number of people served. Filing an amended return for 2012 The date and amount of the expense. Filing an amended return for 2012 If a charge is made for items other than food and beverages, the receipt must show that this is the case. Filing an amended return for 2012 Canceled check. Filing an amended return for 2012   A canceled check, together with a bill from the payee, ordinarily establishes the cost. Filing an amended return for 2012 However, a canceled check by itself does not prove a business expense without other evidence to show that it was for a business purpose. Filing an amended return for 2012 Duplicate information. Filing an amended return for 2012   You do not have to record information in your account book or other record that duplicates information shown on a receipt as long as your records and receipts complement each other in an orderly manner. Filing an amended return for 2012   You do not have to record amounts your employer pays directly for any ticket or other travel item. Filing an amended return for 2012 However, if you charge these items to your employer, through a credit card or otherwise, you must keep a record of the amounts you spend. Filing an amended return for 2012 Timely-kept records. Filing an amended return for 2012   You should record the elements of an expense or of a business use at or near the time of the expense or use and support it with sufficient documentary evidence. Filing an amended return for 2012 A timely-kept record has more value than a statement prepared later when generally there is a lack of accurate recall. Filing an amended return for 2012   You do not need to write down the elements of every expense on the day of the expense. Filing an amended return for 2012 If you maintain a log on a weekly basis that accounts for use during the week, the log is considered a timely-kept record. Filing an amended return for 2012   If you give your employer, client, or customer an expense account statement, it can also be considered a timely-kept record. Filing an amended return for 2012 This is true if you copy it from your account book, diary, log, statement of expense, trip sheets, or similar record. Filing an amended return for 2012 Proving business purpose. Filing an amended return for 2012   You must generally provide a written statement of the business purpose of an expense. Filing an amended return for 2012 However, the degree of proof varies according to the circumstances in each case. Filing an amended return for 2012 If the business purpose of an expense is clear from the surrounding circumstances, then you do not need to give a written explanation. Filing an amended return for 2012 Example. Filing an amended return for 2012 If you are a sales representative who calls on customers on an established sales route, you do not have to give a written explanation of the business purpose for traveling that route. Filing an amended return for 2012 You can satisfy the requirements by recording the length of the delivery route once, the date of each trip at or near the time of the trips, and the total miles you drove the car during the tax year. Filing an amended return for 2012 You could also establish the date of each trip with a receipt, record of delivery, or other documentary evidence. Filing an amended return for 2012 Confidential information. Filing an amended return for 2012   You do not need to put confidential information relating to an element of a deductible expense (such as the place, business purpose, or business relationship) in your account book, diary, or other record. Filing an amended return for 2012 However, you do have to record the information elsewhere at or near the time of the expense and have it available to fully prove that element of the expense. Filing an amended return for 2012 What If I Have Incomplete Records? If you do not have complete records to prove an element of an expense, then you must prove the element with: Your own written or oral statement containing specific information about the element, and Other supporting evidence that is sufficient to establish the element. Filing an amended return for 2012 If the element is the description of a gift, or the cost, time, place, or date of an expense, the supporting evidence must be either direct evidence or documentary evidence. Filing an amended return for 2012 Direct evidence can be written statements or the oral testimony of your guests or other witnesses setting forth detailed information about the element. Filing an amended return for 2012 Documentary evidence can be receipts, paid bills, or similar evidence. Filing an amended return for 2012 If the element is either the business relationship of your guests or the business purpose of the amount spent, the supporting evidence can be circumstantial rather than direct. Filing an amended return for 2012 For example, the nature of your work, such as making deliveries, provides circumstantial evidence of the use of your car for business purposes. Filing an amended return for 2012 Invoices of deliveries establish when you used the car for business. Filing an amended return for 2012 Table 5-1. Filing an amended return for 2012 How To Prove Certain Business Expenses IF you have expenses for . Filing an amended return for 2012 . Filing an amended return for 2012 THEN you must keep records that show details of the following elements . Filing an amended return for 2012 . Filing an amended return for 2012 . Filing an amended return for 2012   Amount Time Place or  Description Business Purpose Business Relationship Travel Cost of each separate expense for travel, lodging, and meals. Filing an amended return for 2012 Incidental expenses may be totaled in reasonable categories such as taxis, fees and tips, etc. Filing an amended return for 2012 Dates you left and returned for each trip and number of days spent on business. Filing an amended return for 2012 Destination or area of your travel (name of city, town, or other designation). Filing an amended return for 2012 Purpose: Business purpose for the expense or the business benefit gained or expected to be gained. Filing an amended return for 2012    Relationship: N/A Entertainment Cost of each separate expense. Filing an amended return for 2012 Incidental expenses such as taxis, telephones, etc. Filing an amended return for 2012 , may be totaled on a daily basis. Filing an amended return for 2012 Date of entertainment. Filing an amended return for 2012 (Also see Business Purpose. Filing an amended return for 2012 ) Name and address or location of place of entertainment. Filing an amended return for 2012 Type of entertainment if not otherwise apparent. Filing an amended return for 2012 (Also see Business Purpose. Filing an amended return for 2012 ) Purpose: Business purpose for the expense or the business benefit gained or expected to be gained. Filing an amended return for 2012  For entertainment, the nature of the business discussion or activity. Filing an amended return for 2012 If the entertainment was directly before or after a business discussion: the date, place, nature, and duration of the business discussion, and the identities of the persons who took part in both the business discussion and the entertainment activity. Filing an amended return for 2012    Relationship: Occupations or other information (such as names, titles, or other designations) about the recipients that shows their business relationship to you. Filing an amended return for 2012  For entertainment, you must also prove that you or your employee was present if the entertainment was a business meal. Filing an amended return for 2012 Gifts Cost of the gift. Filing an amended return for 2012 Date of the gift. Filing an amended return for 2012 Description of the gift. Filing an amended return for 2012   Transportation Cost of each separate expense. Filing an amended return for 2012 For car expenses, the cost of the car and any improvements, the date you started using it for business, the mileage for each business use, and the total miles for the year. Filing an amended return for 2012 Date of the expense. Filing an amended return for 2012 For car expenses, the date of the use of the car. Filing an amended return for 2012 Your business destination. Filing an amended return for 2012 Purpose: Business purpose for the expense. Filing an amended return for 2012    Relationship: N/A Sampling. Filing an amended return for 2012   You can keep an adequate record for parts of a tax year and use that record to prove the amount of business or investment use for the entire year. Filing an amended return for 2012 You must demonstrate by other evidence that the periods for which an adequate record is kept are representative of the use throughout the tax year. Filing an amended return for 2012 Example. Filing an amended return for 2012 You use your car to visit the offices of clients, meet with suppliers and other subcontractors, and pick up and deliver items to clients. Filing an amended return for 2012 There is no other business use of the car, but you and your family use the car for personal purposes. Filing an amended return for 2012 You keep adequate records during the first week of each month that show that 75% of the use of the car is for business. Filing an amended return for 2012 Invoices and bills show that your business use continues at the same rate during the later weeks of each month. Filing an amended return for 2012 Your weekly records are representative of the use of the car each month and are sufficient evidence to support the percentage of business use for the year. Filing an amended return for 2012 Exceptional circumstances. Filing an amended return for 2012   You can satisfy the substantiation requirements with other evidence if, because of the nature of the situation in which an expense is made, you cannot get a receipt. Filing an amended return for 2012 This applies if all the following are true. Filing an amended return for 2012 You were unable to obtain evidence for an element of the expense or use that completely satisfies the requirements explained earlier under What Are Adequate Records . Filing an amended return for 2012 You are unable to obtain evidence for an element that completely satisfies the two rules listed earlier under What If I Have Incomplete Records . Filing an amended return for 2012 You have presented other evidence for the element that is the best proof possible under the circumstances. Filing an amended return for 2012 Destroyed records. Filing an amended return for 2012   If you cannot produce a receipt because of reasons beyond your control, you can prove a deduction by reconstructing your records or expenses. Filing an amended return for 2012 Reasons beyond your control include fire, flood, and other casualties. Filing an amended return for 2012    Table 5-2. Filing an amended return for 2012 Daily Business Mileage and Expense Log Name:       Odometer Readings Expenses Date Destination  (City, Town, or Area) Business Purpose Start Stop Miles  this trip Type  (Gas, oil, tolls, etc. Filing an amended return for 2012 ) Amount                                                                                                                   Weekly  Total             Total Year-to-Date             Separating and Combining Expenses This section explains when expenses must be kept separate and when expenses can be combined. Filing an amended return for 2012 Separating expenses. Filing an amended return for 2012   Each separate payment is generally considered a separate expense. Filing an amended return for 2012 For example, if you entertain a customer or client at dinner and then go to the theater, the dinner expense and the cost of the theater tickets are two separate expenses. Filing an amended return for 2012 You must record them separately in your records. Filing an amended return for 2012 Season or series tickets. Filing an amended return for 2012   If you buy season or series tickets for business use, you must treat each ticket in the series as a separate item. Filing an amended return for 2012 To determine the cost of individual tickets, divide the total cost (but not more than face value) by the number of games or performances in the series. Filing an amended return for 2012 You must keep records to show whether you use each ticket as a gift or entertainment. Filing an amended return for 2012 Also, you must be able to prove the cost of nonluxury box seat tickets if you rent a skybox or other private luxury box for more than one event. Filing an amended return for 2012 See Entertainment tickets in chapter 2. Filing an amended return for 2012 Combining items. Filing an amended return for 2012   You can make one daily entry in your record for reasonable categories of expenses. Filing an amended return for 2012 Examples are taxi fares, telephone calls, or other incidental travel costs. Filing an amended return for 2012 Meals should be in a separate category. Filing an amended return for 2012 You can include tips for meal-related services with the costs of the meals. Filing an amended return for 2012   Expenses of a similar nature occurring during the course of a single event are considered a single expense. Filing an amended return for 2012 For example, if during entertainment at a cocktail lounge, you pay separately for each serving of refreshments, the total expense for the refreshments is treated as a single expense. Filing an amended return for 2012 Car expenses. Filing an amended return for 2012   You can account for several uses of your car that can be considered part of a single use, such as a round trip or uninterrupted business use, with a single record. Filing an amended return for 2012 Minimal personal use, such as a stop for lunch on the way between two business stops, is not an interruption of business use. Filing an amended return for 2012 Example. Filing an amended return for 2012 You make deliveries at several different locations on a route that begins and ends at your employer's business premises and that includes a stop at the business premises between two deliveries. Filing an amended return for 2012 You can account for these using a single record of miles driven. Filing an amended return for 2012 Gift expenses. Filing an amended return for 2012   You do not always have to record the name of each recipient of a gift. Filing an amended return for 2012 A general listing will be enough if it is evident that you are not trying to avoid the $25 annual limit on the amount you can deduct for gifts to any one person. Filing an amended return for 2012 For example, if you buy a large number of tickets to local high school basketball games and give one or two tickets to each of many customers, it is usually enough to record a general description of the recipients. Filing an amended return for 2012 Allocating total cost. Filing an amended return for 2012   If you can prove the total cost of travel or entertainment but you cannot prove how much it cost for each person who participated in the event, you may have to allocate the total cost among you and your guests on a pro rata basis. Filing an amended return for 2012 To do so, you must establish the number of persons who participated in the event. Filing an amended return for 2012   An allocation would be needed, for example, if you did not have a business relationship with all of your guests. Filing an amended return for 2012 See Allocating between business and nonbusiness in chapter 2. Filing an amended return for 2012 If your return is examined. Filing an amended return for 2012    If your return is examined, you may have to provide additional information to the IRS. Filing an amended return for 2012 This information could be needed to clarify or to establish the accuracy or reliability of information contained in your records, statements, testimony, or documentary evidence before a deduction is allowed. Filing an amended return for 2012    THIS IS NOT AN OFFICIAL INTERNAL REVENUE FORM Table 5-3. Filing an amended return for 2012 Weekly Traveling Expense and Entertainment Record From: To: Name: Expenses Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total 1. Filing an amended return for 2012 Travel Expenses: Airlines                                 Excess Baggage                                 Bus – Train                                 Cab and Limousine                                 Tips                                 Porter                                 2. Filing an amended return for 2012 Meals and Lodging:  Breakfast                                 Lunch                                 Dinner                                 Hotel and Motel  (Detail in Schedule B)                                 3. Filing an amended return for 2012 Entertainment  (Detail in Schedule C)                                 4. Filing an amended return for 2012 Other Expenses:  Postage                                 Telephone & Telegraph                                 Stationery & Printing                                 Stenographer                                 Sample Room                                 Advertising                                 Assistant(s)                                 Trade Shows                                 5. Filing an amended return for 2012 Car Expenses: (List all car expenses - the division between business and personal expenses may be made at the end of the year. Filing an amended return for 2012 ) (Detail mileage in Schedule A. Filing an amended return for 2012 ) Gas, oil, lube, wash                                 Repairs, parts                                 Tires, supplies                                 Parking fees, tolls                                 6. Filing an amended return for 2012 Other (Identify)                                 Total                                 Note: Attach receipted bills for (1) ALL lodging and (2) any other expenses of $75. Filing an amended return for 2012 00 or more. Filing an amended return for 2012 Schedule A – Car Mileage: End                 Start                 Total                 Business Mileage                 Schedule B – Lodging Hotel or Motel Name                 City                 Schedule C – Entertainment Date Item Place Amount Business Purpose Business Relationship                                             WEEKLY REIMBURSEMENTS:     Travel and transportation expenses     Other reimbursements     TOTAL   How Long To Keep Records and Receipts You must keep records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Filing an amended return for 2012 Generally, this means you must keep records that support your deduction (or an item of income) for 3 years from the date you file the income tax return on which the deduction is claimed. Filing an amended return for 2012 A return filed early is considered filed on the due date. Filing an amended return for 2012 For a more complete explanation of how long to keep records, see Publication 583, Starting a Business and Keeping Records. Filing an amended return for 2012 You must keep records of the business use of your car for each year of the recovery period. Filing an amended return for 2012 See More-than-50%-use test in chapter 4 under Depreciation Deduction. Filing an amended return for 2012 Reimbursed for expenses. Filing an amended return for 2012   Employees who give their records and documentation to their employers and are reimbursed for their expenses generally do not have to keep copies of this information. Filing an amended return for 2012 However, you may have to prove your expenses if any of the following conditions apply. Filing an amended return for 2012 You claim deductions for expenses that are more than reimbursements. Filing an amended return for 2012 Your expenses are reimbursed under a nonaccountable plan. Filing an amended return for 2012 Your employer does not use adequate accounting procedures to verify expense accounts. Filing an amended return for 2012 You are related to your employer as defined under Per Diem and Car Allowances , in chapter 6. Filing an amended return for 2012 Reimbursements , adequate accounting , and nonaccountable plans are discussed in chapter 6. Filing an amended return for 2012 Examples of Records Table 5-2 and Table 5-3 are examples of worksheets which can be used for tracking business expenses. Filing an amended return for 2012 Prev  Up  Next   Home   More Online Publications