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Free taxcut Publication 550 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. Free taxcut Tax questions. Free taxcut Future Developments For the latest information about developments related to Publication 550, such as legislation enacted after it was published, go to www. Free taxcut irs. Free taxcut gov/pub550. Free taxcut What's New Net investment income tax (NIIT). Free taxcut Beginning in 2013, you may be subject to the NIIT. Free taxcut The NIIT applies at a rate of 3. Free taxcut 8% to certain net investment income of individuals, estates, and trusts that have income above statutory threshold amounts. Free taxcut See Net investment income tax (NIIT) , later. Free taxcut Maximum capital gain rates. Free taxcut For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Free taxcut See Capital Gain Tax Rates , later, for more information. Free taxcut Gift tax exclusion amount increased. Free taxcut For calendar year 2013, the first $14,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts. Free taxcut See Property Received as a Gift , later. Free taxcut Reminders Mutual fund distributions. Free taxcut Publication 564, Mutual Fund Distributions, has been incorporated into this publication. Free taxcut Foreign source income. Free taxcut If you are a U. Free taxcut S. Free taxcut citizen with investment income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. Free taxcut S. Free taxcut law. Free taxcut This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. Free taxcut Employee stock options. Free taxcut If you received an option to buy or sell stock or other property as payment for your services, see Publication 525, Taxable and Nontaxable Income, for the special tax rules that apply. Free taxcut Photographs of missing children. Free taxcut The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Free taxcut Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Free taxcut You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Free taxcut Introduction This publication provides information on the tax treatment of investment income and expenses. Free taxcut It includes information on the tax treatment of investment income and expenses for individual shareholders of mutual funds or other regulated investment companies, such as money market funds. Free taxcut It explains what investment income is taxable and what investment expenses are deductible. Free taxcut It explains when and how to show these items on your tax return. Free taxcut It also explains how to determine and report gains and losses on the disposition of investment property and provides information on property trades and tax shelters. Free taxcut The glossary at the end of this publication defines many of the terms used. Free taxcut Investment income. Free taxcut This generally includes interest, dividends, capital gains, and other types of distributions including mutual fund distributions. Free taxcut Investment expenses. Free taxcut These include interest paid or incurred to acquire investment property and expenses to manage or collect income from investment property. Free taxcut Qualified retirement plans and IRAs. Free taxcut The rules in this publication do not apply to mutual fund shares held in individual retirement arrangements (IRAs), section 401(k) plans, and other qualified retirement plans. Free taxcut The value of the mutual fund shares and earnings allocated to you are included in your retirement plan assets and stay tax free generally until the plan distributes them to you. Free taxcut The tax rules that apply to retirement plan distributions are explained in the following publications. Free taxcut Publication 560, Retirement Plans for Small Business. Free taxcut Publication 571, Tax-Sheltered Annuity Plans. Free taxcut Publication 575, Pension and Annuity Income. Free taxcut Publication 590, Individual Retirement Arrangements (IRAs). Free taxcut Publication 721, Tax Guide to U. Free taxcut S. Free taxcut Civil Service Retirement Benefits. Free taxcut Comments and suggestions. Free taxcut We welcome your comments about this publication and your suggestions for future editions. Free taxcut You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Free taxcut NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Free taxcut Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free taxcut You can send your comments from www. Free taxcut irs. Free taxcut gov/formspubs/. Free taxcut Click on “More Information” and then on “Comment on Tax Forms and Publications. Free taxcut ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Free taxcut Ordering forms and publications. Free taxcut Visit www. Free taxcut irs. Free taxcut gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Free taxcut Internal Revenue Service 1201 N. Free taxcut Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Free taxcut If you have a tax question, check the information available on IRS. Free taxcut gov or call 1-800-829-1040. Free taxcut We cannot answer tax questions sent to either of the above addresses. Free taxcut Prev Up Next Home More Online Publications
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Free taxcut 10. Free taxcut Employees of Foreign Governments and International Organizations Table of Contents Exemption Under Tax Treaty Exemption Under U. Free taxcut S. Free taxcut Tax LawCertification. Free taxcut Employees of foreign governments (including foreign municipalities) have two ways to get exemption of their governmental wages from U. Free taxcut S. Free taxcut income tax: By a provision in a tax treaty or consular convention between the United States and their country, or By meeting the requirements of U. Free taxcut S. Free taxcut tax law. Free taxcut Employees of international organizations can exempt their wages either by a provision, if one exists, in the international agreement creating the international organization, or by meeting the requirements of U. Free taxcut S. Free taxcut tax law. Free taxcut The exemption discussed in this chapter applies only to pay received for services performed for a foreign government or international organization. Free taxcut Other U. Free taxcut S. Free taxcut income received by persons who qualify for this exemption may be fully taxable or given favorable treatment under an applicable tax treaty provision. Free taxcut The proper treatment of this kind of income (interest, dividends, etc. Free taxcut ) is discussed earlier in this publication. Free taxcut Exemption Under Tax Treaty If you are from a country that has a tax treaty with the United States, you should first look at the treaty to see if there is a provision that exempts your income. Free taxcut The income of U. Free taxcut S. Free taxcut citizens and resident aliens working for foreign governments usually is not exempt. Free taxcut However, in a few instances, the income of a U. Free taxcut S. Free taxcut citizen with dual citizenship may qualify. Free taxcut Often the exemption is limited to the income of persons who also are nationals of the foreign country involved. Free taxcut Exemption Under U. Free taxcut S. Free taxcut Tax Law Employees of foreign governments who do not qualify under a tax treaty provision and employees of international organizations may qualify for exemption by meeting the following requirements of U. Free taxcut S. Free taxcut tax law. Free taxcut The exemption under U. Free taxcut S. Free taxcut tax law applies only to current employees and not to former employees. Free taxcut Pensions received by former employees living in the United States do not qualify for the exemption discussed here. Free taxcut Employees of foreign governments. Free taxcut If you are not a U. Free taxcut S. Free taxcut citizen, or if you are a U. Free taxcut S. Free taxcut citizen but also a citizen of the Philippines, and you work for a foreign government in the United States, your foreign government salary is exempt from U. Free taxcut S. Free taxcut tax if you perform services similar to those performed by U. Free taxcut S. Free taxcut government employees in that foreign country and that foreign government grants an equivalent exemption to U. Free taxcut S. Free taxcut government employees. Free taxcut Certification. Free taxcut To qualify for the exemption under U. Free taxcut S. Free taxcut tax law, either the Department of State must certify that you perform services similar to those performed by employees of the government of the United States in foreign countries and that your foreign government employer grants an equivalent exemption to U. Free taxcut S. Free taxcut government employees performing similar services in its country or you must establish those facts. Free taxcut However, see Aliens who keep immigrant status , later, for a special rule that may affect your qualifying for this exemption. Free taxcut Employees of international organizations. Free taxcut If you work for an international organization in the United States and you are not a U. Free taxcut S. Free taxcut citizen (or you are a U. Free taxcut S. Free taxcut citizen but are also a citizen of the Philippines), your salary from that organization is exempt from U. Free taxcut S. Free taxcut tax. Free taxcut However, see Aliens who keep immigrant status , later, for a special rule that may affect your qualifying for this exemption. Free taxcut An international organization is an organization designated by the President of the United States through Executive Order to qualify for the privileges, exemptions, and immunities provided in the International Organizations Immunities Act. Free taxcut You should find out if you have been made known to, and have been accepted by, the Secretary of State as an officer or an employee of that organization, or if you have been designated by the Secretary of State, before formal notification and acceptance, as a prospective officer or employee. Free taxcut If you are claiming exemption, you should know the number of the Executive Order covering the international organization and should have some written evidence of your acceptance or designation by the Secretary of State. Free taxcut The exemption is denied when, because the Secretary of State determines your presence in the United States is no longer desirable, you leave the United States (or after a reasonable time allowed for leaving the United States). Free taxcut The exemption is also denied when a foreign country does not allow similar exemptions to U. Free taxcut S. Free taxcut citizens. Free taxcut Then the Secretary of State can withdraw the privileges, exemptions, and immunities from the nationals of that foreign country. Free taxcut Aliens who keep immigrant status. Free taxcut If you file the waiver provided by section 247(b) of the Immigration and Nationality Act (USCIS Form I-508) to keep your immigrant status (green card), you no longer qualify for the exemption from U. Free taxcut S. Free taxcut tax under U. Free taxcut S. Free taxcut tax law from the date of filing the waiver with the Attorney General. Free taxcut However, you do not lose the exemption if you file the waiver, and meet either of the following conditions. Free taxcut You are exempt from U. Free taxcut S. Free taxcut tax under an income tax treaty, consular agreement, or international agreement between the United States and your foreign government employer. Free taxcut You work for an international organization and the international organization agreement creating the international organization provides that alien employees are exempt from U. Free taxcut S. Free taxcut income tax. Free taxcut Two international organizations that have such a provision are the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (World Bank). Free taxcut . Free taxcut For more information about a specific foreign country or international organization, send an email to embassy@irs. Free taxcut gov. Free taxcut Prev Up Next Home More Online Publications