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How Do I Amend My 2012 Taxes

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How Do I Amend My 2012 Taxes

How do i amend my 2012 taxes Publication 516 - Main Content Table of Contents U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Tax ReturnFiling Information Foreign Bank Accounts U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government Payments Foreign Earned Income Exclusion Tax Treaty Benefits Allowances, Differentials, and Special Pay Other Income Deductions and Credits — Business Expenses Deductions and Credits — Nonbusiness Expenses Foreign Taxes Local (Foreign) Tax ReturnTax Treaty Benefits Other Agreements Double Withholding How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). How do i amend my 2012 taxes U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Tax Return Filing Information If you are a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes citizen or green card holder living or traveling outside the United States, you are generally required to file income tax returns in the same way as those residing in the United States. How do i amend my 2012 taxes However, the special rules explained in the following discussions may apply to you. How do i amend my 2012 taxes See also Tax Treaty Benefits, later. How do i amend my 2012 taxes When To File and Pay Most individual tax returns cover a calendar year, January through December. How do i amend my 2012 taxes The regular due date for these tax returns is April 15 of the following year. How do i amend my 2012 taxes If April 15 falls on a Saturday, Sunday, or legal holiday, your tax return is considered timely filed if it is filed by the next business day that is not a Saturday, Sunday, or legal holiday. How do i amend my 2012 taxes If you get an extension, you are allowed additional time to file and, in some circumstances, pay your tax. How do i amend my 2012 taxes You must pay interest on any tax not paid by the regular due date. How do i amend my 2012 taxes Your return is considered filed on time if it is mailed from and officially postmarked in a foreign country on or before the due date (including extensions), or given to a designated international private delivery service before midnight of the last date prescribed for filing. How do i amend my 2012 taxes See your tax form instructions for a list of private delivery services that have been designated by the IRS to meet this “timely mailing as timely filing/paying” rule for tax returns and payments. How do i amend my 2012 taxes If your return is filed late, the postmark or delivery service date does not determine the date of filing. How do i amend my 2012 taxes In that case, your return is considered filed when it is received by the IRS. How do i amend my 2012 taxes Extensions You may be able to get an extension of time to file your return and pay your tax. How do i amend my 2012 taxes Automatic 2-month extension. How do i amend my 2012 taxes   You can get an automatic 2-month extension (to June 15, for a calendar year return) to file your return and pay your tax if you are a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes citizen or resident and, on the regular due date of your return, you are living outside the United States and Puerto Rico and your main place of business or post of duty is outside the United States and Puerto Rico. How do i amend my 2012 taxes To get this extension, you must attach a statement to your return explaining how you qualified. How do i amend my 2012 taxes You will owe interest on any tax not paid by the regular due date of your return. How do i amend my 2012 taxes Married taxpayers. How do i amend my 2012 taxes   If you file a joint return, either you or your spouse can qualify for the automatic extension. How do i amend my 2012 taxes If you and your spouse file separate returns, the extension applies only to the spouse who qualifies. How do i amend my 2012 taxes Additional extension. How do i amend my 2012 taxes   You can apply for an additional extension of time to file your return by filing Form 4868. How do i amend my 2012 taxes You must file Form 4868 by the due date for your income tax return. How do i amend my 2012 taxes   Generally, you must file it by April 15. How do i amend my 2012 taxes However, if you qualify for the automatic 2-month extension, you generally must file Form 4868 by June 15. How do i amend my 2012 taxes Check the box on line 8 of Form 4868. How do i amend my 2012 taxes Payment of tax. How do i amend my 2012 taxes   You should estimate and pay any additional tax you owe when you file Form 4868 to avoid being charged a late-payment penalty. How do i amend my 2012 taxes The late-payment penalty applies if, through withholding, etc. How do i amend my 2012 taxes , you paid less than 90% of your actual tax liability by the original due date of your income tax return. How do i amend my 2012 taxes Even if the late-payment penalty does not apply, you will be charged interest on any unpaid tax liability from the original due date of the return until the tax is paid. How do i amend my 2012 taxes Electronic filing. How do i amend my 2012 taxes   You can file for the additional extension by phone, using your home computer, or through a tax professional. How do i amend my 2012 taxes See Form 4868 for more information. How do i amend my 2012 taxes Limit on additional extensions. How do i amend my 2012 taxes   You generally cannot get a total extension of more than 6 months. How do i amend my 2012 taxes However, if you are outside the United States and meet certain tests, you may be able to get a longer extension. How do i amend my 2012 taxes   For more information, see Publication 54. How do i amend my 2012 taxes Foreign Bank Accounts You must file Form TD F 90-22. How do i amend my 2012 taxes 1 if at any time during the year you had an interest in, or signature or other authority over, a bank account, securities account, or other financial account in a foreign country. How do i amend my 2012 taxes This applies if the combined assets in the account(s) were more than $10,000. How do i amend my 2012 taxes Do not include accounts in a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes military banking facility operated by a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes financial institution. How do i amend my 2012 taxes File the completed form by June 30 of the following year with the Department of the Treasury at the address shown on that form. How do i amend my 2012 taxes Do not attach it to Form 1040. How do i amend my 2012 taxes If you are required to file Form TD F 90-22. How do i amend my 2012 taxes 1 but do not do so, you may have to pay a penalty of up to $10,000 (more if the failure to file is willful). How do i amend my 2012 taxes You also may be required to file Form 8938 with your U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes income tax return to report your interest in foreign bank accounts and other specified foreign financial assets. How do i amend my 2012 taxes For taxpayers living abroad, you generally do not have to file Form 8938 unless the total value of your specified foreign financial assets is more than $200,000 ($400,000 if married filing jointly) on the last day of the tax year or more than $300,000 ($600,000 if married filing jointly) at any time during the tax year. How do i amend my 2012 taxes For more information, see Form 8938 and its instructions. How do i amend my 2012 taxes U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government Payments Wages earned for performing services outside the United States is foreign income, regardless of your employer. How do i amend my 2012 taxes If you are a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes citizen or resident alien, you must report all income from worldwide sources on your tax return unless it is exempt by U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes law. How do i amend my 2012 taxes This applies to earned income (such as wages) as well as unearned income (such as interest, dividends, and capital gains). How do i amend my 2012 taxes If you are a nonresident alien, your income from sources outside the United States is not subject to U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes tax. How do i amend my 2012 taxes Foreign Earned Income Exclusion Employees of the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government are not entitled to the foreign earned income exclusion or the foreign housing exclusion/deduction under section 911 because “foreign earned income ”does not include amounts paid by the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government as an employee. How do i amend my 2012 taxes But see Other Employment, later. How do i amend my 2012 taxes Special Situations In the following two situations, your pay is from the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government and does not qualify for the foreign earned income exclusion. How do i amend my 2012 taxes U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes agency reimbursed by foreign country. How do i amend my 2012 taxes   If you are a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government employee paid by a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes agency to perform services in a foreign country, your pay is from the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government and does not qualify the foreign earned income exclusion or the foreign housing exclusion/deduction. How do i amend my 2012 taxes This is true even if the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes agency is reimbursed by the foreign government. How do i amend my 2012 taxes Employees of post exchanges, etc. How do i amend my 2012 taxes   If you are an employee of an Armed Forces post exchange, officers' and enlisted personnel club, Embassy commissary, or similar instrumentality of the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government, the earnings you receive are paid by the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government. How do i amend my 2012 taxes This is true whether they are paid from appropriated or nonappropriated funds. How do i amend my 2012 taxes These earnings are not eligible for the foreign earned income exclusion or the foreign housing exclusion/deduction. How do i amend my 2012 taxes Tax Treaty Benefits Most income tax treaties contain an article relating to remuneration from government services. How do i amend my 2012 taxes Even if you are working in a foreign country with which the United States has an income tax treaty in force and the treaty article that applies to government services says that your government pay is taxable only in the foreign country, the treaty will likely contain a “saving clause”, which provides that the United States may tax its citizens and its residents as if the treaty had not come into effect. How do i amend my 2012 taxes In some treaties, the government service article is an exception to the saving clause, but often only for individuals who are not U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes citizens or green card holders. How do i amend my 2012 taxes Consequently, if you are a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes citizen or green card holder, you will generally not be entitled to reduce your U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes tax on your government pay. How do i amend my 2012 taxes If you are neither a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes citizen nor green card holder, and you are treated as a resident of the treaty country under the treaty residence article (after application of the so-called “tie-breaker” rule), then you may be entitled to benefits under the government service article. How do i amend my 2012 taxes Review the treaty text carefully. How do i amend my 2012 taxes U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes citizens must always file Form 1040. How do i amend my 2012 taxes Non-U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes citizens who are treated as a resident of a treaty country under the treaty residence article (after application of the so-called “tie-breaker” rule) may file Form 1040NR and attach Form 8833. How do i amend my 2012 taxes If you pay or accrue taxes to the foreign country on your pay, you may be able to relieve double taxation with a foreign tax credit. How do i amend my 2012 taxes Most income tax treaties contain an article providing relief from double taxation. How do i amend my 2012 taxes Many treaties contain special foreign tax credit rules for U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes citizens who are residents of a treaty country. How do i amend my 2012 taxes For more information on the mechanics of the foreign tax credit, see Foreign Taxes, later. How do i amend my 2012 taxes Allowances, Differentials, and Special Pay Most payments received by U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government civilian employees for working abroad, including pay differentials, are taxable. How do i amend my 2012 taxes However, certain foreign areas allowances, cost of living allowances, and travel allowances are tax free. How do i amend my 2012 taxes The following discussions explain the tax treatment of allowances, differentials, and other special pay you receive for employment abroad. How do i amend my 2012 taxes Pay differentials. How do i amend my 2012 taxes   Pay differentials you receive as financial incentives for employment abroad are taxable. How do i amend my 2012 taxes Your employer should have included these differentials as wages on your Form W-2, Wage and Tax Statement. How do i amend my 2012 taxes   Generally, pay differentials are given for employment under adverse conditions (such as severe climate) or because the post of duty is located in a hazardous or isolated area that may be outside the United States. How do i amend my 2012 taxes The area does not have to be a qualified hazardous duty area as discussed in Publication 3. How do i amend my 2012 taxes Pay differentials include: Post differentials, Special incentive differentials, and Danger pay. How do i amend my 2012 taxes Foreign areas allowances. How do i amend my 2012 taxes   Certain foreign areas allowances are tax free. How do i amend my 2012 taxes Your employer should not have included these allowances as wages on your Form W-2. How do i amend my 2012 taxes   Tax-free foreign areas allowances are allowances (other than post differentials) received under the following laws. How do i amend my 2012 taxes Title I, chapter 9, of the Foreign Service Act of 1980. How do i amend my 2012 taxes Section 4 of the Central Intelligence Agency Act of 1949, as amended. How do i amend my 2012 taxes Title II of the Overseas Differentials and Allowances Act. How do i amend my 2012 taxes Subsection (e) or (f) of the first section of the Administrative Expenses Act of 1946, as amended, or section 22 of that Act. How do i amend my 2012 taxes These allowances cover such expenses as: Certain repairs to a leased home, Education of dependents in special situations, Motor vehicle shipment, Separate maintenance for dependents, Temporary quarters, Transportation for medical treatment, and Travel, moving, and storage. How do i amend my 2012 taxes Allowances received by foreign service employees for representation expenses are also tax free under the above provisions. How do i amend my 2012 taxes Cost-of-living allowances. How do i amend my 2012 taxes   If you are stationed outside the continental United States or in Alaska, your gross income does not include cost-of-living allowances (other than amounts received under Title II of the Overseas Differentials and Allowances Act) granted by regulations approved by the President of the United States. How do i amend my 2012 taxes The cost-of-living portion of any other allowance (for example, a living and quarters allowance) is not included even if the underlying allowance is included in gross income. How do i amend my 2012 taxes Cost-of-living allowances are not included on your Form W-2. How do i amend my 2012 taxes Federal court employees. How do i amend my 2012 taxes   If you are a federal court employee, the preceding paragraph also applies to you. How do i amend my 2012 taxes The cost-of-living allowance must be granted by rules similar to regulations approved by the President. How do i amend my 2012 taxes American Institute in Taiwan. How do i amend my 2012 taxes   If you are an employee of the American Institute in Taiwan, allowances you receive are exempt from U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes tax if they are equivalent to tax-exempt allowances received by civilian employees of the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government. How do i amend my 2012 taxes Federal reemployment payments after serving with an international organization. How do i amend my 2012 taxes   If you are a federal employee who is reemployed by a federal agency after serving with an international organization, you must include in income any reemployment payments you receive. How do i amend my 2012 taxes These payments are equal to the difference between the pay, allowances, post differential, and other monetary benefits paid by the international organization and the pay and other benefits that would have been paid by the federal agency had you been detailed to the international agency. How do i amend my 2012 taxes Allowances or reimbursements for travel and transportation expenses. How do i amend my 2012 taxes   See How To Report Business Expenses, later, for a discussion on whether a reimbursement or allowance for travel or transportation is included in your income. How do i amend my 2012 taxes Lodging furnished to a principal representative of the United States. How do i amend my 2012 taxes   If you are a principal representative of the United States stationed in a foreign country, you do not have to include in income the value of lodging (including utilities) provided to you as an official residence. How do i amend my 2012 taxes However, amounts paid by the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes government for your usual costs of operating and maintaining your household are taxable. How do i amend my 2012 taxes If amounts are withheld from your pay to cover these expenses, you cannot exclude or deduct those amounts from your income. How do i amend my 2012 taxes Peace Corps. How do i amend my 2012 taxes   If you are a Peace Corps volunteer or volunteer leader, some allowances you receive are taxable and others are not. How do i amend my 2012 taxes Taxable allowances. How do i amend my 2012 taxes   The following allowances must be included on your Form W-2 and reported on your return as wages. How do i amend my 2012 taxes If you are a volunteer leader, allowances paid to your spouse and minor children while you are training in the United States. How do i amend my 2012 taxes The part of living allowances designated by the Director of the Peace Corps as basic compensation. How do i amend my 2012 taxes This is the part for personal items such as domestic help, laundry and clothing maintenance, entertainment and recreation, transportation, and other miscellaneous expenses. How do i amend my 2012 taxes Leave allowances. How do i amend my 2012 taxes Readjustment allowances or “termination payments. How do i amend my 2012 taxes ” Taxable allowances are considered received by you when credited to your account. How do i amend my 2012 taxes Example. How do i amend my 2012 taxes Gary Carpenter, a Peace Corps volunteer, gets $175 a month during his period of service, to be paid to him in a lump sum at the end of his tour of duty. How do i amend my 2012 taxes Although the allowance is not available to him until the end of his service, Gary must include it in his income on a monthly basis as it is credited to his account. How do i amend my 2012 taxes Nontaxable allowances. How do i amend my 2012 taxes   These generally include travel allowances and the part of living allowances for housing, utilities, food, clothing, and household supplies. How do i amend my 2012 taxes These allowances should not be included on your Form W-2. How do i amend my 2012 taxes These allowances are tax free whether paid by the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government or the foreign country in which you are stationed. How do i amend my 2012 taxes Other Income Other employment. How do i amend my 2012 taxes   If, in addition to your U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes government pay, you receive income from a private employer or self-employment, you may qualify to claim the foreign earned income exclusion and the foreign housing exclusion and deduction under section 911 based on this other income provided you meet either the bona fide residence test or the physical presence test. How do i amend my 2012 taxes In addition, if your spouse is a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes citizen or resident alien who earns income in a foreign country that is paid by a private employer or is from self-employment, he or she may also qualify for the exclusion or the deduction. How do i amend my 2012 taxes For more information, see Publication 54. How do i amend my 2012 taxes The tax treaty rules relating to income from personal services generally apply to income from private employment. How do i amend my 2012 taxes As discussed above, the saving clause applies to you if you are a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes citizen or if you are a resident of the United States under the treaty residence article (after application of the so-called “tie-breaker” rule). How do i amend my 2012 taxes Sale of personal property. How do i amend my 2012 taxes   If you have a gain from the sale of your personal property (such as an automobile or a home appliance), whether directly or through a favorable exchange rate in converting the proceeds to U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes dollars, the excess of the amount received in U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes dollars over the cost or other basis of the property is a capital gain. How do i amend my 2012 taxes Capital gains are reported on Schedule D (Form 1040), Capital Gains and Losses. How do i amend my 2012 taxes However, losses from sales of your personal property, whether directly or through an unfavorable exchange rate, are not deductible. How do i amend my 2012 taxes Sale of your home. How do i amend my 2012 taxes   All or part of the gain on the sale of your main home, within or outside the United States, may be taxable. How do i amend my 2012 taxes Losses are not deductible. How do i amend my 2012 taxes   You may be able to exclude from income any gain up to $250,000 ($500,000 on a joint return). How do i amend my 2012 taxes Generally, you must have owned and used the home as your main residence for two of the five years preceding the date of sale. How do i amend my 2012 taxes   You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse is serving on qualified official extended duty as a member of the Foreign Service of the United States, as an employee of the intelligence community, or as an employee or volunteer of the Peace Corps. How do i amend my 2012 taxes   For detailed information on selling your home, see Publication 523. How do i amend my 2012 taxes Deductions and Credits — Business Expenses You may deduct certain expenses such as travel expenses, transportation expenses, and other expenses connected to your employment. How do i amend my 2012 taxes Travel Expenses Subject to certain limits, you can deduct your unreimbursed ordinary and necessary expenses of traveling away from home in connection with the performance of your official duties. How do i amend my 2012 taxes These expenses include such items as travel costs, meals, lodging, baggage charges, local transportation costs (such as taxi fares), tips, and dry cleaning and laundry fees. How do i amend my 2012 taxes Your home for tax purposes (tax home) is your regular post of duty regardless of where you maintain your family home. How do i amend my 2012 taxes Your tax home is not limited to the Embassy, consulate, or duty station. How do i amend my 2012 taxes It includes the entire city or general area in which your principal place of employment is located. How do i amend my 2012 taxes Traveling away from home. How do i amend my 2012 taxes   You are traveling away from home if you meet both of the following requirements. How do i amend my 2012 taxes Your duties require you to be away from the general area of your tax home substantially longer than an ordinary day's work. How do i amend my 2012 taxes You need to get sleep or rest to meet the demands of your work while away from home. How do i amend my 2012 taxes This requirement is not satisfied by merely napping in your car. How do i amend my 2012 taxes You do not have to be away from your tax home for a whole day or from dusk to dawn as long as your relief from duty is long enough to get necessary sleep or rest. How do i amend my 2012 taxes Temporary assignment. How do i amend my 2012 taxes   If your assignment or job away from your tax home is temporary, your tax home does not change. How do i amend my 2012 taxes You are considered to be away from home for the whole period, and your travel expenses are deductible. How do i amend my 2012 taxes Generally, a temporary assignment in a single location is one that is realistically expected to last (and does in fact last) for one year or less. How do i amend my 2012 taxes   However, if your assignment or job is indefinite, the location of the assignment or job becomes your new tax home and you cannot deduct your travel expenses while there. How do i amend my 2012 taxes An assignment or job in a single location is considered indefinite if it is realistically expected to last for more than one year, whether or not it actually lasts for more than one year. How do i amend my 2012 taxes   You must determine whether your assignment is temporary or indefinite when you start work. How do i amend my 2012 taxes If you expect employment to last for one year or less, it is temporary unless there are facts and circumstances that indicate otherwise. How do i amend my 2012 taxes Employment that is initially temporary may become indefinite due to changed circumstances. How do i amend my 2012 taxes A series of assignments to the same location, all for short periods but that together cover a long period, may be considered an indefinite assignment. How do i amend my 2012 taxes Exception for federal crime investigations or prosecutions. How do i amend my 2012 taxes   If you are a federal employee participating in a federal crime investigation or prosecution, you may be able to deduct travel expenses even if you are away from your tax home for more than one year. How do i amend my 2012 taxes This exception to the one-year rule applies if the Attorney General certifies that you are traveling for the federal government in a temporary duty status to prosecute, or provide support services for the investigation or prosecution of, a federal crime. How do i amend my 2012 taxes Limit on meals and entertainment. How do i amend my 2012 taxes   You can generally deduct only 50% of the cost of your unreimbursed business-related meals and entertainment. How do i amend my 2012 taxes However, the limit does not apply to expenses reimbursed under a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government expense allowance arrangement. How do i amend my 2012 taxes Individuals subject to hours of service limits. How do i amend my 2012 taxes   You can deduct 80% of your unreimbursed business-related meal expenses if the meals take place during or incident to any period subject to the Department of Transportation's hours of service limits. How do i amend my 2012 taxes   Individuals subject to the Department of Transportation's “hours of service” limits include the following. How do i amend my 2012 taxes Certain air transportation workers (such as pilots, crew, dispatchers, mechanics, and control tower operators) who are under Federal Aviation Administration regulations. How do i amend my 2012 taxes Interstate truck operators and bus drivers who are under Department of Transportation regulations. How do i amend my 2012 taxes Certain railroad employees (such as engineers, conductors, train crews, dispatchers, and control operations personnel) who are under Federal Railroad Administration regulations. How do i amend my 2012 taxes Certain merchant mariners who are under Coast Guard regulations. How do i amend my 2012 taxes Primary purpose of trip must be for business. How do i amend my 2012 taxes   If your trip was entirely for business, your unreimbursed travel expenses are generally deductible. How do i amend my 2012 taxes However, if you spend some of your time on nonbusiness activities, part of your expenses may not be deductible. How do i amend my 2012 taxes   If your trip was mainly personal, you cannot deduct your travel expenses to and from your destination. How do i amend my 2012 taxes This applies even if you engage in business activities while there. How do i amend my 2012 taxes However, you can deduct any expenses while at your destination that are directly related to your business. How do i amend my 2012 taxes Expenses paid for others. How do i amend my 2012 taxes   You generally cannot deduct travel expenses of your spouse, dependents, or other individuals who go with you on a trip. How do i amend my 2012 taxes Home leave. How do i amend my 2012 taxes   The Foreign Service Act requires U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes citizens who are members of the foreign service to take a leave of absence after completing 3 years of continuous service abroad. How do i amend my 2012 taxes This period is called “home leave” and can be used to take care of certain personal matters such as medical and dental checkups, buying a new wardrobe, and visiting relatives. How do i amend my 2012 taxes   The amounts paid for your travel, meals, and lodging while on home leave are deductible as travel or business expenses subject to the rules and limits discussed earlier. How do i amend my 2012 taxes You must be able to verify these amounts in order to claim them. How do i amend my 2012 taxes Amounts paid on behalf of your family while on home leave are personal living expenses and are not deductible. How do i amend my 2012 taxes More information. How do i amend my 2012 taxes   See chapter 1 of Publication 463 for more information on travel expenses. How do i amend my 2012 taxes Transportation Expenses You can deduct allowable transportation expenses that are directly related to your official duties. How do i amend my 2012 taxes Transportation expenses include the cost of transportation by air, rail, bus, or taxi, and the cost of driving and maintaining your car. How do i amend my 2012 taxes They do not include expenses you have when traveling away from home overnight. How do i amend my 2012 taxes Those expenses are deductible as travel expenses and are discussed earlier. How do i amend my 2012 taxes Commuting. How do i amend my 2012 taxes   You cannot deduct your transportation costs of going between your home and your regular business location. How do i amend my 2012 taxes These costs are personal commuting expenses. How do i amend my 2012 taxes   If you have one or more regular business locations but must work at a temporary location, you can deduct the costs of commuting to that temporary place of work. How do i amend my 2012 taxes   If you work at two or more places in the same day, you can deduct your expenses of getting from one place of work to the other. How do i amend my 2012 taxes More information. How do i amend my 2012 taxes   For more information on transportation expenses, see chapter 4 of Publication 463. How do i amend my 2012 taxes Other Employee Business Expenses You may be able to deduct other unreimbursed expenses that are connected with your employment. How do i amend my 2012 taxes Membership dues. How do i amend my 2012 taxes   You can deduct membership dues you pay to professional societies that relate to your business or profession. How do i amend my 2012 taxes Subscriptions. How do i amend my 2012 taxes   You can deduct subscriptions to professional publications that relate to your business or profession. How do i amend my 2012 taxes Educational expenses. How do i amend my 2012 taxes   Generally, educational expenses are considered to be personal expenses and are not deductible. How do i amend my 2012 taxes However, under some circumstances, educational expenses are deductible as business expenses. How do i amend my 2012 taxes   You can deduct educational expenses as business expenses if the education: Maintains or improves skills needed in your present position, or Meets the express requirements of your agency to keep your present position, salary, or status. How do i amend my 2012 taxes   You cannot deduct educational expenses as business expenses if the education: Is needed to enable you to meet minimum educational requirements for qualification in your present position, Is a part of a program of study that can qualify you for a new position, or Is for travel as a form of education. How do i amend my 2012 taxes These rules apply even if the education is required by your agency or it maintains or improves skills required in your work. How do i amend my 2012 taxes   See Publication 970, Tax Benefits for Education, for more information on educational expenses. How do i amend my 2012 taxes    Educational expenses that are not work related, such as costs of sending children to college, are personal expenses that you cannot deduct. How do i amend my 2012 taxes However, you may be eligible for other tax benefits such as the American opportunity and lifetime learning credits; contributions to a Coverdell education savings account or qualified tuition program; deduction for student loan interest; and exclusion from income of certain savings bond interest. How do i amend my 2012 taxes These benefits are explained in Publication 970. How do i amend my 2012 taxes Foreign service representation expenses. How do i amend my 2012 taxes   If you are an employee of the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Foreign Service and your position requires you to establish and maintain favorable relations in foreign countries, you may receive a nontaxable allowance for representation expenses. How do i amend my 2012 taxes If your expenses are more than the allowance you receive, you can deduct the excess expenses as an itemized deduction on Schedule A (Form 1040) if you meet one of the following conditions. How do i amend my 2012 taxes You have a certificate from the Secretary of State attesting that the expenses were incurred for the benefit of the United States, and would be reimbursable under appropriate legislation if the agency had sufficient funds for these reimbursements. How do i amend my 2012 taxes The expenses, while specifically not reimbursable under State Department regulations, were ordinary and necessary business expenses incurred in the performance of your official duties. How do i amend my 2012 taxes    To deduct any expenses for travel, entertainment, and gifts, including those certified by the Secretary of State, you must meet the rules for recordkeeping and accounting to your employer. How do i amend my 2012 taxes These rules are explained in Publication 463. How do i amend my 2012 taxes Representation expenses. How do i amend my 2012 taxes   These are expenses that further the interest of the United States abroad. How do i amend my 2012 taxes They include certain entertainment, gifts, costs of official functions, and rental of ceremonial dress. How do i amend my 2012 taxes They generally do not include costs of passenger vehicles (such as cars or aircraft), printing or engraving, membership fees, or amounts a principal representative must pay personally to cover the usual costs of operating and maintaining an official residence. How do i amend my 2012 taxes   Chapters 300 and 400 of the Standardized Regulations (Government Civilians, Foreign Area) provide more detail on what expenses are allowable as representation expenses. How do i amend my 2012 taxes These regulations are available on the Internet at www. How do i amend my 2012 taxes state. How do i amend my 2012 taxes gov/m/a/als. How do i amend my 2012 taxes Look under “Standardized Regulations (DSSR)” and click on “DSSR Table of Contents. How do i amend my 2012 taxes ” Publication 463 and Publication 529, Miscellaneous Deductions, provide more detail on what expenses are allowable as ordinary and necessary business expenses. How do i amend my 2012 taxes Impairment-related work expenses. How do i amend my 2012 taxes   If you are an employee with a physical or mental disability, you can deduct attendant-care services at your place of work and other expenses in connection with work that are necessary for you to be able to work. How do i amend my 2012 taxes Attendant care includes a reader for a blind person and a helper for a person with a physical disability. How do i amend my 2012 taxes These expenses are reported on Form 2106 or 2106-EZ and carried to Schedule A (Form 1040). How do i amend my 2012 taxes They are not subject to the 2%-of-adjusted- gross-income limit on miscellaneous itemized deductions. How do i amend my 2012 taxes Loss on conversion of U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes dollars into foreign currency. How do i amend my 2012 taxes   The conversion of U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes dollars into foreign currency at an official rate of exchange that is not as favorable as the free market rate does not result in a deductible loss. How do i amend my 2012 taxes Recordkeeping Rules If you claim a deduction for unreimbursed business expenses, you must keep timely and adequate records of all your business expenses. How do i amend my 2012 taxes For example, you must keep records and supporting evidence to prove the following elements about deductions for travel expenses (including meals and lodging while away from home). How do i amend my 2012 taxes The amount of each separate expense for travel away from home, such as the cost of your transportation, lodging, or meals. How do i amend my 2012 taxes You may total your incidental expenses if you list them in reasonable categories such as daily meals, gasoline and oil, and taxi fares. How do i amend my 2012 taxes For each trip away from home, the dates you left and returned and the number of days spent on business. How do i amend my 2012 taxes The destination or area of your travel, described by the name of the city, town, or similar designation. How do i amend my 2012 taxes The business reason for your travel or the business benefit gained or expected to be gained from your travel. How do i amend my 2012 taxes How to record your expenses. How do i amend my 2012 taxes   Records for proof of your expenses should be kept in an account book, diary, statement of expense, or similar record. How do i amend my 2012 taxes They should be supported by other records, such as receipts or canceled checks, in sufficient detail to establish the elements for these expenses. How do i amend my 2012 taxes You do not need to duplicate information in an account book or diary that is shown on a receipt as long as your records and receipts complement each other in an orderly manner. How do i amend my 2012 taxes   Each expense should be recorded separately in your records. How do i amend my 2012 taxes However, some items can be totaled in reasonable categories. How do i amend my 2012 taxes You can make one daily entry for categories such as taxi fares, telephone calls, meals while away from home, gas and oil, and other incidental costs of travel. How do i amend my 2012 taxes You may record tips separately or with the cost of the service. How do i amend my 2012 taxes    Documentary evidence generally is required to support all lodging expenses while traveling away from home. How do i amend my 2012 taxes It is also required for any other expense of $75 or more, except transportation charges if the evidence is not readily available. How do i amend my 2012 taxes Documentary evidence is a receipt, paid bill, or similar proof sufficient to support an expense. How do i amend my 2012 taxes It ordinarily will be considered adequate if it shows the amount, date, place, and essential business character of the expense. How do i amend my 2012 taxes    A canceled check by itself does not prove a business cost. How do i amend my 2012 taxes You must have other evidence to show that the check was used for a business purpose. How do i amend my 2012 taxes Your records must be timely. How do i amend my 2012 taxes   Record the elements for the expense in your account book or other record at or near the time of the expense. How do i amend my 2012 taxes A timely-kept record has more value than statements prepared later when, generally, there is a lack of accurate recall. How do i amend my 2012 taxes Confidential information. How do i amend my 2012 taxes   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. How do i amend my 2012 taxes 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. How do i amend my 2012 taxes How To Report Business Expenses As a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government employee, your business expense reimbursements are generally paid under an accountable plan and are not included in your wages on your Form W-2. How do i amend my 2012 taxes If your expenses are not more than the reimbursements, you do not need to show your expenses or reimbursements on your return. How do i amend my 2012 taxes However, if you do not account to your employer for a travel advance or if you do not return any excess advance within a reasonable period of time, the advance (or excess) will be included in your wages on your Form W-2. How do i amend my 2012 taxes If you are entitled to a reimbursement from your employer but you do not claim it, you cannot deduct the expenses to which that unclaimed reimbursement applies. How do i amend my 2012 taxes Form 2106 or Form 2106-EZ. How do i amend my 2012 taxes   You must complete Form 2106 or 2106-EZ to deduct your expenses. How do i amend my 2012 taxes Also, if your actual expenses are more than your reimbursements, you can complete Form 2106 or 2106-EZ to deduct your excess expenses. How do i amend my 2012 taxes Generally, you must include all of your expenses and reimbursements on Form 2106 or 2106-EZ and carry your allowable expense to Schedule A (Form 1040). How do i amend my 2012 taxes Your allowable expense is then generally subject to the 2%-of-adjusted-gross-income limit. How do i amend my 2012 taxes Form 2106-EZ. How do i amend my 2012 taxes   You may be able to use Form 2106-EZ instead of the more complex Form 2106 for reporting unreimbursed employee business expenses. How do i amend my 2012 taxes You can use Form 2106-EZ if you meet both of the following conditions. How do i amend my 2012 taxes You are not reimbursed by your employer for any expenses. How do i amend my 2012 taxes (Amounts your employer included in your wages on your Form W-2 are not considered reimbursements. How do i amend my 2012 taxes ) If you claim car expenses, you use the standard mileage rate. How do i amend my 2012 taxes Deductions and Credits — Nonbusiness Expenses In addition to deductible business expenses, you may be entitled to deduct certain other expenses. How do i amend my 2012 taxes Moving Expenses If you changed job locations or started a new job, you may be able to deduct the reasonable expenses of moving yourself, your family, and your household goods and personal effects to your new home. How do i amend my 2012 taxes However, you cannot deduct any expenses for which you received a tax-free allowance as a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government employee. How do i amend my 2012 taxes To deduct moving expenses, your move must be closely related to the start of work and you must meet the distance test and the time test. How do i amend my 2012 taxes Closely related to the start of work. How do i amend my 2012 taxes   The move must be closely related, both in time and in place, to the start of work at the new location. How do i amend my 2012 taxes In general, you must have incurred your moving expenses within one year from the time you first report to your new job or business. How do i amend my 2012 taxes   A move generally is not considered closely related in place to the start of work if the distance from your new home to the new job location is more than the distance from your former home to the new job location. How do i amend my 2012 taxes A move that does not meet this requirement may qualify if you can show that you must live at the new home as a condition of employment, or you will spend less time or money commuting from the new home to the new job. How do i amend my 2012 taxes Distance test. How do i amend my 2012 taxes   Your new main job location must be at least 50 miles farther from your former home than your old main job location was. How do i amend my 2012 taxes If you did not have an old job location, your new job location must be at least 50 miles from your former home. How do i amend my 2012 taxes Time test. How do i amend my 2012 taxes   If you are an employee, you must work full time for at least 39 weeks during the first 12 months after you arrive in the general area of your new job location. How do i amend my 2012 taxes Deductible moving expenses. How do i amend my 2012 taxes   Moving expenses that can be deducted include the reasonable costs of: Moving household goods and personal effects (including packing, crating, in-transit storage, and insurance) of both you and members of your household, and Transportation and lodging for yourself and members of your household for one trip from your former home to your new home (including costs of getting passports). How do i amend my 2012 taxes    The cost of your meals is not a deductible moving expense. How do i amend my 2012 taxes   The costs of moving household goods include the reasonable expenses of moving household goods and personal effects to and from storage. How do i amend my 2012 taxes For a foreign move, the costs also include expenses of storing the goods and effects for part or all of the period that your new job location abroad continues to be your main job location. How do i amend my 2012 taxes Expenses must be reasonable. How do i amend my 2012 taxes   You can deduct only those expenses that are reasonable for the circumstances of your move. How do i amend my 2012 taxes For example, the costs of traveling from your former home to your new one should be by the shortest, most direct route available by conventional transportation. How do i amend my 2012 taxes Members of your household. How do i amend my 2012 taxes   A member of your household includes anyone who has both your former home and new home as his or her home. How do i amend my 2012 taxes It does not include a tenant or employee unless you can claim that person as a dependent. How do i amend my 2012 taxes Retirees. How do i amend my 2012 taxes   You can deduct the costs of moving to the United States when you permanently retire if both your former main job location and former home were outside the United States and its possessions. How do i amend my 2012 taxes You do not have to meet the time test described earlier. How do i amend my 2012 taxes Survivors. How do i amend my 2012 taxes   You can deduct moving expenses for a move to the United States if you are the spouse or dependent of a person whose main job location at the time of death was outside the United States and its possessions. How do i amend my 2012 taxes The move must begin within 6 months after the decedent's death. How do i amend my 2012 taxes It must be from the decedent's former home outside the United States, and that home must also have been your home. How do i amend my 2012 taxes You do not have to meet the time test described earlier. How do i amend my 2012 taxes How to report moving expenses. How do i amend my 2012 taxes   Use Form 3903 to report your moving expenses and figure your allowable deduction. How do i amend my 2012 taxes Claim the deduction as an adjustment to income on Form 1040. How do i amend my 2012 taxes (You cannot deduct moving expenses on Form 1040A or Form 1040EZ. How do i amend my 2012 taxes ) Reimbursements. How do i amend my 2012 taxes   Generally, you must include reimbursements of, or payments for, nondeductible moving expenses in gross income for the year paid. How do i amend my 2012 taxes You also must include in gross income reimbursements paid to you under a nonaccountable plan. How do i amend my 2012 taxes However, there is an exception for the tax-free foreign areas allowances described earlier under Allowances, Differentials, and Special Pay. How do i amend my 2012 taxes Additional information. How do i amend my 2012 taxes   For additional information about moving expenses, see Publication 521. How do i amend my 2012 taxes Other Itemized Deductions You may be able to claim other itemized deductions not connected to your employment. How do i amend my 2012 taxes Contributions. How do i amend my 2012 taxes   You can deduct contributions to qualified organizations created or organized in or under the laws of the United States or its possessions. How do i amend my 2012 taxes You cannot deduct contributions you make directly to foreign organizations (except for certain Canadian, Israeli, and Mexican charities), churches, and governments. How do i amend my 2012 taxes For more information, see Publication 526, Charitable Contributions. How do i amend my 2012 taxes Real estate tax and home mortgage interest. How do i amend my 2012 taxes   If you receive a tax-free housing allowance, your itemized deductions for real estate taxes and home mortgage interest are limited. How do i amend my 2012 taxes You must reduce the amount of each deduction that would otherwise be allowable by the amount of each expense that is related to the tax-free allowance. How do i amend my 2012 taxes Example. How do i amend my 2012 taxes Adam is an IRS employee working overseas who receives a $6,300 tax-free housing and utility allowance. How do i amend my 2012 taxes During the year, Adam used the allowance, with other funds, to provide a home for himself. How do i amend my 2012 taxes His expenses for this home totaled $8,400 and consisted of mortgage principal ($500), insurance ($400), real estate taxes ($1,400), mortgage interest ($4,000), and utility costs ($2,100). How do i amend my 2012 taxes Adam did not have any other expenses related to providing a home for himself. How do i amend my 2012 taxes Adam must reduce his deductions for home mortgage interest and real estate taxes. How do i amend my 2012 taxes He figures a reasonable way to reduce them is to multiply them by a fraction: its numerator is $6,300 (the total housing and utility allowance) and its denominator is $8,400 (the total of all payments to which the housing and utility allowance applies). How do i amend my 2012 taxes The result is 3/4. How do i amend my 2012 taxes Adam reduces his otherwise allowable home mortgage interest deduction by $3,000 (the $4,000 he paid ×3/4) and his otherwise allowable real estate tax deduction by $1,050 (the $1,400 he paid × 3/4). How do i amend my 2012 taxes He can deduct $1,000 of his mortgage interest ($4,000 − $3,000) and $350 of his real estate taxes ($1,400 − $1,050) when he itemizes his deductions. How do i amend my 2012 taxes Exception to the reduction. How do i amend my 2012 taxes   If you receive a tax-free housing allowance as a member of the military or the clergy, you do not have to reduce your deductions for real estate tax and home mortgage interest expenses you are otherwise entitled to deduct. How do i amend my 2012 taxes Required statement. How do i amend my 2012 taxes   If you receive a tax-free housing allowance and have real estate tax or home mortgage interest expenses, attach a statement to your tax return. How do i amend my 2012 taxes The statement must contain all of the following information. How do i amend my 2012 taxes The amount of each type of tax-free income you received, such as a tax-free housing allowance or tax-free representation allowance. How do i amend my 2012 taxes The amount of otherwise deductible expenses attributable to each type of tax-free income. How do i amend my 2012 taxes The amount attributable to each type of tax-free income that was not directly attributable to that type of tax-free income. How do i amend my 2012 taxes An explanation of how you determined the amounts not directly attributable to each type of tax-free income. How do i amend my 2012 taxes   The statement must also indicate that none of the amounts deducted on your return are in any way attributable to tax-free income. How do i amend my 2012 taxes Foreign Taxes If you pay or accrue taxes to a foreign government, you generally can choose to either claim them as a credit against your U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes income tax liability or deduct them as an itemized deduction when figuring your taxable income. How do i amend my 2012 taxes Do not include the foreign taxes paid or accrued as withheld income taxes in the Payments section of Form 1040. How do i amend my 2012 taxes Foreign tax credit. How do i amend my 2012 taxes   Your foreign tax credit is subject to a limit based on your taxable income from foreign sources. How do i amend my 2012 taxes If you choose to figure a credit against your U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes tax liability for the foreign taxes, you generally must complete Form 1116 and attach it to your U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes income tax return. How do i amend my 2012 taxes    You cannot claim a credit for foreign taxes paid on amounts excluded from gross income under the foreign earned income or housing exclusions. How do i amend my 2012 taxes If all your foreign income is exempt from U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes tax, you will not be able to claim a foreign tax credit. How do i amend my 2012 taxes   If, because of the limit on the credit, you cannot use the full amount of qualified foreign taxes paid or accrued in the tax year, you are allowed to carry the excess back 1 year and then forward 10 years. How do i amend my 2012 taxes Exemption from limit. How do i amend my 2012 taxes   You can elect to not be subject to the foreign tax limit if you meet all the following conditions. How do i amend my 2012 taxes Your only foreign income is passive income, such as interest, dividends, and royalties. How do i amend my 2012 taxes The total of all your foreign taxes is not more than $300 ($600 for joint tax returns). How do i amend my 2012 taxes The foreign income and taxes are reported to you on a payee statement, such as Form 1099-DIV, Dividends and Distributions, or 1099-INT, Interest Income. How do i amend my 2012 taxes If you make the election, you can claim a foreign tax credit without filing Form 1116. How do i amend my 2012 taxes However, you cannot carry back or carry over any unused foreign tax to or from this year. How do i amend my 2012 taxes See the instructions for the appropriate line in the Tax and Credits section of Form 1040. How do i amend my 2012 taxes Foreign tax deduction. How do i amend my 2012 taxes   If you choose to deduct all foreign income taxes on your U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes income tax return, itemize the deduction on Schedule A (Form 1040). How do i amend my 2012 taxes You cannot deduct foreign taxes paid on income you exclude under the foreign earned income or housing exclusions. How do i amend my 2012 taxes Example. How do i amend my 2012 taxes Dennis and Christina are married and live and work in Country X. How do i amend my 2012 taxes Dennis works for the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government and Christina is employed by a private company. How do i amend my 2012 taxes They pay income tax to Country X on Christina's income only. How do i amend my 2012 taxes Dennis and Christina file a joint tax return and exclude all of Christina's income. How do i amend my 2012 taxes They cannot claim a foreign tax credit or take a deduction for the taxes paid to Country X. How do i amend my 2012 taxes Deduction for other foreign taxes. How do i amend my 2012 taxes   The deduction for foreign taxes other than foreign income taxes is not related to the foreign tax credit. How do i amend my 2012 taxes You can take deductions for these miscellaneous foreign taxes and also claim the foreign tax credit for income taxes paid to a foreign country. How do i amend my 2012 taxes   You can deduct real property taxes you pay that are imposed on you by a foreign country. How do i amend my 2012 taxes You take this deduction on Schedule A (Form 1040). How do i amend my 2012 taxes You cannot deduct other foreign taxes, such as personal property taxes, unless you incurred the expenses in a trade or business or in the production of income. How do i amend my 2012 taxes More information. How do i amend my 2012 taxes   The foreign tax credit and deduction, their limits, and carryback and carryover provisions are discussed in detail in Publication 514. How do i amend my 2012 taxes Local (Foreign) Tax Return As a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government employee, you are expected to observe and fulfill all tax obligations imposed by the host country government. How do i amend my 2012 taxes Check with local tax authorities to determine whether you are considered a tax resident of your host country, whether you are required to file a host country tax return and whether you owe taxes to the host country. How do i amend my 2012 taxes Tax Treaty Benefits As discussed earlier, most income tax treaties contain an article relating to remuneration from government services. How do i amend my 2012 taxes Review the treaty text carefully to determine whether your U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government remuneration is taxable in the host country. How do i amend my 2012 taxes You will first have to determine whether you are a resident of your host country under the treaty residence article (after application of the so-called “tie-breaker” rule). How do i amend my 2012 taxes If you or your spouse receives income from a private employer or self-employment, review the tax treaty rules relating to income from personal services to determine whether that income is taxable in the host country. How do i amend my 2012 taxes If you pay or accrue taxes to both the host country and the United States, you may be able to relieve double taxation with a foreign tax credit. How do i amend my 2012 taxes Most income tax treaties contain an article providing relief from double taxation. How do i amend my 2012 taxes Many treaties contain special foreign tax credit rules for U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes citizens who are residents of a treaty country. How do i amend my 2012 taxes For more information about the foreign tax credit, see Foreign Taxes, earlier. How do i amend my 2012 taxes Other Agreements The United States may be a party to agreements other than income tax treaties that may affect your tax obligations to the host country. How do i amend my 2012 taxes For example, consular employees may be exempt from host country tax under the Vienna Convention on Consular Relations or bilateral consular agreements. How do i amend my 2012 taxes Similarly, certain diplomatic staff may be exempt from host country tax under the Vienna Convention on Diplomatic Relations. How do i amend my 2012 taxes Check with the appropriate U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Embassy for more information. How do i amend my 2012 taxes Double Withholding If your U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes government pay is subject to withholding in both the United States and the foreign country, you may reduce the amount of U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes tax that is withheld from your pay if you expect to be entitled to a foreign tax credit on your U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes income tax return on this income. How do i amend my 2012 taxes Complete Worksheet 1-6 in Publication 505, Tax Withholding and Estimated Tax, to determine how to revise Form W-4, Employee’s Withholding Allowance Certificate. How do i amend my 2012 taxes How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. How do i amend my 2012 taxes By selecting the method that is best for you, you will have quick and easy access to tax help. How do i amend my 2012 taxes Free help with your tax return. How do i amend my 2012 taxes   Free help in preparing your return is available nationwide from IRS-certified volunteers. How do i amend my 2012 taxes The Volunteer Income Tax Assistance (VITA) program is designed to help low-moderate income, elderly, disabled, and limited English proficient taxpayers. How do i amend my 2012 taxes The Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. How do i amend my 2012 taxes Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. How do i amend my 2012 taxes Some VITA and TCE sites provide taxpayers the opportunity to prepare their return with the assistance of an IRS-certified volunteer. How do i amend my 2012 taxes To find the nearest VITA or TCE site, visit IRS. How do i amend my 2012 taxes gov or call 1-800-906-9887 or 1-800-829-1040. How do i amend my 2012 taxes   As part of the TCE program, AARP offers the Tax-Aide counseling program. How do i amend my 2012 taxes To find the nearest AARP Tax-Aide site, visit AARP's website at www. How do i amend my 2012 taxes aarp. How do i amend my 2012 taxes org/money/taxaide or call 1-888-227-7669. How do i amend my 2012 taxes   For more information on these programs, go to IRS. How do i amend my 2012 taxes gov and enter “VITA” in the search box. How do i amend my 2012 taxes Internet. How do i amend my 2012 taxes You can access the IRS website at IRS. How do i amend my 2012 taxes gov 24 hours a day, 7 days a week to: E-file your return. How do i amend my 2012 taxes Find out about commercial tax preparation and e-file services available free to eligible taxpayers. How do i amend my 2012 taxes Check the status of your 2012 refund. How do i amend my 2012 taxes Go to IRS. How do i amend my 2012 taxes gov and click on Where’s My Refund. How do i amend my 2012 taxes Information about your return will generally be available within 24 hours after the IRS receives your e-filed return, or 4 weeks after you mail your paper return. How do i amend my 2012 taxes If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). How do i amend my 2012 taxes Have your 2012 tax return handy so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. How do i amend my 2012 taxes Where's My Refund? has a new look this year! The tool will include a tracker that displays progress through three stages: (1) return received, (2) refund approved, and (3) refund sent. How do i amend my 2012 taxes Where's My Refund? will provide an actual personalized refund date as soon as the IRS processes your tax return and approves your refund. How do i amend my 2012 taxes So in a change from previous filing seasons, you won't get an estimated refund date right away. How do i amend my 2012 taxes Where's My Refund? includes information for the most recent return filed in the current year and does not include information about amended returns. How do i amend my 2012 taxes You can obtain a free transcript online at IRS. How do i amend my 2012 taxes gov by clicking on Order a Return or Account Transcript under “Tools. How do i amend my 2012 taxes ” For a transcript by phone, call 1-800-908-9946 and follow the prompts in the recorded message. How do i amend my 2012 taxes You will be prompted to provide your SSN or Individual Taxpayer Identification Number (ITIN), date of birth, street address and ZIP code. How do i amend my 2012 taxes Download forms, including talking tax forms, instructions, and publications. How do i amend my 2012 taxes Order IRS products. How do i amend my 2012 taxes Research your tax questions. How do i amend my 2012 taxes Search publications by topic or keyword. How do i amend my 2012 taxes Use the Internal Revenue Code, regulations, or other official guidance. How do i amend my 2012 taxes View Internal Revenue Bulletins (IRBs) published in the last few years. How do i amend my 2012 taxes Figure your withholding allowances using the IRS Withholding Calculator at www. How do i amend my 2012 taxes irs. How do i amend my 2012 taxes gov/individuals. How do i amend my 2012 taxes Determine if Form 6251 (Alternative Minimum Tax— Individuals), must be filed by using our Alternative Minimum Tax (AMT) Assistant available at IRS. How do i amend my 2012 taxes gov by typing Alternative Minimum Tax Assistant in the search box. How do i amend my 2012 taxes Sign up to receive local and national tax news by email. How do i amend my 2012 taxes Get information on starting and operating a small business. How do i amend my 2012 taxes Phone. How do i amend my 2012 taxes Many services are available by phone. How do i amend my 2012 taxes   Ordering forms, instructions, and publications. How do i amend my 2012 taxes Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions (limited to 5 years). How do i amend my 2012 taxes You should receive your order within 10 days. How do i amend my 2012 taxes Asking tax questions. How do i amend my 2012 taxes Call the IRS with your tax questions at 1-800-829-1040. How do i amend my 2012 taxes Solving problems. How do i amend my 2012 taxes You can get face-to-face help solving tax problems most business days in IRS Taxpayer Assistance Centers (TAC). How do i amend my 2012 taxes An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. How do i amend my 2012 taxes Call your local Taxpayer Assistance Center for an appointment. How do i amend my 2012 taxes To find the number, go to www. How do i amend my 2012 taxes irs. How do i amend my 2012 taxes gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. How do i amend my 2012 taxes TTY/TDD equipment. How do i amend my 2012 taxes If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. How do i amend my 2012 taxes The TTY/TDD telephone number is for individuals who are deaf, hard of hearing, or have a speech disability. How do i amend my 2012 taxes These individuals can also access the IRS through relay services such as the Federal Relay Service at www. How do i amend my 2012 taxes gsa. How do i amend my 2012 taxes gov/fedrelay. How do i amend my 2012 taxes TeleTax topics. How do i amend my 2012 taxes Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. How do i amend my 2012 taxes Checking the status of your 2012 refund. How do i amend my 2012 taxes To check the status of your 2012 refund, call 1-800-829-1954 or 1-800-829-4477 (automated Where's My Refund? information 24 hours a day, 7 days a week). How do i amend my 2012 taxes Information about your return will generally be available within 24 hours after the IRS receives your e-filed return, or 4 weeks after you mail your paper return. How do i amend my 2012 taxes If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). How do i amend my 2012 taxes Have your 2012 tax return handy so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. How do i amend my 2012 taxes Where's My Refund? will provide an actual personalized refund date as soon as the IRS processes your tax return and approves your refund. How do i amend my 2012 taxes Where's My Refund? includes information for the most recent return filed in the current year and does not include information about amended returns. How do i amend my 2012 taxes Outside the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes If you are outside the United States, taxpayer assistance is available at the following U. How do i amend my 2012 taxes S Embassies or consulate. How do i amend my 2012 taxes Beijing, China (86) (10) 8531-3983 Frankfurt, Germany (49) (69) 7535-3834 London, England (44) (20) 7894-0476 Paris, France (33) (1) 4312-2555 Please contact the office for times when assistance will be available. How do i amend my 2012 taxes If you cannot get to one of these offices, taxpayer assistance is available at (267) 941-1000 (not a toll free call). How do i amend my 2012 taxes If you are in a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes territory (American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Virgin Islands) and have a tax question, you can call 1-800-829-1040. How do i amend my 2012 taxes Evaluating the quality of our telephone services. How do i amend my 2012 taxes To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. How do i amend my 2012 taxes One method is for a second IRS representative to listen in on or record random telephone calls. How do i amend my 2012 taxes Another is to ask some callers to complete a short survey at the end of the call. How do i amend my 2012 taxes Walk-in. How do i amend my 2012 taxes Some products and services are available on a walk-in basis. How do i amend my 2012 taxes   Products. How do i amend my 2012 taxes You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. How do i amend my 2012 taxes Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. How do i amend my 2012 taxes Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. How do i amend my 2012 taxes Services. How do i amend my 2012 taxes You can walk in to your local TAC most business days for personal, face-to-face tax help. How do i amend my 2012 taxes An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. How do i amend my 2012 taxes If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local TAC where you can talk with an IRS representative face-to-face. How do i amend my 2012 taxes No appointment is necessary—just walk in. How do i amend my 2012 taxes Before visiting, check www. How do i amend my 2012 taxes irs. How do i amend my 2012 taxes gov/localcontacts for hours of operation and services provided. How do i amend my 2012 taxes If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested by calling your local TAC. How do i amend my 2012 taxes You can leave a message and a representative will call you back within 2 business days. How do i amend my 2012 taxes All other issues will be handled without an appointment. How do i amend my 2012 taxes To call your local TAC, go to  www. How do i amend my 2012 taxes irs. How do i amend my 2012 taxes gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. How do i amend my 2012 taxes Outside the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes If you are outside the United States during the filing period (January to mid-June), you can get the necessary federal tax forms and publications from most U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Embassies and consulates. How do i amend my 2012 taxes Mail. How do i amend my 2012 taxes You can send your order for forms, instructions, and publications to the address below. How do i amend my 2012 taxes You should receive a response within 10 days after your request is received. How do i amend my 2012 taxes  Internal Revenue Service 1201 N. How do i amend my 2012 taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Outside the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes If you are outside the United States, you can get tax assistance by writing to the address below. How do i amend my 2012 taxes  Internal Revenue Service International Accounts Philadelphia, PA 19255-0725 Taxpayer Advocate Service. How do i amend my 2012 taxes   The Taxpayer Advocate Service (TAS) is your voice at the IRS. How do i amend my 2012 taxes Its job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. How do i amend my 2012 taxes TAS offers free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. How do i amend my 2012 taxes Remember, the worst thing you can do is nothing at all. How do i amend my 2012 taxes   TAS can help if you can’t resolve your problem with the IRS and: Your problem is causing financial difficulties for you, your family, or your business. How do i amend my 2012 taxes You face (or your business is facing) an immediate threat of adverse action. How do i amend my 2012 taxes You have tried repeatedly to contact the IRS but no one has responded, or the IRS has not responded to you by the date promised. How do i amend my 2012 taxes   If you qualify for help, they will do everything they can to get your problem resolved. How do i amend my 2012 taxes You will be assigned to one advocate who will be with you at every turn. How do i amend my 2012 taxes TAS has offices in every state, the District of Columbia, and Puerto Rico. How do i amend my 2012 taxes Although TAS is independent within the IRS, their advocates know how to work with the IRS to get your problems resolved. How do i amend my 2012 taxes And its services are always free. How do i amend my 2012 taxes   As a taxpayer, you have rights that the IRS must abide by in its dealings with you. How do i amend my 2012 taxes The TAS tax toolkit at www. How do i amend my 2012 taxes TaxpayerAdvocate. How do i amend my 2012 taxes irs. How do i amend my 2012 taxes gov can help you understand these rights. How do i amend my 2012 taxes   If you think TAS might be able to help you, call your local advocate, whose number is in your phone book and on our website at www. How do i amend my 2012 taxes irs. How do i amend my 2012 taxes gov/advocate. How do i amend my 2012 taxes You can also call the toll-free number at 1-877-777-4778. How do i amend my 2012 taxes Deaf and hard of hearing individuals who have access to TTY/TDD equipment can call 1-800-829-4059. How do i amend my 2012 taxes These individuals can also access the IRS through relay services such as the Federal Relay Service at www. How do i amend my 2012 taxes gsa. How do i amend my 2012 taxes gov/fedrelay. How do i amend my 2012 taxes   TAS also handles large-scale or systemic problems that affect many taxpayers. How do i amend my 2012 taxes If you know of one of these broad issues, please report it through the Systemic Advocacy Management System at www. How do i amend my 2012 taxes irs. How do i amend my 2012 taxes gov/advocate. How do i amend my 2012 taxes    Outside the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes If you live outside of the United States, you can call the Taxpayer Advocate at (787) 522-8601 in English or (787) 522-8600 in Spanish. How do i amend my 2012 taxes You can contact the Taxpayer Advocate at: Internal Revenue Service Taxpayer Advocate Service City View Plaza, 48 Carr 165, Suite 2000 Guaynabo, P. How do i amend my 2012 taxes R. How do i amend my 2012 taxes 00968-8000 Low Income Taxpayer Clinics (LITCs). How do i amend my 2012 taxes   Low Income Taxpayer Clinics (LITCs) are independent from the IRS. How do i amend my 2012 taxes Some clinics serve individuals whose income is below a certain level and who need to resolve a tax problem. How do i amend my 2012 taxes These clinics provide professional representation before the IRS or in court on audits, appeals, tax collection disputes, and other issues for free or for a small fee. How do i amend my 2012 taxes Some clinics can provide information about taxpayer rights and responsibilities in many different languages for individuals who speak English as a second language. How do i amend my 2012 taxes For more information and to find a clinic near you, see the LITC page on www. How do i amend my 2012 taxes irs. How do i amend my 2012 taxes gov/advocate or IRS Publication 4134, Low Income Taxpayer Clinic List. How do i amend my 2012 taxes This publication is also available by calling 1-800-TAX-FORM (1-800-829-3676) or at your local IRS office. How do i amend my 2012 taxes Free tax services. How do i amend my 2012 taxes   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. How do i amend my 2012 taxes Learn about free tax information from the IRS, including publications, services, and education and assistance programs. How do i amend my 2012 taxes The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. How do i amend my 2012 taxes The majority of the information and services listed in this publication are available to you free of charge. How do i amend my 2012 taxes If there is a fee associated with a resource or service, it is listed in the publication. How do i amend my 2012 taxes   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. How do i amend my 2012 taxes DVD for tax products. How do i amend my 2012 taxes You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. How do i amend my 2012 taxes Prior-year forms, instructions, and publications. How do i amend my 2012 taxes Tax Map: an electronic research tool and finding aid. How do i amend my 2012 taxes Tax law frequently asked questions. How do i amend my 2012 taxes Tax Topics from the IRS telephone response system. How do i amend my 2012 taxes Internal Revenue Code—Title 26 of the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Code. How do i amend my 2012 taxes Links to other Internet-based tax research materials. How do i amend my 2012 taxes Fill-in, print, and save features for most tax forms. How do i amend my 2012 taxes Internal Revenue Bulletins. How do i amend my 2012 taxes Toll-free and email technical support. How do i amend my 2012 taxes Two releases during the year. How do i amend my 2012 taxes  – The first release will ship the beginning of January 2013. How do i amend my 2012 taxes  – The final release will ship the beginning of March 2013. How do i amend my 2012 taxes Purchase the DVD from National Technical Information Service (NTIS) at www. How do i amend my 2012 taxes irs. How do i amend my 2012 taxes gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee). How do i amend my 2012 taxes Prev  Up  Next   Home   More Online Publications
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How do i amend my 2012 taxes 7. How do i amend my 2012 taxes   Interest Income Table of Contents Reminder Introduction Useful Items - You may want to see: General InformationSSN for joint account. How do i amend my 2012 taxes Custodian account for your child. How do i amend my 2012 taxes Penalty for failure to supply SSN. How do i amend my 2012 taxes Reporting backup withholding. How do i amend my 2012 taxes Savings account with parent as trustee. How do i amend my 2012 taxes Interest not reported on Form 1099-INT. How do i amend my 2012 taxes Nominees. How do i amend my 2012 taxes Incorrect amount. How do i amend my 2012 taxes Information reporting requirement. How do i amend my 2012 taxes Taxable InterestInterest subject to penalty for early withdrawal. How do i amend my 2012 taxes Money borrowed to invest in certificate of deposit. How do i amend my 2012 taxes U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Savings Bonds Education Savings Bond Program U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Treasury Bills, Notes, and Bonds Bonds Sold Between Interest Dates Insurance State or Local Government Obligations Original Issue Discount (OID) When To Report Interest IncomeConstructive receipt. How do i amend my 2012 taxes How To Report Interest IncomeSchedule B (Form 1040A or 1040). How do i amend my 2012 taxes Reporting tax-exempt interest. How do i amend my 2012 taxes U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bond interest previously reported. How do i amend my 2012 taxes Reminder Foreign-source income. How do i amend my 2012 taxes  If you are a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes citizen with interest income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes law. How do i amend my 2012 taxes 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. How do i amend my 2012 taxes Introduction This chapter discusses the following topics. How do i amend my 2012 taxes Different types of interest income. How do i amend my 2012 taxes What interest is taxable and what interest is nontaxable. How do i amend my 2012 taxes When to report interest income. How do i amend my 2012 taxes How to report interest income on your tax return. How do i amend my 2012 taxes In general, any interest you receive or that is credited to your account and can be withdrawn is taxable income. How do i amend my 2012 taxes Exceptions to this rule are discussed later in this chapter. How do i amend my 2012 taxes You may be able to deduct expenses you have in earning this income on Schedule A (Form 1040) if you itemize your deductions. How do i amend my 2012 taxes See Money borrowed to invest in certificate of deposit , later, and chapter 28. How do i amend my 2012 taxes Useful Items - You may want to see: Publication 537 Installment Sales 550 Investment Income and Expenses 1212 Guide to Original Issue Discount (OID) Instruments Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends 8815 Exclusion of Interest From Series EE and I U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Savings Bonds Issued After 1989 8818 Optional Form To Record Redemption of Series EE and I U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Savings Bonds Issued After 1989 General Information A few items of general interest are covered here. How do i amend my 2012 taxes Recordkeeping. How do i amend my 2012 taxes You should keep a list showing sources and interest amounts received during the year. How do i amend my 2012 taxes Also, keep the forms you receive showing your interest income (Forms 1099-INT, for example) as an important part of your records. How do i amend my 2012 taxes Tax on unearned income of certain children. How do i amend my 2012 taxes    Part of a child's 2013 unearned income may be taxed at the parent's tax rate. How do i amend my 2012 taxes If so, Form 8615, Tax for Certain Children Who Have Unearned Income, must be completed and attached to the child's tax return. How do i amend my 2012 taxes If not, Form 8615 is not required and the child's income is taxed at his or her own tax rate. How do i amend my 2012 taxes   Some parents can choose to include the child's interest and dividends on the parent's return. How do i amend my 2012 taxes If you can, use Form 8814, Parents' Election To Report Child's Interest and Dividends, for this purpose. How do i amend my 2012 taxes   For more information about the tax on unearned income of children and the parents' election, see chapter 31. How do i amend my 2012 taxes Beneficiary of an estate or trust. How do i amend my 2012 taxes   Interest you receive as a beneficiary of an estate or trust is generally taxable income. How do i amend my 2012 taxes You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. How do i amend my 2012 taxes , from the fiduciary. How do i amend my 2012 taxes Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. How do i amend my 2012 taxes Social security number (SSN). How do i amend my 2012 taxes   You must give your name and SSN or individual tax identification number (ITIN) to any person required by federal tax law to make a return, statement, or other document that relates to you. How do i amend my 2012 taxes This includes payers of interest. How do i amend my 2012 taxes If you do not give your SSN or ITIN to the payer of interest, you may have to pay a penalty. How do i amend my 2012 taxes SSN for joint account. How do i amend my 2012 taxes   If the funds in a joint account belong to one person, list that person's name first on the account and give that person's SSN to the payer. How do i amend my 2012 taxes (For information on who owns the funds in a joint account, see Joint accounts , later. How do i amend my 2012 taxes ) If the joint account contains combined funds, give the SSN of the person whose name is listed first on the account. How do i amend my 2012 taxes This is because only one name and SSN can be shown on Form 1099. How do i amend my 2012 taxes   These rules apply both to joint ownership by a married couple and to joint ownership by other individuals. How do i amend my 2012 taxes For example, if you open a joint savings account with your child using funds belonging to the child, list the child's name first on the account and give the child's SSN. How do i amend my 2012 taxes Custodian account for your child. How do i amend my 2012 taxes   If your child is the actual owner of an account that is recorded in your name as custodian for the child, give the child's SSN to the payer. How do i amend my 2012 taxes For example, you must give your child's SSN to the payer of interest on an account owned by your child, even though the interest is paid to you as custodian. How do i amend my 2012 taxes Penalty for failure to supply SSN. How do i amend my 2012 taxes   If you do not give your SSN to the payer of interest, you may have to pay a penalty. How do i amend my 2012 taxes See Failure to supply SSN under Penalties in chapter 1. How do i amend my 2012 taxes Backup withholding also may apply. How do i amend my 2012 taxes Backup withholding. How do i amend my 2012 taxes   Your interest income is generally not subject to regular withholding. How do i amend my 2012 taxes However, it may be subject to backup withholding to ensure that income tax is collected on the income. How do i amend my 2012 taxes Under backup withholding, the payer of interest must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. How do i amend my 2012 taxes   Backup withholding may also be required if the IRS has determined that you underreported your interest or dividend income. How do i amend my 2012 taxes For more information, see Backup Withholding in chapter 4. How do i amend my 2012 taxes Reporting backup withholding. How do i amend my 2012 taxes   If backup withholding is deducted from your interest income, the payer must give you a Form 1099-INT for the year indicating the amount withheld. How do i amend my 2012 taxes The Form 1099-INT will show any backup withholding as “Federal income tax withheld. How do i amend my 2012 taxes ” Joint accounts. How do i amend my 2012 taxes   If two or more persons hold property (such as a savings account or bond) as joint tenants, tenants by the entirety, or tenants in common, each person's share of any interest from the property is determined by local law. How do i amend my 2012 taxes Income from property given to a child. How do i amend my 2012 taxes   Property you give as a parent to your child under the Model Gifts of Securities to Minors Act, the Uniform Gifts to Minors Act, or any similar law becomes the child's property. How do i amend my 2012 taxes   Income from the property is taxable to the child, except that any part used to satisfy a legal obligation to support the child is taxable to the parent or guardian having that legal obligation. How do i amend my 2012 taxes Savings account with parent as trustee. How do i amend my 2012 taxes   Interest income from a savings account opened for a minor child, but placed in the name and subject to the order of the parents as trustees, is taxable to the child if, under the law of the state in which the child resides, both of the following are true. How do i amend my 2012 taxes The savings account legally belongs to the child. How do i amend my 2012 taxes The parents are not legally permitted to use any of the funds to support the child. How do i amend my 2012 taxes Form 1099-INT. How do i amend my 2012 taxes   Interest income is generally reported to you on Form 1099-INT, or a similar statement, by banks, savings and loans, and other payers of interest. How do i amend my 2012 taxes This form shows you the interest you received during the year. How do i amend my 2012 taxes Keep this form for your records. How do i amend my 2012 taxes You do not have to attach it to your tax return. How do i amend my 2012 taxes   Report on your tax return the total interest income you receive for the tax year. How do i amend my 2012 taxes Interest not reported on Form 1099-INT. How do i amend my 2012 taxes   Even if you do not receive Form 1099-INT, you must still report all of your interest income. How do i amend my 2012 taxes For example, you may receive distributive shares of interest from partnerships or S corporations. How do i amend my 2012 taxes This interest is reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deduction, Credits, etc. How do i amend my 2012 taxes , or Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. How do i amend my 2012 taxes Nominees. How do i amend my 2012 taxes   Generally, if someone receives interest as a nominee for you, that person must give you a Form 1099-INT showing the interest received on your behalf. How do i amend my 2012 taxes   If you receive a Form 1099-INT that includes amounts belonging to another person, see the discussion on nominee distributions under How To Report Interest Income in chapter 1 of Publication 550, or Schedule B (Form 1040A or 1040) instructions. How do i amend my 2012 taxes Incorrect amount. How do i amend my 2012 taxes   If you receive a Form 1099-INT that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. How do i amend my 2012 taxes The new Form 1099-INT you receive will be marked “Corrected. How do i amend my 2012 taxes ” Form 1099-OID. How do i amend my 2012 taxes   Reportable interest income also may be shown on Form 1099-OID, Original Issue Discount. How do i amend my 2012 taxes For more information about amounts shown on this form, see Original Issue Discount (OID) , later in this chapter. How do i amend my 2012 taxes Exempt-interest dividends. How do i amend my 2012 taxes   Exempt-interest dividends you receive from a mutual fund or other regulated investment company, including those received from a qualified fund of funds in any tax year beginning after December 22, 2010, are not included in your taxable income. How do i amend my 2012 taxes (However, see Information reporting requirement , next. How do i amend my 2012 taxes ) Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. How do i amend my 2012 taxes You do not reduce your basis for distributions that are exempt-interest dividends. How do i amend my 2012 taxes Information reporting requirement. How do i amend my 2012 taxes   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file. How do i amend my 2012 taxes This is an information reporting requirement and does not change the exempt-interest dividends into taxable income. How do i amend my 2012 taxes Note. How do i amend my 2012 taxes Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. How do i amend my 2012 taxes See Alternative Minimum Tax (AMT) in chapter 30 for more information. How do i amend my 2012 taxes Chapter 1 of Publication 550 contains a discussion on private activity bonds under State or Local Government Obligations. How do i amend my 2012 taxes Interest on VA dividends. How do i amend my 2012 taxes   Interest on insurance dividends left on deposit with the Department of Veterans Affairs (VA) is not taxable. How do i amend my 2012 taxes This includes interest paid on dividends on converted United States Government Life Insurance and on National Service Life Insurance policies. How do i amend my 2012 taxes Individual retirement arrangements (IRAs). How do i amend my 2012 taxes   Interest on a Roth IRA generally is not taxable. How do i amend my 2012 taxes Interest on a traditional IRA is tax deferred. How do i amend my 2012 taxes You generally do not include it in your income until you make withdrawals from the IRA. How do i amend my 2012 taxes See chapter 17. How do i amend my 2012 taxes Taxable Interest Taxable interest includes interest you receive from bank accounts, loans you make to others, and other sources. How do i amend my 2012 taxes The following are some sources of taxable interest. How do i amend my 2012 taxes Dividends that are actually interest. How do i amend my 2012 taxes   Certain distributions commonly called dividends are actually interest. How do i amend my 2012 taxes You must report as interest so-called “dividends” on deposits or on share accounts in: Cooperative banks, Credit unions, Domestic building and loan associations, Domestic savings and loan associations, Federal savings and loan associations, and Mutual savings banks. How do i amend my 2012 taxes  The “dividends” will be shown as interest income on Form 1099-INT. How do i amend my 2012 taxes Money market funds. How do i amend my 2012 taxes   Money market funds pay dividends and are offered by nonbank financial institutions, such as mutual funds and stock brokerage houses. How do i amend my 2012 taxes Generally, amounts you receive from money market funds should be reported as dividends, not as interest. How do i amend my 2012 taxes Certificates of deposit and other deferred interest accounts. How do i amend my 2012 taxes   If you open any of these accounts, interest may be paid at fixed intervals of 1 year or less during the term of the account. How do i amend my 2012 taxes You generally must include this interest in your income when you actually receive it or are entitled to receive it without paying a substantial penalty. How do i amend my 2012 taxes The same is true for accounts that mature in 1 year or less and pay interest in a single payment at maturity. How do i amend my 2012 taxes If interest is deferred for more than 1 year, see Original Issue Discount (OID) , later. How do i amend my 2012 taxes Interest subject to penalty for early withdrawal. How do i amend my 2012 taxes   If you withdraw funds from a deferred interest account before maturity, you may have to pay a penalty. How do i amend my 2012 taxes You must report the total amount of interest paid or credited to your account during the year, without subtracting the penalty. How do i amend my 2012 taxes See Penalty on early withdrawal of savings in chapter 1 of Publication 550 for more information on how to report the interest and deduct the penalty. How do i amend my 2012 taxes Money borrowed to invest in certificate of deposit. How do i amend my 2012 taxes   The interest you pay on money borrowed from a bank or savings institution to meet the minimum deposit required for a certificate of deposit from the institution and the interest you earn on the certificate are two separate items. How do i amend my 2012 taxes You must report the total interest you earn on the certificate in your income. How do i amend my 2012 taxes If you itemize deductions, you can deduct the interest you pay as investment interest, up to the amount of your net investment income. How do i amend my 2012 taxes See Interest Expenses in chapter 3 of Publication 550. How do i amend my 2012 taxes Example. How do i amend my 2012 taxes You deposited $5,000 with a bank and borrowed $5,000 from the bank to make up the $10,000 minimum deposit required to buy a 6-month certificate of deposit. How do i amend my 2012 taxes The certificate earned $575 at maturity in 2013, but you received only $265, which represented the $575 you earned minus $310 interest charged on your $5,000 loan. How do i amend my 2012 taxes The bank gives you a Form 1099-INT for 2013 showing the $575 interest you earned. How do i amend my 2012 taxes The bank also gives you a statement showing that you paid $310 interest for 2013. How do i amend my 2012 taxes You must include the $575 in your income. How do i amend my 2012 taxes If you itemize your deductions on Schedule A (Form 1040), you can deduct $310, subject to the net investment income limit. How do i amend my 2012 taxes Gift for opening account. How do i amend my 2012 taxes   If you receive noncash gifts or services for making deposits or for opening an account in a savings institution, you may have to report the value as interest. How do i amend my 2012 taxes   For deposits of less than $5,000, gifts or services valued at more than $10 must be reported as interest. How do i amend my 2012 taxes For deposits of $5,000 or more, gifts or services valued at more than $20 must be reported as interest. How do i amend my 2012 taxes The value is determined by the cost to the financial institution. How do i amend my 2012 taxes Example. How do i amend my 2012 taxes You open a savings account at your local bank and deposit $800. How do i amend my 2012 taxes The account earns $20 interest. How do i amend my 2012 taxes You also receive a $15 calculator. How do i amend my 2012 taxes If no other interest is credited to your account during the year, the Form 1099-INT you receive will show $35 interest for the year. How do i amend my 2012 taxes You must report $35 interest income on your tax return. How do i amend my 2012 taxes Interest on insurance dividends. How do i amend my 2012 taxes   Interest on insurance dividends left on deposit with an insurance company that can be withdrawn annually is taxable to you in the year it is credited to your account. How do i amend my 2012 taxes However, if you can withdraw it only on the anniversary date of the policy (or other specified date), the interest is taxable in the year that date occurs. How do i amend my 2012 taxes Prepaid insurance premiums. How do i amend my 2012 taxes   Any increase in the value of prepaid insurance premiums, advance premiums, or premium deposit funds is interest if it is applied to the payment of premiums due on insurance policies or made available for you to withdraw. How do i amend my 2012 taxes U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes obligations. How do i amend my 2012 taxes   Interest on U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes obligations, such as U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Treasury bills, notes, and bonds, issued by any agency or instrumentality of the United States is taxable for federal income tax purposes. How do i amend my 2012 taxes Interest on tax refunds. How do i amend my 2012 taxes   Interest you receive on tax refunds is taxable income. How do i amend my 2012 taxes Interest on condemnation award. How do i amend my 2012 taxes   If the condemning authority pays you interest to compensate you for a delay in payment of an award, the interest is taxable. How do i amend my 2012 taxes Installment sale payments. How do i amend my 2012 taxes   If a contract for the sale or exchange of property provides for deferred payments, it also usually provides for interest payable with the deferred payments. How do i amend my 2012 taxes That interest is taxable when you receive it. How do i amend my 2012 taxes If little or no interest is provided for in a deferred payment contract, part of each payment may be treated as interest. How do i amend my 2012 taxes See Unstated Interest and Original Issue Discount in Publication 537, Installment Sales. How do i amend my 2012 taxes Interest on annuity contract. How do i amend my 2012 taxes   Accumulated interest on an annuity contract you sell before its maturity date is taxable. How do i amend my 2012 taxes Usurious interest. How do i amend my 2012 taxes   Usurious interest is interest charged at an illegal rate. How do i amend my 2012 taxes This is taxable as interest unless state law automatically changes it to a payment on the principal. How do i amend my 2012 taxes Interest income on frozen deposits. How do i amend my 2012 taxes   Exclude from your gross income interest on frozen deposits. How do i amend my 2012 taxes A deposit is frozen if, at the end of the year, you cannot withdraw any part of the deposit because: The financial institution is bankrupt or insolvent, or The state where the institution is located has placed limits on withdrawals because other financial institutions in the state are bankrupt or insolvent. How do i amend my 2012 taxes   The amount of interest you must exclude is the interest that was credited on the frozen deposits minus the sum of: The net amount you withdrew from these deposits during the year, and The amount you could have withdrawn as of the end of the year (not reduced by any penalty for premature withdrawals of a time deposit). How do i amend my 2012 taxes If you receive a Form 1099-INT for interest income on deposits that were frozen at the end of 2013, see Frozen deposits under How To Report Interest Income in chapter 1 of Publication 550, for information about reporting this interest income exclusion on your tax return. How do i amend my 2012 taxes   The interest you exclude is treated as credited to your account in the following year. How do i amend my 2012 taxes You must include it in income in the year you can withdraw it. How do i amend my 2012 taxes Example. How do i amend my 2012 taxes $100 of interest was credited on your frozen deposit during the year. How do i amend my 2012 taxes You withdrew $80 but could not withdraw any more as of the end of the year. How do i amend my 2012 taxes You must include $80 in your income and exclude $20 from your income for the year. How do i amend my 2012 taxes You must include the $20 in your income for the year you can withdraw it. How do i amend my 2012 taxes Bonds traded flat. How do i amend my 2012 taxes   If you buy a bond at a discount when interest has been defaulted or when the interest has accrued but has not been paid, the transaction is described as trading a bond flat. How do i amend my 2012 taxes The defaulted or unpaid interest is not income and is not taxable as interest if paid later. How do i amend my 2012 taxes When you receive a payment of that interest, it is a return of capital that reduces the remaining cost basis of your bond. How do i amend my 2012 taxes Interest that accrues after the date of purchase, however, is taxable interest income for the year it is received or accrued. How do i amend my 2012 taxes See Bonds Sold Between Interest Dates , later, for more information. How do i amend my 2012 taxes Below-market loans. How do i amend my 2012 taxes   In general, a below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. How do i amend my 2012 taxes See Below-Market Loans in chapter 1 of Publication 550 for more information. How do i amend my 2012 taxes U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Savings Bonds This section provides tax information on U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bonds. How do i amend my 2012 taxes It explains how to report the interest income on these bonds and how to treat transfers of these bonds. How do i amend my 2012 taxes For other information on U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bonds, write to:  For series EE and I paper savings bonds: Bureau of the Public Debt Division of Customer Assistance P. How do i amend my 2012 taxes O. How do i amend my 2012 taxes Box 7012 Parkersburg, WV 26106-7012  For series EE and I electronic bonds: Bureau of the Public Debt Division of Customer Assistance P. How do i amend my 2012 taxes O. How do i amend my 2012 taxes Box 7015 Parkersburg, WV 26106–7015  For series HH/H: Bureau of the Public Debt Division of Customer Assistance P. How do i amend my 2012 taxes O. How do i amend my 2012 taxes Box 2186 Parkersburg, WV 26106-2186 Or, on the Internet, visit: www. How do i amend my 2012 taxes treasurydirect. How do i amend my 2012 taxes gov/indiv/indiv. How do i amend my 2012 taxes htm. How do i amend my 2012 taxes Accrual method taxpayers. How do i amend my 2012 taxes   If you use an accrual method of accounting, you must report interest on U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bonds each year as it accrues. How do i amend my 2012 taxes You cannot postpone reporting interest until you receive it or until the bonds mature. How do i amend my 2012 taxes Accrual methods of accounting are explained in chapter 1 under Accounting Methods . How do i amend my 2012 taxes Cash method taxpayers. How do i amend my 2012 taxes   If you use the cash method of accounting, as most individual taxpayers do, you generally report the interest on U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bonds when you receive it. How do i amend my 2012 taxes The cash method of accounting is explained in chapter 1 under Accounting Methods. How do i amend my 2012 taxes But see Reporting options for cash method taxpayers , later. How do i amend my 2012 taxes Series HH bonds. How do i amend my 2012 taxes    These bonds were issued at face value. How do i amend my 2012 taxes Interest is paid twice a year by direct deposit to your bank account. How do i amend my 2012 taxes If you are a cash method taxpayer, you must report interest on these bonds as income in the year you receive it. How do i amend my 2012 taxes   Series HH bonds were first offered in 1980 and last offered in August 2004. How do i amend my 2012 taxes Before 1980, series H bonds were issued. How do i amend my 2012 taxes Series H bonds are treated the same as series HH bonds. How do i amend my 2012 taxes If you are a cash method taxpayer, you must report the interest when you receive it. How do i amend my 2012 taxes   Series H bonds have a maturity period of 30 years. How do i amend my 2012 taxes Series HH bonds mature in 20 years. How do i amend my 2012 taxes The last series H bonds matured in 2009. How do i amend my 2012 taxes Series EE and series I bonds. How do i amend my 2012 taxes   Interest on these bonds is payable when you redeem the bonds. How do i amend my 2012 taxes The difference between the purchase price and the redemption value is taxable interest. How do i amend my 2012 taxes Series EE bonds. How do i amend my 2012 taxes   Series EE bonds were first offered in January 1980 and have a maturity period of 30 years. How do i amend my 2012 taxes   Before July 1980, series E bonds were issued. How do i amend my 2012 taxes The original 10-year maturity period of series E bonds has been extended to 40 years for bonds issued before December 1965 and 30 years for bonds issued after November 1965. How do i amend my 2012 taxes Paper series EE and series E bonds are issued at a discount. How do i amend my 2012 taxes The face value is payable to you at maturity. How do i amend my 2012 taxes Electronic series EE bonds are issued at their face value. How do i amend my 2012 taxes The face value plus accrued interest is payable to you at maturity. How do i amend my 2012 taxes As of January 1, 2012, paper savings bonds were no longer sold at financial institutions. How do i amend my 2012 taxes   Owners of paper series EE bonds can convert them to electronic bonds. How do i amend my 2012 taxes These converted bonds do not retain the denomination listed on the paper certificate but are posted at their purchase price (with accrued interest). How do i amend my 2012 taxes Series I bonds. How do i amend my 2012 taxes   Series I bonds were first offered in 1998. How do i amend my 2012 taxes These are inflation-indexed bonds issued at their face amount with a maturity period of 30 years. How do i amend my 2012 taxes The face value plus all accrued interest is payable to you at maturity. How do i amend my 2012 taxes Reporting options for cash method taxpayers. How do i amend my 2012 taxes   If you use the cash method of reporting income, you can report the interest on series EE, series E, and series I bonds in either of the following ways. How do i amend my 2012 taxes Method 1. How do i amend my 2012 taxes Postpone reporting the interest until the earlier of the year you cash or dispose of the bonds or the year they mature. How do i amend my 2012 taxes (However, see Savings bonds traded , later. How do i amend my 2012 taxes )  Note. How do i amend my 2012 taxes Series EE bonds issued in 1983 matured in 2013. How do i amend my 2012 taxes If you have used method 1, you generally must report the interest on these bonds on your 2013 return. How do i amend my 2012 taxes The last series E bonds were issued in 1980 and matured in 2010. How do i amend my 2012 taxes If you used method 1, you generally should have reported the interest on these bonds on your 2010 return. How do i amend my 2012 taxes Method 2. How do i amend my 2012 taxes Choose to report the increase in redemption value as interest each year. How do i amend my 2012 taxes You must use the same method for all series EE, series E, and series I bonds you own. How do i amend my 2012 taxes If you do not choose method 2 by reporting the increase in redemption value as interest each year, you must use method 1. How do i amend my 2012 taxes    If you plan to cash your bonds in the same year you will pay for higher education expenses, you may want to use method 1 because you may be able to exclude the interest from your income. How do i amend my 2012 taxes To learn how, see Education Savings Bond Program, later. How do i amend my 2012 taxes Change from method 1. How do i amend my 2012 taxes   If you want to change your method of reporting the interest from method 1 to method 2, you can do so without permission from the IRS. How do i amend my 2012 taxes In the year of change you must report all interest accrued to date and not previously reported for all your bonds. How do i amend my 2012 taxes   Once you choose to report the interest each year, you must continue to do so for all series EE, series E, and series I bonds you own and for any you get later, unless you request permission to change, as explained next. How do i amend my 2012 taxes Change from method 2. How do i amend my 2012 taxes   To change from method 2 to method 1, you must request permission from the IRS. How do i amend my 2012 taxes Permission for the change is automatically granted if you send the IRS a statement that meets all the following requirements. How do i amend my 2012 taxes You have typed or printed the following number at the top: “131. How do i amend my 2012 taxes ” It includes your name and social security number under “131. How do i amend my 2012 taxes ” It includes the year of change (both the beginning and ending dates). How do i amend my 2012 taxes It identifies the savings bonds for which you are requesting this change. How do i amend my 2012 taxes It includes your agreement to: Report all interest on any bonds acquired during or after the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, and Report all interest on the bonds acquired before the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, with the exception of the interest reported in prior tax years. How do i amend my 2012 taxes   You must attach this statement to your tax return for the year of change, which you must file by the due date (including extensions). How do i amend my 2012 taxes   You can have an automatic extension of 6 months from the due date of your return for the year of change (excluding extensions) to file the statement with an amended return. How do i amend my 2012 taxes On the statement, type or print “Filed pursuant to section 301. How do i amend my 2012 taxes 9100-2. How do i amend my 2012 taxes ” To get this extension, you must have filed your original return for the year of the change by the due date (including extensions). How do i amend my 2012 taxes    By the date you file the original statement with your return, you must also send a signed copy to the address below. How do i amend my 2012 taxes   Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) P. How do i amend my 2012 taxes O. How do i amend my 2012 taxes Box 7604 Benjamin Franklin Station Washington, DC 20044   If you use a private delivery service, send the signed copy to the address below. How do i amend my 2012 taxes   Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) Room 5336 1111 Constitution Avenue, NW  Washington, DC 20224   Instead of filing this statement, you can request permission to change from method 2 to method 1 by filing Form 3115, Application for Change in Accounting Method. How do i amend my 2012 taxes In that case, follow the form instructions for an automatic change. How do i amend my 2012 taxes No user fee is required. How do i amend my 2012 taxes Co-owners. How do i amend my 2012 taxes   If a U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bond is issued in the names of co-owners, such as you and your child or you and your spouse, interest on the bond is generally taxable to the co-owner who bought the bond. How do i amend my 2012 taxes One co-owner's funds used. How do i amend my 2012 taxes    If you used your funds to buy the bond, you must pay the tax on the interest. How do i amend my 2012 taxes This is true even if you let the other co-owner redeem the bond and keep all the proceeds. How do i amend my 2012 taxes Under these circumstances, the co-owner who redeemed the bond will receive a Form 1099-INT at the time of redemption and must provide you with another Form 1099-INT showing the amount of interest from the bond taxable to you. How do i amend my 2012 taxes The co-owner who redeemed the bond is a “nominee. How do i amend my 2012 taxes ” See Nominee distributions under How To Report Interest Income in chapter 1 of Publication 550 for more information about how a person who is a nominee reports interest income belonging to another person. How do i amend my 2012 taxes Both co-owners' funds used. How do i amend my 2012 taxes   If you and the other co-owner each contribute part of the bond's purchase price, the interest is generally taxable to each of you, in proportion to the amount each of you paid. How do i amend my 2012 taxes Community property. How do i amend my 2012 taxes   If you and your spouse live in a community property state and hold bonds as community property, one-half of the interest is considered received by each of you. How do i amend my 2012 taxes If you file separate returns, each of you generally must report one-half of the bond interest. How do i amend my 2012 taxes For more information about community property, see Publication 555. How do i amend my 2012 taxes Table 7-1. How do i amend my 2012 taxes   These rules are also shown in Table 7-1. How do i amend my 2012 taxes Ownership transferred. How do i amend my 2012 taxes   If you bought series E, series EE, or series I bonds entirely with your own funds and had them reissued in your co-owner's name or beneficiary's name alone, you must include in your gross income for the year of reissue all interest that you earned on these bonds and have not previously reported. How do i amend my 2012 taxes But, if the bonds were reissued in your name alone, you do not have to report the interest accrued at that time. How do i amend my 2012 taxes   This same rule applies when bonds (other than bonds held as community property) are transferred between spouses or incident to divorce. How do i amend my 2012 taxes Purchased jointly. How do i amend my 2012 taxes   If you and a co-owner each contributed funds to buy series E, series EE, or series I bonds jointly and later have the bonds reissued in the co-owner's name alone, you must include in your gross income for the year of reissue your share of all the interest earned on the bonds that you have not previously reported. How do i amend my 2012 taxes The former co-owner does not have to include in gross income at the time of reissue his or her share of the interest earned that was not reported before the transfer. How do i amend my 2012 taxes This interest, however, as well as all interest earned after the reissue, is income to the former co-owner. How do i amend my 2012 taxes   This income-reporting rule also applies when the bonds are reissued in the name of your former co-owner and a new co-owner. How do i amend my 2012 taxes But the new co-owner will report only his or her share of the interest earned after the transfer. How do i amend my 2012 taxes   If bonds that you and a co-owner bought jointly are reissued to each of you separately in the same proportion as your contribution to the purchase price, neither you nor your co-owner has to report at that time the interest earned before the bonds were reissued. How do i amend my 2012 taxes    Table 7-1. How do i amend my 2012 taxes Who Pays the Tax on U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Savings Bond Interest IF . How do i amend my 2012 taxes . How do i amend my 2012 taxes . How do i amend my 2012 taxes THEN the interest must be reported by . How do i amend my 2012 taxes . How do i amend my 2012 taxes . How do i amend my 2012 taxes you buy a bond in your name and the name of another person as co-owners, using only your own funds you. How do i amend my 2012 taxes you buy a bond in the name of another person, who is the sole owner of the bond the person for whom you bought the bond. How do i amend my 2012 taxes you and another person buy a bond as co-owners, each contributing part of the purchase price both you and the other co-owner, in proportion to the amount each paid for the bond. How do i amend my 2012 taxes you and your spouse, who live in a community property state, buy a bond that is community property you and your spouse. How do i amend my 2012 taxes If you file separate returns, both you and your spouse generally report one-half of the interest. How do i amend my 2012 taxes Example 1. How do i amend my 2012 taxes You and your spouse each spent an equal amount to buy a $1,000 series EE savings bond. How do i amend my 2012 taxes The bond was issued to you and your spouse as co-owners. How do i amend my 2012 taxes You both postpone reporting interest on the bond. How do i amend my 2012 taxes You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. How do i amend my 2012 taxes At that time neither you nor your spouse has to report the interest earned to the date of reissue. How do i amend my 2012 taxes Example 2. How do i amend my 2012 taxes You bought a $1,000 series EE savings bond entirely with your own funds. How do i amend my 2012 taxes The bond was issued to you and your spouse as co-owners. How do i amend my 2012 taxes You both postpone reporting interest on the bond. How do i amend my 2012 taxes You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. How do i amend my 2012 taxes You must report half the interest earned to the date of reissue. How do i amend my 2012 taxes Transfer to a trust. How do i amend my 2012 taxes   If you own series E, series EE, or series I bonds and transfer them to a trust, giving up all rights of ownership, you must include in your income for that year the interest earned to the date of transfer if you have not already reported it. How do i amend my 2012 taxes However, if you are considered the owner of the trust and if the increase in value both before and after the transfer continues to be taxable to you, you can continue to defer reporting the interest earned each year. How do i amend my 2012 taxes You must include the total interest in your income in the year you cash or dispose of the bonds or the year the bonds finally mature, whichever is earlier. How do i amend my 2012 taxes   The same rules apply to previously unreported interest on series EE or series E bonds if the transfer to a trust consisted of series HH or series H bonds you acquired in a trade for the series EE or series E bonds. How do i amend my 2012 taxes See Savings bonds traded , later. How do i amend my 2012 taxes Decedents. How do i amend my 2012 taxes   The manner of reporting interest income on series E, series EE, or series I bonds, after the death of the owner (decedent), depends on the accounting and income-reporting methods previously used by the decedent. How do i amend my 2012 taxes This is explained in chapter 1 of Publication 550. How do i amend my 2012 taxes Savings bonds traded. How do i amend my 2012 taxes   If you postponed reporting the interest on your series EE or series E bonds, you did not recognize taxable income when you traded the bonds for series HH or series H bonds, unless you received cash in the trade. How do i amend my 2012 taxes (You cannot trade series I bonds for series HH bonds. How do i amend my 2012 taxes After August 31, 2004, you cannot trade any other series of bonds for series HH bonds. How do i amend my 2012 taxes ) Any cash you received is income up to the amount of the interest earned on the bonds traded. How do i amend my 2012 taxes When your series HH or series H bonds mature, or if you dispose of them before maturity, you report as interest the difference between their redemption value and your cost. How do i amend my 2012 taxes Your cost is the sum of the amount you paid for the traded series EE or series E bonds plus any amount you had to pay at the time of the trade. How do i amend my 2012 taxes Example. How do i amend my 2012 taxes You traded series EE bonds (on which you postponed reporting the interest) for $2,500 in series HH bonds and $223 in cash. How do i amend my 2012 taxes You reported the $223 as taxable income on your tax return. How do i amend my 2012 taxes At the time of the trade, the series EE bonds had accrued interest of $523 and a redemption value of $2,723. How do i amend my 2012 taxes You hold the series HH bonds until maturity, when you receive $2,500. How do i amend my 2012 taxes You must report $300 as interest income in the year of maturity. How do i amend my 2012 taxes This is the difference between their redemption value, $2,500, and your cost, $2,200 (the amount you paid for the series EE bonds). How do i amend my 2012 taxes (It is also the difference between the accrued interest of $523 on the series EE bonds and the $223 cash received on the trade. How do i amend my 2012 taxes ) Choice to report interest in year of trade. How do i amend my 2012 taxes   You could have chosen to treat all of the previously unreported accrued interest on the series EE or series E bonds traded for series HH bonds as income in the year of the trade. How do i amend my 2012 taxes If you made this choice, it is treated as a change from method 1. How do i amend my 2012 taxes See Change from method 1 under Series EE and series I bonds, earlier. How do i amend my 2012 taxes Form 1099-INT for U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bonds interest. How do i amend my 2012 taxes   When you cash a bond, the bank or other payer that redeems it must give you a Form 1099-INT if the interest part of the payment you receive is $10 or more. How do i amend my 2012 taxes Box 3 of your Form 1099-INT should show the interest as the difference between the amount you received and the amount paid for the bond. How do i amend my 2012 taxes However, your Form 1099-INT may show more interest than you have to include on your income tax return. How do i amend my 2012 taxes For example, this may happen if any of the following are true. How do i amend my 2012 taxes You chose to report the increase in the redemption value of the bond each year. How do i amend my 2012 taxes The interest shown on your Form 1099-INT will not be reduced by amounts previously included in income. How do i amend my 2012 taxes You received the bond from a decedent. How do i amend my 2012 taxes The interest shown on your Form 1099-INT will not be reduced by any interest reported by the decedent before death, or on the decedent's final return, or by the estate on the estate's income tax return. How do i amend my 2012 taxes Ownership of the bond was transferred. How do i amend my 2012 taxes The interest shown on your Form 1099-INT will not be reduced by interest that accrued before the transfer. How do i amend my 2012 taxes You were named as a co-owner, and the other co-owner contributed funds to buy the bond. How do i amend my 2012 taxes The interest shown on your Form 1099-INT will not be reduced by the amount you received as nominee for the other co-owner. How do i amend my 2012 taxes (See Co-owners , earlier in this chapter, for more information about the reporting requirements. How do i amend my 2012 taxes ) You received the bond in a taxable distribution from a retirement or profit-sharing plan. How do i amend my 2012 taxes The interest shown on your Form 1099-INT will not be reduced by the interest portion of the amount taxable as a distribution from the plan and not taxable as interest. How do i amend my 2012 taxes (This amount is generally shown on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. How do i amend my 2012 taxes , for the year of distribution. How do i amend my 2012 taxes )   For more information on including the correct amount of interest on your return, see How To Report Interest Income , later. How do i amend my 2012 taxes Publication 550 includes examples showing how to report these amounts. How do i amend my 2012 taxes    Interest on U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bonds is exempt from state and local taxes. How do i amend my 2012 taxes The Form 1099-INT you receive will indicate the amount that is for U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bond interest in box 3. How do i amend my 2012 taxes Education Savings Bond Program You may be able to exclude from income all or part of the interest you receive on the redemption of qualified U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bonds during the year if you pay qualified higher educational expenses during the same year. How do i amend my 2012 taxes This exclusion is known as the Education Savings Bond Program. How do i amend my 2012 taxes You do not qualify for this exclusion if your filing status is married filing separately. How do i amend my 2012 taxes Form 8815. How do i amend my 2012 taxes   Use Form 8815 to figure your exclusion. How do i amend my 2012 taxes Attach the form to your Form 1040 or Form 1040A. How do i amend my 2012 taxes Qualified U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bonds. How do i amend my 2012 taxes   A qualified U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bond is a series EE bond issued after 1989 or a series I bond. How do i amend my 2012 taxes The bond must be issued either in your name (sole owner) or in your and your spouse's names (co-owners). How do i amend my 2012 taxes You must be at least 24 years old before the bond's issue date. How do i amend my 2012 taxes For example, a bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child. How do i amend my 2012 taxes    The issue date of a bond may be earlier than the date the bond is purchased because the issue date assigned to a bond is the first day of the month in which it is purchased. How do i amend my 2012 taxes Beneficiary. How do i amend my 2012 taxes   You can designate any individual (including a child) as a beneficiary of the bond. How do i amend my 2012 taxes Verification by IRS. How do i amend my 2012 taxes   If you claim the exclusion, the IRS will check it by using bond redemption information from the Department of the Treasury. How do i amend my 2012 taxes Qualified expenses. How do i amend my 2012 taxes   Qualified higher educational expenses are tuition and fees required for you, your spouse, or your dependent (for whom you claim an exemption) to attend an eligible educational institution. How do i amend my 2012 taxes   Qualified expenses include any contribution you make to a qualified tuition program or to a Coverdell education savings account. How do i amend my 2012 taxes   Qualified expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. How do i amend my 2012 taxes Eligible educational institutions. How do i amend my 2012 taxes   These institutions include most public, private, and nonprofit universities, colleges, and vocational schools that are accredited and eligible to participate in student aid programs run by the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Department of Education. How do i amend my 2012 taxes Reduction for certain benefits. How do i amend my 2012 taxes   You must reduce your qualified higher educational expenses by all of the following tax-free benefits. How do i amend my 2012 taxes Tax-free part of scholarships and fellowships (see Scholarships and fellowships in chapter 12). How do i amend my 2012 taxes Expenses used to figure the tax-free portion of distributions from a Coverdell ESA. How do i amend my 2012 taxes Expenses used to figure the tax-free portion of distributions from a qualified tuition program. How do i amend my 2012 taxes Any tax-free payments (other than gifts or inheritances) received for educational expenses, such as Veterans' educational assistance benefits, Qualified tuition reductions, or Employer-provided educational assistance. How do i amend my 2012 taxes Any expense used in figuring the American Opportunity and lifetime learning credits. How do i amend my 2012 taxes Amount excludable. How do i amend my 2012 taxes   If the total proceeds (interest and principal) from the qualified U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bonds you redeem during the year are not more than your adjusted qualified higher educational expenses for the year, you may be able to exclude all of the interest. How do i amend my 2012 taxes If the proceeds are more than the expenses, you may be able to exclude only part of the interest. How do i amend my 2012 taxes   To determine the excludable amount, multiply the interest part of the proceeds by a fraction. How do i amend my 2012 taxes The numerator of the fraction is the qualified higher educational expenses you paid during the year. How do i amend my 2012 taxes The denominator of the fraction is the total proceeds you received during the year. How do i amend my 2012 taxes Example. How do i amend my 2012 taxes In February 2013, Mark and Joan, a married couple, cashed a qualified series EE U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bond they bought in April 1997. How do i amend my 2012 taxes They received proceeds of $8,372 representing principal of $5,000 and interest of $3,372. How do i amend my 2012 taxes In 2013, they paid $4,000 of their daughter's college tuition. How do i amend my 2012 taxes They are not claiming an education credit for that amount, and their daughter does not have any tax-free educational assistance. How do i amend my 2012 taxes They can exclude $1,611 ($3,372 × ($4,000 ÷ $8,372)) of interest in 2013. How do i amend my 2012 taxes They must pay tax on the remaining $1,761 ($3,372 − $1,611) interest. How do i amend my 2012 taxes Modified adjusted gross income limit. How do i amend my 2012 taxes   The interest exclusion is limited if your modified adjusted gross income (modified AGI) is: $74,700 to $89,700 for taxpayers filing single or head of household, and $112,050 to $142,050 for married taxpayers filing jointly or for a qualifying widow(er) with dependent child. How do i amend my 2012 taxes You do not qualify for the interest exclusion if your modified AGI is equal to or more than the upper limit for your filing status. How do i amend my 2012 taxes   Modified AGI, for purposes of this exclusion, is adjusted gross income (Form 1040, line 37, or Form 1040A, line 21) figured before the interest exclusion, and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion and deduction, Exclusion of income for bona fide residents of American Samoa, Exclusion for income from Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for tuition and fees, Deduction for student loan interest, and Deduction for domestic production activities. How do i amend my 2012 taxes   Use the Line 9 Worksheet in the Form 8815 instructions to figure your modified AGI. How do i amend my 2012 taxes If you claim any of the exclusion or deduction items listed above (except items 6, 7, and 8), add the amount of the exclusion or deduction (except items 6, 7, and 8) to the amount on line 5 of the worksheet, and enter the total on Form 8815, line 9, as your modified AGI. How do i amend my 2012 taxes   If you have investment interest expense incurred to earn royalties and other investment income, see Education Savings Bond Program in chapter 1 of Publication 550. How do i amend my 2012 taxes Recordkeeping. How do i amend my 2012 taxes If you claim the interest exclusion, you must keep a written record of the qualified U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bonds you redeem. How do i amend my 2012 taxes Your record must include the serial number, issue date, face value, and total redemption proceeds (principal and interest) of each bond. How do i amend my 2012 taxes You can use Form 8818 to record this information. How do i amend my 2012 taxes You should also keep bills, receipts, canceled checks, or other documentation that shows you paid qualified higher educational expenses during the year. How do i amend my 2012 taxes U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Treasury Bills, Notes, and Bonds Treasury bills, notes, and bonds are direct debts (obligations) of the U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Government. How do i amend my 2012 taxes Taxation of interest. How do i amend my 2012 taxes   Interest income from Treasury bills, notes, and bonds is subject to federal income tax but is exempt from all state and local income taxes. How do i amend my 2012 taxes You should receive Form 1099-INT showing the interest (in box 3) paid to you for the year. How do i amend my 2012 taxes   Payments of principal and interest generally will be credited to your designated checking or savings account by direct deposit through the TreasuryDirect® system. How do i amend my 2012 taxes Treasury bills. How do i amend my 2012 taxes   These bills generally have a 4-week, 13-week, 26-week, or 52-week maturity period. How do i amend my 2012 taxes They are generally issued at a discount in the amount of $100 and multiples of $100. How do i amend my 2012 taxes The difference between the discounted price you pay for the bills and the face value you receive at maturity is interest income. How do i amend my 2012 taxes Generally, you report this interest income when the bill is paid at maturity. How do i amend my 2012 taxes If you paid a premium for a bill (more than the face value), you generally report the premium as a section 171 deduction when the bill is paid at maturity. How do i amend my 2012 taxes Treasury notes and bonds. How do i amend my 2012 taxes   Treasury notes have maturity periods of more than 1 year, ranging up to 10 years. How do i amend my 2012 taxes Maturity periods for Treasury bonds are longer than 10 years. How do i amend my 2012 taxes Both generally are issued in denominations of $100 to $1 million and generally pay interest every 6 months. How do i amend my 2012 taxes Generally, you report this interest for the year paid. How do i amend my 2012 taxes For more information, see U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Treasury Bills, Notes, and Bonds in chapter 1 of Publication 550. How do i amend my 2012 taxes For other information on Treasury notes or bonds, write to:  Bureau of the Public Debt P. How do i amend my 2012 taxes O. How do i amend my 2012 taxes Box 7015 Parkersburg, WV 26106-7015 Or, on the Internet, visit: www. How do i amend my 2012 taxes treasurydirect. How do i amend my 2012 taxes gov/indiv/indiv. How do i amend my 2012 taxes htm. How do i amend my 2012 taxes For information on series EE, series I, and series HH savings bonds, see U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Savings Bonds , earlier. How do i amend my 2012 taxes Treasury inflation-protected securities (TIPS). How do i amend my 2012 taxes   These securities pay interest twice a year at a fixed rate, based on a principal amount adjusted to take into account inflation and deflation. How do i amend my 2012 taxes For the tax treatment of these securities, see Inflation-Indexed Debt Instruments under Original Issue Discount (OID), in Publication 550. How do i amend my 2012 taxes Bonds Sold Between Interest Dates If you sell a bond between interest payment dates, part of the sales price represents interest accrued to the date of sale. How do i amend my 2012 taxes You must report that part of the sales price as interest income for the year of sale. How do i amend my 2012 taxes If you buy a bond between interest payment dates, part of the purchase price represents interest accrued before the date of purchase. How do i amend my 2012 taxes When that interest is paid to you, treat it as a return of your capital investment, rather than interest income, by reducing your basis in the bond. How do i amend my 2012 taxes See Accrued interest on bonds under How To Report Interest Income in chapter 1 of Publication 550 for information on reporting the payment. How do i amend my 2012 taxes Insurance Life insurance proceeds paid to you as beneficiary of the insured person are usually not taxable. How do i amend my 2012 taxes But if you receive the proceeds in installments, you must usually report a part of each installment payment as interest income. How do i amend my 2012 taxes For more information about insurance proceeds received in installments, see Publication 525, Taxable and Nontaxable Income. How do i amend my 2012 taxes Annuity. How do i amend my 2012 taxes   If you buy an annuity with life insurance proceeds, the annuity payments you receive are taxed as pension and annuity income from a nonqualified plan, not as interest income. How do i amend my 2012 taxes See chapter 10 for information on pension and annuity income from nonqualified plans. How do i amend my 2012 taxes State or Local Government Obligations Interest on a bond used to finance government operations generally is not taxable if the bond is issued by a state, the District of Columbia, a possession of the United States, or any of their political subdivisions. How do i amend my 2012 taxes Bonds issued after 1982 (including tribal economic development bonds issued after February 17, 2009) by an Indian tribal government are treated as issued by a state. How do i amend my 2012 taxes Interest on these bonds is generally tax exempt if the bonds are part of an issue of which substantially all proceeds are to be used in the exercise of any essential government function. How do i amend my 2012 taxes For information on federally guaranteed bonds, mortgage revenue bonds, arbitrage bonds, private activity bonds, qualified tax credit bonds, and Build America bonds, see State or Local Government Obligations in chapter 1 of Publication 550. How do i amend my 2012 taxes Information reporting requirement. How do i amend my 2012 taxes   If you must file a tax return, you are required to show any tax-exempt interest you received on your return. How do i amend my 2012 taxes This is an information reporting requirement only. How do i amend my 2012 taxes It does not change tax-exempt interest to taxable interest. How do i amend my 2012 taxes Original Issue Discount (OID) Original issue discount (OID) is a form of interest. How do i amend my 2012 taxes You generally include OID in your income as it accrues over the term of the debt instrument, whether or not you receive any payments from the issuer. How do i amend my 2012 taxes A debt instrument generally has OID when the instrument is issued for a price that is less than its stated redemption price at maturity. How do i amend my 2012 taxes OID is the difference between the stated redemption price at maturity and the issue price. How do i amend my 2012 taxes All debt instruments that pay no interest before maturity are presumed to be issued at a discount. How do i amend my 2012 taxes Zero coupon bonds are one example of these instruments. How do i amend my 2012 taxes The OID accrual rules generally do not apply to short-term obligations (those with a fixed maturity date of 1 year or less from date of issue). How do i amend my 2012 taxes See Discount on Short-Term Obligations in chapter 1 of Publication 550. How do i amend my 2012 taxes De minimis OID. How do i amend my 2012 taxes   You can treat the discount as zero if it is less than one-fourth of 1% (. How do i amend my 2012 taxes 0025) of the stated redemption price at maturity multiplied by the number of full years from the date of original issue to maturity. How do i amend my 2012 taxes This small discount is known as “de minimis” OID. How do i amend my 2012 taxes Example 1. How do i amend my 2012 taxes You bought a 10-year bond with a stated redemption price at maturity of $1,000, issued at $980 with OID of $20. How do i amend my 2012 taxes One-fourth of 1% of $1,000 (stated redemption price) times 10 (the number of full years from the date of original issue to maturity) equals $25. How do i amend my 2012 taxes Because the $20 discount is less than $25, the OID is treated as zero. How do i amend my 2012 taxes (If you hold the bond at maturity, you will recognize $20 ($1,000 − $980) of capital gain. How do i amend my 2012 taxes ) Example 2. How do i amend my 2012 taxes The facts are the same as in Example 1, except that the bond was issued at $950. How do i amend my 2012 taxes The OID is $50. How do i amend my 2012 taxes Because the $50 discount is more than the $25 figured in Example 1, you must include the OID in income as it accrues over the term of the bond. How do i amend my 2012 taxes Debt instrument bought after original issue. How do i amend my 2012 taxes   If you buy a debt instrument with de minimis OID at a premium, the discount is not includible in income. How do i amend my 2012 taxes If you buy a debt instrument with de minimis OID at a discount, the discount is reported under the market discount rules. How do i amend my 2012 taxes See Market Discount Bonds in chapter 1 of Publication 550. How do i amend my 2012 taxes Exceptions to reporting OID. How do i amend my 2012 taxes   The OID rules discussed in this chapter do not apply to the following debt instruments. How do i amend my 2012 taxes Tax-exempt obligations. How do i amend my 2012 taxes (However, see Stripped tax-exempt obligations under Stripped Bonds and Coupons in chapter 1 of Publication 550). How do i amend my 2012 taxes U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bonds. How do i amend my 2012 taxes Short-term debt instruments (those with a fixed maturity date of not more than 1 year from the date of issue). How do i amend my 2012 taxes Obligations issued by an individual before March 2, 1984. How do i amend my 2012 taxes Loans between individuals if all the following are true. How do i amend my 2012 taxes The lender is not in the business of lending money. How do i amend my 2012 taxes The amount of the loan, plus the amount of any outstanding prior loans between the same individuals, is $10,000 or less. How do i amend my 2012 taxes Avoiding any federal tax is not one of the principal purposes of the loan. How do i amend my 2012 taxes Form 1099-OID. How do i amend my 2012 taxes   The issuer of the debt instrument (or your broker if you held the instrument through a broker) should give you Form 1099-OID, or a similar statement, if the total OID for the calendar year is $10 or more. How do i amend my 2012 taxes Form 1099-OID will show, in box 1, the amount of OID for the part of the year that you held the bond. How do i amend my 2012 taxes It also will show, in box 2, the stated interest you must include in your income. How do i amend my 2012 taxes A copy of Form 1099-OID will be sent to the IRS. How do i amend my 2012 taxes Do not file your copy with your return. How do i amend my 2012 taxes Keep it for your records. How do i amend my 2012 taxes   In most cases, you must report the entire amount in boxes 1 and 2 of Form 1099-OID as interest income. How do i amend my 2012 taxes But see Refiguring OID shown on Form 1099-OID, later in this discussion, for more information. How do i amend my 2012 taxes Form 1099-OID not received. How do i amend my 2012 taxes   If you had OID for the year but did not receive a Form 1099-OID, you can find tables on IRS. How do i amend my 2012 taxes gov that list total OID on certain debt instruments and have information that will help you figure OID. How do i amend my 2012 taxes For the latest OID tables, go to www. How do i amend my 2012 taxes irs. How do i amend my 2012 taxes gov and enter “OID tables” in the Search box. How do i amend my 2012 taxes If your debt instrument is not listed, consult the issuer for further information about the accrued OID for the year. How do i amend my 2012 taxes Nominee. How do i amend my 2012 taxes   If someone else is the holder of record (the registered owner) of an OID instrument belonging to you and receives a Form 1099-OID on your behalf, that person must give you a Form 1099-OID. How do i amend my 2012 taxes Refiguring OID shown on Form 1099-OID. How do i amend my 2012 taxes   You must refigure the OID shown in box 1 or box 8 of Form 1099-OID if either of the following apply. How do i amend my 2012 taxes You bought the debt instrument after its original issue and paid a premium or an acquisition premium. How do i amend my 2012 taxes The debt instrument is a stripped bond or a stripped coupon (including certain zero coupon instruments). How do i amend my 2012 taxes For information about figuring the correct amount of OID to include in your income, see Figuring OID on Long-Term Debt Instruments in Publication 1212. How do i amend my 2012 taxes Refiguring periodic interest shown on Form 1099-OID. How do i amend my 2012 taxes   If you disposed of a debt instrument or acquired it from another holder during the year, see Bonds Sold Between Interest Dates , earlier, for information about the treatment of periodic interest that may be shown in box 2 of Form 1099-OID for that instrument. How do i amend my 2012 taxes Certificates of deposit (CDs). How do i amend my 2012 taxes   If you buy a CD with a maturity of more than 1 year, you must include in income each year a part of the total interest due and report it in the same manner as other OID. How do i amend my 2012 taxes   This also applies to similar deposit arrangements with banks, building and loan associations, etc. How do i amend my 2012 taxes , including: Time deposits, Bonus plans, Savings certificates, Deferred income certificates, Bonus savings certificates, and Growth savings certificates. How do i amend my 2012 taxes Bearer CDs. How do i amend my 2012 taxes   CDs issued after 1982 generally must be in registered form. How do i amend my 2012 taxes Bearer CDs are CDs not in registered form. How do i amend my 2012 taxes They are not issued in the depositor's name and are transferable from one individual to another. How do i amend my 2012 taxes   Banks must provide the IRS and the person redeeming a bearer CD with a Form 1099-INT. How do i amend my 2012 taxes More information. How do i amend my 2012 taxes   See chapter 1 of Publication 550 for more information about OID and related topics, such as market discount bonds. How do i amend my 2012 taxes When To Report Interest Income When to report your interest income depends on whether you use the cash method or an accrual method to report income. How do i amend my 2012 taxes Cash method. How do i amend my 2012 taxes   Most individual taxpayers use the cash method. How do i amend my 2012 taxes If you use this method, you generally report your interest income in the year in which you actually or constructively receive it. How do i amend my 2012 taxes However, there are special rules for reporting the discount on certain debt instruments. How do i amend my 2012 taxes See U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Savings Bonds and Original Issue Discount (OID) , earlier. How do i amend my 2012 taxes Example. How do i amend my 2012 taxes On September 1, 2011, you loaned another individual $2,000 at 12%, compounded annually. How do i amend my 2012 taxes You are not in the business of lending money. How do i amend my 2012 taxes The note stated that principal and interest would be due on August 31, 2013. How do i amend my 2012 taxes In 2013, you received $2,508. How do i amend my 2012 taxes 80 ($2,000 principal and $508. How do i amend my 2012 taxes 80 interest). How do i amend my 2012 taxes If you use the cash method, you must include in income on your 2013 return the $508. How do i amend my 2012 taxes 80 interest you received in that year. How do i amend my 2012 taxes Constructive receipt. How do i amend my 2012 taxes   You constructively receive income when it is credited to your account or made available to you. How do i amend my 2012 taxes You do not need to have physical possession of it. How do i amend my 2012 taxes For example, you are considered to receive interest, dividends, or other earnings on any deposit or account in a bank, savings and loan, or similar financial institution, or interest on life insurance policy dividends left to accumulate, when they are credited to your account and subject to your withdrawal. How do i amend my 2012 taxes This is true even if they are not yet entered in your passbook. How do i amend my 2012 taxes   You constructively receive income on the deposit or account even if you must: Make withdrawals in multiples of even amounts, Give a notice to withdraw before making the withdrawal, Withdraw all or part of the account to withdraw the earnings, or Pay a penalty on early withdrawals, unless the interest you are to receive on an early withdrawal or redemption is substantially less than the interest payable at maturity. How do i amend my 2012 taxes Accrual method. How do i amend my 2012 taxes   If you use an accrual method, you report your interest income when you earn it, whether or not you have received it. How do i amend my 2012 taxes Interest is earned over the term of the debt instrument. How do i amend my 2012 taxes Example. How do i amend my 2012 taxes If, in the previous example, you use an accrual method, you must include the interest in your income as you earn it. How do i amend my 2012 taxes You would report the interest as follows: 2011, $80; 2012, $249. How do i amend my 2012 taxes 60; and 2013, $179. How do i amend my 2012 taxes 20. How do i amend my 2012 taxes Coupon bonds. How do i amend my 2012 taxes   Interest on coupon bonds is taxable in the year the coupon becomes due and payable. How do i amend my 2012 taxes It does not matter when you mail the coupon for payment. How do i amend my 2012 taxes How To Report Interest Income Generally, you report all your taxable interest income on Form 1040, line 8a; Form 1040A, line 8a; or Form 1040EZ, line 2. How do i amend my 2012 taxes You cannot use Form 1040EZ if your taxable interest income is more than $1,500. How do i amend my 2012 taxes Instead, you must use Form 1040A or Form 1040. How do i amend my 2012 taxes Form 1040A. How do i amend my 2012 taxes   You must complete Schedule B (Form 1040A or 1040), Part I, if you file Form 1040A and any of the following are true. How do i amend my 2012 taxes Your taxable interest income is more than $1,500. How do i amend my 2012 taxes You are claiming the interest exclusion under the Education Savings Bond Program (discussed earlier). How do i amend my 2012 taxes You received interest from a seller-financed mortgage, and the buyer used the property as a home. How do i amend my 2012 taxes You received a Form 1099-INT for U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bond interest that includes amounts you reported before 2013. How do i amend my 2012 taxes You received, as a nominee, interest that actually belongs to someone else. How do i amend my 2012 taxes You received a Form 1099-INT for interest on frozen deposits. How do i amend my 2012 taxes You are reporting OID in an amount less than the amount shown on Form 1099-OID. How do i amend my 2012 taxes You received a Form 1099-INT for interest on a bond you bought between interest payment dates. How do i amend my 2012 taxes You acquired taxable bonds after 1987 and choose to reduce interest income from the bonds by any amortizable bond premium (see Bond Premium Amortization in chapter 3 of Publication 550). How do i amend my 2012 taxes List each payer's name and the amount of interest income received from each payer on line 1. How do i amend my 2012 taxes If you received a Form 1099-INT or Form 1099-OID from a brokerage firm, list the brokerage firm as the payer. How do i amend my 2012 taxes   You cannot use Form 1040A if you must use Form 1040, as described next. How do i amend my 2012 taxes Form 1040. How do i amend my 2012 taxes   You must use Form 1040 instead of Form 1040A or Form 1040EZ if: You forfeited interest income because of the early withdrawal of a time deposit; You acquired taxable bonds after 1987, you choose to reduce interest income from the bonds by any amortizable bond premium, and you are deducting the excess of bond premium amortization for the accrual period over the qualified stated interest for the period (see Bond Premium Amortization in chapter 3 of Publication 550); or You received tax-exempt interest from private activity bonds issued after August 7, 1986. How do i amend my 2012 taxes Schedule B (Form 1040A or 1040). How do i amend my 2012 taxes   You must complete Schedule B (Form 1040A or 1040), Part I, if you file Form 1040 and any of the following apply. How do i amend my 2012 taxes Your taxable interest income is more than $1,500. How do i amend my 2012 taxes You are claiming the interest exclusion under the Education Savings Bond Program (discussed earlier). How do i amend my 2012 taxes You received interest from a seller-financed mortgage, and the buyer used the property as a home. How do i amend my 2012 taxes You received a Form 1099-INT for U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bond interest that includes amounts you reported before 2013. How do i amend my 2012 taxes You received, as a nominee, interest that actually belongs to someone else. How do i amend my 2012 taxes You received a Form 1099-INT for interest on frozen deposits. How do i amend my 2012 taxes You received a Form 1099-INT for interest on a bond you bought between interest payment dates. How do i amend my 2012 taxes You are reporting OID in an amount less than the amount shown on Form 1099-OID. How do i amend my 2012 taxes Statement (2) in the preceding list under Form 1040 is true. How do i amend my 2012 taxes In Part I, line 1, list each payer's name and the amount received from each. How do i amend my 2012 taxes If you received a Form 1099-INT or Form 1099-OID from a brokerage firm, list the brokerage firm as the payer. How do i amend my 2012 taxes Reporting tax-exempt interest. How do i amend my 2012 taxes   Total your tax-exempt interest (such as interest or accrued OID on certain state and municipal bonds, including tax-exempt interest on zero coupon municipal bonds) and exempt-interest dividends from a mutual fund as shown on Form 1099-INT, box 8, and on Form 1099-DIV, box 10. How do i amend my 2012 taxes Add these amounts to any other tax-exempt interest you received. How do i amend my 2012 taxes Report the total on line 8b of Form 1040A or 1040. How do i amend my 2012 taxes   If you file Form 1040EZ, enter “TEI” and the amount in the space to the left of line 2. How do i amend my 2012 taxes Do not add tax-exempt interest in the total on Form 1040EZ, line 2. How do i amend my 2012 taxes   Form 1099-INT, box 9, and Form 1099-DIV, box 11, show the tax-exempt interest subject to the alternative minimum tax on Form 6251. How do i amend my 2012 taxes These amounts are already included in the amounts on Form 1099-INT, box 8, and Form 1099-DIV, box 10. How do i amend my 2012 taxes Do not add the amounts in Form 1099-INT, box 9 and Form 1099-DIV, box 11 to, or subtract them from, the amounts on Form 1099-INT, box 8, and Form 1099-DIV, box 10. How do i amend my 2012 taxes    Do not report interest from an individual retirement account (IRA) as tax-exempt interest. How do i amend my 2012 taxes Form 1099-INT. How do i amend my 2012 taxes   Your taxable interest income, except for interest from U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bonds and Treasury obligations, is shown in box 1 of Form 1099-INT. How do i amend my 2012 taxes Add this amount to any other taxable interest income you received. How do i amend my 2012 taxes You must report all of your taxable interest income even if you do not receive a Form 1099-INT. How do i amend my 2012 taxes Generally, contact your financial institution if you do not receive a Form 1099-INT by February 15. How do i amend my 2012 taxes Your identifying number may be truncated on any paper Form 1099-INT you receive. How do i amend my 2012 taxes   If you forfeited interest income because of the early withdrawal of a time deposit, the deductible amount will be shown on Form 1099-INT in box 2. How do i amend my 2012 taxes See Penalty on early withdrawal of savings in chapter 1 of Publication 550. How do i amend my 2012 taxes   Box 3 of Form 1099-INT shows the interest income you received from U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bonds, Treasury bills, Treasury notes, and Treasury bonds. How do i amend my 2012 taxes Add the amount shown in box 3 to any other taxable interest income you received, unless part of the amount in box 3 was previously included in your interest income. How do i amend my 2012 taxes If part of the amount shown in box 3 was previously included in your interest income, see U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bond interest previously reported , later. How do i amend my 2012 taxes   Box 4 of Form 1099-INT will contain an amount if you were subject to backup withholding. How do i amend my 2012 taxes Report the amount from box 4 on Form 1040EZ, line 7; on Form 1040A, line 36; or Form 1040, line 62 (federal income tax withheld). How do i amend my 2012 taxes   Box 5 of Form 1099-INT shows investment expenses you may be able to deduct as an itemized deduction. How do i amend my 2012 taxes See chapter 28 for more information about investment expenses. How do i amend my 2012 taxes   If there are entries in boxes 6 and 7 of Form 1099-INT, you must file Form 1040. How do i amend my 2012 taxes You may be able to take a credit for the amount shown in box 6 unless you deduct this amount on line 8 of Schedule A (Form 1040). How do i amend my 2012 taxes To take the credit, you may have to file Form 1116, Foreign Tax Credit. How do i amend my 2012 taxes For more information, see Publication 514, Foreign Tax Credit for Individuals. How do i amend my 2012 taxes U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bond interest previously reported. How do i amend my 2012 taxes   If you received a Form 1099-INT for U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bond interest, the form may show interest you do not have to report. How do i amend my 2012 taxes See Form 1099-INT for U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes savings bonds interest , earlier, under U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Savings Bonds. How do i amend my 2012 taxes   On Schedule B (Form 1040A or 1040), Part I, line 1, report all the interest shown on your Form 1099-INT. How do i amend my 2012 taxes Then follow these steps. How do i amend my 2012 taxes Several lines above line 2, enter a subtotal of all interest listed on line 1. How do i amend my 2012 taxes Below the subtotal enter “U. How do i amend my 2012 taxes S. How do i amend my 2012 taxes Savings Bond Interest Previously Reported” and enter amounts previously reported or interest accrued before you received the bond. How do i amend my 2012 taxes Subtract these amounts from the subtotal and enter the result on line 2. How do i amend my 2012 taxes More information. How do i amend my 2012 taxes   For more information about how to report interest income, see chapter 1 of Publication 550 or the instructions for the form you must file. How do i amend my 2012 taxes Prev  Up  Next   Home   More Online Publications