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How To Fill Out 1040x Line By Line

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How To Fill Out 1040x Line By Line

How to fill out 1040x line by line 23. How to fill out 1040x line by line   Interest Expense Table of Contents Introduction Useful Items - You may want to see: Home Mortgage InterestAmount Deductible Points Mortgage Insurance Premiums Form 1098, Mortgage Interest Statement Investment InterestInvestment Property Allocation of Interest Expense Limit on Deduction Items You Cannot DeductPersonal Interest Allocation of Interest How To ReportMore than one borrower. How to fill out 1040x line by line Mortgage proceeds used for business or investment. How to fill out 1040x line by line Introduction This chapter discusses what interest expenses you can deduct. How to fill out 1040x line by line Interest is the amount you pay for the use of borrowed money. How to fill out 1040x line by line The following are types of interest you can deduct as itemized deductions on Schedule A (Form 1040). How to fill out 1040x line by line Home mortgage interest, including certain points and mortgage insurance premiums. How to fill out 1040x line by line Investment interest. How to fill out 1040x line by line This chapter explains these deductions. How to fill out 1040x line by line It also explains where to deduct other types of interest and lists some types of interest you cannot deduct. How to fill out 1040x line by line Use Table 23-1 to find out where to get more information on various types of interest, including investment interest. How to fill out 1040x line by line Useful Items - You may want to see: Publication 936 Home Mortgage Interest Deduction 550 Investment Income and Expenses Home Mortgage Interest Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). How to fill out 1040x line by line The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. How to fill out 1040x line by line You can deduct home mortgage interest if all the following conditions are met. How to fill out 1040x line by line You file Form 1040 and itemize deductions on Schedule A (Form 1040). How to fill out 1040x line by line The mortgage is a secured debt on a qualified home in which you have an ownership interest. How to fill out 1040x line by line (Generally, your mortgage is a secured debt if you put your home up as collateral to protect the interest of the lender. How to fill out 1040x line by line The term “qualified home” means your main home or second home. How to fill out 1040x line by line For details, see Publication 936. How to fill out 1040x line by line )  Both you and the lender must intend that the loan be repaid. How to fill out 1040x line by line Amount Deductible In most cases, you can deduct all of your home mortgage interest. How to fill out 1040x line by line How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds. How to fill out 1040x line by line Fully deductible interest. How to fill out 1040x line by line   If all of your mortgages fit into one or more of the following three categories at all times during the year, you can deduct all of the interest on those mortgages. How to fill out 1040x line by line (If any one mortgage fits into more than one category, add the debt that fits in each category to your other debt in the same category. How to fill out 1040x line by line )   The three categories are as follows: Mortgages you took out on or before October 13, 1987 (called grandfathered debt). How to fill out 1040x line by line Mortgages you took out after October 13, 1987, to buy, build, or improve your home (called home acquisition debt), but only if throughout 2013 these mortgages plus any grandfathered debt totaled $1 million or less ($500,000 or less if married filing separately). How to fill out 1040x line by line Mortgages you took out after October 13, 1987, other than to buy, build, or improve your home (called home equity debt), but only if throughout 2013 these mortgages totaled $100,000 or less ($50,000 or less if married filing separately) and totaled no more than the fair market value of your home reduced by (1) and (2). How to fill out 1040x line by line The dollar limits for the second and third categories apply to the combined mortgages on your main home and second home. How to fill out 1040x line by line   See Part II of Publication 936 for more detailed definitions of grandfathered, home acquisition, and home equity debt. How to fill out 1040x line by line    You can use Figure 23-A to check whether your home mortgage interest is fully deductible. How to fill out 1040x line by line Figure 23-A. How to fill out 1040x line by line Is My Home Mortgage Interest Fully Deductible? Please click here for the text description of the image. How to fill out 1040x line by line Figure 23-A. How to fill out 1040x line by line Is My Interest Fully Deductible? Limits on deduction. How to fill out 1040x line by line   You cannot fully deduct interest on a mortgage that does not fit into any of the three categories listed earlier. How to fill out 1040x line by line If this applies to you, see Part II of Publication 936 to figure the amount of interest you can deduct. How to fill out 1040x line by line Special Situations This section describes certain items that can be included as home mortgage interest and others that cannot. How to fill out 1040x line by line It also describes certain special situations that may affect your deduction. How to fill out 1040x line by line Late payment charge on mortgage payment. How to fill out 1040x line by line   You can deduct as home mortgage interest a late payment charge if it was not for a specific service performed in connection with your mortgage loan. How to fill out 1040x line by line Mortgage prepayment penalty. How to fill out 1040x line by line   If you pay off your home mortgage early, you may have to pay a penalty. How to fill out 1040x line by line You can deduct that penalty as home mortgage interest provided the penalty is not for a specific service performed or cost incurred in connection with your mortgage loan. How to fill out 1040x line by line Sale of home. How to fill out 1040x line by line   If you sell your home, you can deduct your home mortgage interest (subject to any limits that apply) paid up to, but not including, the date of sale. How to fill out 1040x line by line Example. How to fill out 1040x line by line John and Peggy Harris sold their home on May 7. How to fill out 1040x line by line Through April 30, they made home mortgage interest payments of $1,220. How to fill out 1040x line by line The settlement sheet for the sale of the home showed $50 interest for the 6-day period in May up to, but not including, the date of sale. How to fill out 1040x line by line Their mortgage interest deduction is $1,270 ($1,220 + $50). How to fill out 1040x line by line Prepaid interest. How to fill out 1040x line by line   If you pay interest in advance for a period that goes beyond the end of the tax year, you must spread this interest over the tax years to which it applies. How to fill out 1040x line by line You can deduct in each year only the interest that qualifies as home mortgage interest for that year. How to fill out 1040x line by line However, there is an exception that applies to points, discussed later. How to fill out 1040x line by line Mortgage interest credit. How to fill out 1040x line by line   You may be able to claim a mortgage interest credit if you were issued a mortgage credit certificate (MCC) by a state or local government. How to fill out 1040x line by line Figure the credit on Form 8396, Mortgage Interest Credit. How to fill out 1040x line by line If you take this credit, you must reduce your mortgage interest deduction by the amount of the credit. How to fill out 1040x line by line   For more information on the credit, see chapter 37. How to fill out 1040x line by line Ministers' and military housing allowance. How to fill out 1040x line by line   If you are a minister or a member of the uniformed services and receive a housing allowance that is not taxable, you can still deduct your home mortgage interest. How to fill out 1040x line by line Hardest Hit Fund and Emergency Homeowners' Loan Programs. How to fill out 1040x line by line   You can use a special method to compute your deduction for mortgage interest and real estate taxes on your main home if you meet the following two conditions. How to fill out 1040x line by line You received assistance under: A State Housing Finance Agency (State HFA) Hardest Hit Fund program in which program payments could be used to pay mortgage interest, or An Emergency Homeowners' Loan Program administered by the Department of Housing and Urban Development (HUD) or a state. How to fill out 1040x line by line You meet the rules to deduct all of the mortgage interest on your loan and all of the real estate taxes on your main home. How to fill out 1040x line by line If you meet these tests, then you can deduct all of the payments you actually made during the year to your mortgage servicer, the State HFA, or HUD on the home mortgage (including the amount shown on box 3 of Form 1098-MA, Mortgage Assistance Payments), but not more than the sum of the amounts shown on Form 1098, Mortgage Interest Statement, in box 1 (mortgage interest received from payer(s) / borrower(s)), box 4 (mortgage insurance premiums) and box 5 (real property taxes). How to fill out 1040x line by line However, you are not required to use this special method to compute your deduction for mortgage interest and real estate taxes on your main home. How to fill out 1040x line by line Mortgage assistance payments under section 235 of the National Housing Act. How to fill out 1040x line by line   If you qualify for mortgage assistance payments for lower-income families under section 235 of the National Housing Act, part or all of the interest on your mortgage may be paid for you. How to fill out 1040x line by line You cannot deduct the interest that is paid for you. How to fill out 1040x line by line No other effect on taxes. How to fill out 1040x line by line   Do not include these mortgage assistance payments in your income. How to fill out 1040x line by line Also, do not use these payments to reduce other deductions, such as real estate taxes. How to fill out 1040x line by line Divorced or separated individuals. How to fill out 1040x line by line   If a divorce or separation agreement requires you or your spouse or former spouse to pay home mortgage interest on a home owned by both of you, the payment of interest may be alimony. How to fill out 1040x line by line See the discussion of Payments for jointly-owned home in chapter 18. How to fill out 1040x line by line Redeemable ground rents. How to fill out 1040x line by line   If you make annual or periodic rental payments on a redeemable ground rent, you can deduct them as mortgage interest. How to fill out 1040x line by line   Payments made to end the lease and to buy the lessor's entire interest in the land are not deductible as mortgage interest. How to fill out 1040x line by line For more information, see Publication 936. How to fill out 1040x line by line Nonredeemable ground rents. How to fill out 1040x line by line   Payments on a nonredeemable ground rent are not mortgage interest. How to fill out 1040x line by line You can deduct them as rent if they are a business expense or if they are for rental property. How to fill out 1040x line by line Reverse mortgages. How to fill out 1040x line by line   A reverse mortgage is a loan where the lender pays you (in a lump sum, a monthly advance, a line of credit, or a combination of all three) while you continue to live in your home. How to fill out 1040x line by line With a reverse mortgage, you retain title to your home. How to fill out 1040x line by line Depending on the plan, your reverse mortgage becomes due with interest when you move, sell your home, reach the end of a pre-selected loan period, or die. How to fill out 1040x line by line Because reverse mortgages are considered loan advances and not income, the amount you receive is not taxable. How to fill out 1040x line by line Any interest (including original issue discount) accrued on a reverse mortgage is not deductible until the loan is paid in full. How to fill out 1040x line by line Your deduction may be limited because a reverse mortgage loan generally is subject to the limit on Home Equity Debt discussed in Publication 936. How to fill out 1040x line by line Rental payments. How to fill out 1040x line by line   If you live in a house before final settlement on the purchase, any payments you make for that period are rent and not interest. How to fill out 1040x line by line This is true even if the settlement papers call them interest. How to fill out 1040x line by line You cannot deduct these payments as home mortgage interest. How to fill out 1040x line by line Mortgage proceeds invested in tax-exempt securities. How to fill out 1040x line by line   You cannot deduct the home mortgage interest on grandfathered debt or home equity debt if you used the proceeds of the mortgage to buy securities or certificates that produce tax-free income. How to fill out 1040x line by line “Grandfathered debt” and “home equity debt” are defined earlier under Amount Deductible. How to fill out 1040x line by line Refunds of interest. How to fill out 1040x line by line   If you receive a refund of interest in the same tax year you paid it, you must reduce your interest expense by the amount refunded to you. How to fill out 1040x line by line If you receive a refund of interest you deducted in an earlier year, you generally must include the refund in income in the year you receive it. How to fill out 1040x line by line However, you need to include it only up to the amount of the deduction that reduced your tax in the earlier year. How to fill out 1040x line by line This is true whether the interest overcharge was refunded to you or was used to reduce the outstanding principal on your mortgage. How to fill out 1040x line by line    If you received a refund of interest you overpaid in an earlier year, you generally will receive a Form 1098, Mortgage Interest Statement, showing the refund in box 3. How to fill out 1040x line by line For information about Form 1098, see Form 1098, Mortgage Interest Statement , later. How to fill out 1040x line by line   For more information on how to treat refunds of interest deducted in earlier years, see Recoveries in chapter 12. How to fill out 1040x line by line Points The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. How to fill out 1040x line by line Points may also be called loan origination fees, maximum loan charges, loan discount, or discount points. How to fill out 1040x line by line A borrower is treated as paying any points that a home seller pays for the borrower's mortgage. How to fill out 1040x line by line See Points paid by the seller , later. How to fill out 1040x line by line General Rule You generally cannot deduct the full amount of points in the year paid. How to fill out 1040x line by line Because they are prepaid interest, you generally deduct them ratably over the life (term) of the mortgage. How to fill out 1040x line by line See Deduction Allowed Ratably , next. How to fill out 1040x line by line For exceptions to the general rule, see Deduction Allowed in Year Paid , later. How to fill out 1040x line by line Deduction Allowed Ratably If you do not meet the tests listed under Deduction Allowed in Year Paid , later, the loan is not a home improvement loan, or you choose not to deduct your points in full in the year paid, you can deduct the points ratably (equally) over the life of the loan if you meet all the following tests. How to fill out 1040x line by line You use the cash method of accounting. How to fill out 1040x line by line This means you report income in the year you receive it and deduct expenses in the year you pay them. How to fill out 1040x line by line Most individuals use this method. How to fill out 1040x line by line Your loan is secured by a home. How to fill out 1040x line by line (The home does not need to be your main home. How to fill out 1040x line by line ) Your loan period is not more than 30 years. How to fill out 1040x line by line If your loan period is more than 10 years, the terms of your loan are the same as other loans offered in your area for the same or longer period. How to fill out 1040x line by line Either your loan amount is $250,000 or less, or the number of points is not more than: 4, if your loan period is 15 years or less, or 6, if your loan period is more than 15 years. How to fill out 1040x line by line Deduction Allowed in Year Paid You can fully deduct points in the year paid if you meet all the following tests. How to fill out 1040x line by line (You can use Figure 23-B as a quick guide to see whether your points are fully deductible in the year paid. How to fill out 1040x line by line ) Your loan is secured by your main home. How to fill out 1040x line by line (Your main home is the one you ordinarily live in most of the time. How to fill out 1040x line by line ) Paying points is an established business practice in the area where the loan was made. How to fill out 1040x line by line The points paid were not more than the points generally charged in that area. How to fill out 1040x line by line You use the cash method of accounting. How to fill out 1040x line by line This means you report income in the year you receive it and deduct expenses in the year you pay them. How to fill out 1040x line by line (If you want more information about this method, see Accounting Methods in chapter 1. How to fill out 1040x line by line ) The points were not paid in place of amounts that ordinarily are stated separately on the settlement statement, such as appraisal fees, inspection fees, title fees, attorney fees, and property taxes. How to fill out 1040x line by line The funds you provided at or before closing, plus any points the seller paid, were at least as much as the points charged. How to fill out 1040x line by line The funds you provided are not required to have been applied to the points. How to fill out 1040x line by line They can include a down payment, an escrow deposit, earnest money, and other funds you paid at or before closing for any purpose. How to fill out 1040x line by line You cannot have borrowed these funds from your lender or mortgage broker. How to fill out 1040x line by line You use your loan to buy or build your main home. How to fill out 1040x line by line The points were computed as a percentage of the principal amount of the mortgage. How to fill out 1040x line by line The amount is clearly shown on the settlement statement (such as the Settlement Statement, Form HUD-1) as points charged for the mortgage. How to fill out 1040x line by line The points may be shown as paid from either your funds or the seller's. How to fill out 1040x line by line Figure 23-B. How to fill out 1040x line by line Are My Points Fully Deductible This Year? Please click here for the text description of the image. How to fill out 1040x line by line Figure 23-B. How to fill out 1040x line by line Are My Points Fully Deductible This Year? Note. How to fill out 1040x line by line If you meet all of these tests, you can choose to either fully deduct the points in the year paid, or deduct them over the life of the loan. How to fill out 1040x line by line Home improvement loan. How to fill out 1040x line by line   You can also fully deduct in the year paid points paid on a loan to improve your main home, if tests (1) through (6) are met. How to fill out 1040x line by line Second home. How to fill out 1040x line by line You cannot fully deduct in the year paid points you pay on loans secured by your second home. How to fill out 1040x line by line You can deduct these points only over the life of the loan. How to fill out 1040x line by line Refinancing. How to fill out 1040x line by line   Generally, points you pay to refinance a mortgage are not deductible in full in the year you pay them. How to fill out 1040x line by line This is true even if the new mortgage is secured by your main home. How to fill out 1040x line by line   However, if you use part of the refinanced mortgage proceeds to improve your main home and you meet the first 6 tests listed under Deduction Allowed in Year Paid , earlier, you can fully deduct the part of the points related to the improvement in the year you paid them with your own funds. How to fill out 1040x line by line You can deduct the rest of the points over the life of the loan. How to fill out 1040x line by line Example 1. How to fill out 1040x line by line In 1998, Bill Fields got a mortgage to buy a home. How to fill out 1040x line by line In 2013, Bill refinanced that mortgage with a 15-year $100,000 mortgage loan. How to fill out 1040x line by line The mortgage is secured by his home. How to fill out 1040x line by line To get the new loan, he had to pay three points ($3,000). How to fill out 1040x line by line Two points ($2,000) were for prepaid interest, and one point ($1,000) was charged for services, in place of amounts that ordinarily are stated separately on the settlement statement. How to fill out 1040x line by line Bill paid the points out of his private funds, rather than out of the proceeds of the new loan. How to fill out 1040x line by line The payment of points is an established practice in the area, and the points charged are not more than the amount generally charged there. How to fill out 1040x line by line Bill's first payment on the new loan was due July 1. How to fill out 1040x line by line He made six payments on the loan in 2013 and is a cash basis taxpayer. How to fill out 1040x line by line Bill used the funds from the new mortgage to repay his existing mortgage. How to fill out 1040x line by line Although the new mortgage loan was for Bill's continued ownership of his main home, it was not for the purchase or improvement of that home. How to fill out 1040x line by line He cannot deduct all of the points in 2013. How to fill out 1040x line by line He can deduct two points ($2,000) ratably over the life of the loan. How to fill out 1040x line by line He deducts $67 [($2,000 ÷ 180 months) × 6 payments] of the points in 2013. How to fill out 1040x line by line The other point ($1,000) was a fee for services and is not deductible. How to fill out 1040x line by line Example 2. How to fill out 1040x line by line The facts are the same as in Example 1, except that Bill used $25,000 of the loan proceeds to improve his home and $75,000 to repay his existing mortgage. How to fill out 1040x line by line Bill deducts 25% ($25,000 ÷ $100,000) of the points ($2,000) in 2013. How to fill out 1040x line by line His deduction is $500 ($2,000 × 25%). How to fill out 1040x line by line Bill also deducts the ratable part of the remaining $1,500 ($2,000 − $500) that must be spread over the life of the loan. How to fill out 1040x line by line This is $50 [($1,500 ÷ 180 months) × 6 payments] in 2013. How to fill out 1040x line by line The total amount Bill deducts in 2013 is $550 ($500 + $50). How to fill out 1040x line by line Special Situations This section describes certain special situations that may affect your deduction of points. How to fill out 1040x line by line Original issue discount. How to fill out 1040x line by line   If you do not qualify to either deduct the points in the year paid or deduct them ratably over the life of the loan, or if you choose not to use either of these methods, the points reduce the issue price of the loan. How to fill out 1040x line by line This reduction results in original issue discount, which is discussed in chapter 4 of Publication 535. How to fill out 1040x line by line Amounts charged for services. How to fill out 1040x line by line   Amounts charged by the lender for specific services connected to the loan are not interest. How to fill out 1040x line by line Examples of these charges are: Appraisal fees, Notary fees, and Preparation costs for the mortgage note or deed of trust. How to fill out 1040x line by line You cannot deduct these amounts as points either in the year paid or over the life of the mortgage. How to fill out 1040x line by line Points paid by the seller. How to fill out 1040x line by line   The term “points” includes loan placement fees that the seller pays to the lender to arrange financing for the buyer. How to fill out 1040x line by line Treatment by seller. How to fill out 1040x line by line   The seller cannot deduct these fees as interest. How to fill out 1040x line by line But they are a selling expense that reduces the amount realized by the seller. How to fill out 1040x line by line See chapter 15 for information on selling your home. How to fill out 1040x line by line Treatment by buyer. How to fill out 1040x line by line    The buyer reduces the basis of the home by the amount of the seller-paid points and treats the points as if he or she had paid them. How to fill out 1040x line by line If all the tests under Deduction Allowed in Year Paid , earlier, are met, the buyer can deduct the points in the year paid. How to fill out 1040x line by line If any of those tests are not met, the buyer deducts the points over the life of the loan. How to fill out 1040x line by line   For information about basis, see chapter 13. How to fill out 1040x line by line Funds provided are less than points. How to fill out 1040x line by line   If you meet all the tests in Deduction Allowed in Year Paid , earlier, except that the funds you provided were less than the points charged to you (test (6)), you can deduct the points in the year paid, up to the amount of funds you provided. How to fill out 1040x line by line In addition, you can deduct any points paid by the seller. How to fill out 1040x line by line Example 1. How to fill out 1040x line by line When you took out a $100,000 mortgage loan to buy your home in December, you were charged one point ($1,000). How to fill out 1040x line by line You meet all the tests for deducting points in the year paid, except the only funds you provided were a $750 down payment. How to fill out 1040x line by line Of the $1,000 charged for points, you can deduct $750 in the year paid. How to fill out 1040x line by line You spread the remaining $250 over the life of the mortgage. How to fill out 1040x line by line Example 2. How to fill out 1040x line by line The facts are the same as in Example 1, except that the person who sold you your home also paid one point ($1,000) to help you get your mortgage. How to fill out 1040x line by line In the year paid, you can deduct $1,750 ($750 of the amount you were charged plus the $1,000 paid by the seller). How to fill out 1040x line by line You spread the remaining $250 over the life of the mortgage. How to fill out 1040x line by line You must reduce the basis of your home by the $1,000 paid by the seller. How to fill out 1040x line by line Excess points. How to fill out 1040x line by line   If you meet all the tests in Deduction Allowed in Year Paid , earlier, except that the points paid were more than generally paid in your area (test (3)), you deduct in the year paid only the points that are generally charged. How to fill out 1040x line by line You must spread any additional points over the life of the mortgage. How to fill out 1040x line by line Mortgage ending early. How to fill out 1040x line by line   If you spread your deduction for points over the life of the mortgage, you can deduct any remaining balance in the year the mortgage ends. How to fill out 1040x line by line However, if you refinance the mortgage with the same lender, you cannot deduct any remaining balance of spread points. How to fill out 1040x line by line Instead, deduct the remaining balance over the term of the new loan. How to fill out 1040x line by line    A mortgage may end early due to a prepayment, refinancing, foreclosure, or similar event. How to fill out 1040x line by line Example. How to fill out 1040x line by line Dan paid $3,000 in points in 2002 that he had to spread out over the 15-year life of the mortgage. How to fill out 1040x line by line He deducts $200 points per year. How to fill out 1040x line by line Through 2012, Dan has deducted $2,200 of the points. How to fill out 1040x line by line Dan prepaid his mortgage in full in 2013. How to fill out 1040x line by line He can deduct the remaining $800 of points in 2013. How to fill out 1040x line by line Limits on deduction. How to fill out 1040x line by line   You cannot fully deduct points paid on a mortgage unless the mortgage fits into one of the categories listed earlier under Fully deductible interest . How to fill out 1040x line by line See Publication 936 for details. How to fill out 1040x line by line Mortgage Insurance Premiums You can treat amounts you paid during 2013 for qualified mortgage insurance as home mortgage interest. How to fill out 1040x line by line The insurance must be in connection with home acquisition debt and the insurance contract must have been issued after 2006. How to fill out 1040x line by line Qualified mortgage insurance. How to fill out 1040x line by line   Qualified mortgage insurance is mortgage insurance provided by the Department of Veterans Affairs, the Federal Housing Administration, or the Rural Housing Service, and private mortgage insurance (as defined in section 2 of the Homeowners Protection Act of 1998 as in effect on December 20, 2006). How to fill out 1040x line by line   Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee. How to fill out 1040x line by line If provided by the Rural Housing Service, it is commonly known as a guarantee fee. How to fill out 1040x line by line These fees can be deducted fully in 2013 if the mortgage insurance contract was issued in 2013. How to fill out 1040x line by line Contact the mortgage insurance issuer to determine the deductible amount if it is not reported in box 4 of Form 1098. How to fill out 1040x line by line Special rules for prepaid mortgage insurance. How to fill out 1040x line by line   Generally, if you paid premiums for qualified mortgage insurance that are allocable to periods after the close of the tax year, such premiums are treated as paid in the period to which they are allocated. How to fill out 1040x line by line You must allocate the premiums over the shorter of the stated term of the mortgage or 84 months, beginning with the month the insurance was obtained. How to fill out 1040x line by line No deduction is allowed for the unamortized balance if the mortgage is satisfied before its term. How to fill out 1040x line by line This paragraph does not apply to qualified mortgage insurance provided by the Department of Veterans Affairs or the Rural Housing Service. How to fill out 1040x line by line See the Example below. How to fill out 1040x line by line Example. How to fill out 1040x line by line Ryan purchased a home in May of 2012 and financed the home with a 15-year mortgage. How to fill out 1040x line by line Ryan also prepaid all of the $9,240 in private mortgage insurance required at the time of closing in May. How to fill out 1040x line by line Since the $9,240 in private mortgage insurance is allocable to periods after 2012, Ryan must allocate the $9,240 over the shorter of the life of the mortgage or 84 months. How to fill out 1040x line by line Ryan's adjusted gross income (AGI) for 2012 is $76,000. How to fill out 1040x line by line Ryan can deduct $880 ($9,240 ÷ 84 × 8 months) for qualified mortgage insurance premiums in 2012. How to fill out 1040x line by line For 2013, Ryan can deduct $1,320 ($9,240 ÷ 84 × 12 months) if his AGI is $100,000 or less. How to fill out 1040x line by line In this example, the mortgage insurance premiums are allocated over 84 months, which is shorter than the life of the mortgage of 15 years (180 months). How to fill out 1040x line by line Limit on deduction. How to fill out 1040x line by line   If your adjusted gross income on Form 1040, line 38, is more than $100,000 ($50,000 if your filing status is married filing separately), the amount of your mortgage insurance premiums that are otherwise deductible is reduced and may be eliminated. How to fill out 1040x line by line See Line 13 in the instructions for Schedule A (Form 1040) and complete the Mortgage Insurance Premiums Deduction Worksheet to figure the amount you can deduct. How to fill out 1040x line by line If your adjusted gross income is more than $109,000 ($54,500 if married filing separately), you cannot deduct your mortgage insurance premiums. How to fill out 1040x line by line Form 1098, Mortgage Interest Statement If you paid $600 or more of mortgage interest (including certain points and mortgage insurance premiums) during the year on any one mortgage, you generally will receive a Form 1098 or a similar statement from the mortgage holder. How to fill out 1040x line by line You will receive the statement if you pay interest to a person (including a financial institution or a cooperative housing corporation) in the course of that person's trade or business. How to fill out 1040x line by line A governmental unit is a person for purposes of furnishing the statement. How to fill out 1040x line by line The statement for each year should be sent to you by January 31 of the following year. How to fill out 1040x line by line A copy of this form will also be sent to the IRS. How to fill out 1040x line by line The statement will show the total interest you paid during the year, any mortgage insurance premiums you paid, and if you purchased a main home during the year, it also will show the deductible points paid during the year, including seller-paid points. How to fill out 1040x line by line However, it should not show any interest that was paid for you by a government agency. How to fill out 1040x line by line As a general rule, Form 1098 will include only points that you can fully deduct in the year paid. How to fill out 1040x line by line However, certain points not included on Form 1098 also may be deductible, either in the year paid or over the life of the loan. How to fill out 1040x line by line See Points , earlier, to determine whether you can deduct points not shown on Form 1098. How to fill out 1040x line by line Prepaid interest on Form 1098. How to fill out 1040x line by line   If you prepaid interest in 2013 that accrued in full by January 15, 2014, this prepaid interest may be included in box 1 of Form 1098. How to fill out 1040x line by line However, you cannot deduct the prepaid amount for January 2014 in 2013. How to fill out 1040x line by line (See Prepaid interest , earlier. How to fill out 1040x line by line ) You will have to figure the interest that accrued for 2014 and subtract it from the amount in box 1. How to fill out 1040x line by line You will include the interest for January 2014 with the other interest you pay for 2014. How to fill out 1040x line by line See How To Report , later. How to fill out 1040x line by line Refunded interest. How to fill out 1040x line by line   If you received a refund of mortgage interest you overpaid in an earlier year, you generally will receive a Form 1098 showing the refund in box 3. How to fill out 1040x line by line See Refunds of interest , earlier. How to fill out 1040x line by line Mortgage insurance premiums. How to fill out 1040x line by line   The amount of mortgage insurance premiums you paid during 2013 may be shown in box 4 of Form 1098. How to fill out 1040x line by line See Mortgage Insurance Premiums, earlier. How to fill out 1040x line by line Investment Interest This section discusses interest expenses you may be able to deduct as an investor. How to fill out 1040x line by line If you borrow money to buy property you hold for investment, the interest you pay is investment interest. How to fill out 1040x line by line You can deduct investment interest subject to the limit discussed later. How to fill out 1040x line by line However, you cannot deduct interest you incurred to produce tax-exempt income. How to fill out 1040x line by line Nor can you deduct interest expenses on straddles. How to fill out 1040x line by line Investment interest does not include any qualified home mortgage interest or any interest taken into account in computing income or loss from a passive activity. How to fill out 1040x line by line Investment Property Property held for investment includes property that produces interest, dividends, annuities, or royalties not derived in the ordinary course of a trade or business. How to fill out 1040x line by line It also includes property that produces gain or loss (not derived in the ordinary course of a trade or business) from the sale or trade of property producing these types of income or held for investment (other than an interest in a passive activity). How to fill out 1040x line by line Investment property also includes an interest in a trade or business activity in which you did not materially participate (other than a passive activity). How to fill out 1040x line by line Partners, shareholders, and beneficiaries. How to fill out 1040x line by line   To determine your investment interest, combine your share of investment interest from a partnership, S corporation, estate, or trust with your other investment interest. How to fill out 1040x line by line Allocation of Interest Expense If you borrow money for business or personal purposes as well as for investment, you must allocate the debt among those purposes. How to fill out 1040x line by line Only the interest expense on the part of the debt used for investment purposes is treated as investment interest. How to fill out 1040x line by line The allocation is not affected by the use of property that secures the debt. How to fill out 1040x line by line Limit on Deduction Generally, your deduction for investment interest expense is limited to the amount of your net investment income. How to fill out 1040x line by line You can carry over the amount of investment interest that you could not deduct because of this limit to the next tax year. How to fill out 1040x line by line The interest carried over is treated as investment interest paid or accrued in that next year. How to fill out 1040x line by line You can carry over disallowed investment interest to the next tax year even if it is more than your taxable income in the year the interest was paid or accrued. How to fill out 1040x line by line Net Investment Income Determine the amount of your net investment income by subtracting your investment expenses (other than interest expense) from your investment income. How to fill out 1040x line by line Investment income. How to fill out 1040x line by line    This generally includes your gross income from property held for investment (such as interest, dividends, annuities, and royalties). How to fill out 1040x line by line Investment income does not include Alaska Permanent Fund dividends. How to fill out 1040x line by line It also does not include qualified dividends or net capital gain unless you choose to include them. How to fill out 1040x line by line Choosing to include qualified dividends. How to fill out 1040x line by line   Investment income generally does not include qualified dividends, discussed in chapter 8. How to fill out 1040x line by line However, you can choose to include all or part of your qualified dividends in investment income. How to fill out 1040x line by line   You make this choice by completing Form 4952, line 4g, according to its instructions. How to fill out 1040x line by line   If you choose to include any amount of your qualified dividends in investment income, you must reduce your qualified dividends that are eligible for the lower capital gains tax rates by the same amount. How to fill out 1040x line by line Choosing to include net capital gain. How to fill out 1040x line by line   Investment income generally does not include net capital gain from disposing of investment property (including capital gain distributions from mutual funds). How to fill out 1040x line by line However, you can choose to include all or part of your net capital gain in investment income. How to fill out 1040x line by line    You make this choice by completing Form 4952, line 4g, according to its instructions. How to fill out 1040x line by line   If you choose to include any amount of your net capital gain in investment income, you must reduce your net capital gain that is eligible for the lower capital gains tax rates by the same amount. How to fill out 1040x line by line    Before making either choice, consider the overall effect on your tax liability. How to fill out 1040x line by line Compare your tax if you make one or both of these choices with your tax if you do not. How to fill out 1040x line by line Investment income of child reported on parent's return. How to fill out 1040x line by line    Investment income includes the part of your child's interest and dividend income that you choose to report on your return. How to fill out 1040x line by line If the child does not have qualified dividends, Alaska Permanent Fund dividends, or capital gain distributions, this is the amount on line 6 of Form 8814, Parents' Election To Report Child's Interest and Dividends. How to fill out 1040x line by line Child's qualified dividends. How to fill out 1040x line by line   If part of the amount you report is your child's qualified dividends, that part (which is reported on Form 1040, line 9b) generally does not count as investment income. How to fill out 1040x line by line However, you can choose to include all or part of it in investment income, as explained under Choosing to include qualified dividends , earlier. How to fill out 1040x line by line   Your investment income also includes the amount on Form 8814, line 12 (or, if applicable, the reduced amount figured next under Child's Alaska Permanent Fund dividends). How to fill out 1040x line by line Child's Alaska Permanent Fund dividends. How to fill out 1040x line by line   If part of the amount you report is your child's Alaska Permanent Fund dividends, that part does not count as investment income. How to fill out 1040x line by line To figure the amount of your child's income that you can consider your investment income, start with the amount on Form 8814, line 6. How to fill out 1040x line by line Multiply that amount by a percentage that is equal to the Alaska Permanent Fund dividends divided by the total amount on Form 8814, line 4. How to fill out 1040x line by line Subtract the result from the amount on Form 8814, line 12. How to fill out 1040x line by line Child's capital gain distributions. How to fill out 1040x line by line    If part of the amount you report is your child's capital gain distributions, that part (which is reported on Schedule D, line 13, or Form 1040, line 13) generally does not count as investment income. How to fill out 1040x line by line However, you can choose to include all or part of it in investment income, as explained in Choosing to include net capital gain , earlier. How to fill out 1040x line by line   Your investment income also includes the amount on Form 8814, line 12 (or, if applicable, the reduced amount figured under Child's Alaska Permanent Fund dividends , earlier). How to fill out 1040x line by line Investment expenses. How to fill out 1040x line by line   Investment expenses are your allowed deductions (other than interest expense) directly connected with the production of investment income. How to fill out 1040x line by line Investment expenses that are included as a miscellaneous itemized deduction on Schedule A (Form 1040) are allowable deductions after applying the 2% limit that applies to miscellaneous itemized deductions. How to fill out 1040x line by line Use the smaller of: The investment expenses included on Schedule A (Form 1040), line 23, or The amount on Schedule A, line 27. How to fill out 1040x line by line Losses from passive activities. How to fill out 1040x line by line   Income or expenses that you used in computing income or loss from a passive activity are not included in determining your investment income or investment expenses (including investment interest expense). How to fill out 1040x line by line See Publication 925, Passive Activity and At-Risk Rules, for information about passive activities. How to fill out 1040x line by line Form 4952 Use Form 4952, Investment Interest Expense Deduction, to figure your deduction for investment interest. How to fill out 1040x line by line Exception to use of Form 4952. How to fill out 1040x line by line   You do not have to complete Form 4952 or attach it to your return if you meet all of the following tests. How to fill out 1040x line by line Your investment interest expense is not more than your investment income from interest and ordinary dividends minus any qualified dividends. How to fill out 1040x line by line You do not have any other deductible investment expenses. How to fill out 1040x line by line You have no carryover of investment interest expense from 2012. How to fill out 1040x line by line If you meet all of these tests, you can deduct all of your investment interest. How to fill out 1040x line by line More Information For more information on investment interest, see Interest Expenses in chapter 3 of Publication 550. How to fill out 1040x line by line Items You Cannot Deduct Some interest payments are not deductible. How to fill out 1040x line by line Certain expenses similar to interest also are not deductible. How to fill out 1040x line by line Nondeductible expenses include the following items. How to fill out 1040x line by line Personal interest (discussed later). How to fill out 1040x line by line Service charges (however, see Other Expenses (Line 23) in chapter 28). How to fill out 1040x line by line Annual fees for credit cards. How to fill out 1040x line by line Loan fees. How to fill out 1040x line by line Credit investigation fees. How to fill out 1040x line by line Interest to purchase or carry tax-exempt securities. How to fill out 1040x line by line Penalties. How to fill out 1040x line by line   You cannot deduct fines and penalties paid to a government for violations of law, regardless of their nature. How to fill out 1040x line by line Personal Interest Personal interest is not deductible. How to fill out 1040x line by line Personal interest is any interest that is not home mortgage interest, investment interest, business interest, or other deductible interest. How to fill out 1040x line by line It includes the following items. How to fill out 1040x line by line Interest on car loans (unless you use the car for business). How to fill out 1040x line by line Interest on federal, state, or local income tax. How to fill out 1040x line by line Finance charges on credit cards, retail installment contracts, and revolving charge accounts incurred for personal expenses. How to fill out 1040x line by line Late payment charges by a public utility. How to fill out 1040x line by line You may be able to deduct interest you pay on a qualified student loan. How to fill out 1040x line by line For details, see Publication 970, Tax Benefits for Education. How to fill out 1040x line by line Allocation of Interest If you use the proceeds of a loan for more than one purpose (for example, personal and business), you must allocate the interest on the loan to each use. How to fill out 1040x line by line However, you do not have to allocate home mortgage interest if it is fully deductible, regardless of how the funds are used. How to fill out 1040x line by line You allocate interest (other than fully deductible home mortgage interest) on a loan in the same way as the loan itself is allocated. How to fill out 1040x line by line You do this by tracing disbursements of the debt proceeds to specific uses. How to fill out 1040x line by line For details on how to do this, see chapter 4 of Publication 535. How to fill out 1040x line by line How To Report You must file Form 1040 to deduct any home mortgage interest expense on your tax return. How to fill out 1040x line by line Where you deduct your interest expense generally depends on how you use the loan proceeds. How to fill out 1040x line by line See Table 23-1 for a summary of where to deduct your interest expense. How to fill out 1040x line by line Home mortgage interest and points. How to fill out 1040x line by line   Deduct the home mortgage interest and points reported to you on Form 1098 on Schedule A (Form 1040), line 10. How to fill out 1040x line by line If you paid more deductible interest to the financial institution than the amount shown on Form 1098, show the larger deductible amount on line 10. How to fill out 1040x line by line Attach a statement explaining the difference and print “See attached” next to line 10. How to fill out 1040x line by line    Deduct home mortgage interest that was not reported to you on Form 1098 on Schedule A (Form 1040), line 11. How to fill out 1040x line by line If you paid home mortgage interest to the person from whom you bought your home, show that person's name, address, and taxpayer identification number (TIN) on the dotted lines next to line 11. How to fill out 1040x line by line The seller must give you this number and you must give the seller your TIN. How to fill out 1040x line by line A Form W-9, Request for Taxpayer Identification Number and Certification, can be used for this purpose. How to fill out 1040x line by line Failure to meet any of these requirements may result in a $50 penalty for each failure. How to fill out 1040x line by line The TIN can be either a social security number, an individual taxpayer identification number (issued by the Internal Revenue Service), or an employer identification number. How to fill out 1040x line by line See Social Security Number (SSN) in chapter 1 for more information about TINs. How to fill out 1040x line by line    If you can take a deduction for points that were not reported to you on Form 1098, deduct those points on Schedule A (Form 1040), line 12. How to fill out 1040x line by line   Deduct mortgage insurance premiums on Schedule A (Form 1040), line 13. How to fill out 1040x line by line More than one borrower. How to fill out 1040x line by line   If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. How to fill out 1040x line by line Show how much of the interest each of you paid, and give the name and address of the person who received the form. How to fill out 1040x line by line Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line. How to fill out 1040x line by line Also, deduct your share of any qualified mortgage insurance premiums on Schedule A (Form 1040), line 13. How to fill out 1040x line by line   Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. How to fill out 1040x line by line You should let each of the other borrowers know what his or her share is. How to fill out 1040x line by line Mortgage proceeds used for business or investment. How to fill out 1040x line by line    If your home mortgage interest deduction is limited, but all or part of the mortgage proceeds were used for business, investment, or other deductible activities, see Table 23-1. How to fill out 1040x line by line It shows where to deduct the part of your excess interest that is for those activities. How to fill out 1040x line by line Investment interest. How to fill out 1040x line by line    Deduct investment interest, subject to certain limits discussed in Publication 550, on Schedule A (Form 1040), line 14. How to fill out 1040x line by line Amortization of bond premium. How to fill out 1040x line by line   There are various ways to treat the premium you pay to buy taxable bonds. How to fill out 1040x line by line See Bond Premium Amortization in Publication 550. How to fill out 1040x line by line Income-producing rental or royalty interest. How to fill out 1040x line by line   Deduct interest on a loan for income-producing rental or royalty property that is not used in your business in Part I of Schedule E (Form 1040). How to fill out 1040x line by line Example. How to fill out 1040x line by line You rent out part of your home and borrow money to make repairs. How to fill out 1040x line by line You can deduct only the interest payment for the rented part in Part I of Schedule E (Form 1040). How to fill out 1040x line by line Deduct the rest of the interest payment on Schedule A (Form 1040) if it is deductible home mortgage interest. How to fill out 1040x line by line Table 23-1. How to fill out 1040x line by line Where To Deduct Your Interest Expense IF you have . How to fill out 1040x line by line . How to fill out 1040x line by line . How to fill out 1040x line by line THEN deduct it on . How to fill out 1040x line by line . How to fill out 1040x line by line . How to fill out 1040x line by line AND for more information go to . How to fill out 1040x line by line . How to fill out 1040x line by line . How to fill out 1040x line by line deductible student loan interest Form 1040, line 33, or Form 1040A, line 18 Publication 970. How to fill out 1040x line by line deductible home mortgage interest and points reported on Form 1098 Schedule A (Form 1040), line 10 Publication 936. How to fill out 1040x line by line deductible home mortgage interest not reported on Form 1098 Schedule A (Form 1040), line 11 Publication 936. How to fill out 1040x line by line deductible points not reported on Form 1098 Schedule A (Form 1040), line 12 Publication 936. How to fill out 1040x line by line deductible mortgage insurance premiums Schedule A (Form 1040), line 13 Publication 936. How to fill out 1040x line by line deductible investment interest (other than incurred to produce rents or royalties) Schedule A (Form 1040), line 14 Publication 550. How to fill out 1040x line by line deductible business interest (non-farm) Schedule C or C-EZ (Form 1040) Publication 535. How to fill out 1040x line by line deductible farm business interest Schedule F (Form 1040) Publications 225 and 535. How to fill out 1040x line by line deductible interest incurred to produce rents or royalties Schedule E (Form 1040) Publications 527 and 535. How to fill out 1040x line by line personal interest not deductible. How to fill out 1040x line by line Prev  Up  Next   Home   More Online Publications
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The How To Fill Out 1040x Line By Line

How to fill out 1040x line by line Publication 554 - Introductory Material Table of Contents What's New Reminders IntroductionVolunteer Income Tax Assistance and Tax Counseling for the Elderly. How to fill out 1040x line by line Ordering forms and publications. How to fill out 1040x line by line Tax questions. How to fill out 1040x line by line What's New Alternative minimum tax exemption increased. How to fill out 1040x line by line  The AMT exemption amount has increased to $51,900 ($80,800 if married filing jointly or qualifying widow(er); $40,400 if married filing separately). How to fill out 1040x line by line Earned income credit. How to fill out 1040x line by line  The maximum amount of income you can earn and still get the credit has increased. How to fill out 1040x line by line You may be able to take the credit if you earn less than: $14,340 ($19,680 if married filing jointly), do not have a qualifying child, and are at least 25 years old and under 65, $37,870 ($43,210 if married filing jointly), and you have one qualifying child, $43,038 ($48,378 if married filing jointly), and you have two qualifying children, or $46,227 ($51,567 if married filing jointly), and you have three or more qualifying children. How to fill out 1040x line by line For more information, see Earned Income Credit , later. How to fill out 1040x line by line Exemption phaseout. How to fill out 1040x line by line  You lose at least part of the benefit of your exemptions if your adjusted gross income is above a certain amount. How to fill out 1040x line by line For 2013, the phaseout begins at $150,000 for married individuals filing separate returns; $250,000 for single individuals; $275,000 for heads of household; and $300,000 for married individuals filing joint returns or qualifying widow(er)s. How to fill out 1040x line by line For more information, see Phaseout of Exemptions in Publication 501. How to fill out 1040x line by line Limit on itemized deductions. How to fill out 1040x line by line   Beginning January 1, 2013, itemized deductions for taxpayers with adjusted gross incomes above $150,000 may be reduced. How to fill out 1040x line by line See Overall limitation , later. How to fill out 1040x line by line Medical and dental expenses. How to fill out 1040x line by line   Beginning January 1, 2013, taxpayers 65 and older can deduct only the part of their medical and dental expenses that exceed 7. How to fill out 1040x line by line 5% of their adjusted gross income (10% for taxpayers under 65). How to fill out 1040x line by line Same-sex marriages. How to fill out 1040x line by line  If you have a same-sex spouse whom you legally married in a state (or foreign country) that recognizes same-sex marriage, you and your spouse generally must use the married filing jointly or married filing separately filing status on your 2013 return, even if you and your spouse now live in a state (or foreign country) that does not recognize same-sex marriage. How to fill out 1040x line by line For more information, see Publication 501. How to fill out 1040x line by line Reminders Future developments. How to fill out 1040x line by line  For the latest information about developments related to Publication 554, such as legislation enacted after it was published, go to www. How to fill out 1040x line by line irs. How to fill out 1040x line by line gov/pub554. How to fill out 1040x line by line Tax return preparers. How to fill out 1040x line by line  Choose your preparer carefully. How to fill out 1040x line by line If you pay someone to prepare your return, the preparer is required, under the law, to sign the return and fill in the other blanks in the Paid Preparer's area of your return. How to fill out 1040x line by line Remember, however, that you are still responsible for the accuracy of every item entered on your return. How to fill out 1040x line by line If there is any underpayment, you are responsible for paying it, plus any interest and penalty that may be due. How to fill out 1040x line by line Sale of home by surviving spouse. How to fill out 1040x line by line  If you are an unmarried widow or widower, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home. How to fill out 1040x line by line For more information, see Sale of Home , later. How to fill out 1040x line by line Third party designee. How to fill out 1040x line by line  You can check the “Yes” box in the Third Party Designee area of your return to authorize the IRS to discuss your return with your preparer, a friend, family member, or any other person you choose. How to fill out 1040x line by line This allows the IRS to call the person you identified as your designee to answer any questions that may arise during the processing of your return. How to fill out 1040x line by line It also allows your designee to perform certain actions. How to fill out 1040x line by line See your income tax return instructions for details. How to fill out 1040x line by line Employment tax withholding. How to fill out 1040x line by line  Your wages are subject to withholding for income tax, social security tax, and Medicare tax even if you are receiving social security benefits. How to fill out 1040x line by line Photographs of missing children. How to fill out 1040x line by line  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. How to fill out 1040x line by line Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. How to fill out 1040x line by line You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. How to fill out 1040x line by line Introduction The purpose of this publication is to provide a general overview of selected topics that are of interest to older taxpayers. How to fill out 1040x line by line The publication will help you determine if you need to file a return and, if so, what items to report on your return. How to fill out 1040x line by line Each topic is discussed only briefly, so you will find references to other free IRS publications that provide more detail on these topics if you need it. How to fill out 1040x line by line Table I has a list of questions you may have about filing your federal tax return. How to fill out 1040x line by line To the right of each question is the location of the answer in this publication. How to fill out 1040x line by line Also, at the back of this publication there is an index to help you search for the topic you need. How to fill out 1040x line by line While most federal income tax laws apply equally to all taxpayers, regardless of age, there are some provisions that give special treatment to older taxpayers. How to fill out 1040x line by line The following are some examples. How to fill out 1040x line by line Higher gross income threshold for filing. How to fill out 1040x line by line You must be age 65 or older at the end of the year to get this benefit. How to fill out 1040x line by line You are considered age 65 on the day before your 65th birthday. How to fill out 1040x line by line Therefore, you are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year. How to fill out 1040x line by line Higher standard deduction. How to fill out 1040x line by line If you do not itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. How to fill out 1040x line by line You are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year. How to fill out 1040x line by line Credit for the elderly or the disabled. How to fill out 1040x line by line If you qualify, you may benefit from the credit for the elderly or the disabled. How to fill out 1040x line by line To determine if you qualify and how to figure this credit, see Credit for the Elderly or the Disabled , later. How to fill out 1040x line by line Return preparation assistance. How to fill out 1040x line by line   The IRS wants to make it easier for you to file your federal tax return. How to fill out 1040x line by line You may find it helpful to visit a Volunteer Income Tax Assistance (VITA), Tax Counseling for the Elderly (TCE), or American Association of Retired Persons (AARP) Tax-Aide site near you. How to fill out 1040x line by line Volunteer Income Tax Assistance and Tax Counseling for the Elderly. How to fill out 1040x line by line   These programs provide free help for low-income taxpayers and taxpayers age 60 or older to fill in and file their returns. How to fill out 1040x line by line For the VITA/TCE site nearest you, contact your local IRS office. How to fill out 1040x line by line For more information, see Free help with your tax return under How To Get Tax Help. How to fill out 1040x line by line   For the location of an AARP Tax-Aide site in your community, call 1-888-227-7669. How to fill out 1040x line by line When asked, be ready to press in or speak your 5-digit ZIP code. How to fill out 1040x line by line Or, you can visit their website on the Internet at www. How to fill out 1040x line by line aarp. How to fill out 1040x line by line org/money/taxaide. How to fill out 1040x line by line Comments and suggestions. How to fill out 1040x line by line   We welcome your comments about this publication and your suggestions for future editions. How to fill out 1040x line by line   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. How to fill out 1040x line by line NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. How to fill out 1040x line by line Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. How to fill out 1040x line by line   You can send your comments from www. How to fill out 1040x line by line irs. How to fill out 1040x line by line gov/formspubs/. How to fill out 1040x line by line Click on “More Information” and then on “Comment on Tax Forms and Publications. How to fill out 1040x line by line ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. How to fill out 1040x line by line Ordering forms and publications. How to fill out 1040x line by line   Visit www. How to fill out 1040x line by line irs. How to fill out 1040x line by line gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 business days after your request is received. How to fill out 1040x line by line Internal Revenue Service 1201 N. How to fill out 1040x line by line Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. How to fill out 1040x line by line   If you have a tax question, check the information available on IRS. How to fill out 1040x line by line gov or call 1-800-829-1040. How to fill out 1040x line by line We cannot answer tax questions sent to either of the above addresses. How to fill out 1040x line by line Table I. How to fill out 1040x line by line What You Should Know About Federal Taxes Note. How to fill out 1040x line by line The following is a list of questions you may have about filling out your federal income tax return. How to fill out 1040x line by line  To the right of each question is the location of the answer in this publication. How to fill out 1040x line by line What I Should Know Where To Find the Answer Do I need to file a return? See chapter 1. How to fill out 1040x line by line Is my income taxable or nontaxable?  If it is nontaxable, must I still report it? See chapter 2. How to fill out 1040x line by line How do I report benefits I received from the Social Security Administration or the Railroad Retirement Board?  Are these benefits taxable? See Social Security and Equivalent Railroad Retirement Benefits in chapter 2. How to fill out 1040x line by line Must I report the sale of my home?  If I had a gain, is any part of it taxable? See Sale of Home in chapter 2. How to fill out 1040x line by line What are some of the items that I can deduct to reduce my income? See chapters 3 and 4. How to fill out 1040x line by line How do I report the amounts I set aside for my IRA? See Individual Retirement Arrangement (IRA) Contributions and Deductions in chapter 3. How to fill out 1040x line by line Would it be better for me to claim the standard deduction or itemize my deductions? See chapter 4. How to fill out 1040x line by line What are some of the credits I can claim to reduce my tax? See chapter 5 for discussions on the credit for the elderly or the disabled, the child and dependent care credit, and the earned income credit. How to fill out 1040x line by line Must I make estimated tax payments? See chapter 6. How to fill out 1040x line by line How do I contact the IRS or get more information? See chapter 7. How to fill out 1040x line by line Prev  Up  Next   Home   More Online Publications