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Irs amendment Index A Assistance (see Tax help) C Capital construction fund, Capital Construction Fund Comments, Comments and suggestions. Irs amendment F Free tax services, How To Get Tax Help H Help (see Tax help) M More information (see Tax help) P Publications (see Tax help) S Suggestions, Comments and suggestions. Irs amendment T Tax help, How To Get Tax Help Taxpayer Advocate, Contacting your Taxpayer Advocate. Irs amendment TTY/TDD information, How To Get Tax Help Prev Up Home More Online Publications
IRS Extends Tax Relief to Some New Jersey and New York Victims of Hurricane Sandy; Return Filing and Tax Payment Deadline Extended to April 1, 2013
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IR-2013-16, Feb. 1, 2013
WASHINGTON –– In the aftermath of Hurricane Sandy, the Internal Revenue Service announced additional tax relief to affected individuals and businesses. The IRS today is further extending tax deadlines of that relief until April 1 for the following localities:
In New Jersey (starting Oct. 26): Monmouth and Ocean counties.
In New York (starting Oct. 27): Nassau, Queens, Richmond and Suffolk counties.
Beyond the relief provided by law to taxpayers in the FEMA-designated counties, the IRS will work with any taxpayer who resides outside the disaster area but whose books, records or tax professional are located in the areas affected by Hurricane Sandy. All workers assisting the relief activities in the covered disaster areas who are affiliated with a recognized government or philanthropic organization are eligible for relief. Taxpayers who live outside of the impacted area and think they may qualify for this relief need to contact the IRS at 866-562-5227.
The IRS also announced today that Taxpayer Assistance Centers in several New York and New Jersey locations will be open additional hours to provide help to taxpayers impacted by Hurricane Sandy. There will also be special assistance available at several New Jersey and New York locations on Saturday, February 23 from 9 a.m. until 2 p.m. More information will be available on irs.gov.
The tax relief postpones various tax filing and payment deadlines that occurred starting in late October. As a result, affected individuals and businesses will have until April 1, 2013, to file these returns and pay any taxes due. This includes the fourth quarter individual estimated tax payment, normally due Jan. 15, 2013. It also includes payroll and excise tax returns and accompanying payments for the third and fourth quarters, normally due on Oct. 31, 2012 and Jan. 31, 2013 respectively, and calendar year corporate income tax returns due March 15. It also applies to tax-exempt organizations required to file Form 990 series returns with an original or extended deadline falling during this period.
The IRS will abate any interest, late-payment or late-filing penalty that would otherwise apply. The IRS automatically provides this relief to any taxpayer located in the disaster area. Taxpayers need not contact the IRS to get this relief.
The tax relief is part of a coordinated federal response to the damage caused by the hurricane and is based on local damage assessments by FEMA. For information on disaster recovery, individuals should visit disasterassistance.gov.
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The Irs Amendment
Irs amendment 8. Irs amendment Qualified Tuition Program (QTP) Table of Contents Introduction What Is a Qualified Tuition ProgramDesignated beneficiary. Irs amendment Half-time student. Irs amendment How Much Can You Contribute Are Distributions TaxableFiguring the Taxable Portion of a Distribution Additional Tax on Taxable Distributions Rollovers and Other TransfersRollovers Changing the Designated Beneficiary Introduction Qualified tuition programs (QTPs) are also called “529 plans. Irs amendment ” States may establish and maintain programs that allow you to either prepay or contribute to an account for paying a student's qualified education expenses at a postsecondary institution. Irs amendment Eligible educational institutions may establish and maintain programs that allow you to prepay a student's qualified education expenses. Irs amendment If you prepay tuition, the student (designated beneficiary) will be entitled to a waiver or a payment of qualified education expenses. Irs amendment You cannot deduct either payments or contributions to a QTP. Irs amendment For information on a specific QTP, you will need to contact the state agency or eligible educational institution that established and maintains it. Irs amendment What is the tax benefit of a QTP. Irs amendment No tax is due on a distribution from a QTP unless the amount distributed is greater than the beneficiary's adjusted qualified education expenses. Irs amendment See Are Distributions Taxable , later, for more information. Irs amendment Even if a QTP is used to finance a student's education, the student or the student's parents still may be eligible to claim the American opportunity credit or the lifetime learning credit. Irs amendment See Coordination With American Opportunity and Lifetime Learning Credits, later. Irs amendment What Is a Qualified Tuition Program A qualified tuition program is a program set up to allow you to either prepay, or contribute to an account established for paying, a student's qualified education expenses at an eligible educational institution. Irs amendment QTPs can be established and maintained by states (or agencies or instrumentalities of a state) and eligible educational institutions. Irs amendment The program must meet certain requirements. Irs amendment Your state government or the eligible educational institution in which you are interested can tell you whether or not they participate in a QTP. Irs amendment Qualified education expenses. Irs amendment These are expenses related to enrollment or attendance at an Eligible educational institution (defined later). Irs amendment As shown in the following list, to be qualified, some of the expenses must be required by the institution and some must be incurred by students who are enrolled at least half-time. Irs amendment See Half-time student , later. Irs amendment The following expenses must be required for enrollment or attendance of a Designated beneficiary (defined later) at an eligible educational institution. Irs amendment Tuition and fees. Irs amendment Books, supplies, and equipment. Irs amendment Expenses for special needs services needed by a special needs beneficiary must be incurred in connection with enrollment or attendance at an eligible educational institution. Irs amendment Expenses for room and board must be incurred by students who are enrolled at least half-time. Irs amendment The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Irs amendment The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. Irs amendment The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Irs amendment You will need to contact the eligible educational institution for qualified room and board costs. Irs amendment For tax years after 2010, the purchase of computer technology or equipment is only a qualified education expense if the computer technology or equipment is required for enrollment or attendance at an eligible institution. Irs amendment Designated beneficiary. Irs amendment The designated beneficiary is generally the student (or future student) for whom the QTP is intended to provide benefits. Irs amendment The designated beneficiary can be changed after participation in the QTP begins. Irs amendment If a state or local government or certain tax-exempt organizations purchase an interest in a QTP as part of a scholarship program, the designated beneficiary is the person who receives the interest as a scholarship. Irs amendment Half-time student. Irs amendment A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic workload for the course of study the student is pursuing, as determined under the standards of the school where the student is enrolled. Irs amendment Eligible educational institution. Irs amendment For purposes of a QTP, this is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Irs amendment S. Irs amendment Department of Education. Irs amendment It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Irs amendment The educational institution should be able to tell you if it is an eligible educational institution. Irs amendment Certain educational institutions located outside the United States also participate in the U. Irs amendment S. Irs amendment Department of Education's Federal Student Aid (FSA) programs. Irs amendment How Much Can You Contribute Contributions to a QTP on behalf of any beneficiary cannot be more than the amount necessary to provide for the qualified education expenses of the beneficiary. Irs amendment There are no income restrictions on the individual contributors. Irs amendment You can contribute to both a QTP and a Coverdell ESA in the same year for the same designated beneficiary. Irs amendment Are Distributions Taxable The part of a distribution representing the amount paid or contributed to a QTP does not have to be included in income. Irs amendment This is a return of the investment in the plan. Irs amendment The designated beneficiary generally does not have to include in income any earnings distributed from a QTP if the total distribution is less than or equal to adjusted qualified education expenses (defined under Figuring the Taxable Portion of a Distribution , later). Irs amendment Earnings and return of investment. Irs amendment You will receive a Form 1099-Q, from each of the programs from which you received a QTP distribution in 2013. Irs amendment The amount of your gross distribution (box 1) shown on each form will be divided between your earnings (box 2) and your basis, or return of investment (box 3). Irs amendment Form 1099-Q should be sent to you by January 31, 2014. Irs amendment Figuring the Taxable Portion of a Distribution To determine if total distributions for the year are more or less than the amount of qualified education expenses, you must compare the total of all QTP distributions for the tax year to the adjusted qualified education expenses. Irs amendment Adjusted qualified education expenses. Irs amendment This amount is the total qualified education expenses reduced by any tax-free educational assistance. Irs amendment Tax-free educational assistance includes: The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Irs amendment Taxable earnings. Irs amendment Use the following steps to figure the taxable part. Irs amendment Multiply the total distributed earnings shown in box 2 of Form 1099-Q by a fraction. Irs amendment The numerator is the adjusted qualified education expenses paid during the year and the denominator is the total amount distributed during the year. Irs amendment Subtract the amount figured in (1) from the total distributed earnings. Irs amendment The result is the amount the beneficiary must include in income. Irs amendment Report it on Form 1040 or Form 1040NR, line 21. Irs amendment Example 1. Irs amendment In 2007, Sara Clarke's parents opened a savings account for her with a QTP maintained by their state government. Irs amendment Over the years they contributed $18,000 to the account. Irs amendment The total balance in the account was $27,000 on the date the distribution was made. Irs amendment In the summer of 2013, Sara enrolled in college and had $8,300 of qualified education expenses for the rest of the year. Irs amendment She paid her college expenses from the following sources. Irs amendment Gift from parents $1,600 Partial tuition scholarship (tax-free) 3,100 QTP distribution 5,300 Before Sara can determine the taxable part of her QTP distribution, she must reduce her total qualified education expenses by any tax-free educational assistance. Irs amendment Total qualified education expenses $8,300 Minus: Tax-free educational assistance −3,100 Equals: Adjusted qualified education expenses (AQEE) $5,200 Since the remaining expenses ($5,200) are less than the QTP distribution, part of the earnings will be taxable. Irs amendment Sara's Form 1099-Q shows that $950 of the QTP distribution is earnings. Irs amendment Sara figures the taxable part of the distributed earnings as follows. Irs amendment 1. Irs amendment $950 (earnings) × $5,200 AQEE $5,300 distribution =$932 (tax-free earnings) 2. Irs amendment $950 (earnings)−$932 (tax-free earnings) =$18 (taxable earnings) Sara must include $18 in income (Form 1040, line 21) as distributed QTP earnings not used for adjusted qualified education expenses. Irs amendment Coordination With American Opportunity and Lifetime Learning Credits An American opportunity or lifetime learning credit (education credit) can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. Irs amendment This means that after the beneficiary reduces qualified education expenses by tax-free educational assistance, he or she must further reduce them by the expenses taken into account in determining the credit. Irs amendment Example 2. Irs amendment Assume the same facts as in Example 1 , except that Sara's parents claimed an American opportunity credit of $2,500 (based on $4,000 expenses). Irs amendment Total qualified education expenses $8,300 Minus: Tax-free educational assistance −3,100 Minus: Expenses taken into account in figuring American opportunity credit −4,000 Equals: Adjusted qualified education expenses (AQEE) $1,200 The taxable part of the distribution is figured as follows. Irs amendment 1. Irs amendment $950 (earnings) × $1,200 AQEE $5,300 distribution =$215 (tax-free earnings) 2. Irs amendment $950 (earnings)−$215 (tax-free earnings) =$735 (taxable earnings) Sara must include $735 in income (Form 1040, line 21). Irs amendment This represents distributed earnings not used for adjusted qualified education expenses. Irs amendment Coordination With Coverdell ESA Distributions If a designated beneficiary receives distributions from both a QTP and a Coverdell ESA in the same year, and the total of these distributions is more than the beneficiary's adjusted qualified higher education expenses, the expenses must be allocated between the distributions. Irs amendment For purposes of this allocation, disregard any qualified elementary and secondary education expenses. Irs amendment Example 3. Irs amendment Assume the same facts as in Example 2 , except that instead of receiving a $5,300 distribution from her QTP, Sara received $4,600 from that account and $700 from her Coverdell ESA. Irs amendment In this case, Sara must allocate her $1,200 of adjusted qualified higher education expenses (AQHEE) between the two distributions. Irs amendment $1,200 AQHEE × $700 ESA distribution $5,300 total distribution = $158 AQHEE (ESA) $1,200 AQHEE × $4,600 QTP distribution $5,300 total distribution = $1,042 AQHEE (QTP) Sara then figures the taxable portion of her Coverdell ESA distribution based on qualified higher education expenses of $158, and the taxable portion of her QTP distribution based on the other $1,042. Irs amendment Note. Irs amendment If you are required to allocate your expenses between Coverdell ESA and QTP distributions, and you have adjusted qualified elementary and secondary education expenses, see the examples in chapter 7, Coverdell Education Savings Account under Coordination With Qualified Tuition Program (QTP) Distributions . Irs amendment Coordination With Tuition and Fees Deduction. Irs amendment A tuition and fees deduction can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. Irs amendment Losses on QTP Investments If you have a loss on your investment in a QTP account, you may be able to take the loss on your income tax return. Irs amendment You can take the loss only when all amounts from that account have been distributed and the total distributions are less than your unrecovered basis. Irs amendment Your basis is the total amount of contributions to that QTP account. Irs amendment You claim the loss as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23 (Schedule A (Form 1040NR), line 9), subject to the 2%-of-adjusted-gross-income limit. Irs amendment If you have distributions from more than one QTP account during a year, you must combine the information (amount of distribution, basis, etc. Irs amendment ) from all such accounts in order to determine your taxable earnings for the year. Irs amendment By doing this, the loss from one QTP account reduces the distributed earnings (if any) from any other QTP accounts. Irs amendment Example 1. Irs amendment In 2013, Taylor received a final distribution of $1,000 from QTP #1. Irs amendment His unrecovered basis in that account before the distribution was $3,000. Irs amendment If Taylor itemizes his deductions, he can claim the $2,000 loss on Schedule A (Form 1040). Irs amendment Example 2. Irs amendment Assume the same facts as in Example 1 , except that Taylor also had a distribution of $9,000 from QTP #2, giving him total distributions for 2013 of $10,000. Irs amendment His total basis in these distributions was $4,500 ($3,000 for QTP #1 and $1,500 for QTP #2). Irs amendment Taylor's adjusted qualified education expenses for 2013 totaled $6,000. Irs amendment In order to figure his taxable earnings, Taylor combines the two accounts and determines his taxable earnings as follows. Irs amendment 1. Irs amendment $10,000 (total distribution)−$4,500 (basis portion of distribution) = $5,500 (earnings included in distribution) 2. Irs amendment $5,500 (earnings) x $6,000 AQEE $10,000 distribution =$3,300 (tax-free earnings) 3. Irs amendment $5,500 (earnings)−$3,300 (tax-free earnings) =$2,200 (taxable earnings) Taylor must include $2,200 in income on Form 1040, line 21. Irs amendment Because Taylor's accounts must be combined, he cannot deduct his $2,000 loss (QTP #1) on Schedule A (Form 1040). Irs amendment Instead, the $2,000 loss reduces the total earnings that were distributed, thereby reducing his taxable earnings. Irs amendment Additional Tax on Taxable Distributions Generally, if you receive a taxable distribution, you also must pay a 10% additional tax on the amount included in income. Irs amendment Exceptions. Irs amendment The 10% additional tax does not apply to distributions: Paid to a beneficiary (or to the estate of the designated beneficiary) on or after the death of the designated beneficiary. Irs amendment Made because the designated beneficiary is disabled. Irs amendment A person is considered to be disabled if he or she shows proof that he or she cannot do any substantial gainful activity because of his or her physical or mental condition. Irs amendment A physician must determine that his or her condition can be expected to result in death or to be of long-continued and indefinite duration. Irs amendment Included in income because the designated beneficiary received: A tax-free scholarship or fellowship (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), or Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Irs amendment Made on account of the attendance of the designated beneficiary at a U. Irs amendment S. Irs amendment military academy (such as the USNA at Annapolis). Irs amendment This exception applies only to the extent that the amount of the distribution does not exceed the costs of advanced education (as defined in section 2005(d)(3) of title 10 of the U. Irs amendment S. Irs amendment Code) attributable to such attendance. Irs amendment Included in income only because the qualified education expenses were taken into account in determining the American opportunity or lifetime learning credit (see Coordination With American Opportunity and Lifetime Learning Credits , earlier. Irs amendment ) Exception (3) applies only to the extent the distribution is not more than the scholarship, allowance, or payment. Irs amendment Figuring the additional tax. Irs amendment Use Part II of Form 5329, to figure any additional tax. Irs amendment Report the amount on Form 1040, line 58, or Form 1040NR, line 56. Irs amendment Rollovers and Other Transfers Assets can be rolled over or transferred from one QTP to another. Irs amendment In addition, the designated beneficiary can be changed without transferring accounts. Irs amendment Rollovers Any amount distributed from a QTP is not taxable if it is rolled over to another QTP for the benefit of the same beneficiary or for the benefit of a member of the beneficiary's family (including the beneficiary's spouse). Irs amendment An amount is rolled over if it is paid to another QTP within 60 days after the date of the distribution. Irs amendment Do not report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040 or 1040NR. Irs amendment These are not taxable distributions. Irs amendment Members of the beneficiary's family. Irs amendment For these purposes, the beneficiary's family includes the beneficiary's spouse and the following other relatives of the beneficiary. Irs amendment Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. Irs amendment Brother, sister, stepbrother, or stepsister. Irs amendment Father or mother or ancestor of either. Irs amendment Stepfather or stepmother. Irs amendment Son or daughter of a brother or sister. Irs amendment Brother or sister of father or mother. Irs amendment Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. Irs amendment The spouse of any individual listed above. Irs amendment First cousin. Irs amendment Example. Irs amendment When Aaron graduated from college last year he had $5,000 left in his QTP. Irs amendment He wanted to give this money to his younger brother, who was in junior high school. Irs amendment In order to avoid paying tax on the distribution of the amount remaining in his account, Aaron contributed the same amount to his brother's QTP within 60 days of the distribution. Irs amendment If the rollover is to another QTP for the same beneficiary, only one rollover is allowed within 12 months of a previous transfer to any QTP for that designated beneficiary. Irs amendment Changing the Designated Beneficiary There are no income tax consequences if the designated beneficiary of an account is changed to a member of the beneficiary's family. Irs amendment See Members of the beneficiary's family , earlier. Irs amendment Example. Irs amendment Assume the same situation as in the last example. Irs amendment Instead of closing his QTP and paying the distribution into his brother's QTP, Aaron could have instructed the trustee of his account to simply change the name of the beneficiary on his account to that of his brother. Irs amendment Prev Up Next Home More Online Publications