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Irs Forms 2011 1040

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Irs Forms 2011 1040

Irs forms 2011 1040 29. Irs forms 2011 1040   Límite sobre Deducciones Detalladas Table of Contents Introduction Useful Items - You may want to see: ¿Está Usted Sujeto al Límite? ¿Qué Deducciones Detalladas Están Limitadas? ¿Qué Deducciones Detalladas no Están Limitadas? ¿Cómo se Calcula el Límite?Ejemplo Introduction Este capítulo trata del límite general sobre las deducciones detalladas en el Anexo A (Formulario 1040). Irs forms 2011 1040 Los temas abarcan: Quién está sujeto al límite. Irs forms 2011 1040 Qué deducciones detalladas están limitadas. Irs forms 2011 1040 Cómo calcular el límite. Irs forms 2011 1040 Useful Items - You may want to see: Formulario (e Instrucciones) Anexo A (Formulario 1040) Itemized Deductions (Deducciones detalladas), en inglés. Irs forms 2011 1040 ¿Está Usted Sujeto al Límite? Si tiene ingresos brutos ajustados (AGI, por sus siglas en inglés) de más de $300,000, si es casado que presenta la declaración conjunta o viudo calificado, $275,000, si es cabeza de familia, $250,000, si es soltero o $150,000, si es casado que presenta la declaración por separado, está sujeto al límite sobre determinadas deducciones detalladas. Irs forms 2011 1040 El ingreso bruto ajustado (AGI) es la cantidad de la línea 38 (Formulario 1040). Irs forms 2011 1040 ¿Qué Deducciones Detalladas Están Limitadas? Las siguientes deducciones del Anexo A (Formulario 1040) están sujetas al límite general sobre las deducciones detalladas: Impuestos pagados —línea 9. Irs forms 2011 1040 Intereses pagados —líneas 10,11,12 y 13. Irs forms 2011 1040 Donaciones a organizaciones caritativas —línea 19. Irs forms 2011 1040 Gastos laborales y determinadas deducciones misceláneas —línea 27. Irs forms 2011 1040 Otras deducciones misceláneas —línea 28, excluyendo pérdidas por apuestas y juegos de azar y por hecho fortuito o robo. Irs forms 2011 1040 ¿Qué Deducciones Detalladas no Están Limitadas? Las siguientes deducciones del Anexo A (Formulario 1040) no están sujetas al límite general sobre las deducciones detalladas. Irs forms 2011 1040 Sin embargo, igualmente están sujetas a otros límites aplicables. Irs forms 2011 1040 Gastos médicos y dentales —línea 4. Irs forms 2011 1040 Gastos de intereses de inversión —línea 14. Irs forms 2011 1040 Pérdidas por hecho fortuito y robo de bienes de uso personal —línea 20. Irs forms 2011 1040 Pérdidas por hecho fortuito y robo de bienes que generan ingresos —línea 28. Irs forms 2011 1040 Pérdidas por apuestas y juegos de azar —línea 28. Irs forms 2011 1040 ¿Cómo se Calcula el Límite? Si las deducciones detalladas están sujetas al límite, el total de todas sus deducciones detalladas es reducido por la cantidad menor de uno de: el 80% de las deducciones detalladas afectadas por el límite. Irs forms 2011 1040 Vea ¿Qué Deducciones Detalladas Están Limitadas? , anteriormente o el 3% de la cantidad por la cual los ingresos brutos ajustados sobrepasen $300,000, si es casado que presenta la declaración conjunta o viudo calificado, $275,000, si es cabeza de familia, $250,000, si es soltero o $150,000, si es casado que presenta la declaración por separado. Irs forms 2011 1040 Antes de calcular el límite general sobre las deducciones detalladas, primero tiene que llenar las líneas 1 a 28 del Anexo A (Formulario 1040), incluyendo todo formulario afín (tal como el Formulario 2106, el Formulario 4684, etc. Irs forms 2011 1040 ) El límite general sobre las deducciones detalladas se calcula después de haberse aplicado cualquier otro límite sobre la asignación de alguna deducción detallada. Irs forms 2011 1040 Estos límites adicionales abarcan los límites sobre donaciones caritativas (capítulo 24), el límite sobre determinados gastos de comida y entretenimiento (capítulo 26) y el límite del 2% de los ingresos brutos ajustados sobre determinadas deducciones misceláneas (capítulo 28). Irs forms 2011 1040 Hoja de trabajo de deducciones detalladas. Irs forms 2011 1040   Después de completar hasta la línea 28, inclusive, del Anexo A (Formulario 1040), puede utilizar la Itemized Deductions Worksheet (Hoja de trabajo de las deducciones detalladas), en las Instrucciones del Anexo A (Formulario 1040) para calcular el límite. Irs forms 2011 1040 Anote el resultado en la línea 29 del Anexo A (Formulario 1040). Irs forms 2011 1040 Guarde la hoja de trabajo con su documentación. Irs forms 2011 1040 Debe comparar la cantidad de la deducción estándar con la cantidad de las deducciones detalladas después de aplicar el límite. Irs forms 2011 1040 Utilice la cantidad mayor cuando complete la línea 40 (Formulario 1040). Irs forms 2011 1040 Vea el capítulo 20 para información sobre cómo calcular la deducción estándar. Irs forms 2011 1040 Ejemplo Para el año tributario 2013, Guillermo y Teresa Valdez presentan la declaración conjunta en el Formulario 1040. Irs forms 2011 1040 Tienen ingresos brutos ajustados de $325,500 en la línea 38. Irs forms 2011 1040 Las deducciones detalladas de su Anexo A son las siguientes: Impuestos pagados —línea 9   $ 17,900 Intereses pagados —líneas 10,11,12 y 13   45,000 Gasto de intereses de inversión  —línea 14   41,000 Donaciones a organizaciones caritativas —línea 19   21,000 Gastos laborales —línea 27   17,240 Total   $142,140       La deducción por gastos de intereses de inversión de los Valdez ($41,000 de la línea 14 del Anexo A (Formulario 1040) no está sujeta al límite general de las deducciones detalladas. Irs forms 2011 1040 Los Valdez utilizan la Itemized Deductions Worksheet (Hoja de trabajo de las deducciones detalladas), en las Instrucciones del Anexo A (Formulario 1040) para calcular el límite general. Irs forms 2011 1040 Del total de las deducciones detalladas de $142,140, los Valdez pueden deducir sólo $141,375 ($142,140 - $765). Irs forms 2011 1040 Anotan $141,375 en la línea 29 del Anexo A (Formulario 1040). 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Contact My Local Office in California

Face-to-face Tax Help

IRS Taxpayer Assistance Centers (TACs) are your source for personal tax help when you believe your tax issue can only be handled face-to-face. No appointment is necessary.

Keep in mind, many questions can be resolved online without waiting in line. Through IRS.gov you can:
• Set up a payment plan.
• Get a transcript of your tax return.
• Make a payment.
• Check on your refund.
• Find answers to many of your tax questions.

We are now referring all requests for tax return preparation services to other available resources. You can take advantage of free tax preparation through Free File, Free File Fillable Forms or through a volunteer site in your community. To find the nearest volunteer site location or to get more information about Free File, go to the top of the page and enter “Free Tax Help” in the Search box.

If you have a tax account issues and feel that it requires talking with someone face-to-face, visit your local TAC.

Caution:  Many of our offices are located in Federal Office Buildings. These buildings may not allow visitors to bring in cell phones with camera capabilities.

Multilingual assistance is available in every office. Hours of operation are subject to change.

Before visiting your local office click on "Services Provided" in the chart below to see what services are available. Services are limited and not all services are available at every TAC office and may vary from site to site. You can get these services on a walk-in basis.

City Street Address Days/Hours of Service Telephone*
Bakersfield 4825 Coffee Rd.
Bakersfield, CA 93308

Monday-Friday - 8:30 a.m.- 4:30 p.m.
 

Services Provided

(661) 632-2799
Camarillo 751 Daily Dr.
Camarillo, CA 93010

Monday-Friday - 8:30 a.m. - 4:30 p.m.
 

Services Provided

(805) 445-4771
Chico 1395 Ridgewood Dr.
Chico, CA 95973

Monday-Friday - 8:30 a.m.- 4:30 p.m.
(Closed for lunch 12:30 p.m. - 1:30 p.m.)
 

Services Provided

(530) 343-2324
El Centro 2345 S. Second St.
El Centro, CA 92243

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

Services Provided

(760) 352-3721
El Monte 9350 East Flair Dr.
El Monte, CA 91731

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(626) 927-1201
Fresno 2525 Capitol St
Fresno, CA 93721

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(559) 444-2044
Laguna Niguel 24000 Avila Rd.
Laguna Niguel, CA 92677

Monday-Friday 8:30 a.m.- 4:30 p.m.

 

Services Provided

(949) 389-4002
Long Beach 501 W. Ocean Blvd.
Long Beach, CA 90802

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(562) 491-7751
Los Angeles 300 N. Los Angeles St.
Los Angeles, CA 90012

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(213) 576-3009
Modesto 1533 Lakewood Ave.
Modesto, CA 95355

Monday-Friday - 8:30 a.m.- 4:30 p.m.
 

Services Provided

(209) 548-7388
Oakland 1301 Clay St.
Oakland, CA 94612

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**
 

Services Provided

(510) 637-2487
Palm Springs 556 S. Paseo Dorotea
Palm Springs, CA 92264

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 1:00 p.m. - 2:00 p.m.)

 

Services Provided

(760) 866-6125
Redding 850 Industrial St.
Redding, CA 96002

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 12:30 p.m. - 1:30 p.m.)

 

Services Provided

(530) 224-0695
Sacramento  4330 Watt Ave.
Sacramento, CA 95821 

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**
 

Services Provided

(916) 974-5225 
Salinas  928 East Blanco Rd
Salinas, CA  93901 

Monday-Friday - 8:30 a.m.- 4:30 p.m.
 

Services Provided

(831) 753-6895 
San Bernardino  290 N. D St.
San Bernardino, CA 92401 

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

Services Provided

(909) 388-8108 
San Diego  880 Front St.
San Diego, CA 92101 

Monday-Friday - 8:30 a.m.- 4:30 p.m.
 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

  Services Provided

(619) 615-9555 
San Francisco  450 Golden Gate Ave.
San Francisco, CA 94102 

Monday-Friday - 8:30 a.m.- 4:30 p.m.
 

Services Provided

(415) 553-8990 
San Jose  55 S. Market St.
San Jose, CA 95113 

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**
 

Services Provided

(408) 282-0179 
San Marcos  1 Civic Center Dr.
San Marcos, CA 92069 

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**
 

Services Provided

(760) 736-7355
Santa Ana  801 Civic Center Drive W.
Santa Ana, CA 92701 

Monday-Friday - 8:30 a.m.- 4:30 p.m.
 

Services Provided

(714) 347-9204 
Santa Barbara  1332 Anacapa St.
Santa Barbara, CA 93101 

Monday-Friday - 8:30 a.m.- 4:30 p.m.
(Closed for lunch 12:30 p.m. - 1:30 p.m.) 

 

Services Provided

(805) 564-7555 
Santa Maria  2384 Professional Parkway
Santa Maria, CA 93455 

Monday-Friday - 8:30 a.m.- 4:30 p.m.
(Closed for lunch 1:00 p.m. - 2:00 p.m.)
 

Services Provided

(805) 352-0355 
Santa Rosa  777 Sonoma Ave.
Santa Rosa, CA 95404 

Monday-Friday - 8:30 a.m.- 4:30 p.m.
 

Services Provided

(707) 523-0924
Stockton  4643 Quail Lakes Dr.
Stockton, CA 95207 

Monday-Friday - 8:30 a.m.- 4:30 p.m.
 

Services Provided

(209) 942-1910 
Van Nuys  6230 Van Nuys Blvd.
Van Nuys, CA 91401 

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

Services Provided

(818) 779-3625 
Visalia  5300 W. Tulare St.
Visalia, CA 93277

Monday-Friday - 8:30 a.m.- 4:30 p.m.
(Closed for lunch 12:30 p.m. - 1:30 p.m.) 
 

Services Provided

(559) 265-4109 

Walnut Creek  185 Lennon Lane
Walnut Creek, CA 94598 

Monday-Friday - 8:30 a.m.- 4:30 p.m.
 

Services Provided

(925) 935-9308

* Note: The phone numbers in the chart above are not toll-free for all locations. When you call, you will reach a recorded business message with information about office hours, locations and services provided in that office. If face-to-face assistance is not a priority for you, you may also get help with IRS letters or resolve tax account issues by phone, toll free at 1-800-829-1040 (individuals) or 1-800-829-4933 (businesses).

For information on where to file your tax return please see Where to File Addresses.

The Taxpayer Advocate Service:  Within California call:

 Oakland  (510) 637-2703
 San Jose  (408) 817-6850
 Los Angeles  (213) 576-3140
 Laguna Niguel  (949) 389-4804
 Sacramento   (916) 974-5007

Call 1-877-777-4778 elsewhere, or see  Publication 1546, The Taxpayer Advocate Service of the IRS. For further information, see  Tax Topic 104.

Partnerships

IRS and organizations all over the country are partnering to assist taxpayers. Through these partnerships, organizations are also achieving their own goals. These mutually beneficial partnerships are strengthening outreach efforts and bringing education and assistance to millions.

For more information about these programs for individuals and families, contact the Stakeholder Partnerships, Education and Communication Office at:

Internal Revenue Service
300 North Los Angeles St. MS 6602
Los Angeles, CA 90012

Internal Revenue Service
4330 Watt Avenue, SA 5650
North Highlands, CA 95660

Internal Revenue Service
1 Civic Center Drive, Ste. 400
San Marcos, CA 92069

Internal Revenue Service
1301 Clay Street, 110S
Oakland, CA 94612

Internal Revenue Service
55 South Market HQ 6600
San Jose, CA 95113

For more information about these programs for businesses, your local Stakeholder Liaison office establishes relationships with organizations representing small business and self-employed taxpayers. They provide information about the policies, practices and procedures the IRS uses to ensure compliance with the tax laws. To establish a relationship with us, use this list to find a contact in your state:

Stakeholder Liaison (SL) Phone Numbers for Organizations Representing Small Businesses and Self-employed Taxpayers.

Page Last Reviewed or Updated: 28-Mar-2014

The Irs Forms 2011 1040

Irs forms 2011 1040 8. Irs forms 2011 1040   Qualified Tuition Program (QTP) Table of Contents Introduction What Is a Qualified Tuition ProgramDesignated beneficiary. Irs forms 2011 1040 Half-time student. Irs forms 2011 1040 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 forms 2011 1040 ” 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 forms 2011 1040 Eligible educational institutions may establish and maintain programs that allow you to prepay a student's qualified education expenses. Irs forms 2011 1040 If you prepay tuition, the student (designated beneficiary) will be entitled to a waiver or a payment of qualified education expenses. Irs forms 2011 1040 You cannot deduct either payments or contributions to a QTP. Irs forms 2011 1040 For information on a specific QTP, you will need to contact the state agency or eligible educational institution that established and maintains it. Irs forms 2011 1040 What is the tax benefit of a QTP. Irs forms 2011 1040   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 forms 2011 1040 See Are Distributions Taxable , later, for more information. Irs forms 2011 1040    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 forms 2011 1040 See Coordination With American Opportunity and Lifetime Learning Credits, later. Irs forms 2011 1040 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 forms 2011 1040 QTPs can be established and maintained by states (or agencies or instrumentalities of a state) and eligible educational institutions. Irs forms 2011 1040 The program must meet certain requirements. Irs forms 2011 1040 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 forms 2011 1040 Qualified education expenses. Irs forms 2011 1040   These are expenses related to enrollment or attendance at an Eligible educational institution (defined later). Irs forms 2011 1040 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 forms 2011 1040 See Half-time student , later. Irs forms 2011 1040 The following expenses must be required for enrollment or attendance of a Designated beneficiary (defined later) at an eligible educational institution. Irs forms 2011 1040 Tuition and fees. Irs forms 2011 1040 Books, supplies, and equipment. Irs forms 2011 1040 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 forms 2011 1040 Expenses for room and board must be incurred by students who are enrolled at least half-time. Irs forms 2011 1040 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 forms 2011 1040 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 forms 2011 1040 The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Irs forms 2011 1040 You will need to contact the eligible educational institution for qualified room and board costs. Irs forms 2011 1040    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 forms 2011 1040 Designated beneficiary. Irs forms 2011 1040   The designated beneficiary is generally the student (or future student) for whom the QTP is intended to provide benefits. Irs forms 2011 1040 The designated beneficiary can be changed after participation in the QTP begins. Irs forms 2011 1040 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 forms 2011 1040 Half-time student. Irs forms 2011 1040   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 forms 2011 1040 Eligible educational institution. Irs forms 2011 1040   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 forms 2011 1040 S. Irs forms 2011 1040 Department of Education. Irs forms 2011 1040 It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Irs forms 2011 1040 The educational institution should be able to tell you if it is an eligible educational institution. Irs forms 2011 1040   Certain educational institutions located outside the United States also participate in the U. Irs forms 2011 1040 S. Irs forms 2011 1040 Department of Education's Federal Student Aid (FSA) programs. Irs forms 2011 1040   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 forms 2011 1040 There are no income restrictions on the individual contributors. Irs forms 2011 1040 You can contribute to both a QTP and a Coverdell ESA in the same year for the same designated beneficiary. Irs forms 2011 1040   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 forms 2011 1040 This is a return of the investment in the plan. Irs forms 2011 1040 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 forms 2011 1040 Earnings and return of investment. Irs forms 2011 1040    You will receive a Form 1099-Q, from each of the programs from which you received a QTP distribution in 2013. Irs forms 2011 1040 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 forms 2011 1040 Form 1099-Q should be sent to you by January 31, 2014. Irs forms 2011 1040 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 forms 2011 1040 Adjusted qualified education expenses. Irs forms 2011 1040   This amount is the total qualified education expenses reduced by any tax-free educational assistance. Irs forms 2011 1040 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 forms 2011 1040 Taxable earnings. Irs forms 2011 1040   Use the following steps to figure the taxable part. Irs forms 2011 1040 Multiply the total distributed earnings shown in box 2 of Form 1099-Q by a fraction. Irs forms 2011 1040 The numerator is the adjusted qualified education expenses paid during the year and the denominator is the total amount distributed during the year. Irs forms 2011 1040 Subtract the amount figured in (1) from the total distributed earnings. Irs forms 2011 1040 The result is the amount the beneficiary must include in income. Irs forms 2011 1040 Report it on Form 1040 or Form 1040NR, line 21. Irs forms 2011 1040 Example 1. Irs forms 2011 1040 In 2007, Sara Clarke's parents opened a savings account for her with a QTP maintained by their state government. Irs forms 2011 1040 Over the years they contributed $18,000 to the account. Irs forms 2011 1040 The total balance in the account was $27,000 on the date the distribution was made. Irs forms 2011 1040 In the summer of 2013, Sara enrolled in college and had $8,300 of qualified education expenses for the rest of the year. Irs forms 2011 1040 She paid her college expenses from the following sources. Irs forms 2011 1040   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 forms 2011 1040   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 forms 2011 1040 Sara's Form 1099-Q shows that $950 of the QTP distribution is earnings. Irs forms 2011 1040 Sara figures the taxable part of the distributed earnings as follows. Irs forms 2011 1040   1. Irs forms 2011 1040 $950 (earnings) × $5,200 AQEE  $5,300 distribution           =$932 (tax-free earnings)     2. Irs forms 2011 1040 $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 forms 2011 1040 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 forms 2011 1040 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 forms 2011 1040 Example 2. Irs forms 2011 1040 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 forms 2011 1040   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 forms 2011 1040   1. Irs forms 2011 1040 $950 (earnings) × $1,200 AQEE  $5,300 distribution           =$215 (tax-free earnings)     2. Irs forms 2011 1040 $950 (earnings)−$215 (tax-free earnings)     =$735 (taxable earnings)       Sara must include $735 in income (Form 1040, line 21). Irs forms 2011 1040 This represents distributed earnings not used for adjusted qualified education expenses. Irs forms 2011 1040 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 forms 2011 1040 For purposes of this allocation, disregard any qualified elementary and secondary education expenses. Irs forms 2011 1040 Example 3. Irs forms 2011 1040 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 forms 2011 1040 In this case, Sara must allocate her $1,200 of adjusted qualified higher education expenses (AQHEE) between the two distributions. Irs forms 2011 1040   $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 forms 2011 1040 Note. Irs forms 2011 1040 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 forms 2011 1040 Coordination With Tuition and Fees Deduction. Irs forms 2011 1040   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 forms 2011 1040 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 forms 2011 1040 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 forms 2011 1040 Your basis is the total amount of contributions to that QTP account. Irs forms 2011 1040 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 forms 2011 1040 If you have distributions from more than one QTP account during a year, you must combine the information (amount of distribution, basis, etc. Irs forms 2011 1040 ) from all such accounts in order to determine your taxable earnings for the year. Irs forms 2011 1040 By doing this, the loss from one QTP account reduces the distributed earnings (if any) from any other QTP accounts. Irs forms 2011 1040 Example 1. Irs forms 2011 1040 In 2013, Taylor received a final distribution of $1,000 from QTP #1. Irs forms 2011 1040 His unrecovered basis in that account before the distribution was $3,000. Irs forms 2011 1040 If Taylor itemizes his deductions, he can claim the $2,000 loss on Schedule A (Form 1040). Irs forms 2011 1040 Example 2. Irs forms 2011 1040 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 forms 2011 1040 His total basis in these distributions was $4,500 ($3,000 for QTP #1 and $1,500 for QTP #2). Irs forms 2011 1040 Taylor's adjusted qualified education expenses for 2013 totaled $6,000. Irs forms 2011 1040 In order to figure his taxable earnings, Taylor combines the two accounts and determines his taxable earnings as follows. Irs forms 2011 1040   1. Irs forms 2011 1040 $10,000 (total distribution)−$4,500 (basis portion of distribution)     = $5,500 (earnings included in distribution)   2. Irs forms 2011 1040 $5,500 (earnings) x $6,000 AQEE  $10,000 distribution           =$3,300 (tax-free earnings)     3. Irs forms 2011 1040 $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 forms 2011 1040 Because Taylor's accounts must be combined, he cannot deduct his $2,000 loss (QTP #1) on Schedule A (Form 1040). Irs forms 2011 1040 Instead, the $2,000 loss reduces the total earnings that were distributed, thereby reducing his taxable earnings. Irs forms 2011 1040 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 forms 2011 1040 Exceptions. Irs forms 2011 1040   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 forms 2011 1040 Made because the designated beneficiary is disabled. Irs forms 2011 1040 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 forms 2011 1040 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 forms 2011 1040 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 forms 2011 1040 Made on account of the attendance of the designated beneficiary at a U. Irs forms 2011 1040 S. Irs forms 2011 1040 military academy (such as the USNA at Annapolis). Irs forms 2011 1040 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 forms 2011 1040 S. Irs forms 2011 1040 Code) attributable to such attendance. Irs forms 2011 1040 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 forms 2011 1040 ) Exception (3) applies only to the extent the distribution is not more than the scholarship, allowance, or payment. Irs forms 2011 1040 Figuring the additional tax. Irs forms 2011 1040    Use Part II of Form 5329, to figure any additional tax. Irs forms 2011 1040 Report the amount on Form 1040, line 58, or Form 1040NR, line 56. Irs forms 2011 1040 Rollovers and Other Transfers Assets can be rolled over or transferred from one QTP to another. Irs forms 2011 1040 In addition, the designated beneficiary can be changed without transferring accounts. Irs forms 2011 1040 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 forms 2011 1040 An amount is rolled over if it is paid to another QTP within 60 days after the date of the distribution. Irs forms 2011 1040 Do not report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040 or 1040NR. Irs forms 2011 1040 These are not taxable distributions. Irs forms 2011 1040 Members of the beneficiary's family. Irs forms 2011 1040   For these purposes, the beneficiary's family includes the beneficiary's spouse and the following other relatives of the beneficiary. Irs forms 2011 1040 Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. Irs forms 2011 1040 Brother, sister, stepbrother, or stepsister. Irs forms 2011 1040 Father or mother or ancestor of either. Irs forms 2011 1040 Stepfather or stepmother. Irs forms 2011 1040 Son or daughter of a brother or sister. Irs forms 2011 1040 Brother or sister of father or mother. Irs forms 2011 1040 Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. Irs forms 2011 1040 The spouse of any individual listed above. Irs forms 2011 1040 First cousin. Irs forms 2011 1040 Example. Irs forms 2011 1040 When Aaron graduated from college last year he had $5,000 left in his QTP. Irs forms 2011 1040 He wanted to give this money to his younger brother, who was in junior high school. Irs forms 2011 1040 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 forms 2011 1040 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 forms 2011 1040 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 forms 2011 1040 See Members of the beneficiary's family , earlier. Irs forms 2011 1040 Example. Irs forms 2011 1040 Assume the same situation as in the last example. Irs forms 2011 1040 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 forms 2011 1040 Prev  Up  Next   Home   More Online Publications