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Irs Gov Tax Forms 2012

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Irs Gov Tax Forms 2012

Irs gov tax forms 2012 5. Irs gov tax forms 2012   Credits Table of Contents Credit for the Elderly or the DisabledCan You Take the Credit? Figuring the Credit Child and Dependent Care Credit Earned Income Credit (EIC)Do You Qualify for the Earned Income Credit (EIC)? Figuring the EIC This chapter briefly discusses the credit for the elderly or disabled, the child and dependent care credit, and the earned income credit. Irs gov tax forms 2012 You may be able to reduce your federal income tax by claiming one or more of these credits. Irs gov tax forms 2012 Credit for the Elderly or the Disabled This section explains who qualifies for the credit for the elderly or the disabled and how to figure this credit. Irs gov tax forms 2012 For more information, see Publication 524, Credit for the Elderly or the Disabled. Irs gov tax forms 2012 You can take the credit only if you file Form 1040 or Form 1040A. Irs gov tax forms 2012 You cannot take the credit if you file Form 1040EZ or Form 1040NR. Irs gov tax forms 2012 Can You Take the Credit? You can take the credit for the elderly or the disabled if you meet both of the following requirements. Irs gov tax forms 2012 You are a qualified individual. Irs gov tax forms 2012 Your income is not more than certain limits. Irs gov tax forms 2012  You can use Figure 5-A and Figure 5-B as guides to see if you are eligible for the credit. Irs gov tax forms 2012   Qualified Individual You are a qualified individual for this credit if you are a U. Irs gov tax forms 2012 S. Irs gov tax forms 2012 citizen or resident alien, and either of the following applies. Irs gov tax forms 2012 You were age 65 or older at the end of 2013. Irs gov tax forms 2012 You were under age 65 at the end of 2013 and all three of the following statements are true. Irs gov tax forms 2012 You retired on permanent and total disability (explained later). Irs gov tax forms 2012 You received taxable disability income for 2013. Irs gov tax forms 2012 On January 1, 2013, you had not reached mandatory retirement age (defined later under Disability income ). Irs gov tax forms 2012 Age 65. Irs gov tax forms 2012 You are considered to be age 65 on the day before your 65th birthday. Irs gov tax forms 2012 Therefore, you are considered to be age 65 at the end of 2013 if you were born before January 2, 1949. Irs gov tax forms 2012 Figure 5-A. Irs gov tax forms 2012 Are You a Qualified Individual? This image is too large to be displayed in the current screen. Irs gov tax forms 2012 Please click the link to view the image. Irs gov tax forms 2012 Figure 5-A, Are you a qualified individual? U. Irs gov tax forms 2012 S. Irs gov tax forms 2012 citizen or resident alien. Irs gov tax forms 2012   You must be a U. Irs gov tax forms 2012 S. Irs gov tax forms 2012 citizen or resident alien (or be treated as a resident alien) to take the credit. Irs gov tax forms 2012 Generally, you cannot take the credit if you were a nonresident alien at any time during the tax year. Irs gov tax forms 2012 Exceptions. Irs gov tax forms 2012   You may be able to take the credit if you are a nonresident alien who is married to a U. Irs gov tax forms 2012 S. Irs gov tax forms 2012 citizen or resident alien at the end of the tax year and you and your spouse choose to treat you as a U. Irs gov tax forms 2012 S. Irs gov tax forms 2012 resident alien. Irs gov tax forms 2012 If you make that choice, both you and your spouse are taxed on your worldwide income. Irs gov tax forms 2012   If you were a nonresident alien at the beginning of the year and a resident alien at the end of the year, and you were married to a U. Irs gov tax forms 2012 S. Irs gov tax forms 2012 citizen or resident alien at the end of the year, you may be able to choose to be treated as a U. Irs gov tax forms 2012 S. Irs gov tax forms 2012 resident alien for the entire year. Irs gov tax forms 2012 In that case, you may be allowed to take the credit. Irs gov tax forms 2012   For information on these choices, see chapter 1 of Publication 519, U. Irs gov tax forms 2012 S. Irs gov tax forms 2012 Tax Guide for Aliens. Irs gov tax forms 2012 Married persons. Irs gov tax forms 2012   Generally, if you are married at the end of the tax year, you and your spouse must file a joint return to take the credit. Irs gov tax forms 2012 However, if you and your spouse did not live in the same household at any time during the tax year, you can file either a joint return or separate returns and still take the credit. Irs gov tax forms 2012 Head of household. Irs gov tax forms 2012   You can file as head of household and qualify to take the credit even if your spouse lived with you during the first 6 months of the year if you meet certain tests. Irs gov tax forms 2012 See Publication 524 and Publication 501. Irs gov tax forms 2012 Under age 65. Irs gov tax forms 2012   If you are under age 65 at the end of 2013, you can qualify for the credit only if you are retired on permanent and total disability and have taxable disability income (discussed later under Disability income ). Irs gov tax forms 2012 You are considered to be under age 65 at the end of 2013 if you were born after January 1, 1949. Irs gov tax forms 2012 You are retired on permanent and total disability if: You were permanently and totally disabled when you retired, and You retired on disability before the end of the tax year. Irs gov tax forms 2012   Even if you do not retire formally, you may be considered retired on disability when you have stopped working because of your disability. Irs gov tax forms 2012 If you retired on disability before 1977 and were not permanently and totally disabled at the time, you can qualify for the credit if you were permanently and totally disabled on January 1, 1976, or January 1, 1977. Irs gov tax forms 2012 Permanent and total disability. Irs gov tax forms 2012   You are permanently and totally disabled if you cannot engage in any substantial gainful activity because of your physical or mental condition. Irs gov tax forms 2012 A physician must certify that the condition has lasted or can be expected to last continuously for 12 months or more, or that the condition can be expected to result in death. Irs gov tax forms 2012 See Physician's statement , later. Irs gov tax forms 2012 Substantial gainful activity. Irs gov tax forms 2012   Substantial gainful activity is the performance of significant duties over a reasonable period of time while working for pay or profit, or in work generally done for pay or profit. Irs gov tax forms 2012   Full-time work (or part-time work done at the employer's convenience) in a competitive work situation for at least the minimum wage conclusively shows that you are able to engage in substantial gainful activity. Irs gov tax forms 2012   Substantial gainful activity is not work you do to take care of yourself or your home. Irs gov tax forms 2012 It is not unpaid work on hobbies, institutional therapy or training, school attendance, clubs, social programs, and similar activities. Irs gov tax forms 2012 However, doing this kind of work may show that you are able to engage in substantial gainful activity. Irs gov tax forms 2012    Figure 5-B. Irs gov tax forms 2012 Income Limits IF your filing status is. Irs gov tax forms 2012 . Irs gov tax forms 2012 . Irs gov tax forms 2012 THEN even if you qualify (see Figure 5-A), you CANNOT take the credit if: Your adjusted gross income (AGI)* is equal to or more than. Irs gov tax forms 2012 . Irs gov tax forms 2012 . Irs gov tax forms 2012 OR the total of your nontaxable social security and other nontaxable pension(s), annuities, or disability income is equal to or more than. Irs gov tax forms 2012 . Irs gov tax forms 2012 . Irs gov tax forms 2012 single, head of household, or qualifying widow(er) with dependent child $17,500 $5,000 married filing jointly and only one spouse qualifies in Figure 5-A $20,000 $5,000 married filing jointly and both spouses qualify in Figure 5-A $25,000 $7,500 married filing separately and you lived apart from your spouse for all of 2013 $12,500 $3,750 *AGI is the amount on Form 1040A, line 22, or Form 1040, line 38      The fact that you have not worked for some time is not, of itself, conclusive evidence that you cannot engage in substantial gainful activity. Irs gov tax forms 2012 Physician's statement. Irs gov tax forms 2012   If you are under age 65, you must have your physician complete a statement certifying that you were permanently and totally disabled on the date you retired. Irs gov tax forms 2012   You do not have to file this statement with your tax return, but you must keep it for your records. Irs gov tax forms 2012 The Instructions for Schedule R (Form 1040A or 1040) include a statement your physician can complete and that you can keep for your records. Irs gov tax forms 2012 Veterans. Irs gov tax forms 2012   If the Department of Veterans Affairs (VA) certifies that you are permanently and totally disabled, you can substitute VA Form 21-0172, Certification of Permanent and Total Disability, for the physician's statement you are required to keep. Irs gov tax forms 2012 VA Form 21-0172 must be signed by a person authorized by the VA to do so. Irs gov tax forms 2012 You can get this form from your local VA regional office. Irs gov tax forms 2012 Physician's statement obtained in earlier year. Irs gov tax forms 2012   If you got a physician's statement in an earlier year and, due to your continued disabled condition, you were unable to engage in any substantial gainful activity during 2013, you may not need to get another physician's statement for 2013. Irs gov tax forms 2012 For a detailed explanation of the conditions you must meet, see the instructions for Schedule R (Form 1040A or 1040), Part II. Irs gov tax forms 2012 If you meet the required conditions, you must check the box on Schedule R (Form 1040A or 1040), Part II, line 2. Irs gov tax forms 2012   If you checked Schedule R (Form 1040A or 1040), Part I, box 4, 5, or 6, print in the space above the box in Part II, line 2, the first name(s) of the spouse(s) for whom the box is checked. Irs gov tax forms 2012 Disability income. Irs gov tax forms 2012   If you are under age 65, you must also have taxable disability income to qualify for the credit. Irs gov tax forms 2012   Disability income must meet the following two requirements. Irs gov tax forms 2012 It must be paid under your employer's accident or health plan or pension plan. Irs gov tax forms 2012 It must be included in your income as wages (or payments in lieu of wages) for the time you are absent from work because of permanent and total disability. Irs gov tax forms 2012 Payments that are not disability income. Irs gov tax forms 2012   Any payment you receive from a plan that does not provide for disability retirement is not disability income. Irs gov tax forms 2012 Any lump-sum payment for accrued annual leave that you receive when you retire on disability is a salary payment and is not disability income. Irs gov tax forms 2012   For purposes of the credit for the elderly or the disabled, disability income does not include amounts you receive after you reach mandatory retirement age. Irs gov tax forms 2012 Mandatory retirement age is the age set by your employer at which you would have had to retire had you not become disabled. Irs gov tax forms 2012 Figuring the Credit You can figure the credit yourself, or the IRS will figure it for you. Irs gov tax forms 2012 Figuring the credit yourself. Irs gov tax forms 2012   If you figure the credit yourself, fill out the front of Schedule R (Form 1040A or 1040). Irs gov tax forms 2012 Next, fill out Schedule R (Form 1040A or 1040), Part III. Irs gov tax forms 2012 Credit figured for you. Irs gov tax forms 2012   If you can take the credit and you want the IRS to figure the credit for you, see Publication 524 or the Instructions for Schedule R (Form 1040A or 1040). Irs gov tax forms 2012 If you want the IRS to figure your tax, see chapter 30 of Publication 17, Your Federal Income Tax. Irs gov tax forms 2012 Child and Dependent Care Credit You may be able to claim this credit if you pay someone to care for your dependent who is under age 13 or for your spouse or dependent who is not able to care for himself or herself. Irs gov tax forms 2012 The credit can be up to 35% of your expenses. Irs gov tax forms 2012 To qualify, you must pay these expenses so you can work or look for work. Irs gov tax forms 2012 If you claim this credit, you must include on your return the name and taxpayer identification number (generally the social security number) of each qualifying person for whom care is provided. Irs gov tax forms 2012 If the correct information is not shown, the credit may be reduced or disallowed. Irs gov tax forms 2012 You also must show on your return the name, address, and the taxpayer identification number of the person(s) or organization(s) that provided the care. Irs gov tax forms 2012 For more information, see Publication 503, Child and Dependent Care Expenses. Irs gov tax forms 2012 Earned Income Credit (EIC) The earned income credit (EIC) is a refundable tax credit for certain people who work and have earned income under $51,567. Irs gov tax forms 2012 The EIC is available to persons with or without a qualifying child. Irs gov tax forms 2012 Credit has no effect on certain welfare benefits. Irs gov tax forms 2012   Any refund you receive because of the EIC cannot be counted as income when determining whether you or anyone else is eligible for benefits or assistance, or how much you or anyone else can receive, under any federal program or under any state or local program financed in whole or in part with federal funds. Irs gov tax forms 2012 These programs include the following. Irs gov tax forms 2012 Medicaid and supplemental security income (SSI). Irs gov tax forms 2012 Supplemental Nutrition Assistance Program (food stamps). Irs gov tax forms 2012 Low-income housing. Irs gov tax forms 2012 Temporary Assistance for Needy Families (TANF). Irs gov tax forms 2012  In addition, when determining eligibility, the refund cannot be counted as a resource for at least 12 months after you receive it. Irs gov tax forms 2012 Check with your local benefit coordinator to find out if your refund will affect your benefits. Irs gov tax forms 2012 Do You Qualify for the Earned Income Credit (EIC)? Use Table 5-1 as an initial guide to the rules you must meet in order to qualify for the EIC. Irs gov tax forms 2012 The specific rules you must meet depend on whether you have a qualifying child. Irs gov tax forms 2012 If you have a qualifying child, the rules in Parts A, B, and D apply to you. Irs gov tax forms 2012 If you do not have a qualifying child, the rules in Parts A, C, and D apply to you. Irs gov tax forms 2012  If, after reading all the rules in each part that applies to you, you think you may qualify for the credit, see Publication 596, Earned Income Credit, for more details about the EIC. Irs gov tax forms 2012 You can also find information about the EIC in the instructions for Form 1040 (line 64a), Form 1040A (line 38a), or Form 1040EZ (line 8a). Irs gov tax forms 2012 The sections that follow provide additional information for some of the rules. Irs gov tax forms 2012 Adjusted gross income (AGI). Irs gov tax forms 2012   Under Rule 1, you cannot claim the EIC unless your AGI is less than the applicable limit shown in Part A of Table 5-1. Irs gov tax forms 2012 Your AGI is the amount on line 37 (Form 1040), line 21 (Form 1040A), or line 4 (Form 1040EZ). Irs gov tax forms 2012 Table 5-1. Irs gov tax forms 2012 Earned Income Credit (EIC) in a Nutshell First, you must meet all the rules in this column. Irs gov tax forms 2012 Second, you must meet all the rules in one of these columns, whichever applies. Irs gov tax forms 2012 Third, you must meet the rule in this column. Irs gov tax forms 2012 Part A. Irs gov tax forms 2012  Rules for Everyone Part B. Irs gov tax forms 2012  Rules If You Have a Qualifying Child Part C. Irs gov tax forms 2012  Rules If You Do Not Have a Qualifying Child Part D. Irs gov tax forms 2012  Figuring and Claiming the EIC 1. Irs gov tax forms 2012 Your adjusted gross income (AGI) must be less than: •$46,227 ($51,567 for married filing jointly) if you have three or more qualifying children, •$43,038 ($48,378 for married filing jointly) if you have two qualifying children, •$37,870 ($43,210 for married filing jointly) if you have one qualifying child, or  •$14,340 ($19,680 for married filing jointly) if you do not have a qualifying child. Irs gov tax forms 2012 2. Irs gov tax forms 2012 You must have a valid social security number. Irs gov tax forms 2012  3. Irs gov tax forms 2012 Your filing status cannot be “Married filing separately. Irs gov tax forms 2012 ” 4. Irs gov tax forms 2012 You must be a U. Irs gov tax forms 2012 S. Irs gov tax forms 2012 citizen or resident alien all year. Irs gov tax forms 2012  5. Irs gov tax forms 2012 You cannot file Form 2555 or Form 2555-EZ (relating to foreign earned income). Irs gov tax forms 2012  6. Irs gov tax forms 2012 Your investment income must be $3,300 or less. Irs gov tax forms 2012  7. Irs gov tax forms 2012 You must have earned income. Irs gov tax forms 2012 8. Irs gov tax forms 2012 Your child must meet the relationship, age, residency, and joint return tests. Irs gov tax forms 2012  9. Irs gov tax forms 2012 Your qualifying child cannot be used by more than one person to claim the EIC. Irs gov tax forms 2012  10. Irs gov tax forms 2012 You generally cannot be a qualifying child of another person. Irs gov tax forms 2012 11. Irs gov tax forms 2012 You must be at least age 25 but under age 65. Irs gov tax forms 2012  12. Irs gov tax forms 2012 You cannot be the dependent of another person. Irs gov tax forms 2012  13. Irs gov tax forms 2012 You generally cannot be a qualifying child of another person. Irs gov tax forms 2012  14. Irs gov tax forms 2012 You must have lived in the United States more than half of the year. Irs gov tax forms 2012 15. Irs gov tax forms 2012 Your earned income must be less than: •$46,227 ($51,567 for married filing jointly) if you have three or more qualifying children, •$43,038 ($48,378 for married filing jointly) if you have two qualifying children, •$37,870 ($43,210 for married filing jointly) if you have one qualifying child, or •$14,340 ($19,680 for married filing jointly) if you do not have a qualifying child. Irs gov tax forms 2012 Social security number. Irs gov tax forms 2012   Under Rule 2, you (and your spouse if you are married filing jointly) must have a valid social security number (SSN) issued by the Social Security Administration (SSA). Irs gov tax forms 2012 Any qualifying child listed on Schedule EIC also must have a valid SSN. Irs gov tax forms 2012 (See Qualifying child , later, if you have a qualifying child. Irs gov tax forms 2012 )   If your social security card (or your spouse's if you are married filing jointly) says “Not valid for employment” and your SSN was issued so that you (or your spouse) could get a federally funded benefit, you cannot get the EIC. Irs gov tax forms 2012 An example of a federally funded benefit is Medicaid. Irs gov tax forms 2012 Investment income. Irs gov tax forms 2012   Under Rule 6, you cannot claim the EIC unless your investment income is $3,300 or less. Irs gov tax forms 2012 If your investment income is more than $3,300, you cannot claim the credit. Irs gov tax forms 2012 For most people, investment income is the total of the following amounts. Irs gov tax forms 2012 Taxable interest (line 8a of Form 1040 or 1040A). Irs gov tax forms 2012 Tax-exempt interest (line 8b of Form 1040 or 1040A). Irs gov tax forms 2012 Dividend income (line 9a of Form 1040 or 1040A). Irs gov tax forms 2012 Capital gain net income (line 13 of Form 1040, if more than zero, or line 10 of Form 1040A). Irs gov tax forms 2012  If you file Form 1040EZ, your investment income is the total of the amount of line 2 and the amount of any tax-exempt interest you wrote to the right of the words “Form 1040EZ” on line 2. Irs gov tax forms 2012   For more information about investment income, see Publication 596, Earned Income Credit. Irs gov tax forms 2012 Earned income. Irs gov tax forms 2012   Under Rule 7, you must have earned income to claim the EIC. Irs gov tax forms 2012 Under Rule 15, you cannot claim the EIC unless your earned income is less than the applicable limit shown in Table 5-1, Part D. Irs gov tax forms 2012 Earned income includes all of the following types of income. Irs gov tax forms 2012 Wages, salaries, tips, and other taxable employee pay. Irs gov tax forms 2012 Employee pay is earned income only if it is taxable. Irs gov tax forms 2012 Nontaxable employee pay, such as certain dependent care benefits and adoption benefits, is not earned income. Irs gov tax forms 2012 But there is an exception for nontaxable combat pay, which you can choose to include in earned income. Irs gov tax forms 2012 Net earnings from self-employment. Irs gov tax forms 2012 Gross income received as a statutory employee. Irs gov tax forms 2012 Gross income defined. Irs gov tax forms 2012   Gross income means all income you received in the form of money, goods, property, and services that is not exempt from tax, including any income from sources outside the United States or from the sale of your main home (even if you can exclude part or all of it). Irs gov tax forms 2012 Do not include any social security benefits unless (a) you are married filing a separate tax return and you lived with your spouse at any time in 2013, or (b) one-half of your social security benefits plus your other gross income and any tax-exempt interest is more than $25,000 ($32,000 if married filing jointly). Irs gov tax forms 2012 If (a) or (b) applies, see the instructions for Form 1040, lines 20a and 20b to figure the taxable part of social security benefits you must include in gross income. Irs gov tax forms 2012 Self-employed persons. Irs gov tax forms 2012   If you are self-employed and your net earnings are $400 or more, be sure to correctly fill out Schedule SE (Form 1040), Self-Employment Tax, and pay the proper amount of self-employment tax. Irs gov tax forms 2012 If you do not, you may not get all the credit to which you are entitled. Irs gov tax forms 2012 Disability benefits. Irs gov tax forms 2012   If you retired on disability, taxable benefits you receive under your employer's disability retirement plan are considered earned income until you reach minimum retirement age. Irs gov tax forms 2012 Minimum retirement age generally is the earliest age at which you could have received a pension or annuity if you were not disabled. Irs gov tax forms 2012 Beginning on the day after you reach minimum retirement age, payments you receive are taxable as a pension and are not considered earned income. Irs gov tax forms 2012   Payments you received from a disability insurance policy that you paid the premiums for are not earned income. Irs gov tax forms 2012 It does not matter whether you have reached minimum retirement age. Irs gov tax forms 2012 If this policy is through your employer, the amount may be shown in box 12 of your Form W-2 with code J. Irs gov tax forms 2012 Income that is not earned income. Irs gov tax forms 2012   Examples of items that are not earned income under Rule 7 include interest and dividends, pensions and annuities, social security and railroad retirement benefits (including disability benefits — except for payments covered under Disability benefits earlier), alimony and child support, welfare benefits, workers' compensation benefits, unemployment compensation (insurance), nontaxable foster care payments, and veterans' benefits, including VA rehabilitation payments. Irs gov tax forms 2012 Do not include any of these items in your earned income. Irs gov tax forms 2012 Workfare payments. Irs gov tax forms 2012   Nontaxable workfare payments are not earned income for the EIC. Irs gov tax forms 2012 These are cash payments certain people receive from a state or local agency that administers public assistance programs funded under the federal Temporary Assistance for Needy Families (TANF) program in return for certain work activities such as (1) work experience activities (including remodeling or repairing public housing) if sufficient private sector employment is not available, or (2) community service program activities. Irs gov tax forms 2012 Qualifying child. Irs gov tax forms 2012   Under Rule 8, your child is a qualifying child if your child meets four tests. Irs gov tax forms 2012 The four tests are: Relationship, Age, Residency, and Joint return. Irs gov tax forms 2012   The four tests are illustrated in Figure 5-C. Irs gov tax forms 2012 See Publication 596 for more information about each test. Irs gov tax forms 2012 Figure 5-C. Irs gov tax forms 2012 Tests for Qualifying Child A qualifying child for the EIC is a child who is your. Irs gov tax forms 2012 . Irs gov tax forms 2012 . Irs gov tax forms 2012 Son, daughter, stepchild, foster child,  or a descendant of any of them (for example, your grandchild) OR Brother, sister, half brother, half sister, stepbrother,  stepsister, or a descendant of any of them (for example, your  niece or nephew) was . Irs gov tax forms 2012 . Irs gov tax forms 2012 . Irs gov tax forms 2012 Under age 19 at the end of 2013 and younger than you (or your spouse if filing jointly) OR Under age 24 at the end of 2013, a student, and younger than you (or your spouse if filing jointly) OR Permanently and totally disabled at any time during the year, regardless of age who. Irs gov tax forms 2012 . Irs gov tax forms 2012 . Irs gov tax forms 2012 Is not filing a joint return for 2013  (or is filing a joint return for 2013 only as a claim for refund of income tax withheld or estimated tax paid) who. Irs gov tax forms 2012 . Irs gov tax forms 2012 . Irs gov tax forms 2012 Lived with you in the United States for more than half of 2013. Irs gov tax forms 2012  If the child did not live with you for the required time, see Publication 596 for more information. Irs gov tax forms 2012 Figuring the EIC To figure the amount of your credit, you have two choices. Irs gov tax forms 2012 Have the IRS figure the EIC for you. Irs gov tax forms 2012 If you want to do this, see IRS Will Figure the EIC for You in Publication 596. Irs gov tax forms 2012 Figure the EIC yourself. Irs gov tax forms 2012 If you want to do this, see How To Figure the EIC Yourself in Publication 596. Irs gov tax forms 2012 Prev  Up  Next   Home   More Online Publications
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The Mine Safety and Health Administration works to prevent mining related deaths, injuries, and illnesses through mine regulations, inspections, and training programs.

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The Irs Gov Tax Forms 2012

Irs gov tax forms 2012 5. Irs gov tax forms 2012   Soil and Water Conservation Expenses Table of Contents Introduction Topics - This chapter discusses: Business of Farming Plan Certification Conservation ExpensesWater well. Irs gov tax forms 2012 Assessment by Conservation DistrictAssessment for Depreciable Property 25% Limit on DeductionNet operating loss. Irs gov tax forms 2012 When to Deduct or Capitalize Sale of a Farm Introduction If you are in the business of farming, you can choose to deduct certain expenses for: Soil or water conservation, Prevention of erosion of land used in farming, or Endangered species recovery. Irs gov tax forms 2012 Otherwise, these are capital expenses that must be added to the basis of the land. Irs gov tax forms 2012 (See chapter 6 for information on determining basis. Irs gov tax forms 2012 ) Conservation expenses for land in a foreign country do not qualify for this special treatment. Irs gov tax forms 2012 The deduction for conservation expenses cannot be more than 25% of your gross income from farming. Irs gov tax forms 2012 See 25% Limit on Deduction , later. Irs gov tax forms 2012 Although some expenses are not deductible as soil and water conservation expenses, they may be deductible as ordinary and necessary farm expenses. Irs gov tax forms 2012 These include interest and taxes, the cost of periodically clearing brush from productive land, the regular removal of sediment from a drainage ditch, and expenses paid or incurred primarily to produce an agricultural crop that may also conserve soil. Irs gov tax forms 2012 You must include in income most government payments for approved conservation practices. Irs gov tax forms 2012 However, you can exclude some payments you receive under certain cost-sharing conservation programs. Irs gov tax forms 2012 For more information, see Agricultural Program Payments in chapter 3. Irs gov tax forms 2012 To get the full deduction to which you are entitled, you should maintain your records to clearly distinguish between your ordinary and necessary farm business expenses and your soil and water conservation expenses. Irs gov tax forms 2012 Topics - This chapter discusses: Business of farming Plan certification Conservation expenses Assessment by conservation district 25% limit on deduction When to deduct or capitalize Sale of a farm Business of Farming For purposes of soil and water conservation expenses, you are in the business of farming if you cultivate, operate, or manage a farm for profit, either as an owner or a tenant. Irs gov tax forms 2012 You are not in the business of farming if you cultivate or operate a farm for recreation or pleasure, rather than for profit. Irs gov tax forms 2012 You are not farming if you are engaged only in forestry or the growing of timber. Irs gov tax forms 2012 Farm defined. Irs gov tax forms 2012   A farm includes livestock, dairy, poultry, fish, fruit, and truck farms. Irs gov tax forms 2012 It also includes plantations, ranches, ranges, and orchards. Irs gov tax forms 2012 A fish farm is an area where fish and other marine animals are grown or raised and artificially fed, protected, etc. Irs gov tax forms 2012 It does not include an area where they are merely caught or harvested. Irs gov tax forms 2012 A plant nursery is a farm for purposes of deducting soil and water conservation expenses. Irs gov tax forms 2012 Farm rental. Irs gov tax forms 2012   If you own a farm and receive farm rental payments based on farm production, either in cash or crop shares, you are in the business of farming. Irs gov tax forms 2012 If you get cash rental for a farm you own that is not used in farm production, you cannot deduct soil and water conservation expenses for that farm. Irs gov tax forms 2012   If you receive a fixed rental payment that is not based on farm production, you are in the business of farming only if you materially participate in operating or managing the farm. Irs gov tax forms 2012 Example. Irs gov tax forms 2012 You own a farm in Iowa and live in California. Irs gov tax forms 2012 You rent the farm for $175 in cash per acre and do not materially participate in producing or managing production of the crops grown on the farm. Irs gov tax forms 2012 You cannot deduct your soil conservation expenses for this farm. Irs gov tax forms 2012 You must capitalize the expenses and add them to the basis of the land. Irs gov tax forms 2012     For more information, see Material participation for landlords under Landlord Participation in Farming in chapter 12. Irs gov tax forms 2012 Plan Certification You can deduct soil and water conservation expenses only if they are consistent with a plan approved by the Natural Resources Conservation Service (NRCS) of the Department of Agriculture. Irs gov tax forms 2012 If no such plan exists, the expenses must be consistent with a soil conservation plan of a comparable state agency. Irs gov tax forms 2012 Keep a copy of the plan with your books and records to support your deductions. Irs gov tax forms 2012 Conservation plan. Irs gov tax forms 2012   A conservation plan includes the farming conservation practices approved for the area where your farmland is located. Irs gov tax forms 2012 There are three types of approved plans. Irs gov tax forms 2012 NRCS individual site plans. Irs gov tax forms 2012 These plans are issued individually to farmers who request assistance from NRCS to develop a conservation plan designed specifically for their farmland. Irs gov tax forms 2012 NRCS county plans. Irs gov tax forms 2012 These plans include a listing of farm conservation practices approved for the county where the farmland is located. Irs gov tax forms 2012 You can deduct expenses for conservation practices not included on the NRCS county plans only if the practice is a part of an individual site plan. Irs gov tax forms 2012 Comparable state agency plans. Irs gov tax forms 2012 These plans are approved by state agencies and can be approved individual site plans or county plans. Irs gov tax forms 2012   A list of NRCS conservation programs is available at www. Irs gov tax forms 2012 nrcs. Irs gov tax forms 2012 usda. Irs gov tax forms 2012 gov/programs. Irs gov tax forms 2012 Individual site plans can be obtained from NRCS offices and the comparable state agencies. Irs gov tax forms 2012 Conservation Expenses You can deduct conservation expenses only for land you or your tenant are using, or have used in the past, for farming. Irs gov tax forms 2012 These expenses include, but are not limited to, the following. Irs gov tax forms 2012 The treatment or movement of earth, such as: Leveling, Conditioning, Grading, Terracing, Contour furrowing, and Restoration of soil fertility. Irs gov tax forms 2012 The construction, control, and protection of: Diversion channels, Drainage ditches, Irrigation ditches, Earthen dams, and Watercourses, outlets, and ponds. Irs gov tax forms 2012 The eradication of brush. Irs gov tax forms 2012 The planting of windbreaks. Irs gov tax forms 2012 You cannot deduct expenses to drain or fill wetlands, or to prepare land for center pivot irrigation systems, as soil and water conservation expenses. Irs gov tax forms 2012 These expenses are added to the basis of the land. Irs gov tax forms 2012 If you choose to deduct soil and water conservation expenses, you cannot exclude from gross income any cost-sharing payments you receive for those expenses. Irs gov tax forms 2012 See chapter 3 for information about payments eligible for the cost-sharing exclusion. Irs gov tax forms 2012 New farm or farmland. Irs gov tax forms 2012   If you acquire a new farm or new farmland from someone who was using it in farming immediately before you acquired the land, soil and water conservation expenses you incur on it will be treated as made on land used in farming at the time the expenses were paid or incurred. Irs gov tax forms 2012 You can deduct soil and water conservation expenses for this land if your use of it is substantially a continuation of its use in farming. Irs gov tax forms 2012 The new farming activity does not have to be the same as the old farming activity. Irs gov tax forms 2012 For example, if you buy land that was used for grazing cattle and then prepare it for use as an apple orchard, you can deduct your conservation expenses. Irs gov tax forms 2012 Land not used for farming. Irs gov tax forms 2012   If your conservation expenses benefit both land that does not qualify as land used for farming and land that does qualify, you must allocate the expenses between the two types of land. Irs gov tax forms 2012 For example, if the expenses benefit 200 acres of your land, but only 120 acres of this land are used for farming, then you can deduct 60% (120 ÷ 200) of the expenses. Irs gov tax forms 2012 You can use another method to allocate these expenses if you can clearly show that your method is more reasonable. Irs gov tax forms 2012 Depreciable conservation assets. Irs gov tax forms 2012   You generally cannot deduct your expenses for depreciable conservation assets. Irs gov tax forms 2012 However, you can deduct certain amounts you pay or incur for an assessment for depreciable property that a soil and water conservation or drainage district levies against your farm. Irs gov tax forms 2012 See Assessment for Depreciable Property , later. Irs gov tax forms 2012   You must capitalize expenses to buy, build, install, or improve depreciable structures or facilities. Irs gov tax forms 2012 These expenses include those for materials, supplies, wages, fuel, hauling, and moving dirt when making structures such as tanks, reservoirs, pipes, culverts, canals, dams, wells, or pumps composed of masonry, concrete, tile, metal, or wood. Irs gov tax forms 2012 You recover your capital investment through annual allowances for depreciation. Irs gov tax forms 2012   You can deduct soil and water conservation expenses for nondepreciable earthen items. Irs gov tax forms 2012 Nondepreciable earthen items include certain dams, ponds, and terraces described under Property Having a Determinable Useful Life in chapter 7. Irs gov tax forms 2012 Water well. Irs gov tax forms 2012   You cannot deduct the cost of drilling a water well for irrigation and other agricultural purposes as a soil and water conservation expense. Irs gov tax forms 2012 It is a capital expense. Irs gov tax forms 2012 You recover your cost through depreciation. Irs gov tax forms 2012 You also must capitalize your cost for drilling a test hole. Irs gov tax forms 2012 If the test hole produces no water and you continue drilling, the cost of the test hole is added to the cost of the producing well. Irs gov tax forms 2012 You can recover the total cost through depreciation deductions. Irs gov tax forms 2012   If a test hole, dry hole, or dried-up well (resulting from prolonged lack of rain, for instance) is abandoned, you can deduct your unrecovered cost in the year of abandonment. Irs gov tax forms 2012 Abandonment means that all economic benefits from the well are terminated. Irs gov tax forms 2012 For example, filling or sealing a well excavation or casing so that all economic benefits from the well are terminated constitutes an abandonment. Irs gov tax forms 2012 Endangered species recovery expenses. Irs gov tax forms 2012   If you are in the business of farming and meet other specific requirements, you can choose to deduct the conservation expenses discussed earlier as endangered species recovery expenses. Irs gov tax forms 2012 Otherwise, these are capital expenses that must be added to the basis of the land. Irs gov tax forms 2012   The expenses must be paid or incurred for the purpose of achieving site-specific management actions recommended in a recovery plan approved under section 4(f) of the Endangered Species Act of 1973. Irs gov tax forms 2012 See Internal Revenue Code section 175 for more information. Irs gov tax forms 2012 Assessment by Conservation District In some localities, a soil or water conservation or drainage district incurs expenses for soil or water conservation and levies an assessment against the farmers who benefit from the expenses. Irs gov tax forms 2012 You can deduct as a conservation expense amounts you pay or incur for the part of an assessment that: Covers expenses you could deduct if you had paid them directly, or Covers expenses for depreciable property used in the district's business. Irs gov tax forms 2012 Assessment for Depreciable Property You generally can deduct as a conservation expense amounts you pay or incur for the part of a conservation or drainage district assessment that covers expenses for depreciable property. Irs gov tax forms 2012 This includes items such as pumps, locks, concrete structures (including dams and weir gates), draglines, and similar equipment. Irs gov tax forms 2012 The depreciable property must be used in the district's soil and water conservation activities. Irs gov tax forms 2012 However, the following limits apply to these assessments. Irs gov tax forms 2012 The total assessment limit. Irs gov tax forms 2012 The yearly assessment limit. Irs gov tax forms 2012 After you apply these limits, the amount you can deduct is added to your other conservation expenses for the year. Irs gov tax forms 2012 The total for these expenses is then subject to the 25% of gross income from farming limit on the deduction, discussed later. Irs gov tax forms 2012 See Table 5-1 for a brief summary of these limits. Irs gov tax forms 2012 Table 5-1. Irs gov tax forms 2012 Limits on Deducting an Assessment by a Conservation District for Depreciable Property Total Limit on Deduction for Assessment for Depreciable Property Yearly Limit on Deduction for Assessment for Depreciable Property Yearly Limit for All Conservation Expenses 10% of: $500 + 10% of: 25% of: Total assessment against all members of the district for the property. Irs gov tax forms 2012 Your deductible share of the cost to the district for the property. Irs gov tax forms 2012 Your gross income from farming. Irs gov tax forms 2012 No one taxpayer can deduct more than 10% of the total assessment. Irs gov tax forms 2012 Any amount over 10% is a capital expense and is added to the basis of your land. Irs gov tax forms 2012 If an assessment is paid in installments, each payment must be prorated between the conservation expense and the capital expense. Irs gov tax forms 2012 If the amount you pay or incur for any year is more than the limit, you can deduct for that year only 10% of your deductible share of the cost. Irs gov tax forms 2012 You can deduct the remainder in equal amounts over the next 9 tax years. Irs gov tax forms 2012 Limit for all conservation expenses, including assessments for depreciable property. Irs gov tax forms 2012 Amounts greater than 25% can be carried to the following year and added to that year's expenses. Irs gov tax forms 2012 The total is then subject to the 25% of gross income from farming limit in that year. Irs gov tax forms 2012 To ensure your deduction is within the deduction limits, keep records to show the following. Irs gov tax forms 2012 The total assessment against all members of the district for the depreciable property. Irs gov tax forms 2012 Your deductible share of the cost to the district for the depreciable property. Irs gov tax forms 2012 Your gross income from farming. Irs gov tax forms 2012 Total assessment limit. Irs gov tax forms 2012   You cannot deduct more than 10% of the total amount assessed to all members of the conservation or drainage district for the depreciable property. Irs gov tax forms 2012 This applies whether you pay the assessment in one payment or in installments. Irs gov tax forms 2012 If your assessment is more than 10% of the total amount assessed, both the following rules apply. Irs gov tax forms 2012 The amount over 10% is a capital expense and is added to the basis of your land. Irs gov tax forms 2012 If the assessment is paid in installments, each payment must be prorated between the conservation expense and the capital expense. Irs gov tax forms 2012 Yearly assessment limit. Irs gov tax forms 2012   The maximum amount you can deduct in any one year is the total of 10% of your deductible share of the cost as explained earlier, plus $500. Irs gov tax forms 2012 If the amount you pay or incur is equal to or less than the maximum amount, you can deduct it in the year it is paid or incurred. Irs gov tax forms 2012 If the amount you pay or incur is more, you can deduct in that year only 10% of your deductible share of the cost. Irs gov tax forms 2012 You can deduct the remainder in equal amounts over the next 9 tax years. Irs gov tax forms 2012 Your total conservation expense deduction for each year is also subject to the 25% of gross income from farming limit on the deduction, discussed later. Irs gov tax forms 2012 Example 1. Irs gov tax forms 2012 This year, the soil conservation district levies and you pay an assessment of $2,400 against your farm. Irs gov tax forms 2012 Of the assessment, $1,500 is for digging drainage ditches. Irs gov tax forms 2012 You can deduct this part as a soil or conservation expense as if you had paid it directly. Irs gov tax forms 2012 The remaining $900 is for depreciable equipment to be used in the district's irrigation activities. Irs gov tax forms 2012 The total amount assessed by the district against all its members for the depreciable equipment is $7,000. Irs gov tax forms 2012 The total amount you can deduct for the depreciable equipment is limited to 10% of the total amount assessed by the district against all its members for depreciable equipment, or $700. Irs gov tax forms 2012 The $200 excess ($900 − $700) is a capital expense you must add to the basis of your farm. Irs gov tax forms 2012 To figure the maximum amount you can deduct for the depreciable equipment this year, multiply your deductible share of the total assessment ($700) by 10%. Irs gov tax forms 2012 Add $500 to the result for a total of $570. Irs gov tax forms 2012 Your deductible share, $700, is greater than the maximum amount deductible in one year, so you can deduct only $70 of the amount you paid or incurred for depreciable property this year (10% of $700). Irs gov tax forms 2012 You can deduct the balance at the rate of $70 a year over the next 9 years. Irs gov tax forms 2012 You add $70 to the $1,500 portion of the assessment for drainage ditches. Irs gov tax forms 2012 You can deduct $1,570 of the $2,400 assessment as a soil and water conservation expense this year, subject to the 25% of gross income from farming limit on the deduction, discussed later. Irs gov tax forms 2012 Example 2. Irs gov tax forms 2012 Assume the same facts in Example 1 except that $1,850 of the $2,400 assessment is for digging drainage ditches and $550 is for depreciable equipment. Irs gov tax forms 2012 The total amount assessed by the district against all its members for depreciable equipment is $5,500. Irs gov tax forms 2012 The total amount you can deduct for the depreciable equipment is limited to 10% of this amount, or $550. Irs gov tax forms 2012 The maximum amount you can deduct this year for the depreciable equipment is $555 (10% of your deductible share of the total assessment, $55, plus $500). Irs gov tax forms 2012 Since your deductible share is less than the maximum amount deductible in one year, you can deduct the entire $550 this year. Irs gov tax forms 2012 You can deduct the entire assessment, $2,400, as a soil and water conservation expense this year, subject to the 25% of gross income from farming limit on the deduction, discussed below. Irs gov tax forms 2012 Sale or other disposal of land during 9-year period. Irs gov tax forms 2012   If you dispose of the land during the 9-year period for deducting conservation expenses subject to the yearly limit, any amounts you have not yet deducted because of this limit are added to the basis of the property. Irs gov tax forms 2012 Death of farmer during 9-year period. Irs gov tax forms 2012   If a farmer dies during the 9-year period, any remaining amounts not yet deducted are deducted in the year of death. Irs gov tax forms 2012 25% Limit on Deduction The total deduction for conservation expenses in any tax year is limited to 25% of your gross income from farming for the year. Irs gov tax forms 2012 Gross income from farming. Irs gov tax forms 2012   Gross income from farming is the income you derive in the business of farming from the production of crops, fish, fruits, other agricultural products, or livestock. Irs gov tax forms 2012 Gains from sales of draft, breeding, or dairy livestock are included. Irs gov tax forms 2012 Gains from sales of assets such as farm machinery, or from the disposition of land, are not included. Irs gov tax forms 2012 Carryover of deduction. Irs gov tax forms 2012   If your deductible conservation expenses in any year are more than 25% of your gross income from farming for that year, you can carry the unused deduction over to later years. Irs gov tax forms 2012 However, the deduction in any later year is limited to 25% of the gross income from farming for that year as well. Irs gov tax forms 2012 Example. Irs gov tax forms 2012 In 2012, you have gross income of $32,000 from two farms. Irs gov tax forms 2012 During the year, you incurred $10,000 of deductible soil and water conservation expenses for one of the farms. Irs gov tax forms 2012 However, your deduction is limited to 25% of $32,000, or $8,000. Irs gov tax forms 2012 The $2,000 excess ($10,000 − $8,000) is carried over to 2013 and added to deductible soil and water conservation expenses made in that year. Irs gov tax forms 2012 The total of the 2012 carryover plus 2013 expenses is deductible in 2013, subject to the limit of 25% of your gross income from farming in 2013. Irs gov tax forms 2012 Any expenses over the limit in that year are carried to 2014 and later years. Irs gov tax forms 2012 Net operating loss. Irs gov tax forms 2012   The deduction for soil and water conservation expenses, after applying the 25% limit, is included when figuring a net operating loss (NOL) for the year. Irs gov tax forms 2012 If the NOL is carried to another year, the soil and water conservation deduction included in the NOL is not subject to the 25% limit in the year to which it is carried. Irs gov tax forms 2012 When to Deduct or Capitalize If you choose to deduct soil and water conservation expenses, you must deduct the total allowable amount on your tax return for the first year you pay or incur these expenses. Irs gov tax forms 2012 If you do not choose to deduct the expenses, you must capitalize them. Irs gov tax forms 2012 Change of method. Irs gov tax forms 2012   If you want to change your method for the treatment of soil and water conservation expenses, or you want to treat the expenses for a particular project or a single farm in a different manner, you must get the approval of the IRS. Irs gov tax forms 2012 To get this approval, submit a written request by the due date of your return for the first tax year you want the new method to apply. Irs gov tax forms 2012 You or your authorized representative must sign the request. Irs gov tax forms 2012   The request must include the following information. Irs gov tax forms 2012 Your name and address. Irs gov tax forms 2012 The first tax year the method or change of method is to apply. Irs gov tax forms 2012 Whether the method or change of method applies to all your soil and water conservation expenses or only to those for a particular project or farm. Irs gov tax forms 2012 If the method or change of method does not apply to all your expenses, identify the project or farm to which the expenses apply. Irs gov tax forms 2012 The total expenses you paid or incurred in the first tax year the method or change of method is to apply. Irs gov tax forms 2012 A statement that you will account separately in your books for the expenses to which this method or change of method relates. Irs gov tax forms 2012 Send your request to the following  address. Irs gov tax forms 2012  Department of the Treasury Internal Revenue Service Center Cincinnati, OH 45999  For more information, see Change in  Accounting Method in chapter 2. Irs gov tax forms 2012 Sale of a Farm If you sell your farm, you cannot adjust the basis of the land at the time of the sale for any unused carryover of soil and water conservation expenses (except for deductions of assessments for depreciable property, discussed earlier). Irs gov tax forms 2012 However, if you acquire another farm and return to the business of farming, you can start taking deductions again for the unused carryovers. Irs gov tax forms 2012 Gain on sale of farmland. Irs gov tax forms 2012   If you held the land 5 years or less before you sold it, gain on the sale of the land is treated as ordinary income up to the amount you previously deducted for soil and water conservation expenses. Irs gov tax forms 2012 If you held the land less than 10 but more than 5 years, the gain is treated as ordinary income up to a specified percentage of the previous deductions. Irs gov tax forms 2012 See Section 1252 property under Other Gains in chapter 9. 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