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State Tax Forms 2012

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State Tax Forms 2012

State tax forms 2012 8. State tax forms 2012   Dividends and Other Distributions Table of Contents Reminder Introduction Useful Items - You may want to see: General InformationDividends not reported on Form 1099-DIV. State tax forms 2012 Reporting tax withheld. State tax forms 2012 Nominees. State tax forms 2012 Ordinary DividendsQualified Dividends Dividends Used to Buy More Stock Money Market Funds Capital Gain DistributionsBasis adjustment. State tax forms 2012 Nondividend DistributionsLiquidating Distributions Distributions of Stock and Stock Rights Other DistributionsInformation reporting requirement. State tax forms 2012 Alternative minimum tax treatment. State tax forms 2012 How To Report Dividend IncomeInvestment interest deducted. State tax forms 2012 Reminder Foreign-source income. State tax forms 2012  If you are a U. State tax forms 2012 S. State tax forms 2012 citizen with dividend income from sources outside the United States (foreign-source income), you must report that income on your tax return unless it is exempt by U. State tax forms 2012 S. State tax forms 2012 law. State tax forms 2012 This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. State tax forms 2012 Introduction This chapter discusses the tax treatment of: Ordinary dividends, Capital gain distributions, Nondividend distributions, and Other distributions you may receive from a corporation or a mutual fund. State tax forms 2012 This chapter also explains how to report dividend income on your tax return. State tax forms 2012 Dividends are distributions of money, stock, or other property paid to you by a corporation or by a mutual fund. State tax forms 2012 You also may receive dividends through a partnership, an estate, a trust, or an association that is taxed as a corporation. State tax forms 2012 However, some amounts you receive that are called dividends are actually interest income. State tax forms 2012 (See Dividends that are actually interest under Taxable Interest in chapter 7. State tax forms 2012 ) Most distributions are paid in cash (or check). State tax forms 2012 However, distributions can consist of more stock, stock rights, other property, or services. State tax forms 2012 Useful Items - You may want to see: Publication 514 Foreign Tax Credit for Individuals 550 Investment Income and Expenses Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends General Information This section discusses general rules for dividend income. State tax forms 2012 Tax on unearned income of certain children. State tax forms 2012   Part of a child's 2013 unearned income may be taxed at the parent's tax rate. State tax forms 2012 If it is, Form 8615, Tax for Certain Children Who Have Unearned Income, must be completed and attached to the child's tax return. State tax forms 2012 If not, Form 8615 is not required and the child's income is taxed at his or her own tax rate. State tax forms 2012    Some parents can choose to include the child's interest and dividends on the parent's return if certain requirements are met. State tax forms 2012 Use Form 8814, Parents' Election To Report Child's Interest and Dividends, for this purpose. State tax forms 2012   For more information about the tax on unearned income of children and the parents' election, see chapter 31. State tax forms 2012 Beneficiary of an estate or trust. State tax forms 2012    Dividends and other distributions you receive as a beneficiary of an estate or trust are generally taxable income. State tax forms 2012 You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. State tax forms 2012 , from the fiduciary. State tax forms 2012 Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. State tax forms 2012 Social security number (SSN) or individual taxpayer identification number (ITIN). State tax forms 2012    You must give your SSN or ITIN to any person required by federal tax law to make a return, statement, or other document that relates to you. State tax forms 2012 This includes payers of dividends. State tax forms 2012 If you do not give your SSN or ITIN to the payer of dividends, you may have to pay a penalty. State tax forms 2012 For more information on SSNs and ITINs, see Social Security Number (SSN) in chapter 1. State tax forms 2012 Backup withholding. State tax forms 2012   Your dividend income is generally not subject to regular withholding. State tax forms 2012 However, it may be subject to backup withholding to ensure that income tax is collected on the income. State tax forms 2012 Under backup withholding, the payer of dividends must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. State tax forms 2012   Backup withholding may also be required if the IRS has determined that you underreported your interest or dividend income. State tax forms 2012 For more information, see Backup Withholding in chapter 4. State tax forms 2012 Stock certificate in two or more names. State tax forms 2012   If two or more persons hold stock as joint tenants, tenants by the entirety, or tenants in common, each person's share of any dividends from the stock is determined by local law. State tax forms 2012 Form 1099-DIV. State tax forms 2012   Most corporations and mutual funds use Form 1099-DIV, Dividends and Distributions, to show you the distributions you received from them during the year. State tax forms 2012 Keep this form with your records. State tax forms 2012 You do not have to attach it to your tax return. State tax forms 2012 Dividends not reported on Form 1099-DIV. State tax forms 2012   Even if you do not receive Form 1099-DIV, you must still report all your taxable dividend income. State tax forms 2012 For example, you may receive distributive shares of dividends from partnerships or S corporations. State tax forms 2012 These dividends are reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. State tax forms 2012 , and Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. State tax forms 2012 Reporting tax withheld. State tax forms 2012   If tax is withheld from your dividend income, the payer must give you a Form 1099-DIV that indicates the amount withheld. State tax forms 2012 Nominees. State tax forms 2012   If someone receives distributions as a nominee for you, that person should give you a Form 1099-DIV, which will show distributions received on your behalf. State tax forms 2012 Form 1099-MISC. State tax forms 2012   Certain substitute payments in lieu of dividends or tax-exempt interest received by a broker on your behalf must be reported to you on Form 1099-MISC, Miscellaneous Income, or a similar statement. State tax forms 2012 See Reporting Substitute Payments under Short Sales in chapter 4 of Publication 550 for more information about reporting these payments. State tax forms 2012 Incorrect amount shown on a Form 1099. State tax forms 2012   If you receive a Form 1099 that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. State tax forms 2012 The new Form 1099 you receive will be marked “Corrected. State tax forms 2012 ” Dividends on stock sold. State tax forms 2012   If stock is sold, exchanged, or otherwise disposed of after a dividend is declared but before it is paid, the owner of record (usually the payee shown on the dividend check) must include the dividend in income. State tax forms 2012 Dividends received in January. State tax forms 2012   If a mutual fund (or other regulated investment company) or real estate investment trust (REIT) declares a dividend (including any exempt-interest dividend or capital gain distribution) in October, November, or December, payable to shareholders of record on a date in one of those months but actually pays the dividend during January of the next calendar year, you are considered to have received the dividend on December 31. State tax forms 2012 You report the dividend in the year it was declared. State tax forms 2012 Ordinary Dividends Ordinary (taxable) dividends are the most common type of distribution from a corporation or a mutual fund. State tax forms 2012 They are paid out of earnings and profits and are ordinary income to you. State tax forms 2012 This means they are not capital gains. State tax forms 2012 You can assume that any dividend you receive on common or preferred stock is an ordinary dividend unless the paying corporation or mutual fund tells you otherwise. State tax forms 2012 Ordinary dividends will be shown in box 1a of the Form 1099-DIV you receive. State tax forms 2012 Qualified Dividends Qualified dividends are the ordinary dividends subject to the same 0%, 15%, or 20% maximum tax rate that applies to net capital gain. State tax forms 2012 They should be shown in box 1b of the Form 1099-DIV you receive. State tax forms 2012 The maximum rate of tax on qualified dividends is: 0% on any amount that otherwise would be taxed at a 10% or 15% rate. State tax forms 2012 15% on any amount that otherwise would be taxed at rates greater than 15% but less than 39. State tax forms 2012 6%. State tax forms 2012 20% on any amount that otherwise would be taxed at a 39. State tax forms 2012 6% rate. State tax forms 2012 To qualify for the maximum rate, all of the following requirements must be met. State tax forms 2012 The dividends must have been paid by a U. State tax forms 2012 S. State tax forms 2012 corporation or a qualified foreign corporation. State tax forms 2012 (See Qualified foreign corporation , later. State tax forms 2012 ) The dividends are not of the type listed later under Dividends that are not qualified dividends . State tax forms 2012 You meet the holding period (discussed next). State tax forms 2012 Holding period. State tax forms 2012   You must have held the stock for more than 60 days during the 121-day period that begins 60 days before the ex-dividend date. State tax forms 2012 The ex-dividend date is the first date following the declaration of a dividend on which the buyer of a stock is not entitled to receive the next dividend payment. State tax forms 2012 Instead, the seller will get the dividend. State tax forms 2012   When counting the number of days you held the stock, include the day you disposed of the stock, but not the day you acquired it. State tax forms 2012 See the examples later. State tax forms 2012 Exception for preferred stock. State tax forms 2012   In the case of preferred stock, you must have held the stock more than 90 days during the 181-day period that begins 90 days before the ex-dividend date if the dividends are due to periods totaling more than 366 days. State tax forms 2012 If the preferred dividends are due to periods totaling less than 367 days, the holding period in the previous paragraph applies. State tax forms 2012 Example 1. State tax forms 2012 You bought 5,000 shares of XYZ Corp. State tax forms 2012 common stock on July 9, 2013. State tax forms 2012 XYZ Corp. State tax forms 2012 paid a cash dividend of 10 cents per share. State tax forms 2012 The ex-dividend date was July 16, 2013. State tax forms 2012 Your Form 1099-DIV from XYZ Corp. State tax forms 2012 shows $500 in box 1a (ordinary dividends) and in box 1b (qualified dividends). State tax forms 2012 However, you sold the 5,000 shares on August 12, 2013. State tax forms 2012 You held your shares of XYZ Corp. State tax forms 2012 for only 34 days of the 121-day period (from July 10, 2013, through August 12, 2013). State tax forms 2012 The 121-day period began on May 17, 2013 (60 days before the ex-dividend date), and ended on September 14, 2013. State tax forms 2012 You have no qualified dividends from XYZ Corp. State tax forms 2012 because you held the XYZ stock for less than 61 days. State tax forms 2012 Example 2. State tax forms 2012 Assume the same facts as in Example 1 except that you bought the stock on July 15, 2013 (the day before the ex-dividend date), and you sold the stock on September 16, 2013. State tax forms 2012 You held the stock for 63 days (from July 16, 2013, through September 16, 2013). State tax forms 2012 The $500 of qualified dividends shown in box 1b of your Form 1099-DIV are all qualified dividends because you held the stock for 61 days of the 121-day period (from July 16, 2013, through September 14, 2013). State tax forms 2012 Example 3. State tax forms 2012 You bought 10,000 shares of ABC Mutual Fund common stock on July 9, 2013. State tax forms 2012 ABC Mutual Fund paid a cash dividend of 10 cents a share. State tax forms 2012 The ex-dividend date was July 16, 2013. State tax forms 2012 The ABC Mutual Fund advises you that the portion of the dividend eligible to be treated as qualified dividends equals 2 cents per share. State tax forms 2012 Your Form 1099-DIV from ABC Mutual Fund shows total ordinary dividends of $1,000 and qualified dividends of $200. State tax forms 2012 However, you sold the 10,000 shares on August 12, 2013. State tax forms 2012 You have no qualified dividends from ABC Mutual Fund because you held the ABC Mutual Fund stock for less than 61 days. State tax forms 2012 Holding period reduced where risk of loss is diminished. State tax forms 2012   When determining whether you met the minimum holding period discussed earlier, you cannot count any day during which you meet any of the following conditions. State tax forms 2012 You had an option to sell, were under a contractual obligation to sell, or had made (and not closed) a short sale of substantially identical stock or securities. State tax forms 2012 You were grantor (writer) of an option to buy substantially identical stock or securities. State tax forms 2012 Your risk of loss is diminished by holding one or more other positions in substantially similar or related property. State tax forms 2012   For information about how to apply condition (3), see Regulations section 1. State tax forms 2012 246-5. State tax forms 2012 Qualified foreign corporation. State tax forms 2012   A foreign corporation is a qualified foreign corporation if it meets any of the following conditions. State tax forms 2012 The corporation is incorporated in a U. State tax forms 2012 S. State tax forms 2012 possession. State tax forms 2012 The corporation is eligible for the benefits of a comprehensive income tax treaty with the United States that the Treasury Department determines is satisfactory for this purpose and that includes an exchange of information program. State tax forms 2012 For a list of those treaties, see Table 8-1. State tax forms 2012 The corporation does not meet (1) or (2) above, but the stock for which the dividend is paid is readily tradable on an established securities market in the United States. State tax forms 2012 See Readily tradable stock , later. State tax forms 2012 Exception. State tax forms 2012   A corporation is not a qualified foreign corporation if it is a passive foreign investment company during its tax year in which the dividends are paid or during its previous tax year. State tax forms 2012 Readily tradable stock. State tax forms 2012   Any stock (such as common, ordinary, or preferred) or an American depositary receipt in respect of that stock is considered to satisfy requirement (3) under Qualified foreign corporation , if it is listed on a national securities exchange that is registered under section 6 of the Securities Exchange Act of 1934 or on the Nasdaq Stock Market. State tax forms 2012 For a list of the exchanges that meet these requirements, see www. State tax forms 2012 sec. State tax forms 2012 gov/divisions/marketreg/mrexchanges. State tax forms 2012 shtml. State tax forms 2012 Dividends that are not qualified dividends. State tax forms 2012   The following dividends are not qualified dividends. State tax forms 2012 They are not qualified dividends even if they are shown in box 1b of Form 1099-DIV. State tax forms 2012 Capital gain distributions. State tax forms 2012 Dividends paid on deposits with mutual savings banks, cooperative banks, credit unions, U. State tax forms 2012 S. State tax forms 2012 building and loan associations, U. State tax forms 2012 S. State tax forms 2012 savings and loan associations, federal savings and loan associations, and similar financial institutions. State tax forms 2012 (Report these amounts as interest income. State tax forms 2012 ) Dividends from a corporation that is a tax-exempt organization or farmer's cooperative during the corporation's tax year in which the dividends were paid or during the corporation's previous tax year. State tax forms 2012 Dividends paid by a corporation on employer securities held on the date of record by an employee stock ownership plan (ESOP) maintained by that corporation. State tax forms 2012 Dividends on any share of stock to the extent you are obligated (whether under a short sale or otherwise) to make related payments for positions in substantially similar or related property. State tax forms 2012 Payments in lieu of dividends, but only if you know or have reason to know the payments are not qualified dividends. State tax forms 2012 Payments shown in Form 1099-DIV, box 1b, from a foreign corporation to the extent you know or have reason to know the payments are not qualified dividends. State tax forms 2012 Table 8-1. State tax forms 2012 Income Tax Treaties Income tax treaties the United States has with the following countries satisfy requirement (2) under Qualified foreign corporation. State tax forms 2012 Australia Indonesia Romania Austria Ireland Russian Bangladesh Israel Federation Barbados Italy Slovak Belgium Jamaica Republic Bulgaria Japan Slovenia Canada Kazakhstan South Africa China Korea Spain Cyprus Latvia Sri Lanka Czech Lithuania Sweden Republic Luxembourg Switzerland Denmark Malta Thailand Egypt Mexico Trinidad and Estonia Morocco Tobago Finland Netherlands Tunisia France New Zealand Turkey Germany Norway Ukraine Greece Pakistan United Hungary Philippines Kingdom Iceland Poland Venezuela India Portugal     Dividends Used to Buy More Stock The corporation in which you own stock may have a dividend reinvestment plan. State tax forms 2012 This plan lets you choose to use your dividends to buy (through an agent) more shares of stock in the corporation instead of receiving the dividends in cash. State tax forms 2012 Most mutual funds also permit shareholders to automatically reinvest distributions in more shares in the fund, instead of receiving cash. State tax forms 2012 If you use your dividends to buy more stock at a price equal to its fair market value, you still must report the dividends as income. State tax forms 2012 If you are a member of a dividend reinvestment plan that lets you buy more stock at a price less than its fair market value, you must report as dividend income the fair market value of the additional stock on the dividend payment date. State tax forms 2012 You also must report as dividend income any service charge subtracted from your cash dividends before the dividends are used to buy the additional stock. State tax forms 2012 But you may be able to deduct the service charge. State tax forms 2012 See chapter 28 for more information about deducting expenses of producing income. State tax forms 2012 In some dividend reinvestment plans, you can invest more cash to buy shares of stock at a price less than fair market value. State tax forms 2012 If you choose to do this, you must report as dividend income the difference between the cash you invest and the fair market value of the stock you buy. State tax forms 2012 When figuring this amount, use the fair market value of the stock on the dividend payment date. State tax forms 2012 Money Market Funds Report amounts you receive from money market funds as dividend income. State tax forms 2012 Money market funds are a type of mutual fund and should not be confused with bank money market accounts that pay interest. State tax forms 2012 Capital Gain Distributions Capital gain distributions (also called capital gain dividends) are paid to you or credited to your account by mutual funds (or other regulated investment companies) and real estate investment trusts (REITs). State tax forms 2012 They will be shown in box 2a of the Form 1099-DIV you receive from the mutual fund or REIT. State tax forms 2012 Report capital gain distributions as long-term capital gains, regardless of how long you owned your shares in the mutual fund or REIT. State tax forms 2012 Undistributed capital gains of mutual funds and REITs. State tax forms 2012    Some mutual funds and REITs keep their long-term capital gains and pay tax on them. State tax forms 2012 You must treat your share of these gains as distributions, even though you did not actually receive them. State tax forms 2012 However, they are not included on Form 1099-DIV. State tax forms 2012 Instead, they are reported to you in box 1a of Form 2439. State tax forms 2012   Report undistributed capital gains (box 1a of Form 2439) as long-term capital gains on Schedule D (Form 1040), column (h), line 11. State tax forms 2012   The tax paid on these gains by the mutual fund or REIT is shown in box 2 of Form 2439. State tax forms 2012 You take credit for this tax by including it on Form 1040, line 71, and checking box a on that line. State tax forms 2012 Attach Copy B of Form 2439 to your return, and keep Copy C for your records. State tax forms 2012 Basis adjustment. State tax forms 2012   Increase your basis in your mutual fund, or your interest in a REIT, by the difference between the gain you report and the credit you claim for the tax paid. State tax forms 2012 Additional information. State tax forms 2012   For more information on the treatment of distributions from mutual funds, see Publication 550. State tax forms 2012 Nondividend Distributions A nondividend distribution is a distribution that is not paid out of the earnings and profits of a corporation or a mutual fund. State tax forms 2012 You should receive a Form 1099-DIV or other statement showing the nondividend distribution. State tax forms 2012 On Form 1099-DIV, a nondividend distribution will be shown in box 3. State tax forms 2012 If you do not receive such a statement, you report the distribution as an ordinary dividend. State tax forms 2012 Basis adjustment. State tax forms 2012   A nondividend distribution reduces the basis of your stock. State tax forms 2012 It is not taxed until your basis in the stock is fully recovered. State tax forms 2012 This nontaxable portion is also called a return of capital; it is a return of your investment in the stock of the company. State tax forms 2012 If you buy stock in a corporation in different lots at different times, and you cannot definitely identify the shares subject to the nondividend distribution, reduce the basis of your earliest purchases first. State tax forms 2012   When the basis of your stock has been reduced to zero, report any additional nondividend distribution you receive as a capital gain. State tax forms 2012 Whether you report it as a long-term or short-term capital gain depends on how long you have held the stock. State tax forms 2012 See Holding Period in chapter 14. State tax forms 2012 Example. State tax forms 2012 You bought stock in 2000 for $100. State tax forms 2012 In 2003, you received a nondividend distribution of $80. State tax forms 2012 You did not include this amount in your income, but you reduced the basis of your stock to $20. State tax forms 2012 You received a nondividend distribution of $30 in 2013. State tax forms 2012 The first $20 of this amount reduced your basis to zero. State tax forms 2012 You report the other $10 as a long-term capital gain for 2013. State tax forms 2012 You must report as a long-term capital gain any nondividend distribution you receive on this stock in later years. State tax forms 2012 Liquidating Distributions Liquidating distributions, sometimes called liquidating dividends, are distributions you receive during a partial or complete liquidation of a corporation. State tax forms 2012 These distributions are, at least in part, one form of a return of capital. State tax forms 2012 They may be paid in one or more installments. State tax forms 2012 You will receive Form 1099-DIV from the corporation showing you the amount of the liquidating distribution in box 8 or 9. State tax forms 2012 For more information on liquidating distributions, see chapter 1 of Publication 550. State tax forms 2012 Distributions of Stock and Stock Rights Distributions by a corporation of its own stock are commonly known as stock dividends. State tax forms 2012 Stock rights (also known as “stock options”) are distributions by a corporation of rights to acquire the corporation's stock. State tax forms 2012 Generally, stock dividends and stock rights are not taxable to you, and you do not report them on your return. State tax forms 2012 Taxable stock dividends and stock rights. State tax forms 2012   Distributions of stock dividends and stock rights are taxable to you if any of the following apply. State tax forms 2012 You or any other shareholder have the choice to receive cash or other property instead of stock or stock rights. State tax forms 2012 The distribution gives cash or other property to some shareholders and an increase in the percentage interest in the corporation's assets or earnings and profits to other shareholders. State tax forms 2012 The distribution is in convertible preferred stock and has the same result as in (2). State tax forms 2012 The distribution gives preferred stock to some common stock shareholders and common stock to other common stock shareholders. State tax forms 2012 The distribution is on preferred stock. State tax forms 2012 (The distribution, however, is not taxable if it is an increase in the conversion ratio of convertible preferred stock made solely to take into account a stock dividend, stock split, or similar event that would otherwise result in reducing the conversion right. State tax forms 2012 )   The term “stock” includes rights to acquire stock, and the term “shareholder” includes a holder of rights or of convertible securities. State tax forms 2012 If you receive taxable stock dividends or stock rights, include their fair market value at the time of distribution in your income. State tax forms 2012 Preferred stock redeemable at a premium. State tax forms 2012   If you hold preferred stock having a redemption price higher than its issue price, the difference (the redemption premium) generally is taxable as a constructive distribution of additional stock on the preferred stock. State tax forms 2012 For more information, see chapter 1 of Publication 550. State tax forms 2012 Basis. State tax forms 2012   Your basis in stock or stock rights received in a taxable distribution is their fair market value when distributed. State tax forms 2012 If you receive stock or stock rights that are not taxable to you, see Stocks and Bonds under Basis of Investment Property in chapter 4 of Publication 550 for information on how to figure their basis. State tax forms 2012 Fractional shares. State tax forms 2012    You may not own enough stock in a corporation to receive a full share of stock if the corporation declares a stock dividend. State tax forms 2012 However, with the approval of the shareholders, the corporation may set up a plan in which fractional shares are not issued but instead are sold, and the cash proceeds are given to the shareholders. State tax forms 2012 Any cash you receive for fractional shares under such a plan is treated as an amount realized on the sale of the fractional shares. State tax forms 2012 Report this transaction on Form 8949, Sales and Other Dispositions of Capital Assets. State tax forms 2012 Enter your gain or loss, the difference between the cash you receive and the basis of the fractional shares sold, in column (h) of Schedule D (Form 1040) in Part I or Part II, whichever is appropriate. State tax forms 2012    Report these transactions on Form 8949 with the correct box checked. State tax forms 2012   For more information on Form 8949 and Schedule D (Form 1040), see chapter 4 of Publication 550. State tax forms 2012 Also see the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040). State tax forms 2012 Example. State tax forms 2012 You own one share of common stock that you bought on January 3, 2004, for $100. State tax forms 2012 The corporation declared a common stock dividend of 5% on June 29, 2013. State tax forms 2012 The fair market value of the stock at the time the stock dividend was declared was $200. State tax forms 2012 You were paid $10 for the fractional-share stock dividend under a plan described in the discussion above. State tax forms 2012 You figure your gain or loss as follows: Fair market value of old stock $200. State tax forms 2012 00 Fair market value of stock dividend (cash received) +10. State tax forms 2012 00 Fair market value of old stock and stock dividend $210. State tax forms 2012 00 Basis (cost) of old stock after the stock dividend (($200 ÷ $210) × $100) $95. State tax forms 2012 24 Basis (cost) of stock dividend (($10 ÷ $210) × $100) + 4. State tax forms 2012 76 Total $100. State tax forms 2012 00 Cash received $10. State tax forms 2012 00 Basis (cost) of stock dividend − 4. State tax forms 2012 76 Gain $5. State tax forms 2012 24 Because you had held the share of stock for more than 1 year at the time the stock dividend was declared, your gain on the stock dividend is a long-term capital gain. State tax forms 2012 Scrip dividends. State tax forms 2012   A corporation that declares a stock dividend may issue you a scrip certificate that entitles you to a fractional share. State tax forms 2012 The certificate is generally nontaxable when you receive it. State tax forms 2012 If you choose to have the corporation sell the certificate for you and give you the proceeds, your gain or loss is the difference between the proceeds and the portion of your basis in the corporation's stock allocated to the certificate. State tax forms 2012   However, if you receive a scrip certificate that you can choose to redeem for cash instead of stock, the certificate is taxable when you receive it. State tax forms 2012 You must include its fair market value in income on the date you receive it. State tax forms 2012 Other Distributions You may receive any of the following distributions during the year. State tax forms 2012 Exempt-interest dividends. State tax forms 2012   Exempt-interest dividends you receive from a mutual fund or other regulated investment company, including those received from a qualified fund of funds in any tax year beginning after December 22, 2010, are not included in your taxable income. State tax forms 2012 Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. State tax forms 2012 Information reporting requirement. State tax forms 2012   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file a return. State tax forms 2012 This is an information reporting requirement and does not change the exempt-interest dividends to taxable income. State tax forms 2012 Alternative minimum tax treatment. State tax forms 2012   Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. State tax forms 2012 See Alternative Minimum Tax (AMT) in chapter 30 for more information. State tax forms 2012 Dividends on insurance policies. State tax forms 2012    Insurance policy dividends the insurer keeps and uses to pay your premiums are not taxable. State tax forms 2012 However, you must report as taxable interest income the interest that is paid or credited on dividends left with the insurance company. State tax forms 2012    If dividends on an insurance contract (other than a modified endowment contract) are distributed to you, they are a partial return of the premiums you paid. State tax forms 2012 Do not include them in your gross income until they are more than the total of all net premiums you paid for the contract. State tax forms 2012 Report any taxable distributions on insurance policies on Form 1040, line 21. State tax forms 2012 Dividends on veterans' insurance. State tax forms 2012   Dividends you receive on veterans' insurance policies are not taxable. State tax forms 2012 In addition, interest on dividends left with the Department of Veterans Affairs is not taxable. State tax forms 2012 Patronage dividends. State tax forms 2012   Generally, patronage dividends you receive in money from a cooperative organization are included in your income. State tax forms 2012   Do not include in your income patronage dividends you receive on: Property bought for your personal use, or Capital assets or depreciable property bought for use in your business. State tax forms 2012 But you must reduce the basis (cost) of the items bought. State tax forms 2012 If the dividend is more than the adjusted basis of the assets, you must report the excess as income. State tax forms 2012   These rules are the same whether the cooperative paying the dividend is a taxable or tax-exempt cooperative. State tax forms 2012 Alaska Permanent Fund dividends. State tax forms 2012    Do not report these amounts as dividends. State tax forms 2012 Instead, report these amounts on Form 1040, line 21; Form 1040A, line 13; or Form 1040EZ, line 3. State tax forms 2012 How To Report Dividend Income Generally, you can use either Form 1040 or Form 1040A to report your dividend income. State tax forms 2012 Report the total of your ordinary dividends on line 9a of Form 1040 or Form 1040A. State tax forms 2012 Report qualified dividends on line 9b of Form 1040 or Form 1040A. State tax forms 2012 If you receive capital gain distributions, you may be able to use Form 1040A or you may have to use Form 1040. State tax forms 2012 See Exceptions to filing Form 8949 and Schedule D (Form 1040) in chapter 16. State tax forms 2012 If you receive nondividend distributions required to be reported as capital gains, you must use Form 1040. State tax forms 2012 You cannot use Form 1040EZ if you receive any dividend income. State tax forms 2012 Form 1099-DIV. State tax forms 2012   If you owned stock on which you received $10 or more in dividends and other distributions, you should receive a Form 1099-DIV. State tax forms 2012 Even if you do not receive Form 1099-DIV, you must report all your dividend income. State tax forms 2012   See Form 1099-DIV for more information on how to report dividend income. State tax forms 2012 Form 1040A or 1040. State tax forms 2012    You must complete Schedule B (Form 1040A or 1040), Part II, and attach it to your Form 1040A or 1040, if: Your ordinary dividends (Form 1099-DIV, box 1a) are more than $1,500, or You received, as a nominee, dividends that actually belong to someone else. State tax forms 2012 If your ordinary dividends are more than $1,500, you must also complete Schedule B (Form 1040A or 1040), Part III. State tax forms 2012   List on Schedule B (Form 1040A or 1040), Part II, line 5, each payer's name and the ordinary dividends you received. State tax forms 2012 If your securities are held by a brokerage firm (in “street name”), list the name of the brokerage firm shown on Form 1099-DIV as the payer. State tax forms 2012 If your stock is held by a nominee who is the owner of record, and the nominee credited or paid you dividends on the stock, show the name of the nominee and the dividends you received or for which you were credited. State tax forms 2012   Enter on line 6 the total of the amounts listed on line 5. State tax forms 2012 Also enter this total on line 9a of Form 1040A or 1040. State tax forms 2012 Qualified dividends. State tax forms 2012   Report qualified dividends (Form 1099-DIV, box 1b) on line 9b of Form 1040 or Form 1040A. State tax forms 2012 The amount in box 1b is already included in box 1a. State tax forms 2012 Do not add the amount in box 1b to, or substract it from, the amount in box 1a. State tax forms 2012   Do not include any of the following on line 9b. State tax forms 2012 Qualified dividends you received as a nominee. State tax forms 2012 See Nominees under How to Report Dividend Income in chapter 1 of Publication 550. State tax forms 2012 Dividends on stock for which you did not meet the holding period. State tax forms 2012 See Holding period , earlier under Qualified Dividends. State tax forms 2012 Dividends on any share of stock to the extent you are obligated (whether under a short sale or otherwise) to make related payments for positions in substantially similar or related property. State tax forms 2012 Payments in lieu of dividends, but only if you know or have reason to know the payments are not qualified dividends. State tax forms 2012 Payments shown in Form 1099-DIV, box 1b, from a foreign corporation to the extent you know or have reason to know the payments are not qualified dividends. State tax forms 2012   If you have qualified dividends, you must figure your tax by completing the Qualified Dividends and Capital Gain Tax Worksheet in the Form 1040 or 1040A instructions or the Schedule D Tax Worksheet in the Schedule D (Form 1040) instructions, whichever applies. State tax forms 2012 Enter qualified dividends on line 2 of the worksheet. State tax forms 2012 Investment interest deducted. State tax forms 2012   If you claim a deduction for investment interest, you may have to reduce the amount of your qualified dividends that are eligible for the 0%, 15%, or 20% tax rate. State tax forms 2012 Reduce it by the qualified dividends you choose to include in investment income when figuring the limit on your investment interest deduction. State tax forms 2012 This is done on the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet. State tax forms 2012 For more information about the limit on investment interest, see Investment expenses in chapter 23. State tax forms 2012 Expenses related to dividend income. State tax forms 2012   You may be able to deduct expenses related to dividend income if you itemize your deductions on Schedule A (Form 1040). State tax forms 2012 See chapter 28 for general information about deducting expenses of producing income. State tax forms 2012 More information. State tax forms 2012    For more information about how to report dividend income, see chapter 1 of Publication 550 or the instructions for the form you must file. State tax forms 2012 Prev  Up  Next   Home   More Online Publications
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The State Tax Forms 2012

State tax forms 2012 Internal Revenue Bulletin:  2013-12  March 18, 2013  Rev. State tax forms 2012 Proc. State tax forms 2012 2013-21 Table of Contents SECTION 1. State tax forms 2012 PURPOSE SECTION 2. State tax forms 2012 BACKGROUND SECTION 3. State tax forms 2012 SCOPE SECTION 4. State tax forms 2012 APPLICATION. State tax forms 2012 01 Limitations on Depreciation Deductions for Certain Automobiles. State tax forms 2012 . State tax forms 2012 02 Inclusions in Income of Lessees of Passenger Automobiles. State tax forms 2012 SECTION 5. State tax forms 2012 EFFECTIVE DATE SECTION 6. State tax forms 2012 DRAFTING INFORMATION SECTION 1. State tax forms 2012 PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2013, including separate tables of limitations on depreciation deductions for trucks and vans; and (2) the amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2013, including a separate table of inclusion amounts for lessees of trucks and vans. State tax forms 2012 The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. State tax forms 2012 SECTION 2. State tax forms 2012 BACKGROUND . State tax forms 2012 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. State tax forms 2012 For passenger automobiles placed in service after 1988, § 280F(d)(7) requires the Internal Revenue Service to increase the amounts allowable as depreciation deductions by a price inflation adjustment amount. State tax forms 2012 The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. State tax forms 2012 This change reflects the higher rate of price inflation for trucks and vans since 1988. State tax forms 2012 . State tax forms 2012 02 Section 331(a) of the American Taxpayer Relief Act of 2012, Pub. State tax forms 2012 L. State tax forms 2012 No. State tax forms 2012 112-240, 126 Stat. State tax forms 2012 2313 (Jan. State tax forms 2012 2, 2013) (the “Act”) extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property acquired by the taxpayer after December 31, 2007, and before January 1, 2014, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2014. State tax forms 2012 Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional first year depreciation deduction”) applies. State tax forms 2012 . State tax forms 2012 03 Section 168(k)(2)(D)(i) provides that the § 168(k) additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). State tax forms 2012 Section 168(k)(2)(D)(iii) permits a taxpayer to elect out of the § 168(k) additional first year depreciation deduction for any class of property. State tax forms 2012 Section 168(k)(4), as amended by the Act, permits a corporation to elect to increase the alternative minimum tax (“AMT”) credit limitation under § 53(c), instead of claiming the § 168(k) additional first year depreciation deduction for all eligible qualified property placed in service after December 31, 2012, that is round 3 extension property (as defined in § 168(k)(4)(J)(iv)). State tax forms 2012 Accordingly, this revenue procedure provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction applies. State tax forms 2012 This revenue procedure also provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction does not apply, either because taxpayer: (1) purchased the passenger automobile used; (2) did not use the passenger automobile during 2013 more than 50 percent for business purposes; (3) elected out of the § 168(k) additional first year depreciation deduction pursuant to § 168(k)(2)(D)(iii); or (4) elected to increase the § 53 AMT credit limitation in lieu of claiming § 168(k) additional first year depreciation. State tax forms 2012 . State tax forms 2012 04 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. State tax forms 2012 The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. State tax forms 2012 Under § 1. State tax forms 2012 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an amount determined by applying a formula to the amount obtained from a table. State tax forms 2012 One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. State tax forms 2012 Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. State tax forms 2012 SECTION 3. State tax forms 2012 SCOPE . State tax forms 2012 01 The limitations on depreciation deductions in section 4. State tax forms 2012 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2013, and continue to apply for each taxable year that the passenger automobile remains in service. State tax forms 2012 . State tax forms 2012 02 The tables in section 4. State tax forms 2012 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2013. State tax forms 2012 Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. State tax forms 2012 See Rev. State tax forms 2012 Proc. State tax forms 2012 2008-22, 2008-1 C. State tax forms 2012 B. State tax forms 2012 658, for passenger automobiles first leased during calendar year 2008; Rev. State tax forms 2012 Proc. State tax forms 2012 2009-24, 2009-17 I. State tax forms 2012 R. State tax forms 2012 B. State tax forms 2012 885, for passenger automobiles first leased during calendar year 2009; Rev. State tax forms 2012 Proc. State tax forms 2012 2010-18, 2010-09 I. State tax forms 2012 R. State tax forms 2012 B. State tax forms 2012 427, as amplified and modified by section 4. State tax forms 2012 03 of Rev. State tax forms 2012 Proc. State tax forms 2012 2011-21, 2011-12 I. State tax forms 2012 R. State tax forms 2012 B. State tax forms 2012 560, for passenger automobiles first leased during calendar year 2010; Rev. State tax forms 2012 Proc. State tax forms 2012 2011-21, for passenger automobiles first leased during calendar year 2011; and Rev. State tax forms 2012 Proc. State tax forms 2012 2012-23, 2012-14 I. State tax forms 2012 R. State tax forms 2012 B. State tax forms 2012 712, for passenger automobiles first leased during calendar year 2012. State tax forms 2012 SECTION 4. State tax forms 2012 APPLICATION . State tax forms 2012 01 Limitations on Depreciation Deductions for Certain Automobiles. State tax forms 2012 (1) Amount of the inflation adjustment. State tax forms 2012 (a) Passenger automobiles (other than trucks or vans). State tax forms 2012 Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. State tax forms 2012 Section 280F(d)(7)(B)(ii) defines the term “CPI automobile component” as the automobile component of the Consumer Price Index for all Urban Consumers published by the Department of Labor. State tax forms 2012 The new car component of the CPI was 115. State tax forms 2012 2 for October 1987 and 143. State tax forms 2012 787 for October 2012. State tax forms 2012 The October 2012 index exceeded the October 1987 index by 28. State tax forms 2012 587. State tax forms 2012 Therefore, the automobile price inflation adjustment for 2013 for passenger automobiles (other than trucks and vans) is 24. State tax forms 2012 8 percent (28. State tax forms 2012 587/115. State tax forms 2012 2 x 100%). State tax forms 2012 The dollar limitations in § 280F(a) are multiplied by a factor of 0. State tax forms 2012 248, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2013. State tax forms 2012 This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2013. State tax forms 2012 (b) Trucks and vans. State tax forms 2012 To determine the dollar limitations for trucks and vans first placed in service during calendar year 2013, the Service uses the new truck component of the CPI instead of the new car component. State tax forms 2012 The new truck component of the CPI was 112. State tax forms 2012 4 for October 1987 and 149. State tax forms 2012 386 for October 2012. State tax forms 2012 The October 2012 index exceeded the October 1987 index by 36. State tax forms 2012 986. State tax forms 2012 Therefore, the automobile price inflation adjustment for 2013 for trucks and vans is 32. State tax forms 2012 9 percent (36. State tax forms 2012 986/112. State tax forms 2012 4 x 100%). State tax forms 2012 The dollar limitations in § 280F(a) are multiplied by a factor of 0. State tax forms 2012 329, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. State tax forms 2012 This adjustment applies to all trucks and vans that are first placed in service in calendar year 2013. State tax forms 2012 (2) Amount of the limitation. State tax forms 2012 Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2013. State tax forms 2012 Use Table 1 for a passenger automobile (other than a truck or van), and Table 2 for a truck or van, placed in service in calendar year 2013 for which the § 168(k) additional first year depreciation deduction applies. State tax forms 2012 Use Table 3 for a passenger automobile (other than a truck or van), and Table 4 for a truck or van, placed in service in calendar year 2013 for which the § 168(k) additional first year depreciation deduction does not apply. State tax forms 2012 REV. State tax forms 2012 PROC. State tax forms 2012 2013-21 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. State tax forms 2012 PROC. State tax forms 2012 2013-21 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,360 2nd Tax Year $5,400 3rd Tax Year $3,250 Each Succeeding Year $1,975 REV. State tax forms 2012 PROC. State tax forms 2012 2013-21 TABLE 3 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. State tax forms 2012 PROC. State tax forms 2012 2013-21 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,360 2nd Tax Year $5,400 3rd Tax Year $3,250 Each Succeeding Year $1,975 . State tax forms 2012 02 Inclusions in Income of Lessees of Passenger Automobiles. State tax forms 2012 A taxpayer must follow the procedures in § 1. State tax forms 2012 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2013. State tax forms 2012 In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure, while lessees of trucks and vans should use Table 6 of this revenue procedure. State tax forms 2012 REV. State tax forms 2012 PROC. State tax forms 2012 2013-21 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2013 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 2 4 6 7 8 19,500 20,000 2 5 6 9 9 20,000 20,500 2 5 8 9 11 20,500 21,000 3 6 8 10 12 21,000 21,500 3 6 10 11 13 21,500 22,000 3 7 10 13 14 22,000 23,000 4 8 11 14 16 23,000 24,000 4 9 14 16 18 24,000 25,000 5 10 15 18 21 25,000 26,000 5 12 16 21 23 26,000 27,000 6 12 19 23 25 27,000 28,000 6 14 20 25 28 28,000 29,000 7 15 22 27 30 29,000 30,000 7 16 24 29 33 30,000 31,000 8 17 26 31 35 31,000 32,000 8 19 27 33 38 32,000 33,000 9 20 29 35 40 33,000 34,000 10 21 31 37 43 34,000 35,000 10 22 33 39 45 35,000 36,000 11 23 35 41 48 36,000 37,000 11 25 36 43 50 37,000 38,000 12 26 38 45 53 38,000 39,000 12 27 40 47 55 39,000 40,000 13 28 42 49 58 40,000 41,000 13 29 44 52 59 41,000 42,000 14 30 45 54 63 42,000 43,000 14 32 47 56 64 43,000 44,000 15 33 48 59 67 44,000 45,000 15 34 51 60 69 45,000 46,000 16 35 52 63 72 46,000 47,000 17 36 54 65 74 47,000 48,000 17 38 55 67 77 48,000 49,000 18 39 57 69 79 49,000 50,000 18 40 59 71 82 50,000 51,000 19 41 61 73 84 51,000 52,000 19 42 63 75 87 52,000 53,000 20 43 65 77 89 53,000 54,000 20 45 66 79 92 54,000 55,000 21 46 68 81 94 55,000 56,000 21 47 70 84 96 56,000 57,000 22 48 72 85 99 57,000 58,000 22 50 73 88 101 58,000 59,000 23 51 75 90 103 59,000 60,000 24 52 76 92 106 60,000 62,000 24 54 79 95 110 62,000 64,000 25 56 83 99 115 64,000 66,000 27 58 87 103 120 66,000 68,000 28 60 90 108 125 68,000 70,000 29 63 93 112 130 70,000 72,000 30 65 97 117 134 72,000 74,000 31 68 100 121 139 74,000 76,000 32 70 104 125 144 76,000 78,000 33 73 107 129 149 78,000 80,000 34 75 111 133 154 80,000 85,000 36 79 117 141 162 85,000 90,000 39 85 126 151 174 90,000 95,000 41 91 135 162 186 95,000 100,000 44 97 144 172 199 100,000 110,000 48 106 157 188 217 110,000 120,000 53 118 174 210 241 120,000 130,000 59 129 193 230 266 130,000 140,000 64 141 210 252 290 140,000 150,000 70 153 227 273 315 150,000 160,000 75 165 245 294 339 160,000 170,000 80 177 263 315 363 170,000 180,000 86 189 280 336 388 180,000 190,000 91 201 298 357 412 190,000 200,000 97 212 316 378 436 200,000 210,000 102 224 333 400 461 210,000 220,000 107 236 351 420 486 220,000 230,000 113 248 368 442 509 230,000 240,000 118 260 386 463 534 240,000 And up 124 272 403 484 558 REV. State tax forms 2012 PROC. State tax forms 2012 2013-21 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2013 Fair Market Value of Truck or Van Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 1 3 4 5 6 19,500 20,000 2 3 5 6 7 20,000 20,500 2 4 6 7 8 20,500 21,000 2 5 7 8 9 21,000 21,500 2 5 8 9 11 21,500 22,000 3 6 8 10 12 22,000 23,000 3 7 10 11 14 23,000 24,000 4 8 11 14 16 24,000 25,000 4 9 14 16 18 25,000 26,000 5 10 15 18 21 26,000 27,000 5 12 17 20 23 27,000 28,000 6 13 18 23 25 28,000 29,000 6 14 20 25 28 29,000 30,000 7 15 22 27 30 30,000 31,000 7 16 24 29 33 31,000 32,000 8 17 26 31 35 32,000 33,000 8 19 27 33 38 33,000 34,000 9 20 29 35 41 34,000 35,000 10 21 31 37 43 35,000 36,000 10 22 33 39 46 36,000 37,000 11 23 35 41 48 37,000 38,000 11 25 36 43 51 38,000 39,000 12 26 38 45 53 39,000 40,000 12 27 40 48 55 40,000 41,000 13 28 42 49 58 41,000 42,000 13 29 44 52 60 42,000 43,000 14 30 46 54 62 43,000 44,000 14 32 47 56 65 44,000 45,000 15 33 48 59 67 45,000 46,000 15 34 51 60 70 46,000 47,000 16 35 52 63 72 47,000 48,000 17 36 54 65 74 48,000 49,000 17 38 55 67 77 49,000 50,000 18 39 57 69 79 50,000 51,000 18 40 59 71 82 51,000 52,000 19 41 61 73 84 52,000 53,000 19 42 63 75 87 53,000 54,000 20 43 65 77 89 54,000 55,000 20 45 66 80 91 55,000 56,000 21 46 68 81 94 56,000 57,000 21 47 70 84 96 57,000 58,000 22 48 72 86 98 58,000 59,000 22 50 73 88 101 59,000 60,000 23 51 75 90 103 60,000 62,000 24 52 78 93 108 62,000 64,000 25 55 81 97 113 64,000 66,000 26 57 85 101 118 66,000 68,000 27 60 88 106 122 68,000 70,000 28 62 92 110 127 70,000 72,000 29 64 96 114 132 72,000 74,000 30 67 99 118 137 74,000 76,000 31 69 103 122 142 76,000 78,000 32 72 105 127 147 78,000 80,000 34 73 110 131 151 80,000 85,000 35 78 116 138 160 85,000 90,000 38 84 124 149 172 90,000 95,000 41 90 133 160 184 95,000 100,000 44 95 142 171 196 100,000 110,000 48 104 156 186 214 110,000 120,000 53 116 173 207 240 120,000 130,000 58 128 191 228 264 130,000 140,000 64 140 208 249 288 140,000 150,000 69 152 226 270 313 150,000 160,000 75 164 243 292 336 160,000 170,000 80 176 261 312 361 170,000 180,000 85 188 278 334 386 180,000 190,000 91 199 296 355 410 190,000 200,000 96 211 314 376 434 200,000 210,000 101 223 332 397 459 210,000 220,000 107 235 349 418 483 220,000 230,000 112 247 367 439 507 230,000 240,000 118 259 384 460 532 240,000 And up 123 271 401 482 556 SECTION 5. State tax forms 2012 EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2013. State tax forms 2012 SECTION 6. State tax forms 2012 DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. State tax forms 2012 Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). State tax forms 2012 For further information regarding this revenue procedure, contact Mr. State tax forms 2012 Harvey at (202) 622-4930 (not a toll-free call). State tax forms 2012 Prev  Up  Next   Home   More Internal Revenue Bulletins