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Tax Form 2012

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Tax Form 2012

Tax form 2012 2. Tax form 2012   Roth IRAs Table of Contents What's New for 2013 What's New for 2014 Reminders Introduction What Is a Roth IRA? When Can a Roth IRA Be Opened? Can You Contribute to a Roth IRA?How Much Can Be Contributed? When Can You Make Contributions? What if You Contribute Too Much? Can You Move Amounts Into a Roth IRA?Conversions Rollover From Employer's Plan Into a Roth IRA Military Death Gratuities and Servicemembers' Group Life Insurance (SGLI) Payments Rollover From a Roth IRA Rollover of Exxon Valdez Settlement Income Rollover of Airline Payments Are Distributions Taxable?What Are Qualified Distributions? Additional Tax on Early Distributions Ordering Rules for Distributions How Do You Figure the Taxable Part? Must You Withdraw or Use Assets?Minimum distributions. Tax form 2012 Recognizing Losses on Investments Distributions After Owner's Death What's New for 2013 Roth IRA contribution limit. Tax form 2012  If contributions on your behalf are made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $5,500, or Your taxable compensation for the year. Tax form 2012 If you were age 50 or older before 2014 and contributions on your behalf were made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $6,500, or Your taxable compensation for the year. Tax form 2012 However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. Tax form 2012 For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? in this chapter. Tax form 2012 Modified AGI limit for Roth IRA contributions increased. Tax form 2012  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. Tax form 2012 Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. Tax form 2012 You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. Tax form 2012 Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2013 and your modified AGI is at least $112,000. Tax form 2012 You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. Tax form 2012 Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Tax form 2012 You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Tax form 2012 See Can You Contribute to a Roth IRA? in this chapter. Tax form 2012 Net Investment Income Tax. Tax form 2012  For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 457(b) plans, and IRAs). Tax form 2012 However, these distributions are taken into account when determining the modified adjusted gross income threshold. Tax form 2012 Distributions from a nonqualified retirement plan are included in net investment income. Tax form 2012 See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. Tax form 2012 What's New for 2014 Modified AGI limit for Roth IRA contributions increased. Tax form 2012  For 2014, your Roth IRA contribution limit is reduced (phased out) in the following situations. Tax form 2012 Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $181,000. Tax form 2012 You cannot make a Roth IRA contribution if your modified AGI is $191,000 or more. Tax form 2012 Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2014 and your modified AGI is at least $114,000. Tax form 2012 You cannot make a Roth IRA contribution if your modified AGI is $129,000 or more. Tax form 2012 Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Tax form 2012 You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Tax form 2012 Reminders Deemed IRAs. Tax form 2012  For plan years beginning after 2002, a qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. Tax form 2012 If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. Tax form 2012 An employee's account can be treated as a traditional IRA or a Roth IRA. Tax form 2012 For this purpose, a “qualified employer plan” includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), A tax-sheltered annuity plan (section 403(b) plan), and A deferred compensation plan (section 457 plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. Tax form 2012 Designated Roth accounts. Tax form 2012  Designated Roth accounts are separate accounts under 401(k), 403(b), or 457(b) plans that accept elective deferrals that are referred to as Roth contributions. Tax form 2012 These elective deferrals are included in your income, but qualified distributions from these accounts are not included in your income. Tax form 2012 Designated Roth accounts are not IRAs and should not be confused with Roth IRAs. Tax form 2012 Contributions, up to their respective limits, can be made to Roth IRAs and designated Roth accounts according to your eligibility to participate. Tax form 2012 A contribution to one does not impact your eligibility to contribute to the other. Tax form 2012 See Publication 575, for more information on designated Roth accounts. Tax form 2012 Introduction Regardless of your age, you may be able to establish and make nondeductible contributions to an individual retirement plan called a Roth IRA. Tax form 2012 Contributions not reported. Tax form 2012   You do not report Roth IRA contributions on your return. Tax form 2012 What Is a Roth IRA? A Roth IRA is an individual retirement plan that, except as explained in this chapter, is subject to the rules that apply to a traditional IRA (defined next). Tax form 2012 It can be either an account or an annuity. Tax form 2012 Individual retirement accounts and annuities are described in chapter 1 under How Can a Traditional IRA Be Opened. Tax form 2012 To be a Roth IRA, the account or annuity must be designated as a Roth IRA when it is opened. Tax form 2012 A deemed IRA can be a Roth IRA, but neither a SEP IRA nor a SIMPLE IRA can be designated as a Roth IRA. Tax form 2012 Unlike a traditional IRA, you cannot deduct contributions to a Roth IRA. Tax form 2012 But, if you satisfy the requirements, qualified distributions (discussed later) are tax free. Tax form 2012 Contributions can be made to your Roth IRA after you reach age 70½ and you can leave amounts in your Roth IRA as long as you live. Tax form 2012 Traditional IRA. Tax form 2012   A traditional IRA is any IRA that is not a Roth IRA or SIMPLE IRA. Tax form 2012 Traditional IRAs are discussed in chapter 1. Tax form 2012 When Can a Roth IRA Be Opened? You can open a Roth IRA at any time. Tax form 2012 However, the time for making contributions for any year is limited. Tax form 2012 See When Can You Make Contributions , later under Can You Contribute to a Roth IRA. Tax form 2012 Can You Contribute to a Roth IRA? Generally, you can contribute to a Roth IRA if you have taxable compensation (defined later) and your modified AGI (defined later) is less than: $188,000 for married filing jointly or qualifying widow(er), $127,000 for single, head of household, or married filing separately and you did not live with your spouse at any time during the year, and $10,000 for married filing separately and you lived with your spouse at any time during the year. Tax form 2012 You may be able to claim a credit for contributions to your Roth IRA. Tax form 2012 For more information, see chapter 4. Tax form 2012 Is there an age limit for contributions?   Contributions can be made to your Roth IRA regardless of your age. Tax form 2012 Can you contribute to a Roth IRA for your spouse?   You can contribute to a Roth IRA for your spouse provided the contributions satisfy the Kay Bailey Hutchison Spousal IRA limit discussed in chapter 1 under How Much Can Be Contributed, you file jointly, and your modified AGI is less than $188,000. Tax form 2012 Compensation. Tax form 2012   Compensation includes wages, salaries, tips, professional fees, bonuses, and other amounts received for providing personal services. Tax form 2012 It also includes commissions, self-employment income, nontaxable combat pay, military differential pay, and taxable alimony and separate maintenance payments. Tax form 2012 For more information, see What Is Compensation? under Who Can Open a Traditional IRA? in chapter 1. Tax form 2012 Modified AGI. Tax form 2012   Your modified AGI for Roth IRA purposes is your adjusted gross income (AGI) as shown on your return with some adjustments. Tax form 2012 Use Worksheet 2-1 , later, to determine your modified AGI. Tax form 2012    Do not subtract conversion income when figuring your other AGI-based phaseouts and taxable income, such as your deduction for medical and dental expenses. Tax form 2012 Subtract them from AGI only for the purpose of figuring your modified AGI for Roth IRA purposes. Tax form 2012 How Much Can Be Contributed? The contribution limit for Roth IRAs generally depends on whether contributions are made only to Roth IRAs or to both traditional IRAs and Roth IRAs. Tax form 2012 Worksheet 2-1. Tax form 2012 Modified Adjusted Gross Income for Roth IRA Purposes Use this worksheet to figure your modified adjusted gross income for Roth IRA purposes. Tax form 2012 1. Tax form 2012 Enter your adjusted gross income from Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37 1. Tax form 2012   2. Tax form 2012 Enter any income resulting from the conversion of an IRA (other than a Roth IRA) to a Roth IRA (included on Form 1040, line 15b, Form 1040A, line 11b, or Form 1040NR, line 16b) and a rollover from a qualified retirement plan to a Roth IRA (included on Form 1040, line 16b, Form 1040A, line 12b, or Form 1040NR, line 17b) 2. Tax form 2012   3. Tax form 2012 Subtract line 2 from line 1 3. Tax form 2012   4. Tax form 2012 Enter any traditional IRA deduction from Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32 4. Tax form 2012   5. Tax form 2012 Enter any student loan interest deduction from Form 1040, line 33; Form 1040A, line 18; or Form 1040NR, line 33 5. Tax form 2012   6. Tax form 2012 Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 6. Tax form 2012   7. Tax form 2012 Enter any domestic production activities deduction from Form 1040, line 35, or Form 1040NR, line 34 7. Tax form 2012   8. Tax form 2012 Enter any foreign earned income exclusion and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 8. Tax form 2012   9. Tax form 2012 Enter any foreign housing deduction from Form 2555, line 50 9. Tax form 2012   10. Tax form 2012 Enter any excludable qualified savings bond interest from Form 8815, line 14 10. Tax form 2012   11. Tax form 2012 Enter any excluded employer-provided adoption benefits from Form 8839, line 28 11. Tax form 2012   12. Tax form 2012 Add the amounts on lines 3 through 11 12. Tax form 2012   13. Tax form 2012 Enter: $188,000 if married filing jointly or qualifying widow(er), $10,000 if married filing separately and you lived with your spouse at any time during the year, or $127,000 for all others 13. Tax form 2012   Is the amount on line 12 more than the amount on line 13? If yes, see the note below. Tax form 2012  If no, the amount on line 12 is your modified adjusted gross income for Roth IRA purposes. Tax form 2012       Note. Tax form 2012 If the amount on line 12 is more than the amount on line 13 and you have other income or loss items, such as social security income or passive activity losses, that are subject to AGI-based phaseouts, you can refigure your AGI solely for the purpose of figuring your modified AGI for Roth IRA purposes. Tax form 2012 (If you receive social security benefits, use Worksheet 1 in Appendix B to refigure your AGI. Tax form 2012 ) Then go to line 3 above in this Worksheet 2-1 to refigure your modified AGI. Tax form 2012 If you do not have other income or loss items subject to AGI-based phaseouts, your modified adjusted gross income for Roth IRA purposes is the amount on line 12 above. Tax form 2012 Roth IRAs only. Tax form 2012   If contributions are made only to Roth IRAs, your contribution limit generally is the lesser of: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation. Tax form 2012   However, if your modified AGI is above a certain amount, your contribution limit may be reduced, as explained later under Contribution limit reduced . Tax form 2012 Roth IRAs and traditional IRAs. Tax form 2012   If contributions are made to both Roth IRAs and traditional IRAs established for your benefit, your contribution limit for Roth IRAs generally is the same as your limit would be if contributions were made only to Roth IRAs, but then reduced by all contributions for the year to all IRAs other than Roth IRAs. Tax form 2012 Employer contributions under a SEP or SIMPLE IRA plan do not affect this limit. Tax form 2012   This means that your contribution limit is the lesser of: $5,500 ($6,500 if you are age 50 or older) minus all contributions (other than employer contributions under a SEP or SIMPLE IRA plan) for the year to all IRAs other than Roth IRAs, or Your taxable compensation minus all contributions (other than employer contributions under a SEP or SIMPLE IRA plan) for the year to all IRAs other than Roth IRAs. Tax form 2012   However, if your modified AGI is above a certain amount, your contribution limit may be reduced, as explained below under Contribution limit reduced . Tax form 2012   Simplified employee pensions (SEPs) are discussed in Publication 560. Tax form 2012 Savings incentive match plans for employees (SIMPLEs) are discussed in chapter 3. Tax form 2012 Repayment of reservist distributions. Tax form 2012   You can repay qualified reservist distributions even if the repayments would cause your total contributions to the Roth IRA to be more than the general limit on contributions. Tax form 2012 However, the total repayments cannot be more than the amount of your distribution. Tax form 2012 Note. Tax form 2012 If you make repayments of qualified reservist distributions to a Roth IRA, increase your basis in the Roth IRA by the amount of the repayment. Tax form 2012 For more information, see Qualified reservist repayments under How Much Can Be Contributed? in chapter 1. Tax form 2012 Contribution limit reduced. Tax form 2012   If your modified AGI is above a certain amount, your contribution limit is gradually reduced. Tax form 2012 Use Table 2-1, later, to determine if this reduction applies to you. Tax form 2012 Table 2-1. Tax form 2012 Effect of Modified AGI on Roth IRA Contribution This table shows whether your contribution to a Roth IRA is affected by the amount of your modified adjusted gross income (modified AGI). Tax form 2012 IF you have taxable compensation and your filing status is . Tax form 2012 . Tax form 2012 . Tax form 2012 AND your modified AGI is . Tax form 2012 . Tax form 2012 . Tax form 2012 THEN . Tax form 2012 . Tax form 2012 . Tax form 2012 married filing jointly or  qualifying widow(er) less than $178,000 you can contribute up to $5,500 ($6,500 if you are age 50 or older) as explained under How Much Can Be Contributed . Tax form 2012 at least $178,000 but less than $188,000 the amount you can contribute is reduced as explained under Contribution limit reduced . Tax form 2012 $188,000 or more you cannot contribute to a Roth IRA. Tax form 2012 married filing separately and you lived with your spouse at any time during the year zero (-0-) you can contribute up to $5,500 ($6,500 if you are age 50 or older) as explained under How Much Can Be Contributed . Tax form 2012 more than zero (-0-) but less than $10,000 the amount you can contribute is reduced as explained under Contribution limit reduced . Tax form 2012 $10,000 or more you cannot contribute to a Roth IRA. Tax form 2012 single, head of household,  or married filing separately and you did not live with your spouse at any time during the year less than $112,000 you can contribute up to $5,500 ($6,500 if you are age 50 or older) as explained under How Much Can Be Contributed . Tax form 2012 at least $112,000 but less than $127,000 the amount you can contribute is reduced as explained under Contribution limit reduced . Tax form 2012 $127,000 or more you cannot contribute to a Roth IRA. Tax form 2012 Figuring the reduction. Tax form 2012   If the amount you can contribute must be reduced, use Worksheet 2-2, later, to figure your reduced contribution limit. Tax form 2012 Worksheet 2-2. Tax form 2012 Determining Your Reduced Roth IRA Contribution Limit Before using this worksheet, check Table 2-1, earlier, to determine whether or not your Roth IRA contribution limit is reduced. Tax form 2012 If it is, use this worksheet to determine how much it is reduced. Tax form 2012 1. Tax form 2012 Enter your modified AGI for Roth IRA purposes (Worksheet 2-1, line 12) 1. Tax form 2012   2. Tax form 2012 Enter: $178,000 if filing a joint return or qualifying widow(er), $-0- if married filing a separate return and you lived with your spouse at any time in 2013, or $112,000 for all others 2. Tax form 2012   3. Tax form 2012 Subtract line 2 from line 1 3. Tax form 2012   4. Tax form 2012 Enter: $10,000 if filing a joint return or qualifying widow(er) or married filing a separate return and you lived with your spouse at any time during the year, or $15,000 for all others 4. Tax form 2012   5. Tax form 2012 Divide line 3 by line 4 and enter the result as a decimal (rounded to at least three places). Tax form 2012 If the result is 1. Tax form 2012 000 or more, enter 1. Tax form 2012 000 5. Tax form 2012   6. Tax form 2012 Enter the lesser of: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation 6. Tax form 2012   7. Tax form 2012 Multiply line 5 by line 6 7. Tax form 2012   8. Tax form 2012 Subtract line 7 from line 6. Tax form 2012 Round the result up to the nearest $10. Tax form 2012 If the result is less than $200, enter $200 8. Tax form 2012   9. Tax form 2012 Enter contributions for the year to other IRAs 9. Tax form 2012   10. Tax form 2012 Subtract line 9 from line 6 10. Tax form 2012   11. Tax form 2012 Enter the lesser of line 8 or line 10. Tax form 2012 This is your reduced Roth IRA contribution limit 11. Tax form 2012      Round your reduced contribution limit up to the nearest $10. Tax form 2012 If your reduced contribution limit is more than $0, but less than $200, increase the limit to $200. Tax form 2012 Example. Tax form 2012 You are a 45-year-old, single individual with taxable compensation of $113,000. Tax form 2012 You want to make the maximum allowable contribution to your Roth IRA for 2013. Tax form 2012 Your modified AGI for 2013 is $113,000. Tax form 2012 You have not contributed to any traditional IRA, so the maximum contribution limit before the modified AGI reduction is $5,500. Tax form 2012 You figure your reduced Roth IRA contribution of $5,140 as shown on Worksheet 2-2. Tax form 2012 Example—Illustrated, later. Tax form 2012   Worksheet 2-2. Tax form 2012 Example—Illustrated Before using this worksheet, check Table 2-1, earlier, to determine whether or not your Roth IRA contribution limit is reduced. Tax form 2012 If it is, use this worksheet to determine how much it is reduced. Tax form 2012 1. Tax form 2012 Enter your modified AGI for Roth IRA purposes (Worksheet 2-1, line 12) 1. Tax form 2012 113,000 2. Tax form 2012 Enter: $178,000 if filing a joint return or qualifying widow(er), $-0- if married filing a separate return and you lived with your spouse at any time in 2013, or $112,000 for all others 2. Tax form 2012 112,000 3. Tax form 2012 Subtract line 2 from line 1 3. Tax form 2012 1,000 4. Tax form 2012 Enter: $10,000 if filing a joint return or qualifying widow(er) or married filing a separate return and you lived with your spouse at any time during the year, or $15,000 for all others 4. Tax form 2012 15,000 5. Tax form 2012 Divide line 3 by line 4 and enter the result as a decimal (rounded to at least three places). Tax form 2012 If the result is 1. Tax form 2012 000 or more, enter 1. Tax form 2012 000 5. Tax form 2012 . Tax form 2012 067 6. Tax form 2012 Enter the lesser of: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation 6. Tax form 2012 5,500 7. Tax form 2012 Multiply line 5 by line 6 7. Tax form 2012 369 8. Tax form 2012 Subtract line 7 from line 6. Tax form 2012 Round the result up to the nearest $10. Tax form 2012 If the result is less than $200, enter $200 8. Tax form 2012 5,140 9. Tax form 2012 Enter contributions for the year to other IRAs 9. Tax form 2012 0 10. Tax form 2012 Subtract line 9 from line 6 10. Tax form 2012 5,500 11. Tax form 2012 Enter the lesser of line 8 or line 10. Tax form 2012 This is your reduced Roth IRA contribution limit 11. Tax form 2012 5,140 When Can You Make Contributions? You can make contributions to a Roth IRA for a year at any time during the year or by the due date of your return for that year (not including extensions). Tax form 2012 You can make contributions for 2013 by the due date (not including extensions) for filing your 2013 tax return. Tax form 2012 This means that most people can make contributions for 2013 by April 15, 2014. Tax form 2012 What if You Contribute Too Much? A 6% excise tax applies to any excess contribution to a Roth IRA. Tax form 2012 Excess contributions. Tax form 2012   These are the contributions to your Roth IRAs for a year that equal the total of: Amounts contributed for the tax year to your Roth IRAs (other than amounts properly and timely rolled over from a Roth IRA or properly converted from a traditional IRA or rolled over from a qualified retirement plan, as described later) that are more than your contribution limit for the year (explained earlier under How Much Can Be Contributed? ), plus Any excess contributions for the preceding year, reduced by the total of: Any distributions out of your Roth IRAs for the year, plus Your contribution limit for the year minus your contributions to all your IRAs for the year. Tax form 2012 Withdrawal of excess contributions. Tax form 2012   For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including extensions) for filing your tax return for the year is treated as an amount not contributed. Tax form 2012 This treatment only applies if any earnings on the contributions are also withdrawn. Tax form 2012 The earnings are considered earned and received in the year the excess contribution was made. Tax form 2012   If you timely filed your 2013 tax return without withdrawing a contribution that you made in 2013, you can still have the contribution returned to you within 6 months of the due date of your 2013 tax return, excluding extensions. Tax form 2012 If you do, file an amended return with “Filed pursuant to section 301. Tax form 2012 9100-2” written at the top. Tax form 2012 Report any related earnings on the amended return and include an explanation of the withdrawal. Tax form 2012 Make any other necessary changes on the amended return. Tax form 2012 Applying excess contributions. Tax form 2012    If contributions to your Roth IRA for a year were more than the limit, you can apply the excess contribution in one year to a later year if the contributions for that later year are less than the maximum allowed for that year. Tax form 2012 Can You Move Amounts Into a Roth IRA? You may be able to convert amounts from either a traditional, SEP, or SIMPLE IRA into a Roth IRA. Tax form 2012 You may be able to roll over amounts from a qualified retirement plan to a Roth IRA. Tax form 2012 You may be able to recharacterize contributions made to one IRA as having been made directly to a different IRA. Tax form 2012 You can roll amounts over from a designated Roth account or from one Roth IRA to another Roth IRA. Tax form 2012 Conversions You can convert a traditional IRA to a Roth IRA. Tax form 2012 The conversion is treated as a rollover, regardless of the conversion method used. Tax form 2012 Most of the rules for rollovers, described in chapter 1 under Rollover From One IRA Into Another , apply to these rollovers. Tax form 2012 However, the 1-year waiting period does not apply. Tax form 2012 Conversion methods. Tax form 2012   You can convert amounts from a traditional IRA to a Roth IRA in any of the following three ways. Tax form 2012 Rollover. Tax form 2012 You can receive a distribution from a traditional IRA and roll it over (contribute it) to a Roth IRA within 60 days after the distribution. Tax form 2012 Trustee-to-trustee transfer. Tax form 2012 You can direct the trustee of the traditional IRA to transfer an amount from the traditional IRA to the trustee of the Roth IRA. Tax form 2012 Same trustee transfer. Tax form 2012 If the trustee of the traditional IRA also maintains the Roth IRA, you can direct the trustee to transfer an amount from the traditional IRA to the Roth IRA. Tax form 2012 Same trustee. Tax form 2012   Conversions made with the same trustee can be made by redesignating the traditional IRA as a Roth IRA, rather than opening a new account or issuing a new contract. Tax form 2012 Income. Tax form 2012   You must include in your gross income distributions from a traditional IRA that you would have had to include in income if you had not converted them into a Roth IRA. Tax form 2012 These amounts are normally included in income on your return for the year that you converted them from a traditional IRA to a Roth IRA. Tax form 2012 If you must include any amount in your gross income, you may have to increase your withholding or make estimated tax payments. Tax form 2012 See Publication 505, Tax Withholding and Estimated Tax. Tax form 2012 More information. Tax form 2012   For more information on conversions, see Converting From Any Traditional IRA Into a Roth IRA in chapter 1. Tax form 2012 Rollover From Employer's Plan Into a Roth IRA You can roll over into a Roth IRA all or part of an eligible rollover distribution you receive from your (or your deceased spouse's): Employer's qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan); Annuity plan; Tax-sheltered annuity plan (section 403(b) plan); or Governmental deferred compensation plan (section 457 plan). Tax form 2012 Any amount rolled over is subject to the same rules for converting a traditional IRA into a Roth IRA. Tax form 2012 See Converting From Any Traditional IRA Into a Roth IRA in chapter 1. Tax form 2012 Also, the rollover contribution must meet the rollover requirements that apply to the specific type of retirement plan. Tax form 2012 Rollover methods. Tax form 2012   You can roll over amounts from a qualified retirement plan to a Roth IRA in one of the following ways. Tax form 2012 Rollover. Tax form 2012 You can receive a distribution from a qualified retirement plan and roll it over (contribute) to a Roth IRA within 60 days after the distribution. Tax form 2012 Since the distribution is paid directly to you, the payer generally must withhold 20% of it. Tax form 2012 Direct rollover option. Tax form 2012 Your employer's qualified plan must give you the option to have any part of an eligible rollover distribution paid directly to a Roth IRA. Tax form 2012 Generally, no tax is withheld from any part of the designated distribution that is directly paid to the trustee of the Roth IRA. Tax form 2012 Rollover by nonspouse beneficiary. Tax form 2012   If you are a designated beneficiary (other than a surviving spouse) of a deceased employee, you can roll over all or part of an eligible rollover distribution from one of the types of plans listed above into a Roth IRA. Tax form 2012 You must make the rollover by a direct trustee-to-trustee transfer into an inherited Roth IRA. Tax form 2012   You will determine your required minimum distributions in years after you make the rollover based on whether the employee died before his or her required beginning date for taking distributions from the plan. Tax form 2012 For more information, see Distributions after the employee’s death under Tax on Excess Accumulation in Publication 575. Tax form 2012 Income. Tax form 2012   You must include in your gross income distributions from a qualified retirement plan that you would have had to include in income if you had not rolled them over into a Roth IRA. Tax form 2012 You do not include in gross income any part of a distribution from a qualified retirement plan that is a return of contributions (after-tax contributions) to the plan that were taxable to you when paid. Tax form 2012 These amounts are normally included in income on your return for the year of the rollover from the qualified employer plan to a Roth IRA. Tax form 2012 If you must include any amount in your gross income, you may have to increase your withholding or make estimated tax payments. Tax form 2012 See Publication 505, Tax Withholding and Estimated Tax. Tax form 2012 For more information on eligible rollover distributions from qualified retirement plans and withholding, see Rollover From Employer's Plan Into an IRA in chapter 1. Tax form 2012 Military Death Gratuities and Servicemembers' Group Life Insurance (SGLI) Payments If you received a military death gratuity or SGLI payment with respect to a death from injury that occurred after October 6, 2001, you can contribute (roll over) all or part of the amount received to your Roth IRA. Tax form 2012 The contribution is treated as a qualified rollover contribution. Tax form 2012 The amount you can roll over to your Roth IRA cannot exceed the total amount that you received reduced by any part of that amount that was contributed to a Coverdell ESA or another Roth IRA. Tax form 2012 Any military death gratuity or SGLI payment contributed to a Roth IRA is disregarded for purposes of the 1-year waiting period between rollovers. Tax form 2012 The rollover must be completed before the end of the 1-year period beginning on the date you received the payment. Tax form 2012 The amount contributed to your Roth IRA is treated as part of your cost basis (investment in the contract) in the Roth IRA that is not taxable when distributed. Tax form 2012 Rollover From a Roth IRA You can withdraw, tax free, all or part of the assets from one Roth IRA if you contribute them within 60 days to another Roth IRA. Tax form 2012 Most of the rules for rollovers, described in chapter 1 under Rollover From One IRA Into Another , apply to these rollovers. Tax form 2012 However, rollovers from retirement plans other than Roth IRAs are disregarded for purposes of the 1-year waiting period between rollovers. Tax form 2012 A rollover from a Roth IRA to an employer retirement plan is not allowed. Tax form 2012 A rollover from a designated Roth account can only be made to another designated Roth account or to a Roth IRA. Tax form 2012 If you roll over an amount from one Roth IRA to another Roth IRA, the 5-year period used to determine qualified distributions does not change. Tax form 2012 The 5-year period begins with the first taxable year for which the contribution was made to the initial Roth IRA. Tax form 2012 See What are Qualified Distributions , later. Tax form 2012 Rollover of Exxon Valdez Settlement Income If you are a qualified taxpayer (defined in chapter 1, earlier) and you received qualified settlement income (defined in chapter 1, earlier), you can contribute all or part of the amount received to an eligible retirement plan which includes a Roth IRA. Tax form 2012 The rules for contributing qualified settlement income to a Roth IRA are the same as the rules for contributing qualified settlement income to a traditional IRA with the following exception. Tax form 2012 Qualified settlement income that is contributed to a Roth IRA, or to a designated Roth account, will be: Included in your taxable income for the year the qualified settlement income was received, and Treated as part of your cost basis (investment in the contract) in the Roth IRA that is not taxable when distributed. Tax form 2012 For more information, see Rollover of Exxon Valdez Settlement Income in chapter 1. Tax form 2012 Rollover of Airline Payments If you are a qualified airline employee (defined next), you may contribute any portion of an airline payment (defined below) you receive to a Roth IRA. Tax form 2012 The contribution must be made within 180 days from the date you received the payment. Tax form 2012 The contribution will be treated as a qualified rollover contribution. Tax form 2012 The rollover contribution is included in income to the extent it would be included in income if it were not part of the rollover contribution. Tax form 2012 Also, any reduction in the airline payment amount on account of employment taxes shall be disregarded when figuring the amount you can contribute to your Roth IRA. Tax form 2012 Qualified airline employee. Tax form 2012    A current or former employee of a commercial airline carrier who was a participant in a qualified defined benefit plan maintained by the carrier which was terminated or became subject to restrictions under Section 402(b) of the Pension Protection Act of 2006. Tax form 2012 These provisions also apply to surviving spouses of qualified airline employees. Tax form 2012 Airline payment. Tax form 2012    An airline payment is any payment of money or other property that is paid to a qualified airline employee from a commercial airline carrier. Tax form 2012 The payment also must be made both: Under the approval of an order of federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, and In respect of the qualified airline employee’s interest in a bankruptcy claim against the airline carrier, any note of the carrier (or amount paid in lieu of a note being issued), or any other fixed obligation of the carrier to pay a lump sum amount. Tax form 2012 Any reduction in the airline payment amount on account of employment taxes shall be disregarded when figuring the amount you can roll over to your traditional IRA. Tax form 2012 Also, an airline payment shall not include any amount payable on the basis of the airline carrier’s future earnings or profits. Tax form 2012 Are Distributions Taxable? You do not include in your gross income qualified distributions or distributions that are a return of your regular contributions from your Roth IRA(s). Tax form 2012 You also do not include distributions from your Roth IRA that you roll over tax free into another Roth IRA. Tax form 2012 You may have to include part of other distributions in your income. Tax form 2012 See Ordering Rules for Distributions , later. Tax form 2012 Basis of distributed property. Tax form 2012   The basis of property distributed from a Roth IRA is its fair market value (FMV) on the date of distribution, whether or not the distribution is a qualified distribution. Tax form 2012 Withdrawals of contributions by due date. Tax form 2012   If you withdraw contributions (including any net earnings on the contributions) by the due date of your return for the year in which you made the contribution, the contributions are treated as if you never made them. Tax form 2012 If you have an extension of time to file your return, you can withdraw the contributions and earnings by the extended due date. Tax form 2012 The withdrawal of contributions is tax free, but you must include the earnings on the contributions in income for the year in which you made the contributions. Tax form 2012 What Are Qualified Distributions? A qualified distribution is any payment or distribution from your Roth IRA that meets the following requirements. Tax form 2012 It is made after the 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for your benefit, and The payment or distribution is: Made on or after the date you reach age 59½, Made because you are disabled (defined earlier), Made to a beneficiary or to your estate after your death, or One that meets the requirements listed under First home under Exceptions in chapter 1 (up to a $10,000 lifetime limit). Tax form 2012 Additional Tax on Early Distributions If you receive a distribution that is not a qualified distribution, you may have to pay the 10% additional tax on early distributions as explained in the following paragraphs. Tax form 2012 Distributions of conversion and certain rollover contributions within 5-year period. Tax form 2012   If, within the 5-year period starting with the first day of your tax year in which you convert an amount from a traditional IRA or rollover an amount from a qualified retirement plan to a Roth IRA, you take a distribution from a Roth IRA, you may have to pay the 10% additional tax on early distributions. Tax form 2012 You generally must pay the 10% additional tax on any amount attributable to the part of the amount converted or rolled over (the conversion or rollover contribution) that you had to include in income (recapture amount). Tax form 2012 A separate 5-year period applies to each conversion and rollover. Tax form 2012 See Ordering Rules for Distributions , later, to determine the recapture amount, if any. Tax form 2012   The 5-year period used for determining whether the 10% early distribution tax applies to a distribution from a conversion or rollover contribution is separately determined for each conversion and rollover, and is not necessarily the same as the 5-year period used for determining whether a distribution is a qualified distribution. Tax form 2012 See What Are Qualified Distributions , earlier. Tax form 2012   For example, if a calendar-year taxpayer makes a conversion contribution on February 25, 2013, and makes a regular contribution for 2012 on the same date, the 5-year period for the conversion begins January 1, 2013, while the 5-year period for the regular contribution begins on January 1, 2012. Tax form 2012   Unless one of the exceptions listed later applies, you must pay the additional tax on the portion of the distribution attributable to the part of the conversion or rollover contribution that you had to include in income because of the conversion or rollover. Tax form 2012   You must pay the 10% additional tax in the year of the distribution, even if you had included the conversion or rollover contribution in an earlier year. Tax form 2012 You also must pay the additional tax on any portion of the distribution attributable to earnings on contributions. Tax form 2012 Other early distributions. Tax form 2012   Unless one of the exceptions listed below applies, you must pay the 10% additional tax on the taxable part of any distributions that are not qualified distributions. Tax form 2012 Exceptions. Tax form 2012   You may not have to pay the 10% additional tax in the following situations. Tax form 2012 You have reached age 59½. Tax form 2012 You are totally and permanently disabled. Tax form 2012 You are the beneficiary of a deceased IRA owner. Tax form 2012 You use the distribution to buy, build, or rebuild a first home. Tax form 2012 The distributions are part of a series of substantially equal payments. Tax form 2012 You have unreimbursed medical expenses that are more than 10% (or 7. Tax form 2012 5% if you or your spouse was born before January 2, 1949) of your adjusted gross income (defined earlier) for the year. Tax form 2012 You are paying medical insurance premiums during a period of unemployment. Tax form 2012 The distributions are not more than your qualified higher education expenses. Tax form 2012 The distribution is due to an IRS levy of the qualified plan. Tax form 2012 The distribution is a qualified reservist distribution. Tax form 2012 Most of these exceptions are discussed earlier in chapter 1 under Early Distributions . Tax form 2012 Please click here for the text description of the image. Tax form 2012 Is Roth Distributions a Qualified Distribution? Ordering Rules for Distributions If you receive a distribution from your Roth IRA that is not a qualified distribution, part of it may be taxable. Tax form 2012 There is a set order in which contributions (including conversion contributions and rollover contributions from qualified retirement plans) and earnings are considered to be distributed from your Roth IRA. Tax form 2012 For these purposes, disregard the withdrawal of excess contributions and the earnings on them (discussed earlier under What if You Contribute Too Much ). Tax form 2012 Order the distributions as follows. Tax form 2012 Regular contributions. Tax form 2012 Conversion and rollover contributions, on a first-in, first-out basis (generally, total conversions and rollovers from the earliest year first). Tax form 2012 See Aggregation (grouping and adding) rules, later. Tax form 2012 Take these conversion and rollover contributions into account as follows: Taxable portion (the amount required to be included in gross income because of the conversion or rollover) first, and then the Nontaxable portion. Tax form 2012 Earnings on contributions. Tax form 2012 Disregard rollover contributions from other Roth IRAs for this purpose. Tax form 2012 Aggregation (grouping and adding) rules. Tax form 2012   Determine the taxable amounts distributed (withdrawn), distributions, and contributions by grouping and adding them together as follows. Tax form 2012 Add all distributions from all your Roth IRAs during the year together. Tax form 2012 Add all regular contributions made for the year (including contributions made after the close of the year, but before the due date of your return) together. Tax form 2012 Add this total to the total undistributed regular contributions made in prior years. Tax form 2012 Add all conversion and rollover contributions made during the year together. Tax form 2012 For purposes of the ordering rules, in the case of any conversion or rollover in which the conversion or rollover distribution is made in 2013 and the conversion or rollover contribution is made in 2014, treat the conversion or rollover contribution as contributed before any other conversion or rollover contributions made in 2014. Tax form 2012 Add any recharacterized contributions that end up in a Roth IRA to the appropriate contribution group for the year that the original contribution would have been taken into account if it had been made directly to the Roth IRA. Tax form 2012   Disregard any recharacterized contribution that ends up in an IRA other than a Roth IRA for the purpose of grouping (aggregating) both contributions and distributions. Tax form 2012 Also disregard any amount withdrawn to correct an excess contribution (including the earnings withdrawn) for this purpose. Tax form 2012 Example. Tax form 2012 On October 15, 2009, Justin converted all $80,000 in his traditional IRA to his Roth IRA. Tax form 2012 His Forms 8606 from prior years show that $20,000 of the amount converted is his basis. Tax form 2012 Justin included $60,000 ($80,000 − $20,000) in his gross income. Tax form 2012 On February 23, 2013, Justin made a regular contribution of $5,000 to a Roth IRA. Tax form 2012 On November 8, 2013, at age 60, Justin took a $7,000 distribution from his Roth IRA. Tax form 2012 The first $5,000 of the distribution is a return of Justin's regular contribution and is not includible in his income. Tax form 2012 The next $2,000 of the distribution is not includible in income because it was included previously. Tax form 2012 Figuring your recapture amount. Tax form 2012   If you had an early distribution from your Roth IRAs in 2013, you must allocate the early distribution by using the Recapture Amount—Allocation Chart, later. Tax form 2012 Recapture Amount—Allocation Chart Enter the amount from your 2013 Form 8606, line 19   Before you begin: You will need your prior year Form(s) 8606 and income tax return(s) if you entered an amount on any line(s) as indicated below. Tax form 2012   You will now allocate the amount you entered above (2013 Form 8606, line 19) in the order shown, to the amounts on the lines listed below (to the extent a prior year distribution was not allocable to the amount). Tax form 2012 The maximum amount you can enter on each line below is the amount entered on the referenced lines of the form for that year. Tax form 2012 Note. Tax form 2012 Once you have allocated the full amount from your 2013 Form 8606, line 19, STOP. Tax form 2012 See the Example , earlier. Tax form 2012 Tax Year Your Form 2013 Form 8606, line 20   Form 8606, line 22   1998 Form 8606, line 16   Form 8606, line 15   1999 Form 8606, line 16   Form 8606, line 15   2000 Form 8606, line 16   Form 8606, line 15   2001 Form 8606, line 18   Form 8606, line 17   2002 Form 8606, line 18   Form 8606, line 17   2003 Form 8606, line 18   Form 8606, line 17   2004 Form 8606, line 18   Form 8606, line 17   2005 Form 8606, line 18   Form 8606, line 17   2006 Form 8606, line 18   Form 8606, line 17   2007 Form 8606, line 18   Form 8606, line 17   2008 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2009 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2010 Form 8606, lines 18 and 23   Form 8606, lines 17 and 22   2011 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2012 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 25       *Only include those amounts rolled over to a Roth IRA. Tax form 2012  **Only include any contributions (usually Form 1099-R, box 5) that were taxable to you when made and rolled over to a Roth IRA. Tax form 2012 Amount to include on Form 5329, line 1. Tax form 2012   Include on line 1 of your 2013 Form 5329 the following four amounts from the Recapture Amount—Allocation Chart that you filled out. Tax form 2012 The amount you allocated to line 20 of your 2013 Form 8606. Tax form 2012 The amount(s) allocated to your 2009 through 2013 Forms 8606, line 18, and your 2010 Form 8606, line 23. Tax form 2012 The amount(s) allocated to your 2009, 2011, 2012, and 2013 Forms 1040, line 16b; Forms 1040A, line 12b; and Forms 1040NR, line 17b. Tax form 2012 The amount from your 2013 Form 8606, line 25. Tax form 2012   Also, include any amount you allocated to line 20 of your 2013 Form 8606 on your 2013 Form 5329, line 2, and enter exception number 09. Tax form 2012 Example. Tax form 2012 Ishmael, age 32, opened a Roth IRA in 2000. Tax form 2012 He made the maximum contributions to it every year. Tax form 2012 In addition, he made the following transactions into his Roth IRA. Tax form 2012 In 2005, he converted $10,000 from his traditional IRA into his Roth IRA. Tax form 2012 He filled out a 2005 Form 8606 and attached it with his 2005 Form 1040. Tax form 2012 He entered $0 on line 17 of Form 8606 because he took a deduction for all the contributions to the traditional IRA, therefore he has no basis. Tax form 2012 He entered $10,000 on line 18 of Form 8606. Tax form 2012 In 2011, he rolled over the entire balance of his qualified retirement plan, $20,000, into a Roth IRA when he changed jobs. Tax form 2012 He used a 2011 Form 1040 to file his taxes. Tax form 2012 He entered $20,000 on line 16a of Form 1040 because that was the amount reported in box 1 of his 2011 Form 1099-R. Tax form 2012 Box 5 of his 2011 Form 1099-R reported $0 since he did not make any after-tax contributions to the qualified retirement plan. Tax form 2012 He entered $20,000 on line 16b of Form 1040 since that is the taxable amount that was rolled over in 2011. Tax form 2012 The total balance in his Roth IRA as of January 1, 2013 was $105,000 ($50,000 in contributions from 2000 through 2012 + $10,000 from the 2005 conversion + $20,000 from the 2011 rollover + $25,000 from earnings). Tax form 2012 He has not taken any early distribution from his Roth IRA before 2013. Tax form 2012 In 2013, he made the maximum contribution of $5,500 to his Roth IRA. Tax form 2012 In August of 2013, he took a $85,500 early distribution from his Roth IRA to use as a down payment on the purchase of his first home. Tax form 2012 See his filled out Illustrated Recapture Amount—Allocation Chart, later, to see how he allocated the amounts from the above transactions. Tax form 2012 Based on his allocation, he would enter $20,000 on his 2013 Form 5329, line 1 (see Amount to include on Form 5329, line 1 , above). Tax form 2012 He should also report $10,000 on his 2013 Form 5329, line 2, and enter exception 09 since that amount is not subject to the 10% additional tax on early distributions. Tax form 2012 Illustrated Recapture Amount—Allocation Chart Enter the amount from your 2013 Form 8606, line 19 $85,500 Before you begin: You will need your prior year Form(s) 8606 and income tax return(s) if you entered an amount on any line(s) as indicated below. Tax form 2012   You will now allocate the amount you entered above (2013 Form 8606, line 19) in the order shown, to the amounts on the lines listed below (to the extent a prior year distribution was not allocable to the amount). Tax form 2012 The maximum amount you can enter on each line below is the amount entered on the referenced lines of the form for that year. Tax form 2012 Note. Tax form 2012 Once you have allocated the full amount from your 2013 Form 8606, line 19, STOP. Tax form 2012 See the Example , earlier. Tax form 2012 Tax Year Your Form 2013 Form 8606, line 20 $10,000 Form 8606, line 22 $55,500 1998 Form 8606, line 16   Form 8606, line 15   1999 Form 8606, line 16   Form 8606, line 15   2000 Form 8606, line 16   Form 8606, line 15   2001 Form 8606, line 18   Form 8606, line 17   2002 Form 8606, line 18   Form 8606, line 17   2003 Form 8606, line 18   Form 8606, line 17   2004 Form 8606, line 18   Form 8606, line 17   2005 Form 8606, line 18 $10,000 Form 8606, line 17 $-0- 2006 Form 8606, line 18   Form 8606, line 17   2007 Form 8606, line 18   Form 8606, line 17   2008 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2009 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2010 Form 8606, lines 18 and 23   Form 8606, lines 17 and 22   2011 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b* $10,000 Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2012 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 25       *Only include those amounts rolled over to a Roth IRA. Tax form 2012  **Only include any contributions (usually Form 1099-R, box 5) that were taxable to you when made and rolled over to a Roth IRA. Tax form 2012 How Do You Figure the Taxable Part? To figure the taxable part of a distribution that is not a qualified distribution, complete Form 8606, Part III. Tax form 2012 Must You Withdraw or Use Assets? You are not required to take distributions from your Roth IRA at any age. Tax form 2012 The minimum distribution rules that apply to traditional IRAs do not apply to Roth IRAs while the owner is alive. Tax form 2012 However, after the death of a Roth IRA owner, certain of the minimum distribution rules that apply to traditional IRAs also apply to Roth IRAs as explained later under Distributions After Owner's Death . Tax form 2012 Minimum distributions. Tax form 2012   You cannot use your Roth IRA to satisfy minimum distribution requirements for your traditional IRA. Tax form 2012 Nor can you use distributions from traditional IRAs for required distributions from Roth IRAs. Tax form 2012 See Distributions to beneficiaries , later. Tax form 2012 Recognizing Losses on Investments If you have a loss on your Roth IRA investment, you can recognize the loss on your income tax return, but only when all the amounts in all of your Roth IRA accounts have been distributed to you and the total distributions are less than your unrecovered basis. Tax form 2012 Your basis is the total amount of contributions in your Roth IRAs. Tax form 2012 You claim the loss as a miscellaneous itemized deduction, subject to the 2%-of-adjusted-gross-income limit that applies to certain miscellaneous itemized deductions on Schedule A (Form 1040). Tax form 2012 Any such losses are added back to taxable income for purposes of calculating the alternative minimum tax. Tax form 2012 Distributions After Owner's Death If a Roth IRA owner dies, the minimum distribution rules that apply to traditional IRAs apply to Roth IRAs as though the Roth IRA owner died before his or her required beginning date. Tax form 2012 See When Can You Withdraw or Use Assets? in chapter 1. Tax form 2012 Distributions to beneficiaries. Tax form 2012   Generally, the entire interest in the Roth IRA must be distributed by the end of the fifth calendar year after the year of the owner's death unless the interest is payable to a designated beneficiary over the life or life expectancy of the designated beneficiary. Tax form 2012 (See When Must You Withdraw Assets? (Required Minimum Distributions) in chapter 1. Tax form 2012 )   If paid as an annuity, the entire interest must be payable over a period not greater than the designated beneficiary's life expectancy and distributions must begin before the end of the calendar year following the year of death. Tax form 2012 Distributions from another Roth IRA cannot be substituted for these distributions unless the other Roth IRA was inherited from the same decedent. Tax form 2012   If the sole beneficiary is the spouse, he or she can either delay distributions until the decedent would have reached age 70½ or treat the Roth IRA as his or her own. Tax form 2012 Combining with other Roth IRAs. Tax form 2012   A beneficiary can combine an inherited Roth IRA with another Roth IRA maintained by the beneficiary only if the beneficiary either: Inherited the other Roth IRA from the same decedent, or Was the spouse of the decedent and the sole beneficiary of the Roth IRA and elects to treat it as his or her own IRA. Tax form 2012 Distributions that are not qualified distributions. Tax form 2012   If a distribution to a beneficiary is not a qualified distribution, it is generally includible in the beneficiary's gross income in the same manner as it would have been included in the owner's income had it been distributed to the IRA owner when he or she was alive. Tax form 2012   If the owner of a Roth IRA dies before the end of: The 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for the owner's benefit, or The 5-year period starting with the year of a conversion contribution from a traditional IRA or a rollover from a qualified retirement plan to a Roth IRA, each type of contribution is divided among multiple beneficiaries according to the pro-rata share of each. Tax form 2012 See Ordering Rules for Distributions , earlier in this chapter under Are Distributions Taxable. Tax form 2012 Example. Tax form 2012 When Ms. Tax form 2012 Hibbard died in 2013, her Roth IRA contained regular contributions of $4,000, a conversion contribution of $10,000 that was made in 2009, and earnings of $2,000. Tax form 2012 No distributions had been made from her IRA. Tax form 2012 She had no basis in the conversion contribution in 2009. Tax form 2012 When she established this Roth IRA (her first) in 2009, she named each of her four children as equal beneficiaries. Tax form 2012 Each child will receive one-fourth of each type of contribution and one-fourth of the earnings. Tax form 2012 An immediate distribution of $4,000 to each child will be treated as $1,000 from regular contributions, $2,500 from conversion contributions, and $500 from earnings. Tax form 2012 In this case, because the distributions are made before the end of the applicable 5-year period for a qualified distribution, each beneficiary includes $500 in income for 2013. Tax form 2012 The 10% additional tax on early distributions does not apply because the distribution was made to the beneficiaries as a result of the death of the IRA owner. Tax form 2012 If distributions from an inherited Roth IRA are less than the required minimum distribution for the year, discussed in chapter 1 under When Must You Withdraw Assets? (Required Minimum Distributions), you may have to pay a 50% excise tax for that year on the amount not distributed as required. Tax form 2012 For the tax on excess accumulations (insufficient distributions), see Excess Accumulations (Insufficient Distributions) under What Acts Result in Penalties or Additional Taxes? in chapter 1. Tax form 2012 If this applies to you, substitute “Roth IRA” for “traditional IRA” in that discussion. Tax form 2012 Prev  Up  Next   Home   More Online Publications
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Dealer Versus Private Party Car Purchases

In general, buying from a dealer is a safer option because you are dealing with an institution, which means you are better protected by law. The Federal Trade Commission requires dealers to post a Buyer's Guide in the window of each used car or truck on their lot. This Guide specifies whether the vehicle is being sold "as is" or with a warranty, and what percentage of repair costs a dealer will pay under the warranty. Keep in mind that private sellers generally have less responsibility than dealers for defects or other problems. FTC rules do not apply to private-party sales.

When you buy from a dealer, you have the option of paying up-front or financing the car.

Expect to pay higher prices at a dealer than if you buy from an individual. Many dealers inspect their cars and provide an inspection report with each car. However, this is no substitute for your own inspection. Some dealers provide limited warranties, and most sell extended warranties. Watch out for dealer warranties that are "powertrain" warranties only, and not "bumper-to-bumper" full-coverage warranties. It's best to compare warranties from multiple sources.

Some dealers provide "certified" cars. This generally means that the cars have had a more thorough inspection and come with a limited warranty. Prices for certified cars are generally higher. Be sure to get a list of what was inspected and what is covered under the warranty.

There might be less pressure purchasing a car from a private seller, but there are risks. The car could be stolen, damaged or still under a finance agreement. If a private seller lies to you about the condition of the vehicle, you may sue the individual if you have evidence and you can find him. An individual is very unlikely to give a written warranty.

You may be able to negotiate a lower price with an owner than with a dealership.

If you buy a car from someone you know and trust you are more likely to get full disclosure about any defects.

The Tax Form 2012

Tax form 2012 13. Tax form 2012   Base de Bienes Table of Contents Introduction Useful Items - You may want to see: Base de CostoBienes Raíces Base AjustadaAumentos a la Base Disminuciones a la Base Base Distinta al CostoBienes Recibidos por Servicios Intercambios Sujetos a Impuestos Conversiones Involuntarias Intercambios no Sujetos a Impuestos Bienes Traspasados de un Cónyuge Bienes Recibidos como Donación Bienes Heredados Bienes de Uso Personal Cambiados a Uso Comercial o de Alquiler Acciones y Bonos Introduction Este capítulo explica cómo calcular la base de bienes. Tax form 2012 Se divide en las siguientes secciones: Base de costo. Tax form 2012 Base ajustada. Tax form 2012 Base distinta al costo. Tax form 2012 Su base es la cantidad de inversión en bienes para propósitos no sujetos a impuestos. Tax form 2012 Use la base para calcular las pérdidas o ganancias provenientes de la venta, intercambio u otra enajenación de bienes. Tax form 2012 Además, use la base para calcular las deducciones por depreciación, amortización, agotamiento y pérdidas fortuitas. Tax form 2012 Si usa bienes para propósitos tanto comerciales como de inversión y personales, tiene que distribuir la base de acuerdo con el uso. Tax form 2012 Sólo se puede depreciar la base asignada al uso comercial o de inversión de los bienes. Tax form 2012 Su base original de los bienes se ajusta (aumenta o disminuye) según ciertos hechos. Tax form 2012 Por ejemplo, si realiza mejoras a los bienes, aumente la base. Tax form 2012 Si hace deducciones por depreciación o pérdidas fortuitas, o reclama ciertos créditos, reduzca la base. Tax form 2012 Mantenga documentación precisa de todos los artículos que afecten la base de sus bienes. Tax form 2012 Para más información sobre cómo mantener dicha documentación, consulte el capítulo 1 . Tax form 2012 Useful Items - You may want to see: Publicación 15-B Employer's Tax Guide to Fringe Benefits (Guía tributaria sobre beneficios marginales para empleadores), en inglés 525 Taxable and Nontaxable Income (Ingresos sujetos a impuestos y no sujetos a impuestos), en inglés 535 Business Expenses (Gastos de negocio), en inglés 537 Installment Sales (Ventas a plazos), en inglés 544 Sales and Other Dispositions of Assets (Ventas y otras enajenaciones de activos), en inglés 550 Investment Income and Expenses (Ingresos y gastos de inversión), en inglés 551 Basis of Assets (Base de activos), en inglés 946 How To Depreciate Property (Cómo depreciar los bienes), en inglés Base de Costo La base de los bienes comprados normalmente es el costo de dichos bienes. Tax form 2012 El costo es la cantidad que usted paga en efectivo, obligaciones de deuda, otros bienes o servicios. Tax form 2012 Éste también puede incluir cantidades que paga por los siguientes artículos: Impuesto sobre ventas, Flete, Instalación y pruebas, Impuestos sobre artículos de uso y consumo, Honorarios legales y contables (cuando se tienen que capitalizar), Timbres de recaudación de impuestos, Costos de registro e Impuestos sobre bienes raíces (si usted los asume por el vendedor). Tax form 2012 Además, la base de activos de bienes raíces y de negocios puede incluir otros artículos. Tax form 2012 Préstamos con intereses bajos o sin intereses. Tax form 2012    Si compra bienes con un plan de pago a plazos con bajos intereses o sin intereses, la base de los bienes es el precio de compra establecido menos las cantidades consideradas intereses no establecidos. Tax form 2012 Por lo general, se tienen intereses no establecidos si la tasa de interés es menor que la tasa federal correspondiente. Tax form 2012   Para obtener más información, consulte Unstated Interest and Original Issue Discount (OID) (Intereses no establecidos y descuento de la emisión original (OID, por sus siglas en inglés)) en la Publicación 537, en inglés. Tax form 2012 Bienes Raíces Los bienes raíces, conocidos también como bienes inmuebles, consisten en tierra y, normalmente, todo lo que esté construido sobre esta tierra, lo que crezca en ella y todo lo instalado en ésta. Tax form 2012 Si compra bienes raíces, algunos honorarios y otros gastos que usted pague son parte de la base de costo de los bienes. Tax form 2012 Compra por suma global. Tax form 2012   Si compra edificios junto con la tierra por una suma global, asigne la base del costo entre la tierra y los edificios. Tax form 2012 Asigne el costo según los valores justos de mercado (FMV, por sus siglas en inglés) respectivos de la tierra y los edificios al momento de la compra. Tax form 2012 Calcule la base de cada uno de los activos multiplicando la suma global por una fracción. Tax form 2012 El numerador es el valor justo de mercado de dicho activo y el denominador es el valor justo de mercado de los bienes en su totalidad al momento de la compra. Tax form 2012    Si no está seguro del valor justo de mercado de la tierra y los edificios, puede asignar la base de dichos bienes conforme a sus valores tasados para propósitos del impuesto sobre bienes raíces. Tax form 2012 Valor justo de mercado (FMV). Tax form 2012   El valor justo de mercado (FMV, por sus siglas en inglés) es el precio por el cual los bienes cambian de propietario entre un comprador y un vendedor, cuando ninguno tiene la obligación de comprar o vender y cuando ambos tienen conocimiento razonable de todo hecho necesario. Tax form 2012 Las ventas de bienes similares alrededor de la misma fecha pueden ser útiles para calcular el valor justo de mercado de los bienes. Tax form 2012 Asunción de hipoteca. Tax form 2012   Si compra bienes y asume una hipoteca existente sobre los bienes (o si compra bienes sujetos a hipoteca), su base incluye la cantidad que paga por los bienes más la cantidad que se tiene que pagar sobre la hipoteca. Tax form 2012 Cargos de liquidación. Tax form 2012   Su base incluye los cargos de liquidación y los costos de cierre que pagó por comprar los bienes. Tax form 2012 Un cargo por comprar bienes es un costo que se tiene que pagar aun si compra los bienes en efectivo. Tax form 2012 No incluya en su base cargos ni costos por obtener un préstamo sobre los bienes. Tax form 2012   Los siguientes son algunos de los cargos por liquidación o costos de cierre que puede incluir en la base de los bienes: Cargos por investigación del título de propiedad. Tax form 2012 Cargos por conexión de servicios públicos. Tax form 2012 Cargos por trámites legales (incluyendo cargos por la búsqueda del título y la preparación del contrato de compraventa y la escritura). Tax form 2012 Costos de registro. Tax form 2012 Cargos por estudios topográficos. Tax form 2012 Impuestos de traspaso. Tax form 2012 Seguro de título de la propiedad. Tax form 2012 Cantidades que adeuda el vendedor y que usted acuerda pagar, como impuestos o intereses atrasados, costos de registro y cargos hipotecarios, cargos por mejoras o reparaciones y comisiones por ventas. Tax form 2012   Los costos de liquidación no incluyen cantidades puestas en depósito para el pago futuro de gastos como impuestos y seguro. Tax form 2012   Los siguientes son algunos de los cargos por liquidación y costos de cierre que no puede incluir en la base de los bienes: Primas de un seguro contra hechos fortuitos. Tax form 2012 Alquiler por ocupación de la propiedad antes del cierre. Tax form 2012 Cargos por servicios públicos u otros servicios relacionados con la ocupación de la propiedad antes del cierre. Tax form 2012 Cargos relacionados con la obtención de un préstamo, tales como puntos (puntos de descuento, costos originarios del préstamo), primas de seguro hipotecario, cargos por asunción del préstamo, costo de un informe de crédito y cargos por una tasación que sea requisito del prestamista. Tax form 2012 Cargos por refinanciamiento de una hipoteca. Tax form 2012 Impuestos sobre bienes raíces. Tax form 2012   Si paga los impuestos sobre bienes raíces que el vendedor adeudaba sobre los bienes raíces que usted compró y el vendedor no se los reembolsa, considere estos impuestos como parte de su base. Tax form 2012 No puede deducirlos como gasto. Tax form 2012    Si le reembolsa al vendedor los impuestos que éste pagó por usted, normalmente puede deducir la cantidad como gasto en el año de la compra. Tax form 2012 No incluya esta cantidad en la base de bienes. Tax form 2012 Si no se los reembolsa al vendedor, tiene que restar esos impuestos de su base. Tax form 2012 Puntos. Tax form 2012   Si paga puntos para obtener un préstamo (incluyendo una hipoteca, una segunda hipoteca, una línea de crédito o un préstamo sobre el valor neto de la vivienda), no sume los puntos a la base de los bienes correspondientes. Tax form 2012 Normalmente, los puntos se deducen a lo largo del plazo del préstamo. Tax form 2012 Para más información sobre cómo deducir puntos, consulte el capítulo 23 . Tax form 2012 Puntos de hipoteca de vivienda. Tax form 2012   Le pueden corresponder reglas especiales sobre los puntos que usted y el vendedor paguen cuando usted obtenga una hipoteca para comprar su vivienda principal. Tax form 2012 Si se cumplen ciertos requisitos, puede deducir los puntos en su totalidad para el año en que se pagaron. Tax form 2012 Reduzca la base de su vivienda por los puntos que pagó el vendedor. Tax form 2012 Base Ajustada Antes de calcular las pérdidas o ganancias de una venta, intercambio u otra enajenación de bienes o de calcular la depreciación, agotamiento o amortización permisibles, por regla general, tiene que realizar ciertos ajustes (aumentos o disminuciones) a la base del costo o base distinta al costo (explicadas más adelante) de los bienes. Tax form 2012 El resultado de estos ajustes a la base es la base ajustada. Tax form 2012 Aumentos a la Base Aumente la base de los bienes por todos los artículos correctamente sumados a una cuenta de capital. Tax form 2012 Ejemplos de artículos que aumentan la base se encuentran en la Tabla 13-1. Tax form 2012 Algunos de estos artículos se explican a continuación. Tax form 2012 Mejoras. Tax form 2012   Sume a su base de los bienes el costo de las mejoras que tengan vida útil de más de 1 año, si éstas aumentan el valor de los bienes, prolongan su vida útil o los adaptan para un uso diferente. Tax form 2012 Por ejemplo, las mejoras incluyen la instalación de una sala de recreación en un sótano no terminado, la construcción de un baño o dormitorio adicional, la colocación de una cerca, la instalación de nueva plomería o cableado, la instalación de un nuevo tejado o la pavimentación de la entrada de autos. Tax form 2012 Gravámenes por mejoras locales. Tax form 2012   Sume a la base de los bienes los cargos por mejoras como calles y aceras o banquetas, si éstas aumentan el valor de los bienes. Tax form 2012 No deduzca dichos cargos como impuestos. Tax form 2012 Sin embargo, puede deducir como impuestos los cargos por mantenimiento, reparaciones o cargos de intereses relacionados con las mejoras. Tax form 2012 Ejemplo. Tax form 2012 El ayuntamiento transforma la calle ubicada frente a su tienda en un paseo peatonal y le tasa un gravamen a la propiedad de usted y a las de otros propietarios afectados por el costo del cambio de la calle. Tax form 2012 Sume dicho cargo a la base de sus bienes. Tax form 2012 En este ejemplo, el cargo es un activo depreciable. Tax form 2012 Disminuciones a la Base Reduzca la base de bienes por todo lo que represente un rendimiento de capital en el período durante el cual tuvo los bienes. Tax form 2012 Los ejemplos de artículos que reducen la base se encuentran en la Tabla 13-1. Tax form 2012 Algunos de estos artículos se explican a continuación. Tax form 2012 Tabla 13-1. Tax form 2012 Ejemplos de Ajustes a la Base Aumentos a la Base Disminuciones a la Base • Mejoras de capital: • Exclusión en los ingresos de subsidios  por sistemas de ahorro de energía   Ampliación de la vivienda     Instalación de un tejado completo     Pavimentación de la entrada de autos • Deducciones por pérdidas fortuitas o  por robo y reembolsos de seguros   Instalación de aire acondicionado central     Cambio del cableado en la vivienda         • Gravámenes por mejoras locales: • Ganancia aplazada de la venta de una  vivienda   Conexiones de agua     Extensión de cables de servicios públicos   hasta la propiedad • Crédito por vehículos con motor  alternativo (Formulario 8910)   Banquetas o aceras     Calles       • Crédito por bienes para recargar  vehículos de combustible alternativo   (Formulario 8911)             • Pérdidas por hechos fortuitos:  Restauración de bienes dañados   • Créditos por energía eficaz  residencial (Formulario 5695)         • Depreciación y deducción conforme a  la sección 179       • Honorarios legales: • Distribuciones de sociedades  anónimas no sujetos a impuestos   Costo de defender y perfeccionar un título   de propiedad     Honorarios por obtener la reducción de un   gravamen del ayuntamiento • Determinadas deudas canceladas  excluidas de los ingresos       • Costos de zonificación • Servidumbres (derechos de acceso  a la propiedad)         • Beneficios tributarios por adopción Pérdidas por hecho fortuito y robo. Tax form 2012   Si tiene pérdidas por hecho fortuito o por robo, reste de la base de los bienes el dinero del seguro u otros reembolsos y las pérdidas deducibles no cubiertas por el seguro. Tax form 2012    Tiene que aumentar la base de los bienes por la cantidad que gaste en reparaciones que restauren los bienes a su condición previa al hecho fortuito. Tax form 2012   Para obtener más información acerca de las pérdidas fortuitas y por robo, consulte el capítulo 25 . Tax form 2012 Depreciación y deducción conforme a la sección 179. Tax form 2012   Reste de la base de la propiedad comercial calificada las deducciones que haya declarado conforme a la sección 179 y la depreciación que haya deducido, o pudo haber deducido (incluyendo todo descuento especial por depreciación), en la declaración de impuestos según el método de depreciación que seleccionó. Tax form 2012   Para obtener más información acerca de la depreciación y la deducción conforme a la sección 179, consulte la Publicación 946 y las Instrucciones del Formulario 4562, ambas en inglés. Tax form 2012 Ejemplo. Tax form 2012 Usted fue propietario de un dúplex usado como vivienda de alquiler que le costó $40,000, de los cuales $35,000 fueron asignados al edificio y $5,000 al terreno. Tax form 2012 Hizo una ampliación al dúplex que costó $10,000. Tax form 2012 En febrero del año pasado, el dúplex sufrió daños por un incendio. Tax form 2012 Hasta ese momento, usted había descontado una depreciación de $23,000. Tax form 2012 Vendió algunos materiales rescatados del siniestro por $1,300 y cobró $19,700 de la compañía de seguros. Tax form 2012 Dedujo una pérdida fortuita de $1,000 en su declaración de impuestos sobre el ingreso del año pasado. Tax form 2012 Gastó $19,000 del dinero del seguro para la restauración del dúplex, que se completó este año. Tax form 2012 Tiene que usar la base ajustada del dúplex después de la restauración para determinar la depreciación para el resto del período de recuperación de la propiedad. Tax form 2012 Calcule la base ajustada del dúplex de la siguiente manera: Costo original del dúplex $35,000 Ampliación hecha al dúplex 10,000 Costo total del dúplex $45,000 Menos: Depreciación 23,000 Base ajustada antes del hecho fortuito $22,000 Menos: Dinero del seguro $19,700     Pérdida fortuita deducida 1,000     Materiales rescatados 1,300 22,000 Base ajustada después del hecho fortuito $-0- Sume: Costo de restauración del dúplex 19,000 Base ajustada después de la restauración $19,000 Nota: La base del terreno es el costo original de $5,000. Tax form 2012 Servidumbres (derechos de acceso a la propiedad). Tax form 2012   La cantidad recibida por otorgar una servidumbre normalmente se considera ganancia de la venta de una participación en bienes raíces. Tax form 2012 Esto reduce la base de la parte afectada de los bienes. Tax form 2012 Si la cantidad recibida es mayor que la base de la parte de la propiedad afectada por la servidumbre, reduzca su base de esa parte a cero y considere el remanente como una ganancia reconocida. Tax form 2012   Si la ganancia es sobre bienes de capital, consulte el capítulo 16 para obtener más información acerca de cómo declararla. Tax form 2012 Si la ganancia es sobre bienes usados en una ocupación o negocio, consulte la Publicación 544, en inglés, para obtener información acerca de cómo declararla. Tax form 2012 Exclusión de subsidios por sistemas de ahorro de energía. Tax form 2012   Puede excluir del ingreso bruto todo subsidio recibido de una compañía de servicios públicos por la compra o instalación de un sistema de ahorro de energía para una vivienda. Tax form 2012 De la base de los bienes para los cuales recibió el subsidio, reste la cantidad excluida. Tax form 2012 Para obtener más información acerca de este subsidio, consulte el capítulo 12 . Tax form 2012 Ganancia aplazada de la venta de una vivienda. Tax form 2012    Si aplazó la ganancia de la venta de su vivienda principal según las reglas en vigencia antes del 7 de mayo de 1997, tiene que restar la ganancia aplazada de la base de la vivienda que adquirió como reposición. Tax form 2012 Para obtener más información acerca de las reglas sobre la venta de una vivienda, vea el capítulo 15 . Tax form 2012 Base Distinta al Costo En muchas ocasiones, no puede usar el costo como base. Tax form 2012 En estos casos, se puede usar el valor justo de mercado o la base ajustada de los bienes. Tax form 2012 El valor justo de mercado y la base ajustada se explican en secciones anteriores. Tax form 2012 Bienes Recibidos por Servicios Si recibe bienes por sus servicios, incluya el valor justo de mercado de dichos bienes en los ingresos. Tax form 2012 La cantidad que incluye en los ingresos es la base. Tax form 2012 Si los servicios se prestaron por un precio acordado con anticipación, éste se aceptará como el valor justo de mercado de los bienes si no existen pruebas de lo contrario. Tax form 2012 Bienes restringidos. Tax form 2012   Si recibe bienes por sus servicios y los bienes están sujetos a ciertas restricciones, la base de los bienes es el valor justo de mercado en el momento en que estén sustancialmente establecidos sus derechos a dichos bienes. Tax form 2012 Sin embargo, esta regla no corresponde si elige incluir en los ingresos el valor justo de mercado de los bienes en el momento en que se le traspasen dichos bienes, menos la cantidad que pagó por éstos. Tax form 2012 Su derecho sobre esos bienes están sustancialmente establecidos cuando dichos bienes se pueden traspasar o cuando no están sujetos a un riesgo importante de pérdida (es decir, usted tiene pocas probabilidades de perderlos). Tax form 2012 Para obtener más información, consulte Restricted Property (Bienes restringidos) en la Publicación 525, en inglés. Tax form 2012 Compra por valor inferior. Tax form 2012   Una compra por valor inferior es una compra de un artículo por un valor menor que su valor justo de mercado. Tax form 2012 Si, como compensación por servicios, compra productos u otros bienes por un valor menor al valor justo de mercado, incluya en su ingreso la diferencia entre el precio de compra y el valor justo de mercado de los bienes. Tax form 2012 La base de los bienes es el valor justo de mercado (precio de compra más la cantidad que se incluye en los ingresos). Tax form 2012   Si la diferencia entre el precio de compra y el valor justo de mercado es un descuento al empleado, no incluya la diferencia en los ingresos. Tax form 2012 Sin embargo, la base de los bienes sigue siendo el valor justo de mercado. Tax form 2012 Consulte Employee Discounts (Descuentos del empleado) en la Publicación 15-B, en inglés. Tax form 2012 Intercambios Sujetos a Impuestos Un intercambio sujeto a impuestos es aquel intercambio en el que la ganancia está sujeta a impuestos o la pérdida es deducible. Tax form 2012 Una ganancia sujeta a impuestos o pérdida deducible también se conoce como ganancia o pérdida reconocida. Tax form 2012 Si recibe bienes como intercambio por otros bienes a través de un intercambio sujeto a impuestos, normalmente la base de los bienes que recibe es el valor justo de mercado al momento del intercambio. Tax form 2012 Conversiones Involuntarias Si recibe bienes de reposición como resultado de una conversión involuntaria, tal como un hecho fortuito, robo o expropiación forzosa, calcule la base de los bienes de reposición usando la base de los bienes convertidos. Tax form 2012 Bienes similares o afines. Tax form 2012   Si recibe bienes de reposición similares o afines en servicio o uso a los bienes convertidos, la base de los bienes de reposición es la misma que la base de los bienes convertidos en la fecha de la conversión, con los siguientes ajustes: Reduzca la base por lo siguiente: Toda pérdida que reconozca en la conversión involuntaria. Tax form 2012 Todo dinero que reciba y que no gaste en bienes afines. Tax form 2012 Aumente la base por lo siguiente: Toda ganancia que reconozca en la conversión involuntaria. Tax form 2012 Todo costo de adquisición de los bienes de reposición. Tax form 2012 Dinero o bienes no similares ni afines. Tax form 2012    Si recibe dinero o bienes no similares o no afines en servicio o uso a los bienes convertidos y compra bienes de reposición similares o afines en servicio o uso a los bienes convertidos, la base de los bienes de reposición es el costo menos la ganancia no reconocida en la conversión. Tax form 2012 Ejemplo. Tax form 2012 El estado expropió sus bienes. Tax form 2012 La base ajustada de los bienes era $26,000 y el estado le pagó $31,000 por éstos. Tax form 2012 Usted obtuvo una ganancia de $5,000 ($31,000 − $26,000). Tax form 2012 Por $29,000 compró bienes de reposición similares en uso a los bienes convertidos. Tax form 2012 Obtiene una ganancia de $2,000 ($31,000 − $29,000), la parte no gastada del pago que recibió del estado. Tax form 2012 Su ganancia no reconocida es $3,000, la diferencia entre los $5,000 de ganancia obtenida y los $2,000 de ganancia reconocida. Tax form 2012 La base de los bienes de reposición se calcula de la siguiente manera: Costo de los bienes de reposición $29,000 Menos: Ganancia no reconocida 3,000 Base de los bienes de reposición $26,000 Cómo distribuir la base. Tax form 2012   Si compra más de una propiedad de reposición, distribuya la base entre los bienes de acuerdo con los costos respectivos. Tax form 2012 Base de depreciación. Tax form 2012   Hay reglas especiales para determinar y depreciar la base de los bienes MACRS (Sistema modificado de recuperación acelerada de costos) adquiridos en una conversión involuntaria. Tax form 2012 Para información, vea What Is the Basis of Your Depreciable Property? (¿Cuál es la base de los bienes depreciables?), en el capítulo 1 de la Publicación 946, en inglés. Tax form 2012 Intercambios no Sujetos a Impuestos Un intercambio no sujeto a impuestos es aquel intercambio en el que no se gravan las ganancias y no se pueden deducir las pérdidas. Tax form 2012 Si recibe bienes por intercambio no sujetos a impuestos, normalmente la base es la misma que la base de los bienes que traspasó. Tax form 2012 Consulte Canjes no Sujetos a Impuestos en el capítulo 14. Tax form 2012 Intercambios de Bienes del Mismo Tipo El intercambio de bienes del mismo tipo es la clase más común de intercambio no sujeto a impuestos. Tax form 2012 Para considerarse intercambio de bienes del mismo tipo, tanto los bienes canjeados como los bienes recibidos tienen que ser los siguientes: Bienes calificados. Tax form 2012 Bienes del mismo tipo. Tax form 2012 La base de los bienes que recibe normalmente es la misma que la base ajustada de los bienes que traspase. Tax form 2012 Si canjea los bienes en un intercambio de bienes del mismo tipo y también paga dinero, la base de los bienes recibidos es la base ajustada de los bienes que entregó más el dinero que pagó. Tax form 2012 Bienes calificados. Tax form 2012   En un intercambio de bienes del mismo tipo, tiene que mantener para inversión o uso productivo en su ocupación o negocio tanto los bienes que traspase como los bienes que reciba. Tax form 2012 Bienes del mismo tipo. Tax form 2012   Tiene que haber un intercambio de bienes del mismo tipo. Tax form 2012 Los bienes del mismo tipo son bienes de la misma naturaleza o carácter, aun si son de grado o calidad diferente. Tax form 2012 El intercambio de bienes raíces por bienes raíces, o de bienes muebles por bienes muebles similares, es un intercambio de bienes del mismo tipo. Tax form 2012 Ejemplo. Tax form 2012 Usted canjea un camión viejo que usó en su negocio con una base ajustada de $1,700 por un camión nuevo que tiene un costo de $6,800. Tax form 2012 El concesionario le hace un descuento de $2,000 por el camión viejo y usted paga $4,800. Tax form 2012 Esto es un ejemplo de un intercambio de bienes del mismo tipo. Tax form 2012 La base del camión nuevo es $6,500 (la base ajustada del camión viejo, $1,700, más la cantidad que pagó, $4,800). Tax form 2012 Si vende el camión viejo a un tercero por $2,000, en lugar de hacer un canje y luego comprar un camión nuevo a un concesionario, usted tiene una ganancia sujeta a impuestos de $300 sobre la venta (el precio de venta de $2,000 menos la base ajustada de $1,700). Tax form 2012 La base del camión nuevo es el precio que paga al concesionario. Tax form 2012 Intercambios parcialmente no sujetos a impuestos. Tax form 2012   Un intercambio parcialmente no sujeto a impuestos es un intercambio en el que usted recibe bienes que no son del mismo tipo o dinero, además de bienes del mismo tipo. Tax form 2012 La base de los bienes que recibe es igual a la base ajustada total de los bienes que traspasó, con los siguientes ajustes: Reduzca la base por lo siguiente: Todo el dinero que reciba. Tax form 2012 Todas las pérdidas que reconozca en el intercambio. Tax form 2012 Aumente la base por lo siguiente: Todos los costos adicionales en los que incurra. Tax form 2012 Todas las ganancias que reconozca en el intercambio. Tax form 2012 Si la otra parte implicada en el intercambio asume las deudas que le pertenecen a usted, trate la asunción de deuda como dinero que usted recibió en el intercambio. Tax form 2012 Asignación de la base. Tax form 2012   Si recibe tanto bienes del mismo tipo como bienes que no son del mismo tipo en el intercambio, asigne la base primero a los bienes que no sean del mismo tipo, excepto dinero, hasta su valor justo de mercado en la fecha del intercambio. Tax form 2012 El resto es la base de los bienes del mismo tipo. Tax form 2012 Información adicional. Tax form 2012   Para obtener más información, consulte Like-Kind Exchanges (Intercambios de bienes del mismo tipo) en el capítulo 1 de la Publicación 544, en inglés. Tax form 2012 Base de depreciación. Tax form 2012   Hay reglas especiales para determinar y depreciar la base de los bienes MACRS adquiridos en un intercambio de bienes del mismo tipo. Tax form 2012 Para información, vea What Is the Basis of Your Depreciable Property? (¿Cuál es la base de los bienes depreciables?), en el capítulo 1 de la Publicación 946, en inglés. Tax form 2012 Bienes Traspasados de un Cónyuge La base de los bienes traspasados a usted o traspasados en fideicomiso para su beneficio por su cónyuge es la misma base que la base ajustada de su cónyuge. Tax form 2012 Se aplica la misma regla a un traspaso efectuado por su ex cónyuge en relación con su divorcio. Tax form 2012 Sin embargo, para bienes traspasados en fideicomiso, ajuste la base según las ganancias reconocidas por su cónyuge o ex cónyuge si las obligaciones asumidas, más las obligaciones a las que están sujetos los bienes, son mayores que la base ajustada de los bienes traspasados. Tax form 2012 Si los bienes que le son traspasados son bonos de ahorros estadounidenses de la serie E, serie EE o serie I, el cesionario tiene que incluir en el ingreso los intereses devengados a la fecha del traspaso. Tax form 2012 Su base en los bonos, inmediatamente después del traspaso, es igual a la base del cesionario más el ingreso de intereses que se pueda incluir en el ingreso del cesionario. Tax form 2012 Para obtener más información acerca de estos bonos, consulte el capítulo 7 . Tax form 2012 Al momento del traspaso, el cesionario tiene que entregarle la documentación necesaria para determinar la base ajustada y el período de tenencia de los bienes a partir de la fecha de traspaso. Tax form 2012 Para obtener más información acerca del traspaso de bienes de un cónyuge, consulte el capítulo 14 . Tax form 2012 Bienes Recibidos como Donación Para calcular la base de una propiedad recibida como donación, tiene que conocer la base ajustada del donante justo antes de la donación, el valor justo de mercado de esta propiedad al momento en que se dona y los impuestos sobre donaciones pagados por dicha propiedad. Tax form 2012 Valor justo de mercado menor que la base ajustada del donante. Tax form 2012   Si el valor justo de mercado de los bienes al momento de la donación es menor que la base ajustada del donante, la base depende de si usted tiene ganancias o pérdidas cuando enajene los bienes. Tax form 2012 Su base para calcular ganancias es la misma que la base ajustada del donante más o menos los ajustes requeridos a la base mientras usted tenía los bienes. Tax form 2012 Su base para calcular pérdidas es el valor justo de mercado cuando recibió la donación más o menos los ajustes requeridos a la base mientras usted tenía los bienes. Tax form 2012 Vea Base Ajustada , anteriormente. Tax form 2012 Ejemplo. Tax form 2012 Usted recibió un acre de terreno como donación. Tax form 2012 Al momento de la donación, el terreno tenía un valor justo de mercado de $8,000. Tax form 2012 La base ajustada del donante era $10,000. Tax form 2012 Después de recibir los bienes, no sucedió nada que aumentara ni disminuyera la base de los mismos. Tax form 2012 Si posteriormente usted vende los bienes por $12,000, tendrá una ganancia de $2,000 porque tiene que usar la base ajustada del donante al momento de la donación ($10,000) como base para calcular la ganancia. Tax form 2012 Si vende los bienes por $7,000, tendrá una pérdida de $1,000 porque tiene que usar el valor justo de mercado al momento de la donación ($8,000) como base para calcular la pérdida. Tax form 2012 Si el precio de venta está entre $8,000 y $10,000, no tiene ganancias ni pérdidas. Tax form 2012 Bienes comerciales. Tax form 2012   Si mantiene la donación como bienes comerciales, su base para calcular deducciones por depreciación, agotamiento o amortización es la misma que la base del donante más o menos los ajustes requeridos a la base mientras usted tiene los bienes. Tax form 2012 Valor justo de mercado igual o mayor que la base ajustada del donante. Tax form 2012   Si el valor justo de mercado de los bienes es igual o mayor que la base ajustada del donante, la base es la base ajustada del donante al momento en que usted recibió la donación. Tax form 2012 Aumente la base por la totalidad o parte de los impuestos sobre donaciones pagados, según la fecha de donación, como se explica más adelante. Tax form 2012   Además, para calcular las pérdidas o ganancias de una venta u otra enajenación o para calcular deducciones por depreciación, agotamiento o amortización sobre bienes comerciales, tiene que aumentar o reducir la base (la base ajustada del donante) por los ajustes requeridos a la base mientras usted tuvo los bienes. Tax form 2012 Vea Base Ajustada , anteriormente. Tax form 2012   Si recibió una donación durante el año tributario, aumente la base de la donación (la base ajustada del donante) por la parte del impuesto sobre donaciones pagado sobre esta donación debido al aumento neto en valor de la donación. Tax form 2012 Calcule el aumento multiplicando el impuesto pagado sobre la donación por la siguiente fracción. Tax form 2012 El numerador de la fracción es el aumento neto del valor de la donación y el denominador es la cantidad de la donación. Tax form 2012   El aumento neto del valor de la donación es el valor justo de mercado de la donación menos la base ajustada del donante. Tax form 2012 La cantidad de la donación es el valor para fines del impuesto sobre la donación después de haber sido reducida por toda exclusión anual y deducción conyugal o caritativa que corresponda a la donación. Tax form 2012 Ejemplo. Tax form 2012 En el año 2013, usted recibió una donación de bienes de su madre que tenía un valor justo de mercado de $50,000. Tax form 2012 La base ajustada de su madre era $20,000. Tax form 2012 La cantidad de la donación para propósitos del impuesto sobre donaciones era $36,000 ($50,000 menos la exclusión anual de $14,000). Tax form 2012 Su madre pagó un impuesto sobre donaciones de $7,320 sobre los bienes. Tax form 2012 La base de usted es $26,076, calculada de la siguiente manera: Valor justo de mercado. Tax form 2012 $50,000 Menos: Base ajustada −20,000 Aumento neto en valor $30,000     Impuesto sobre la donación pagado $7,320 Multiplicado por ($30,000 ÷ $36,000) × 0. Tax form 2012 83 Impuesto sobre la donación debido al aumento neto en valor $6,076 Base ajustada de los bienes para su madre +20,000 La base de los bienes para usted $26,076 Nota: Si recibió una donación antes de 1977, la base de la donación para usted (la base ajustada del donante) incluye todos los impuestos sobre donaciones pagados sobre ésta. Tax form 2012 Sin embargo, la base no puede ser mayor que el valor justo de mercado de la donación al momento en que se le dio a usted. Tax form 2012 Bienes Heredados Su base en bienes heredados de un difunto que falleció antes del 1 de enero de 2010 o después del 31 de diciembre de 2010, es normalmente uno de los siguientes: El valor justo de mercado de los bienes en la fecha de muerte del difunto. Tax form 2012 El valor justo de mercado en la fecha de valuación alternativa si el representante personal del caudal hereditario elige usar una valuación alternativa. Tax form 2012 El valor según el método de valuación de uso especial para bienes raíces usados en actividades agrícolas o en el ejercicio de un negocio estrechamente controlado por pocos accionistas si se elige para propósitos del impuesto sobre la herencia. Tax form 2012 La base ajustada del terreno del difunto hasta el valor excluido de la herencia sujeto a impuestos del difunto como una servidumbre de conservación calificada. Tax form 2012 Si no hay que presentar una declaración del impuesto federal sobre la herencia, la base de los bienes heredados es el valor tasado en la fecha de fallecimiento para los impuestos estatales sobre la herencia o la transmisión. Tax form 2012 Para obtener más información, consulte las Instrucciones del Formulario 706, United States Estate (and Generation-Skipping Transfer) Tax Return (Declaración del impuesto sobre el patrimonio (y transferencia con salto de generación) de los Estados Unidos), en inglés. Tax form 2012 Bienes heredados de un difunto que falleció en 2010. Tax form 2012   Si heredó bienes de un difunto que falleció en 2010, pueden aplicarse requisitos especiales. Tax form 2012 Para más información, vea la Publicación 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010 (Trato tributario de bienes adquiridos de un difunto que falleció en 2010), en inglés. Tax form 2012 Bienes gananciales. Tax form 2012   En las jurisdicciones donde rigen las leyes de la comunidad de bienes gananciales (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington y Wisconsin), se considera generalmente que cada cónyuge posee la mitad de los bienes gananciales. Tax form 2012 Al fallecer cualquiera de los cónyuges, el total del valor de los bienes gananciales, aún la parte que le pertenece al cónyuge sobreviviente, normalmente se convierte en la base de la totalidad de los bienes. Tax form 2012 Para que esta regla corresponda, por lo menos la mitad del valor de los bienes gananciales tiene que poderse incluir en el patrimonio bruto del difunto, independientemente de si se tiene que presentar o no una declaración sobre la herencia. Tax form 2012 Ejemplo. Tax form 2012   Usted y su cónyuge tenían bienes gananciales cuya base era $80,000. Tax form 2012 Cuando su cónyuge falleció, la mitad del valor justo de mercado de los bienes gananciales era incluible en el patrimonio de su cónyuge. Tax form 2012 El valor justo de mercado de los intereses de los bienes gananciales era $100,000. Tax form 2012 La base de su mitad de los bienes después de la muerte de su cónyuge es $50,000 (la mitad del valor justo de mercado de $100,000). Tax form 2012 La base de la otra mitad que se pasa a los herederos de su cónyuge también es $50,000. Tax form 2012   Para más información, vea la Publicación 555, Community Property (Comunidad de bienes gananciales), en inglés. Tax form 2012 Bienes de Uso Personal Cambiados a Uso Comercial o de Alquiler Si tiene bienes para uso personal y luego los cambia a uso comercial o los usa para producir ingresos de alquiler, puede empezar a depreciar dichos bienes al momento del cambio. Tax form 2012 Para hacerlo, tiene que calcular la base para propósitos de depreciación al momento del cambio. Tax form 2012 Un ejemplo de un cambio de bienes de uso personal a uso comercial o de alquiler sería alquilar su antigua vivienda personal. Tax form 2012 Base para propósitos de depreciación. Tax form 2012   La base para depreciación es la menor de las siguientes cantidades: El valor justo de mercado de los bienes en la fecha del cambio. Tax form 2012 La base ajustada en la fecha del cambio. Tax form 2012 Ejemplo. Tax form 2012 Hace varios años, usted pagó $160,000 por construir su casa en un terreno que costó $25,000. Tax form 2012 Pagó $20,000 por mejoras permanentes a la vivienda y declaró una deducción por pérdidas fortuitas de $2,000 por daños a la vivienda antes de cambiar los bienes a uso de alquiler el año pasado. Tax form 2012 Como el terreno no es depreciable, usted incluye sólo el costo de la vivienda al calcular la base para propósitos de determinar depreciación. Tax form 2012 Su base ajustada en la vivienda, cuando cambió su uso, era $178,000 ($160,000 + $20,000 − $2,000). Tax form 2012 En la misma fecha, su propiedad tenía un valor justo de mercado de $180,000, del cual $15,000 correspondían al terreno y $165,000 a la vivienda. Tax form 2012 La base para calcular la depreciación de la vivienda es el valor justo de mercado en la fecha del cambio ($165,000) ya que es menor que la base ajustada ($178,000). Tax form 2012 Venta de bienes. Tax form 2012   Si en el futuro usted vende o enajena los bienes cambiados a uso comercial o de alquiler, la base que use dependerá de si calcula pérdidas o ganancias. Tax form 2012 Ganancia. Tax form 2012   La base para calcular una ganancia es la base ajustada de los bienes en el momento de la venta. Tax form 2012 Ejemplo. Tax form 2012 Suponga los mismos hechos que en el ejemplo anterior, excepto que usted vende los bienes obteniendo una ganancia después de descontar $37,500 por concepto de deducciones por depreciación. Tax form 2012 Su base ajustada para calcular la ganancia es $165,500 ($178,000 + $25,000 (terreno) − $37,500). Tax form 2012 Pérdida. Tax form 2012   Calcule la base para una pérdida empezando con la base ajustada o el valor justo de mercado de los bienes al momento del cambio a uso comercial o de alquiler, el que sea menor. Tax form 2012 Luego haga ajustes (aumentos y reducciones) para el período después del cambio de uso de los bienes, como se explicó anteriormente bajo Base Ajustada . Tax form 2012 Ejemplo. Tax form 2012 Suponga los mismos hechos que en el ejemplo anterior, excepto que usted vende los bienes con pérdida después de descontar $37,500 por concepto de deducciones por depreciación. Tax form 2012 En este caso, empezaría con el valor justo de mercado en la fecha del cambio a uso de alquiler ($180,000), ya que es menor que la base ajustada de $203,000 ($178,000 + $25,000 (terreno)) en esa fecha. Tax form 2012 Reste de esa cantidad ($180,000) las deducciones por depreciación ($37,500). Tax form 2012 La base para pérdidas es $142,500 ($180,000 − $37,500). Tax form 2012 Acciones y Bonos La base de acciones o bonos que usted compre, por lo general, es el precio de compra más los costos de la compra, como comisiones y costos de registro o de traspaso. Tax form 2012 Si obtiene acciones o bonos por un medio que no sea la compra, la base suele determinarse por el valor justo de mercado o la base ajustada del propietario anterior, como se explica anteriormente. Tax form 2012 Tiene que ajustar la base de las acciones según ciertos hechos que sucedan después de la compra. Tax form 2012 Por ejemplo, si recibe acciones adicionales de dividendos de acciones no sujetas a impuestos o divisiones de acciones, reduzca la base para cada acción, dividiendo la base ajustada de las acciones antiguas entre el número de acciones antiguas y nuevas. Tax form 2012 Esta regla se aplica sólo cuando el número de acciones adicionales recibidas es idéntico al número de acciones tenidas. Tax form 2012 Además, reduzca la base cuando reciba distribuciones no sujetas a impuestos. Tax form 2012 Son un rendimiento de capital. Tax form 2012 Ejemplo. Tax form 2012 En el año 2011, compró 100 acciones de XYZ por $1,000, o sea, a $10 por acción. Tax form 2012 En el año 2012, compró 100 acciones de XYZ por $1,600, o sea, a $16 por acción. Tax form 2012 En el año 2013, XYZ declaró una división de acciones de 2 por 1. Tax form 2012 Ahora tiene 200 acciones con una base de $5 por acción y 200 acciones con una base de $8 por acción. Tax form 2012 Otras bases. Tax form 2012   Existen otras maneras de calcular la base de acciones o bonos, según cómo los adquirió. Tax form 2012 Para obtener información más detallada, consulte Stocks and Bonds (Acciones y bonos) bajo Basis of Investment Property (Base de bienes de inversión) en el capítulo 4 de la Publicación 550, en inglés. Tax form 2012 Cómo identificar acciones o bonos vendidos. Tax form 2012   Si puede identificar correctamente las acciones o los bonos que vendió, entonces la base de éstos es el costo u otra base de las acciones o bonos específicos. Tax form 2012 Si compra y vende valores en fechas distintas y en cantidades distintas y no puede identificar correctamente las acciones vendidas, entonces la base de los valores que venda es la base de los valores que adquirió primero. Tax form 2012 Para obtener más información sobre cómo identificar los valores que venda, consulte Stocks and Bonds (Acciones y bonos) bajo Basis of Investment Property (Base de bienes de inversión) en el capítulo 4 de la Publicación 550, en inglés. Tax form 2012 Acciones de fondos mutuos. Tax form 2012   Si vende acciones de fondos mutuos que adquirió en fechas distintas y a precios distintos, y que dejó en depósito en una cuenta mantenida por un custodio o agente, puede optar por usar una base promedio. Tax form 2012 Para obtener más información, consulte la Publicación 550, en inglés. Tax form 2012 Prima de bonos. Tax form 2012   Si compra un bono sujeto a impuestos con prima (o sea, a un precio que excede su valor nominal) y elige amortizarla, reste de la base del bono la prima amortizada que deduzca cada año. Tax form 2012 Para obtener más información, consulte Bond Premium Amortization (Amortización de primas de bonos) en el capítulo 3 de la Publicación 550, en inglés. Tax form 2012 Aunque no puede deducir la prima sobre un bono exento de impuestos, tiene que amortizar la prima cada año y restar la cantidad amortizada de la base del bono. Tax form 2012 Descuento de la emisión original (OID) sobre instrumentos de deuda. Tax form 2012   Tiene que aumentar la base de un instrumento de deuda de un descuento de la emisión original (OID, por sus siglas en inglés) por el OID que incluya en sus ingresos por ese instrumento. Tax form 2012 Consulte Descuento de la emisión original (OID) en el capítulo 7 y la Publicación 1212, Guide to Original Issue Discount (OID) Instruments (Guía de instrumentos del descuento de la emisión original (OID)), en inglés. Tax form 2012 Obligaciones exentas de impuestos. Tax form 2012    Por lo general, el OID sobre las obligaciones exentas de impuestos no está sujeto a impuestos. Tax form 2012 Sin embargo, cuando enajene una obligación exenta de impuestos emitida después del 3 de septiembre de 1982 y comprada después del 1 de marzo de 1984, tiene que acumular el OID sobre la obligación para determinar su base ajustada. Tax form 2012 El OID acumulado se suma a la base de la obligación para determinar su pérdida o ganancia. Tax form 2012 Consulte el cápitulo 4 de la Publicación 550, en inglés. Tax form 2012 Prev  Up  Next   Home   More Online Publications