Taxact 2012 Login
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Taxact 2012 Login
Taxact 2012 login Publication 598 - Introductory Material Table of Contents What's New Introduction Useful Items - You may want to see: What's New Federal tax deposits must be made by electronic funds transfer. Taxact 2012 login Beginning January 1, 2011, you must use electronic funds transfer to make all federal tax deposits. Taxact 2012 login Forms 8109 and 8109-B, Federal Tax Deposit Coupon, cannot be used after 2010. Taxact 2012 login See Federal Tax Deposits Must be Made by Electronic Funds Transfer on page 3. Taxact 2012 login For large corporations, special rules apply for estimated tax payments that are required to be made for the period that includes July, August, or September of 2012, and the period that immediately follows these months. Taxact 2012 login See the instructions for line 12 on the 2012 Form 990-W (Worksheet), Estimated Tax on Unrelated Business Taxable Income for Tax-Exempt Organizations. Taxact 2012 login The maximum cost of a low-cost article, for organizations eligible to receive charitable contributions, was increased to $9. Taxact 2012 login 70 for 2011. Taxact 2012 login See Distribution of low-cost articles on page 8. Taxact 2012 login The annual limit on associate member dues received by an agricultural or horticultural organization not treated as gross income was increased to $148 for 2011. Taxact 2012 login See Exception under Dues of Agricultural Organizations and Business Leagues on page 10. Taxact 2012 login The IRS has created a page on IRS. Taxact 2012 login gov that includes information about Pub. Taxact 2012 login 598 at www. Taxact 2012 login irs. Taxact 2012 login gov/pub598. Taxact 2012 login Introduction An exempt organization is not taxed on its income from an activity substantially related to the charitable, educational, or other purpose that is the basis for the organization's exemption. Taxact 2012 login Such income is exempt even if the activity is a trade or business. Taxact 2012 login However, if an exempt organization regularly carries on a trade or business not substantially related to its exempt purpose, except that it provides funds to carry out that purpose, the organization is subject to tax on its income from that unrelated trade or business. Taxact 2012 login This publication covers the rules for the tax on unrelated business income of exempt organizations. Taxact 2012 login It explains: Which organizations are subject to the tax (chapter 1), What the requirements are for filing a tax return (chapter 2), What an unrelated trade or business is (chapter 3), and How to figure unrelated business taxable income (chapter 4). Taxact 2012 login All section references in this publication are to the Internal Revenue Code. Taxact 2012 login Useful Items - You may want to see: Publication 557 Tax-Exempt Status for Your Organization Form (and Instructions) 990-T Exempt Organization Business Income Tax Return See chapter 5 for information about getting these publications and forms. Taxact 2012 login Comments and suggestions. Taxact 2012 login We welcome your comments about this publication and your suggestions for future editions. Taxact 2012 login You can write to us at: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Taxact 2012 login NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Taxact 2012 login Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxact 2012 login You can email us at taxforms@irs. Taxact 2012 login gov. Taxact 2012 login Please put “publications Comment” on the subject line. Taxact 2012 login You can also send us comments from www. Taxact 2012 login irs. Taxact 2012 login gov/formspubs/, select “Comment on Tax Forms and Publications” under “Information about. Taxact 2012 login ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Taxact 2012 login Prev Up Next Home More Online Publications
IRS Tax Volunteers
Learn to Prepare Taxes and Make a Difference at the same time. How can you make a difference? Simple. Help your community in preparing taxes free of charge by becoming a volunteer with the Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) Programs.
You will receive training to provide free tax help for low-to-moderate income families who need assistance preparing their tax returns. Nearly 92,000 people said yes to making a difference during the 2013 filing season and prepared over 3.3 million returns at thousands of tax sites nationwide.
How does this program work? As a committed Tax Volunteer you’ll be assigned to work with a sponsoring organization, first to receive training and then to begin volunteering at a location in your community. Training is offered both online and in the classroom. Tax sites are generally open nights and weekends and the hours are flexible. You will be sure to find a volunteer site close to you.
Interested? For more details, submit your contact information using the VITA/TCE Volunteer Sign Up - Form 14310. Also include the city and state where you want to become a volunteer. Your information will be forwarded to the sponsoring organizations in your area for further contact.
Submit your inquiry now to TaxVolunteer@irs.gov and become a VITA or TCE tax volunteer! It’s a rewarding way to give back to your community.
What do Volunteers do?
Why do people volunteer?
Return to Free Tax Return Preparation Programs
Page Last Reviewed or Updated: 02-Dec-2013
The Taxact 2012 Login
Taxact 2012 login 10. Taxact 2012 login Education Savings Bond Program Table of Contents Introduction Who Can Cash In Bonds Tax FreeAdjusted qualified education expenses. Taxact 2012 login Eligible educational institution. Taxact 2012 login Dependent for whom you claim an exemption. Taxact 2012 login MAGI when using Form 1040A. Taxact 2012 login MAGI when using Form 1040. Taxact 2012 login Figuring the Tax-Free AmountEffect of the Amount of Your Income on the Amount of Your Exclusion Claiming the Exclusion Introduction Generally, you must pay tax on the interest earned on U. Taxact 2012 login S. Taxact 2012 login savings bonds. Taxact 2012 login If you do not include the interest in income in the years it is earned, you must include it in your income in the year in which you cash in the bonds. Taxact 2012 login However, when you cash in certain savings bonds under an education savings bond program, you may be able to exclude the interest from income. Taxact 2012 login Who Can Cash In Bonds Tax Free You may be able to cash in qualified U. Taxact 2012 login S. Taxact 2012 login savings bonds without having to include in your income some or all of the interest earned on the bonds if you meet the following conditions. Taxact 2012 login You pay qualified education expenses for yourself, your spouse, or a dependent for whom you claim an exemption on your return. Taxact 2012 login Your modified adjusted gross income (MAGI) is less than the amount specified for your filing status. Taxact 2012 login Your filing status is not married filing separately. Taxact 2012 login Qualified U. Taxact 2012 login S. Taxact 2012 login savings bonds. Taxact 2012 login A qualified U. Taxact 2012 login S. Taxact 2012 login savings bond is a series EE bond issued after 1989 or a series I bond. Taxact 2012 login The bond must be issued either in your name (as the sole owner) or in the name of both you and your spouse (as co-owners). Taxact 2012 login The owner must be at least 24 years old before the bond's issue date. Taxact 2012 login The issue date is printed on the front of the savings bond. Taxact 2012 login The issue date is not necessarily the date of purchase—it will be the first day of the month in which the bond is purchased (or posted, if bought electronically). Taxact 2012 login Qualified education expenses. Taxact 2012 login These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption. Taxact 2012 login Tuition and fees required to enroll at or attend an eligible educational institution. Taxact 2012 login Qualified education expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Taxact 2012 login Contributions to a qualified tuition program (QTP) (see How Much Can You Contribute in chapter 8, Qualified Tuition Program). Taxact 2012 login Contributions to a Coverdell education savings account (ESA) (see Contributions in chapter 7, Coverdell Education Savings Account). Taxact 2012 login Adjusted qualified education expenses. Taxact 2012 login You must reduce your qualified education expenses by all of the following tax-free benefits. Taxact 2012 login Tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). Taxact 2012 login Expenses used to figure the tax-free portion of distributions from a Coverdell ESA (see Qualified Education Expenses in chapter 7, Coverdell Education Savings Account). Taxact 2012 login Expenses used to figure the tax-free portion of distributions from a QTP (see Qualified education expenses in chapter 8, Qualified Tuition Program). Taxact 2012 login Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Qualified tuition reductions (see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), or Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ). Taxact 2012 login Any expenses used in figuring the American opportunity and lifetime learning credits. Taxact 2012 login See What Expenses Qualify in chapter 2, American Opportunity Credit, and What Expenses Qualify in chapter 3, Lifetime Learning Credit, for more information. Taxact 2012 login Eligible educational institution. Taxact 2012 login An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Taxact 2012 login S. Taxact 2012 login Department of Education. Taxact 2012 login It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Taxact 2012 login The educational institution should be able to tell you if it is an eligible educational institution. Taxact 2012 login Certain educational institutions located outside the United States also participate in the U. Taxact 2012 login S. Taxact 2012 login Department of Education's Federal Student Aid (FSA) programs. Taxact 2012 login Dependent for whom you claim an exemption. Taxact 2012 login You claim an exemption for a person if you list his or her name and other required information on Form 1040 (or Form 1040A), line 6c. Taxact 2012 login Modified adjusted gross income (MAGI). Taxact 2012 login For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return without taking into account this interest exclusion. Taxact 2012 login However, as discussed below, there may be other modifications. Taxact 2012 login MAGI when using Form 1040A. Taxact 2012 login If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). Taxact 2012 login MAGI when using Form 1040. Taxact 2012 login If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. Taxact 2012 login Use the worksheet in the instructions for line 9 of Form 8815 to figure your MAGI. Taxact 2012 login If you claim any of the exclusion or deduction items (1)–(6) listed above, add the amount of the exclusion or deduction to the amount on line 5 of the worksheet. Taxact 2012 login Do not add in the deduction for (7) student loan interest, and (8) tuition and fees, or (9) domestic production activities because line 4 of the worksheet already includes these amounts. Taxact 2012 login Enter the total on Form 8815, line 9, as your modified adjusted gross income (MAGI). Taxact 2012 login Because the deduction for interest expenses attributable to royalties and other investments is limited to your net investment income, you cannot figure the deduction until you have figured this interest exclusion. Taxact 2012 login Therefore, if you had interest expenses attributable to royalties and deductible on Schedule E (Form 1040), Supplemental Income and Loss, you must make a special computation of your deductible interest without regard to this exclusion to figure the net royalty income included in your MAGI. Taxact 2012 login See Royalties included in MAGI under Education Savings Bond Program in Publication 550, chapter 1. Taxact 2012 login Figuring the Tax-Free Amount If the total you receive when you cash in the bonds is not more than the adjusted qualified education expenses for the year, all of the interest on the bonds may be tax free. Taxact 2012 login However, if the total you receive when you cash in the bonds is more than the adjusted expenses, only part of the interest may be tax free. Taxact 2012 login To determine the tax-free amount, multiply the interest part of the proceeds by a fraction. Taxact 2012 login The numerator (top part) of the fraction is the adjusted qualified education expenses (AQEE) you paid during the year. Taxact 2012 login The denominator (bottom part) of the fraction is the total proceeds you received during the year. Taxact 2012 login Example. Taxact 2012 login In February 2013, Mark and Joan Washington, a married couple, cashed a qualified series EE U. Taxact 2012 login S. Taxact 2012 login savings bond. Taxact 2012 login They received proceeds of $9,000, representing principal of $6,000 and interest of $3,000. Taxact 2012 login In 2013, they paid $7,650 of their daughter's college tuition. Taxact 2012 login They are not claiming an American opportunity or lifetime learning credit for those expenses, and their daughter does not have any tax-free educational assistance. Taxact 2012 login Their MAGI for 2013 was $80,000. Taxact 2012 login $3,000 interest × $7,650 AQEE $9,000 proceeds = $2,550 tax-free interest They can exclude $2,550 of interest in 2013. Taxact 2012 login They must pay tax on the remaining $450 ($3,000 − $2,550) interest. Taxact 2012 login Effect of the Amount of Your Income on the Amount of Your Exclusion The amount of your interest exclusion is gradually reduced (phased out) based on your MAGI and filing status. Taxact 2012 login Claiming the Exclusion Use Form 8815 to figure your education savings bond interest exclusion. Taxact 2012 login Enter your exclusion on line 3 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. Taxact 2012 login Attach Form 8815 to your tax return. Taxact 2012 login Prev Up Next Home More Online Publications