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Turbotax 2012 coupon 12. Turbotax 2012 coupon   Other Income Table of Contents Introduction Useful Items - You may want to see: Bartering Canceled DebtsInterest included in canceled debt. Turbotax 2012 coupon Exceptions Host or Hostess Life Insurance ProceedsSurviving spouse. Turbotax 2012 coupon Endowment Contract Proceeds Accelerated Death Benefits Public Safety Officer Killed in the Line of Duty Partnership Income S Corporation Income RecoveriesItemized Deduction Recoveries Rents from Personal Property RepaymentsMethod 1. Turbotax 2012 coupon Method 2. Turbotax 2012 coupon RoyaltiesDepletion. Turbotax 2012 coupon Coal and iron ore. Turbotax 2012 coupon Sale of property interest. Turbotax 2012 coupon Part of future production sold. Turbotax 2012 coupon Unemployment BenefitsTypes of unemployment compensation. Turbotax 2012 coupon Governmental program. Turbotax 2012 coupon Repayment of unemployment compensation. Turbotax 2012 coupon Tax withholding. Turbotax 2012 coupon Repayment of benefits. Turbotax 2012 coupon Welfare and Other Public Assistance Benefits Other IncomeEmotional distress. Turbotax 2012 coupon Deduction for costs involved in unlawful discrimination suits. Turbotax 2012 coupon Energy conservation measure. Turbotax 2012 coupon Dwelling unit. Turbotax 2012 coupon Current income required to be distributed. Turbotax 2012 coupon Current income not required to be distributed. Turbotax 2012 coupon How to report. Turbotax 2012 coupon Losses. Turbotax 2012 coupon Grantor trust. Turbotax 2012 coupon Nonemployee compensation. Turbotax 2012 coupon Corporate director. Turbotax 2012 coupon Personal representatives. Turbotax 2012 coupon Manager of trade or business for bankruptcy estate. Turbotax 2012 coupon Notary public. Turbotax 2012 coupon Election precinct official. Turbotax 2012 coupon Difficulty-of-care payments. Turbotax 2012 coupon Maintaining space in home. Turbotax 2012 coupon Reporting taxable payments. Turbotax 2012 coupon Lotteries and raffles. Turbotax 2012 coupon Form W-2G. Turbotax 2012 coupon Reporting winnings and recordkeeping. Turbotax 2012 coupon Inherited pension or IRA. Turbotax 2012 coupon Employee awards or bonuses. Turbotax 2012 coupon Pulitzer, Nobel, and similar prizes. Turbotax 2012 coupon Payment for services. Turbotax 2012 coupon VA payments. Turbotax 2012 coupon Prizes. Turbotax 2012 coupon Strike and lockout benefits. Turbotax 2012 coupon Introduction You must include on your return all items of income you receive in the form of money, property, and services unless the tax law states that you do not include them. Turbotax 2012 coupon Some items, however, are only partly excluded from income. Turbotax 2012 coupon This chapter discusses many kinds of income and explains whether they are taxable or nontaxable. Turbotax 2012 coupon Income that is taxable must be reported on your tax return and is subject to tax. Turbotax 2012 coupon Income that is nontaxable may have to be shown on your tax return but is not taxable. Turbotax 2012 coupon This chapter begins with discussions of the following income items. Turbotax 2012 coupon Bartering. Turbotax 2012 coupon Canceled debts. Turbotax 2012 coupon Sales parties at which you are the host or hostess. Turbotax 2012 coupon Life insurance proceeds. Turbotax 2012 coupon Partnership income. Turbotax 2012 coupon S Corporation income. Turbotax 2012 coupon Recoveries (including state income tax refunds). Turbotax 2012 coupon Rents from personal property. Turbotax 2012 coupon Repayments. Turbotax 2012 coupon Royalties. Turbotax 2012 coupon Unemployment benefits. Turbotax 2012 coupon Welfare and other public assistance benefits. Turbotax 2012 coupon These discussions are followed by brief discussions of other income items. Turbotax 2012 coupon Useful Items - You may want to see: Publication 525 Taxable and Nontaxable Income 544 Sales and Other Dispositions of Assets 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Bartering Bartering is an exchange of property or services. Turbotax 2012 coupon You must include in your income, at the time received, the fair market value of property or services you receive in bartering. Turbotax 2012 coupon If you exchange services with another person and you both have agreed ahead of time on the value of the services, that value will be accepted as fair market value unless the value can be shown to be otherwise. Turbotax 2012 coupon Generally, you report this income on Schedule C (Form 1040), Profit or Loss From Business, or Schedule C-EZ (Form 1040), Net Profit From Business. Turbotax 2012 coupon However, if the barter involves an exchange of something other than services, such as in Example 3 below, you may have to use another form or schedule instead. Turbotax 2012 coupon Example 1. Turbotax 2012 coupon You are a self-employed attorney who performs legal services for a client, a small corporation. Turbotax 2012 coupon The corporation gives you shares of its stock as payment for your services. Turbotax 2012 coupon You must include the fair market value of the shares in your income on Schedule C (Form 1040) or Schedule C-EZ (Form 1040) in the year you receive them. Turbotax 2012 coupon Example 2. Turbotax 2012 coupon You are self-employed and a member of a barter club. Turbotax 2012 coupon The club uses “credit units” as a means of exchange. Turbotax 2012 coupon It adds credit units to your account for goods or services you provide to members, which you can use to purchase goods or services offered by other members of the barter club. Turbotax 2012 coupon The club subtracts credit units from your account when you receive goods or services from other members. Turbotax 2012 coupon You must include in your income the value of the credit units that are added to your account, even though you may not actually receive goods or services from other members until a later tax year. Turbotax 2012 coupon Example 3. Turbotax 2012 coupon You own a small apartment building. Turbotax 2012 coupon In return for 6 months rent-free use of an apartment, an artist gives you a work of art she created. Turbotax 2012 coupon You must report as rental income on Schedule E (Form 1040), Supplemental Income and Loss, the fair market value of the artwork, and the artist must report as income on Schedule C (Form 1040) or Schedule C-EZ (Form 1040) the fair rental value of the apartment. Turbotax 2012 coupon Form 1099-B from barter exchange. Turbotax 2012 coupon   If you exchanged property or services through a barter exchange, Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, or a similar statement from the barter exchange should be sent to you by February 18, 2014. Turbotax 2012 coupon It should show the value of cash, property, services, credits, or scrip you received from exchanges during 2013. Turbotax 2012 coupon The IRS also will receive a copy of Form 1099-B. Turbotax 2012 coupon Canceled Debts In most cases, if a debt you owe is canceled or forgiven, other than as a gift or bequest, you must include the canceled amount in your income. Turbotax 2012 coupon You have no income from the canceled debt if it is intended as a gift to you. Turbotax 2012 coupon A debt includes any indebtedness for which you are liable or which attaches to property you hold. Turbotax 2012 coupon If the debt is a nonbusiness debt, report the canceled amount on Form 1040, line 21. Turbotax 2012 coupon If it is a business debt, report the amount on Schedule C (Form 1040) or Schedule C-EZ (Form 1040) (or on Schedule F (Form 1040), Profit or Loss From Farming, if the debt is farm debt and you are a farmer). Turbotax 2012 coupon Form 1099-C. Turbotax 2012 coupon   If a Federal Government agency, financial institution, or credit union cancels or forgives a debt you owe of $600 or more, you will receive a Form 1099-C, Cancellation of Debt. Turbotax 2012 coupon The amount of the canceled debt is shown in box 2. Turbotax 2012 coupon Interest included in canceled debt. Turbotax 2012 coupon   If any interest is forgiven and included in the amount of canceled debt in box 2, the amount of interest also will be shown in box 3. Turbotax 2012 coupon Whether or not you must include the interest portion of the canceled debt in your income depends on whether the interest would be deductible when you paid it. Turbotax 2012 coupon See Deductible debt under Exceptions, later. Turbotax 2012 coupon   If the interest would not be deductible (such as interest on a personal loan), include in your income the amount from Form 1099-C, box 2. Turbotax 2012 coupon If the interest would be deductible (such as on a business loan), include in your income the net amount of the canceled debt (the amount shown in box 2 less the interest amount shown in box 3). Turbotax 2012 coupon Discounted mortgage loan. Turbotax 2012 coupon   If your financial institution offers a discount for the early payment of your mortgage loan, the amount of the discount is canceled debt. Turbotax 2012 coupon You must include the canceled amount in your income. Turbotax 2012 coupon Mortgage relief upon sale or other disposition. Turbotax 2012 coupon   If you are personally liable for a mortgage (recourse debt), and you are relieved of the mortgage when you dispose of the property, you may realize gain or loss up to the fair market value of the property. Turbotax 2012 coupon To the extent the mortgage discharge exceeds the fair market value of the property, it is income from discharge of indebtedness unless it qualifies for exclusion under Excluded debt , later. Turbotax 2012 coupon Report any income from discharge of indebtedness on nonbusiness debt that does not qualify for exclusion as other income on Form 1040, line 21. Turbotax 2012 coupon    You may be able to exclude part of the mortgage relief on your principal residence. Turbotax 2012 coupon See Excluded debt, later. Turbotax 2012 coupon   If you are not personally liable for a mortgage (nonrecourse debt), and you are relieved of the mortgage when you dispose of the property (such as through foreclosure), that relief is included in the amount you realize. Turbotax 2012 coupon You may have a taxable gain if the amount you realize exceeds your adjusted basis in the property. Turbotax 2012 coupon Report any gain on nonbusiness property as a capital gain. Turbotax 2012 coupon   See Publication 4681 for more information. Turbotax 2012 coupon Stockholder debt. Turbotax 2012 coupon   If you are a stockholder in a corporation and the corporation cancels or forgives your debt to it, the canceled debt is a constructive distribution that is generally dividend income to you. Turbotax 2012 coupon For more information, see Publication 542, Corporations. Turbotax 2012 coupon   If you are a stockholder in a corporation and you cancel a debt owed to you by the corporation, you generally do not realize income. Turbotax 2012 coupon This is because the canceled debt is considered as a contribution to the capital of the corporation equal to the amount of debt principal that you canceled. Turbotax 2012 coupon Repayment of canceled debt. Turbotax 2012 coupon   If you included a canceled amount in your income and later pay the debt, you may be able to file a claim for refund for the year the amount was included in income. Turbotax 2012 coupon You can file a claim on Form 1040X if the statute of limitations for filing a claim is still open. Turbotax 2012 coupon The statute of limitations generally does not end until 3 years after the due date of your original return. Turbotax 2012 coupon Exceptions There are several exceptions to the inclusion of canceled debt in income. Turbotax 2012 coupon These are explained next. Turbotax 2012 coupon Student loans. Turbotax 2012 coupon   Certain student loans contain a provision that all or part of the debt incurred to attend the qualified educational institution will be canceled if you work for a certain period of time in certain professions for any of a broad class of employers. Turbotax 2012 coupon   You do not have income if your student loan is canceled after you agreed to this provision and then performed the services required. Turbotax 2012 coupon To qualify, the loan must have been made by: The Federal Government, a state or local government, or an instrumentality, agency, or subdivision thereof, A tax-exempt public benefit corporation that has assumed control of a state, county, or municipal hospital, and whose employees are considered public employees under state law, or An educational institution: Under an agreement with an entity described in (1) or (2) that provided the funds to the institution to make the loan, or As part of a program of the institution designed to encourage its students to serve in occupations with unmet needs or in areas with unmet needs and under which the services provided by the students (or former students) are for or under the direction of a governmental unit or a tax-exempt organization described in section 501(c)(3). Turbotax 2012 coupon   A loan to refinance a qualified student loan also will qualify if it was made by an educational institution or a qualified tax-exempt organization under its program designed as described in (3)(b) above. Turbotax 2012 coupon Education loan repayment assistance. Turbotax 2012 coupon   Education loan repayments made to you by the National Health Service Corps Loan Repayment Program (NHSC Loan Repayment Program), a state education loan repayment program eligible for funds under the Public Health Service Act, or any other state loan repayment or loan forgiveness program that is intended to provide for the increased availability of health services in underserved or health professional shortage areas are not taxable. Turbotax 2012 coupon    The provision relating to the “other state loan repayment or loan forgiveness program” was added to this exclusion for amounts received in tax years beginning after December 31, 2008. Turbotax 2012 coupon If you included these amounts in income in 2010, 2011, or 2012, you should file an amended tax return to exclude this income. Turbotax 2012 coupon See Form 1040X and its instructions for details on filing. Turbotax 2012 coupon Deductible debt. Turbotax 2012 coupon   You do not have income from the cancellation of a debt if your payment of the debt would be deductible. Turbotax 2012 coupon This exception applies only if you use the cash method of accounting. Turbotax 2012 coupon For more information, see chapter 5 of Publication 334, Tax Guide for Small Business. Turbotax 2012 coupon Price reduced after purchase. Turbotax 2012 coupon   In most cases, if the seller reduces the amount of debt you owe for property you purchased, you do not have income from the reduction. Turbotax 2012 coupon The reduction of the debt is treated as a purchase price adjustment and reduces your basis in the property. Turbotax 2012 coupon Excluded debt. Turbotax 2012 coupon   Do not include a canceled debt in your gross income in the following situations. Turbotax 2012 coupon The debt is canceled in a bankruptcy case under title 11 of the U. Turbotax 2012 coupon S. Turbotax 2012 coupon Code. Turbotax 2012 coupon See Publication 908, Bankruptcy Tax Guide. Turbotax 2012 coupon The debt is canceled when you are insolvent. Turbotax 2012 coupon However, you cannot exclude any amount of canceled debt that is more than the amount by which you are insolvent. Turbotax 2012 coupon See Publication 908. Turbotax 2012 coupon The debt is qualified farm debt and is canceled by a qualified person. Turbotax 2012 coupon See chapter 3 of Publication 225, Farmer's Tax Guide. Turbotax 2012 coupon The debt is qualified real property business debt. Turbotax 2012 coupon See chapter 5 of Publication 334. Turbotax 2012 coupon The cancellation is intended as a gift. Turbotax 2012 coupon The debt is qualified principal residence indebtedness. Turbotax 2012 coupon See Publication 525 for additional information. Turbotax 2012 coupon Host or Hostess If you host a party or event at which sales are made, any gift or gratuity you receive for giving the event is a payment for helping a direct seller make sales. Turbotax 2012 coupon You must report this item as income at its fair market value. Turbotax 2012 coupon Your out-of-pocket party expenses are subject to the 50% limit for meal and entertainment expenses. Turbotax 2012 coupon These expenses are deductible as miscellaneous itemized deductions subject to the 2%-of-AGI limit on Schedule A (Form 1040), but only up to the amount of income you receive for giving the party. Turbotax 2012 coupon For more information about the 50% limit for meal and entertainment expenses, see chapter 26. Turbotax 2012 coupon Life Insurance Proceeds Life insurance proceeds paid to you because of the death of the insured person are not taxable unless the policy was turned over to you for a price. Turbotax 2012 coupon This is true even if the proceeds were paid under an accident or health insurance policy or an endowment contract. Turbotax 2012 coupon However, interest income received as a result of life insurance proceeds may be taxable. Turbotax 2012 coupon Proceeds not received in installments. Turbotax 2012 coupon   If death benefits are paid to you in a lump sum or other than at regular intervals, include in your income only the benefits that are more than the amount payable to you at the time of the insured person's death. Turbotax 2012 coupon If the benefit payable at death is not specified, you include in your income the benefit payments that are more than the present value of the payments at the time of death. Turbotax 2012 coupon Proceeds received in installments. Turbotax 2012 coupon   If you receive life insurance proceeds in installments, you can exclude part of each installment from your income. Turbotax 2012 coupon   To determine the excluded part, divide the amount held by the insurance company (generally the total lump sum payable at the death of the insured person) by the number of installments to be paid. Turbotax 2012 coupon Include anything over this excluded part in your income as interest. Turbotax 2012 coupon Surviving spouse. Turbotax 2012 coupon   If your spouse died before October 23, 1986, and insurance proceeds paid to you because of the death of your spouse are received in installments, you can exclude up to $1,000 a year of the interest included in the installments. Turbotax 2012 coupon If you remarry, you can continue to take the exclusion. Turbotax 2012 coupon Surrender of policy for cash. Turbotax 2012 coupon   If you surrender a life insurance policy for cash, you must include in income any proceeds that are more than the cost of the life insurance policy. Turbotax 2012 coupon In most cases, your cost (or investment in the contract) is the total of premiums that you paid for the life insurance policy, less any refunded premiums, rebates, dividends, or unrepaid loans that were not included in your income. Turbotax 2012 coupon    You should receive a Form 1099-R showing the total proceeds and the taxable part. Turbotax 2012 coupon Report these amounts on lines 16a and 16b of Form 1040 or lines 12a and 12b of Form 1040A. Turbotax 2012 coupon More information. Turbotax 2012 coupon   For more information, see Life Insurance Proceeds in Publication 525. Turbotax 2012 coupon Endowment Contract Proceeds An endowment contract is a policy under which you are paid a specified amount of money on a certain date unless you die before that date, in which case, the money is paid to your designated beneficiary. Turbotax 2012 coupon Endowment proceeds paid in a lump sum to you at maturity are taxable only if the proceeds are more than the cost of the policy. Turbotax 2012 coupon To determine your cost, subtract any amount that you previously received under the contract and excluded from your income from the total premiums (or other consideration) paid for the contract. Turbotax 2012 coupon Include the part of the lump sum payment that is more than your cost in your income. Turbotax 2012 coupon Accelerated Death Benefits Certain amounts paid as accelerated death benefits under a life insurance contract or viatical settlement before the insured's death are excluded from income if the insured is terminally or chronically ill. Turbotax 2012 coupon Viatical settlement. Turbotax 2012 coupon   This is the sale or assignment of any part of the death benefit under a life insurance contract to a viatical settlement provider. Turbotax 2012 coupon A viatical settlement provider is a person who regularly engages in the business of buying or taking assignment of life insurance contracts on the lives of insured individuals who are terminally or chronically ill and who meets the requirements of section 101(g)(2)(B) of the Internal Revenue Code. Turbotax 2012 coupon Exclusion for terminal illness. Turbotax 2012 coupon    Accelerated death benefits are fully excludable if the insured is a terminally ill individual. Turbotax 2012 coupon This is a person who has been certified by a physician as having an illness or physical condition that can reasonably be expected to result in death within 24 months from the date of the certification. Turbotax 2012 coupon Exclusion for chronic illness. Turbotax 2012 coupon    If the insured is a chronically ill individual who is not terminally ill, accelerated death benefits paid on the basis of costs incurred for qualified long-term care services are fully excludable. Turbotax 2012 coupon Accelerated death benefits paid on a per diem or other periodic basis are excludable up to a limit. Turbotax 2012 coupon This limit applies to the total of the accelerated death benefits and any periodic payments received from long-term care insurance contracts. Turbotax 2012 coupon For information on the limit and the definitions of chronically ill individual, qualified long-term care services, and long-term care insurance contracts, see Long-Term Care Insurance Contracts under Sickness and Injury Benefits in Publication 525. Turbotax 2012 coupon Exception. Turbotax 2012 coupon   The exclusion does not apply to any amount paid to a person (other than the insured) who has an insurable interest in the life of the insured because the insured: Is a director, officer, or employee of the person, or Has a financial interest in the person's business. Turbotax 2012 coupon Form 8853. Turbotax 2012 coupon   To claim an exclusion for accelerated death benefits made on a per diem or other periodic basis, you must file Form 8853, Archer MSAs and Long-Term Care Insurance Contracts, with your return. Turbotax 2012 coupon You do not have to file Form 8853 to exclude accelerated death benefits paid on the basis of actual expenses incurred. Turbotax 2012 coupon Public Safety Officer Killed in the Line of Duty If you are a survivor of a public safety officer who was killed in the line of duty, you may be able to exclude from income certain amounts you receive. Turbotax 2012 coupon For this purpose, the term public safety officer includes law enforcement officers, firefighters, chaplains, and rescue squad and ambulance crew members. Turbotax 2012 coupon For more information, see Publication 559, Survivors, Executors, and Administrators. Turbotax 2012 coupon Partnership Income A partnership generally is not a taxable entity. Turbotax 2012 coupon The income, gains, losses, deductions, and credits of a partnership are passed through to the partners based on each partner's distributive share of these items. Turbotax 2012 coupon Schedule K-1 (Form 1065). Turbotax 2012 coupon    Although a partnership generally pays no tax, it must file an information return on Form 1065, U. Turbotax 2012 coupon S. Turbotax 2012 coupon Return of Partnership Income, and send Schedule K-1 (Form 1065) to each partner. Turbotax 2012 coupon In addition, the partnership will send each partner a copy of the Partner's Instructions for Schedule K-1 (Form 1065) to help each partner report his or her share of the partnership's income, deductions, credits, and tax preference items. Turbotax 2012 coupon Keep Schedule K-1 (Form 1065) for your records. Turbotax 2012 coupon Do not attach it to your Form 1040, unless you are specifically required to do so. Turbotax 2012 coupon For more information on partnerships, see Publication 541, Partnerships. Turbotax 2012 coupon Qualified joint venture. Turbotax 2012 coupon   If you and your spouse each materially participate as the only members of a jointly owned and operated business, and you file a joint return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership. Turbotax 2012 coupon To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. Turbotax 2012 coupon For further information on how to make the election and which schedule(s) to file, see the instructions for your individual tax return. Turbotax 2012 coupon S Corporation Income In most cases, an S corporation does not pay tax on its income. Turbotax 2012 coupon Instead, the income, losses, deductions, and credits of the corporation are passed through to the shareholders based on each shareholder's pro rata share. Turbotax 2012 coupon Schedule K-1 (Form 1120S). Turbotax 2012 coupon   An S corporation must file a return on Form 1120S, U. Turbotax 2012 coupon S. Turbotax 2012 coupon Income Tax Return for an S Corporation, and send Schedule K-1 (Form 1120S) to each shareholder. Turbotax 2012 coupon In addition, the S corporation will send each shareholder a copy of the Shareholder's Instructions for Schedule K-1 (Form 1120S) to help each shareholder report his or her share of the S corporation's income, losses, credits, and deductions. Turbotax 2012 coupon Keep Schedule K-1 (Form 1120S) for your records. Turbotax 2012 coupon Do not attach it to your Form 1040, unless you are specifically required to do so. Turbotax 2012 coupon For more information on S corporations and their shareholders, see the Instructions for Form 1120S. Turbotax 2012 coupon Recoveries A recovery is a return of an amount you deducted or took a credit for in an earlier year. Turbotax 2012 coupon The most common recoveries are refunds, reimbursements, and rebates of deductions itemized on Schedule A (Form 1040). Turbotax 2012 coupon You also may have recoveries of non-itemized deductions (such as payments on previously deducted bad debts) and recoveries of items for which you previously claimed a tax credit. Turbotax 2012 coupon Tax benefit rule. Turbotax 2012 coupon   You must include a recovery in your income in the year you receive it up to the amount by which the deduction or credit you took for the recovered amount reduced your tax in the earlier year. Turbotax 2012 coupon For this purpose, any increase to an amount carried over to the current year that resulted from the deduction or credit is considered to have reduced your tax in the earlier year. Turbotax 2012 coupon For more information, see Publication 525. Turbotax 2012 coupon Federal income tax refund. Turbotax 2012 coupon   Refunds of federal income taxes are not included in your income because they are never allowed as a deduction from income. Turbotax 2012 coupon State tax refund. Turbotax 2012 coupon   If you received a state or local income tax refund (or credit or offset) in 2013, you generally must include it in income if you deducted the tax in an earlier year. Turbotax 2012 coupon The payer should send Form 1099-G, Certain Government Payments, to you by January 31, 2014. Turbotax 2012 coupon The IRS also will receive a copy of the Form 1099-G. Turbotax 2012 coupon If you file Form 1040, use the State and Local Income Tax Refund Worksheet in the 2013 Form 1040 instructions for line 10 to figure the amount (if any) to include in your income. Turbotax 2012 coupon See Publication 525 for when you must use another worksheet. Turbotax 2012 coupon   If you could choose to deduct for a tax year either: State and local income taxes, or State and local general sales taxes, then the maximum refund that you may have to include in income is limited to the excess of the tax you chose to deduct for that year over the tax you did not choose to deduct for that year. Turbotax 2012 coupon For examples, see Publication 525. Turbotax 2012 coupon Mortgage interest refund. Turbotax 2012 coupon    If you received a refund or credit in 2013 of mortgage interest paid in an earlier year, the amount should be shown in box 3 of your Form 1098, Mortgage Interest Statement. Turbotax 2012 coupon Do not subtract the refund amount from the interest you paid in 2013. Turbotax 2012 coupon You may have to include it in your income under the rules explained in the following discussions. Turbotax 2012 coupon Interest on recovery. Turbotax 2012 coupon   Interest on any of the amounts you recover must be reported as interest income in the year received. Turbotax 2012 coupon For example, report any interest you received on state or local income tax refunds on Form 1040, line 8a. Turbotax 2012 coupon Recovery and expense in same year. Turbotax 2012 coupon   If the refund or other recovery and the expense occur in the same year, the recovery reduces the deduction or credit and is not reported as income. Turbotax 2012 coupon Recovery for 2 or more years. Turbotax 2012 coupon   If you receive a refund or other recovery that is for amounts you paid in 2 or more separate years, you must allocate, on a pro rata basis, the recovered amount between the years in which you paid it. Turbotax 2012 coupon This allocation is necessary to determine the amount of recovery from any earlier years and to determine the amount, if any, of your allowable deduction for this item for the current year. Turbotax 2012 coupon For information on how to compute the allocation, see Recoveries in Publication 525. Turbotax 2012 coupon Itemized Deduction Recoveries If you recover any amount that you deducted in an earlier year on Schedule A (Form 1040), you generally must include the full amount of the recovery in your income in the year you receive it. Turbotax 2012 coupon Where to report. Turbotax 2012 coupon   Enter your state or local income tax refund on Form 1040, line 10, and the total of all other recoveries as other income on Form 1040, line 21. Turbotax 2012 coupon You cannot use Form 1040A or Form 1040EZ. Turbotax 2012 coupon Standard deduction limit. Turbotax 2012 coupon   You generally are allowed to claim the standard deduction if you do not itemize your deductions. Turbotax 2012 coupon Only your itemized deductions that are more than your standard deduction are subject to the recovery rule (unless you are required to itemize your deductions). Turbotax 2012 coupon If your total deductions on the earlier year return were not more than your income for that year, include in your income this year the lesser of: Your recoveries, or The amount by which your itemized deductions exceeded the standard deduction. Turbotax 2012 coupon Example. Turbotax 2012 coupon For 2012, you filed a joint return. Turbotax 2012 coupon Your taxable income was $60,000 and you were not entitled to any tax credits. Turbotax 2012 coupon Your standard deduction was $11,900, and you had itemized deductions of $14,000. Turbotax 2012 coupon In 2013, you received the following recoveries for amounts deducted on your 2012 return: Medical expenses $200 State and local income tax refund 400 Refund of mortgage interest 325 Total recoveries $925 None of the recoveries were more than the deductions taken for 2012. Turbotax 2012 coupon The difference between the state and local income tax you deducted and your local general sales tax was more than $400. Turbotax 2012 coupon Your total recoveries are less than the amount by which your itemized deductions exceeded the standard deduction ($14,000 − 11,900 = $2,100), so you must include your total recoveries in your income for 2013. Turbotax 2012 coupon Report the state and local income tax refund of $400 on Form 1040, line 10, and the balance of your recoveries, $525, on Form 1040, line 21. Turbotax 2012 coupon Standard deduction for earlier years. Turbotax 2012 coupon   To determine if amounts recovered in 2013 must be included in your income, you must know the standard deduction for your filing status for the year the deduction was claimed. Turbotax 2012 coupon Look in the instructions for your tax return from prior years to locate the standard deduction for the filing status for that prior year. Turbotax 2012 coupon Example. Turbotax 2012 coupon You filed a joint return on Form 1040 for 2012 with taxable income of $45,000. Turbotax 2012 coupon Your itemized deductions were $12,350. Turbotax 2012 coupon The standard deduction that you could have claimed was $11,900. Turbotax 2012 coupon In 2013, you recovered $2,100 of your 2012 itemized deductions. Turbotax 2012 coupon None of the recoveries were more than the actual deductions for 2012. Turbotax 2012 coupon Include $450 of the recoveries in your 2013 income. Turbotax 2012 coupon This is the smaller of your recoveries ($2,100) or the amount by which your itemized deductions were more than the standard deduction ($12,350 − $11,900 = $450). Turbotax 2012 coupon Recovery limited to deduction. Turbotax 2012 coupon   You do not include in your income any amount of your recovery that is more than the amount you deducted in the earlier year. Turbotax 2012 coupon The amount you include in your income is limited to the smaller of: The amount deducted on Schedule A (Form 1040), or The amount recovered. Turbotax 2012 coupon Example. Turbotax 2012 coupon During 2012 you paid $1,700 for medical expenses. Turbotax 2012 coupon From this amount you subtracted $1,500, which was 7. Turbotax 2012 coupon 5% of your adjusted gross income. Turbotax 2012 coupon Your actual medical expense deduction was $200. Turbotax 2012 coupon In 2013, you received a $500 reimbursement from your medical insurance for your 2012 expenses. Turbotax 2012 coupon The only amount of the $500 reimbursement that must be included in your income for 2013 is $200—the amount actually deducted. Turbotax 2012 coupon Other recoveries. Turbotax 2012 coupon   See Recoveries in Publication 525 if: You have recoveries of items other than itemized deductions, or You received a recovery for an item for which you claimed a tax credit (other than investment credit or foreign tax credit) in a prior year. Turbotax 2012 coupon Rents from Personal Property If you rent out personal property, such as equipment or vehicles, how you report your income and expenses is in most cases determined by: Whether or not the rental activity is a business, and Whether or not the rental activity is conducted for profit. Turbotax 2012 coupon In most cases, if your primary purpose is income or profit and you are involved in the rental activity with continuity and regularity, your rental activity is a business. Turbotax 2012 coupon See Publication 535, Business Expenses, for details on deducting expenses for both business and not-for-profit activities. Turbotax 2012 coupon Reporting business income and expenses. Turbotax 2012 coupon    If you are in the business of renting personal property, report your income and expenses on Schedule C or Schedule C-EZ (Form 1040). Turbotax 2012 coupon The form instructions have information on how to complete them. Turbotax 2012 coupon Reporting nonbusiness income. Turbotax 2012 coupon   If you are not in the business of renting personal property, report your rental income on Form 1040, line 21. Turbotax 2012 coupon List the type and amount of the income on the dotted line next to line 21. Turbotax 2012 coupon Reporting nonbusiness expenses. Turbotax 2012 coupon   If you rent personal property for profit, include your rental expenses in the total amount you enter on Form 1040, line 36. Turbotax 2012 coupon Also enter the amount and “PPR” on the dotted line next to line 36. Turbotax 2012 coupon   If you do not rent personal property for profit, your deductions are limited and you cannot report a loss to offset other income. Turbotax 2012 coupon See Activity not for profit , under Other Income, later. Turbotax 2012 coupon Repayments If you had to repay an amount that you included in your income in an earlier year, you may be able to deduct the amount repaid from your income for the year in which you repaid it. Turbotax 2012 coupon Or, if the amount you repaid is more than $3,000, you may be able to take a credit against your tax for the year in which you repaid it. Turbotax 2012 coupon Generally, you can claim a deduction or credit only if the repayment qualifies as an expense or loss incurred in your trade or business or in a for-profit transaction. Turbotax 2012 coupon Type of deduction. Turbotax 2012 coupon   The type of deduction you are allowed in the year of repayment depends on the type of income you included in the earlier year. Turbotax 2012 coupon You generally deduct the repayment on the same form or schedule on which you previously reported it as income. Turbotax 2012 coupon For example, if you reported it as self-employment income, deduct it as a business expense on Schedule C or Schedule C-EZ (Form 1040) or Schedule F (Form 1040). Turbotax 2012 coupon If you reported it as a capital gain, deduct it as a capital loss as explained in the Instructions for Schedule D (Form 1040). Turbotax 2012 coupon If you reported it as wages, unemployment compensation, or other nonbusiness income, deduct it as a miscellaneous itemized deduction on Schedule A (Form 1040). Turbotax 2012 coupon Repaid social security benefits. Turbotax 2012 coupon   If you repaid social security benefits or equivalent railroad retirement benefits, see Repayment of benefits in chapter 11. Turbotax 2012 coupon Repayment of $3,000 or less. Turbotax 2012 coupon   If the amount you repaid was $3,000 or less, deduct it from your income in the year you repaid it. Turbotax 2012 coupon If you must deduct it as a miscellaneous itemized deduction, enter it on Schedule A (Form 1040), line 23. Turbotax 2012 coupon Repayment over $3,000. Turbotax 2012 coupon   If the amount you repaid was more than $3,000, you can deduct the repayment (as explained under Type of deduction , earlier). Turbotax 2012 coupon However, you can choose instead to take a tax credit for the year of repayment if you included the income under a claim of right. Turbotax 2012 coupon This means that at the time you included the income, it appeared that you had an unrestricted right to it. Turbotax 2012 coupon If you qualify for this choice, figure your tax under both methods and compare the results. Turbotax 2012 coupon Use the method (deduction or credit) that results in less tax. Turbotax 2012 coupon When determining whether the amount you repaid was more or less than $3,000, consider the total amount being repaid on the return. Turbotax 2012 coupon Each instance of repayment is not considered separately. Turbotax 2012 coupon Method 1. Turbotax 2012 coupon   Figure your tax for 2013 claiming a deduction for the repaid amount. Turbotax 2012 coupon If you must deduct it as a miscellaneous itemized deduction, enter it on Schedule A (Form 1040), line 28. Turbotax 2012 coupon Method 2. Turbotax 2012 coupon   Figure your tax for 2013 claiming a credit for the repaid amount. Turbotax 2012 coupon Follow these steps. Turbotax 2012 coupon Figure your tax for 2013 without deducting the repaid amount. Turbotax 2012 coupon Refigure your tax from the earlier year without including in income the amount you repaid in 2013. Turbotax 2012 coupon Subtract the tax in (2) from the tax shown on your return for the earlier year. Turbotax 2012 coupon This is the credit. Turbotax 2012 coupon Subtract the answer in (3) from the tax for 2013 figured without the deduction (Step 1). Turbotax 2012 coupon   If method 1 results in less tax, deduct the amount repaid. Turbotax 2012 coupon If method 2 results in less tax, claim the credit figured in (3) above on Form 1040, line 71, by adding the amount of the credit to any other credits on this line, and entering “I. Turbotax 2012 coupon R. Turbotax 2012 coupon C. Turbotax 2012 coupon 1341” in the column to the right of line 71. Turbotax 2012 coupon   An example of this computation can be found in Publication 525. Turbotax 2012 coupon Repaid wages subject to social security and Medicare taxes. Turbotax 2012 coupon   If you had to repay an amount that you included in your wages or compensation in an earlier year on which social security, Medicare, or tier 1 RRTA taxes were paid, ask your employer to refund the excess amount to you. Turbotax 2012 coupon If the employer refuses to refund the taxes, ask for a statement indicating the amount of the overcollection to support your claim. Turbotax 2012 coupon File a claim for refund using Form 843, Claim for Refund and Request for Abatement. Turbotax 2012 coupon Repaid wages subject to Additional Medicare Tax. Turbotax 2012 coupon   Employers cannot make an adjustment or file a claim for refund for Additional Medicare Tax withholding when there is a repayment of wages received by an employee in a prior year because the employee determines liability for Additional Medicare Tax on the employee's income tax return for the prior year. Turbotax 2012 coupon If you had to repay an amount that you included in your wages or compensation in an earlier year, and on which Additional Medicare Tax was paid, you may be able to recover the Additional Medicare Tax paid on the amount. Turbotax 2012 coupon To recover Additional Medicare Tax on the repaid wages or compensation, you must file Form 1040X, Amended U. Turbotax 2012 coupon S. Turbotax 2012 coupon Individual Income Tax Return, for the prior year in which the wages or compensation were originally received. Turbotax 2012 coupon See the Instructions for Form 1040X. Turbotax 2012 coupon Royalties Royalties from copyrights, patents, and oil, gas, and mineral properties are taxable as ordinary income. Turbotax 2012 coupon In most cases you report royalties in Part I of Schedule E (Form 1040). Turbotax 2012 coupon However, if you hold an operating oil, gas, or mineral interest or are in business as a self-employed writer, inventor, artist, etc. Turbotax 2012 coupon , report your income and expenses on Schedule C or Schedule C-EZ (Form 1040). Turbotax 2012 coupon Copyrights and patents. Turbotax 2012 coupon   Royalties from copyrights on literary, musical, or artistic works, and similar property, or from patents on inventions, are amounts paid to you for the right to use your work over a specified period of time. Turbotax 2012 coupon Royalties generally are based on the number of units sold, such as the number of books, tickets to a performance, or machines sold. Turbotax 2012 coupon Oil, gas, and minerals. Turbotax 2012 coupon   Royalty income from oil, gas, and mineral properties is the amount you receive when natural resources are extracted from your property. Turbotax 2012 coupon The royalties are based on units, such as barrels, tons, etc. Turbotax 2012 coupon , and are paid to you by a person or company who leases the property from you. Turbotax 2012 coupon Depletion. Turbotax 2012 coupon   If you are the owner of an economic interest in mineral deposits or oil and gas wells, you can recover your investment through the depletion allowance. Turbotax 2012 coupon For information on this subject, see chapter 9 of Publication 535. Turbotax 2012 coupon Coal and iron ore. Turbotax 2012 coupon   Under certain circumstances, you can treat amounts you receive from the disposal of coal and iron ore as payments from the sale of a capital asset, rather than as royalty income. Turbotax 2012 coupon For information about gain or loss from the sale of coal and iron ore, see Publication 544. Turbotax 2012 coupon Sale of property interest. Turbotax 2012 coupon   If you sell your complete interest in oil, gas, or mineral rights, the amount you receive is considered payment for the sale of property used in a trade or business under section 1231, not royalty income. Turbotax 2012 coupon Under certain circumstances, the sale is subject to capital gain or loss treatment as explained in the Instructions for Schedule D (Form 1040). Turbotax 2012 coupon For more information on selling section 1231 property, see chapter 3 of Publication 544. Turbotax 2012 coupon   If you retain a royalty, an overriding royalty, or a net profit interest in a mineral property for the life of the property, you have made a lease or a sublease, and any cash you receive for the assignment of other interests in the property is ordinary income subject to a depletion allowance. Turbotax 2012 coupon Part of future production sold. Turbotax 2012 coupon   If you own mineral property but sell part of the future production, in most cases you treat the money you receive from the buyer at the time of the sale as a loan from the buyer. Turbotax 2012 coupon Do not include it in your income or take depletion based on it. Turbotax 2012 coupon   When production begins, you include all the proceeds in your income, deduct all the production expenses, and deduct depletion from that amount to arrive at your taxable income from the property. Turbotax 2012 coupon Unemployment Benefits The tax treatment of unemployment benefits you receive depends on the type of program paying the benefits. Turbotax 2012 coupon Unemployment compensation. Turbotax 2012 coupon   You must include in income all unemployment compensation you receive. Turbotax 2012 coupon You should receive a Form 1099-G showing in box 1 the total unemployment compensation paid to you. Turbotax 2012 coupon In most cases, you enter unemployment compensation on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ. Turbotax 2012 coupon Types of unemployment compensation. Turbotax 2012 coupon   Unemployment compensation generally includes any amount received under an unemployment compensation law of the United States or of a state. Turbotax 2012 coupon It includes the following benefits. Turbotax 2012 coupon Benefits paid by a state or the District of Columbia from the Federal Unemployment Trust Fund. Turbotax 2012 coupon State unemployment insurance benefits. Turbotax 2012 coupon Railroad unemployment compensation benefits. Turbotax 2012 coupon Disability payments from a government program paid as a substitute for unemployment compensation. Turbotax 2012 coupon (Amounts received as workers' compensation for injuries or illness are not unemployment compensation. Turbotax 2012 coupon See chapter 5 for more information. Turbotax 2012 coupon ) Trade readjustment allowances under the Trade Act of 1974. Turbotax 2012 coupon Unemployment assistance under the Disaster Relief and Emergency Assistance Act. Turbotax 2012 coupon Unemployment assistance under the Airline Deregulation Act of 1974 Program. Turbotax 2012 coupon Governmental program. Turbotax 2012 coupon   If you contribute to a governmental unemployment compensation program and your contributions are not deductible, amounts you receive under the program are not included as unemployment compensation until you recover your contributions. Turbotax 2012 coupon If you deducted all of your contributions to the program, the entire amount you receive under the program is included in your income. Turbotax 2012 coupon Repayment of unemployment compensation. Turbotax 2012 coupon   If you repaid in 2013 unemployment compensation you received in 2013, subtract the amount you repaid from the total amount you received and enter the difference on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ. Turbotax 2012 coupon On the dotted line next to your entry enter “Repaid” and the amount you repaid. Turbotax 2012 coupon If you repaid unemployment compensation in 2013 that you included in income in an earlier year, you can deduct the amount repaid on Schedule A (Form 1040), line 23, if you itemize deductions. Turbotax 2012 coupon If the amount is more than $3,000, see Repayments , earlier. Turbotax 2012 coupon Tax withholding. Turbotax 2012 coupon   You can choose to have federal income tax withheld from your unemployment compensation. Turbotax 2012 coupon To make this choice, complete Form W-4V, Voluntary Withholding Request, and give it to the paying office. Turbotax 2012 coupon Tax will be withheld at 10% of your payment. Turbotax 2012 coupon    If you do not choose to have tax withheld from your unemployment compensation, you may be liable for estimated tax. Turbotax 2012 coupon If you do not pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty. Turbotax 2012 coupon For more information on estimated tax, see chapter 4. Turbotax 2012 coupon Supplemental unemployment benefits. Turbotax 2012 coupon   Benefits received from an employer-financed fund (to which the employees did not contribute) are not unemployment compensation. Turbotax 2012 coupon They are taxable as wages and are subject to withholding for income tax. Turbotax 2012 coupon They may be subject to social security and Medicare taxes. Turbotax 2012 coupon For more information, see Supplemental Unemployment Benefits in section 5 of Publication 15-A, Employer's Supplemental Tax Guide. Turbotax 2012 coupon Report these payments on line 7 of Form 1040 or Form 1040A or on line 1 of Form 1040EZ. Turbotax 2012 coupon Repayment of benefits. Turbotax 2012 coupon   You may have to repay some of your supplemental unemployment benefits to qualify for trade readjustment allowances under the Trade Act of 1974. Turbotax 2012 coupon If you repay supplemental unemployment benefits in the same year you receive them, reduce the total benefits by the amount you repay. Turbotax 2012 coupon If you repay the benefits in a later year, you must include the full amount of the benefits received in your income for the year you received them. Turbotax 2012 coupon   Deduct the repayment in the later year as an adjustment to gross income on Form 1040. Turbotax 2012 coupon (You cannot use Form 1040A or Form 1040EZ. Turbotax 2012 coupon ) Include the repayment on Form 1040, line 36, and enter “Sub-Pay TRA” and the amount on the dotted line next to line 36. Turbotax 2012 coupon If the amount you repay in a later year is more than $3,000, you may be able to take a credit against your tax for the later year instead of deducting the amount repaid. Turbotax 2012 coupon For more information on this, see Repayments , earlier. Turbotax 2012 coupon Private unemployment fund. Turbotax 2012 coupon   Unemployment benefit payments from a private (nonunion) fund to which you voluntarily contribute are taxable only if the amounts you receive are more than your total payments into the fund. Turbotax 2012 coupon Report the taxable amount on Form 1040, line 21. Turbotax 2012 coupon Payments by a union. Turbotax 2012 coupon   Benefits paid to you as an unemployed member of a union from regular union dues are included in your income on Form 1040, line 21. Turbotax 2012 coupon However, if you contribute to a special union fund and your payments to the fund are not deductible, the unemployment benefits you receive from the fund are includible in your income only to the extent they are more than your contributions. Turbotax 2012 coupon Guaranteed annual wage. Turbotax 2012 coupon   Payments you receive from your employer during periods of unemployment, under a union agreement that guarantees you full pay during the year, are taxable as wages. Turbotax 2012 coupon Include them on line 7 of Form 1040 or Form 1040A or on line 1 of Form 1040EZ. Turbotax 2012 coupon State employees. Turbotax 2012 coupon   Payments similar to a state's unemployment compensation may be made by the state to its employees who are not covered by the state's unemployment compensation law. Turbotax 2012 coupon Although the payments are fully taxable, do not report them as unemployment compensation. Turbotax 2012 coupon Report these payments on Form 1040, line 21. Turbotax 2012 coupon Welfare and Other Public Assistance Benefits Do not include in your income governmental benefit payments from a public welfare fund based upon need, such as payments to blind individuals under a state public assistance law. Turbotax 2012 coupon Payments from a state fund for the victims of crime should not be included in the victims' incomes if they are in the nature of welfare payments. Turbotax 2012 coupon Do not deduct medical expenses that are reimbursed by such a fund. Turbotax 2012 coupon You must include in your income any welfare payments that are compensation for services or that are obtained fraudulently. Turbotax 2012 coupon Reemployment Trade Adjustment Assistance (RTAA) payments. Turbotax 2012 coupon   RTAA payments received from a state must be included in your income. Turbotax 2012 coupon The state must send you Form 1099-G to advise you of the amount you should include in income. Turbotax 2012 coupon The amount should be reported on Form 1040, line 21. Turbotax 2012 coupon Persons with disabilities. Turbotax 2012 coupon   If you have a disability, you must include in income compensation you receive for services you perform unless the compensation is otherwise excluded. Turbotax 2012 coupon However, you do not include in income the value of goods, services, and cash that you receive, not in return for your services, but for your training and rehabilitation because you have a disability. Turbotax 2012 coupon Excludable amounts include payments for transportation and attendant care, such as interpreter services for the deaf, reader services for the blind, and services to help individuals with an intellectual disability do their work. Turbotax 2012 coupon Disaster relief grants. Turbotax 2012 coupon    Do not include post-disaster grants received under the Robert T. Turbotax 2012 coupon Stafford Disaster Relief and Emergency Assistance Act in your income if the grant payments are made to help you meet necessary expenses or serious needs for medical, dental, housing, personal property, transportation, child care, or funeral expenses. Turbotax 2012 coupon Do not deduct casualty losses or medical expenses that are specifically reimbursed by these disaster relief grants. Turbotax 2012 coupon If you have deducted a casualty loss for the loss of your personal residence and you later receive a disaster relief grant for the loss of the same residence, you may have to include part or all of the grant in your taxable income. Turbotax 2012 coupon See Recoveries , earlier. Turbotax 2012 coupon Unemployment assistance payments under the Act are taxable unemployment compensation. Turbotax 2012 coupon See Unemployment compensation under Unemployment Benefits, earlier. Turbotax 2012 coupon Disaster relief payments. Turbotax 2012 coupon   You can exclude from income any amount you receive that is a qualified disaster relief payment. Turbotax 2012 coupon A qualified disaster relief payment is an amount paid to you: To reimburse or pay reasonable and necessary personal, family, living, or funeral expenses that result from a qualified disaster; To reimburse or pay reasonable and necessary expenses incurred for the repair or rehabilitation of your home or repair or replacement of its contents to the extent it is due to a qualified disaster; By a person engaged in the furnishing or sale of transportation as a common carrier because of the death or personal physical injuries incurred as a result of a qualified disaster; or By a federal, state, or local government, or agency, or instrumentality in connection with a qualified disaster in order to promote the general welfare. Turbotax 2012 coupon You can exclude this amount only to the extent any expense it pays for is not paid for by insurance or otherwise. Turbotax 2012 coupon The exclusion does not apply if you were a participant or conspirator in a terrorist action or a representative of one. Turbotax 2012 coupon   A qualified disaster is: A disaster which results from a terrorist or military action; A federally declared disaster; or A disaster which results from an accident involving a common carrier, or from any other event, which is determined to be catastrophic by the Secretary of the Treasury or his or her delegate. Turbotax 2012 coupon   For amounts paid under item (4), a disaster is qualified if it is determined by an applicable federal, state, or local authority to warrant assistance from the federal, state, or local government, agency, or instrumentality. Turbotax 2012 coupon Disaster mitigation payments. Turbotax 2012 coupon   You also can exclude from income any amount you receive that is a qualified disaster mitigation payment. Turbotax 2012 coupon Qualified disaster mitigation payments are also most commonly paid to you in the period immediately following damage to property as a result of a natural disaster. Turbotax 2012 coupon However, disaster mitigation payments are used to mitigate (reduce the severity of) potential damage from future natural disasters. Turbotax 2012 coupon They are paid to you through state and local governments based on the provisions of the Robert T. Turbotax 2012 coupon Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act. Turbotax 2012 coupon   You cannot increase the basis or adjusted basis of your property for improvements made with nontaxable disaster mitigation payments. Turbotax 2012 coupon Home Affordable Modification Program (HAMP). Turbotax 2012 coupon   If you benefit from Pay-for-Performance Success Payments under HAMP, the payments are not taxable. Turbotax 2012 coupon Mortgage assistance payments under section 235 of the National Housing Act. Turbotax 2012 coupon   Payments made under section 235 of the National Housing Act for mortgage assistance are not included in the homeowner's income. Turbotax 2012 coupon Interest paid for the homeowner under the mortgage assistance program cannot be deducted. Turbotax 2012 coupon Medicare. Turbotax 2012 coupon   Medicare benefits received under title XVIII of the Social Security Act are not includible in the gross income of the individuals for whom they are paid. Turbotax 2012 coupon This includes basic (part A (Hospital Insurance Benefits for the Aged)) and supplementary (part B (Supplementary Medical Insurance Benefits for the Aged)). Turbotax 2012 coupon Old-age, survivors, and disability insurance benefits (OASDI). Turbotax 2012 coupon   Generally, OASDI payments under section 202 of title II of the Social Security Act are not includible in the gross income of the individuals to whom they are paid. Turbotax 2012 coupon This applies to old-age insurance benefits, and insurance benefits for wives, husbands, children, widows, widowers, mothers and fathers, and parents, as well as the lump-sum death payment. Turbotax 2012 coupon Nutrition Program for the Elderly. Turbotax 2012 coupon    Food benefits you receive under the Nutrition Program for the Elderly are not taxable. Turbotax 2012 coupon If you prepare and serve free meals for the program, include in your income as wages the cash pay you receive, even if you are also eligible for food benefits. Turbotax 2012 coupon Payments to reduce cost of winter energy. Turbotax 2012 coupon   Payments made by a state to qualified people to reduce their cost of winter energy use are not taxable. Turbotax 2012 coupon Other Income The following brief discussions are arranged in alphabetical order. Turbotax 2012 coupon Other income items briefly discussed below are referenced to publications which provide more topical information. Turbotax 2012 coupon Activity not for profit. Turbotax 2012 coupon   You must include on your return income from an activity from which you do not expect to make a profit. Turbotax 2012 coupon An example of this type of activity is a hobby or a farm you operate mostly for recreation and pleasure. Turbotax 2012 coupon Enter this income on Form 1040, line 21. Turbotax 2012 coupon Deductions for expenses related to the activity are limited. Turbotax 2012 coupon They cannot total more than the income you report and can be taken only if you itemize deductions on Schedule A (Form 1040). Turbotax 2012 coupon See Not-for-Profit Activities in chapter 1 of Publication 535 for information on whether an activity is considered carried on for a profit. Turbotax 2012 coupon Alaska Permanent Fund dividend. Turbotax 2012 coupon   If you received a payment from Alaska's mineral income fund (Alaska Permanent Fund dividend), report it as income on line 21 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ. Turbotax 2012 coupon The state of Alaska sends each recipient a document that shows the amount of the payment with the check. Turbotax 2012 coupon The amount also is reported to IRS. Turbotax 2012 coupon Alimony. Turbotax 2012 coupon   Include in your income on Form 1040, line 11, any alimony payments you receive. Turbotax 2012 coupon Amounts you receive for child support are not income to you. Turbotax 2012 coupon Alimony and child support payments are discussed in chapter 18. Turbotax 2012 coupon Bribes. Turbotax 2012 coupon   If you receive a bribe, include it in your income. Turbotax 2012 coupon Campaign contributions. Turbotax 2012 coupon   These contributions are not income to a candidate unless they are diverted to his or her personal use. Turbotax 2012 coupon To be exempt from tax, the contributions must be spent for campaign purposes or kept in a fund for use in future campaigns. Turbotax 2012 coupon However, interest earned on bank deposits, dividends received on contributed securities, and net gains realized on sales of contributed securities are taxable and must be reported on Form 1120-POL, U. Turbotax 2012 coupon S. Turbotax 2012 coupon Income Tax Return for Certain Political Organizations. Turbotax 2012 coupon Excess campaign funds transferred to an office account must be included in the officeholder's income on Form 1040, line 21, in the year transferred. Turbotax 2012 coupon Car pools. Turbotax 2012 coupon   Do not include in your income amounts you receive from the passengers for driving a car in a car pool to and from work. Turbotax 2012 coupon These amounts are considered reimbursement for your expenses. Turbotax 2012 coupon However, this rule does not apply if you have developed car pool arrangements into a profit-making business of transporting workers for hire. Turbotax 2012 coupon Cash rebates. Turbotax 2012 coupon   A cash rebate you receive from a dealer or manufacturer of an item you buy is not income, but you must reduce your basis by the amount of the rebate. Turbotax 2012 coupon Example. Turbotax 2012 coupon You buy a new car for $24,000 cash and receive a $2,000 rebate check from the manufacturer. Turbotax 2012 coupon The $2,000 is not income to you. Turbotax 2012 coupon Your basis in the car is $22,000. Turbotax 2012 coupon This is the basis on which you figure gain or loss if you sell the car and depreciation if you use it for business. Turbotax 2012 coupon Casualty insurance and other reimbursements. Turbotax 2012 coupon   You generally should not report these reimbursements on your return unless you are figuring gain or loss from the casualty or theft. Turbotax 2012 coupon See chapter 25 for more information. Turbotax 2012 coupon Child support payments. Turbotax 2012 coupon   You should not report these payments on your return. Turbotax 2012 coupon See chapter 18 for more information. Turbotax 2012 coupon Court awards and damages. Turbotax 2012 coupon   To determine if settlement amounts you receive by compromise or judgment must be included in your income, you must consider the item that the settlement replaces. Turbotax 2012 coupon The character of the income as ordinary income or capital gain depends on the nature of the underlying claim. Turbotax 2012 coupon Include the following as ordinary income. Turbotax 2012 coupon Interest on any award. Turbotax 2012 coupon Compensation for lost wages or lost profits in most cases. Turbotax 2012 coupon Punitive damages, in most cases. Turbotax 2012 coupon It does not matter if they relate to a physical injury or physical sickness. Turbotax 2012 coupon Amounts received in settlement of pension rights (if you did not contribute to the plan). Turbotax 2012 coupon Damages for: Patent or copyright infringement, Breach of contract, or Interference with business operations. Turbotax 2012 coupon Back pay and damages for emotional distress received to satisfy a claim under title VII of the Civil Rights Act of 1964. Turbotax 2012 coupon Attorney fees and costs (including contingent fees) where the underlying recovery is included in gross income. Turbotax 2012 coupon   Do not include in your income compensatory damages for personal physical injury or physical sickness (whether received in a lump sum or installments). Turbotax 2012 coupon Emotional distress. Turbotax 2012 coupon   Emotional distress itself is not a physical injury or physical sickness, but damages you receive for emotional distress due to a physical injury or sickness are treated as received for the physical injury or sickness. Turbotax 2012 coupon Do not include them in your income. Turbotax 2012 coupon   If the emotional distress is due to a personal injury that is not due to a physical injury or sickness (for example, employment discrimination or injury to reputation), you must include the damages in your income, except for any damages you receive for medical care due to that emotional distress. Turbotax 2012 coupon Emotional distress includes physical symptoms that result from emotional distress, such as headaches, insomnia, and stomach disorders. Turbotax 2012 coupon Deduction for costs involved in unlawful discrimination suits. Turbotax 2012 coupon   You may be able to deduct attorney fees and court costs paid to recover a judgment or settlement for a claim of unlawful discrimination under various provisions of federal, state, and local law listed in Internal Revenue Code section 62(e), a claim against the United States government, or a claim under section 1862(b)(3)(A) of the Social Security Act. Turbotax 2012 coupon For more information, see Publication 525. Turbotax 2012 coupon Credit card insurance. Turbotax 2012 coupon   In most cases, if you receive benefits under a credit card disability or unemployment insurance plan, the benefits are taxable to you. Turbotax 2012 coupon These plans make the minimum monthly payment on your credit card account if you cannot make the payment due to injury, illness, disability, or unemployment. Turbotax 2012 coupon Report on Form 1040, line 21, the amount of benefits you received during the year that is more than the amount of the premiums you paid during the year. Turbotax 2012 coupon Down payment assistance. Turbotax 2012 coupon   If you purchase a home and receive assistance from a nonprofit corporation to make the down payment, that assistance is not included in your income. Turbotax 2012 coupon If the corporation qualifies as a tax-exempt charitable organization, the assistance is treated as a gift and is included in your basis of the house. Turbotax 2012 coupon If the corporation does not qualify, the assistance is treated as a rebate or reduction of the purchase price and is not included in your basis. Turbotax 2012 coupon Employment agency fees. Turbotax 2012 coupon   If you get a job through an employment agency, and the fee is paid by your employer, the fee is not includible in your income if you are not liable for it. Turbotax 2012 coupon However, if you pay it and your employer reimburses you for it, it is includible in your income. Turbotax 2012 coupon Energy conservation subsidies. 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Turbotax 2012 coupon   If your personal expenses are paid for by another person, such as a corporation, the payment may be taxable to you depending upon your relationship with that person and the nature of the payment. Turbotax 2012 coupon But if the payment makes up for a loss caused by that person, and only restores you to the position you were in before the loss, the payment is not includible in your income. Turbotax 2012 coupon Fees for services. Turbotax 2012 coupon   Include all fees for your services in your income. Turbotax 2012 coupon Examples of these fees are amounts you receive for services you perform as: A corporate director, An executor, administrator, or personal representative of an estate, A manager of a trade or business you operated before declaring Chapter 11 bankruptcy, A notary public, or An election precinct official. Turbotax 2012 coupon Nonemployee compensation. 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Turbotax 2012 coupon You cannot deduct your expenses in serving as the voluntary leader of the group at the group's request. Turbotax 2012 coupon If you organize tours as a trade or business, report the tour's value on Schedule C or Schedule C-EZ (Form 1040). Turbotax 2012 coupon Gambling winnings. Turbotax 2012 coupon   You must include your gambling winnings in income on Form 1040, line 21. Turbotax 2012 coupon If you itemize your deductions on Schedule A (Form 1040), you can deduct gambling losses you had during the year, but only up to the amount of your winnings. Turbotax 2012 coupon Lotteries and raffles. Turbotax 2012 coupon   Winnings from lotteries and raffles are gambling winnings. Turbotax 2012 coupon In addition to cash winnings, you must include in your income the fair market value of bonds, cars, houses, and other noncash prizes. Turbotax 2012 coupon    If you win a state lottery prize payable in installments, see Publication 525 for more information. 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Better Business Bureaus (BBBs) are nonprofit organizations that encourage honest advertising and selling practices and are supported primarily by local businesses. They offer a variety of consumer services, including consumer education materials; business reports, particularly unanswered or unsettled complaints or other problems; mediation and arbitration services; and information about charities and other organizations that are seeking public donations. They also provide ratings (A, B, C, D, or F) of local companies to express the BBB's confidence that the company operates in a trustworthy manner and demonstrates a willingness to resolve customer concerns.

Phoenix, AZ

Website: Better Business Bureau

Email: complaints@arizonabbb.org

Address: Better Business Bureau
4428 N. 12th St.
Phoenix, AZ 85014

Phone Number: 602-264-1721

Toll-free: 1-877-291-6222

Prescott, AZ

Website: Better Business Bureau

Email: yco-info@arizonabbb.org

Address: Better Business Bureau
1569 W. Gurley St.
Prescott, AZ 86305

Phone Number: 928-772-3410

Tucson, AZ

Website: Better Business Bureau

Address: Better Business Bureau
5151 E. Broadway Blvd., Suite 100
Tucson, AZ 85711

Phone Number: 520-888-5353

Yuma, AZ

Website: Better Business Bureau

Email: yuma-info@arizonabbb.org

Address: Better Business Bureau
350 W. 16th St., Suite 205
Yuma, AZ 85364

Phone Number: 928-772-3410

The Turbotax 2012 Coupon

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