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Turbotax 2012 9. Turbotax 2012   Tax Treaty Benefits Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Treaty Income Some Typical Tax Treaty BenefitsPersonal Services Teachers, Professors, and Researchers Employees of Foreign Governments Students, Apprentices, and Trainees Capital Gains Resident Aliens Reporting Treaty Benefits Claimed Introduction A nonresident alien (and certain resident aliens) from a country with which the United States has an income tax treaty may qualify for certain benefits. Turbotax 2012 Most treaties require that the nonresident alien be a resident of the treaty country to qualify. Turbotax 2012 However, some treaties require that the nonresident alien be a national or a citizen of the treaty country. Turbotax 2012 See Table 9-1 for a list of tax treaty countries. Turbotax 2012 You can generally arrange to have withholding tax reduced or eliminated on wages and other income that are eligible for tax treaty benefits. Turbotax 2012 See Income Entitled to Tax Treaty Benefits in chapter 8. Turbotax 2012 Topics - This chapter discusses: Typical tax treaty benefits, How to obtain copies of tax treaties, and How to claim tax treaty benefits on your tax return. Turbotax 2012 Useful Items - You may want to see: Publication 901 U. Turbotax 2012 S. Turbotax 2012 Tax Treaties Form (and Instructions) 1040NR U. Turbotax 2012 S. Turbotax 2012 Nonresident Alien Income Tax Return 1040NR-EZ U. Turbotax 2012 S. Turbotax 2012 Income Tax Return for Certain Nonresident Aliens With No Dependents 8833 Treaty-Based Return Position Disclosure Under Section 6114 or 7701(b) See chapter 12 for information about getting these publications and forms. Turbotax 2012 Treaty Income A nonresident alien's treaty income is the gross income on which the tax is limited by a tax treaty. Turbotax 2012 Treaty income includes, for example, dividends from sources in the United States that are subject to tax at a tax treaty rate not to exceed 15%. Turbotax 2012 Nontreaty income is the gross income of a nonresident alien on which the tax is not limited by a tax treaty. Turbotax 2012 Figure the tax on treaty income on each separate item of income at the reduced rate that applies to that item under the treaty. Turbotax 2012 To determine tax on nontreaty income, figure the tax at either the flat 30% rate or the graduated rate, depending upon whether or not the income is effectively connected with your trade or business in the United States. Turbotax 2012 Your tax liability is the sum of the tax on treaty income plus the tax on nontreaty income, but cannot be more than the tax liability figured as if the tax treaty had not come into effect. Turbotax 2012 Example. Turbotax 2012 Arthur Banks is a nonresident alien who is single and a resident of a foreign country that has a tax treaty with the United States. Turbotax 2012 He received gross income of $25,850 during the tax year from sources within the United States, consisting of the following items: Dividends on which the tax is limited to a 15% rate by the tax treaty $1,400 Compensation for personal services on which the tax is not limited by the tax treaty 24,450 Total gross income $25,850 Arthur was engaged in business in the United States during the tax year. Turbotax 2012 His dividends are not effectively connected with that business. Turbotax 2012 He has no deductions other than his own personal exemption. Turbotax 2012 His tax liability, figured as though the tax treaty had not come into effect, is $3,060 determined as follows: Total compensation $24,450 Less: Personal exemption 3,900 Taxable income $20,550 Tax determined by graduated rate (Tax Table column for single taxpayers) $2,640 Plus: Tax on gross dividends ($1,400 × 30%) 420 Tax determined as though treaty had not come into effect $3,060 Arthur's tax liability, figured by taking into account the reduced rate on dividend income as provided by the tax treaty, is $2,850 determined as follows: Tax determined by graduated rate (same as figured above) $2,640 Plus: Tax on gross dividends ($1,400 × 15%) 210 Tax on compensation and dividends $2,850 His tax liability, therefore, is limited to $2,850, the tax liability figured using the tax treaty rate on the dividends. Turbotax 2012 Some Typical Tax Treaty Benefits The following paragraphs briefly explain the exemptions that are available under tax treaties for personal services income, remittances, scholarships, fellowships, and capital gain income. Turbotax 2012 The conditions for claiming the exemptions vary under each tax treaty. Turbotax 2012 For more information about the conditions under a particular tax treaty, see Publication 901. Turbotax 2012 Or, you may download the complete text of most U. Turbotax 2012 S. Turbotax 2012 tax treaties at IRS. Turbotax 2012 gov. Turbotax 2012 Technical explanations for many of those treaties are also available at that site. Turbotax 2012 Tax treaty benefits also cover income such as dividends, interest, rentals, royalties, pensions, and annuities. Turbotax 2012 These types of income may be exempt from U. Turbotax 2012 S. Turbotax 2012 tax or may be subject to a reduced rate of tax. Turbotax 2012 For more information, see Publication 901 or the applicable tax treaty. Turbotax 2012 Personal Services Nonresident aliens from treaty countries who are in the United States for a short stay and also meet certain other requirements may be exempt from tax on their compensation received for personal services performed in the United States. Turbotax 2012 Many tax treaties require that the nonresident alien claiming this exemption be present in the United States for a total of not more than 183 days during the tax year. Turbotax 2012 Other tax treaties specify different periods of maximum presence in the United States, such as 180 days or 90 days. Turbotax 2012 Spending part of a day in the United States counts as a day of presence. Turbotax 2012 Tax treaties may also require that: The compensation cannot be more than a specific amount (frequently $3,000), and The individual have a foreign employer; that is, an individual, corporation, or entity of a foreign country. Turbotax 2012 Note. Turbotax 2012 Under most treaties, income received as an employee (generally designated as dependent personal services) and income received as a self-employed person (generally designated as independent personal services or business income) are treated differently. Turbotax 2012 Teachers, Professors, and Researchers Under many income tax treaties, nonresident alien teachers or professors who temporarily visit the United States for the primary purpose of teaching at a university or other accredited educational institution are not subject to U. Turbotax 2012 S. Turbotax 2012 income tax on compensation received for teaching for the first 2 or 3 years after their arrival in the United States. Turbotax 2012 Many treaties also provide an exemption for engaging in research. Turbotax 2012 Generally, the teacher or professor must be in the United States primarily to teach, lecture, instruct, or engage in research. Turbotax 2012 A substantial part of that person's time must be devoted to those duties. Turbotax 2012 The normal duties of a teacher or professor include not only formal classroom work involving regularly scheduled lectures, demonstrations, or other student-participation activities, but also the less formal method of presenting ideas in seminars or other informal groups and in joint efforts in the laboratory. Turbotax 2012 If you entered the United States as a nonresident alien, but are now a resident alien, the treaty exemption may still apply. Turbotax 2012 See Students, Apprentices, Trainees, Teachers, Professors, and Researchers Who Became Resident Aliens later under Resident Aliens. Turbotax 2012 Employees of Foreign Governments All treaties have provisions for the exemption of income earned by certain employees of foreign governments. Turbotax 2012 However, a difference exists among treaties as to who qualifies for this benefit. Turbotax 2012 Under many treaties, aliens admitted to the United States for permanent residence do not qualify. Turbotax 2012 Under most treaties, aliens who are not nationals or subjects of the foreign country do not qualify. Turbotax 2012 Employees of foreign governments should read the pertinent treaty carefully to determine whether they qualify for benefits. Turbotax 2012 Chapter 10 of this publication also has information for employees of foreign governments. Turbotax 2012 Students, Apprentices, and Trainees Under some income tax treaties, students, apprentices, and trainees are exempt from tax on remittances received from abroad for study and maintenance. Turbotax 2012 Also, under some treaties, scholarship and fellowship grants, and a limited amount of compensation received by students, apprentices, and trainees may be exempt from tax. Turbotax 2012 If you entered the United States as a nonresident alien, but are now a resident alien, the treaty exemption may still apply. Turbotax 2012 See Students, Apprentices, Trainees, Teachers, Professors, and Researchers Who Became Resident Aliens , later, under Resident Aliens. Turbotax 2012 Capital Gains Most treaties provide for the exemption of gains from the sale or exchange of personal property. Turbotax 2012 Generally, gains from the sale or exchange of real property located in the United States are taxable. Turbotax 2012 Resident Aliens Resident aliens may qualify for tax treaty benefits in the situations discussed below. Turbotax 2012 U. Turbotax 2012 S. Turbotax 2012 Residency Under Tax Treaty “Tie-Breaker” Rule In certain circumstances, individuals who are treated as residents of the United States under an income tax treaty (after application of the so-called “tie-breaker” rule) will be entitled to treaty benefits. Turbotax 2012 (The “tie-breaker” rule is explained in chapter 1 under Effect of Tax Treaties. Turbotax 2012 ) If this applies to you, you generally will not need to file a Form 8833 for the income for which treaty benefits are claimed. Turbotax 2012 This is because the income will typically be of a category for which disclosure on a Form 8833 is waived. Turbotax 2012 See Reporting Treaty Benefits Claimed . Turbotax 2012 In most cases, you also will not need to report the income on your Form 1040 because the income will be exempt from U. Turbotax 2012 S. Turbotax 2012 tax under the treaty. Turbotax 2012 However, if the income has been reported as taxable income on a Form W-2, Form 1042-S, Form 1099, or other information return, you should report it on the appropriate line of Form 1040 (for example, line 7 in the case of wages or salaries). Turbotax 2012 Enter the amount for which treaty benefits are claimed in parentheses on Form 1040, line 21. Turbotax 2012 Next to the amount write “Exempt income,” the name of the treaty country, and the treaty article that provides the exemption. Turbotax 2012 On Form 1040, subtract this amount from your income to arrive at total income on Form 1040, line 22. Turbotax 2012 Also follow the above procedure for income that is subject to a reduced rate of tax, instead of an exemption, under the treaty. Turbotax 2012 Attach a statement to Form 1040 showing a computation of the tax at the reduced rate, the name of the treaty country, and the treaty article that provides for the reduced tax rate. Turbotax 2012 Include this tax on Form 1040, line 61. Turbotax 2012 On the dotted line next to line 61, write “Tax from attached statement” and the amount of the tax. Turbotax 2012 Example. Turbotax 2012 Jacques Dubois, who is a resident of the United States under Article 4 of the U. Turbotax 2012 S. Turbotax 2012 -France income tax treaty, receives French social security benefits. Turbotax 2012 Under Article 18(1) of the treaty, French social security benefits are not taxable by the United States. Turbotax 2012 Mr. Turbotax 2012 Dubois is not required to file a Form 8833 for his French social security benefits or report the benefits on Form 1040. Turbotax 2012 Special Rule for Canadian and German Social Security Benefits Under income tax treaties with Canada and Germany, if a U. Turbotax 2012 S. Turbotax 2012 resident receives social security benefits from Canada or Germany, those benefits are treated for U. Turbotax 2012 S. Turbotax 2012 income tax purposes as if they were received under the social security legislation of the United States. Turbotax 2012 If you receive social security benefits from Canada or Germany, include them on line 1 of your Social Security Benefits Worksheet for purposes of determining the taxable amount to be reported on Form 1040, line 20b or Form 1040A, line 14b. Turbotax 2012 You are not required to file a Form 8833 for those benefits. Turbotax 2012 Students, Apprentices, Trainees, Teachers, Professors, and Researchers Who Became Resident Aliens Generally, you must be a nonresident alien student, apprentice, trainee, teacher, professor, or researcher in order to claim a tax treaty exemption for remittances from abroad for study and maintenance in the United States, for scholarship, fellowship, and research grants, and for wages or other personal service compensation. Turbotax 2012 Once you become a resident alien, you generally can no longer claim a tax treaty exemption for this income. Turbotax 2012 However, if you entered the United States as a nonresident alien, but you are now a resident alien for U. Turbotax 2012 S. Turbotax 2012 tax purposes, the treaty exemption will continue to apply if the tax treaty's saving clause (explained later) provides an exception for it and you otherwise meet the requirements for the treaty exemption (including any time limit, explained later). Turbotax 2012 This is true even if you are a nonresident alien electing to file a joint return as explained in chapter 1. Turbotax 2012 Some exceptions to the saving clause apply to all resident aliens (for example, under the U. Turbotax 2012 S. Turbotax 2012 -People's Republic of China treaty); others apply only to resident aliens who are not lawful permanent residents of the United States (green card holders). Turbotax 2012 If you qualify under an exception to the treaty's saving clause, you can avoid income tax withholding by giving the payor a Form W-9 with the statement required by the Form W-9 instructions. Turbotax 2012 Saving clause. Turbotax 2012   Most tax treaties have a saving clause. Turbotax 2012 A saving clause preserves or “saves” the right of each country to tax its own residents as if no tax treaty were in effect. Turbotax 2012 Thus, once you become a resident alien of the United States, you generally lose any tax treaty benefits that relate to your income. Turbotax 2012 However, many tax treaties have exceptions to the saving clause, which may allow you to continue to claim certain treaty benefits when you become a resident alien. Turbotax 2012 Read the treaty to find out if it has a saving clause and an exception to it. Turbotax 2012 Time limit for claiming treaty exemptions. Turbotax 2012   Many treaties limit the number of years you can claim a treaty exemption. Turbotax 2012 For students, apprentices, and trainees, the limit is usually 4–5 years; for teachers, professors, and researchers, the limit is usually 2–3 years. Turbotax 2012 Once you reach this limit, you can no longer claim the treaty exemption. Turbotax 2012 See the treaty or Publication 901 for the time limits that apply. Turbotax 2012 How to report income on your tax return. Turbotax 2012   In most cases, you also will not need to report the income on your Form 1040 because the income will be exempt from U. Turbotax 2012 S. Turbotax 2012 tax under the treaty. Turbotax 2012 However, if the income has been reported as taxable income on a Form W-2, Form 1042-S, Form 1099, or other information return, you should report it on the appropriate line of Form 1040 (for example, line 7 in the case of wages, salaries, scholarships, or fellowships). Turbotax 2012 Enter the amount for which treaty benefits are claimed in parentheses on Form 1040, line 21. Turbotax 2012 Next to the amount write “Exempt income,” the name of the treaty country, and the treaty article that provides the exemption. Turbotax 2012 On Form 1040, subtract this amount from your income to arrive at total income on Form 1040, line 22. Turbotax 2012 Example. Turbotax 2012 Mr. Turbotax 2012 Yu, a citizen of the People's Republic of China, entered the United States as a nonresident alien student on January 1, 2009. Turbotax 2012 He remained a nonresident alien through 2013 and was able to exclude his scholarship from U. Turbotax 2012 S. Turbotax 2012 tax in those years under Article 20 of the U. Turbotax 2012 S. Turbotax 2012 -People's Republic of China income tax treaty. Turbotax 2012 On January 1, 2014, he became a resident alien under the substantial presence test because his stay in the United States exceeded 5 years. Turbotax 2012 Even though Mr. Turbotax 2012 Yu is now a resident alien, the provisions of Article 20 still apply because of the exception to the saving clause in paragraph 2 of the Protocol to the U. Turbotax 2012 S. Turbotax 2012 -People's Republic of China treaty dated April 30, 1984. Turbotax 2012 Mr. Turbotax 2012 Yu should submit Form W-9 and the required statement to the payor. Turbotax 2012 Reporting Treaty Benefits Claimed If you claim treaty benefits that override or modify any provision of the Internal Revenue Code, and by claiming these benefits your tax is, or might be, reduced, you must attach a fully completed Form 8833 to your tax return. Turbotax 2012 See below, for the situations where you are not required to file Form 8833. Turbotax 2012 You must file a U. Turbotax 2012 S. Turbotax 2012 tax return and Form 8833 if you claim the following treaty benefits. Turbotax 2012 You claim a reduction or modification in the taxation of gain or loss from the disposition of a U. Turbotax 2012 S. Turbotax 2012 real property interest based on a treaty. Turbotax 2012 You claim a credit for a specific foreign tax for which foreign tax credit would not be allowed by the Internal Revenue Code. Turbotax 2012 You receive payments or income items totaling more than $100,000 and you determine your country of residence under a treaty and not under the rules for residency discussed in chapter 1. Turbotax 2012 These are the more common situations for which Form 8833 is required. Turbotax 2012 Exceptions. Turbotax 2012   You do not have to file Form 8833 for any of the following situations. Turbotax 2012 You claim a reduced rate of withholding tax under a treaty on interest, dividends, rent, royalties, or other fixed or determinable annual or periodic income ordinarily subject to the 30% rate. Turbotax 2012 You claim a treaty reduces or modifies the taxation of income from dependent personal services, pensions, annuities, social security and other public pensions, or income of artists, athletes, students, trainees, or teachers. Turbotax 2012 This includes taxable scholarship and fellowship grants. Turbotax 2012 You claim a reduction or modification of taxation of income under an International Social Security Agreement or a Diplomatic or Consular Agreement. Turbotax 2012 You are a partner in a partnership or a beneficiary of an estate or trust and the partnership, estate, or trust reports the required information on its return. Turbotax 2012 The payments or items of income that are otherwise required to be disclosed total no more than $10,000. Turbotax 2012 You are claiming treaty benefits for amounts that are: Reported to you on Form 1042-S and Received by you: As a related party from a reporting corporation within the meaning of Internal Revenue Code section 6038A (relating to information returns on Form 5472 filed by U. Turbotax 2012 S. Turbotax 2012 corporations that are 25-percent owned by a foreign person), or As a beneficial owner that is a direct account holder of a U. Turbotax 2012 S. Turbotax 2012 financial institution or qualified intermediary, or a direct partner, beneficiary, or owner of a withholding foreign partnership or trust, from that U. Turbotax 2012 S. Turbotax 2012 financial institution, qualified intermediary, or withholding foreign partnership or trust. Turbotax 2012 The exception described in (6) above does not apply to any amounts for which a treaty-based return disclosure is specifically required by the Form 8833 instructions. Turbotax 2012 Penalty for failure to provide required information on Form 8833. Turbotax 2012   If you are required to report the treaty benefits but do not, you may be subject to a penalty of $1,000 for each failure. Turbotax 2012 Additional information. Turbotax 2012   For additional information, see section 301. Turbotax 2012 6114-1(c) of the Income Tax Regulations. Turbotax 2012 Table 9-1. Turbotax 2012 Table of Tax Treaties (Updated through December 31, 2013) Country Official Text  Symbol1 General  Effective Date Citation Applicable Treasury Explanations  or Treasury Decision (T. Turbotax 2012 D. Turbotax 2012 ) Australia TIAS 10773 Dec. Turbotax 2012 1, 1983 1986-2 C. Turbotax 2012 B. Turbotax 2012 220 1986-2 C. Turbotax 2012 B. Turbotax 2012 246 Protocol TIAS Jan. Turbotax 2012 1, 2004     Austria TIAS Jan. Turbotax 2012 1, 1999     Bangladesh TIAS Jan. Turbotax 2012 1, 2007     Barbados TIAS 11090 Jan. Turbotax 2012 1, 1984 1991-2 C. Turbotax 2012 B. Turbotax 2012 436 1991-2 C. Turbotax 2012 B. Turbotax 2012 466 Protocol TIAS Jan. Turbotax 2012 1, 1994     Protocol TIAS Jan. Turbotax 2012 1, 2005     Belgium TIAS Jan. Turbotax 2012 1, 2008     Bulgaria TIAS Jan. Turbotax 2012 1, 2009     Canada2 TIAS 11087 Jan. Turbotax 2012 1, 1985 1986-2 C. Turbotax 2012 B. Turbotax 2012 258 1987-2 C. Turbotax 2012 B. Turbotax 2012 298 Protocol TIAS Jan. Turbotax 2012 1, 1996     Protocol TIAS Dec. Turbotax 2012 16, 1997     Protocol TIAS Jan. Turbotax 2012 1, 2009     China, People's Republic of TIAS 12065 Jan. Turbotax 2012 1, 1987 1988-1 C. Turbotax 2012 B. Turbotax 2012 414 1988-1 C. Turbotax 2012 B. Turbotax 2012 447 Commonwealth of Independent States3 TIAS 8225 Jan. Turbotax 2012 1, 1976 1976-2 C. Turbotax 2012 B. Turbotax 2012 463 1976-2 C. Turbotax 2012 B. Turbotax 2012 475 Cyprus TIAS 10965 Jan. Turbotax 2012 1, 1986 1989-2 C. Turbotax 2012 B. Turbotax 2012 280 1989-2 C. Turbotax 2012 B. Turbotax 2012 314 Czech Republic TIAS Jan. Turbotax 2012 1, 1993     Denmark TIAS Jan. Turbotax 2012 1, 2001     Protocol TIAS Jan. Turbotax 2012 1, 2008     Egypt TIAS 10149 Jan. Turbotax 2012 1, 1982 1982-1 C. Turbotax 2012 B. Turbotax 2012 219 1982-1 C. Turbotax 2012 B. Turbotax 2012 243 Estonia TIAS Jan. Turbotax 2012 1, 2000     Finland TIAS 12101 Jan. Turbotax 2012 1, 1991     Protocol TIAS Jan. Turbotax 2012 1, 2008     France TIAS Jan. Turbotax 2012 1, 1996     Protocol TIAS Jan. Turbotax 2012 1, 2007     Protocol TIAS Jan. Turbotax 2012 1, 2010     Germany TIAS Jan. Turbotax 2012 1, 1990     Protocol TIAS Jan. Turbotax 2012 1, 2008     Greece TIAS 2902 Jan. Turbotax 2012 1, 1953 1958-2 C. Turbotax 2012 B. Turbotax 2012 1054 T. Turbotax 2012 D. Turbotax 2012 6109, 1954-2 C. Turbotax 2012 B. Turbotax 2012 638 Hungary TIAS 9560 Jan. Turbotax 2012 1, 1980 1980-1 C. Turbotax 2012 B. Turbotax 2012 333 1980-1 C. Turbotax 2012 B. Turbotax 2012 354 Iceland TIAS Jan. Turbotax 2012 1, 2009     India TIAS Jan. Turbotax 2012 1, 1991     Indonesia TIAS 11593 Jan. Turbotax 2012 1, 1990     Ireland TIAS Jan. Turbotax 2012 1, 1998     Israel TIAS Jan. Turbotax 2012 1, 1995     Italy TIAS Jan. Turbotax 2012 1, 2010     Jamaica TIAS 10207 Jan. Turbotax 2012 1, 1982 1982-1 C. Turbotax 2012 B. Turbotax 2012 257 1982-1 C. Turbotax 2012 B. Turbotax 2012 291 Japan TIAS Jan. Turbotax 2012 1, 2005     Kazakhstan TIAS Jan. Turbotax 2012 1, 1996     Korea, South TIAS 9506 Jan. Turbotax 2012 1, 1980 1979-2 C. Turbotax 2012 B. Turbotax 2012 435 1979-2 C. Turbotax 2012 B. Turbotax 2012 458 Latvia TIAS Jan. Turbotax 2012 1, 2000     Lithuania TIAS Jan. Turbotax 2012 1, 2000     Luxembourg TIAS Jan. Turbotax 2012 1, 2001     Malta TIAS Jan. Turbotax 2012 1, 2011     Mexico TIAS Jan. Turbotax 2012 1, 1994 1994-2 C. Turbotax 2012 B. Turbotax 2012 424 1994-2 C. Turbotax 2012 B. Turbotax 2012 489 Protocol TIAS Oct. Turbotax 2012 26, 1995     Protocol TIAS Jan. Turbotax 2012 1, 2004     Morocco TIAS 10195 Jan. Turbotax 2012 1, 1981 1982-2 C. Turbotax 2012 B. Turbotax 2012 405 1982-2 C. Turbotax 2012 B. Turbotax 2012 427 Netherlands TIAS Jan. Turbotax 2012 1, 1994     Protocol TIAS Jan. Turbotax 2012 1, 2005     New Zealand TIAS 10772 Nov. Turbotax 2012 2, 1983 1990-2 C. Turbotax 2012 B. Turbotax 2012 274 1990-2 C. Turbotax 2012 B. Turbotax 2012 303 Protocol TIAS Jan. Turbotax 2012 1, 2011     Norway TIAS 7474 Jan. Turbotax 2012 1, 1971 1973-1 C. Turbotax 2012 B. Turbotax 2012 669 1973-1 C. Turbotax 2012 B. Turbotax 2012 693 Protocol TIAS 10205 Jan. Turbotax 2012 1, 1982 1982-2 C. Turbotax 2012 B. Turbotax 2012 440 1982-2 C. Turbotax 2012 B. Turbotax 2012 454 Pakistan TIAS 4232 Jan. Turbotax 2012 1, 1959 1960-2 C. Turbotax 2012 B. Turbotax 2012 646 T. Turbotax 2012 D. Turbotax 2012 6431, 1960-1 C. Turbotax 2012 B. Turbotax 2012 755 Philippines TIAS 10417 Jan. Turbotax 2012 1, 1983 1984-2 C. Turbotax 2012 B. Turbotax 2012 384 1984-2 C. Turbotax 2012 B. Turbotax 2012 412 Poland TIAS 8486 Jan. Turbotax 2012 1, 1974 1977-1 C. Turbotax 2012 B. Turbotax 2012 416 1977-1 C. Turbotax 2012 B. Turbotax 2012 427 Portugal TIAS Jan. Turbotax 2012 1, 1996     Romania TIAS 8228 Jan. Turbotax 2012 1, 1974 1976-2 C. Turbotax 2012 B. Turbotax 2012 492 1976-2 C. Turbotax 2012 B. Turbotax 2012 504 Russia TIAS Jan. Turbotax 2012 1, 1994     Slovak Republic TIAS Jan. Turbotax 2012 1, 1993     Slovenia TIAS Jan. Turbotax 2012 1, 2002     South Africa TIAS Jan. Turbotax 2012 1, 1998     Spain TIAS Jan. Turbotax 2012 1, 1991     Sri Lanka TIAS Jan. Turbotax 2012 1, 2004     Sweden TIAS Jan. Turbotax 2012 1, 1996     Protocol TIAS Jan. Turbotax 2012 1, 2007     Switzerland TIAS Jan. Turbotax 2012 1, 1998     Thailand TIAS Jan. Turbotax 2012 1, 1998     Trinidad and Tobago TIAS 7047 Jan. Turbotax 2012 1, 1970 1971-2 C. Turbotax 2012 B. Turbotax 2012 479   Tunisia TIAS Jan. Turbotax 2012 1, 1990     Turkey TIAS Jan. Turbotax 2012 1, 1998     Ukraine TIAS Jan. Turbotax 2012 1, 2001     United Kingdom TIAS Jan. Turbotax 2012 1, 2004     Venezuela TIAS Jan. Turbotax 2012 1, 2000     1(TIAS) Treaties and Other International Act Series 2Information on the treaty can be found in Publication 597, Information on the United States-Canada Income Tax Treaty. Turbotax 2012 3The U. Turbotax 2012 S. Turbotax 2012 -U. Turbotax 2012 S. Turbotax 2012 S. Turbotax 2012 R. Turbotax 2012 income tax treaty applies to the countries of Armenia, Azerbaijan, Belarus, Georgia, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, and Uzbekistan. Turbotax 2012 Prev  Up  Next   Home   More Online Publications
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Turbotax 2012 4. Turbotax 2012   Retirement Savings Contributions Credit (Saver's Credit) Table of Contents What's New Introduction Full-time student. Turbotax 2012 Adjusted gross income. Turbotax 2012 Distributions received by spouse. Turbotax 2012 Testing period. Turbotax 2012 What's New Modified AGI limit for retirement savings contributions credit increased. Turbotax 2012  For 2013, you may be able to claim the retirement savings contributions credit if your modified AGI is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Turbotax 2012 Introduction You may be able to take a tax credit if you make eligible contributions (defined later) to a qualified retirement plan, an eligible deferred compensation plan, or an individual retirement arrangement (IRA). Turbotax 2012 You may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Turbotax 2012 This credit could reduce the federal income tax you pay dollar for dollar. Turbotax 2012    Can you claim the credit?   If you make eligible contributions to a qualified retirement plan, an eligible deferred compensation plan, or an IRA, you can claim the credit if all of the following apply. Turbotax 2012 You were born before January 2, 1996. Turbotax 2012 You are not a full-time student (explained next). Turbotax 2012 No one else, such as your parent(s), claims an exemption for you on their tax return. Turbotax 2012 Your adjusted gross income (defined below) is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Turbotax 2012 Full-time student. Turbotax 2012   You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. Turbotax 2012 You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time. Turbotax 2012 Adjusted gross income. Turbotax 2012   This is generally the amount on line 38 of your 2013 Form 1040; line 22 of your 2013 Form 1040A; or line 37 of your 2013 Form 1040NR. Turbotax 2012 However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. Turbotax 2012 Eligible contributions. Turbotax 2012   These include: Contributions to a traditional or Roth IRA, Salary reduction contributions (elective deferrals, including amounts designated as after-tax Roth contributions) to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. Turbotax 2012 They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or section 403(b) annuity. Turbotax 2012 For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Turbotax 2012 Reducing eligible contributions. Turbotax 2012   Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included above under Eligible contributions. Turbotax 2012 Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Turbotax 2012   Do not reduce your eligible contributions by any of the following. Turbotax 2012 The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Turbotax 2012 Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. Turbotax 2012 Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. Turbotax 2012 Loans from a qualified employer plan treated as a distribution. Turbotax 2012 Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Turbotax 2012 Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Turbotax 2012 Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Turbotax 2012 Distributions from a military retirement plan. Turbotax 2012 Distributions from an inherited IRA by a nonspousal beneficiary. Turbotax 2012 Distributions received by spouse. Turbotax 2012   Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. Turbotax 2012 Testing period. Turbotax 2012   The testing period consists of the year for which you claim the credit, the period after the end of that year and before the due date (including extensions) for filing your return for that year, and the 2 tax years before that year. Turbotax 2012 Example. Turbotax 2012 You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Turbotax 2012 You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible deferred compensation plan in 2012. Turbotax 2012 Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Turbotax 2012 You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Turbotax 2012 You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you received in 2011, 2012, 2013, and 2014. Turbotax 2012 Maximum eligible contributions. Turbotax 2012   After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Turbotax 2012 Effect on other credits. Turbotax 2012   The amount of this credit will not change the amount of your refundable tax credits. Turbotax 2012 A refundable tax credit, such as the earned income credit or the refundable amount of your child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Turbotax 2012 Maximum credit. Turbotax 2012   This is a nonrefundable credit. Turbotax 2012 The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits) in any year. Turbotax 2012 If your tax liability is reduced to zero because of other nonrefundable credits, such as the credit for child and dependent care expenses, then you will not be entitled to this credit. Turbotax 2012 How to figure and report the credit. Turbotax 2012   The amount of the credit you can get is based on the contributions you make and your credit rate. Turbotax 2012 Your credit rate can be as low as 10% or as high as 50%. Turbotax 2012 Your credit rate depends on your income and your filing status. Turbotax 2012 See Form 8880 to determine your credit rate. Turbotax 2012   The maximum contribution taken into account is $2,000 per person. Turbotax 2012 On a joint return, up to $2,000 is taken into account for each spouse. Turbotax 2012   Figure the credit on Form 8880. Turbotax 2012 Report the credit on line 50 of your Form 1040; line 32 of your Form 1040A; or line 47 of your Form 1040NR and attach Form 8880 to your return. Turbotax 2012 Prev  Up  Next   Home   More Online Publications