Where To Get A 1040x Form
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Where to get a 1040x form Publication 1542 - Introductory Material Table of Contents What's New IntroductionOrdering forms and publications. Where to get a 1040x form Tax questions. Where to get a 1040x form What's New Future developments. Where to get a 1040x form The IRS has created a page on IRS. Where to get a 1040x form gov for information about Publication 1542, at www. Where to get a 1040x form irs. Where to get a 1040x form gov/pub1542. Where to get a 1040x form Information about any future developments affecting Publication 1542 (such as legislation enacted after we release it) will be posted on that page. Where to get a 1040x form Introduction This publication is for employers who pay a per diem allowance to employees for business travel away from home within the continental United States (CONUS) (the 48 contiguous states), on or after October 1, 2010, and before January 1, 2011. Where to get a 1040x form It gives the maximum per diem rate you can use without treating part of the per diem allowance as wages for tax purposes. Where to get a 1040x form For a detailed discussion on the tax treatment of a per diem allowance, see chapter 11 of Publication 535, Business Expenses, or Revenue Procedure 2011-47, 2011-42 I. Where to get a 1040x form R. Where to get a 1040x form B. Where to get a 1040x form 520, which can be found on the Internet at www. Where to get a 1040x form irs. Where to get a 1040x form gov/irb/2011-42_IRB/ar12. Where to get a 1040x form html. Where to get a 1040x form Per diem rates on the Internet. Where to get a 1040x form You will find links to per diem rates at www. Where to get a 1040x form gsa. Where to get a 1040x form gov/perdiem, including links to: CONUS per diem rates; Per diem rates for areas outside the continental United States (OCONUS), such as Alaska, Hawaii, Puerto Rico, and U. Where to get a 1040x form S. Where to get a 1040x form possessions; and Foreign per diem rates. Where to get a 1040x form Publication 1542 revisions. Where to get a 1040x form Publication 1542 is available only on the Internet at IRS. Where to get a 1040x form gov. Where to get a 1040x form Print copies can no longer be ordered. Where to get a 1040x form During the year, as changes to the federal per diem rates (updates) are announced by the General Services Administration (GSA), we will incorporate the changes into Publication 1542. Where to get a 1040x form An article on IRS. Where to get a 1040x form gov will alert you to which locations have updated rates. Where to get a 1040x form To reach these articles, go to www. Where to get a 1040x form irs. Where to get a 1040x form gov/formspubs and click on “Changes to Current Tax Products,” under Important Changes. Where to get a 1040x form You will find the new rates in Table 4. Where to get a 1040x form We will also incorporate mid-year changes to the high-low rates into Publication 1542. Where to get a 1040x form You will be alerted to these changes by a similar article on IRS. Where to get a 1040x form gov and can find the changes in Table 2 of the revised publication. Where to get a 1040x form The annual changes, both federal per diem and high-low rates, will be incorporated into the publication as soon as possible after being announced by GSA and the IRS. Where to get a 1040x form The annual issue of the publication should be available each year in mid- to late-October. Where to get a 1040x form Comments and suggestions. Where to get a 1040x form We welcome your comments about this publication and your suggestions for future editions. Where to get a 1040x form You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Where to get a 1040x form NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Where to get a 1040x form Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Where to get a 1040x form You can email us at taxforms@irs. Where to get a 1040x form gov. Where to get a 1040x form Please put “Publications Comment” on the subject line. Where to get a 1040x form You can also send us comments from www. Where to get a 1040x form irs. Where to get a 1040x form gov/formspubs/, select “Comment on Tax Forms and Publications” under “Information about. Where to get a 1040x form ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Where to get a 1040x form Ordering forms and publications. Where to get a 1040x form Visit www. Where to get a 1040x form irs. Where to get a 1040x form gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. Where to get a 1040x form Internal Revenue Service 1201 N. Where to get a 1040x form Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Where to get a 1040x form If you have a tax question, check the information available on IRS. Where to get a 1040x form gov or call 1-800-829-1040. Where to get a 1040x form We cannot answer tax questions sent to either of the above addresses. Where to get a 1040x form Prev Up Next Home More Online Publications
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Where to get a 1040x form 7. Where to get a 1040x form Interest Income Table of Contents Reminder Introduction Useful Items - You may want to see: General InformationSSN for joint account. Where to get a 1040x form Custodian account for your child. Where to get a 1040x form Penalty for failure to supply SSN. Where to get a 1040x form Reporting backup withholding. Where to get a 1040x form Savings account with parent as trustee. Where to get a 1040x form Interest not reported on Form 1099-INT. Where to get a 1040x form Nominees. Where to get a 1040x form Incorrect amount. Where to get a 1040x form Information reporting requirement. Where to get a 1040x form Taxable InterestInterest subject to penalty for early withdrawal. Where to get a 1040x form Money borrowed to invest in certificate of deposit. Where to get a 1040x form U. Where to get a 1040x form S. Where to get a 1040x form Savings Bonds Education Savings Bond Program U. Where to get a 1040x form S. Where to get a 1040x form Treasury Bills, Notes, and Bonds Bonds Sold Between Interest Dates Insurance State or Local Government Obligations Original Issue Discount (OID) When To Report Interest IncomeConstructive receipt. Where to get a 1040x form How To Report Interest IncomeSchedule B (Form 1040A or 1040). Where to get a 1040x form Reporting tax-exempt interest. Where to get a 1040x form U. Where to get a 1040x form S. Where to get a 1040x form savings bond interest previously reported. Where to get a 1040x form Reminder Foreign-source income. Where to get a 1040x form If you are a U. Where to get a 1040x form S. Where to get a 1040x form citizen with interest income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. Where to get a 1040x form S. Where to get a 1040x form law. Where to get a 1040x form This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. Where to get a 1040x form Introduction This chapter discusses the following topics. Where to get a 1040x form Different types of interest income. Where to get a 1040x form What interest is taxable and what interest is nontaxable. Where to get a 1040x form When to report interest income. Where to get a 1040x form How to report interest income on your tax return. Where to get a 1040x form In general, any interest you receive or that is credited to your account and can be withdrawn is taxable income. Where to get a 1040x form Exceptions to this rule are discussed later in this chapter. Where to get a 1040x form You may be able to deduct expenses you have in earning this income on Schedule A (Form 1040) if you itemize your deductions. Where to get a 1040x form See Money borrowed to invest in certificate of deposit , later, and chapter 28. Where to get a 1040x form Useful Items - You may want to see: Publication 537 Installment Sales 550 Investment Income and Expenses 1212 Guide to Original Issue Discount (OID) Instruments Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends 8815 Exclusion of Interest From Series EE and I U. Where to get a 1040x form S. Where to get a 1040x form Savings Bonds Issued After 1989 8818 Optional Form To Record Redemption of Series EE and I U. Where to get a 1040x form S. Where to get a 1040x form Savings Bonds Issued After 1989 General Information A few items of general interest are covered here. Where to get a 1040x form Recordkeeping. Where to get a 1040x form You should keep a list showing sources and interest amounts received during the year. Where to get a 1040x form Also, keep the forms you receive showing your interest income (Forms 1099-INT, for example) as an important part of your records. Where to get a 1040x form Tax on unearned income of certain children. Where to get a 1040x form Part of a child's 2013 unearned income may be taxed at the parent's tax rate. Where to get a 1040x form If so, Form 8615, Tax for Certain Children Who Have Unearned Income, must be completed and attached to the child's tax return. Where to get a 1040x form If not, Form 8615 is not required and the child's income is taxed at his or her own tax rate. Where to get a 1040x form Some parents can choose to include the child's interest and dividends on the parent's return. Where to get a 1040x form If you can, use Form 8814, Parents' Election To Report Child's Interest and Dividends, for this purpose. Where to get a 1040x form For more information about the tax on unearned income of children and the parents' election, see chapter 31. Where to get a 1040x form Beneficiary of an estate or trust. Where to get a 1040x form Interest you receive as a beneficiary of an estate or trust is generally taxable income. Where to get a 1040x form You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Where to get a 1040x form , from the fiduciary. Where to get a 1040x form Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. Where to get a 1040x form Social security number (SSN). Where to get a 1040x form You must give your name and SSN or individual tax identification number (ITIN) to any person required by federal tax law to make a return, statement, or other document that relates to you. Where to get a 1040x form This includes payers of interest. Where to get a 1040x form If you do not give your SSN or ITIN to the payer of interest, you may have to pay a penalty. Where to get a 1040x form SSN for joint account. Where to get a 1040x form If the funds in a joint account belong to one person, list that person's name first on the account and give that person's SSN to the payer. Where to get a 1040x form (For information on who owns the funds in a joint account, see Joint accounts , later. Where to get a 1040x form ) If the joint account contains combined funds, give the SSN of the person whose name is listed first on the account. Where to get a 1040x form This is because only one name and SSN can be shown on Form 1099. Where to get a 1040x form These rules apply both to joint ownership by a married couple and to joint ownership by other individuals. Where to get a 1040x form For example, if you open a joint savings account with your child using funds belonging to the child, list the child's name first on the account and give the child's SSN. Where to get a 1040x form Custodian account for your child. Where to get a 1040x form If your child is the actual owner of an account that is recorded in your name as custodian for the child, give the child's SSN to the payer. Where to get a 1040x form For example, you must give your child's SSN to the payer of interest on an account owned by your child, even though the interest is paid to you as custodian. Where to get a 1040x form Penalty for failure to supply SSN. Where to get a 1040x form If you do not give your SSN to the payer of interest, you may have to pay a penalty. Where to get a 1040x form See Failure to supply SSN under Penalties in chapter 1. Where to get a 1040x form Backup withholding also may apply. Where to get a 1040x form Backup withholding. Where to get a 1040x form Your interest income is generally not subject to regular withholding. Where to get a 1040x form However, it may be subject to backup withholding to ensure that income tax is collected on the income. Where to get a 1040x form Under backup withholding, the payer of interest must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. Where to get a 1040x form Backup withholding may also be required if the IRS has determined that you underreported your interest or dividend income. Where to get a 1040x form For more information, see Backup Withholding in chapter 4. Where to get a 1040x form Reporting backup withholding. Where to get a 1040x form If backup withholding is deducted from your interest income, the payer must give you a Form 1099-INT for the year indicating the amount withheld. Where to get a 1040x form The Form 1099-INT will show any backup withholding as “Federal income tax withheld. Where to get a 1040x form ” Joint accounts. Where to get a 1040x form If two or more persons hold property (such as a savings account or bond) as joint tenants, tenants by the entirety, or tenants in common, each person's share of any interest from the property is determined by local law. Where to get a 1040x form Income from property given to a child. Where to get a 1040x form Property you give as a parent to your child under the Model Gifts of Securities to Minors Act, the Uniform Gifts to Minors Act, or any similar law becomes the child's property. Where to get a 1040x form Income from the property is taxable to the child, except that any part used to satisfy a legal obligation to support the child is taxable to the parent or guardian having that legal obligation. Where to get a 1040x form Savings account with parent as trustee. Where to get a 1040x form Interest income from a savings account opened for a minor child, but placed in the name and subject to the order of the parents as trustees, is taxable to the child if, under the law of the state in which the child resides, both of the following are true. Where to get a 1040x form The savings account legally belongs to the child. Where to get a 1040x form The parents are not legally permitted to use any of the funds to support the child. Where to get a 1040x form Form 1099-INT. Where to get a 1040x form Interest income is generally reported to you on Form 1099-INT, or a similar statement, by banks, savings and loans, and other payers of interest. Where to get a 1040x form This form shows you the interest you received during the year. Where to get a 1040x form Keep this form for your records. Where to get a 1040x form You do not have to attach it to your tax return. Where to get a 1040x form Report on your tax return the total interest income you receive for the tax year. Where to get a 1040x form Interest not reported on Form 1099-INT. Where to get a 1040x form Even if you do not receive Form 1099-INT, you must still report all of your interest income. Where to get a 1040x form For example, you may receive distributive shares of interest from partnerships or S corporations. Where to get a 1040x form This interest is reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deduction, Credits, etc. Where to get a 1040x form , or Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. Where to get a 1040x form Nominees. Where to get a 1040x form Generally, if someone receives interest as a nominee for you, that person must give you a Form 1099-INT showing the interest received on your behalf. Where to get a 1040x form If you receive a Form 1099-INT that includes amounts belonging to another person, see the discussion on nominee distributions under How To Report Interest Income in chapter 1 of Publication 550, or Schedule B (Form 1040A or 1040) instructions. Where to get a 1040x form Incorrect amount. Where to get a 1040x form If you receive a Form 1099-INT that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. Where to get a 1040x form The new Form 1099-INT you receive will be marked “Corrected. Where to get a 1040x form ” Form 1099-OID. Where to get a 1040x form Reportable interest income also may be shown on Form 1099-OID, Original Issue Discount. Where to get a 1040x form For more information about amounts shown on this form, see Original Issue Discount (OID) , later in this chapter. Where to get a 1040x form Exempt-interest dividends. Where to get a 1040x form Exempt-interest dividends you receive from a mutual fund or other regulated investment company, including those received from a qualified fund of funds in any tax year beginning after December 22, 2010, are not included in your taxable income. Where to get a 1040x form (However, see Information reporting requirement , next. Where to get a 1040x form ) Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. Where to get a 1040x form You do not reduce your basis for distributions that are exempt-interest dividends. Where to get a 1040x form Information reporting requirement. Where to get a 1040x form Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file. Where to get a 1040x form This is an information reporting requirement and does not change the exempt-interest dividends into taxable income. Where to get a 1040x form Note. Where to get a 1040x form Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. Where to get a 1040x form See Alternative Minimum Tax (AMT) in chapter 30 for more information. Where to get a 1040x form Chapter 1 of Publication 550 contains a discussion on private activity bonds under State or Local Government Obligations. Where to get a 1040x form Interest on VA dividends. Where to get a 1040x form Interest on insurance dividends left on deposit with the Department of Veterans Affairs (VA) is not taxable. Where to get a 1040x form This includes interest paid on dividends on converted United States Government Life Insurance and on National Service Life Insurance policies. Where to get a 1040x form Individual retirement arrangements (IRAs). Where to get a 1040x form Interest on a Roth IRA generally is not taxable. Where to get a 1040x form Interest on a traditional IRA is tax deferred. Where to get a 1040x form You generally do not include it in your income until you make withdrawals from the IRA. Where to get a 1040x form See chapter 17. Where to get a 1040x form Taxable Interest Taxable interest includes interest you receive from bank accounts, loans you make to others, and other sources. Where to get a 1040x form The following are some sources of taxable interest. Where to get a 1040x form Dividends that are actually interest. Where to get a 1040x form Certain distributions commonly called dividends are actually interest. Where to get a 1040x form You must report as interest so-called “dividends” on deposits or on share accounts in: Cooperative banks, Credit unions, Domestic building and loan associations, Domestic savings and loan associations, Federal savings and loan associations, and Mutual savings banks. Where to get a 1040x form The “dividends” will be shown as interest income on Form 1099-INT. Where to get a 1040x form Money market funds. Where to get a 1040x form Money market funds pay dividends and are offered by nonbank financial institutions, such as mutual funds and stock brokerage houses. Where to get a 1040x form Generally, amounts you receive from money market funds should be reported as dividends, not as interest. Where to get a 1040x form Certificates of deposit and other deferred interest accounts. Where to get a 1040x form If you open any of these accounts, interest may be paid at fixed intervals of 1 year or less during the term of the account. Where to get a 1040x form You generally must include this interest in your income when you actually receive it or are entitled to receive it without paying a substantial penalty. Where to get a 1040x form The same is true for accounts that mature in 1 year or less and pay interest in a single payment at maturity. Where to get a 1040x form If interest is deferred for more than 1 year, see Original Issue Discount (OID) , later. Where to get a 1040x form Interest subject to penalty for early withdrawal. Where to get a 1040x form If you withdraw funds from a deferred interest account before maturity, you may have to pay a penalty. Where to get a 1040x form You must report the total amount of interest paid or credited to your account during the year, without subtracting the penalty. Where to get a 1040x form See Penalty on early withdrawal of savings in chapter 1 of Publication 550 for more information on how to report the interest and deduct the penalty. Where to get a 1040x form Money borrowed to invest in certificate of deposit. Where to get a 1040x form The interest you pay on money borrowed from a bank or savings institution to meet the minimum deposit required for a certificate of deposit from the institution and the interest you earn on the certificate are two separate items. Where to get a 1040x form You must report the total interest you earn on the certificate in your income. Where to get a 1040x form If you itemize deductions, you can deduct the interest you pay as investment interest, up to the amount of your net investment income. Where to get a 1040x form See Interest Expenses in chapter 3 of Publication 550. Where to get a 1040x form Example. Where to get a 1040x form You deposited $5,000 with a bank and borrowed $5,000 from the bank to make up the $10,000 minimum deposit required to buy a 6-month certificate of deposit. Where to get a 1040x form The certificate earned $575 at maturity in 2013, but you received only $265, which represented the $575 you earned minus $310 interest charged on your $5,000 loan. Where to get a 1040x form The bank gives you a Form 1099-INT for 2013 showing the $575 interest you earned. Where to get a 1040x form The bank also gives you a statement showing that you paid $310 interest for 2013. Where to get a 1040x form You must include the $575 in your income. Where to get a 1040x form If you itemize your deductions on Schedule A (Form 1040), you can deduct $310, subject to the net investment income limit. Where to get a 1040x form Gift for opening account. Where to get a 1040x form If you receive noncash gifts or services for making deposits or for opening an account in a savings institution, you may have to report the value as interest. Where to get a 1040x form For deposits of less than $5,000, gifts or services valued at more than $10 must be reported as interest. Where to get a 1040x form For deposits of $5,000 or more, gifts or services valued at more than $20 must be reported as interest. Where to get a 1040x form The value is determined by the cost to the financial institution. Where to get a 1040x form Example. Where to get a 1040x form You open a savings account at your local bank and deposit $800. Where to get a 1040x form The account earns $20 interest. Where to get a 1040x form You also receive a $15 calculator. Where to get a 1040x form If no other interest is credited to your account during the year, the Form 1099-INT you receive will show $35 interest for the year. Where to get a 1040x form You must report $35 interest income on your tax return. Where to get a 1040x form Interest on insurance dividends. Where to get a 1040x form Interest on insurance dividends left on deposit with an insurance company that can be withdrawn annually is taxable to you in the year it is credited to your account. Where to get a 1040x form However, if you can withdraw it only on the anniversary date of the policy (or other specified date), the interest is taxable in the year that date occurs. Where to get a 1040x form Prepaid insurance premiums. Where to get a 1040x form Any increase in the value of prepaid insurance premiums, advance premiums, or premium deposit funds is interest if it is applied to the payment of premiums due on insurance policies or made available for you to withdraw. Where to get a 1040x form U. Where to get a 1040x form S. Where to get a 1040x form obligations. Where to get a 1040x form Interest on U. Where to get a 1040x form S. Where to get a 1040x form obligations, such as U. Where to get a 1040x form S. Where to get a 1040x form Treasury bills, notes, and bonds, issued by any agency or instrumentality of the United States is taxable for federal income tax purposes. Where to get a 1040x form Interest on tax refunds. Where to get a 1040x form Interest you receive on tax refunds is taxable income. Where to get a 1040x form Interest on condemnation award. Where to get a 1040x form If the condemning authority pays you interest to compensate you for a delay in payment of an award, the interest is taxable. Where to get a 1040x form Installment sale payments. Where to get a 1040x form If a contract for the sale or exchange of property provides for deferred payments, it also usually provides for interest payable with the deferred payments. Where to get a 1040x form That interest is taxable when you receive it. Where to get a 1040x form If little or no interest is provided for in a deferred payment contract, part of each payment may be treated as interest. Where to get a 1040x form See Unstated Interest and Original Issue Discount in Publication 537, Installment Sales. Where to get a 1040x form Interest on annuity contract. Where to get a 1040x form Accumulated interest on an annuity contract you sell before its maturity date is taxable. Where to get a 1040x form Usurious interest. Where to get a 1040x form Usurious interest is interest charged at an illegal rate. Where to get a 1040x form This is taxable as interest unless state law automatically changes it to a payment on the principal. Where to get a 1040x form Interest income on frozen deposits. Where to get a 1040x form Exclude from your gross income interest on frozen deposits. Where to get a 1040x form A deposit is frozen if, at the end of the year, you cannot withdraw any part of the deposit because: The financial institution is bankrupt or insolvent, or The state where the institution is located has placed limits on withdrawals because other financial institutions in the state are bankrupt or insolvent. Where to get a 1040x form The amount of interest you must exclude is the interest that was credited on the frozen deposits minus the sum of: The net amount you withdrew from these deposits during the year, and The amount you could have withdrawn as of the end of the year (not reduced by any penalty for premature withdrawals of a time deposit). Where to get a 1040x form If you receive a Form 1099-INT for interest income on deposits that were frozen at the end of 2013, see Frozen deposits under How To Report Interest Income in chapter 1 of Publication 550, for information about reporting this interest income exclusion on your tax return. Where to get a 1040x form The interest you exclude is treated as credited to your account in the following year. Where to get a 1040x form You must include it in income in the year you can withdraw it. Where to get a 1040x form Example. Where to get a 1040x form $100 of interest was credited on your frozen deposit during the year. Where to get a 1040x form You withdrew $80 but could not withdraw any more as of the end of the year. Where to get a 1040x form You must include $80 in your income and exclude $20 from your income for the year. Where to get a 1040x form You must include the $20 in your income for the year you can withdraw it. Where to get a 1040x form Bonds traded flat. Where to get a 1040x form If you buy a bond at a discount when interest has been defaulted or when the interest has accrued but has not been paid, the transaction is described as trading a bond flat. Where to get a 1040x form The defaulted or unpaid interest is not income and is not taxable as interest if paid later. Where to get a 1040x form When you receive a payment of that interest, it is a return of capital that reduces the remaining cost basis of your bond. Where to get a 1040x form Interest that accrues after the date of purchase, however, is taxable interest income for the year it is received or accrued. Where to get a 1040x form See Bonds Sold Between Interest Dates , later, for more information. Where to get a 1040x form Below-market loans. Where to get a 1040x form In general, a below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Where to get a 1040x form See Below-Market Loans in chapter 1 of Publication 550 for more information. Where to get a 1040x form U. Where to get a 1040x form S. Where to get a 1040x form Savings Bonds This section provides tax information on U. Where to get a 1040x form S. Where to get a 1040x form savings bonds. Where to get a 1040x form It explains how to report the interest income on these bonds and how to treat transfers of these bonds. Where to get a 1040x form For other information on U. Where to get a 1040x form S. Where to get a 1040x form savings bonds, write to: For series EE and I paper savings bonds: Bureau of the Public Debt Division of Customer Assistance P. Where to get a 1040x form O. Where to get a 1040x form Box 7012 Parkersburg, WV 26106-7012 For series EE and I electronic bonds: Bureau of the Public Debt Division of Customer Assistance P. Where to get a 1040x form O. Where to get a 1040x form Box 7015 Parkersburg, WV 26106–7015 For series HH/H: Bureau of the Public Debt Division of Customer Assistance P. Where to get a 1040x form O. Where to get a 1040x form Box 2186 Parkersburg, WV 26106-2186 Or, on the Internet, visit: www. Where to get a 1040x form treasurydirect. Where to get a 1040x form gov/indiv/indiv. Where to get a 1040x form htm. Where to get a 1040x form Accrual method taxpayers. Where to get a 1040x form If you use an accrual method of accounting, you must report interest on U. Where to get a 1040x form S. Where to get a 1040x form savings bonds each year as it accrues. Where to get a 1040x form You cannot postpone reporting interest until you receive it or until the bonds mature. Where to get a 1040x form Accrual methods of accounting are explained in chapter 1 under Accounting Methods . Where to get a 1040x form Cash method taxpayers. Where to get a 1040x form If you use the cash method of accounting, as most individual taxpayers do, you generally report the interest on U. Where to get a 1040x form S. Where to get a 1040x form savings bonds when you receive it. Where to get a 1040x form The cash method of accounting is explained in chapter 1 under Accounting Methods. Where to get a 1040x form But see Reporting options for cash method taxpayers , later. Where to get a 1040x form Series HH bonds. Where to get a 1040x form These bonds were issued at face value. Where to get a 1040x form Interest is paid twice a year by direct deposit to your bank account. Where to get a 1040x form If you are a cash method taxpayer, you must report interest on these bonds as income in the year you receive it. Where to get a 1040x form Series HH bonds were first offered in 1980 and last offered in August 2004. Where to get a 1040x form Before 1980, series H bonds were issued. Where to get a 1040x form Series H bonds are treated the same as series HH bonds. Where to get a 1040x form If you are a cash method taxpayer, you must report the interest when you receive it. Where to get a 1040x form Series H bonds have a maturity period of 30 years. Where to get a 1040x form Series HH bonds mature in 20 years. Where to get a 1040x form The last series H bonds matured in 2009. Where to get a 1040x form Series EE and series I bonds. Where to get a 1040x form Interest on these bonds is payable when you redeem the bonds. Where to get a 1040x form The difference between the purchase price and the redemption value is taxable interest. Where to get a 1040x form Series EE bonds. Where to get a 1040x form Series EE bonds were first offered in January 1980 and have a maturity period of 30 years. Where to get a 1040x form Before July 1980, series E bonds were issued. Where to get a 1040x form The original 10-year maturity period of series E bonds has been extended to 40 years for bonds issued before December 1965 and 30 years for bonds issued after November 1965. Where to get a 1040x form Paper series EE and series E bonds are issued at a discount. Where to get a 1040x form The face value is payable to you at maturity. Where to get a 1040x form Electronic series EE bonds are issued at their face value. Where to get a 1040x form The face value plus accrued interest is payable to you at maturity. Where to get a 1040x form As of January 1, 2012, paper savings bonds were no longer sold at financial institutions. Where to get a 1040x form Owners of paper series EE bonds can convert them to electronic bonds. Where to get a 1040x form These converted bonds do not retain the denomination listed on the paper certificate but are posted at their purchase price (with accrued interest). Where to get a 1040x form Series I bonds. Where to get a 1040x form Series I bonds were first offered in 1998. Where to get a 1040x form These are inflation-indexed bonds issued at their face amount with a maturity period of 30 years. Where to get a 1040x form The face value plus all accrued interest is payable to you at maturity. Where to get a 1040x form Reporting options for cash method taxpayers. Where to get a 1040x form If you use the cash method of reporting income, you can report the interest on series EE, series E, and series I bonds in either of the following ways. Where to get a 1040x form Method 1. Where to get a 1040x form Postpone reporting the interest until the earlier of the year you cash or dispose of the bonds or the year they mature. Where to get a 1040x form (However, see Savings bonds traded , later. Where to get a 1040x form ) Note. Where to get a 1040x form Series EE bonds issued in 1983 matured in 2013. Where to get a 1040x form If you have used method 1, you generally must report the interest on these bonds on your 2013 return. Where to get a 1040x form The last series E bonds were issued in 1980 and matured in 2010. Where to get a 1040x form If you used method 1, you generally should have reported the interest on these bonds on your 2010 return. Where to get a 1040x form Method 2. Where to get a 1040x form Choose to report the increase in redemption value as interest each year. Where to get a 1040x form You must use the same method for all series EE, series E, and series I bonds you own. Where to get a 1040x form If you do not choose method 2 by reporting the increase in redemption value as interest each year, you must use method 1. Where to get a 1040x form If you plan to cash your bonds in the same year you will pay for higher education expenses, you may want to use method 1 because you may be able to exclude the interest from your income. Where to get a 1040x form To learn how, see Education Savings Bond Program, later. Where to get a 1040x form Change from method 1. Where to get a 1040x form If you want to change your method of reporting the interest from method 1 to method 2, you can do so without permission from the IRS. Where to get a 1040x form In the year of change you must report all interest accrued to date and not previously reported for all your bonds. Where to get a 1040x form Once you choose to report the interest each year, you must continue to do so for all series EE, series E, and series I bonds you own and for any you get later, unless you request permission to change, as explained next. Where to get a 1040x form Change from method 2. Where to get a 1040x form To change from method 2 to method 1, you must request permission from the IRS. Where to get a 1040x form Permission for the change is automatically granted if you send the IRS a statement that meets all the following requirements. Where to get a 1040x form You have typed or printed the following number at the top: “131. Where to get a 1040x form ” It includes your name and social security number under “131. Where to get a 1040x form ” It includes the year of change (both the beginning and ending dates). Where to get a 1040x form It identifies the savings bonds for which you are requesting this change. Where to get a 1040x form It includes your agreement to: Report all interest on any bonds acquired during or after the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, and Report all interest on the bonds acquired before the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, with the exception of the interest reported in prior tax years. Where to get a 1040x form You must attach this statement to your tax return for the year of change, which you must file by the due date (including extensions). Where to get a 1040x form You can have an automatic extension of 6 months from the due date of your return for the year of change (excluding extensions) to file the statement with an amended return. Where to get a 1040x form On the statement, type or print “Filed pursuant to section 301. Where to get a 1040x form 9100-2. Where to get a 1040x form ” To get this extension, you must have filed your original return for the year of the change by the due date (including extensions). Where to get a 1040x form By the date you file the original statement with your return, you must also send a signed copy to the address below. Where to get a 1040x form Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) P. Where to get a 1040x form O. Where to get a 1040x form Box 7604 Benjamin Franklin Station Washington, DC 20044 If you use a private delivery service, send the signed copy to the address below. Where to get a 1040x form Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) Room 5336 1111 Constitution Avenue, NW Washington, DC 20224 Instead of filing this statement, you can request permission to change from method 2 to method 1 by filing Form 3115, Application for Change in Accounting Method. Where to get a 1040x form In that case, follow the form instructions for an automatic change. Where to get a 1040x form No user fee is required. Where to get a 1040x form Co-owners. Where to get a 1040x form If a U. Where to get a 1040x form S. Where to get a 1040x form savings bond is issued in the names of co-owners, such as you and your child or you and your spouse, interest on the bond is generally taxable to the co-owner who bought the bond. Where to get a 1040x form One co-owner's funds used. Where to get a 1040x form If you used your funds to buy the bond, you must pay the tax on the interest. Where to get a 1040x form This is true even if you let the other co-owner redeem the bond and keep all the proceeds. Where to get a 1040x form Under these circumstances, the co-owner who redeemed the bond will receive a Form 1099-INT at the time of redemption and must provide you with another Form 1099-INT showing the amount of interest from the bond taxable to you. Where to get a 1040x form The co-owner who redeemed the bond is a “nominee. Where to get a 1040x form ” See Nominee distributions under How To Report Interest Income in chapter 1 of Publication 550 for more information about how a person who is a nominee reports interest income belonging to another person. Where to get a 1040x form Both co-owners' funds used. Where to get a 1040x form If you and the other co-owner each contribute part of the bond's purchase price, the interest is generally taxable to each of you, in proportion to the amount each of you paid. Where to get a 1040x form Community property. Where to get a 1040x form If you and your spouse live in a community property state and hold bonds as community property, one-half of the interest is considered received by each of you. Where to get a 1040x form If you file separate returns, each of you generally must report one-half of the bond interest. Where to get a 1040x form For more information about community property, see Publication 555. Where to get a 1040x form Table 7-1. Where to get a 1040x form These rules are also shown in Table 7-1. Where to get a 1040x form Ownership transferred. Where to get a 1040x form If you bought series E, series EE, or series I bonds entirely with your own funds and had them reissued in your co-owner's name or beneficiary's name alone, you must include in your gross income for the year of reissue all interest that you earned on these bonds and have not previously reported. Where to get a 1040x form But, if the bonds were reissued in your name alone, you do not have to report the interest accrued at that time. Where to get a 1040x form This same rule applies when bonds (other than bonds held as community property) are transferred between spouses or incident to divorce. Where to get a 1040x form Purchased jointly. Where to get a 1040x form If you and a co-owner each contributed funds to buy series E, series EE, or series I bonds jointly and later have the bonds reissued in the co-owner's name alone, you must include in your gross income for the year of reissue your share of all the interest earned on the bonds that you have not previously reported. Where to get a 1040x form The former co-owner does not have to include in gross income at the time of reissue his or her share of the interest earned that was not reported before the transfer. Where to get a 1040x form This interest, however, as well as all interest earned after the reissue, is income to the former co-owner. Where to get a 1040x form This income-reporting rule also applies when the bonds are reissued in the name of your former co-owner and a new co-owner. Where to get a 1040x form But the new co-owner will report only his or her share of the interest earned after the transfer. Where to get a 1040x form If bonds that you and a co-owner bought jointly are reissued to each of you separately in the same proportion as your contribution to the purchase price, neither you nor your co-owner has to report at that time the interest earned before the bonds were reissued. Where to get a 1040x form Table 7-1. Where to get a 1040x form Who Pays the Tax on U. Where to get a 1040x form S. Where to get a 1040x form Savings Bond Interest IF . Where to get a 1040x form . Where to get a 1040x form . Where to get a 1040x form THEN the interest must be reported by . Where to get a 1040x form . Where to get a 1040x form . Where to get a 1040x form you buy a bond in your name and the name of another person as co-owners, using only your own funds you. Where to get a 1040x form you buy a bond in the name of another person, who is the sole owner of the bond the person for whom you bought the bond. Where to get a 1040x form you and another person buy a bond as co-owners, each contributing part of the purchase price both you and the other co-owner, in proportion to the amount each paid for the bond. Where to get a 1040x form you and your spouse, who live in a community property state, buy a bond that is community property you and your spouse. Where to get a 1040x form If you file separate returns, both you and your spouse generally report one-half of the interest. Where to get a 1040x form Example 1. Where to get a 1040x form You and your spouse each spent an equal amount to buy a $1,000 series EE savings bond. Where to get a 1040x form The bond was issued to you and your spouse as co-owners. Where to get a 1040x form You both postpone reporting interest on the bond. Where to get a 1040x form You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Where to get a 1040x form At that time neither you nor your spouse has to report the interest earned to the date of reissue. Where to get a 1040x form Example 2. Where to get a 1040x form You bought a $1,000 series EE savings bond entirely with your own funds. Where to get a 1040x form The bond was issued to you and your spouse as co-owners. Where to get a 1040x form You both postpone reporting interest on the bond. Where to get a 1040x form You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Where to get a 1040x form You must report half the interest earned to the date of reissue. Where to get a 1040x form Transfer to a trust. Where to get a 1040x form If you own series E, series EE, or series I bonds and transfer them to a trust, giving up all rights of ownership, you must include in your income for that year the interest earned to the date of transfer if you have not already reported it. Where to get a 1040x form However, if you are considered the owner of the trust and if the increase in value both before and after the transfer continues to be taxable to you, you can continue to defer reporting the interest earned each year. Where to get a 1040x form You must include the total interest in your income in the year you cash or dispose of the bonds or the year the bonds finally mature, whichever is earlier. Where to get a 1040x form The same rules apply to previously unreported interest on series EE or series E bonds if the transfer to a trust consisted of series HH or series H bonds you acquired in a trade for the series EE or series E bonds. Where to get a 1040x form See Savings bonds traded , later. Where to get a 1040x form Decedents. Where to get a 1040x form The manner of reporting interest income on series E, series EE, or series I bonds, after the death of the owner (decedent), depends on the accounting and income-reporting methods previously used by the decedent. Where to get a 1040x form This is explained in chapter 1 of Publication 550. Where to get a 1040x form Savings bonds traded. Where to get a 1040x form If you postponed reporting the interest on your series EE or series E bonds, you did not recognize taxable income when you traded the bonds for series HH or series H bonds, unless you received cash in the trade. Where to get a 1040x form (You cannot trade series I bonds for series HH bonds. Where to get a 1040x form After August 31, 2004, you cannot trade any other series of bonds for series HH bonds. Where to get a 1040x form ) Any cash you received is income up to the amount of the interest earned on the bonds traded. Where to get a 1040x form When your series HH or series H bonds mature, or if you dispose of them before maturity, you report as interest the difference between their redemption value and your cost. Where to get a 1040x form Your cost is the sum of the amount you paid for the traded series EE or series E bonds plus any amount you had to pay at the time of the trade. Where to get a 1040x form Example. Where to get a 1040x form You traded series EE bonds (on which you postponed reporting the interest) for $2,500 in series HH bonds and $223 in cash. Where to get a 1040x form You reported the $223 as taxable income on your tax return. Where to get a 1040x form At the time of the trade, the series EE bonds had accrued interest of $523 and a redemption value of $2,723. Where to get a 1040x form You hold the series HH bonds until maturity, when you receive $2,500. Where to get a 1040x form You must report $300 as interest income in the year of maturity. Where to get a 1040x form This is the difference between their redemption value, $2,500, and your cost, $2,200 (the amount you paid for the series EE bonds). Where to get a 1040x form (It is also the difference between the accrued interest of $523 on the series EE bonds and the $223 cash received on the trade. Where to get a 1040x form ) Choice to report interest in year of trade. Where to get a 1040x form You could have chosen to treat all of the previously unreported accrued interest on the series EE or series E bonds traded for series HH bonds as income in the year of the trade. Where to get a 1040x form If you made this choice, it is treated as a change from method 1. Where to get a 1040x form See Change from method 1 under Series EE and series I bonds, earlier. Where to get a 1040x form Form 1099-INT for U. Where to get a 1040x form S. Where to get a 1040x form savings bonds interest. Where to get a 1040x form When you cash a bond, the bank or other payer that redeems it must give you a Form 1099-INT if the interest part of the payment you receive is $10 or more. Where to get a 1040x form Box 3 of your Form 1099-INT should show the interest as the difference between the amount you received and the amount paid for the bond. Where to get a 1040x form However, your Form 1099-INT may show more interest than you have to include on your income tax return. Where to get a 1040x form For example, this may happen if any of the following are true. Where to get a 1040x form You chose to report the increase in the redemption value of the bond each year. Where to get a 1040x form The interest shown on your Form 1099-INT will not be reduced by amounts previously included in income. Where to get a 1040x form You received the bond from a decedent. Where to get a 1040x form The interest shown on your Form 1099-INT will not be reduced by any interest reported by the decedent before death, or on the decedent's final return, or by the estate on the estate's income tax return. Where to get a 1040x form Ownership of the bond was transferred. Where to get a 1040x form The interest shown on your Form 1099-INT will not be reduced by interest that accrued before the transfer. Where to get a 1040x form You were named as a co-owner, and the other co-owner contributed funds to buy the bond. Where to get a 1040x form The interest shown on your Form 1099-INT will not be reduced by the amount you received as nominee for the other co-owner. Where to get a 1040x form (See Co-owners , earlier in this chapter, for more information about the reporting requirements. Where to get a 1040x form ) You received the bond in a taxable distribution from a retirement or profit-sharing plan. Where to get a 1040x form The interest shown on your Form 1099-INT will not be reduced by the interest portion of the amount taxable as a distribution from the plan and not taxable as interest. Where to get a 1040x form (This amount is generally shown on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Where to get a 1040x form , for the year of distribution. Where to get a 1040x form ) For more information on including the correct amount of interest on your return, see How To Report Interest Income , later. Where to get a 1040x form Publication 550 includes examples showing how to report these amounts. Where to get a 1040x form Interest on U. Where to get a 1040x form S. Where to get a 1040x form savings bonds is exempt from state and local taxes. Where to get a 1040x form The Form 1099-INT you receive will indicate the amount that is for U. Where to get a 1040x form S. Where to get a 1040x form savings bond interest in box 3. Where to get a 1040x form Education Savings Bond Program You may be able to exclude from income all or part of the interest you receive on the redemption of qualified U. Where to get a 1040x form S. Where to get a 1040x form savings bonds during the year if you pay qualified higher educational expenses during the same year. Where to get a 1040x form This exclusion is known as the Education Savings Bond Program. Where to get a 1040x form You do not qualify for this exclusion if your filing status is married filing separately. Where to get a 1040x form Form 8815. Where to get a 1040x form Use Form 8815 to figure your exclusion. Where to get a 1040x form Attach the form to your Form 1040 or Form 1040A. Where to get a 1040x form Qualified U. Where to get a 1040x form S. Where to get a 1040x form savings bonds. Where to get a 1040x form A qualified U. Where to get a 1040x form S. Where to get a 1040x form savings bond is a series EE bond issued after 1989 or a series I bond. Where to get a 1040x form The bond must be issued either in your name (sole owner) or in your and your spouse's names (co-owners). Where to get a 1040x form You must be at least 24 years old before the bond's issue date. Where to get a 1040x form For example, a bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child. Where to get a 1040x form The issue date of a bond may be earlier than the date the bond is purchased because the issue date assigned to a bond is the first day of the month in which it is purchased. Where to get a 1040x form Beneficiary. Where to get a 1040x form You can designate any individual (including a child) as a beneficiary of the bond. Where to get a 1040x form Verification by IRS. Where to get a 1040x form If you claim the exclusion, the IRS will check it by using bond redemption information from the Department of the Treasury. Where to get a 1040x form Qualified expenses. Where to get a 1040x form Qualified higher educational expenses are tuition and fees required for you, your spouse, or your dependent (for whom you claim an exemption) to attend an eligible educational institution. Where to get a 1040x form Qualified expenses include any contribution you make to a qualified tuition program or to a Coverdell education savings account. Where to get a 1040x form Qualified expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Where to get a 1040x form Eligible educational institutions. Where to get a 1040x form These institutions include most public, private, and nonprofit universities, colleges, and vocational schools that are accredited and eligible to participate in student aid programs run by the U. Where to get a 1040x form S. Where to get a 1040x form Department of Education. Where to get a 1040x form Reduction for certain benefits. Where to get a 1040x form You must reduce your qualified higher educational expenses by all of the following tax-free benefits. Where to get a 1040x form Tax-free part of scholarships and fellowships (see Scholarships and fellowships in chapter 12). Where to get a 1040x form Expenses used to figure the tax-free portion of distributions from a Coverdell ESA. Where to get a 1040x form Expenses used to figure the tax-free portion of distributions from a qualified tuition program. Where to get a 1040x form Any tax-free payments (other than gifts or inheritances) received for educational expenses, such as Veterans' educational assistance benefits, Qualified tuition reductions, or Employer-provided educational assistance. Where to get a 1040x form Any expense used in figuring the American Opportunity and lifetime learning credits. Where to get a 1040x form Amount excludable. Where to get a 1040x form If the total proceeds (interest and principal) from the qualified U. Where to get a 1040x form S. Where to get a 1040x form savings bonds you redeem during the year are not more than your adjusted qualified higher educational expenses for the year, you may be able to exclude all of the interest. Where to get a 1040x form If the proceeds are more than the expenses, you may be able to exclude only part of the interest. Where to get a 1040x form To determine the excludable amount, multiply the interest part of the proceeds by a fraction. Where to get a 1040x form The numerator of the fraction is the qualified higher educational expenses you paid during the year. Where to get a 1040x form The denominator of the fraction is the total proceeds you received during the year. Where to get a 1040x form Example. Where to get a 1040x form In February 2013, Mark and Joan, a married couple, cashed a qualified series EE U. Where to get a 1040x form S. Where to get a 1040x form savings bond they bought in April 1997. Where to get a 1040x form They received proceeds of $8,372 representing principal of $5,000 and interest of $3,372. Where to get a 1040x form In 2013, they paid $4,000 of their daughter's college tuition. Where to get a 1040x form They are not claiming an education credit for that amount, and their daughter does not have any tax-free educational assistance. Where to get a 1040x form They can exclude $1,611 ($3,372 × ($4,000 ÷ $8,372)) of interest in 2013. Where to get a 1040x form They must pay tax on the remaining $1,761 ($3,372 − $1,611) interest. Where to get a 1040x form Modified adjusted gross income limit. Where to get a 1040x form The interest exclusion is limited if your modified adjusted gross income (modified AGI) is: $74,700 to $89,700 for taxpayers filing single or head of household, and $112,050 to $142,050 for married taxpayers filing jointly or for a qualifying widow(er) with dependent child. Where to get a 1040x form You do not qualify for the interest exclusion if your modified AGI is equal to or more than the upper limit for your filing status. Where to get a 1040x form Modified AGI, for purposes of this exclusion, is adjusted gross income (Form 1040, line 37, or Form 1040A, line 21) figured before the interest exclusion, and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion and deduction, Exclusion of income for bona fide residents of American Samoa, Exclusion for income from Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for tuition and fees, Deduction for student loan interest, and Deduction for domestic production activities. Where to get a 1040x form Use the Line 9 Worksheet in the Form 8815 instructions to figure your modified AGI. Where to get a 1040x form If you claim any of the exclusion or deduction items listed above (except items 6, 7, and 8), add the amount of the exclusion or deduction (except items 6, 7, and 8) to the amount on line 5 of the worksheet, and enter the total on Form 8815, line 9, as your modified AGI. Where to get a 1040x form If you have investment interest expense incurred to earn royalties and other investment income, see Education Savings Bond Program in chapter 1 of Publication 550. Where to get a 1040x form Recordkeeping. Where to get a 1040x form If you claim the interest exclusion, you must keep a written record of the qualified U. Where to get a 1040x form S. Where to get a 1040x form savings bonds you redeem. Where to get a 1040x form Your record must include the serial number, issue date, face value, and total redemption proceeds (principal and interest) of each bond. Where to get a 1040x form You can use Form 8818 to record this information. Where to get a 1040x form You should also keep bills, receipts, canceled checks, or other documentation that shows you paid qualified higher educational expenses during the year. Where to get a 1040x form U. Where to get a 1040x form S. Where to get a 1040x form Treasury Bills, Notes, and Bonds Treasury bills, notes, and bonds are direct debts (obligations) of the U. Where to get a 1040x form S. Where to get a 1040x form Government. Where to get a 1040x form Taxation of interest. Where to get a 1040x form Interest income from Treasury bills, notes, and bonds is subject to federal income tax but is exempt from all state and local income taxes. Where to get a 1040x form You should receive Form 1099-INT showing the interest (in box 3) paid to you for the year. Where to get a 1040x form Payments of principal and interest generally will be credited to your designated checking or savings account by direct deposit through the TreasuryDirect® system. Where to get a 1040x form Treasury bills. Where to get a 1040x form These bills generally have a 4-week, 13-week, 26-week, or 52-week maturity period. Where to get a 1040x form They are generally issued at a discount in the amount of $100 and multiples of $100. Where to get a 1040x form The difference between the discounted price you pay for the bills and the face value you receive at maturity is interest income. Where to get a 1040x form Generally, you report this interest income when the bill is paid at maturity. Where to get a 1040x form If you paid a premium for a bill (more than the face value), you generally report the premium as a section 171 deduction when the bill is paid at maturity. Where to get a 1040x form Treasury notes and bonds. Where to get a 1040x form Treasury notes have maturity periods of more than 1 year, ranging up to 10 years. Where to get a 1040x form Maturity periods for Treasury bonds are longer than 10 years. Where to get a 1040x form Both generally are issued in denominations of $100 to $1 million and generally pay interest every 6 months. Where to get a 1040x form Generally, you report this interest for the year paid. Where to get a 1040x form For more information, see U. Where to get a 1040x form S. Where to get a 1040x form Treasury Bills, Notes, and Bonds in chapter 1 of Publication 550. Where to get a 1040x form For other information on Treasury notes or bonds, write to: Bureau of the Public Debt P. Where to get a 1040x form O. Where to get a 1040x form Box 7015 Parkersburg, WV 26106-7015 Or, on the Internet, visit: www. Where to get a 1040x form treasurydirect. Where to get a 1040x form gov/indiv/indiv. Where to get a 1040x form htm. Where to get a 1040x form For information on series EE, series I, and series HH savings bonds, see U. Where to get a 1040x form S. Where to get a 1040x form Savings Bonds , earlier. Where to get a 1040x form Treasury inflation-protected securities (TIPS). Where to get a 1040x form These securities pay interest twice a year at a fixed rate, based on a principal amount adjusted to take into account inflation and deflation. Where to get a 1040x form For the tax treatment of these securities, see Inflation-Indexed Debt Instruments under Original Issue Discount (OID), in Publication 550. Where to get a 1040x form Bonds Sold Between Interest Dates If you sell a bond between interest payment dates, part of the sales price represents interest accrued to the date of sale. Where to get a 1040x form You must report that part of the sales price as interest income for the year of sale. Where to get a 1040x form If you buy a bond between interest payment dates, part of the purchase price represents interest accrued before the date of purchase. Where to get a 1040x form When that interest is paid to you, treat it as a return of your capital investment, rather than interest income, by reducing your basis in the bond. Where to get a 1040x form See Accrued interest on bonds under How To Report Interest Income in chapter 1 of Publication 550 for information on reporting the payment. Where to get a 1040x form Insurance Life insurance proceeds paid to you as beneficiary of the insured person are usually not taxable. Where to get a 1040x form But if you receive the proceeds in installments, you must usually report a part of each installment payment as interest income. Where to get a 1040x form For more information about insurance proceeds received in installments, see Publication 525, Taxable and Nontaxable Income. Where to get a 1040x form Annuity. Where to get a 1040x form If you buy an annuity with life insurance proceeds, the annuity payments you receive are taxed as pension and annuity income from a nonqualified plan, not as interest income. Where to get a 1040x form See chapter 10 for information on pension and annuity income from nonqualified plans. Where to get a 1040x form State or Local Government Obligations Interest on a bond used to finance government operations generally is not taxable if the bond is issued by a state, the District of Columbia, a possession of the United States, or any of their political subdivisions. Where to get a 1040x form Bonds issued after 1982 (including tribal economic development bonds issued after February 17, 2009) by an Indian tribal government are treated as issued by a state. Where to get a 1040x form Interest on these bonds is generally tax exempt if the bonds are part of an issue of which substantially all proceeds are to be used in the exercise of any essential government function. Where to get a 1040x form For information on federally guaranteed bonds, mortgage revenue bonds, arbitrage bonds, private activity bonds, qualified tax credit bonds, and Build America bonds, see State or Local Government Obligations in chapter 1 of Publication 550. Where to get a 1040x form Information reporting requirement. Where to get a 1040x form If you must file a tax return, you are required to show any tax-exempt interest you received on your return. Where to get a 1040x form This is an information reporting requirement only. Where to get a 1040x form It does not change tax-exempt interest to taxable interest. Where to get a 1040x form Original Issue Discount (OID) Original issue discount (OID) is a form of interest. Where to get a 1040x form You generally include OID in your income as it accrues over the term of the debt instrument, whether or not you receive any payments from the issuer. Where to get a 1040x form A debt instrument generally has OID when the instrument is issued for a price that is less than its stated redemption price at maturity. Where to get a 1040x form OID is the difference between the stated redemption price at maturity and the issue price. Where to get a 1040x form All debt instruments that pay no interest before maturity are presumed to be issued at a discount. Where to get a 1040x form Zero coupon bonds are one example of these instruments. Where to get a 1040x form The OID accrual rules generally do not apply to short-term obligations (those with a fixed maturity date of 1 year or less from date of issue). Where to get a 1040x form See Discount on Short-Term Obligations in chapter 1 of Publication 550. Where to get a 1040x form De minimis OID. Where to get a 1040x form You can treat the discount as zero if it is less than one-fourth of 1% (. Where to get a 1040x form 0025) of the stated redemption price at maturity multiplied by the number of full years from the date of original issue to maturity. Where to get a 1040x form This small discount is known as “de minimis” OID. Where to get a 1040x form Example 1. Where to get a 1040x form You bought a 10-year bond with a stated redemption price at maturity of $1,000, issued at $980 with OID of $20. Where to get a 1040x form One-fourth of 1% of $1,000 (stated redemption price) times 10 (the number of full years from the date of original issue to maturity) equals $25. Where to get a 1040x form Because the $20 discount is less than $25, the OID is treated as zero. Where to get a 1040x form (If you hold the bond at maturity, you will recognize $20 ($1,000 − $980) of capital gain. Where to get a 1040x form ) Example 2. Where to get a 1040x form The facts are the same as in Example 1, except that the bond was issued at $950. Where to get a 1040x form The OID is $50. Where to get a 1040x form Because the $50 discount is more than the $25 figured in Example 1, you must include the OID in income as it accrues over the term of the bond. Where to get a 1040x form Debt instrument bought after original issue. Where to get a 1040x form If you buy a debt instrument with de minimis OID at a premium, the discount is not includible in income. Where to get a 1040x form If you buy a debt instrument with de minimis OID at a discount, the discount is reported under the market discount rules. Where to get a 1040x form See Market Discount Bonds in chapter 1 of Publication 550. Where to get a 1040x form Exceptions to reporting OID. Where to get a 1040x form The OID rules discussed in this chapter do not apply to the following debt instruments. Where to get a 1040x form Tax-exempt obligations. Where to get a 1040x form (However, see Stripped tax-exempt obligations under Stripped Bonds and Coupons in chapter 1 of Publication 550). Where to get a 1040x form U. Where to get a 1040x form S. Where to get a 1040x form savings bonds. Where to get a 1040x form Short-term debt instruments (those with a fixed maturity date of not more than 1 year from the date of issue). Where to get a 1040x form Obligations issued by an individual before March 2, 1984. Where to get a 1040x form Loans between individuals if all the following are true. Where to get a 1040x form The lender is not in the business of lending money. Where to get a 1040x form The amount of the loan, plus the amount of any outstanding prior loans between the same individuals, is $10,000 or less. Where to get a 1040x form Avoiding any federal tax is not one of the principal purposes of the loan. Where to get a 1040x form Form 1099-OID. Where to get a 1040x form The issuer of the debt instrument (or your broker if you held the instrument through a broker) should give you Form 1099-OID, or a similar statement, if the total OID for the calendar year is $10 or more. Where to get a 1040x form Form 1099-OID will show, in box 1, the amount of OID for the part of the year that you held the bond. Where to get a 1040x form It also will show, in box 2, the stated interest you must include in your income. Where to get a 1040x form A copy of Form 1099-OID will be sent to the IRS. Where to get a 1040x form Do not file your copy with your return. Where to get a 1040x form Keep it for your records. Where to get a 1040x form In most cases, you must report the entire amount in boxes 1 and 2 of Form 1099-OID as interest income. Where to get a 1040x form But see Refiguring OID shown on Form 1099-OID, later in this discussion, for more information. Where to get a 1040x form Form 1099-OID not received. Where to get a 1040x form If you had OID for the year but did not receive a Form 1099-OID, you can find tables on IRS. Where to get a 1040x form gov that list total OID on certain debt instruments and have information that will help you figure OID. Where to get a 1040x form For the latest OID tables, go to www. Where to get a 1040x form irs. Where to get a 1040x form gov and enter “OID tables” in the Search box. Where to get a 1040x form If your debt instrument is not listed, consult the issuer for further information about the accrued OID for the year. Where to get a 1040x form Nominee. Where to get a 1040x form If someone else is the holder of record (the registered owner) of an OID instrument belonging to you and receives a Form 1099-OID on your behalf, that person must give you a Form 1099-OID. Where to get a 1040x form Refiguring OID shown on Form 1099-OID. Where to get a 1040x form You must refigure the OID shown in box 1 or box 8 of Form 1099-OID if either of the following apply. Where to get a 1040x form You bought the debt instrument after its original issue and paid a premium or an acquisition premium. Where to get a 1040x form The debt instrument is a stripped bond or a stripped coupon (including certain zero coupon instruments). Where to get a 1040x form For information about figuring the correct amount of OID to include in your income, see Figuring OID on Long-Term Debt Instruments in Publication 1212. Where to get a 1040x form Refiguring periodic interest shown on Form 1099-OID. Where to get a 1040x form If you disposed of a debt instrument or acquired it from another holder during the year, see Bonds Sold Between Interest Dates , earlier, for information about the treatment of periodic interest that may be shown in box 2 of Form 1099-OID for that instrument. Where to get a 1040x form Certificates of deposit (CDs). Where to get a 1040x form If you buy a CD with a maturity of more than 1 year, you must include in income each year a part of the total interest due and report it in the same manner as other OID. Where to get a 1040x form This also applies to similar deposit arrangements with banks, building and loan associations, etc. Where to get a 1040x form , including: Time deposits, Bonus plans, Savings certificates, Deferred income certificates, Bonus savings certificates, and Growth savings certificates. Where to get a 1040x form Bearer CDs. Where to get a 1040x form CDs issued after 1982 generally must be in registered form. Where to get a 1040x form Bearer CDs are CDs not in registered form. Where to get a 1040x form They are not issued in the depositor's name and are transferable from one individual to another. Where to get a 1040x form Banks must provide the IRS and the person redeeming a bearer CD with a Form 1099-INT. Where to get a 1040x form More information. Where to get a 1040x form See chapter 1 of Publication 550 for more information about OID and related topics, such as market discount bonds. Where to get a 1040x form When To Report Interest Income When to report your interest income depends on whether you use the cash method or an accrual method to report income. Where to get a 1040x form Cash method. Where to get a 1040x form Most individual taxpayers use the cash method. Where to get a 1040x form If you use this method, you generally report your interest income in the year in which you actually or constructively receive it. Where to get a 1040x form However, there are special rules for reporting the discount on certain debt instruments. Where to get a 1040x form See U. Where to get a 1040x form S. Where to get a 1040x form Savings Bonds and Original Issue Discount (OID) , earlier. Where to get a 1040x form Example. Where to get a 1040x form On September 1, 2011, you loaned another individual $2,000 at 12%, compounded annually. Where to get a 1040x form You are not in the business of lending money. Where to get a 1040x form The note stated that principal and interest would be due on August 31, 2013. Where to get a 1040x form In 2013, you received $2,508. Where to get a 1040x form 80 ($2,000 principal and $508. Where to get a 1040x form 80 interest). Where to get a 1040x form If you use the cash method, you must include in income on your 2013 return the $508. Where to get a 1040x form 80 interest you received in that year. Where to get a 1040x form Constructive receipt. Where to get a 1040x form You constructively receive income when it is credited to your account or made available to you. Where to get a 1040x form You do not need to have physical possession of it. Where to get a 1040x form For example, you are considered to receive interest, dividends, or other earnings on any deposit or account in a bank, savings and loan, or similar financial institution, or interest on life insurance policy dividends left to accumulate, when they are credited to your account and subject to your withdrawal. Where to get a 1040x form This is true even if they are not yet entered in your passbook. Where to get a 1040x form You constructively receive income on the deposit or account even if you must: Make withdrawals in multiples of even amounts, Give a notice to withdraw before making the withdrawal, Withdraw all or part of the account to withdraw the earnings, or Pay a penalty on early withdrawals, unless the interest you are to receive on an early withdrawal or redemption is substantially less than the interest payable at maturity. Where to get a 1040x form Accrual method. Where to get a 1040x form If you use an accrual method, you report your interest income when you earn it, whether or not you have received it. Where to get a 1040x form Interest is earned over the term of the debt instrument. Where to get a 1040x form Example. Where to get a 1040x form If, in the previous example, you use an accrual method, you must include the interest in your income as you earn it. Where to get a 1040x form You would report the interest as follows: 2011, $80; 2012, $249. Where to get a 1040x form 60; and 2013, $179. Where to get a 1040x form 20. Where to get a 1040x form Coupon bonds. Where to get a 1040x form Interest on coupon bonds is taxable in the year the coupon becomes due and payable. Where to get a 1040x form It does not matter when you mail the coupon for payment. Where to get a 1040x form How To Report Interest Income Generally, you report all your taxable interest income on Form 1040, line 8a; Form 1040A, line 8a; or Form 1040EZ, line 2. Where to get a 1040x form You cannot use Form 1040EZ if your taxable interest income is more than $1,500. Where to get a 1040x form Instead, you must use Form 1040A or Form 1040. Where to get a 1040x form Form 1040A. Where to get a 1040x form You must complete Schedule B (Form 1040A or 1040), Part I, if you file Form 1040A and any of the following are true. Where to get a 1040x form Your taxable interest income is more than $1,500. Where to get a 1040x form You are claiming the interest exclusion under the Education Savings Bond Program (discussed earlier). Where to get a 1040x form You received interest from a seller-financed mortgage, and the buyer used the property as a home. Where to get a 1040x form You received a Form 1099-INT for U. Where to get a 1040x form S. Where to get a 1040x form savings bond interest that includes amounts you reported before 2013. Where to get a 1040x form You received, as a nominee, interest that actually belongs to someone else. Where to get a 1040x form You received a Form 1099-INT for interest on frozen deposits. Where to get a 1040x form You are reporting OID in an amount less than the amount shown on Form 1099-OID. Where to get a 1040x form You received a Form 1099-INT for interest on a bond you bought between interest payment dates. Where to get a 1040x form You acquired taxable bonds after 1987 and choose to reduce interest income from the bonds by any amortizable bond premium (see Bond Premium Amortization in chapter 3 of Publication 550). Where to get a 1040x form List each payer's name and the amount of interest income received from each payer on line 1. Where to get a 1040x form If you received a Form 1099-INT or Form 1099-OID from a brokerage firm, list the brokerage firm as the payer. Where to get a 1040x form You cannot use Form 1040A if you must use Form 1040, as described next. Where to get a 1040x form Form 1040. Where to get a 1040x form You must use Form 1040 instead of Form 1040A or Form 1040EZ if: You forfeited interest income because of the early withdrawal of a time deposit; You acquired taxable bonds after 1987, you choose to reduce interest income from the bonds by any amortizable bond premium, and you are deducting the excess of bond premium amortization for the accrual period over the qualified stated interest for the period (see Bond Premium Amortization in chapter 3 of Publication 550); or You received tax-exempt interest from private activity bonds issued after August 7, 1986. Where to get a 1040x form Schedule B (Form 1040A or 1040). Where to get a 1040x form You must complete Schedule B (Form 1040A or 1040), Part I, if you file Form 1040 and any of the following apply. Where to get a 1040x form Your taxable interest income is more than $1,500. Where to get a 1040x form You are claiming the interest exclusion under the Education Savings Bond Program (discussed earlier). Where to get a 1040x form You received interest from a seller-financed mortgage, and the buyer used the property as a home. Where to get a 1040x form You received a Form 1099-INT for U. Where to get a 1040x form S. Where to get a 1040x form savings bond interest that includes amounts you reported before 2013. Where to get a 1040x form You received, as a nominee, interest that actually belongs to someone else. Where to get a 1040x form You received a Form 1099-INT for interest on frozen deposits. Where to get a 1040x form You received a Form 1099-INT for interest on a bond you bought between interest payment dates. Where to get a 1040x form You are reporting OID in an amount less than the amount shown on Form 1099-OID. Where to get a 1040x form Statement (2) in the preceding list under Form 1040 is true. Where to get a 1040x form In Part I, line 1, list each payer's name and the amount received from each. Where to get a 1040x form If you received a Form 1099-INT or Form 1099-OID from a brokerage firm, list the brokerage firm as the payer. Where to get a 1040x form Reporting tax-exempt interest. Where to get a 1040x form Total your tax-exempt interest (such as interest or accrued OID on certain state and municipal bonds, including tax-exempt interest on zero coupon municipal bonds) and exempt-interest dividends from a mutual fund as shown on Form 1099-INT, box 8, and on Form 1099-DIV, box 10. Where to get a 1040x form Add these amounts to any other tax-exempt interest you received. Where to get a 1040x form Report the total on line 8b of Form 1040A or 1040. Where to get a 1040x form If you file Form 1040EZ, enter “TEI” and the amount in the space to the left of line 2. Where to get a 1040x form Do not add tax-exempt interest in the total on Form 1040EZ, line 2. Where to get a 1040x form Form 1099-INT, box 9, and Form 1099-DIV, box 11, show the tax-exempt interest subject to the alternative minimum tax on Form 6251. Where to get a 1040x form These amounts are already included in the amounts on Form 1099-INT, box 8, and Form 1099-DIV, box 10. Where to get a 1040x form Do not add the amounts in Form 1099-INT, box 9 and Form 1099-DIV, box 11 to, or subtract them from, the amounts on Form 1099-INT, box 8, and Form 1099-DIV, box 10. Where to get a 1040x form Do not report interest from an individual retirement account (IRA) as tax-exempt interest. Where to get a 1040x form Form 1099-INT. Where to get a 1040x form Your taxable interest income, except for interest from U. Where to get a 1040x form S. Where to get a 1040x form savings bonds and Treasury obligations, is shown in box 1 of Form 1099-INT. Where to get a 1040x form Add this amount to any other taxable interest income you received. Where to get a 1040x form You must report all of your taxable interest income even if you do not receive a Form 1099-INT. Where to get a 1040x form Generally, contact your financial institution if you do not receive a Form 1099-INT by February 15. Where to get a 1040x form Your identifying number may be truncated on any paper Form 1099-INT you receive. Where to get a 1040x form If you forfeited interest income because of the early withdrawal of a time deposit, the deductible amount will be shown on Form 1099-INT in box 2. Where to get a 1040x form See Penalty on early withdrawal of savings in chapter 1 of Publication 550. Where to get a 1040x form Box 3 of Form 1099-INT shows the interest income you received from U. Where to get a 1040x form S. Where to get a 1040x form savings bonds, Treasury bills, Treasury notes, and Treasury bonds. Where to get a 1040x form Add the amount shown in box 3 to any other taxable interest income you received, unless part of the amount in box 3 was previously included in your interest income. Where to get a 1040x form If part of the amount shown in box 3 was previously included in your interest income, see U. Where to get a 1040x form S. Where to get a 1040x form savings bond interest previously reported , later. Where to get a 1040x form Box 4 of Form 1099-INT will contain an amount if you were subject to backup withholding. Where to get a 1040x form Report the amount from box 4 on Form 1040EZ, line 7; on Form 1040A, line 36; or Form 1040, line 62 (federal income tax withheld). Where to get a 1040x form Box 5 of Form 1099-INT shows investment expenses you may be able to deduct as an itemized deduction. Where to get a 1040x form See chapter 28 for more information about investment expenses. Where to get a 1040x form If there are entries in boxes 6 and 7 of Form 1099-INT, you must file Form 1040. Where to get a 1040x form You may be able to take a credit for the amount shown in box 6 unless you deduct this amount on line 8 of Schedule A (Form 1040). Where to get a 1040x form To take the credit, you may have to file Form 1116, Foreign Tax Credit. Where to get a 1040x form For more information, see Publication 514, Foreign Tax Credit for Individuals. Where to get a 1040x form U. Where to get a 1040x form S. Where to get a 1040x form savings bond interest previously reported. Where to get a 1040x form If you received a Form 1099-INT for U. Where to get a 1040x form S. Where to get a 1040x form savings bond interest, the form may show interest you do not have to report. Where to get a 1040x form See Form 1099-INT for U. Where to get a 1040x form S. Where to get a 1040x form savings bonds interest , earlier, under U. Where to get a 1040x form S. Where to get a 1040x form Savings Bonds. Where to get a 1040x form On Schedule B (Form 1040A or 1040), Part I, line 1, report all the interest shown on your Form 1099-INT. Where to get a 1040x form Then follow these steps. Where to get a 1040x form Several lines above line 2, enter a subtotal of all interest listed on line 1. Where to get a 1040x form Below the subtotal enter “U. Where to get a 1040x form S. Where to get a 1040x form Savings Bond Interest Previously Reported” and enter amounts previously reported or interest accrued before you received the bond. Where to get a 1040x form Subtract these amounts from the subtotal and enter the result on line 2. Where to get a 1040x form More information. Where to get a 1040x form For more information about how to report interest income, see chapter 1 of Publication 550 or the instructions for the form you must file. Where to get a 1040x form Prev Up Next Home More Online Publications