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1040 Long Form

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1040 Long Form

1040 long form 9. 1040 long form   Education Exception to Additional Tax on Early IRA Distributions Table of Contents Introduction Who Is Eligible Figuring the Amount Not Subject to the 10% Tax Reporting Early Distributions Introduction Generally, if you take a distribution from your IRA before you reach age 59½, you must pay a 10% additional tax on the early distribution. 1040 long form This applies to any IRA you own, whether it is a traditional IRA (including a SEP-IRA), a Roth IRA, or a SIMPLE IRA. 1040 long form The additional tax on an early distribution from a SIMPLE IRA may be as high as 25%. 1040 long form See Publication 560, Retirement Plans for Small Business, for information on SEP-IRAs, and Publication 590, for information about all other IRAs. 1040 long form However, you can take distributions from your IRAs for qualified higher education expenses without having to pay the 10% additional tax. 1040 long form You may owe income tax on at least part of the amount distributed, but you may not have to pay the 10% additional tax. 1040 long form Generally, if the taxable part of the distribution is less than or equal to the adjusted qualified education expenses (AQEE), none of the distribution is subject to the additional tax. 1040 long form If the taxable part of the distribution is more than the AQEE, only the excess is subject to the additional tax. 1040 long form Who Is Eligible You can take a distribution from your IRA before you reach age 59½ and not have to pay the 10% additional tax if, for the year of the distribution, you pay qualified education expenses for: yourself, your spouse, or your or your spouse's child, foster child, adopted child, or descendant of any of them. 1040 long form Qualified education expenses. 1040 long form   For purposes of the 10% additional tax, these expenses are tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. 1040 long form They also include expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. 1040 long form   In addition, if the student is at least a half-time student, room and board are qualified education expenses. 1040 long form   The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. 1040 long form The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. 1040 long form The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. 1040 long form You will need to contact the eligible educational institution for qualified room and board costs. 1040 long form Eligible educational institution. 1040 long form   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. 1040 long form S. 1040 long form Department of Education. 1040 long form It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. 1040 long form The educational institution should be able to tell you if it is an eligible educational institution. 1040 long form   Certain educational institutions located outside the United States also participate in the U. 1040 long form S. 1040 long form Department of Education's Federal Student Aid (FSA) programs. 1040 long form Half-time student. 1040 long form   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing as determined under the standards of the school where the student is enrolled. 1040 long form Figuring the Amount Not Subject to the 10% Tax To determine the amount of your distribution that is not subject to the 10% additional tax, first figure your adjusted qualified education expenses. 1040 long form You do this by reducing your total qualified education expenses by any tax-free educational assistance, which includes: Expenses used to figure the tax-free portion of distributions from a Coverdell education savings account (ESA) (see Distributions in chapter 7, Coverdell Education Savings Account), The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. 1040 long form Do not reduce the qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance given to either the student or the individual making the withdrawal, or A withdrawal from personal savings (including savings from a qualified tuition program (QTP)). 1040 long form If your IRA distribution is equal to or less than your adjusted qualified education expenses, you are not subject to the 10% additional tax. 1040 long form Example 1. 1040 long form In 2013, Erin (age 32) took a year off from teaching to attend graduate school full-time. 1040 long form She paid $5,800 of qualified education expenses from the following sources. 1040 long form   Employer-provided educational assistance  (tax free) $5,000     Early distribution from IRA (includes $500 taxable earnings) 3,200           Before Erin can determine if she must pay the 10% additional tax on her IRA distribution, she must reduce her total qualified education expenses. 1040 long form   Total qualified education expenses $5,800     Minus: Tax-free educational assistance −5,000     Equals: Adjusted qualified  education expenses (AQEE) $ 800   Because Erin's AQEE ($800) are more than the taxable portion of her IRA distribution ($500), she does not have to pay the 10% additional tax on any part of this distribution. 1040 long form However, she must include the $500 taxable earnings in her gross income subject to income tax. 1040 long form Example 2. 1040 long form Assume the same facts as in Example 1 , except that Erin deducted some of the contributions to her IRA, so the taxable part of her early distribution is higher by $1,000. 1040 long form This must be included in her income subject to income tax. 1040 long form The taxable part of Erin's IRA distribution ($1,000) is larger than her $800 AQEE. 1040 long form Therefore, she must pay the 10% additional tax on $200, the taxable part of her distribution ($1,000) that is more than her qualified education expenses ($800). 1040 long form She does not have to pay the 10% additional tax on the remaining $800 of her taxable distribution. 1040 long form Reporting Early Distributions By January 31, 2014, the payer of your IRA distribution should send you Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. 1040 long form The information on this form will help you determine how much of your distribution is taxable for income tax purposes and how much is subject to the 10% additional tax. 1040 long form If you received an early distribution from your IRA, you must report the taxable earnings on Form 1040, line 15b (Form 1040NR, line 16b). 1040 long form Then, if you qualify for an exception for qualified higher education expenses, you must file Form 5329 to show how much, if any, of your early distribution is subject to the 10% additional tax. 1040 long form See the Instructions for Form 5329, Part I, for help in completing the form and entering the results on Form 1040 or 1040NR. 1040 long form There are many other situations in which Form 5329 is required. 1040 long form If, during 2013, you had other distributions from IRAs or qualified retirement plans, or have made excess contributions to certain tax-favored accounts, see the instructions for line 58 (Form 1040) or line 56 (Form 1040NR) to determine if you must file Form 5329. 1040 long form Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of Severe Storms, Tornadoes, Flooding, Mudslides and Landslides in West Virginia

Updated 4/19/2012 to include Harrison, Preston and Wayne counties

WVA-2012-1, March 19, 2012

CHARLESTON — Victims of the severe storms, tornadoes, flooding, mudslides and landslides that began on Feb. 29, 2012 in parts of West Virginia may qualify for tax relief from the Internal Revenue Service.

The President has declared Harrison, Lincoln, Marion, Preston, Taylor and Wayne counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Feb. 29, and on or before May 31, have been postponed to May 31, 2012. This includes the April 17 deadline for filing 2011 individual income tax returns, making income tax payments and making 2011 contributions to an individual retirement account (IRA).  

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Feb. 29, and on or before March 15, as long as the deposits are made by March 15, 2012.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until May 31 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Feb. 29 and on or before May 31.

The IRS also gives affected taxpayers until May 31 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Feb. 29 and on or before May 31.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Feb. 29 and on or before March 15 provided the taxpayer makes these deposits by March 15.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “West Virginia/Severe Storms, Tornadoes, Flooding, Mudslides, and Landslides” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 800-TAX-FORM (800-829-3676). The IRS toll-free number for general tax questions is 800-829-1040.

Related Information

Page Last Reviewed or Updated: 06-Mar-2014

The 1040 Long Form

1040 long form Publication 534 - Introductory Material Table of Contents Important Change for 1995 Introduction How To Use This Publication Important Change for 1995 Major changes to Publications 534 and 946. 1040 long form  This publication, as well as Publication 946,How To Depreciate Property, has been changed. 1040 long form Publication 534 has been shortened. 1040 long form It no longer contains general information on MACRS and the section 179 deduction. 1040 long form It contains a discussion of the accelerated cost recovery system (ACRS), the ACRS Percentage Tables, a discussion of other methods of depreciation, and a limited discussion of listed property. 1040 long form We expanded Publication 946 by adding material taken from Publication 534. 1040 long form We added more detail to the discussions of the section 179 deduction, the modified accelerated cost recovery system (MACRS), and listed property. 1040 long form We replaced the partialMACRS Percentage Tables with the complete ones from Publication 534. 1040 long form We also added the Table of Class Lives and Recovery Periods from Publication 534. 1040 long form We made these changes to eliminate most of the duplication that existed in the two publications. 1040 long form This will save money and make it easier for you to decide which publication you need. 1040 long form Use this publication to figure depreciation on property you placed in service before 1987; use Publication 946 to figure depreciation on property you placed in service after 1986. 1040 long form Introduction The law allows you to recover your cost in business or income-producing property through yearly tax deductions. 1040 long form You do this by depreciating your property, that is, by deducting some of your cost on your tax return each year. 1040 long form You can depreciate both tangible property, such as a car, building, or machinery, and certain intangible property, such as a copyright or a patent. 1040 long form The amount you can deduct depends on: How much the property cost, When you began using it, How long it will take to recover your cost, and Which of several depreciation methods you use. 1040 long form Depreciation defined. 1040 long form   Depreciation is a loss in the value of property over the time the property is being used. 1040 long form Events that can cause property to depreciate include wear and tear, age, deterioration, and obsolescence. 1040 long form You can get back your cost of certain property, such as equipment you use in your business or property used for the production of income by taking deductions for depreciation. 1040 long form Black's Law Dictionary Amortization. 1040 long form   Amortization is similar to depreciation. 1040 long form Using amortization, you can recover your cost or basis in certain property proportionately over a specific number of years or months. 1040 long form Examples of costs you can amortize are the costs of starting a business, reforestation, and pollution control facilities. 1040 long form You can find information on amortization inchapter 12 of Publication 535, Business Expenses. 1040 long form Alternative minimum tax. 1040 long form   If you use accelerated depreciation for real property, or personal property that is leased to others, you may be liable for the alternative minimum tax. 1040 long form Accelerated depreciation is any method, that allows recovery at a faster rate in the earlier years than the straight line method. 1040 long form For more information, you may wish to see the following: Form 6251, Alternative Minimum Tax-Individuals, and Publication 542, Tax Information on Corporations. 1040 long form Ordering publications and forms. 1040 long form   To order free publications and forms, 1-800-TAX-FORM (1-800-829-3676). 1040 long form You can also write to the IRS Forms Distribution Center nearest you. 1040 long form Check your income tax package for the address. 1040 long form   If you have access to a personal computer and a modem, you can also get many forms and publications electronically. 1040 long form See How To Get Forms and Publications in your income tax package for details. 1040 long form Telephone help. 1040 long form   You can call the IRS with your tax question Monday through Friday during regular business hours. 1040 long form Check your telephone book for the local number or you can call1-800-829-1040. 1040 long form Telephone help for hearing-impaired persons. 1040 long form   If you have access to TDD equipment, you can call 1-800-829-4059 with your tax question or to order forms and publications. 1040 long form See your tax package for the hours of operation. 1040 long form How To Use This Publication This publication describes the kinds of property that can be depreciated and the methods used to figure depreciation on property placed in service before 1987. 1040 long form It is divided into three chapters and contains an appendix. 1040 long form Chapter 1 explains the rules for depreciating property under the Accelerated Cost Recovery System (ACRS). 1040 long form Chapter 2 explains the rules for depreciating property first used before 1981. 1040 long form Chapter 3 explains the rules for listed property. 1040 long form Also this chapter defines listed property. 1040 long form The appendix contains the ACRS Percentage Tables. 1040 long form Prev  Up  Next   Home   More Online Publications