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1040ez Filing

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1040ez Filing

1040ez filing 8. 1040ez filing   Dividends and Other Distributions Table of Contents Reminder Introduction Useful Items - You may want to see: General InformationDividends not reported on Form 1099-DIV. 1040ez filing Reporting tax withheld. 1040ez filing Nominees. 1040ez filing Ordinary DividendsQualified Dividends Dividends Used to Buy More Stock Money Market Funds Capital Gain DistributionsBasis adjustment. 1040ez filing Nondividend DistributionsLiquidating Distributions Distributions of Stock and Stock Rights Other DistributionsInformation reporting requirement. 1040ez filing Alternative minimum tax treatment. 1040ez filing How To Report Dividend IncomeInvestment interest deducted. 1040ez filing Reminder Foreign-source income. 1040ez filing  If you are a U. 1040ez filing S. 1040ez filing citizen with dividend income from sources outside the United States (foreign-source income), you must report that income on your tax return unless it is exempt by U. 1040ez filing S. 1040ez filing law. 1040ez filing 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. 1040ez filing Introduction This chapter discusses the tax treatment of: Ordinary dividends, Capital gain distributions, Nondividend distributions, and Other distributions you may receive from a corporation or a mutual fund. 1040ez filing This chapter also explains how to report dividend income on your tax return. 1040ez filing Dividends are distributions of money, stock, or other property paid to you by a corporation or by a mutual fund. 1040ez filing You also may receive dividends through a partnership, an estate, a trust, or an association that is taxed as a corporation. 1040ez filing However, some amounts you receive that are called dividends are actually interest income. 1040ez filing (See Dividends that are actually interest under Taxable Interest in chapter 7. 1040ez filing ) Most distributions are paid in cash (or check). 1040ez filing However, distributions can consist of more stock, stock rights, other property, or services. 1040ez filing Useful Items - You may want to see: Publication 514 Foreign Tax Credit for Individuals 550 Investment Income and Expenses Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends General Information This section discusses general rules for dividend income. 1040ez filing Tax on unearned income of certain children. 1040ez filing   Part of a child's 2013 unearned income may be taxed at the parent's tax rate. 1040ez filing If it is, Form 8615, Tax for Certain Children Who Have Unearned Income, must be completed and attached to the child's tax return. 1040ez filing If not, Form 8615 is not required and the child's income is taxed at his or her own tax rate. 1040ez filing    Some parents can choose to include the child's interest and dividends on the parent's return if certain requirements are met. 1040ez filing Use Form 8814, Parents' Election To Report Child's Interest and Dividends, for this purpose. 1040ez filing   For more information about the tax on unearned income of children and the parents' election, see chapter 31. 1040ez filing Beneficiary of an estate or trust. 1040ez filing    Dividends and other distributions you receive as a beneficiary of an estate or trust are generally taxable income. 1040ez filing You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. 1040ez filing , from the fiduciary. 1040ez filing Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. 1040ez filing Social security number (SSN) or individual taxpayer identification number (ITIN). 1040ez filing    You must give your SSN or ITIN to any person required by federal tax law to make a return, statement, or other document that relates to you. 1040ez filing This includes payers of dividends. 1040ez filing If you do not give your SSN or ITIN to the payer of dividends, you may have to pay a penalty. 1040ez filing For more information on SSNs and ITINs, see Social Security Number (SSN) in chapter 1. 1040ez filing Backup withholding. 1040ez filing   Your dividend income is generally not subject to regular withholding. 1040ez filing However, it may be subject to backup withholding to ensure that income tax is collected on the income. 1040ez filing Under backup withholding, the payer of dividends must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. 1040ez filing   Backup withholding may also be required if the IRS has determined that you underreported your interest or dividend income. 1040ez filing For more information, see Backup Withholding in chapter 4. 1040ez filing Stock certificate in two or more names. 1040ez filing   If two or more persons hold stock as joint tenants, tenants by the entirety, or tenants in common, each person's share of any dividends from the stock is determined by local law. 1040ez filing Form 1099-DIV. 1040ez filing   Most corporations and mutual funds use Form 1099-DIV, Dividends and Distributions, to show you the distributions you received from them during the year. 1040ez filing Keep this form with your records. 1040ez filing You do not have to attach it to your tax return. 1040ez filing Dividends not reported on Form 1099-DIV. 1040ez filing   Even if you do not receive Form 1099-DIV, you must still report all your taxable dividend income. 1040ez filing For example, you may receive distributive shares of dividends from partnerships or S corporations. 1040ez filing These dividends are reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. 1040ez filing , and Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. 1040ez filing Reporting tax withheld. 1040ez filing   If tax is withheld from your dividend income, the payer must give you a Form 1099-DIV that indicates the amount withheld. 1040ez filing Nominees. 1040ez filing   If someone receives distributions as a nominee for you, that person should give you a Form 1099-DIV, which will show distributions received on your behalf. 1040ez filing Form 1099-MISC. 1040ez filing   Certain substitute payments in lieu of dividends or tax-exempt interest received by a broker on your behalf must be reported to you on Form 1099-MISC, Miscellaneous Income, or a similar statement. 1040ez filing See Reporting Substitute Payments under Short Sales in chapter 4 of Publication 550 for more information about reporting these payments. 1040ez filing Incorrect amount shown on a Form 1099. 1040ez filing   If you receive a Form 1099 that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. 1040ez filing The new Form 1099 you receive will be marked “Corrected. 1040ez filing ” Dividends on stock sold. 1040ez filing   If stock is sold, exchanged, or otherwise disposed of after a dividend is declared but before it is paid, the owner of record (usually the payee shown on the dividend check) must include the dividend in income. 1040ez filing Dividends received in January. 1040ez filing   If a mutual fund (or other regulated investment company) or real estate investment trust (REIT) declares a dividend (including any exempt-interest dividend or capital gain distribution) in October, November, or December, payable to shareholders of record on a date in one of those months but actually pays the dividend during January of the next calendar year, you are considered to have received the dividend on December 31. 1040ez filing You report the dividend in the year it was declared. 1040ez filing Ordinary Dividends Ordinary (taxable) dividends are the most common type of distribution from a corporation or a mutual fund. 1040ez filing They are paid out of earnings and profits and are ordinary income to you. 1040ez filing This means they are not capital gains. 1040ez filing You can assume that any dividend you receive on common or preferred stock is an ordinary dividend unless the paying corporation or mutual fund tells you otherwise. 1040ez filing Ordinary dividends will be shown in box 1a of the Form 1099-DIV you receive. 1040ez filing Qualified Dividends Qualified dividends are the ordinary dividends subject to the same 0%, 15%, or 20% maximum tax rate that applies to net capital gain. 1040ez filing They should be shown in box 1b of the Form 1099-DIV you receive. 1040ez filing The maximum rate of tax on qualified dividends is: 0% on any amount that otherwise would be taxed at a 10% or 15% rate. 1040ez filing 15% on any amount that otherwise would be taxed at rates greater than 15% but less than 39. 1040ez filing 6%. 1040ez filing 20% on any amount that otherwise would be taxed at a 39. 1040ez filing 6% rate. 1040ez filing To qualify for the maximum rate, all of the following requirements must be met. 1040ez filing The dividends must have been paid by a U. 1040ez filing S. 1040ez filing corporation or a qualified foreign corporation. 1040ez filing (See Qualified foreign corporation , later. 1040ez filing ) The dividends are not of the type listed later under Dividends that are not qualified dividends . 1040ez filing You meet the holding period (discussed next). 1040ez filing Holding period. 1040ez filing   You must have held the stock for more than 60 days during the 121-day period that begins 60 days before the ex-dividend date. 1040ez filing The ex-dividend date is the first date following the declaration of a dividend on which the buyer of a stock is not entitled to receive the next dividend payment. 1040ez filing Instead, the seller will get the dividend. 1040ez filing   When counting the number of days you held the stock, include the day you disposed of the stock, but not the day you acquired it. 1040ez filing See the examples later. 1040ez filing Exception for preferred stock. 1040ez filing   In the case of preferred stock, you must have held the stock more than 90 days during the 181-day period that begins 90 days before the ex-dividend date if the dividends are due to periods totaling more than 366 days. 1040ez filing If the preferred dividends are due to periods totaling less than 367 days, the holding period in the previous paragraph applies. 1040ez filing Example 1. 1040ez filing You bought 5,000 shares of XYZ Corp. 1040ez filing common stock on July 9, 2013. 1040ez filing XYZ Corp. 1040ez filing paid a cash dividend of 10 cents per share. 1040ez filing The ex-dividend date was July 16, 2013. 1040ez filing Your Form 1099-DIV from XYZ Corp. 1040ez filing shows $500 in box 1a (ordinary dividends) and in box 1b (qualified dividends). 1040ez filing However, you sold the 5,000 shares on August 12, 2013. 1040ez filing You held your shares of XYZ Corp. 1040ez filing for only 34 days of the 121-day period (from July 10, 2013, through August 12, 2013). 1040ez filing The 121-day period began on May 17, 2013 (60 days before the ex-dividend date), and ended on September 14, 2013. 1040ez filing You have no qualified dividends from XYZ Corp. 1040ez filing because you held the XYZ stock for less than 61 days. 1040ez filing Example 2. 1040ez filing Assume the same facts as in Example 1 except that you bought the stock on July 15, 2013 (the day before the ex-dividend date), and you sold the stock on September 16, 2013. 1040ez filing You held the stock for 63 days (from July 16, 2013, through September 16, 2013). 1040ez filing The $500 of qualified dividends shown in box 1b of your Form 1099-DIV are all qualified dividends because you held the stock for 61 days of the 121-day period (from July 16, 2013, through September 14, 2013). 1040ez filing Example 3. 1040ez filing You bought 10,000 shares of ABC Mutual Fund common stock on July 9, 2013. 1040ez filing ABC Mutual Fund paid a cash dividend of 10 cents a share. 1040ez filing The ex-dividend date was July 16, 2013. 1040ez filing The ABC Mutual Fund advises you that the portion of the dividend eligible to be treated as qualified dividends equals 2 cents per share. 1040ez filing Your Form 1099-DIV from ABC Mutual Fund shows total ordinary dividends of $1,000 and qualified dividends of $200. 1040ez filing However, you sold the 10,000 shares on August 12, 2013. 1040ez filing You have no qualified dividends from ABC Mutual Fund because you held the ABC Mutual Fund stock for less than 61 days. 1040ez filing Holding period reduced where risk of loss is diminished. 1040ez filing   When determining whether you met the minimum holding period discussed earlier, you cannot count any day during which you meet any of the following conditions. 1040ez filing You had an option to sell, were under a contractual obligation to sell, or had made (and not closed) a short sale of substantially identical stock or securities. 1040ez filing You were grantor (writer) of an option to buy substantially identical stock or securities. 1040ez filing Your risk of loss is diminished by holding one or more other positions in substantially similar or related property. 1040ez filing   For information about how to apply condition (3), see Regulations section 1. 1040ez filing 246-5. 1040ez filing Qualified foreign corporation. 1040ez filing   A foreign corporation is a qualified foreign corporation if it meets any of the following conditions. 1040ez filing The corporation is incorporated in a U. 1040ez filing S. 1040ez filing possession. 1040ez filing The corporation is eligible for the benefits of a comprehensive income tax treaty with the United States that the Treasury Department determines is satisfactory for this purpose and that includes an exchange of information program. 1040ez filing For a list of those treaties, see Table 8-1. 1040ez filing The corporation does not meet (1) or (2) above, but the stock for which the dividend is paid is readily tradable on an established securities market in the United States. 1040ez filing See Readily tradable stock , later. 1040ez filing Exception. 1040ez filing   A corporation is not a qualified foreign corporation if it is a passive foreign investment company during its tax year in which the dividends are paid or during its previous tax year. 1040ez filing Readily tradable stock. 1040ez filing   Any stock (such as common, ordinary, or preferred) or an American depositary receipt in respect of that stock is considered to satisfy requirement (3) under Qualified foreign corporation , if it is listed on a national securities exchange that is registered under section 6 of the Securities Exchange Act of 1934 or on the Nasdaq Stock Market. 1040ez filing For a list of the exchanges that meet these requirements, see www. 1040ez filing sec. 1040ez filing gov/divisions/marketreg/mrexchanges. 1040ez filing shtml. 1040ez filing Dividends that are not qualified dividends. 1040ez filing   The following dividends are not qualified dividends. 1040ez filing They are not qualified dividends even if they are shown in box 1b of Form 1099-DIV. 1040ez filing Capital gain distributions. 1040ez filing Dividends paid on deposits with mutual savings banks, cooperative banks, credit unions, U. 1040ez filing S. 1040ez filing building and loan associations, U. 1040ez filing S. 1040ez filing savings and loan associations, federal savings and loan associations, and similar financial institutions. 1040ez filing (Report these amounts as interest income. 1040ez filing ) Dividends from a corporation that is a tax-exempt organization or farmer's cooperative during the corporation's tax year in which the dividends were paid or during the corporation's previous tax year. 1040ez filing Dividends paid by a corporation on employer securities held on the date of record by an employee stock ownership plan (ESOP) maintained by that corporation. 1040ez filing Dividends on any share of stock to the extent you are obligated (whether under a short sale or otherwise) to make related payments for positions in substantially similar or related property. 1040ez filing Payments in lieu of dividends, but only if you know or have reason to know the payments are not qualified dividends. 1040ez filing Payments shown in Form 1099-DIV, box 1b, from a foreign corporation to the extent you know or have reason to know the payments are not qualified dividends. 1040ez filing Table 8-1. 1040ez filing Income Tax Treaties Income tax treaties the United States has with the following countries satisfy requirement (2) under Qualified foreign corporation. 1040ez filing Australia Indonesia Romania Austria Ireland Russian Bangladesh Israel Federation Barbados Italy Slovak Belgium Jamaica Republic Bulgaria Japan Slovenia Canada Kazakhstan South Africa China Korea Spain Cyprus Latvia Sri Lanka Czech Lithuania Sweden Republic Luxembourg Switzerland Denmark Malta Thailand Egypt Mexico Trinidad and Estonia Morocco Tobago Finland Netherlands Tunisia France New Zealand Turkey Germany Norway Ukraine Greece Pakistan United Hungary Philippines Kingdom Iceland Poland Venezuela India Portugal     Dividends Used to Buy More Stock The corporation in which you own stock may have a dividend reinvestment plan. 1040ez filing This plan lets you choose to use your dividends to buy (through an agent) more shares of stock in the corporation instead of receiving the dividends in cash. 1040ez filing Most mutual funds also permit shareholders to automatically reinvest distributions in more shares in the fund, instead of receiving cash. 1040ez filing If you use your dividends to buy more stock at a price equal to its fair market value, you still must report the dividends as income. 1040ez filing If you are a member of a dividend reinvestment plan that lets you buy more stock at a price less than its fair market value, you must report as dividend income the fair market value of the additional stock on the dividend payment date. 1040ez filing You also must report as dividend income any service charge subtracted from your cash dividends before the dividends are used to buy the additional stock. 1040ez filing But you may be able to deduct the service charge. 1040ez filing See chapter 28 for more information about deducting expenses of producing income. 1040ez filing In some dividend reinvestment plans, you can invest more cash to buy shares of stock at a price less than fair market value. 1040ez filing If you choose to do this, you must report as dividend income the difference between the cash you invest and the fair market value of the stock you buy. 1040ez filing When figuring this amount, use the fair market value of the stock on the dividend payment date. 1040ez filing Money Market Funds Report amounts you receive from money market funds as dividend income. 1040ez filing Money market funds are a type of mutual fund and should not be confused with bank money market accounts that pay interest. 1040ez filing Capital Gain Distributions Capital gain distributions (also called capital gain dividends) are paid to you or credited to your account by mutual funds (or other regulated investment companies) and real estate investment trusts (REITs). 1040ez filing They will be shown in box 2a of the Form 1099-DIV you receive from the mutual fund or REIT. 1040ez filing Report capital gain distributions as long-term capital gains, regardless of how long you owned your shares in the mutual fund or REIT. 1040ez filing Undistributed capital gains of mutual funds and REITs. 1040ez filing    Some mutual funds and REITs keep their long-term capital gains and pay tax on them. 1040ez filing You must treat your share of these gains as distributions, even though you did not actually receive them. 1040ez filing However, they are not included on Form 1099-DIV. 1040ez filing Instead, they are reported to you in box 1a of Form 2439. 1040ez filing   Report undistributed capital gains (box 1a of Form 2439) as long-term capital gains on Schedule D (Form 1040), column (h), line 11. 1040ez filing   The tax paid on these gains by the mutual fund or REIT is shown in box 2 of Form 2439. 1040ez filing You take credit for this tax by including it on Form 1040, line 71, and checking box a on that line. 1040ez filing Attach Copy B of Form 2439 to your return, and keep Copy C for your records. 1040ez filing Basis adjustment. 1040ez filing   Increase your basis in your mutual fund, or your interest in a REIT, by the difference between the gain you report and the credit you claim for the tax paid. 1040ez filing Additional information. 1040ez filing   For more information on the treatment of distributions from mutual funds, see Publication 550. 1040ez filing Nondividend Distributions A nondividend distribution is a distribution that is not paid out of the earnings and profits of a corporation or a mutual fund. 1040ez filing You should receive a Form 1099-DIV or other statement showing the nondividend distribution. 1040ez filing On Form 1099-DIV, a nondividend distribution will be shown in box 3. 1040ez filing If you do not receive such a statement, you report the distribution as an ordinary dividend. 1040ez filing Basis adjustment. 1040ez filing   A nondividend distribution reduces the basis of your stock. 1040ez filing It is not taxed until your basis in the stock is fully recovered. 1040ez filing This nontaxable portion is also called a return of capital; it is a return of your investment in the stock of the company. 1040ez filing If you buy stock in a corporation in different lots at different times, and you cannot definitely identify the shares subject to the nondividend distribution, reduce the basis of your earliest purchases first. 1040ez filing   When the basis of your stock has been reduced to zero, report any additional nondividend distribution you receive as a capital gain. 1040ez filing Whether you report it as a long-term or short-term capital gain depends on how long you have held the stock. 1040ez filing See Holding Period in chapter 14. 1040ez filing Example. 1040ez filing You bought stock in 2000 for $100. 1040ez filing In 2003, you received a nondividend distribution of $80. 1040ez filing You did not include this amount in your income, but you reduced the basis of your stock to $20. 1040ez filing You received a nondividend distribution of $30 in 2013. 1040ez filing The first $20 of this amount reduced your basis to zero. 1040ez filing You report the other $10 as a long-term capital gain for 2013. 1040ez filing You must report as a long-term capital gain any nondividend distribution you receive on this stock in later years. 1040ez filing Liquidating Distributions Liquidating distributions, sometimes called liquidating dividends, are distributions you receive during a partial or complete liquidation of a corporation. 1040ez filing These distributions are, at least in part, one form of a return of capital. 1040ez filing They may be paid in one or more installments. 1040ez filing You will receive Form 1099-DIV from the corporation showing you the amount of the liquidating distribution in box 8 or 9. 1040ez filing For more information on liquidating distributions, see chapter 1 of Publication 550. 1040ez filing Distributions of Stock and Stock Rights Distributions by a corporation of its own stock are commonly known as stock dividends. 1040ez filing Stock rights (also known as “stock options”) are distributions by a corporation of rights to acquire the corporation's stock. 1040ez filing Generally, stock dividends and stock rights are not taxable to you, and you do not report them on your return. 1040ez filing Taxable stock dividends and stock rights. 1040ez filing   Distributions of stock dividends and stock rights are taxable to you if any of the following apply. 1040ez filing You or any other shareholder have the choice to receive cash or other property instead of stock or stock rights. 1040ez filing The distribution gives cash or other property to some shareholders and an increase in the percentage interest in the corporation's assets or earnings and profits to other shareholders. 1040ez filing The distribution is in convertible preferred stock and has the same result as in (2). 1040ez filing The distribution gives preferred stock to some common stock shareholders and common stock to other common stock shareholders. 1040ez filing The distribution is on preferred stock. 1040ez filing (The distribution, however, is not taxable if it is an increase in the conversion ratio of convertible preferred stock made solely to take into account a stock dividend, stock split, or similar event that would otherwise result in reducing the conversion right. 1040ez filing )   The term “stock” includes rights to acquire stock, and the term “shareholder” includes a holder of rights or of convertible securities. 1040ez filing If you receive taxable stock dividends or stock rights, include their fair market value at the time of distribution in your income. 1040ez filing Preferred stock redeemable at a premium. 1040ez filing   If you hold preferred stock having a redemption price higher than its issue price, the difference (the redemption premium) generally is taxable as a constructive distribution of additional stock on the preferred stock. 1040ez filing For more information, see chapter 1 of Publication 550. 1040ez filing Basis. 1040ez filing   Your basis in stock or stock rights received in a taxable distribution is their fair market value when distributed. 1040ez filing If you receive stock or stock rights that are not taxable to you, see Stocks and Bonds under Basis of Investment Property in chapter 4 of Publication 550 for information on how to figure their basis. 1040ez filing Fractional shares. 1040ez filing    You may not own enough stock in a corporation to receive a full share of stock if the corporation declares a stock dividend. 1040ez filing However, with the approval of the shareholders, the corporation may set up a plan in which fractional shares are not issued but instead are sold, and the cash proceeds are given to the shareholders. 1040ez filing Any cash you receive for fractional shares under such a plan is treated as an amount realized on the sale of the fractional shares. 1040ez filing Report this transaction on Form 8949, Sales and Other Dispositions of Capital Assets. 1040ez filing Enter your gain or loss, the difference between the cash you receive and the basis of the fractional shares sold, in column (h) of Schedule D (Form 1040) in Part I or Part II, whichever is appropriate. 1040ez filing    Report these transactions on Form 8949 with the correct box checked. 1040ez filing   For more information on Form 8949 and Schedule D (Form 1040), see chapter 4 of Publication 550. 1040ez filing Also see the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040). 1040ez filing Example. 1040ez filing You own one share of common stock that you bought on January 3, 2004, for $100. 1040ez filing The corporation declared a common stock dividend of 5% on June 29, 2013. 1040ez filing The fair market value of the stock at the time the stock dividend was declared was $200. 1040ez filing You were paid $10 for the fractional-share stock dividend under a plan described in the discussion above. 1040ez filing You figure your gain or loss as follows: Fair market value of old stock $200. 1040ez filing 00 Fair market value of stock dividend (cash received) +10. 1040ez filing 00 Fair market value of old stock and stock dividend $210. 1040ez filing 00 Basis (cost) of old stock after the stock dividend (($200 ÷ $210) × $100) $95. 1040ez filing 24 Basis (cost) of stock dividend (($10 ÷ $210) × $100) + 4. 1040ez filing 76 Total $100. 1040ez filing 00 Cash received $10. 1040ez filing 00 Basis (cost) of stock dividend − 4. 1040ez filing 76 Gain $5. 1040ez filing 24 Because you had held the share of stock for more than 1 year at the time the stock dividend was declared, your gain on the stock dividend is a long-term capital gain. 1040ez filing Scrip dividends. 1040ez filing   A corporation that declares a stock dividend may issue you a scrip certificate that entitles you to a fractional share. 1040ez filing The certificate is generally nontaxable when you receive it. 1040ez filing If you choose to have the corporation sell the certificate for you and give you the proceeds, your gain or loss is the difference between the proceeds and the portion of your basis in the corporation's stock allocated to the certificate. 1040ez filing   However, if you receive a scrip certificate that you can choose to redeem for cash instead of stock, the certificate is taxable when you receive it. 1040ez filing You must include its fair market value in income on the date you receive it. 1040ez filing Other Distributions You may receive any of the following distributions during the year. 1040ez filing Exempt-interest dividends. 1040ez filing   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. 1040ez filing Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. 1040ez filing Information reporting requirement. 1040ez filing   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file a return. 1040ez filing This is an information reporting requirement and does not change the exempt-interest dividends to taxable income. 1040ez filing Alternative minimum tax treatment. 1040ez filing   Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. 1040ez filing See Alternative Minimum Tax (AMT) in chapter 30 for more information. 1040ez filing Dividends on insurance policies. 1040ez filing    Insurance policy dividends the insurer keeps and uses to pay your premiums are not taxable. 1040ez filing However, you must report as taxable interest income the interest that is paid or credited on dividends left with the insurance company. 1040ez filing    If dividends on an insurance contract (other than a modified endowment contract) are distributed to you, they are a partial return of the premiums you paid. 1040ez filing Do not include them in your gross income until they are more than the total of all net premiums you paid for the contract. 1040ez filing Report any taxable distributions on insurance policies on Form 1040, line 21. 1040ez filing Dividends on veterans' insurance. 1040ez filing   Dividends you receive on veterans' insurance policies are not taxable. 1040ez filing In addition, interest on dividends left with the Department of Veterans Affairs is not taxable. 1040ez filing Patronage dividends. 1040ez filing   Generally, patronage dividends you receive in money from a cooperative organization are included in your income. 1040ez filing   Do not include in your income patronage dividends you receive on: Property bought for your personal use, or Capital assets or depreciable property bought for use in your business. 1040ez filing But you must reduce the basis (cost) of the items bought. 1040ez filing If the dividend is more than the adjusted basis of the assets, you must report the excess as income. 1040ez filing   These rules are the same whether the cooperative paying the dividend is a taxable or tax-exempt cooperative. 1040ez filing Alaska Permanent Fund dividends. 1040ez filing    Do not report these amounts as dividends. 1040ez filing Instead, report these amounts on Form 1040, line 21; Form 1040A, line 13; or Form 1040EZ, line 3. 1040ez filing How To Report Dividend Income Generally, you can use either Form 1040 or Form 1040A to report your dividend income. 1040ez filing Report the total of your ordinary dividends on line 9a of Form 1040 or Form 1040A. 1040ez filing Report qualified dividends on line 9b of Form 1040 or Form 1040A. 1040ez filing If you receive capital gain distributions, you may be able to use Form 1040A or you may have to use Form 1040. 1040ez filing See Exceptions to filing Form 8949 and Schedule D (Form 1040) in chapter 16. 1040ez filing If you receive nondividend distributions required to be reported as capital gains, you must use Form 1040. 1040ez filing You cannot use Form 1040EZ if you receive any dividend income. 1040ez filing Form 1099-DIV. 1040ez filing   If you owned stock on which you received $10 or more in dividends and other distributions, you should receive a Form 1099-DIV. 1040ez filing Even if you do not receive Form 1099-DIV, you must report all your dividend income. 1040ez filing   See Form 1099-DIV for more information on how to report dividend income. 1040ez filing Form 1040A or 1040. 1040ez filing    You must complete Schedule B (Form 1040A or 1040), Part II, and attach it to your Form 1040A or 1040, if: Your ordinary dividends (Form 1099-DIV, box 1a) are more than $1,500, or You received, as a nominee, dividends that actually belong to someone else. 1040ez filing If your ordinary dividends are more than $1,500, you must also complete Schedule B (Form 1040A or 1040), Part III. 1040ez filing   List on Schedule B (Form 1040A or 1040), Part II, line 5, each payer's name and the ordinary dividends you received. 1040ez filing If your securities are held by a brokerage firm (in “street name”), list the name of the brokerage firm shown on Form 1099-DIV as the payer. 1040ez filing If your stock is held by a nominee who is the owner of record, and the nominee credited or paid you dividends on the stock, show the name of the nominee and the dividends you received or for which you were credited. 1040ez filing   Enter on line 6 the total of the amounts listed on line 5. 1040ez filing Also enter this total on line 9a of Form 1040A or 1040. 1040ez filing Qualified dividends. 1040ez filing   Report qualified dividends (Form 1099-DIV, box 1b) on line 9b of Form 1040 or Form 1040A. 1040ez filing The amount in box 1b is already included in box 1a. 1040ez filing Do not add the amount in box 1b to, or substract it from, the amount in box 1a. 1040ez filing   Do not include any of the following on line 9b. 1040ez filing Qualified dividends you received as a nominee. 1040ez filing See Nominees under How to Report Dividend Income in chapter 1 of Publication 550. 1040ez filing Dividends on stock for which you did not meet the holding period. 1040ez filing See Holding period , earlier under Qualified Dividends. 1040ez filing Dividends on any share of stock to the extent you are obligated (whether under a short sale or otherwise) to make related payments for positions in substantially similar or related property. 1040ez filing Payments in lieu of dividends, but only if you know or have reason to know the payments are not qualified dividends. 1040ez filing Payments shown in Form 1099-DIV, box 1b, from a foreign corporation to the extent you know or have reason to know the payments are not qualified dividends. 1040ez filing   If you have qualified dividends, you must figure your tax by completing the Qualified Dividends and Capital Gain Tax Worksheet in the Form 1040 or 1040A instructions or the Schedule D Tax Worksheet in the Schedule D (Form 1040) instructions, whichever applies. 1040ez filing Enter qualified dividends on line 2 of the worksheet. 1040ez filing Investment interest deducted. 1040ez filing   If you claim a deduction for investment interest, you may have to reduce the amount of your qualified dividends that are eligible for the 0%, 15%, or 20% tax rate. 1040ez filing Reduce it by the qualified dividends you choose to include in investment income when figuring the limit on your investment interest deduction. 1040ez filing This is done on the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet. 1040ez filing For more information about the limit on investment interest, see Investment expenses in chapter 23. 1040ez filing Expenses related to dividend income. 1040ez filing   You may be able to deduct expenses related to dividend income if you itemize your deductions on Schedule A (Form 1040). 1040ez filing See chapter 28 for general information about deducting expenses of producing income. 1040ez filing More information. 1040ez filing    For more information about how to report dividend income, see chapter 1 of Publication 550 or the instructions for the form you must file. 1040ez filing Prev  Up  Next   Home   More Online Publications
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Letter 2604C Frequently Asked Questions (FAQs)

What is the letter telling me?

This letter is telling you we have accepted your oral or written request to pay what you owe IRS in installments. It provides you with a specific dollar amount to pay each month and when your payment is due. It also provides the address that your payments should be mailed to. Included is the dollar amount for the fee we charge to establish an agreement. The amount varies depending on the type of agreement that is established. The letter also provides instructions on how to apply for the Low Income Fee Reduction (if you qualify).

What do I have to do?

The letter tells you what your payment due date is. You should mail your payment to us 5 days prior to the due date. It tells you what items you need to put on your check so it can be correctly identified and applied to your account.

How much time do I have?

The letter will tell you when your first payment is due.

What happens if I don't take any action?

If you fail to make your payments the IRS can begin enforcement action by placing a levy on your bank account or wages or file a lien on personal property.

Who should I contact?

If you have any questions about this letter, call us at the number printed in the letter. The person who answers the phone will assist you.

What if I don't agree or have already taken corrective action?

If you do not agree with this letter, call us immediately at the number included. We will do our best to help you. If you have called us about this matter before, but we did not correct the problem, you may want to contact the Office of the Taxpayer Advocate.

Page Last Reviewed or Updated: 30-Jan-2014

The 1040ez Filing

1040ez filing 20. 1040ez filing   Standard Deduction Table of Contents What's New Introduction Standard Deduction Amount Standard Deduction for Dependents Who Should ItemizeWhen to itemize. 1040ez filing Married persons who filed separate returns. 1040ez filing What's New Standard deduction increased. 1040ez filing  The standard deduction for some taxpayers who do not itemize their deductions on Schedule A (Form 1040) is higher for 2013 than it was for 2012. 1040ez filing The amount depends on your filing status. 1040ez filing You can use the 2013 Standard Deduction Tables in this chapter to figure your standard deduction. 1040ez filing Introduction This chapter discusses the following topics. 1040ez filing How to figure the amount of your standard deduction. 1040ez filing The standard deduction for dependents. 1040ez filing Who should itemize deductions. 1040ez filing Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. 1040ez filing If you have a choice, you can use the method that gives you the lower tax. 1040ez filing The standard deduction is a dollar amount that reduces your taxable income. 1040ez filing It is a benefit that eliminates the need for many taxpayers to itemize actual deductions, such as medical expenses, charitable contributions, and taxes, on Schedule A (Form 1040). 1040ez filing The standard deduction is higher for taxpayers who: Are 65 or older, or Are blind. 1040ez filing You benefit from the standard deduction if your standard deduction is more than the total of your allowable itemized deductions. 1040ez filing Persons not eligible for the standard deduction. 1040ez filing   Your standard deduction is zero and you should itemize any deductions you have if: Your filing status is married filing separately, and your spouse itemizes deductions on his or her return, You are filing a tax return for a short tax year because of a change in your annual accounting period, or You are a nonresident or dual-status alien during the year. 1040ez filing You are considered a dual-status alien if you were both a nonresident and resident alien during the year. 1040ez filing Note. 1040ez filing If you are a nonresident alien who is married to a U. 1040ez filing S. 1040ez filing citizen or resident alien at the end of the year, you can choose to be treated as a U. 1040ez filing S. 1040ez filing resident. 1040ez filing (See Publication 519, U. 1040ez filing S. 1040ez filing Tax Guide for Aliens. 1040ez filing ) If you make this choice, you can take the standard deduction. 1040ez filing If an exemption for you can be claimed on another person's return (such as your parents' return), your standard deduction may be limited. 1040ez filing See Standard Deduction for Dependents, later. 1040ez filing Standard Deduction Amount The standard deduction amount depends on your filing status, whether you are 65 or older or blind, and whether an exemption can be claimed for you by another taxpayer. 1040ez filing Generally, the standard deduction amounts are adjusted each year for inflation. 1040ez filing The standard deduction amounts for most people are shown in Table 20-1. 1040ez filing Decedent's final return. 1040ez filing   The standard deduction for a decedent's final tax return is the same as it would have been had the decedent continued to live. 1040ez filing However, if the decedent was not 65 or older at the time of death, the higher standard deduction for age cannot be claimed. 1040ez filing Higher Standard Deduction for Age (65 or Older) If you are age 65 or older on the last day of the year and do not itemize deductions, you are entitled to a higher standard deduction. 1040ez filing You are considered 65 on the day before your 65th birthday. 1040ez filing Therefore, you can take a higher standard deduction for 2013 if you were born before January 2, 1949. 1040ez filing Use Table 20-2 to figure the standard deduction amount. 1040ez filing Higher Standard Deduction for Blindness If you are blind on the last day of the year and you do not itemize deductions, you are entitled to a higher standard deduction. 1040ez filing Not totally blind. 1040ez filing   If you are not totally blind, you must get a certified statement from an eye doctor (ophthalmologist or optometrist) that: You cannot see better than 20/200 in the better eye with glasses or contact lenses, or Your field of vision is 20 degrees or less. 1040ez filing   If your eye condition is not likely to improve beyond these limits, the statement should include this fact. 1040ez filing You must keep the statement in your records. 1040ez filing   If your vision can be corrected beyond these limits only by contact lenses that you can wear only briefly because of pain, infection, or ulcers, you can take the higher standard deduction for blindness if you otherwise qualify. 1040ez filing Spouse 65 or Older or Blind You can take the higher standard deduction if your spouse is age 65 or older or blind and: You file a joint return, or You file a separate return and can claim an exemption for your spouse because your spouse had no gross income and cannot be claimed as a dependent by another taxpayer. 1040ez filing You cannot claim the higher standard deduction for an individual other than yourself and your spouse. 1040ez filing Examples The following examples illustrate how to determine your standard deduction using Tables 20-1 and 20-2. 1040ez filing Example 1. 1040ez filing Larry, 46, and Donna, 33, are filing a joint return for 2013. 1040ez filing Neither is blind, and neither can be claimed as a dependent. 1040ez filing They decide not to itemize their deductions. 1040ez filing They use Table 20-1. 1040ez filing Their standard deduction is $12,200. 1040ez filing Example 2. 1040ez filing The facts are the same as in Example 1 except that Larry is blind at the end of 2013. 1040ez filing Larry and Donna use Table 20-2. 1040ez filing Their standard deduction is $13,400. 1040ez filing Example 3. 1040ez filing Bill and Lisa are filing a joint return for 2013. 1040ez filing Both are over age 65. 1040ez filing Neither is blind, and neither can be claimed as a dependent. 1040ez filing If they do not itemize deductions, they use Table 20-2. 1040ez filing Their standard deduction is $14,600. 1040ez filing Standard Deduction for Dependents The standard deduction for an individual who can be claimed as a dependent on another person's tax return is generally limited to the greater of: $1,000, or The individual's earned income for the year plus $350 (but not more than the regular standard deduction amount, generally $6,100). 1040ez filing However, if the individual is 65 or older or blind, the standard deduction may be higher. 1040ez filing If you (or your spouse, if filing jointly) can be claimed as a dependent on someone else's return, use Table 20-3 to determine your standard deduction. 1040ez filing Earned income defined. 1040ez filing   Earned income is salaries, wages, tips, professional fees, and other amounts received as pay for work you actually perform. 1040ez filing    For purposes of the standard deduction, earned income also includes any part of a scholarship or fellowship grant that you must include in your gross income. 1040ez filing See Scholarships and fellowships in chapter 12 for more information on what qualifies as a scholarship or fellowship grant. 1040ez filing Example 1. 1040ez filing Michael is single. 1040ez filing His parents can claim an exemption for him on their 2013 tax return. 1040ez filing He has interest income of $780 and wages of $150. 1040ez filing He has no itemized deductions. 1040ez filing Michael uses Table 20-3 to find his standard deduction. 1040ez filing He enters $150 (his earned income) on line 1, $500 ($150 + $350) on line 3, $1,000 (the larger of $500 and $1,000) on line 5, and $6,100 on line 6. 1040ez filing His standard deduction, on line 7a, is $1,000 (the smaller of $1,000 and $6,100). 1040ez filing Example 2. 1040ez filing Joe, a 22-year-old full-time college student, can be claimed as a dependent on his parents' 2013 tax return. 1040ez filing Joe is married and files a separate return. 1040ez filing His wife does not itemize deductions on her separate return. 1040ez filing Joe has $1,500 in interest income and wages of $3,800. 1040ez filing He has no itemized deductions. 1040ez filing Joe finds his standard deduction by using Table 20-3. 1040ez filing He enters his earned income, $3,800 on line 1. 1040ez filing He adds lines 1 and 2 and enters $4,150 on line 3. 1040ez filing On line 5, he enters $4,150, the larger of lines 3 and 4. 1040ez filing Because Joe is married filing a separate return, he enters $6,100 on line 6. 1040ez filing On line 7a he enters $4,150 as his standard deduction because it is smaller than $6,100, the amount on line 6. 1040ez filing Example 3. 1040ez filing Amy, who is single, can be claimed as a dependent on her parents' 2013 tax return. 1040ez filing She is 18 years old and blind. 1040ez filing She has interest income of $1,300 and wages of $2,900. 1040ez filing She has no itemized deductions. 1040ez filing Amy uses Table 20-3 to find her standard deduction. 1040ez filing She enters her wages of $2,900 on line 1. 1040ez filing She adds lines 1 and 2 and enters $3,250 on line 3. 1040ez filing On line 5, she enters $3,250, the larger of lines 3 and 4. 1040ez filing Because she is single, Amy enters $6,100 on line 6. 1040ez filing She enters $3,250 on line 7a. 1040ez filing This is the smaller of the amounts on lines 5 and 6. 1040ez filing Because she checked one box in the top part of the worksheet, she enters $1,500 on line 7b. 1040ez filing She then adds the amounts on lines 7a and 7b and enters her standard deduction of $4,750 on line 7c. 1040ez filing Example 4. 1040ez filing Ed is single. 1040ez filing His parents can claim an exemption for him on their 2013 tax return. 1040ez filing He has wages of $7,000, interest income of $500, and a business loss of $3,000. 1040ez filing He has no itemized deductions. 1040ez filing Ed uses Table 20-3 to figure his standard deduction. 1040ez filing He enters $4,000 ($7,000 - $3,000) on line 1. 1040ez filing He adds lines 1 and 2 and enters $4,350 on line 3. 1040ez filing On line 5 he enters $4,350, the larger of lines 3 and 4. 1040ez filing Because he is single, Ed enters $6,100 on line 6. 1040ez filing On line 7a he enters $4,350 as his standard deduction because it is smaller than $6,100, the amount on line 6. 1040ez filing Who Should Itemize You should itemize deductions if your total deductions are more than the standard deduction amount. 1040ez filing Also, you should itemize if you do not qualify for the standard deduction, as discussed earlier under Persons not eligible for the standard deduction . 1040ez filing You should first figure your itemized deductions and compare that amount to your standard deduction to make sure you are using the method that gives you the greater benefit. 1040ez filing You may be subject to a limit on some of your itemized deductions if your adjusted gross income is more than: $250,000 if single ($275,000 if head of household, $300,000 if married filing jointly or qualifying widow(er); or $150,000 if married filing separately). 1040ez filing See chapter 29 or the instructions for Schedule A (Form 1040) for more information on figuring the correct amount of your itemized deductions. 1040ez filing When to itemize. 1040ez filing   You may benefit from itemizing your deductions on Schedule A (Form 1040) if you: Do not qualify for the standard deduction, or the amount you can claim is limited, Had large uninsured medical and dental expenses during the year, Paid interest and taxes on your home, Had large unreimbursed employee business expenses or other miscellaneous deductions, Had large uninsured casualty or theft losses, Made large contributions to qualified charities, or Have total itemized deductions that are more than the standard deduction to which you otherwise are entitled. 1040ez filing These deductions are explained in chapters 21–28. 1040ez filing    If you decide to itemize your deductions, complete Schedule A and attach it to your Form 1040. 1040ez filing Enter the amount from Schedule A, line 29, on Form 1040, line 40. 1040ez filing Electing to itemize for state tax or other purposes. 1040ez filing   Even if your itemized deductions are less than your standard deduction, you can elect to itemize deductions on your federal return rather than take the standard deduction. 1040ez filing You may want to do this if, for example, the tax benefit of itemizing your deductions on your state tax return is greater than the tax benefit you lose on your federal return by not taking the standard deduction. 1040ez filing To make this election, you must check the box on line 30 of Schedule A. 1040ez filing Changing your mind. 1040ez filing   If you do not itemize your deductions and later find that you should have itemized — or if you itemize your deductions and later find you should not have — you can change your return by filing Form 1040X, Amended U. 1040ez filing S. 1040ez filing Individual Income Tax Return. 1040ez filing See Amended Returns and Claims for Refund in chapter 1 for more information on amended returns. 1040ez filing Married persons who filed separate returns. 1040ez filing   You can change methods of taking deductions only if you and your spouse both make the same changes. 1040ez filing Both of you must file a consent to assessment for any additional tax either one may owe as a result of the change. 1040ez filing    You and your spouse can use the method that gives you the lower total tax, even though one of you may pay more tax than you would have paid by using the other method. 1040ez filing You both must use the same method of claiming deductions. 1040ez filing If one itemizes deductions, the other should itemize because he or she will not qualify for the standard deduction. 1040ez filing See Persons not eligible for the standard deduction , earlier. 1040ez filing 2013 Standard Deduction Tables If you are married filing a separate return and your spouse itemizes deductions, or if you are a dual-status alien, you cannot take the standard deduction even if you were born before January 2, 1949, or are blind. 1040ez filing Table 20-1. 1040ez filing Standard Deduction Chart for Most People* If your filing status is. 1040ez filing . 1040ez filing . 1040ez filing Your standard deduction is: Single or Married filing separately $6,100 Married filing jointly or Qualifying widow(er) with dependent child 12,200 Head of household 8,950 *Do not use this chart if you were born before January 2, 1949, are blind, or if someone else can claim you (or your spouse if filing jointly) as a dependent. 1040ez filing Use Table 20-2 or 20-3 instead. 1040ez filing Table 20-2. 1040ez filing Standard Deduction Chart for People Born Before January 2, 1949, or Who are Blind Check the correct number of boxes below. 1040ez filing Then go to the chart. 1040ez filing You: Born before January 2, 1949 □ Blind □ Your spouse, if claiming spouse's exemption: Born before January 2, 1949 □ Blind □ Total number of boxes checked   IF  your filing status is. 1040ez filing . 1040ez filing . 1040ez filing AND the number in the box above is. 1040ez filing . 1040ez filing . 1040ez filing THEN your standard deduction is. 1040ez filing . 1040ez filing . 1040ez filing Single 1 $7,600   2 9,100 Married filing jointly 1 $13,400 or Qualifying 2 14,600 widow(er) with 3 15,800 dependent child 4 17,000 Married filing 1 $7,300 separately 2 8,500   3 9,700   4 10,900 Head of household 1 $10,450   2 11,950 *If someone else can claim you (or your spouse if filing jointly) as a dependent, use Table 20-3 instead. 1040ez filing Table 20-3. 1040ez filing Standard Deduction Worksheet for Dependents Use this worksheet only if someone else can claim you (or your spouse if filing jointly) as a dependent. 1040ez filing Check the correct number of boxes below. 1040ez filing Then go to the worksheet. 1040ez filing You:   Born before January 2, 1949 □ Blind □ Your spouse, if claiming spouse's exemption: Born before January 2, 1949 □ Blind □ Total number of boxes checked 1. 1040ez filing Enter your earned income (defined below). 1040ez filing If none, enter -0-. 1040ez filing 1. 1040ez filing   2. 1040ez filing Additional amount. 1040ez filing 2. 1040ez filing $350 3. 1040ez filing Add lines 1 and 2. 1040ez filing 3. 1040ez filing   4. 1040ez filing Minimum standard deduction. 1040ez filing 4. 1040ez filing $1,000 5. 1040ez filing Enter the larger of line 3 or line 4. 1040ez filing 5. 1040ez filing   6. 1040ez filing Enter the amount shown below for your filing status. 1040ez filing Single or Married filing separately—$6,100 Married filing jointly—$12,200 Head of household—$8,950 6. 1040ez filing   7. 1040ez filing Standard deduction. 1040ez filing         a. 1040ez filing Enter the smaller of line 5 or line 6. 1040ez filing If born after January 1, 1949, and not blind, stop here. 1040ez filing This is your standard deduction. 1040ez filing Otherwise, go on to line 7b. 1040ez filing 7a. 1040ez filing     b. 1040ez filing If born before January 2, 1949, or blind, multiply $1,500 ($1,200 if married) by the number in the box above. 1040ez filing 7b. 1040ez filing     c. 1040ez filing Add lines 7a and 7b. 1040ez filing This is your standard deduction for 2013. 1040ez filing 7c. 1040ez filing   Earned income includes wages, salaries, tips, professional fees, and other compensation received for personal services you performed. 1040ez filing It also includes any amount received as a scholarship that you must include in your income. 1040ez filing Prev  Up  Next   Home   More Online Publications