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1040ez2013 form 29. 1040ez2013 form Limit on Itemized Deductions Table of Contents Introduction Useful Items - You may want to see: Are You Subject to the Limit? Which Itemized Deductions Are Limited? Which Itemized Deductions Are Not Limited? How Do You Figure the Limit?Example. 1040ez2013 form Introduction This chapter discusses the overall limit on itemized deductions on Schedule A (Form 1040). 1040ez2013 form The following topics are included. 1040ez2013 form Who is subject to the limit. 1040ez2013 form Which itemized deductions are limited. 1040ez2013 form How to figure the limit. 1040ez2013 form Useful Items - You may want to see: Forms (and Instructions) Schedule A (Form 1040) Itemized Deductions Are You Subject to the Limit? You are subject to the limit on certain itemized deductions if your adjusted gross income (AGI) is more than $300,000 if married filing jointly or qualifying widow(er), $275,000 if head of household, $250,000 if single, or $150,000 if married filing separately. 1040ez2013 form Your AGI is the amount on Form 1040, line 38. 1040ez2013 form Which Itemized Deductions Are Limited? The following Schedule A (Form 1040) deductions are subject to the overall limit on itemized deductions. 1040ez2013 form Taxes paid—line 9 Interest paid—lines 10, 11, 12, and 13 Gifts to charity—line 19 Job expenses and certain miscellaneous deductions—line 27 Other miscellaneous deductions—line 28, excluding gambling and casualty or theft losses. 1040ez2013 form . 1040ez2013 form Which Itemized Deductions Are Not Limited? The following Schedule A (Form 1040) deductions are not subject to the overall limit on itemized deductions. 1040ez2013 form However, they are still subject to other applicable limits. 1040ez2013 form Medical and dental expenses—line 4. 1040ez2013 form Investment interest expense—line 14. 1040ez2013 form Casualty and theft losses of personal use property—line 20. 1040ez2013 form Casualty and theft losses of income-producing property—line 28. 1040ez2013 form Gambling losses—line 28. 1040ez2013 form How Do You Figure the Limit? If your itemized deductions are subject to the limit, the total of all your itemized deductions is reduced by the smaller of: 80% of your itemized deductions that are affected by the limit. 1040ez2013 form See Which Itemized Deductions Are Limited , earlier, or 3% of the amount by which your AGI exceeds $300,000 if married filing jointly or qualifying widow(er), $275,000 if head of household, $250,000 if single, or $150,000 if married filing separately. 1040ez2013 form Before you figure the overall limit on itemized deductions, you first must complete Schedule A (Form 1040), lines 1 through 28, including any related forms (such as Form 2106, Form 4684, etc. 1040ez2013 form ). 1040ez2013 form The overall limit on itemized deductions is figured after you have applied any other limit on the allowance of any itemized deduction. 1040ez2013 form These other limits include charitable contribution limits (chapter 24), the limit on certain meal and entertainment expenses (chapter 26), and the 2%-of-adjusted-gross-income limit on certain miscellaneous deductions (chapter 28). 1040ez2013 form Itemized Deductions Worksheet. 1040ez2013 form After you have completed Schedule A (Form 1040) through line 28, you can use the Itemized Deductions Worksheet in the Instructions for Schedule A (Form 1040) to figure your limit. 1040ez2013 form Enter the result on Schedule A (Form 1040), line 29. 1040ez2013 form Keep the worksheet for your records. 1040ez2013 form You should compare the amount of your standard deduction to the amount of your itemized deductions after applying the limit. 1040ez2013 form Use the greater amount when completing Form 1040, line 40. 1040ez2013 form See chapter 20 for information on how to figure your standard deduction. 1040ez2013 form Example. 1040ez2013 form For tax year 2013 Bill and Terry Willow are filing a joint return on Form 1040. 1040ez2013 form Their adjusted gross income on line 38 is $325,500. 1040ez2013 form Their Schedule A itemized deductions are as follows: Taxes paid—line 9 $17,900 Interest paid—lines 10, 11, 12, and 13 45,000 Investment interest expense—line 14 41,000 Gifts to charity—line 19 21,000 Job expenses—line 27 17,240 Total $142,140 The Willows’ investment interest expense deduction ($41,000 from Schedule A (Form 1040), line 14) is not subject to the overall limit on itemized deductions. 1040ez2013 form The Willows use the Itemized Deductions Worksheet in the Schedule A (Form 1040) instructions to figure their overall limit. 1040ez2013 form Of their $142,140 total itemized deductions, the Willows can deduct only $141,375 ($142,140 - $765). 1040ez2013 form They enter $141,375 on Schedule A (Form 1040), line 29. 1040ez2013 form Prev Up Next Home More Online Publications
Update: Effect of Sequestration on Certain State & Local Government Filers of Form 8038-CP
Pursuant to the requirements of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended, refund payments to certain state and local government filers claiming refundable credits under section 6431 of the Internal Revenue Code applicable to certain qualified bonds are subject to sequestration. This means that refund payments processed on or after October 1, 2013 and on or before September 30, 2014 will be reduced by the fiscal year 2014 sequestration rate of 7.2 percent, irrespective of when the amounts claimed by an issuer on any Form 8038-CP was filed with the IRS. The sequestration reduction rate will be applied unless and until a law is enacted that cancels or otherwise impacts the sequester, at which time the sequestration reduction rate is subject to change.
These reductions apply to Build America Bonds, Qualified School Construction Bonds, Qualified Zone Academy Bonds, New Clean Renewable Energy Bonds, and Qualified Energy Conservation Bonds for which the issuer elected to receive a direct credit subsidy pursuant to section 6431. Issuers should complete Form 8038-CP in the manner provided by the Form 8038-CP Instructions, and affected issuers will be notified through correspondence that a portion of their requested payment was subject to the sequester reduction. Issuers should use this correspondence to identify the portion(s) of amounts requested that were subject to the sequester reduction.
Issuers with any questions about the status of refunds claimed on Form 8038-CP, including any sequester reduction, should contact IRS Customer Account Services at 1-877-829-5500.
Click here to see the FY2013 article.
Page Last Reviewed or Updated: 26-Mar-2014
The 1040ez2013 Form
1040ez2013 form 5. 1040ez2013 form Student Loan Cancellations and Repayment Assistance Table of Contents Introduction Student Loan CancellationQualifying Loans Student Loan Repayment Assistance Introduction Generally, if you are responsible for making loan payments, and the loan is canceled (forgiven), you must include the amount that was forgiven in your gross income for tax purposes. 1040ez2013 form However, if you fulfill certain requirements, two types of student loan assistance may be tax free. 1040ez2013 form The types of assistance discussed in this chapter are: Student loan cancellation, and Student loan repayment assistance. 1040ez2013 form Student Loan Cancellation If your student loan is canceled, you may not have to include any amount in income. 1040ez2013 form This section describes the requirements for tax-free treatment of canceled student loans. 1040ez2013 form Qualifying Loans To qualify for tax-free treatment, for the cancellation of your loan, your loan must have been made by a qualified lender to assist you in attending an eligible educational institution and contain a provision that all or part of the debt will be canceled if you work: For a certain period of time, In certain professions, and For any of a broad class of employers. 1040ez2013 form The cancellation of your loan will not qualify for tax-free treatment if it is cancelled because of services you performed for the educational institution that made the loan or other organization that provided the funds. 1040ez2013 form See Exception, later. 1040ez2013 form Eligible educational institution. 1040ez2013 form This is an educational institution that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. 1040ez2013 form Qualified lenders. 1040ez2013 form These include the following. 1040ez2013 form The United States, or an instrumentality thereof. 1040ez2013 form A state, territory, or possession of the United States, or the District of Columbia, or any political subdivision thereof. 1040ez2013 form A public benefit corporation that is tax-exempt under section 501(c)(3); and that has assumed control of a state, county, or municipal hospital; and whose employees are considered public employees under state law. 1040ez2013 form An eligible educational institution, if the loan is made: As part of an agreement with an entity described in (1), (2), (3) under which the funds to make the loan were provided to the educational institution, or Under a program of the educational institution that is designed to encourage its students to serve in occupations with unmet needs or in areas with unmet needs where the services provided by the students (or former students) are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. 1040ez2013 form Occupations with unmet needs include medicine, nursing, teaching, and law. 1040ez2013 form Section 501(c)(3) organization. 1040ez2013 form This is any corporation, community chest, fund, or foundation organized and operated exclusively for one or more of the following purposes. 1040ez2013 form Charitable. 1040ez2013 form Religious. 1040ez2013 form Educational. 1040ez2013 form Scientific. 1040ez2013 form Literary. 1040ez2013 form Testing for public safety. 1040ez2013 form Fostering national or international amateur sports competition (but only if none of its activities involve providing athletic facilities or equipment). 1040ez2013 form The prevention of cruelty to children or animals. 1040ez2013 form Exception. 1040ez2013 form The cancellation of your loan does not qualify as tax-free student loan cancellation if your student loan was made by an educational institution and is canceled because of services you performed for the educational institution or other organization that provided the funds. 1040ez2013 form Refinanced Loan If you refinanced a student loan with another loan from an eligible educational institution or a tax-exempt organization, that loan may also be considered as made by a qualified lender. 1040ez2013 form The refinanced loan is considered made by a qualified lender if it is made under a program of the refinancing organization that is designed to encourage students to serve in occupations with unmet needs or in areas with unmet needs where the services required of the students are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. 1040ez2013 form Student Loan Repayment Assistance Student loan repayments made to you are tax free if you received them for any of the following: The National Health Service Corps (NHSC) Loan Repayment Program (NHSC Loan Repayment Program). 1040ez2013 form A state education loan repayment program eligible for funds under the Public Health Service Act. 1040ez2013 form Any other state loan repayment or loan forgiveness program that is intended to provide for the increased availability of health services in under served or health professional shortage areas (as determined by such state). 1040ez2013 form You cannot deduct the interest you paid on a student loan to the extent payments were made through your participation in the above programs. 1040ez2013 form Prev Up Next Home More Online Publications