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2009 1040ez

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2009 1040ez

2009 1040ez 1. 2009 1040ez   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. 2009 1040ez This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. 2009 1040ez Tax records are not the only type of records you need to keep for your farming business. 2009 1040ez You should also keep records that measure your farm's financial performance. 2009 1040ez This publication only discusses tax records. 2009 1040ez The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. 2009 1040ez For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. 2009 1040ez ffsc. 2009 1040ez org. 2009 1040ez For more information, contact Countryside Marketing, Inc. 2009 1040ez in the following manner. 2009 1040ez Call 262-253-6902. 2009 1040ez Send a fax to 262-253-6903. 2009 1040ez Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. 2009 1040ez , #287 Menomonee Falls, WI 53051. 2009 1040ez Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. 2009 1040ez Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. 2009 1040ez Recordkeeping will help you do the following. 2009 1040ez Monitor the progress of your farming business. 2009 1040ez   You need records to monitor the progress of your farming business. 2009 1040ez Records can show whether your business is improving, which items are selling, or what changes you need to make. 2009 1040ez Records can help you make better decisions that may increase the likelihood of business success. 2009 1040ez Prepare your financial statements. 2009 1040ez   You need records to prepare accurate financial statements. 2009 1040ez These include income (profit and loss) statements and balance sheets. 2009 1040ez These statements can help you in dealing with your bank or creditors and help you to manage your farm business. 2009 1040ez Identify source of receipts. 2009 1040ez   You will receive money or property from many sources. 2009 1040ez Your records can identify the source of your receipts. 2009 1040ez You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. 2009 1040ez Keep track of deductible expenses. 2009 1040ez   You may forget expenses when you prepare your tax return unless you record them when they occur. 2009 1040ez Prepare your tax returns. 2009 1040ez   You need records to prepare your tax return. 2009 1040ez For example, your records must support the income, expenses, and credits you report. 2009 1040ez Generally, these are the same records you use to monitor your farming business and prepare your financial statements. 2009 1040ez Support items reported on tax returns. 2009 1040ez   You must keep your business records available at all times for inspection by the IRS. 2009 1040ez If the IRS examines any of your tax returns, you may be asked to explain the items reported. 2009 1040ez A complete set of records will speed up the examination. 2009 1040ez Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. 2009 1040ez You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. 2009 1040ez You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. 2009 1040ez See  chapter 2. 2009 1040ez If you are in more than one business, you should keep a complete and separate set of records for each business. 2009 1040ez A corporation should keep minutes of board of directors' meetings. 2009 1040ez Your recordkeeping system should include a summary of your business transactions. 2009 1040ez This summary is ordinarily made in accounting journals and ledgers. 2009 1040ez For example, they must show your gross income, as well as your deductions and credits. 2009 1040ez In addition, you must keep supporting documents. 2009 1040ez Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. 2009 1040ez These documents contain the information you need to record in your journals and ledgers. 2009 1040ez It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. 2009 1040ez Keep them in an orderly fashion and in a safe place. 2009 1040ez For instance, organize them by year and type of income or expense. 2009 1040ez Electronic records. 2009 1040ez   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. 2009 1040ez When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. 2009 1040ez An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. 2009 1040ez The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. 2009 1040ez All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. 2009 1040ez Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. 2009 1040ez The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. 2009 1040ez You still have the responsibility of retaining any other books and records that are required to be retained. 2009 1040ez The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. 2009 1040ez This test is not considered an examination and the results must be shared with you. 2009 1040ez If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. 2009 1040ez If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. 2009 1040ez For details on electronic storage system requirements, see Rev. 2009 1040ez Proc. 2009 1040ez 97-22. 2009 1040ez You can find Rev. 2009 1040ez Proc. 2009 1040ez 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. 2009 1040ez irs. 2009 1040ez gov/pub/irs-irbs/irb97-13. 2009 1040ez pdf. 2009 1040ez Travel, transportation, entertainment, and gift expenses. 2009 1040ez   Specific recordkeeping rules apply to these expenses. 2009 1040ez For more information, see Publication 463. 2009 1040ez Employment taxes. 2009 1040ez   There are specific employment tax records you must keep. 2009 1040ez For a list, see Publication 51 (Circular A). 2009 1040ez Excise taxes. 2009 1040ez   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. 2009 1040ez Assets. 2009 1040ez   Assets are the property, such as machinery and equipment, you own and use in your business. 2009 1040ez You must keep records to verify certain information about your business assets. 2009 1040ez You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. 2009 1040ez Your records should show all the following. 2009 1040ez When and how you acquired the asset. 2009 1040ez Purchase price. 2009 1040ez Cost of any improvements. 2009 1040ez Section 179 deduction taken. 2009 1040ez Deductions taken for depreciation. 2009 1040ez Deductions taken for casualty losses, such as losses resulting from fires or storms. 2009 1040ez How you used the asset. 2009 1040ez When and how you disposed of the asset. 2009 1040ez Selling price. 2009 1040ez Expenses of sale. 2009 1040ez   The following are examples of records that may show this information. 2009 1040ez Purchase and sales invoices. 2009 1040ez Real estate closing statements. 2009 1040ez Canceled checks. 2009 1040ez Bank statements. 2009 1040ez Financial account statements as proof of payment. 2009 1040ez   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. 2009 1040ez These include account statements prepared for the financial institution by a third party. 2009 1040ez These account statements must be legible. 2009 1040ez The following table lists acceptable account statements. 2009 1040ez IF payment is by. 2009 1040ez . 2009 1040ez . 2009 1040ez THEN the statement must show the. 2009 1040ez . 2009 1040ez . 2009 1040ez Check Check number. 2009 1040ez Amount. 2009 1040ez Payee's name. 2009 1040ez Date the check amount was posted to the account by the financial institution. 2009 1040ez Electronic funds  transfer Amount transferred. 2009 1040ez Payee's name. 2009 1040ez Date the transfer was posted to the account by the financial institution. 2009 1040ez Credit card Amount charged. 2009 1040ez Payee's name. 2009 1040ez Transaction date. 2009 1040ez    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. 2009 1040ez You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. 2009 1040ez Tax returns. 2009 1040ez   Keep copies of your filed tax returns. 2009 1040ez They help in preparing future tax returns and making computations if you file an amended return. 2009 1040ez Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. 2009 1040ez How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. 2009 1040ez Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. 2009 1040ez A period of limitations is the period of time after which no legal action can be brought. 2009 1040ez Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. 2009 1040ez However, certain records must be kept for a longer period of time, as discussed below. 2009 1040ez Employment taxes. 2009 1040ez   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. 2009 1040ez Assets. 2009 1040ez   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. 2009 1040ez You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. 2009 1040ez   You may need to keep records relating to the basis of property longer than the period of limitation. 2009 1040ez Keep those records as long as they are important in figuring the basis of the original or replacement property. 2009 1040ez Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. 2009 1040ez For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. 2009 1040ez For more information on basis, see chapter 6. 2009 1040ez Records for nontax purposes. 2009 1040ez   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. 2009 1040ez For example, your insurance company or creditors may require you to keep them longer than the IRS does. 2009 1040ez Prev  Up  Next   Home   More Online Publications
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The 2009 1040ez

2009 1040ez 37. 2009 1040ez   Other Credits Table of Contents What's New Introduction Useful Items - You may want to see: Nonrefundable CreditsAdoption Credit Alternative Motor Vehicle Credit Alternative Fuel Vehicle Refueling Property Credit Credit to Holders of Tax Credit Bonds Foreign Tax Credit Mortgage Interest Credit Nonrefundable Credit for Prior Year Minimum Tax Plug-in Electric Drive Motor Vehicle Credit Residential Energy Credits Retirement Savings Contributions Credit (Saver's Credit) Refundable CreditsCredit for Tax on Undistributed Capital Gain Health Coverage Tax Credit Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld What's New Adoption credit. 2009 1040ez  The maximum adoption credit is $12,970 for 2013. 2009 1040ez See Adoption Credit . 2009 1040ez Plug-in electric vehicle credit. 2009 1040ez  This credit has expired. 2009 1040ez Credit for prior year minimum tax. 2009 1040ez  The refundable portion of the credit for prior year minimum tax has expired. 2009 1040ez Excess withholding of social security and railroad retirement tax. 2009 1040ez  Social security tax and tier 1 railroad retirement (RRTA) tax were both withheld during 2013 at a rate of 6. 2009 1040ez 2% of wages up to $113,700. 2009 1040ez If you worked for more than one employer and had too much social security or RRTA tax withheld during 2013, you may be entitled to a credit for the excess withholding. 2009 1040ez See Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld . 2009 1040ez Introduction This chapter discusses the following nonrefundable credits. 2009 1040ez Adoption credit. 2009 1040ez Alternative motor vehicle credit. 2009 1040ez Alternative fuel vehicle refueling property credit. 2009 1040ez Credit to holders of tax credit bonds. 2009 1040ez Foreign tax credit. 2009 1040ez Mortgage interest credit. 2009 1040ez Nonrefundable credit for prior year minimum tax. 2009 1040ez Plug-in electric drive motor vehicle credit. 2009 1040ez Residential energy credits. 2009 1040ez Retirement savings contributions credit. 2009 1040ez This chapter also discusses the following refundable credits. 2009 1040ez Credit for tax on undistributed capital gain. 2009 1040ez Health coverage tax credit. 2009 1040ez Credit for excess social security tax or railroad retirement tax withheld. 2009 1040ez Several other credits are discussed in other chapters in this publication. 2009 1040ez Child and dependent care credit (chapter 32). 2009 1040ez Credit for the elderly or the disabled (chapter 33). 2009 1040ez Child tax credit (chapter 34). 2009 1040ez Education credits (chapter 35). 2009 1040ez Earned income credit (chapter 36). 2009 1040ez Nonrefundable credits. 2009 1040ez   The first part of this chapter, Nonrefundable Credits , covers ten credits that you subtract from your tax. 2009 1040ez These credits may reduce your tax to zero. 2009 1040ez If these credits are more than your tax, the excess is not refunded to you. 2009 1040ez Refundable credits. 2009 1040ez   The second part of this chapter, Refundable Credits , covers three credits that are treated as payments and are refundable to you. 2009 1040ez These credits are added to the federal income tax withheld and any estimated tax payments you made. 2009 1040ez If this total is more than your total tax, the excess will be refunded to you. 2009 1040ez Useful Items - You may want to see: Publication 502 Medical and Dental Expenses 514 Foreign Tax Credit for  Individuals 530 Tax Information for Homeowners 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) 1116 Foreign Tax Credit 2439 Notice to Shareholder of Undistributed Long-Term Capital Gains 5695 Residential Energy Credits 8396 Mortgage Interest Credit 8801 Credit For Prior Year Minimum Tax — Individuals, Estates, and Trusts 8828 Recapture of Federal Mortgage Subsidy 8839 Qualified Adoption Expenses 8880 Credit for Qualified Retirement Savings Contributions 8885 Health Coverage Tax Credit 8910 Alternative Motor Vehicle Credit 8911 Alternative Fuel Vehicle Refueling Property Credit 8912 Credit to Holders of Tax Credit Bonds 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit Nonrefundable Credits The credits discussed in this part of the chapter can reduce your tax. 2009 1040ez However, if the total of these credits is more than your tax, the excess is not refunded to you. 2009 1040ez Adoption Credit You may be able to take a tax credit of up to $12,970 for qualified expenses paid to adopt an eligible child. 2009 1040ez The credit may be allowed for the adoption of a child with special needs even if you do not have any qualified expenses. 2009 1040ez If your modified adjusted gross income (AGI) is more than $194,580, your credit is reduced. 2009 1040ez If your modified AGI is $234,580 or more, you cannot take the credit. 2009 1040ez Qualified adoption expenses. 2009 1040ez   Qualified adoption expenses are reasonable and necessary expenses directly related to, and whose principal purpose is for, the legal adoption of an eligible child. 2009 1040ez These expenses include: Adoption fees, Court costs, Attorney fees, Travel expenses (including amounts spent for meals and lodging) while away from home, and Re-adoption expenses to adopt a foreign child. 2009 1040ez Nonqualified expenses. 2009 1040ez   Qualified adoption expenses do not include expenses: That violate state or federal law, For carrying out any surrogate parenting arrangement, For the adoption of your spouse's child, For which you received funds under any federal, state, or local program, Allowed as a credit or deduction under any other federal income tax rule, or Paid or reimbursed by your employer or any other person or organization. 2009 1040ez Eligible child. 2009 1040ez   The term “eligible child” means any individual: Under 18 years old, or Physically or mentally incapable of caring for himself or herself. 2009 1040ez Child with special needs. 2009 1040ez   An eligible child is a child with special needs if all three of the following apply. 2009 1040ez The child was a citizen or resident of the United States (including U. 2009 1040ez S. 2009 1040ez possessions) at the time the adoption process began. 2009 1040ez A state (including the District of Columbia) has determined that the child cannot or should not be returned to his or her parents' home. 2009 1040ez The state has determined that the child will not be adopted unless assistance is provided to the adoptive parents. 2009 1040ez Factors used by states to make this determination include: The child's ethnic background, The child's age, Whether the child is a member of a minority or sibling group, and Whether the child has a medical condition or a physical, mental, or emotional handicap. 2009 1040ez When to take the credit. 2009 1040ez   Generally, until the adoption becomes final, you take the credit in the year after your qualified expenses were paid or incurred. 2009 1040ez If the adoption becomes final, you take the credit in the year your expenses were paid or incurred. 2009 1040ez See the Instructions for Form 8839 for more specific information on when to take the credit. 2009 1040ez Foreign child. 2009 1040ez   If the child is not a U. 2009 1040ez S. 2009 1040ez citizen or resident at the time the adoption process began, you cannot take the credit unless the adoption becomes final. 2009 1040ez You treat all adoption expenses paid or incurred in years before the adoption becomes final as paid or incurred in the year it becomes final. 2009 1040ez How to take the credit. 2009 1040ez   Figure your 2013 nonrefundable credit and any carryforward to 2014 on Form 8839 and attach it to your Form 1040. 2009 1040ez Include the credit in your total for Form 1040, line 53. 2009 1040ez Check box c and enter “8839” on the line next to that box. 2009 1040ez More information. 2009 1040ez   For more information, see the Instructions for Form 8839. 2009 1040ez Alternative Motor Vehicle Credit You may be able to take this credit if you place a qualified fuel cell vehicle in service in 2013. 2009 1040ez Amount of credit. 2009 1040ez   Generally, you can rely on the manufacturer's certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and the amount of the credit for which it qualifies. 2009 1040ez In the case of a foreign manufacturer, you generally can rely on its domestic distributor's certification to the IRS. 2009 1040ez   Ordinarily the amount of the credit is 100% of the manufacturer's (or domestic distributor's) certification to the IRS of the maximum credit allowable. 2009 1040ez How to take the credit. 2009 1040ez   To take the credit, you must complete Form 8910 and attach it to your Form 1040. 2009 1040ez Include the credit in your total for Form 1040, line 53. 2009 1040ez Check box c and enter “8910” on the line next to that box. 2009 1040ez More information. 2009 1040ez   For more information on the credit, see the Instructions for Form 8910. 2009 1040ez Alternative Fuel Vehicle Refueling Property Credit You may be able to take a credit if you place qualified alternative fuel vehicle refueling property in service in 2013. 2009 1040ez Qualified alternative fuel vehicle refueling property. 2009 1040ez   Qualified alternative fuel vehicle refueling property is any property (other than a building or its structural components) used for either of the following. 2009 1040ez To store or dispense alternative fuel into the fuel tank of a motor vehicle propelled by the fuel, but only if the storage or dispensing is at the point where the fuel is delivered into that tank. 2009 1040ez To recharge an electric vehicle, but only if the recharging property is located at the point where the vehicle is recharged. 2009 1040ez   The following are alternative fuels. 2009 1040ez Any fuel at least 85% of the volume of which consists of one or more of the following: ethanol, natural gas, compressed natural gas, liquefied natural gas, liquefied petroleum gas, or hydrogen. 2009 1040ez Any mixture which consists of two or more of the following: biodiesel, diesel fuel, or kerosene, and at least 20% of the volume of which consists of biodiesel determined without regard to any kerosene. 2009 1040ez Electricity. 2009 1040ez Amount of the credit. 2009 1040ez   For personal use property, the credit is generally the smaller of 30% of the property's cost or $1,000. 2009 1040ez For business use property, the credit is generally the smaller of 30% of the property's cost or $30,000. 2009 1040ez How to take the credit. 2009 1040ez   To take the credit, you must complete Form 8911 and attach it to your Form 1040. 2009 1040ez Include the credit in your total for Form 1040, line 53. 2009 1040ez Check box c and enter “8911” on the line next to that box. 2009 1040ez More information. 2009 1040ez   For more information on the credit, see the Form 8911 instructions. 2009 1040ez Credit to Holders of Tax Credit Bonds Tax credit bonds are bonds in which the holder receives a tax credit in lieu of some or all of the interest on the bond. 2009 1040ez You may be able to take a credit if you are a holder of one of the following bonds. 2009 1040ez Clean renewable energy bonds (issued before 2010). 2009 1040ez New clean renewable energy bonds. 2009 1040ez Qualified energy conservation bonds. 2009 1040ez Qualified school construction bonds. 2009 1040ez Qualified zone academy bonds. 2009 1040ez Build America bonds. 2009 1040ez In some instances, an issuer may elect to receive a credit for interest paid on the bond. 2009 1040ez If the issuer makes this election, you cannot also claim a credit. 2009 1040ez Interest income. 2009 1040ez   The amount of any tax credit allowed (figured before applying tax liability limits) must be included as interest income on your tax return. 2009 1040ez How to take the credit. 2009 1040ez   Complete Form 8912 and attach it to your Form 1040. 2009 1040ez Include the credit in your total for Form 1040, line 53. 2009 1040ez Check box c and enter “8912” on the line next to that box. 2009 1040ez More information. 2009 1040ez   For more information, see the Instructions for Form 8912. 2009 1040ez Foreign Tax Credit You generally can choose to take income taxes you paid or accrued during the year to a foreign country or U. 2009 1040ez S. 2009 1040ez possession as a credit against your U. 2009 1040ez S. 2009 1040ez income tax. 2009 1040ez Or, you can deduct them as an itemized deduction (see chapter 22). 2009 1040ez You cannot take a credit (or deduction) for foreign income taxes paid on income that you exclude from U. 2009 1040ez S. 2009 1040ez tax under any of the following. 2009 1040ez Foreign earned income exclusion. 2009 1040ez Foreign housing exclusion. 2009 1040ez Income from Puerto Rico exempt from U. 2009 1040ez S. 2009 1040ez tax. 2009 1040ez Possession exclusion. 2009 1040ez Limit on the credit. 2009 1040ez   Unless you can elect not to file Form 1116 (see Exception , later), your foreign tax credit cannot be more than your U. 2009 1040ez S. 2009 1040ez tax liability (Form 1040, line 44), multiplied by a fraction. 2009 1040ez The numerator of the fraction is your taxable income from sources outside the United States. 2009 1040ez The denominator is your total taxable income from U. 2009 1040ez S. 2009 1040ez and foreign sources. 2009 1040ez See Publication 514 for more information. 2009 1040ez How to take the credit. 2009 1040ez   Complete Form 1116 and attach it to your Form 1040. 2009 1040ez Enter the credit on Form 1040, line 47. 2009 1040ez Exception. 2009 1040ez   You do not have to complete Form 1116 to take the credit if all of the following apply. 2009 1040ez All of your gross foreign source income was from interest and dividends and all of that income and the foreign tax paid on it were reported to you on Form 1099-INT, Form 1099-DIV, or Schedule K-1 (or substitute statement). 2009 1040ez If you had dividend income from shares of stock, you held those shares for at least 16 days. 2009 1040ez You are not filing Form 4563 or excluding income from sources within Puerto Rico. 2009 1040ez The total of your foreign taxes was not more than $300 (not more than $600 if married filing jointly). 2009 1040ez All of your foreign taxes were: Legally owed and not eligible for a refund, and Paid to countries that are recognized by the United States and do not support terrorism. 2009 1040ez More information. 2009 1040ez   For more information on the credit and these requirements, see the Instructions for Form 1116. 2009 1040ez Mortgage Interest Credit The mortgage interest credit is intended to help lower-income individuals own a home. 2009 1040ez If you qualify, you can take the credit each year for part of the home mortgage interest you pay. 2009 1040ez Who qualifies. 2009 1040ez   You may be eligible for the credit if you were issued a qualified mortgage credit certificate (MCC) from your state or local government. 2009 1040ez Generally, an MCC is issued only in connection with a new mortgage for the purchase of your main home. 2009 1040ez Amount of credit. 2009 1040ez   Figure your credit on Form 8396. 2009 1040ez If your mortgage loan amount is equal to (or smaller than) the certified indebtedness (loan) amount shown on your MCC, enter on Form 8396, line 1, all the interest you paid on your mortgage during the year. 2009 1040ez   If your mortgage loan amount is larger than the certified indebtedness amount shown on your MCC, you can figure the credit on only part of the interest you paid. 2009 1040ez To find the amount to enter on line 1, multiply the total interest you paid during the year on your mortgage by the following fraction. 2009 1040ez      Certified indebtedness amount on your MCC     Original amount of your mortgage   Limit based on credit rate. 2009 1040ez   If the certificate credit rate is more than 20%, the credit you are allowed cannot be more than $2,000. 2009 1040ez If two or more persons (other than a married couple filing a joint return) hold an interest in the home to which the MCC relates, this $2,000 limit must be divided based on the interest held by each person. 2009 1040ez See Publication 530 for more information. 2009 1040ez Carryforward. 2009 1040ez   Your credit (after applying the limit based on the credit rate) is also subject to a limit based on your tax that is figured using Form 8396. 2009 1040ez If your allowable credit is reduced because of this tax liability limit, you can carry forward the unused portion of the credit to the next 3 years or until used, whichever comes first. 2009 1040ez   If you are subject to the $2,000 limit because your certificate credit rate is more than 20%, you cannot carry forward any amount more than $2,000 (or your share of the $2,000 if you must divide the credit). 2009 1040ez How to take the credit. 2009 1040ez    Figure your 2013 credit and any carryforward to 2014 on Form 8396, and attach it to your Form 1040. 2009 1040ez Be sure to include any credit carryforward from 2010, 2011, and 2012. 2009 1040ez   Include the credit in your total for Form 1040, line 53. 2009 1040ez Check box c and enter “8396” on the line next to that box. 2009 1040ez Reduced home mortgage interest deduction. 2009 1040ez   If you itemize your deductions on Schedule A (Form 1040), you must reduce your home mortgage interest deduction by the amount of the mortgage interest credit shown on Form 8396, line 3. 2009 1040ez You must do this even if part of that amount is to be carried forward to 2014. 2009 1040ez For more information about the home mortgage interest deduction, see chapter 23. 2009 1040ez Recapture of federal mortgage subsidy. 2009 1040ez   If you received an MCC with your mortgage loan, you may have to recapture (pay back) all or part of the benefit you received from that program. 2009 1040ez The recapture may be required if you sell or dispose of your home at a gain during the first 9 years after the date you closed your mortgage loan. 2009 1040ez See the Instructions for Form 8828 and chapter 15 for more information. 2009 1040ez More information. 2009 1040ez   For more information on the credit, see the Form 8396 instructions. 2009 1040ez Nonrefundable Credit for Prior Year Minimum Tax The tax laws give special treatment to some kinds of income and allow special deductions and credits for some kinds of expenses. 2009 1040ez If you benefit from these laws, you may have to pay at least a minimum amount of tax in addition to any other tax on these items. 2009 1040ez This is called the alternative minimum tax. 2009 1040ez The special treatment of some items of income and expenses only allows you to postpone paying tax until a later year. 2009 1040ez If in prior years you paid alternative minimum tax because of these tax postponement items, you may be able to take a credit for prior year minimum tax against your current year's regular tax. 2009 1040ez You may be able to take a credit against your regular tax if for 2012 you had: An alternative minimum tax liability and adjustments or preferences other than exclusion items, A minimum tax credit that you are carrying forward to 2013, or An unallowed qualified electric vehicle credit. 2009 1040ez How to take the credit. 2009 1040ez    Figure your 2013 nonrefundable credit (if any), and any carryforward to 2014 on Form 8801, and attach it to your Form 1040. 2009 1040ez Include the credit in your total for Form 1040, line 53, and check box b. 2009 1040ez You can carry forward any unused credit for prior year minimum tax to later years until it is completely used. 2009 1040ez More information. 2009 1040ez   For more information on the credit, see the Instructions for Form 8801. 2009 1040ez Plug-in Electric Drive Motor Vehicle Credit You may be able to take this credit if you placed in service for business or personal use a qualified plug-in electric drive motor vehicle or a qualified two- or three-wheeled plug-in electric vehicle in 2013 and you meet some other requirements. 2009 1040ez Qualified plug-in electric drive motor vehicle. 2009 1040ez   This is a new vehicle with at least four wheels that: Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 4 kilowatt hours and is capable of being recharged from an external source of electricity, and Has a gross vehicle weight of less than 14,000 pounds. 2009 1040ez Qualified two- or three-wheeled plug-in electric vehicle. 2009 1040ez   This is a new vehicle with two or three wheels that: Is capable of achieving a speed of 45 miles per hour or greater, Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 2. 2009 1040ez 5 kilowatt hours and is capable of being recharged from an external source of electricity, and Has a gross vehicle weight of less than 14,000 pounds. 2009 1040ez Certification and other requirements. 2009 1040ez   Generally, you can rely on the manufacturer's (or, in the case of a foreign manufacturer, its domestic distributor's) certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and, if applicable, the amount of the credit for which it qualifies. 2009 1040ez However, if the IRS publishes an announcement that the certification for any specific make, model, and model year vehicle has been withdrawn, you cannot rely on the certification for such a vehicle purchased after the date of publication of the withdrawal announcement. 2009 1040ez   The following requirements must also be met to qualify for the credit. 2009 1040ez You are the owner of the vehicle. 2009 1040ez If the vehicle is leased, only the lessor, and not the lessee, is entitled to the credit. 2009 1040ez You placed the vehicle in service during 2013. 2009 1040ez The vehicle is manufactured primarily for use on public streets, roads, and highways. 2009 1040ez The original use of the vehicle began with you. 2009 1040ez You acquired the vehicle for your use or to lease to others, and not for resale. 2009 1040ez In the case of the qualified two- or three-wheeled plug-in electric vehicle, the vehicle is acquired after 2011 and before 2014. 2009 1040ez You use the vehicle primarily in the United States. 2009 1040ez How to take the credit. 2009 1040ez   To take the credit, you must complete Form 8936 and attach it to your Form 1040. 2009 1040ez Include the credit in your total for Form 1040, line 53. 2009 1040ez Check box c and enter “8936” on the line next to that box. 2009 1040ez More information. 2009 1040ez   For more information on the credit, see the Form 8936 instructions. 2009 1040ez Residential Energy Credits You may be able to take one or both of the following credits if you made energy saving improvements to your home located in the United States in 2013. 2009 1040ez Nonbusiness energy property credit. 2009 1040ez Residential energy efficient property credit. 2009 1040ez If you are a member of a condominium management association for a condominium you own or a tenant-stockholder in a cooperative housing corporation, you are treated as having paid your proportionate share of any costs of the association or corporation for purposes of these credits. 2009 1040ez Nonbusiness energy property credit. 2009 1040ez   You may be able to take a credit equal to the sum of: 10% of the amount paid or incurred for qualified energy efficiency improvements installed during 2013, and Any residential energy property costs paid or incurred in 2013. 2009 1040ez   There is a lifetime limit of $500 for all years after 2005, of which only $200 can be for windows; $50 for any advanced main air circulating fan; $150 for any qualified natural gas, propane, or oil furnace or hot water boiler; and $300 for any item of energy efficient building property. 2009 1040ez    If the total of nonbusiness energy property credits you have taken in previous years (after 2005) is more than $500, you cannot take this credit in 2013. 2009 1040ez   Qualified energy efficiency improvements are the following improvements that are new, can be expected to remain in use at least 5 years, and meet certain requirements for energy efficiency. 2009 1040ez Any insulation material or system that is specifically and primarily designed to reduce heat loss or gain of a home. 2009 1040ez Exterior window (including skylights). 2009 1040ez Exterior doors. 2009 1040ez Any metal or asphalt roof that has appropriate pigmented coatings or cooling granules specifically and primarily designed to reduce heat gain of the home. 2009 1040ez   Residential energy property is any of the following. 2009 1040ez Certain electric heat pump water heaters; electric heat pumps; central air conditioners; natural gas, propane, or oil water heater; and stoves that use biomass fuel. 2009 1040ez Qualified natural gas, propane, or oil furnaces; and qualified natural gas, propane, or oil hot water boilers. 2009 1040ez Certain advanced main air circulating fans used in natural gas, propane, or oil furnaces. 2009 1040ez Residential energy efficient property credit. 2009 1040ez   You may be able to take a credit of 30% of your costs of qualified solar electric property, solar water heating property, fuel cell property, small wind energy property, and geothermal heat pump property. 2009 1040ez The credit amount for costs paid for qualified fuel cell property is limited to $500 for each one-half kilowatt of capacity of the property. 2009 1040ez Basis reduction. 2009 1040ez   You must reduce the basis of your home by the amount of any credit allowed. 2009 1040ez How to take the credit. 2009 1040ez   Complete Form 5695 and attach it to your Form 1040. 2009 1040ez Enter the credit on Form 1040, line 52. 2009 1040ez More information. 2009 1040ez   For more information on these credits, see the Form 5695 instructions. 2009 1040ez Retirement Savings Contributions Credit (Saver's Credit) You may be able to take this credit if you, or your spouse if filing jointly, made: Contributions (other than rollover contributions) to a traditional or Roth IRA, Elective deferrals to a 401(k) or 403(b) plan (including designated Roth contributions) or to a governmental 457, SEP, or SIMPLE plan, Voluntary employee contributions to a qualified retirement plan (including the federal Thrift Savings Plan), or Contributions to a 501(c)(18)(D) plan. 2009 1040ez However, you cannot take the credit if either of the following applies. 2009 1040ez The amount on Form 1040, line 38, or Form 1040A, line 22, is more than $29,500 ($44,250 if head of household; $59,000 if married filing jointly). 2009 1040ez The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 1996, (b) is claimed as a dependent on someone else's 2013 tax return, or (c) was a student (defined next). 2009 1040ez Student. 2009 1040ez   You were a student if during any part of 5 calendar months of 2013 you: Were enrolled as a full-time student at a school, or Took a full-time, on-farm training course given by a school or a state, county, or local government agency. 2009 1040ez School. 2009 1040ez   A school includes a technical, trade, or mechanical school. 2009 1040ez It does not include an on-the-job training course, correspondence school, or school offering courses only through the Internet. 2009 1040ez How to take the credit. 2009 1040ez   Figure the credit on Form 8880. 2009 1040ez Enter the credit on your Form 1040, line 50, or your Form 1040A, line 32, and attach Form 8880 to your return. 2009 1040ez More information. 2009 1040ez   For more information on the credit, see the Form 8880 instructions. 2009 1040ez Refundable Credits The credits discussed in this part of the chapter are treated as payments of tax. 2009 1040ez If the total of these credits, withheld federal income tax, and estimated tax payments is more than your total tax, the excess can be refunded to you. 2009 1040ez Credit for Tax on Undistributed Capital Gain You must include in your income any amounts that regulated investment companies (commonly called mutual funds) or real estate investment trusts (REITs) allocated to you as capital gain distributions, even if you did not actually receive them. 2009 1040ez If the mutual fund or REIT paid a tax on the capital gain, you are allowed a credit for the tax since it is considered paid by you. 2009 1040ez The mutual fund or REIT will send you Form 2439 showing your share of the undistributed capital gains and the tax paid, if any. 2009 1040ez How to take the credit. 2009 1040ez   To take the credit, attach Copy B of Form 2439 to your Form 1040. 2009 1040ez Include the amount from box 2 of your Form 2439 in the total for Form 1040, line 71, and check box a. 2009 1040ez More information. 2009 1040ez   See Capital Gain Distributions in chapter 8 for more information on undistributed capital gains. 2009 1040ez Health Coverage Tax Credit You may be able to take this credit for any month in which all the following statements were true on the first day of the month. 2009 1040ez You were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment TAA (RTAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient (defined later); or you were a qualified family member of one of these individuals when the individual died or you finalized a divorce with one of these individuals. 2009 1040ez You and/or your family members were covered by a qualified health insurance plan for which you paid the entire premiums, or your portion of the premiums, directly to your health plan or to “U. 2009 1040ez S. 2009 1040ez Treasury–HCTC. 2009 1040ez ” You were not enrolled in Medicare Part A, B, or C, or you were enrolled in Medicare but your family member(s) qualified for the HCTC. 2009 1040ez You were not enrolled in Medicaid or the Children's Health Insurance Program (CHIP). 2009 1040ez You were not enrolled in the Federal Employees Health Benefits program (FEHBP) or eligible to receive benefits under the U. 2009 1040ez S. 2009 1040ez military health system (TRICARE). 2009 1040ez You were not imprisoned under federal, state, or local authority. 2009 1040ez Your employer did not pay 50% or more of the cost of coverage. 2009 1040ez You did not receive a 65% COBRA premium reduction from your former employer or COBRA administrator. 2009 1040ez But, you cannot take the credit if you can be claimed as a dependent on someone else's 2013 tax return. 2009 1040ez If you meet all of these conditions, you may be able to take a credit of up to 72. 2009 1040ez 5% of the amount you paid directly to a qualified health plan for you and any qualifying family members. 2009 1040ez You cannot take the credit for insurance premiums on coverage that was actually paid for with a National Emergency Grant. 2009 1040ez The amount you paid for qualified health insurance coverage must be reduced by any Archer MSA and health savings account distributions used to pay for the coverage. 2009 1040ez You can take this credit on your tax return or have it paid on your behalf in advance to your insurance company. 2009 1040ez If the credit is paid on your behalf in advance, that amount will reduce the amount of the credit you can take on your tax return. 2009 1040ez TAA recipient. 2009 1040ez   You were an eligible TAA recipient on the first day of the month if, for any day in that month or the prior month, you: Received a trade readjustment allowance, or Would have been entitled to receive such an allowance except that you had not exhausted all rights to any unemployment insurance (except additional compensation that is funded by a state and is not reimbursed from any federal funds) to which you were entitled (or would be entitled if you applied). 2009 1040ez Example. 2009 1040ez You received a trade adjustment allowance for January 2013. 2009 1040ez You were an eligible TAA recipient on the first day of January and February. 2009 1040ez Alternative TAA recipient. 2009 1040ez   You were an eligible alternative TAA recipient on the first day of the month if, for that month or the prior month, you received benefits under an alternative trade adjustment assistance program for older workers established by the Department of Labor. 2009 1040ez Example. 2009 1040ez You received benefits under an alternative trade adjustment assistance program for older workers for October 2013. 2009 1040ez The program was established by the Department of Labor. 2009 1040ez You were an eligible alternative TAA recipient on the first day of October and November. 2009 1040ez RTAA recipient. 2009 1040ez   You were an eligible RTAA recipient on the first day of the month if, for that month or the prior month, you received benefits under a reemployment trade adjustment assistance program for older workers established by the Department of Labor. 2009 1040ez PBGC pension recipient. 2009 1040ez   You were an eligible PBGC pension recipient on the first day of the month, if both of the following apply. 2009 1040ez You were age 55 or older on the first day of the month. 2009 1040ez You received a benefit for that month paid by the PBGC under title IV of the Employee Retirement Income Security Act of 1974 (ERISA). 2009 1040ez If you received a lump-sum payment from the PBGC after August 5, 2002, you meet item (2) above for any month that you would have received a PBGC benefit if you had not received the lump-sum payment. 2009 1040ez How to take the credit. 2009 1040ez   To take the credit, complete Form 8885 and attach it to your Form 1040. 2009 1040ez Include your credit in the total for Form 1040, line 71, and check box c. 2009 1040ez   You must attach health insurance bills (or COBRA payment coupons) and proof of payment for any amounts you include on Form 8885, line 2. 2009 1040ez For details, see Publication 502 or Form 8885. 2009 1040ez More information. 2009 1040ez   For definitions and special rules, including those relating to qualified health insurance plans, qualifying family members, the effect of certain life events, and employer-sponsored health insurance plans, see Publication 502 and the Form 8885 instructions. 2009 1040ez Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld Most employers must withhold social security tax from your wages. 2009 1040ez If you work for a railroad employer, that employer must withhold tier 1 railroad retirement (RRTA) tax and tier 2 RRTA tax. 2009 1040ez If you worked for two or more employers in 2013, you may have had too much social security tax withheld from your pay. 2009 1040ez If one or more of those employers was a railroad employer, too much tier 1 RRTA tax may also have been withheld at the 6. 2009 1040ez 2% rate. 2009 1040ez You can claim the excess social security or tier 1 RRTA tax as a credit against your income tax when you file your return. 2009 1040ez For the tier 1 RRTA tax, only use the portion of the tier 1 RRTA tax that was taxed at the 6. 2009 1040ez 2% rate when figuring if excess tier 1 RRTA tax was withheld; do not include any portion of the tier 1 RRTA tax that was withheld at the Medicare tax rate (1. 2009 1040ez 45%) or the Additional Medicare Tax rate (. 2009 1040ez 9%). 2009 1040ez The following table shows the maximum amount of wages subject to tax and the maximum amount of tax that should have been withheld for 2013. 2009 1040ez Type of tax Maximum  wages subject to tax Maximum tax that should have been withheld Social security or RRTA tier 1 $113,700 $7,049. 2009 1040ez 40 RRTA tier 2 $84,300 $3,709. 2009 1040ez 20 All wages are subject to Medicare tax withholding. 2009 1040ez   Use Form 843, Claim for Refund and Request for Abatement, to claim a refund of excess tier 2 RRTA tax. 2009 1040ez Be sure to attach a copy of all of your W-2 forms. 2009 1040ez Use Worksheet 3-3 in Publication 505, Tax Withholding and Estimated Tax, to help you figure the excess amount. 2009 1040ez Employer's error. 2009 1040ez   If any one employer withheld too much social security or tier 1 RRTA tax, you cannot take the excess as a credit against your income tax. 2009 1040ez The employer should adjust the tax for you. 2009 1040ez If the employer does not adjust the overcollection, you can file a claim for refund using Form 843. 2009 1040ez Joint return. 2009 1040ez   If you are filing a joint return, you cannot add the social security or tier 1 RRTA tax withheld from your spouse's wages to the amount withheld from your wages. 2009 1040ez Figure the withholding separately for you and your spouse to determine if either of you has excess withholding. 2009 1040ez How to figure the credit if you did not work for a railroad. 2009 1040ez   If you did not work for a railroad during 2013, figure the credit as follows: 1. 2009 1040ez Add all social security tax withheld (but not more than $7,049. 2009 1040ez 40 for each employer). 2009 1040ez Enter the total here   2. 2009 1040ez Enter any uncollected social security tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT”   3. 2009 1040ez Add lines 1 and 2. 2009 1040ez If $7,049. 2009 1040ez 40 or less, stop here. 2009 1040ez You cannot take  the credit   4. 2009 1040ez Social security tax limit 7,049. 2009 1040ez 40 5. 2009 1040ez Credit. 2009 1040ez Subtract line 4 from line 3. 2009 1040ez Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ Example. 2009 1040ez You are married and file a joint return with your spouse who had no gross income in 2013. 2009 1040ez During 2013, you worked for the Brown Technology Company and earned $60,000 in wages. 2009 1040ez Social security tax of $3,720 was withheld. 2009 1040ez You also worked for another employer in 2013 and earned $55,000 in wages. 2009 1040ez $3,410 of social security tax was withheld from these wages. 2009 1040ez Because you worked for more than one employer and your total wages were more than $113,700, you can take a credit of $80. 2009 1040ez 60 for the excess social security tax withheld. 2009 1040ez 1. 2009 1040ez Add all social security tax withheld (but not more than $7,049. 2009 1040ez 40 for each employer). 2009 1040ez Enter the total here $7,130. 2009 1040ez 00 2. 2009 1040ez Enter any uncollected social security tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT” -0- 3. 2009 1040ez Add lines 1 and 2. 2009 1040ez If $7,049. 2009 1040ez 40 or less, stop here. 2009 1040ez You cannot take the credit 7,130. 2009 1040ez 00 4. 2009 1040ez Social security tax limit 7,049. 2009 1040ez 40 5. 2009 1040ez Credit. 2009 1040ez Subtract line 4 from line 3. 2009 1040ez Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $80. 2009 1040ez 60 How to figure the credit if you worked for a railroad. 2009 1040ez   If you were a railroad employee at any time during 2013, figure the credit as follows: 1. 2009 1040ez Add all social security and tier 1 RRTA tax withheld at the 6. 2009 1040ez 2% rate (but not more than $7,049. 2009 1040ez 40 for each employer). 2009 1040ez Enter the total here   2. 2009 1040ez Enter any uncollected social security and tier 1 RRTA tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT”   3. 2009 1040ez Add lines 1 and 2. 2009 1040ez If $7,049. 2009 1040ez 40 or less, stop here. 2009 1040ez You cannot take  the credit   4. 2009 1040ez Social security and tier 1 RRTA  tax limit 7,049. 2009 1040ez 40 5. 2009 1040ez Credit. 2009 1040ez Subtract line 4 from line 3. 2009 1040ez Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ How to take the credit. 2009 1040ez   Enter the credit on Form 1040, line 69, or include it in the total for Form 1040A, line 41. 2009 1040ez More information. 2009 1040ez   For more information on the credit, see Publication 505. 2009 1040ez Prev  Up  Next   Home   More Online Publications