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2014 Ez Tax Form

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2014 Ez Tax Form

2014 ez tax form 8. 2014 ez tax form   Dividends and Other Distributions Table of Contents Reminder Introduction Useful Items - You may want to see: General InformationDividends not reported on Form 1099-DIV. 2014 ez tax form Reporting tax withheld. 2014 ez tax form Nominees. 2014 ez tax form Ordinary DividendsQualified Dividends Dividends Used to Buy More Stock Money Market Funds Capital Gain DistributionsBasis adjustment. 2014 ez tax form Nondividend DistributionsLiquidating Distributions Distributions of Stock and Stock Rights Other DistributionsInformation reporting requirement. 2014 ez tax form Alternative minimum tax treatment. 2014 ez tax form How To Report Dividend IncomeInvestment interest deducted. 2014 ez tax form Reminder Foreign-source income. 2014 ez tax form  If you are a U. 2014 ez tax form S. 2014 ez tax form 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. 2014 ez tax form S. 2014 ez tax form law. 2014 ez tax form This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. 2014 ez tax form 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. 2014 ez tax form This chapter also explains how to report dividend income on your tax return. 2014 ez tax form Dividends are distributions of money, stock, or other property paid to you by a corporation or by a mutual fund. 2014 ez tax form You also may receive dividends through a partnership, an estate, a trust, or an association that is taxed as a corporation. 2014 ez tax form However, some amounts you receive that are called dividends are actually interest income. 2014 ez tax form (See Dividends that are actually interest under Taxable Interest in chapter 7. 2014 ez tax form ) Most distributions are paid in cash (or check). 2014 ez tax form However, distributions can consist of more stock, stock rights, other property, or services. 2014 ez tax form 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. 2014 ez tax form Tax on unearned income of certain children. 2014 ez tax form   Part of a child's 2013 unearned income may be taxed at the parent's tax rate. 2014 ez tax form If it is, Form 8615, Tax for Certain Children Who Have Unearned Income, must be completed and attached to the child's tax return. 2014 ez tax form If not, Form 8615 is not required and the child's income is taxed at his or her own tax rate. 2014 ez tax form    Some parents can choose to include the child's interest and dividends on the parent's return if certain requirements are met. 2014 ez tax form Use Form 8814, Parents' Election To Report Child's Interest and Dividends, for this purpose. 2014 ez tax form   For more information about the tax on unearned income of children and the parents' election, see chapter 31. 2014 ez tax form Beneficiary of an estate or trust. 2014 ez tax form    Dividends and other distributions you receive as a beneficiary of an estate or trust are generally taxable income. 2014 ez tax form You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. 2014 ez tax form , from the fiduciary. 2014 ez tax form Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. 2014 ez tax form Social security number (SSN) or individual taxpayer identification number (ITIN). 2014 ez tax form    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. 2014 ez tax form This includes payers of dividends. 2014 ez tax form If you do not give your SSN or ITIN to the payer of dividends, you may have to pay a penalty. 2014 ez tax form For more information on SSNs and ITINs, see Social Security Number (SSN) in chapter 1. 2014 ez tax form Backup withholding. 2014 ez tax form   Your dividend income is generally not subject to regular withholding. 2014 ez tax form However, it may be subject to backup withholding to ensure that income tax is collected on the income. 2014 ez tax form Under backup withholding, the payer of dividends must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. 2014 ez tax form   Backup withholding may also be required if the IRS has determined that you underreported your interest or dividend income. 2014 ez tax form For more information, see Backup Withholding in chapter 4. 2014 ez tax form Stock certificate in two or more names. 2014 ez tax form   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. 2014 ez tax form Form 1099-DIV. 2014 ez tax form   Most corporations and mutual funds use Form 1099-DIV, Dividends and Distributions, to show you the distributions you received from them during the year. 2014 ez tax form Keep this form with your records. 2014 ez tax form You do not have to attach it to your tax return. 2014 ez tax form Dividends not reported on Form 1099-DIV. 2014 ez tax form   Even if you do not receive Form 1099-DIV, you must still report all your taxable dividend income. 2014 ez tax form For example, you may receive distributive shares of dividends from partnerships or S corporations. 2014 ez tax form These dividends are reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. 2014 ez tax form , and Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. 2014 ez tax form Reporting tax withheld. 2014 ez tax form   If tax is withheld from your dividend income, the payer must give you a Form 1099-DIV that indicates the amount withheld. 2014 ez tax form Nominees. 2014 ez tax form   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. 2014 ez tax form Form 1099-MISC. 2014 ez tax form   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. 2014 ez tax form See Reporting Substitute Payments under Short Sales in chapter 4 of Publication 550 for more information about reporting these payments. 2014 ez tax form Incorrect amount shown on a Form 1099. 2014 ez tax form   If you receive a Form 1099 that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. 2014 ez tax form The new Form 1099 you receive will be marked “Corrected. 2014 ez tax form ” Dividends on stock sold. 2014 ez tax form   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. 2014 ez tax form Dividends received in January. 2014 ez tax form   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. 2014 ez tax form You report the dividend in the year it was declared. 2014 ez tax form Ordinary Dividends Ordinary (taxable) dividends are the most common type of distribution from a corporation or a mutual fund. 2014 ez tax form They are paid out of earnings and profits and are ordinary income to you. 2014 ez tax form This means they are not capital gains. 2014 ez tax form 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. 2014 ez tax form Ordinary dividends will be shown in box 1a of the Form 1099-DIV you receive. 2014 ez tax form 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. 2014 ez tax form They should be shown in box 1b of the Form 1099-DIV you receive. 2014 ez tax form The maximum rate of tax on qualified dividends is: 0% on any amount that otherwise would be taxed at a 10% or 15% rate. 2014 ez tax form 15% on any amount that otherwise would be taxed at rates greater than 15% but less than 39. 2014 ez tax form 6%. 2014 ez tax form 20% on any amount that otherwise would be taxed at a 39. 2014 ez tax form 6% rate. 2014 ez tax form To qualify for the maximum rate, all of the following requirements must be met. 2014 ez tax form The dividends must have been paid by a U. 2014 ez tax form S. 2014 ez tax form corporation or a qualified foreign corporation. 2014 ez tax form (See Qualified foreign corporation , later. 2014 ez tax form ) The dividends are not of the type listed later under Dividends that are not qualified dividends . 2014 ez tax form You meet the holding period (discussed next). 2014 ez tax form Holding period. 2014 ez tax form   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. 2014 ez tax form 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. 2014 ez tax form Instead, the seller will get the dividend. 2014 ez tax form   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. 2014 ez tax form See the examples later. 2014 ez tax form Exception for preferred stock. 2014 ez tax form   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. 2014 ez tax form If the preferred dividends are due to periods totaling less than 367 days, the holding period in the previous paragraph applies. 2014 ez tax form Example 1. 2014 ez tax form You bought 5,000 shares of XYZ Corp. 2014 ez tax form common stock on July 9, 2013. 2014 ez tax form XYZ Corp. 2014 ez tax form paid a cash dividend of 10 cents per share. 2014 ez tax form The ex-dividend date was July 16, 2013. 2014 ez tax form Your Form 1099-DIV from XYZ Corp. 2014 ez tax form shows $500 in box 1a (ordinary dividends) and in box 1b (qualified dividends). 2014 ez tax form However, you sold the 5,000 shares on August 12, 2013. 2014 ez tax form You held your shares of XYZ Corp. 2014 ez tax form for only 34 days of the 121-day period (from July 10, 2013, through August 12, 2013). 2014 ez tax form The 121-day period began on May 17, 2013 (60 days before the ex-dividend date), and ended on September 14, 2013. 2014 ez tax form You have no qualified dividends from XYZ Corp. 2014 ez tax form because you held the XYZ stock for less than 61 days. 2014 ez tax form Example 2. 2014 ez tax form 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. 2014 ez tax form You held the stock for 63 days (from July 16, 2013, through September 16, 2013). 2014 ez tax form 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). 2014 ez tax form Example 3. 2014 ez tax form You bought 10,000 shares of ABC Mutual Fund common stock on July 9, 2013. 2014 ez tax form ABC Mutual Fund paid a cash dividend of 10 cents a share. 2014 ez tax form The ex-dividend date was July 16, 2013. 2014 ez tax form The ABC Mutual Fund advises you that the portion of the dividend eligible to be treated as qualified dividends equals 2 cents per share. 2014 ez tax form Your Form 1099-DIV from ABC Mutual Fund shows total ordinary dividends of $1,000 and qualified dividends of $200. 2014 ez tax form However, you sold the 10,000 shares on August 12, 2013. 2014 ez tax form You have no qualified dividends from ABC Mutual Fund because you held the ABC Mutual Fund stock for less than 61 days. 2014 ez tax form Holding period reduced where risk of loss is diminished. 2014 ez tax form   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. 2014 ez tax form 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. 2014 ez tax form You were grantor (writer) of an option to buy substantially identical stock or securities. 2014 ez tax form Your risk of loss is diminished by holding one or more other positions in substantially similar or related property. 2014 ez tax form   For information about how to apply condition (3), see Regulations section 1. 2014 ez tax form 246-5. 2014 ez tax form Qualified foreign corporation. 2014 ez tax form   A foreign corporation is a qualified foreign corporation if it meets any of the following conditions. 2014 ez tax form The corporation is incorporated in a U. 2014 ez tax form S. 2014 ez tax form possession. 2014 ez tax form 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. 2014 ez tax form For a list of those treaties, see Table 8-1. 2014 ez tax form 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. 2014 ez tax form See Readily tradable stock , later. 2014 ez tax form Exception. 2014 ez tax form   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. 2014 ez tax form Readily tradable stock. 2014 ez tax form   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. 2014 ez tax form For a list of the exchanges that meet these requirements, see www. 2014 ez tax form sec. 2014 ez tax form gov/divisions/marketreg/mrexchanges. 2014 ez tax form shtml. 2014 ez tax form Dividends that are not qualified dividends. 2014 ez tax form   The following dividends are not qualified dividends. 2014 ez tax form They are not qualified dividends even if they are shown in box 1b of Form 1099-DIV. 2014 ez tax form Capital gain distributions. 2014 ez tax form Dividends paid on deposits with mutual savings banks, cooperative banks, credit unions, U. 2014 ez tax form S. 2014 ez tax form building and loan associations, U. 2014 ez tax form S. 2014 ez tax form savings and loan associations, federal savings and loan associations, and similar financial institutions. 2014 ez tax form (Report these amounts as interest income. 2014 ez tax form ) 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. 2014 ez tax form 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. 2014 ez tax form 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. 2014 ez tax form Payments in lieu of dividends, but only if you know or have reason to know the payments are not qualified dividends. 2014 ez tax form 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. 2014 ez tax form Table 8-1. 2014 ez tax form Income Tax Treaties Income tax treaties the United States has with the following countries satisfy requirement (2) under Qualified foreign corporation. 2014 ez tax form 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. 2014 ez tax form 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. 2014 ez tax form Most mutual funds also permit shareholders to automatically reinvest distributions in more shares in the fund, instead of receiving cash. 2014 ez tax form 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. 2014 ez tax form 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. 2014 ez tax form 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. 2014 ez tax form But you may be able to deduct the service charge. 2014 ez tax form See chapter 28 for more information about deducting expenses of producing income. 2014 ez tax form In some dividend reinvestment plans, you can invest more cash to buy shares of stock at a price less than fair market value. 2014 ez tax form 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. 2014 ez tax form When figuring this amount, use the fair market value of the stock on the dividend payment date. 2014 ez tax form Money Market Funds Report amounts you receive from money market funds as dividend income. 2014 ez tax form Money market funds are a type of mutual fund and should not be confused with bank money market accounts that pay interest. 2014 ez tax form 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). 2014 ez tax form They will be shown in box 2a of the Form 1099-DIV you receive from the mutual fund or REIT. 2014 ez tax form Report capital gain distributions as long-term capital gains, regardless of how long you owned your shares in the mutual fund or REIT. 2014 ez tax form Undistributed capital gains of mutual funds and REITs. 2014 ez tax form    Some mutual funds and REITs keep their long-term capital gains and pay tax on them. 2014 ez tax form You must treat your share of these gains as distributions, even though you did not actually receive them. 2014 ez tax form However, they are not included on Form 1099-DIV. 2014 ez tax form Instead, they are reported to you in box 1a of Form 2439. 2014 ez tax form   Report undistributed capital gains (box 1a of Form 2439) as long-term capital gains on Schedule D (Form 1040), column (h), line 11. 2014 ez tax form   The tax paid on these gains by the mutual fund or REIT is shown in box 2 of Form 2439. 2014 ez tax form You take credit for this tax by including it on Form 1040, line 71, and checking box a on that line. 2014 ez tax form Attach Copy B of Form 2439 to your return, and keep Copy C for your records. 2014 ez tax form Basis adjustment. 2014 ez tax form   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. 2014 ez tax form Additional information. 2014 ez tax form   For more information on the treatment of distributions from mutual funds, see Publication 550. 2014 ez tax form 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. 2014 ez tax form You should receive a Form 1099-DIV or other statement showing the nondividend distribution. 2014 ez tax form On Form 1099-DIV, a nondividend distribution will be shown in box 3. 2014 ez tax form If you do not receive such a statement, you report the distribution as an ordinary dividend. 2014 ez tax form Basis adjustment. 2014 ez tax form   A nondividend distribution reduces the basis of your stock. 2014 ez tax form It is not taxed until your basis in the stock is fully recovered. 2014 ez tax form This nontaxable portion is also called a return of capital; it is a return of your investment in the stock of the company. 2014 ez tax form 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. 2014 ez tax form   When the basis of your stock has been reduced to zero, report any additional nondividend distribution you receive as a capital gain. 2014 ez tax form Whether you report it as a long-term or short-term capital gain depends on how long you have held the stock. 2014 ez tax form See Holding Period in chapter 14. 2014 ez tax form Example. 2014 ez tax form You bought stock in 2000 for $100. 2014 ez tax form In 2003, you received a nondividend distribution of $80. 2014 ez tax form You did not include this amount in your income, but you reduced the basis of your stock to $20. 2014 ez tax form You received a nondividend distribution of $30 in 2013. 2014 ez tax form The first $20 of this amount reduced your basis to zero. 2014 ez tax form You report the other $10 as a long-term capital gain for 2013. 2014 ez tax form You must report as a long-term capital gain any nondividend distribution you receive on this stock in later years. 2014 ez tax form Liquidating Distributions Liquidating distributions, sometimes called liquidating dividends, are distributions you receive during a partial or complete liquidation of a corporation. 2014 ez tax form These distributions are, at least in part, one form of a return of capital. 2014 ez tax form They may be paid in one or more installments. 2014 ez tax form You will receive Form 1099-DIV from the corporation showing you the amount of the liquidating distribution in box 8 or 9. 2014 ez tax form For more information on liquidating distributions, see chapter 1 of Publication 550. 2014 ez tax form Distributions of Stock and Stock Rights Distributions by a corporation of its own stock are commonly known as stock dividends. 2014 ez tax form Stock rights (also known as “stock options”) are distributions by a corporation of rights to acquire the corporation's stock. 2014 ez tax form Generally, stock dividends and stock rights are not taxable to you, and you do not report them on your return. 2014 ez tax form Taxable stock dividends and stock rights. 2014 ez tax form   Distributions of stock dividends and stock rights are taxable to you if any of the following apply. 2014 ez tax form You or any other shareholder have the choice to receive cash or other property instead of stock or stock rights. 2014 ez tax form 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. 2014 ez tax form The distribution is in convertible preferred stock and has the same result as in (2). 2014 ez tax form The distribution gives preferred stock to some common stock shareholders and common stock to other common stock shareholders. 2014 ez tax form The distribution is on preferred stock. 2014 ez tax form (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. 2014 ez tax form )   The term “stock” includes rights to acquire stock, and the term “shareholder” includes a holder of rights or of convertible securities. 2014 ez tax form If you receive taxable stock dividends or stock rights, include their fair market value at the time of distribution in your income. 2014 ez tax form Preferred stock redeemable at a premium. 2014 ez tax form   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. 2014 ez tax form For more information, see chapter 1 of Publication 550. 2014 ez tax form Basis. 2014 ez tax form   Your basis in stock or stock rights received in a taxable distribution is their fair market value when distributed. 2014 ez tax form 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. 2014 ez tax form Fractional shares. 2014 ez tax form    You may not own enough stock in a corporation to receive a full share of stock if the corporation declares a stock dividend. 2014 ez tax form 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. 2014 ez tax form Any cash you receive for fractional shares under such a plan is treated as an amount realized on the sale of the fractional shares. 2014 ez tax form Report this transaction on Form 8949, Sales and Other Dispositions of Capital Assets. 2014 ez tax form 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. 2014 ez tax form    Report these transactions on Form 8949 with the correct box checked. 2014 ez tax form   For more information on Form 8949 and Schedule D (Form 1040), see chapter 4 of Publication 550. 2014 ez tax form Also see the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040). 2014 ez tax form Example. 2014 ez tax form You own one share of common stock that you bought on January 3, 2004, for $100. 2014 ez tax form The corporation declared a common stock dividend of 5% on June 29, 2013. 2014 ez tax form The fair market value of the stock at the time the stock dividend was declared was $200. 2014 ez tax form You were paid $10 for the fractional-share stock dividend under a plan described in the discussion above. 2014 ez tax form You figure your gain or loss as follows: Fair market value of old stock $200. 2014 ez tax form 00 Fair market value of stock dividend (cash received) +10. 2014 ez tax form 00 Fair market value of old stock and stock dividend $210. 2014 ez tax form 00 Basis (cost) of old stock after the stock dividend (($200 ÷ $210) × $100) $95. 2014 ez tax form 24 Basis (cost) of stock dividend (($10 ÷ $210) × $100) + 4. 2014 ez tax form 76 Total $100. 2014 ez tax form 00 Cash received $10. 2014 ez tax form 00 Basis (cost) of stock dividend − 4. 2014 ez tax form 76 Gain $5. 2014 ez tax form 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. 2014 ez tax form Scrip dividends. 2014 ez tax form   A corporation that declares a stock dividend may issue you a scrip certificate that entitles you to a fractional share. 2014 ez tax form The certificate is generally nontaxable when you receive it. 2014 ez tax form 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. 2014 ez tax form   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. 2014 ez tax form You must include its fair market value in income on the date you receive it. 2014 ez tax form Other Distributions You may receive any of the following distributions during the year. 2014 ez tax form Exempt-interest dividends. 2014 ez tax form   Exempt-interest dividends you receive from a mutual fund or other regulated investment company, including those received from a qualified fund of funds in any tax year beginning after December 22, 2010, are not included in your taxable income. 2014 ez tax form Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. 2014 ez tax form Information reporting requirement. 2014 ez tax form   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file a return. 2014 ez tax form This is an information reporting requirement and does not change the exempt-interest dividends to taxable income. 2014 ez tax form Alternative minimum tax treatment. 2014 ez tax form   Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. 2014 ez tax form See Alternative Minimum Tax (AMT) in chapter 30 for more information. 2014 ez tax form Dividends on insurance policies. 2014 ez tax form    Insurance policy dividends the insurer keeps and uses to pay your premiums are not taxable. 2014 ez tax form However, you must report as taxable interest income the interest that is paid or credited on dividends left with the insurance company. 2014 ez tax form    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. 2014 ez tax form Do not include them in your gross income until they are more than the total of all net premiums you paid for the contract. 2014 ez tax form Report any taxable distributions on insurance policies on Form 1040, line 21. 2014 ez tax form Dividends on veterans' insurance. 2014 ez tax form   Dividends you receive on veterans' insurance policies are not taxable. 2014 ez tax form In addition, interest on dividends left with the Department of Veterans Affairs is not taxable. 2014 ez tax form Patronage dividends. 2014 ez tax form   Generally, patronage dividends you receive in money from a cooperative organization are included in your income. 2014 ez tax form   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. 2014 ez tax form But you must reduce the basis (cost) of the items bought. 2014 ez tax form If the dividend is more than the adjusted basis of the assets, you must report the excess as income. 2014 ez tax form   These rules are the same whether the cooperative paying the dividend is a taxable or tax-exempt cooperative. 2014 ez tax form Alaska Permanent Fund dividends. 2014 ez tax form    Do not report these amounts as dividends. 2014 ez tax form Instead, report these amounts on Form 1040, line 21; Form 1040A, line 13; or Form 1040EZ, line 3. 2014 ez tax form How To Report Dividend Income Generally, you can use either Form 1040 or Form 1040A to report your dividend income. 2014 ez tax form Report the total of your ordinary dividends on line 9a of Form 1040 or Form 1040A. 2014 ez tax form Report qualified dividends on line 9b of Form 1040 or Form 1040A. 2014 ez tax form If you receive capital gain distributions, you may be able to use Form 1040A or you may have to use Form 1040. 2014 ez tax form See Exceptions to filing Form 8949 and Schedule D (Form 1040) in chapter 16. 2014 ez tax form If you receive nondividend distributions required to be reported as capital gains, you must use Form 1040. 2014 ez tax form You cannot use Form 1040EZ if you receive any dividend income. 2014 ez tax form Form 1099-DIV. 2014 ez tax form   If you owned stock on which you received $10 or more in dividends and other distributions, you should receive a Form 1099-DIV. 2014 ez tax form Even if you do not receive Form 1099-DIV, you must report all your dividend income. 2014 ez tax form   See Form 1099-DIV for more information on how to report dividend income. 2014 ez tax form Form 1040A or 1040. 2014 ez tax form    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. 2014 ez tax form If your ordinary dividends are more than $1,500, you must also complete Schedule B (Form 1040A or 1040), Part III. 2014 ez tax form   List on Schedule B (Form 1040A or 1040), Part II, line 5, each payer's name and the ordinary dividends you received. 2014 ez tax form 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. 2014 ez tax form 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. 2014 ez tax form   Enter on line 6 the total of the amounts listed on line 5. 2014 ez tax form Also enter this total on line 9a of Form 1040A or 1040. 2014 ez tax form Qualified dividends. 2014 ez tax form   Report qualified dividends (Form 1099-DIV, box 1b) on line 9b of Form 1040 or Form 1040A. 2014 ez tax form The amount in box 1b is already included in box 1a. 2014 ez tax form Do not add the amount in box 1b to, or substract it from, the amount in box 1a. 2014 ez tax form   Do not include any of the following on line 9b. 2014 ez tax form Qualified dividends you received as a nominee. 2014 ez tax form See Nominees under How to Report Dividend Income in chapter 1 of Publication 550. 2014 ez tax form Dividends on stock for which you did not meet the holding period. 2014 ez tax form See Holding period , earlier under Qualified Dividends. 2014 ez tax form 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. 2014 ez tax form Payments in lieu of dividends, but only if you know or have reason to know the payments are not qualified dividends. 2014 ez tax form 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. 2014 ez tax form   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. 2014 ez tax form Enter qualified dividends on line 2 of the worksheet. 2014 ez tax form Investment interest deducted. 2014 ez tax form   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. 2014 ez tax form Reduce it by the qualified dividends you choose to include in investment income when figuring the limit on your investment interest deduction. 2014 ez tax form This is done on the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet. 2014 ez tax form For more information about the limit on investment interest, see Investment expenses in chapter 23. 2014 ez tax form Expenses related to dividend income. 2014 ez tax form   You may be able to deduct expenses related to dividend income if you itemize your deductions on Schedule A (Form 1040). 2014 ez tax form See chapter 28 for general information about deducting expenses of producing income. 2014 ez tax form More information. 2014 ez tax form    For more information about how to report dividend income, see chapter 1 of Publication 550 or the instructions for the form you must file. 2014 ez tax form Prev  Up  Next   Home   More Online Publications
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The 2014 Ez Tax Form

2014 ez tax form Internal Revenue Bulletin:  2013-7  February 11, 2013  Rev. 2014 ez tax form Proc. 2014 ez tax form 2013-16 Table of Contents SECTION 1. 2014 ez tax form PURPOSE SECTION 2. 2014 ez tax form BACKGROUND—HAMP AND THE HAMP PRINCIPAL REDUCTION ALTERNATIVE SECTION 3. 2014 ez tax form BACKGROUND—APPLICABLE PROVISIONS OF LAW SECTION 4. 2014 ez tax form FEDERAL INCOME TAX TREATMENT SECTION 5. 2014 ez tax form INFORMATION-REPORTING OBLIGATIONS SECTION 6. 2014 ez tax form HAMP-PRA BORROWERS’ REPORTING OF DISCHARGES OF INDEBTEDNESS UNDER HAMP-PRA SECTION 7. 2014 ez tax form PENALTY RELIEF FOR 2012 SECTION 8. 2014 ez tax form SCOPE AND EFFECTIVE DATE SECTION 9. 2014 ez tax form DRAFTING INFORMATION SECTION 1. 2014 ez tax form PURPOSE This revenue procedure provides guidance to mortgage loan holders, loan servicers, and borrowers who are participating in the Department of the Treasury’s (Treasury) and Department of Housing and Urban Development’s (HUD) Home Affordable Modification Program® (HAMP®). 2014 ez tax form Under HAMP, a borrower may be eligible for principal reduction of the outstanding balance of a qualifying mortgage pursuant to the program’s Principal Reduction AlternativeSM (PRA). 2014 ez tax form In appropriate cases, HAMP has been offering the PRA as part of a HAMP loan modification since the last quarter of 2010. 2014 ez tax form Current plans call for HAMP to continue accepting new borrowers through the end of 2013. 2014 ez tax form The Internal Revenue Service (Service) is providing this guidance to address the tax consequences for borrowers (HAMP-PRA borrowers) who are participating in the PRA and the reporting obligations for participating mortgage loan holders and servicers. 2014 ez tax form SECTION 2. 2014 ez tax form BACKGROUND—HAMP AND THE HAMP PRINCIPAL REDUCTION ALTERNATIVE . 2014 ez tax form 01 To help distressed borrowers lower their monthly mortgage payments, Treasury and HUD established HAMP for mortgage loans that are not owned or guaranteed by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). 2014 ez tax form A description of the program can be found at www. 2014 ez tax form makinghomeaffordable. 2014 ez tax form gov. 2014 ez tax form . 2014 ez tax form 02 Under HAMP, a participating loan servicer, acting on behalf of the mortgage loan holder, must consider a sequence of modification steps for each eligible borrower’s mortgage loan until the borrower’s monthly payment is reduced to a monthly payment amount determined under the HAMP guidelines. 2014 ez tax form These steps include a reduction in the mortgage loan’s interest rate, an extension of the mortgage loan’s term, and a reduction in the mortgage loan’s principal balance. 2014 ez tax form . 2014 ez tax form 03 In some cases, the unpaid principal balance of the modified mortgage loan is divided into (1) an amount that bears stated interest and that is used to calculate the borrower’s new monthly mortgage payment (the “Non-forbearance Portion”), and (2) a forbearance amount, which does not bear stated interest and on which periodic payments of stated principal are not required. 2014 ez tax form The stated principal of the forbearance amount is due upon the earliest of the borrower’s transfer of the property, payoff of the balance on the Non-forbearance Portion of the mortgage loan, or maturity of the mortgage loan. 2014 ez tax form However, as noted in section 2. 2014 ez tax form 06 of this revenue procedure, a HAMP-PRA borrower sometimes may not have to pay all or a portion of the forbearance amount. 2014 ez tax form (The forbearance amount associated with a HAMP-PRA principal reduction is called the “PRA Forbearance Amount. 2014 ez tax form ”) . 2014 ez tax form 04 If a mortgage loan is being considered for a HAMP modification and the amount owed on the mortgage loan is greater than 115 percent of the value of the property, then the servicer must consider whether principal reduction under PRA should be used as part of the HAMP modification. 2014 ez tax form . 2014 ez tax form 05 The first step toward a HAMP modification is a trial period plan, in which the borrower’s monthly mortgage payment is set at a monthly payment amount determined under the HAMP guidelines. 2014 ez tax form The trial period plan effective date is the due date for the first of the reduced payments that are to be made under the trial period plan. 2014 ez tax form (It is the first day of either the first or the second month after the servicer transmits the trial period notice to the borrower. 2014 ez tax form ) In general, the trial period is three months, and, during this period, the borrower must satisfy certain conditions before the changes to the terms of the mortgage loan become permanent (the “Trial Period Conditions”). 2014 ez tax form Specifically, depending on the borrower’s trial period payment history, the borrower’s compliance with HAMP and servicer guidelines, and his or her satisfaction of all other Trial Period Conditions, the borrower will be offered a permanent modification of the terms of the mortgage loan, including monthly mortgage payments that are lower than those under the old mortgage loan. 2014 ez tax form Until the effective date of a permanent modification, the terms of the existing mortgage loan continue to apply. 2014 ez tax form . 2014 ez tax form 06 After the mortgage loan is permanently modified under HAMP, if the modified mortgage loan is in good standing on the first, second, or third annual anniversary of the trial period plan effective date (the “Three-year Period”), the servicer must reduce the unpaid principal balance of the mortgage loan on the respective anniversary date by one-third of the initial PRA Forbearance Amount. 2014 ez tax form (The servicer allocates the entire reduction to the remaining PRA Forbearance Amount. 2014 ez tax form ) In general, if a HAMP-PRA borrower’s mortgage loan is in good standing and if the HAMP-PRA borrower pays in full the Non-forbearance Portion of the mortgage loan prior to the reduction of the entire PRA Forbearance Amount, the servicer must reduce the remaining outstanding principal balance of the mortgage loan by the remaining PRA Forbearance Amount. 2014 ez tax form . 2014 ez tax form 07 In connection with every HAMP loan modification, the HAMP program administrator (acting on behalf of the federal government) provides incentives to the borrower, the servicer, and the investor (that is, the holder of the mortgage loan). 2014 ez tax form If a HAMP loan modification includes a PRA principal reduction, the HAMP program administrator makes additional incentive payments to the investor. 2014 ez tax form These additional incentives are called “PRA Investor Incentive Payments” and are generally spread over three years. 2014 ez tax form The size of the PRA Investor Incentive Payments depends on the amount of principal reduced, the loan-to-value ratio at the time of the HAMP modification, and the loan’s payment history before the modification. 2014 ez tax form The PRA Investor Incentive Payments range from 18 to 63 percent of the principal amounts reduced. 2014 ez tax form For purposes of this revenue procedure, the excess of the initial PRA Forbearance Amount of a mortgage loan over the aggregate PRA Investor Incentive Payments scheduled to be paid with respect to that loan is called the “PRA Adjusted Forbearance Amount. 2014 ez tax form ” . 2014 ez tax form 08 A PRA Investor Incentive Payment is earned by the investor on each date on which the servicer reduces the unpaid principal balance of the mortgage loan by a portion of the PRA Forbearance Amount (generally, on the first three annual anniversaries of the trial period plan effective date). 2014 ez tax form . 2014 ez tax form 09 If a HAMP-PRA borrower’s early payment in full of the Non-forbearance Portion of the mortgage loan accelerates the reduction of the remaining PRA Forbearance Amount (described above in section 2. 2014 ez tax form 06 of this revenue procedure), the remaining PRA Investor Incentive Payments from the HAMP program administrator are also accelerated. 2014 ez tax form . 2014 ez tax form 10 If, prior to completion of the Three-year Period, a mortgage loan ceases to be in good standing because of the HAMP-PRA borrower’s payment history, then the remaining PRA Forbearance Amount is not further reduced and is due when the HAMP-PRA borrower transfers the property, the HAMP-PRA borrower refinances, or otherwise pays off the Non-forbearance Portion of the mortgage loan, or the mortgage loan matures. 2014 ez tax form SECTION 3. 2014 ez tax form BACKGROUND—APPLICABLE PROVISIONS OF LAW . 2014 ez tax form 01 Under § 61 of the Internal Revenue Code, except as otherwise provided in subtitle A, gross income means all income from whatever source derived, including income from discharge of indebtedness. 2014 ez tax form See § 61(a)(12). 2014 ez tax form . 2014 ez tax form 02 Under § 1. 2014 ez tax form 1001-3 of the Income Tax Regulations, if a debt instrument undergoes a significant modification, then the modification results in an exchange of the original debt instrument for the modified debt instrument. 2014 ez tax form In general, an agreement to change a term of a debt instrument is a modification at the time the borrower and holder enter into the agreement, even if the change in term is not immediately effective. 2014 ez tax form However, if the change is conditioned on reasonable closing conditions, a modification occurs on the closing date of the agreement. 2014 ez tax form See § 1. 2014 ez tax form 1001-3(c)(6). 2014 ez tax form . 2014 ez tax form 03 Under § 108(e)(10), in the case of a debt-for-debt exchange (including a deemed exchange under § 1. 2014 ez tax form 1001-3), the borrower is treated as having satisfied the original debt instrument with an amount of money equal to the issue price of the new debt instrument. 2014 ez tax form If the amount of debt satisfied in this manner exceeds that issue price, the borrower realizes discharge of indebtedness income on the exchange. 2014 ez tax form See also § 1. 2014 ez tax form 61-12(c). 2014 ez tax form . 2014 ez tax form 04 The issue price of a non-publicly traded debt instrument issued for non-publicly traded property generally reflects the amount of principal that the borrower is required to pay to the holder of the instrument. 2014 ez tax form If a borrower has the ability to avoid paying certain amounts (including principal) without violating the terms of the instrument, the payment schedule for the instrument is generally determined based on an assumption that the borrower will avoid any requirement to make those payments. 2014 ez tax form See, e. 2014 ez tax form g. 2014 ez tax form , §§ 1. 2014 ez tax form 1272-1(c)(5) and 1. 2014 ez tax form 1274-2(d). 2014 ez tax form . 2014 ez tax form 05 Under § 108(a), gross income does not include any amount that but for § 108(a) would be includible in gross income by reason of the discharge (in whole or in part) of a taxpayer’s indebtedness if (1) the indebtedness discharged is qualified principal residence indebtedness that is discharged before January 1, 2014, or (2) the discharge occurs when the taxpayer is insolvent. 2014 ez tax form Section 108(a)(1)(E) and 108(a)(1)(B). 2014 ez tax form (Although § 108 contains other exclusions as well, this revenue procedure focuses on these two exclusions because they are the most likely to apply to the greatest number of HAMP-PRA borrowers. 2014 ez tax form ) . 2014 ez tax form 06 Under §§ 108(h) and 163(h)(3)(B), qualified principal residence indebtedness is any indebtedness that is incurred by a borrower to buy, build, or substantially improve the borrower’s principal residence and is secured by that residence. 2014 ez tax form . 2014 ez tax form 07 Qualified principal residence indebtedness also includes a loan secured by the borrower’s principal residence that refinances qualified principal residence indebtedness, but only to the extent of the amount of the refinanced indebtedness. 2014 ez tax form See §§ 108(h) and 163(h)(3)(B)(i). 2014 ez tax form . 2014 ez tax form 08 The maximum amount of discharged indebtedness that a borrower may exclude from gross income under the qualified principal residence indebtedness exclusion is $2,000,000 ($1,000,000 for a married individual filing a separate return). 2014 ez tax form Under § 108(h)(4), if only part of the discharged indebtedness is qualified principal residence indebtedness, then the exclusion applies only to the amount of the discharged indebtedness that exceeds the amount of the loan (determined immediately before the discharge) that is not qualified principal residence indebtedness. 2014 ez tax form . 2014 ez tax form 09 Under § 108(a)(3), the insolvency exclusion applies to the lesser of the amount of the debt discharged or the amount by which the taxpayer is insolvent immediately before the discharge. 2014 ez tax form . 2014 ez tax form 10 Section 108(d)(3) provides that, for purposes of the insolvency exclusion, a taxpayer is insolvent to the extent that the taxpayer’s total liabilities exceed the fair market value of all of the taxpayer’s assets immediately before the discharge of indebtedness. 2014 ez tax form Under § 108(a)(2)(C), the qualified principal residence indebtedness exclusion takes precedence over the insolvency exclusion when both exclusions apply to discharged indebtedness, unless the taxpayer elects to apply the insolvency exclusion. 2014 ez tax form . 2014 ez tax form 11 If an amount is excluded from gross income as a discharge of qualified principal residence indebtedness, the taxpayer must reduce the basis of the taxpayer’s principal residence. 2014 ez tax form See § 108(h)(1). 2014 ez tax form If a discharged amount is excluded from gross income because the taxpayer was insolvent when the discharge occurred, the taxpayer must reduce certain tax attributes (possibly including basis). 2014 ez tax form See § 108(b). 2014 ez tax form For further discussion of income from the discharge of indebtedness, the qualified principal residence indebtedness exclusion, the insolvency exclusion, and other exclusions from gross income that may apply, see Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). 2014 ez tax form . 2014 ez tax form 12 Taxpayers who exclude any discharged amounts from gross income report both the exclusion and the resulting reduction in basis or other tax attributes on Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment). 2014 ez tax form See Form 982 instructions and Publication 4681. 2014 ez tax form This form is to be filed with the tax return for the taxable year in which the amount is discharged but is excluded from gross income. 2014 ez tax form . 2014 ez tax form 13 Governmental payments made to or on behalf of individuals or other persons are included within the broad definition of gross income under § 61 unless an exception applies. 2014 ez tax form See Notice 2003-18, 2003-1 C. 2014 ez tax form B. 2014 ez tax form 699, and Rev. 2014 ez tax form Rul. 2014 ez tax form 79-356, 1979-2 C. 2014 ez tax form B. 2014 ez tax form 28. 2014 ez tax form However, if disbursements are made by a governmental unit to individuals in the interest of the general welfare (that is, are generally based on individual or family need) and the disbursements do not represent compensation for services, then the amounts disbursed are excluded from the income of the recipient (general welfare exclusion). 2014 ez tax form See Rev. 2014 ez tax form Rul. 2014 ez tax form 2005-46, 2005-2 C. 2014 ez tax form B. 2014 ez tax form 120, and Rev. 2014 ez tax form Rul. 2014 ez tax form 75-246, 1975-1 C. 2014 ez tax form B. 2014 ez tax form 24. 2014 ez tax form . 2014 ez tax form 14 Under § 451 and § 1. 2014 ez tax form 451-1(a), a taxpayer that uses the cash receipts and disbursements method of accounting includes income in gross income when the taxpayer actually or constructively receives the income. 2014 ez tax form . 2014 ez tax form 15 Section 6041 requires every person engaged in a trade or business (including the United States and its agencies) to (1) file an information return (Form 1099-MISC, Miscellaneous Income, is used for this purpose) for each calendar year in which the person makes, in the course of its trade or business, payments to another person of fixed or determinable income aggregating $600 or more, and (2) furnish a copy of the information return to that other person. 2014 ez tax form See § 6041(a) and (d) and § 1. 2014 ez tax form 6041-1(a)(1) and (b). 2014 ez tax form . 2014 ez tax form 16 Section 6050P requires applicable entities (including the United States and its agencies, financial entities, and any organization a significant trade or business of which is the lending of money) to (1) file an information return (Form 1099-C, Cancellation of Debt, is used for this purpose) for each calendar year in which it discharges indebtedness of another person of $600 or more, and (2) furnish a copy of the information return to that other person. 2014 ez tax form See § 6050P(a)-(c) and §§ 1. 2014 ez tax form 6050P-1(a) and 1. 2014 ez tax form 6050P-2(a) and (d). 2014 ez tax form . 2014 ez tax form 17 Section 6721 imposes penalties with respect to information returns required to be filed with the Service. 2014 ez tax form These penalties apply in the case of a failure to timely file an information return, a failure to include all required information on the return, or the inclusion of incorrect information on the return. 2014 ez tax form Section 6724(d)(1) includes Forms 1099-MISC and 1099-C in the term “information return. 2014 ez tax form ” . 2014 ez tax form 18 Section 6722 imposes penalties with respect to payee statements required to be furnished to payees. 2014 ez tax form These penalties apply in the case of a failure to timely furnish a payee statement, a failure to include all required information on the statement, or the inclusion of incorrect information on the payee statement. 2014 ez tax form Section 6724(d)(2) includes in the term “payee statement” copies of Forms 1099-MISC and 1099-C that are required to be furnished to taxpayers. 2014 ez tax form SECTION 4. 2014 ez tax form FEDERAL INCOME TAX TREATMENT . 2014 ez tax form 01 Because a HAMP modification with a PRA principal reduction is a significant modification, it results in a deemed debt-for-debt exchange in which the HAMP-PRA borrower satisfies the old mortgage loan by issuing a new one. 2014 ez tax form See § 1. 2014 ez tax form 1001-3. 2014 ez tax form At the time of the modification, therefore, under § 108 and this revenue procedure, the HAMP-PRA borrower realizes discharge of indebtedness income equal to any excess of the adjusted issue price of the old mortgage loan (which was satisfied in the deemed exchange) over the issue price of the new (post-modification) mortgage loan. 2014 ez tax form See also § 61(a)(12) and § 1. 2014 ez tax form 61-12(c). 2014 ez tax form . 2014 ez tax form 02 A HAMP-PRA borrower has the ability to avoid payment of the PRA Adjusted Forbearance Amount. 2014 ez tax form Because the HAMP-PRA borrower has this ability, that amount should not be taken into account in determining the issue price of the new mortgage loan. 2014 ez tax form Because the issue price of the new mortgage loan does not include the PRA Adjusted Forbearance Amount, the PRA Adjusted Forbearance Amount contributes to the excess of the adjusted issue price of the old mortgage loan (which was satisfied in the deemed exchange) over the issue price of the new mortgage loan. 2014 ez tax form . 2014 ez tax form 03 On the other hand, the investor has not given up its right to receive the remainder of the PRA Forbearance Amount, because the HAMP program administrator is expected to make those payments on the HAMP-PRA borrower’s behalf by making the PRA Investor Incentive Payments. 2014 ez tax form Because the remainder of the PRA Forbearance Amount is payable in this manner, that remainder is included in the issue price of the new mortgage loan. 2014 ez tax form . 2014 ez tax form 04 The Trial Period Conditions are reasonable closing conditions that must be satisfied before the changes to the terms of the mortgage loan become permanent. 2014 ez tax form Therefore, for purposes of § 1. 2014 ez tax form 1001-3, the date of the modification is the date of the permanent modification. 2014 ez tax form . 2014 ez tax form 05 Unless an exclusion applies, the HAMP-PRA borrower includes in gross income the discharge of indebtedness income described in section 4. 2014 ez tax form 01 of this revenue procedure for the taxable year in which the permanent modification occurs. 2014 ez tax form Under certain conditions, however, section 6 of this revenue procedure permits a borrower to report the discharge of indebtedness under HAMP-PRA over the Three-year Period. 2014 ez tax form The qualified principal residence indebtedness exclusion under § 108(a)(1)(E) and the insolvency exclusion under § 108(a)(1)(B) are two exclusions that may apply to the discharge. 2014 ez tax form . 2014 ez tax form 06 The PRA Investor Incentive Payment is treated as a payment on the mortgage loan by the HAMP program administrator on behalf of the HAMP-PRA borrower. 2014 ez tax form . 2014 ez tax form 07 To the extent that the HAMP-PRA borrower uses the property as the HAMP-PRA borrower’s principal residence or the property is occupied by the HAMP-PRA borrower’s legal dependent, parent, or grandparent without rent being charged or collected, the HAMP-PRA borrower excludes from his or her gross income under the general welfare exclusion the PRA Investor Incentive Payments that the HAMP program administrator makes to the investor in the mortgage loan. 2014 ez tax form This is consistent with Rev. 2014 ez tax form Rul. 2014 ez tax form 2009-19, 2009-28 I. 2014 ez tax form R. 2014 ez tax form B. 2014 ez tax form 111, which addressed the treatment of Pay-for-Performance Success Payments. 2014 ez tax form . 2014 ez tax form 08 To the extent that the HAMP-PRA borrower uses the property as a rental property or holds the property vacant and available for rent, the HAMP-PRA borrower includes PRA Investor Incentive Payments in gross income. 2014 ez tax form If the HAMP-PRA borrower uses the cash receipts and disbursements method of accounting, then the HAMP-PRA borrower includes a PRA Investor Incentive Payment in gross income in the taxable year in which it is applied as a payment on the HAMP-PRA borrower’s mortgage loan. 2014 ez tax form . 2014 ez tax form 09 As described in section 2. 2014 ez tax form 09 of this revenue procedure, if a HAMP-PRA borrower pays in full the Non-forbearance Portion of the mortgage loan while the loan is in good standing and prior to completion of the Three-year Period, that payment accelerates both the reduction in the remaining PRA Forbearance Amount and the PRA Investor Incentive Payments from the HAMP program administrator. 2014 ez tax form To the extent that the HAMP-PRA borrower is described in section 4. 2014 ez tax form 07 of this revenue procedure, the HAMP-PRA borrower excludes from his or her gross income under the general welfare exclusion the accelerated PRA Investor Incentive Payments. 2014 ez tax form To the extent that the HAMP-PRA borrower is described in section 4. 2014 ez tax form 08 of this revenue procedure, the HAMP-PRA borrower includes in income in the year of the acceleration the remaining amount of the PRA Investor Incentive Payment. 2014 ez tax form SECTION 5. 2014 ez tax form INFORMATION-REPORTING OBLIGATIONS . 2014 ez tax form 01 Under § 6050P, the investor is required to file a Form 1099-C with respect to a borrower who realizes discharge of indebtedness of $600 or more. 2014 ez tax form A copy of this form is required to be furnished to the borrower. 2014 ez tax form . 2014 ez tax form 02 As stated in sections 4. 2014 ez tax form 01 and 4. 2014 ez tax form 04 of this revenue procedure, the HAMP-PRA discharge of indebtedness is realized at the time of the permanent modification of the mortgage loan. 2014 ez tax form . 2014 ez tax form 03 An investor is an applicable entity that is required under § 1. 2014 ez tax form 6050P-1 and this revenue procedure to issue a Form 1099-C for discharge of indebtedness. 2014 ez tax form Under § 1. 2014 ez tax form 6050P-1(b)(2)(F), the permanent modification of a mortgage loan is an identifiable event. 2014 ez tax form Identifiable events determine when Forms 1099-C have to be issued. 2014 ez tax form Thus, the Form 1099-C is issued for the calendar year in which the permanent mortgage loan modification occurs. 2014 ez tax form This rule under § 1. 2014 ez tax form 6050P-1(b)(2)(F) applies even if, under section 6 of this revenue procedure, the HAMP-PRA borrower chooses to treat the HAMP-PRA discharge as being realized at the times when the unpaid principal balance of the new mortgage loan is reduced. 2014 ez tax form . 2014 ez tax form 04 The investor (or the loan servicer acting on behalf of the investor) reports the full amount of the discharge on the Form 1099-C regardless of whether some or all of the amount is excludible from income under the qualified principal residence indebtedness exclusion, the insolvency exclusion, or any other exclusion that may apply. 2014 ez tax form That discharged amount will generally be the PRA Adjusted Forbearance Amount (which does not include the amounts expected to be satisfied by PRA Investor Incentive Payments). 2014 ez tax form . 2014 ez tax form 05 To the extent that PRA Investor Incentive Payments are made on behalf of a HAMP-PRA borrower who is described in section 4. 2014 ez tax form 07 of this revenue procedure, the PRA Investor Incentive Payments are excluded from the gross income of the HAMP-PRA borrower, and thus they are not fixed or determinable income to the HAMP-PRA borrower. 2014 ez tax form Under § 6041, these payments are not subject to information reporting. 2014 ez tax form See Notice 2011-14, 2011-11 I. 2014 ez tax form R. 2014 ez tax form B. 2014 ez tax form 544, 546. 2014 ez tax form . 2014 ez tax form 06 To the extent that PRA Investor Incentive Payments are made on behalf of a HAMP-PRA borrower who is described in section 4. 2014 ez tax form 08 of this revenue procedure, the PRA Investor Incentive Payments are includible in gross income as fixed or determinable income in the taxable year required by the HAMP-PRA borrower’s method of accounting. 2014 ez tax form The payment is subject to the information reporting requirements of § 6041, as described in section 3. 2014 ez tax form 15 of this revenue procedure. 2014 ez tax form Accordingly, the HAMP program administrator is required to issue a Form 1099-MISC reporting the PRA Investor Incentive Payment. 2014 ez tax form SECTION 6. 2014 ez tax form HAMP-PRA BORROWERS’ REPORTING OF DISCHARGES OF INDEBTEDNESS UNDER HAMP-PRA . 2014 ez tax form 01 In general. 2014 ez tax form The HAMP-PRA program began in the last quarter of 2010, and since that time there has been uncertainty about whether the amount of the discharge of indebtedness should be reported in the year of the permanent modification or over the Three-year Period (when the unpaid principal balance on the new mortgage loan is reduced). 2014 ez tax form As a result, some HAMP-PRA borrowers have been reporting the discharge of indebtedness under HAMP-PRA over the Three-year Period. 2014 ez tax form Given the temporary nature of the program and the issuance of this guidance after participation in the program has begun, in the interests of equitable and sound tax administration, HAMP-PRA borrowers may report discharges of indebtedness under HAMP-PRA under the rules in this section 6. 2014 ez tax form A HAMP-PRA borrower may choose to report discharges of indebtedness under HAMP-PRA pursuant to the rules in this section 6 only if the borrower applies the same borrower option under section 6. 2014 ez tax form 02 of this revenue procedure consistently to the taxable year of the permanent modification and to all subsequent taxable years. 2014 ez tax form Thus, a HAMP-PRA borrower may not choose a borrower option under section 6. 2014 ez tax form 02 of this revenue procedure if a statute of limitations has expired for any of the taxable years that are necessary for consistent application of that option. 2014 ez tax form . 2014 ez tax form 02 HAMP-PRA borrower options. 2014 ez tax form A HAMP-PRA borrower may treat the HAMP-PRA discharge as being realized in either of the following ways— (1) One hundred percent of the PRA Adjusted Forbearance Amount at the time of the permanent modification; or (2) One third of the PRA Adjusted Forbearance Amount on each of the first three annual anniversaries of the trial period plan effective date (described in section 2. 2014 ez tax form 06 of this revenue procedure), when, as required by the terms of the new mortgage loan, the servicer reduces the unpaid principal balance of the new mortgage loan. 2014 ez tax form If some or all of the reduction in the unpaid principal balance is accelerated (as described in section 2. 2014 ez tax form 06 of this revenue procedure) because the HAMP-PRA borrower prepays the Non-forbearance Portion of the mortgage loan, then the HAMP-PRA discharge represented by the amount of the reduction that was accelerated is treated as being realized at the time of the accelerated reduction. 2014 ez tax form . 2014 ez tax form 03 HAMP-PRA borrowers who choose to realize the HAMP-PRA discharge at the time of the permanent modification. 2014 ez tax form (1) If a HAMP-PRA borrower chooses to treat the HAMP-PRA discharge as being realized at the time of the permanent modification, then for the taxable year in which the permanent modification occurs, the HAMP-PRA borrower reports on Form 982 the amount, if any, of the discharge that is excluded from gross income and includes in gross income any remaining discharge. 2014 ez tax form (2) If a HAMP-PRA borrower’s mortgage loan was permanently modified under HAMP in 2010 or 2011, and if the borrower was reporting the discharge of indebtedness using the method described in section 6. 2014 ez tax form 02(2) of this revenue procedure, then the borrower may change to reporting the discharge of indebtedness using the method described in section 6. 2014 ez tax form 02(1) of this revenue procedure by filing a 2012 Form 982 with the borrower’s timely filed (with extensions) 2012 income tax return. 2014 ez tax form This section 6. 2014 ez tax form 03(2) applies only if the change to reporting the discharge using the method described in section 6. 2014 ez tax form 02(1) of this revenue procedure does not change the borrower’s federal income tax liability (including any change in federal income tax liability due to a change in basis or tax attributes (under § 108(h)(1) or § 108(b))) for any taxable year prior to the borrower’s 2012 taxable year. 2014 ez tax form To make this change, the borrower must— (i) Compute the amount of discharge of indebtedness that would be included in income under § 61(a)(12) or excluded from gross income under § 108, basing the computation of the discharge on the facts as of the year of the permanent modification; and (ii) Report on a 2012 Form 982 the reduction in basis or tax attributes (under § 108(h)(1) or § 108(b)) due to the permanent modification that the borrower would have reported on the Form 982 for the taxable year of the permanent modification, minus any reductions due to the permanent modification that the borrower actually reported on Forms 982 for taxable years prior to 2012. 2014 ez tax form (3) Example. 2014 ez tax form The following example illustrates the application of section 6. 2014 ez tax form 03(2) of this revenue procedure. 2014 ez tax form In 2010, B’s basis in B’s principal residence was $330,000. 2014 ez tax form In 2010, B’s mortgage loan on the principal residence is permanently modified under HAMP-PRA. 2014 ez tax form B realized $30,000 of cancellation of indebtedness from the permanent modification, all of which qualifies for the exclusion from income for qualified principal residence indebtedness under § 108(a)(1)(E). 2014 ez tax form The trial period plan effective date also fell in 2010. 2014 ez tax form B’s federal income tax return for 2010 was consistent with B’s reporting this discharge of indebtedness using the method described in section 6. 2014 ez tax form 02(2) of this revenue procedure. 2014 ez tax form That is, B’s 2010 return did not include income from discharge of indebtedness under HAMP-PRA, nor did the return contain a Form 982 reporting exclusion of any such discharge of indebtedness. 2014 ez tax form The next year, B reported on line 10(b) of the 2011 Form 982 that B filed with B’s 2011 federal income tax return a $10,000 reduction in basis in the principal residence. 2014 ez tax form For 2012, B chooses to change to reporting the discharge of indebtedness using the method described in section 6. 2014 ez tax form 02(1) of this revenue procedure. 2014 ez tax form Thus, B files a 2012 Form 982 with B’s timely filed (including extensions) 2012 federal income tax return, and on line 10(b) of that form, B reports a $20,000 basis reduction in the principal residence ($30,000 basis reduction that B would have excluded from income in 2010 using the method described in section 6. 2014 ez tax form 02(1) of this revenue procedure, minus the $10,000 basis reduction that B reported on B’s 2011 Form 982). 2014 ez tax form (4) If a HAMP-PRA borrower reports the entire HAMP-PRA discharge using the method described in section 6. 2014 ez tax form 02(1) of this revenue procedure, and if that HAMP-PRA borrower’s mortgage loan ceases to be in good standing during the Three-year Period as described in section 2. 2014 ez tax form 10 of this revenue procedure, then some or all of the anticipated reductions in the PRA Adjusted Forbearance Amount will not take place. 2014 ez tax form Because the amount of these anticipated reductions was not included in determining the issue price of the new mortgage loan that, pursuant to § 1. 2014 ez tax form 1001-3, the HAMP-PRA borrower is deemed to issue in satisfaction of the old mortgage loan, the issue price of the new mortgage loan was understated. 2014 ez tax form Under these circumstances, the discharge of indebtedness income determined as of the date of the permanent modification will have been overstated. 2014 ez tax form (5) The Service will not challenge a HAMP-PRA borrower who is described in section 6. 2014 ez tax form 03(4) of this revenue procedure and who takes the following corrective measures: (i) If a HAMP-PRA borrower included any of the discharge of indebtedness in gross income, the HAMP-PRA borrower may file an amended return that does not include the amount of the discharge of indebtedness that was previously reported as gross income but that, because of the HAMP-PRA borrower’s failure to keep the new mortgage loan in good standing, was not ultimately discharged. 2014 ez tax form The amended return should be for the taxable year in which the income was included (that is, the year of the permanent modification), provided the applicable statute of limitations remains open for that taxable year. 2014 ez tax form (ii) If the HAMP-PRA borrower did not include any of the discharge of indebtedness in gross income (that is, if the HAMP-PRA borrower excluded all of it), the HAMP-PRA borrower may file a new Form 982 that the Service will treat as superseding the earlier Form 982. 2014 ez tax form The new Form 982 will reflect the revised reduction in basis or in tax attributes (under § 108(h)(1) or § 108(b)). 2014 ez tax form The new Form 982 should be the Form 982 for the year of the permanent modification and should be filed with the return for the taxable year in which the HAMP-PRA borrower’s mortgage loan ceased to be in good standing. 2014 ez tax form . 2014 ez tax form 04 HAMP-PRA borrowers who choose to treat the HAMP-PRA discharge as being realized on the dates on which the unpaid principal balance of the mortgage loan is reduced. 2014 ez tax form (1) If a HAMP-PRA borrower chooses to realize the HAMP-PRA discharge at the times that the unpaid principal balance on the new mortgage loan is reduced, instead of at the time of the permanent modification, then the HAMP-PRA borrower’s federal income tax returns for the taxable year that contains the permanent modification and for the subsequent taxable years must not treat any of the discharge as being realized at the time of the permanent modification and must treat the entire HAMP-PRA discharge as being realized in the amounts—and at the times—of the reductions in the unpaid principal balance. 2014 ez tax form Except as described in the last sentence of this paragraph, therefore, the income tax return for the year of the permanent modification must include no gross income from—nor report on Form 982 an exclusion of—any amount of the HAMP-PRA discharge. 2014 ez tax form Instead, the HAMP-PRA discharge is included in gross income (or is reported on Form 982 as excluded from gross income) in the subsequent years in which the unpaid principal balance is reduced. 2014 ez tax form If the first such reduction occurs in the year of the permanent modification, however, then the amount of any such reduction is reflected as an inclusion or exclusion on the federal income tax return for that year. 2014 ez tax form (2) A HAMP-PRA borrower who has been using the method described in section 6. 2014 ez tax form 02(1) of this revenue procedure may change to the method described in section 6. 2014 ez tax form 02(2) but must comply with the consistency and open-year requirements described in section 6. 2014 ez tax form 01 of this revenue procedure. 2014 ez tax form SECTION 7. 2014 ez tax form PENALTY RELIEF FOR 2012 . 2014 ez tax form 01 The Service will not assert penalties under § 6721 or § 6722 against an investor for failing to timely file and furnish a 2012 Form 1099-C as required by section 5. 2014 ez tax form 03 through 5. 2014 ez tax form 04 and section 8. 2014 ez tax form 02 of this revenue procedure with respect to discharge of indebtedness resulting from HAMP-PRA permanent modifications that take place during calendar year 2012 if the following requirements are satisfied: (1) Not later than February 28, 2013, a statement is sent to the HAMP-PRA borrower containing the following: (a) The HAMP-PRA borrower’s name, address, and taxpayer identification number; and (b) The date and amount of the discharge of indebtedness (as described in sections 4. 2014 ez tax form 01 through 4. 2014 ez tax form 04 of this revenue procedure) that is required to be reported for 2012. 2014 ez tax form (2) Not later than March 28, 2013, a statement is sent to the Service. 2014 ez tax form It must be in the form of a single statement that separately lists for each HAMP-PRA borrower the information specified in section 7. 2014 ez tax form 01(1) of this revenue procedure. 2014 ez tax form The statement should be sent to the Service at the following address: Internal Revenue Service Center Stop 6728AUSC Austin, TX 73301 . 2014 ez tax form 02 The Service will not assert penalties under § 6721 or § 6722 with respect to any Forms 1099-MISC for 2012 that sections 5. 2014 ez tax form 06 and 8. 2014 ez tax form 02 of this revenue procedure require to be filed with the Service and furnished to taxpayers. 2014 ez tax form . 2014 ez tax form 03 Section 8. 2014 ez tax form 03 and 8. 2014 ez tax form 04 of this revenue procedure, below, describes penalty relief regarding Forms 1099-C and 1099-MISC for 2010 and 2011. 2014 ez tax form SECTION 8. 2014 ez tax form SCOPE AND EFFECTIVE DATE . 2014 ez tax form 01 This revenue procedure applies to all borrowers, investors, and servicers who participate, or have participated, in the HAMP-PRA, regardless of when the permanent modification occurs. 2014 ez tax form . 2014 ez tax form 02 Section 5 of this revenue procedure is effective for Forms 1099-C and 1099-MISC due or filed after January 24, 2013. 2014 ez tax form . 2014 ez tax form 03 Because of the effective date in section 8. 2014 ez tax form 02 of this revenue procedure, an investor is not subject to penalties under § 6721 or § 6722 on the grounds that the investor failed to timely file and furnish a 2010 or 2011 Form 1099-C as described in section 5. 2014 ez tax form 03 through 5. 2014 ez tax form 04 of this revenue procedure (or on the grounds that the investor filed or furnished a 2010 or 2011 Form 1099-C that is inconsistent with section 5. 2014 ez tax form 03 through 5. 2014 ez tax form 04 of this revenue procedure), provided that the investor demonstrates a good faith attempt to comply with the requirements of § 6050P and that the failure was not due to willful neglect. 2014 ez tax form . 2014 ez tax form 04 Because of the effective date in section 8. 2014 ez tax form 02 of this revenue procedure, the Service will not assert penalties under § 6721 or § 6722 on the grounds of a failure to timely file and furnish a 2010 or 2011 Form 1099-MISC, as described in section 5. 2014 ez tax form 06 of this revenue procedure. 2014 ez tax form SECTION 9. 2014 ez tax form DRAFTING INFORMATION The principal authors of this revenue procedure are Ronald J. 2014 ez tax form Goldstein of the Office of Chief Counsel (Procedure and Administration); Shareen S. 2014 ez tax form Pflanz and Sheldon A. 2014 ez tax form Iskow of the Office of Chief Counsel (Income Tax and Accounting); and Andrea M. 2014 ez tax form Hoffenson of the Office of Chief Counsel (Financial Institutions and Products). 2014 ez tax form For further information regarding this revenue procedure, contact Procedure and Administration branch 1 at (202) 622-4910, Income Tax and Accounting branch 4 at (202) 622-4920, or Financial Institutions and Products branch 1 at (202) 622-3920 (not toll-free calls). 2014 ez tax form Prev  Up  Next   Home   More Internal Revenue Bulletins