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Amend My 2011 Taxes

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Amend My 2011 Taxes

Amend my 2011 taxes Publication 570 - Introductory Material Table of Contents Future developments. Amend my 2011 taxes What's New Reminders IntroductionOrdering forms and publications. Amend my 2011 taxes Tax questions. Amend my 2011 taxes Useful Items - You may want to see: Future developments. Amend my 2011 taxes For information about any additional changes to the 2013 tax law affecting Pub. Amend my 2011 taxes 570, please go to www. Amend my 2011 taxes irs. Amend my 2011 taxes gov/pub570. Amend my 2011 taxes What's New Maximum income subject to social security tax. Amend my 2011 taxes . Amend my 2011 taxes  For 2013, the maximum amount of self-employment income subject to social security is $113,700. Amend my 2011 taxes Optional methods to figure net earnings. Amend my 2011 taxes . Amend my 2011 taxes  For 2013, the maximum income for using the optional methods is $4,640. Amend my 2011 taxes Additional Medicare Tax. Amend my 2011 taxes  Beginning in 2013, you may be required to pay Additional Medicare Tax. Amend my 2011 taxes Also, you may need to report Additional Medicare Tax withheld by your employer. Amend my 2011 taxes For more information, see Additional Medicare Tax under Special Rules for Completing Your U. Amend my 2011 taxes S. Amend my 2011 taxes Tax Return in chapter 4. Amend my 2011 taxes Net Investment Income Tax. Amend my 2011 taxes  Beginning in 2013, the Net Investment Income Tax (NIIT) imposes a 3. Amend my 2011 taxes 8% tax on the lesser of an individual's net investment income or the excess of the individual's modified adjusted gross income over a specified threshold amount. Amend my 2011 taxes Bona fide residents of Puerto Rico and American Samoa who have a federal income tax return filing obligation may be liable for the NIIT if the taxpayer's modified adjusted gross income from non-territory sources exceeds a specified threshold amount. Amend my 2011 taxes Also, bona fide residents must take into account any additional tax liability associated with the NIIT when calculating their estimated tax payments. Amend my 2011 taxes The NIIT does not apply to any individual who is a nonresident alien with respect to the United States. Amend my 2011 taxes For more information, see Net Investment Income Tax under Bona Fide Resident of American Samoa and Bona Fide Resident of Puerto Rico in chapter 3. Amend my 2011 taxes Reminders Individual taxpayer identification numbers (ITINs) for aliens. Amend my 2011 taxes  If you are a nonresident or resident alien and you do not have and are not eligible to get a social security number (SSN), you must apply for an ITIN. Amend my 2011 taxes For details on how to do so, see Form W-7, Application for IRS Individual Taxpayer Identification Number, and its instructions. Amend my 2011 taxes Allow 6 weeks for the IRS to notify you of your ITIN (8-10 weeks if submitted during peak processing periods (January 15 through April 30) or if you are filing from overseas). Amend my 2011 taxes If you already have an ITIN, enter it wherever your SSN is requested on your tax return. Amend my 2011 taxes Effective January 1, 2013, the IRS implemented new procedures that affect the Individual Taxpayer Identification Number (ITIN) application process. Amend my 2011 taxes The documentation requirements for individuals seeking an ITIN, have been superseded by these changes. Amend my 2011 taxes Authorized representatives are required to complete forensic training and submit the certificate of completion to the IRS no later than January 31, 2014. Amend my 2011 taxes Taxpayers and their representatives should review these program changes, which are further explained in the Frequently Asked Questions at www. Amend my 2011 taxes irs. Amend my 2011 taxes gov/Individuals/Individual-Taxpayer-Identification-Number-(ITIN), before requesting an ITIN. Amend my 2011 taxes An ITIN is for tax use only. Amend my 2011 taxes It does not entitle you to social security benefits or change your employment or immigration status under U. Amend my 2011 taxes S. Amend my 2011 taxes law. Amend my 2011 taxes Electronic filing. Amend my 2011 taxes . Amend my 2011 taxes  You can e-file Form 1040-SS. Amend my 2011 taxes For general information about  electronic filing, visit www. Amend my 2011 taxes irs. Amend my 2011 taxes gov/efile. Amend my 2011 taxes Earned income credit (EIC). Amend my 2011 taxes  Generally, if you are a bona fide resident of a U. Amend my 2011 taxes S. Amend my 2011 taxes possession, you cannot claim the EIC on your U. Amend my 2011 taxes S. Amend my 2011 taxes tax return. Amend my 2011 taxes However, certain U. Amend my 2011 taxes S. Amend my 2011 taxes possessions may allow bona fide residents to claim the EIC on their possession tax return. Amend my 2011 taxes To claim the EIC on your U. Amend my 2011 taxes S. Amend my 2011 taxes tax return, your home (and your spouse's if filing a joint return) must have been in the United States for more than half the year. Amend my 2011 taxes If you have a child, the child must have lived with you in the United States for more than half the year. Amend my 2011 taxes For this purpose, the United States includes only the 50 states and the District of Columbia. Amend my 2011 taxes Special rules apply to military personnel stationed outside the United States. Amend my 2011 taxes For more information on this credit, see Publication 596, Earned Income Credit. Amend my 2011 taxes Form 8938, Statement of Specified Foreign Financial Assets. Amend my 2011 taxes  If you have specified foreign financial assets in foreign jurisdictions valued above certain threshold dollar amounts, you may have to file Form 8938, Statement of Specified Foreign Financial Assets, when you file your U. Amend my 2011 taxes S. Amend my 2011 taxes income tax return with the IRS. Amend my 2011 taxes If you are required to file Form 8938, you do not have to report certain specified foreign financial assets on Form 8938. Amend my 2011 taxes See Bona fide resident of a U. Amend my 2011 taxes S. Amend my 2011 taxes possession, in the Instructions for Form 8938 for more details. Amend my 2011 taxes For additional details, go to the page for the Foreign Account Tax Compliance Act (FATCA) at www. Amend my 2011 taxes irs. Amend my 2011 taxes gov/businesses/corporations/article/0,,id=236667,00. Amend my 2011 taxes html. Amend my 2011 taxes If you do not have to file a federal income tax return with the United States, you are not required to file a Form 8938 with the IRS. Amend my 2011 taxes Change of address. Amend my 2011 taxes  If you change your mailing address, use Form 8822, Change of Address, to notify the Internal Revenue Service and U. Amend my 2011 taxes S. Amend my 2011 taxes possession tax administration, if appropriate. Amend my 2011 taxes Mail Form 8822 to the Internal Revenue Service Center or U. Amend my 2011 taxes S. Amend my 2011 taxes possession tax administration for your old address (addresses for the Service Centers are on the back of the form). Amend my 2011 taxes If you change your address before filing your tax return, write the new address in the appropriate boxes of your tax return when you file. Amend my 2011 taxes Photographs of missing children. Amend my 2011 taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Amend my 2011 taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Amend my 2011 taxes You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Amend my 2011 taxes Introduction This publication discusses how to treat income received from the following U. Amend my 2011 taxes S. Amend my 2011 taxes possessions on your tax return(s). Amend my 2011 taxes American Samoa. Amend my 2011 taxes The Commonwealth of Puerto Rico (Puerto Rico). Amend my 2011 taxes The Commonwealth of the Northern Mariana Islands (CNMI). Amend my 2011 taxes Guam. Amend my 2011 taxes The U. Amend my 2011 taxes S. Amend my 2011 taxes Virgin Islands (USVI). Amend my 2011 taxes Unless stated otherwise, when the term “possession” is used in this publication, it includes the Commonwealths of Puerto Rico and the Northern Mariana Islands. Amend my 2011 taxes Chapter 1 discusses the requirements for being considered a bona fide resident of the listed possessions. Amend my 2011 taxes Chapter 2 gives the rules for determining if your income is from sources within, or effectively connected with a trade or business in, those possessions. Amend my 2011 taxes Next, chapter 3 looks at the rules for filing tax returns when you receive income from any of these possessions. Amend my 2011 taxes You may have to file a U. Amend my 2011 taxes S. Amend my 2011 taxes tax return only, a possession tax return only, or both returns. Amend my 2011 taxes This generally depends on whether you are a bona fide resident of the possession. Amend my 2011 taxes In some cases, you may have to file a U. Amend my 2011 taxes S. Amend my 2011 taxes return, but will be able to exclude income earned in a possession from U. Amend my 2011 taxes S. Amend my 2011 taxes tax. Amend my 2011 taxes You can find illustrated examples of some of the additional forms required in chapter 5. Amend my 2011 taxes If you are not a bona fide resident of one of the possessions listed earlier, or are otherwise required to file a U. Amend my 2011 taxes S. Amend my 2011 taxes income tax return, the information in chapter 4 will tell you how to file your U. Amend my 2011 taxes S. Amend my 2011 taxes tax return. Amend my 2011 taxes This information also applies if you have income from U. Amend my 2011 taxes S. Amend my 2011 taxes insular areas other than the five possessions listed earlier because that income will not qualify for any of the exclusions or other benefits discussed in chapter 3. Amend my 2011 taxes These other U. Amend my 2011 taxes S. Amend my 2011 taxes insular areas include: Baker Island, Howland Island, Jarvis Island, Johnston Island, Kingman Reef, Midway Islands, Palmyra Atoll, and Wake Island. Amend my 2011 taxes If you need information on U. Amend my 2011 taxes S. Amend my 2011 taxes taxation, write to: Internal Revenue Service Philadelphia, PA 19255-0725 If you need additional information on your tax obligations in a U. Amend my 2011 taxes S. Amend my 2011 taxes possession, write to the tax department of that possession. Amend my 2011 taxes Their addresses are provided in chapter 3 under the individual headings for each possession. Amend my 2011 taxes Comments and suggestions. Amend my 2011 taxes   We welcome your comments about this publication and your suggestions for future editions. Amend my 2011 taxes   You can send us comments from www. Amend my 2011 taxes irs. Amend my 2011 taxes gov/formspubs/. Amend my 2011 taxes Click on “More Information”and then on “Comment on Tax Forms and Publications. Amend my 2011 taxes ” Or you can write to us at the following address: Internal Revenue Service Tax Forms and Publications SE:W:CAR:MP:TFP 1111 Constitution Ave. Amend my 2011 taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Amend my 2011 taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Amend my 2011 taxes   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Amend my 2011 taxes Ordering forms and publications. Amend my 2011 taxes   Visit www. Amend my 2011 taxes irs. Amend my 2011 taxes gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Amend my 2011 taxes Internal Revenue Service 1201 N. Amend my 2011 taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Amend my 2011 taxes   If you have a tax question, check the information available on IRS. Amend my 2011 taxes gov or call 1-800-829-1040. Amend my 2011 taxes We cannot answer tax questions sent to either of the above addresses. Amend my 2011 taxes You can get the necessary possession tax forms at the tax office for the appropriate possession. Amend my 2011 taxes The office addresses are given in chapter 3. Amend my 2011 taxes Useful Items - You may want to see: Publication 54 Tax Guide for U. Amend my 2011 taxes S. Amend my 2011 taxes Citizens and Resident Aliens Abroad 514 Foreign Tax Credit for Individuals 519 U. Amend my 2011 taxes S. Amend my 2011 taxes Tax Guide for Aliens Form (and Instructions) 1040-PR Planilla para la Declaración de la Contribución Federal sobre el Trabajo por Cuenta Propia (Incluyendo el Crédito Tributario Adicional por Hijos para Residentes Bona Fide de Puerto Rico) 1040-SS U. Amend my 2011 taxes S. Amend my 2011 taxes Self-Employment Tax Return (Including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico) 1116 Foreign Tax Credit 4563 Exclusion of Income for Bona Fide Residents of American Samoa 4868 Application for Automatic Extension of Time To File U. Amend my 2011 taxes S. Amend my 2011 taxes Individual Income Tax Return 5074 Allocation of Individual Income Tax to Guam or the Commonwealth of the Northern Mariana Islands (CNMI) 8689 Allocation of Individual Income Tax to the U. Amend my 2011 taxes S. Amend my 2011 taxes Virgin Islands 8898 Statement for Individuals Who Begin or End Bona Fide Residence In a U. Amend my 2011 taxes S. Amend my 2011 taxes Possession 8959 Additional Medicare Tax 8960 Net Investment Income Tax—Individuals, Estates, and Trusts Prev  Up  Next   Home   More Online Publications
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The Amend My 2011 Taxes

Amend my 2011 taxes 7. Amend my 2011 taxes   Interest Income Table of Contents Reminder Introduction Useful Items - You may want to see: General InformationSSN for joint account. Amend my 2011 taxes Custodian account for your child. Amend my 2011 taxes Penalty for failure to supply SSN. Amend my 2011 taxes Reporting backup withholding. Amend my 2011 taxes Savings account with parent as trustee. Amend my 2011 taxes Interest not reported on Form 1099-INT. Amend my 2011 taxes Nominees. Amend my 2011 taxes Incorrect amount. Amend my 2011 taxes Information reporting requirement. Amend my 2011 taxes Taxable InterestInterest subject to penalty for early withdrawal. Amend my 2011 taxes Money borrowed to invest in certificate of deposit. Amend my 2011 taxes U. Amend my 2011 taxes S. Amend my 2011 taxes Savings Bonds Education Savings Bond Program U. Amend my 2011 taxes S. Amend my 2011 taxes Treasury Bills, Notes, and Bonds Bonds Sold Between Interest Dates Insurance State or Local Government Obligations Original Issue Discount (OID) When To Report Interest IncomeConstructive receipt. Amend my 2011 taxes How To Report Interest IncomeSchedule B (Form 1040A or 1040). Amend my 2011 taxes Reporting tax-exempt interest. Amend my 2011 taxes U. Amend my 2011 taxes S. Amend my 2011 taxes savings bond interest previously reported. Amend my 2011 taxes Reminder Foreign-source income. Amend my 2011 taxes  If you are a U. Amend my 2011 taxes S. Amend my 2011 taxes citizen with interest income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. Amend my 2011 taxes S. Amend my 2011 taxes law. Amend my 2011 taxes 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. Amend my 2011 taxes Introduction This chapter discusses the following topics. Amend my 2011 taxes Different types of interest income. Amend my 2011 taxes What interest is taxable and what interest is nontaxable. Amend my 2011 taxes When to report interest income. Amend my 2011 taxes How to report interest income on your tax return. Amend my 2011 taxes In general, any interest you receive or that is credited to your account and can be withdrawn is taxable income. Amend my 2011 taxes Exceptions to this rule are discussed later in this chapter. Amend my 2011 taxes You may be able to deduct expenses you have in earning this income on Schedule A (Form 1040) if you itemize your deductions. Amend my 2011 taxes See Money borrowed to invest in certificate of deposit , later, and chapter 28. Amend my 2011 taxes Useful Items - You may want to see: Publication 537 Installment Sales 550 Investment Income and Expenses 1212 Guide to Original Issue Discount (OID) Instruments Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends 8815 Exclusion of Interest From Series EE and I U. Amend my 2011 taxes S. Amend my 2011 taxes Savings Bonds Issued After 1989 8818 Optional Form To Record Redemption of Series EE and I U. Amend my 2011 taxes S. Amend my 2011 taxes Savings Bonds Issued After 1989 General Information A few items of general interest are covered here. Amend my 2011 taxes Recordkeeping. Amend my 2011 taxes You should keep a list showing sources and interest amounts received during the year. Amend my 2011 taxes Also, keep the forms you receive showing your interest income (Forms 1099-INT, for example) as an important part of your records. Amend my 2011 taxes Tax on unearned income of certain children. Amend my 2011 taxes    Part of a child's 2013 unearned income may be taxed at the parent's tax rate. Amend my 2011 taxes If so, Form 8615, Tax for Certain Children Who Have Unearned Income, must be completed and attached to the child's tax return. Amend my 2011 taxes If not, Form 8615 is not required and the child's income is taxed at his or her own tax rate. Amend my 2011 taxes   Some parents can choose to include the child's interest and dividends on the parent's return. Amend my 2011 taxes If you can, use Form 8814, Parents' Election To Report Child's Interest and Dividends, for this purpose. Amend my 2011 taxes   For more information about the tax on unearned income of children and the parents' election, see chapter 31. Amend my 2011 taxes Beneficiary of an estate or trust. Amend my 2011 taxes   Interest you receive as a beneficiary of an estate or trust is generally taxable income. Amend my 2011 taxes You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Amend my 2011 taxes , from the fiduciary. Amend my 2011 taxes Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. Amend my 2011 taxes Social security number (SSN). Amend my 2011 taxes   You must give your name and SSN or individual tax identification number (ITIN) to any person required by federal tax law to make a return, statement, or other document that relates to you. Amend my 2011 taxes This includes payers of interest. Amend my 2011 taxes If you do not give your SSN or ITIN to the payer of interest, you may have to pay a penalty. Amend my 2011 taxes SSN for joint account. Amend my 2011 taxes   If the funds in a joint account belong to one person, list that person's name first on the account and give that person's SSN to the payer. Amend my 2011 taxes (For information on who owns the funds in a joint account, see Joint accounts , later. Amend my 2011 taxes ) If the joint account contains combined funds, give the SSN of the person whose name is listed first on the account. Amend my 2011 taxes This is because only one name and SSN can be shown on Form 1099. Amend my 2011 taxes   These rules apply both to joint ownership by a married couple and to joint ownership by other individuals. Amend my 2011 taxes For example, if you open a joint savings account with your child using funds belonging to the child, list the child's name first on the account and give the child's SSN. Amend my 2011 taxes Custodian account for your child. Amend my 2011 taxes   If your child is the actual owner of an account that is recorded in your name as custodian for the child, give the child's SSN to the payer. Amend my 2011 taxes For example, you must give your child's SSN to the payer of interest on an account owned by your child, even though the interest is paid to you as custodian. Amend my 2011 taxes Penalty for failure to supply SSN. Amend my 2011 taxes   If you do not give your SSN to the payer of interest, you may have to pay a penalty. Amend my 2011 taxes See Failure to supply SSN under Penalties in chapter 1. Amend my 2011 taxes Backup withholding also may apply. Amend my 2011 taxes Backup withholding. Amend my 2011 taxes   Your interest income is generally not subject to regular withholding. Amend my 2011 taxes However, it may be subject to backup withholding to ensure that income tax is collected on the income. Amend my 2011 taxes Under backup withholding, the payer of interest must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. Amend my 2011 taxes   Backup withholding may also be required if the IRS has determined that you underreported your interest or dividend income. Amend my 2011 taxes For more information, see Backup Withholding in chapter 4. Amend my 2011 taxes Reporting backup withholding. Amend my 2011 taxes   If backup withholding is deducted from your interest income, the payer must give you a Form 1099-INT for the year indicating the amount withheld. Amend my 2011 taxes The Form 1099-INT will show any backup withholding as “Federal income tax withheld. Amend my 2011 taxes ” Joint accounts. Amend my 2011 taxes   If two or more persons hold property (such as a savings account or bond) as joint tenants, tenants by the entirety, or tenants in common, each person's share of any interest from the property is determined by local law. Amend my 2011 taxes Income from property given to a child. Amend my 2011 taxes   Property you give as a parent to your child under the Model Gifts of Securities to Minors Act, the Uniform Gifts to Minors Act, or any similar law becomes the child's property. Amend my 2011 taxes   Income from the property is taxable to the child, except that any part used to satisfy a legal obligation to support the child is taxable to the parent or guardian having that legal obligation. Amend my 2011 taxes Savings account with parent as trustee. Amend my 2011 taxes   Interest income from a savings account opened for a minor child, but placed in the name and subject to the order of the parents as trustees, is taxable to the child if, under the law of the state in which the child resides, both of the following are true. Amend my 2011 taxes The savings account legally belongs to the child. Amend my 2011 taxes The parents are not legally permitted to use any of the funds to support the child. Amend my 2011 taxes Form 1099-INT. Amend my 2011 taxes   Interest income is generally reported to you on Form 1099-INT, or a similar statement, by banks, savings and loans, and other payers of interest. Amend my 2011 taxes This form shows you the interest you received during the year. Amend my 2011 taxes Keep this form for your records. Amend my 2011 taxes You do not have to attach it to your tax return. Amend my 2011 taxes   Report on your tax return the total interest income you receive for the tax year. Amend my 2011 taxes Interest not reported on Form 1099-INT. Amend my 2011 taxes   Even if you do not receive Form 1099-INT, you must still report all of your interest income. Amend my 2011 taxes For example, you may receive distributive shares of interest from partnerships or S corporations. Amend my 2011 taxes This interest is reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deduction, Credits, etc. Amend my 2011 taxes , or Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. Amend my 2011 taxes Nominees. Amend my 2011 taxes   Generally, if someone receives interest as a nominee for you, that person must give you a Form 1099-INT showing the interest received on your behalf. Amend my 2011 taxes   If you receive a Form 1099-INT that includes amounts belonging to another person, see the discussion on nominee distributions under How To Report Interest Income in chapter 1 of Publication 550, or Schedule B (Form 1040A or 1040) instructions. Amend my 2011 taxes Incorrect amount. Amend my 2011 taxes   If you receive a Form 1099-INT that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. Amend my 2011 taxes The new Form 1099-INT you receive will be marked “Corrected. Amend my 2011 taxes ” Form 1099-OID. Amend my 2011 taxes   Reportable interest income also may be shown on Form 1099-OID, Original Issue Discount. Amend my 2011 taxes For more information about amounts shown on this form, see Original Issue Discount (OID) , later in this chapter. Amend my 2011 taxes Exempt-interest dividends. Amend my 2011 taxes   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. Amend my 2011 taxes (However, see Information reporting requirement , next. Amend my 2011 taxes ) Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. Amend my 2011 taxes You do not reduce your basis for distributions that are exempt-interest dividends. Amend my 2011 taxes Information reporting requirement. Amend my 2011 taxes   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file. Amend my 2011 taxes This is an information reporting requirement and does not change the exempt-interest dividends into taxable income. Amend my 2011 taxes Note. Amend my 2011 taxes Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. Amend my 2011 taxes See Alternative Minimum Tax (AMT) in chapter 30 for more information. Amend my 2011 taxes Chapter 1 of Publication 550 contains a discussion on private activity bonds under State or Local Government Obligations. Amend my 2011 taxes Interest on VA dividends. Amend my 2011 taxes   Interest on insurance dividends left on deposit with the Department of Veterans Affairs (VA) is not taxable. Amend my 2011 taxes This includes interest paid on dividends on converted United States Government Life Insurance and on National Service Life Insurance policies. Amend my 2011 taxes Individual retirement arrangements (IRAs). Amend my 2011 taxes   Interest on a Roth IRA generally is not taxable. Amend my 2011 taxes Interest on a traditional IRA is tax deferred. Amend my 2011 taxes You generally do not include it in your income until you make withdrawals from the IRA. Amend my 2011 taxes See chapter 17. Amend my 2011 taxes Taxable Interest Taxable interest includes interest you receive from bank accounts, loans you make to others, and other sources. Amend my 2011 taxes The following are some sources of taxable interest. Amend my 2011 taxes Dividends that are actually interest. Amend my 2011 taxes   Certain distributions commonly called dividends are actually interest. Amend my 2011 taxes You must report as interest so-called “dividends” on deposits or on share accounts in: Cooperative banks, Credit unions, Domestic building and loan associations, Domestic savings and loan associations, Federal savings and loan associations, and Mutual savings banks. Amend my 2011 taxes  The “dividends” will be shown as interest income on Form 1099-INT. Amend my 2011 taxes Money market funds. Amend my 2011 taxes   Money market funds pay dividends and are offered by nonbank financial institutions, such as mutual funds and stock brokerage houses. Amend my 2011 taxes Generally, amounts you receive from money market funds should be reported as dividends, not as interest. Amend my 2011 taxes Certificates of deposit and other deferred interest accounts. Amend my 2011 taxes   If you open any of these accounts, interest may be paid at fixed intervals of 1 year or less during the term of the account. Amend my 2011 taxes You generally must include this interest in your income when you actually receive it or are entitled to receive it without paying a substantial penalty. Amend my 2011 taxes The same is true for accounts that mature in 1 year or less and pay interest in a single payment at maturity. Amend my 2011 taxes If interest is deferred for more than 1 year, see Original Issue Discount (OID) , later. Amend my 2011 taxes Interest subject to penalty for early withdrawal. Amend my 2011 taxes   If you withdraw funds from a deferred interest account before maturity, you may have to pay a penalty. Amend my 2011 taxes You must report the total amount of interest paid or credited to your account during the year, without subtracting the penalty. Amend my 2011 taxes See Penalty on early withdrawal of savings in chapter 1 of Publication 550 for more information on how to report the interest and deduct the penalty. Amend my 2011 taxes Money borrowed to invest in certificate of deposit. Amend my 2011 taxes   The interest you pay on money borrowed from a bank or savings institution to meet the minimum deposit required for a certificate of deposit from the institution and the interest you earn on the certificate are two separate items. Amend my 2011 taxes You must report the total interest you earn on the certificate in your income. Amend my 2011 taxes If you itemize deductions, you can deduct the interest you pay as investment interest, up to the amount of your net investment income. Amend my 2011 taxes See Interest Expenses in chapter 3 of Publication 550. Amend my 2011 taxes Example. Amend my 2011 taxes You deposited $5,000 with a bank and borrowed $5,000 from the bank to make up the $10,000 minimum deposit required to buy a 6-month certificate of deposit. Amend my 2011 taxes The certificate earned $575 at maturity in 2013, but you received only $265, which represented the $575 you earned minus $310 interest charged on your $5,000 loan. Amend my 2011 taxes The bank gives you a Form 1099-INT for 2013 showing the $575 interest you earned. Amend my 2011 taxes The bank also gives you a statement showing that you paid $310 interest for 2013. Amend my 2011 taxes You must include the $575 in your income. Amend my 2011 taxes If you itemize your deductions on Schedule A (Form 1040), you can deduct $310, subject to the net investment income limit. Amend my 2011 taxes Gift for opening account. Amend my 2011 taxes   If you receive noncash gifts or services for making deposits or for opening an account in a savings institution, you may have to report the value as interest. Amend my 2011 taxes   For deposits of less than $5,000, gifts or services valued at more than $10 must be reported as interest. Amend my 2011 taxes For deposits of $5,000 or more, gifts or services valued at more than $20 must be reported as interest. Amend my 2011 taxes The value is determined by the cost to the financial institution. Amend my 2011 taxes Example. Amend my 2011 taxes You open a savings account at your local bank and deposit $800. Amend my 2011 taxes The account earns $20 interest. Amend my 2011 taxes You also receive a $15 calculator. Amend my 2011 taxes If no other interest is credited to your account during the year, the Form 1099-INT you receive will show $35 interest for the year. Amend my 2011 taxes You must report $35 interest income on your tax return. Amend my 2011 taxes Interest on insurance dividends. Amend my 2011 taxes   Interest on insurance dividends left on deposit with an insurance company that can be withdrawn annually is taxable to you in the year it is credited to your account. Amend my 2011 taxes However, if you can withdraw it only on the anniversary date of the policy (or other specified date), the interest is taxable in the year that date occurs. Amend my 2011 taxes Prepaid insurance premiums. Amend my 2011 taxes   Any increase in the value of prepaid insurance premiums, advance premiums, or premium deposit funds is interest if it is applied to the payment of premiums due on insurance policies or made available for you to withdraw. Amend my 2011 taxes U. Amend my 2011 taxes S. Amend my 2011 taxes obligations. Amend my 2011 taxes   Interest on U. Amend my 2011 taxes S. Amend my 2011 taxes obligations, such as U. Amend my 2011 taxes S. Amend my 2011 taxes Treasury bills, notes, and bonds, issued by any agency or instrumentality of the United States is taxable for federal income tax purposes. Amend my 2011 taxes Interest on tax refunds. Amend my 2011 taxes   Interest you receive on tax refunds is taxable income. Amend my 2011 taxes Interest on condemnation award. Amend my 2011 taxes   If the condemning authority pays you interest to compensate you for a delay in payment of an award, the interest is taxable. Amend my 2011 taxes Installment sale payments. Amend my 2011 taxes   If a contract for the sale or exchange of property provides for deferred payments, it also usually provides for interest payable with the deferred payments. Amend my 2011 taxes That interest is taxable when you receive it. Amend my 2011 taxes If little or no interest is provided for in a deferred payment contract, part of each payment may be treated as interest. Amend my 2011 taxes See Unstated Interest and Original Issue Discount in Publication 537, Installment Sales. Amend my 2011 taxes Interest on annuity contract. Amend my 2011 taxes   Accumulated interest on an annuity contract you sell before its maturity date is taxable. Amend my 2011 taxes Usurious interest. Amend my 2011 taxes   Usurious interest is interest charged at an illegal rate. Amend my 2011 taxes This is taxable as interest unless state law automatically changes it to a payment on the principal. Amend my 2011 taxes Interest income on frozen deposits. Amend my 2011 taxes   Exclude from your gross income interest on frozen deposits. Amend my 2011 taxes A deposit is frozen if, at the end of the year, you cannot withdraw any part of the deposit because: The financial institution is bankrupt or insolvent, or The state where the institution is located has placed limits on withdrawals because other financial institutions in the state are bankrupt or insolvent. Amend my 2011 taxes   The amount of interest you must exclude is the interest that was credited on the frozen deposits minus the sum of: The net amount you withdrew from these deposits during the year, and The amount you could have withdrawn as of the end of the year (not reduced by any penalty for premature withdrawals of a time deposit). Amend my 2011 taxes If you receive a Form 1099-INT for interest income on deposits that were frozen at the end of 2013, see Frozen deposits under How To Report Interest Income in chapter 1 of Publication 550, for information about reporting this interest income exclusion on your tax return. Amend my 2011 taxes   The interest you exclude is treated as credited to your account in the following year. Amend my 2011 taxes You must include it in income in the year you can withdraw it. Amend my 2011 taxes Example. Amend my 2011 taxes $100 of interest was credited on your frozen deposit during the year. Amend my 2011 taxes You withdrew $80 but could not withdraw any more as of the end of the year. Amend my 2011 taxes You must include $80 in your income and exclude $20 from your income for the year. Amend my 2011 taxes You must include the $20 in your income for the year you can withdraw it. Amend my 2011 taxes Bonds traded flat. Amend my 2011 taxes   If you buy a bond at a discount when interest has been defaulted or when the interest has accrued but has not been paid, the transaction is described as trading a bond flat. Amend my 2011 taxes The defaulted or unpaid interest is not income and is not taxable as interest if paid later. Amend my 2011 taxes When you receive a payment of that interest, it is a return of capital that reduces the remaining cost basis of your bond. Amend my 2011 taxes Interest that accrues after the date of purchase, however, is taxable interest income for the year it is received or accrued. Amend my 2011 taxes See Bonds Sold Between Interest Dates , later, for more information. Amend my 2011 taxes Below-market loans. Amend my 2011 taxes   In general, a below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Amend my 2011 taxes See Below-Market Loans in chapter 1 of Publication 550 for more information. Amend my 2011 taxes U. Amend my 2011 taxes S. Amend my 2011 taxes Savings Bonds This section provides tax information on U. Amend my 2011 taxes S. Amend my 2011 taxes savings bonds. Amend my 2011 taxes It explains how to report the interest income on these bonds and how to treat transfers of these bonds. Amend my 2011 taxes For other information on U. Amend my 2011 taxes S. Amend my 2011 taxes savings bonds, write to:  For series EE and I paper savings bonds: Bureau of the Public Debt Division of Customer Assistance P. Amend my 2011 taxes O. Amend my 2011 taxes Box 7012 Parkersburg, WV 26106-7012  For series EE and I electronic bonds: Bureau of the Public Debt Division of Customer Assistance P. Amend my 2011 taxes O. Amend my 2011 taxes Box 7015 Parkersburg, WV 26106–7015  For series HH/H: Bureau of the Public Debt Division of Customer Assistance P. Amend my 2011 taxes O. Amend my 2011 taxes Box 2186 Parkersburg, WV 26106-2186 Or, on the Internet, visit: www. Amend my 2011 taxes treasurydirect. Amend my 2011 taxes gov/indiv/indiv. Amend my 2011 taxes htm. Amend my 2011 taxes Accrual method taxpayers. Amend my 2011 taxes   If you use an accrual method of accounting, you must report interest on U. Amend my 2011 taxes S. Amend my 2011 taxes savings bonds each year as it accrues. Amend my 2011 taxes You cannot postpone reporting interest until you receive it or until the bonds mature. Amend my 2011 taxes Accrual methods of accounting are explained in chapter 1 under Accounting Methods . Amend my 2011 taxes Cash method taxpayers. Amend my 2011 taxes   If you use the cash method of accounting, as most individual taxpayers do, you generally report the interest on U. Amend my 2011 taxes S. Amend my 2011 taxes savings bonds when you receive it. Amend my 2011 taxes The cash method of accounting is explained in chapter 1 under Accounting Methods. Amend my 2011 taxes But see Reporting options for cash method taxpayers , later. Amend my 2011 taxes Series HH bonds. Amend my 2011 taxes    These bonds were issued at face value. Amend my 2011 taxes Interest is paid twice a year by direct deposit to your bank account. Amend my 2011 taxes If you are a cash method taxpayer, you must report interest on these bonds as income in the year you receive it. Amend my 2011 taxes   Series HH bonds were first offered in 1980 and last offered in August 2004. Amend my 2011 taxes Before 1980, series H bonds were issued. Amend my 2011 taxes Series H bonds are treated the same as series HH bonds. Amend my 2011 taxes If you are a cash method taxpayer, you must report the interest when you receive it. Amend my 2011 taxes   Series H bonds have a maturity period of 30 years. Amend my 2011 taxes Series HH bonds mature in 20 years. Amend my 2011 taxes The last series H bonds matured in 2009. Amend my 2011 taxes Series EE and series I bonds. Amend my 2011 taxes   Interest on these bonds is payable when you redeem the bonds. Amend my 2011 taxes The difference between the purchase price and the redemption value is taxable interest. Amend my 2011 taxes Series EE bonds. Amend my 2011 taxes   Series EE bonds were first offered in January 1980 and have a maturity period of 30 years. Amend my 2011 taxes   Before July 1980, series E bonds were issued. Amend my 2011 taxes The original 10-year maturity period of series E bonds has been extended to 40 years for bonds issued before December 1965 and 30 years for bonds issued after November 1965. Amend my 2011 taxes Paper series EE and series E bonds are issued at a discount. Amend my 2011 taxes The face value is payable to you at maturity. Amend my 2011 taxes Electronic series EE bonds are issued at their face value. Amend my 2011 taxes The face value plus accrued interest is payable to you at maturity. Amend my 2011 taxes As of January 1, 2012, paper savings bonds were no longer sold at financial institutions. Amend my 2011 taxes   Owners of paper series EE bonds can convert them to electronic bonds. Amend my 2011 taxes These converted bonds do not retain the denomination listed on the paper certificate but are posted at their purchase price (with accrued interest). Amend my 2011 taxes Series I bonds. Amend my 2011 taxes   Series I bonds were first offered in 1998. Amend my 2011 taxes These are inflation-indexed bonds issued at their face amount with a maturity period of 30 years. Amend my 2011 taxes The face value plus all accrued interest is payable to you at maturity. Amend my 2011 taxes Reporting options for cash method taxpayers. Amend my 2011 taxes   If you use the cash method of reporting income, you can report the interest on series EE, series E, and series I bonds in either of the following ways. Amend my 2011 taxes Method 1. Amend my 2011 taxes Postpone reporting the interest until the earlier of the year you cash or dispose of the bonds or the year they mature. Amend my 2011 taxes (However, see Savings bonds traded , later. Amend my 2011 taxes )  Note. Amend my 2011 taxes Series EE bonds issued in 1983 matured in 2013. Amend my 2011 taxes If you have used method 1, you generally must report the interest on these bonds on your 2013 return. Amend my 2011 taxes The last series E bonds were issued in 1980 and matured in 2010. Amend my 2011 taxes If you used method 1, you generally should have reported the interest on these bonds on your 2010 return. Amend my 2011 taxes Method 2. Amend my 2011 taxes Choose to report the increase in redemption value as interest each year. Amend my 2011 taxes You must use the same method for all series EE, series E, and series I bonds you own. Amend my 2011 taxes If you do not choose method 2 by reporting the increase in redemption value as interest each year, you must use method 1. Amend my 2011 taxes    If you plan to cash your bonds in the same year you will pay for higher education expenses, you may want to use method 1 because you may be able to exclude the interest from your income. Amend my 2011 taxes To learn how, see Education Savings Bond Program, later. Amend my 2011 taxes Change from method 1. Amend my 2011 taxes   If you want to change your method of reporting the interest from method 1 to method 2, you can do so without permission from the IRS. Amend my 2011 taxes In the year of change you must report all interest accrued to date and not previously reported for all your bonds. Amend my 2011 taxes   Once you choose to report the interest each year, you must continue to do so for all series EE, series E, and series I bonds you own and for any you get later, unless you request permission to change, as explained next. Amend my 2011 taxes Change from method 2. Amend my 2011 taxes   To change from method 2 to method 1, you must request permission from the IRS. Amend my 2011 taxes Permission for the change is automatically granted if you send the IRS a statement that meets all the following requirements. Amend my 2011 taxes You have typed or printed the following number at the top: “131. Amend my 2011 taxes ” It includes your name and social security number under “131. Amend my 2011 taxes ” It includes the year of change (both the beginning and ending dates). Amend my 2011 taxes It identifies the savings bonds for which you are requesting this change. Amend my 2011 taxes It includes your agreement to: Report all interest on any bonds acquired during or after the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, and Report all interest on the bonds acquired before the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, with the exception of the interest reported in prior tax years. Amend my 2011 taxes   You must attach this statement to your tax return for the year of change, which you must file by the due date (including extensions). Amend my 2011 taxes   You can have an automatic extension of 6 months from the due date of your return for the year of change (excluding extensions) to file the statement with an amended return. Amend my 2011 taxes On the statement, type or print “Filed pursuant to section 301. Amend my 2011 taxes 9100-2. Amend my 2011 taxes ” To get this extension, you must have filed your original return for the year of the change by the due date (including extensions). Amend my 2011 taxes    By the date you file the original statement with your return, you must also send a signed copy to the address below. Amend my 2011 taxes   Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) P. Amend my 2011 taxes O. Amend my 2011 taxes Box 7604 Benjamin Franklin Station Washington, DC 20044   If you use a private delivery service, send the signed copy to the address below. Amend my 2011 taxes   Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) Room 5336 1111 Constitution Avenue, NW  Washington, DC 20224   Instead of filing this statement, you can request permission to change from method 2 to method 1 by filing Form 3115, Application for Change in Accounting Method. Amend my 2011 taxes In that case, follow the form instructions for an automatic change. Amend my 2011 taxes No user fee is required. Amend my 2011 taxes Co-owners. Amend my 2011 taxes   If a U. Amend my 2011 taxes S. Amend my 2011 taxes savings bond is issued in the names of co-owners, such as you and your child or you and your spouse, interest on the bond is generally taxable to the co-owner who bought the bond. Amend my 2011 taxes One co-owner's funds used. Amend my 2011 taxes    If you used your funds to buy the bond, you must pay the tax on the interest. Amend my 2011 taxes This is true even if you let the other co-owner redeem the bond and keep all the proceeds. Amend my 2011 taxes Under these circumstances, the co-owner who redeemed the bond will receive a Form 1099-INT at the time of redemption and must provide you with another Form 1099-INT showing the amount of interest from the bond taxable to you. Amend my 2011 taxes The co-owner who redeemed the bond is a “nominee. Amend my 2011 taxes ” See Nominee distributions under How To Report Interest Income in chapter 1 of Publication 550 for more information about how a person who is a nominee reports interest income belonging to another person. Amend my 2011 taxes Both co-owners' funds used. Amend my 2011 taxes   If you and the other co-owner each contribute part of the bond's purchase price, the interest is generally taxable to each of you, in proportion to the amount each of you paid. Amend my 2011 taxes Community property. Amend my 2011 taxes   If you and your spouse live in a community property state and hold bonds as community property, one-half of the interest is considered received by each of you. Amend my 2011 taxes If you file separate returns, each of you generally must report one-half of the bond interest. Amend my 2011 taxes For more information about community property, see Publication 555. Amend my 2011 taxes Table 7-1. Amend my 2011 taxes   These rules are also shown in Table 7-1. Amend my 2011 taxes Ownership transferred. Amend my 2011 taxes   If you bought series E, series EE, or series I bonds entirely with your own funds and had them reissued in your co-owner's name or beneficiary's name alone, you must include in your gross income for the year of reissue all interest that you earned on these bonds and have not previously reported. Amend my 2011 taxes But, if the bonds were reissued in your name alone, you do not have to report the interest accrued at that time. Amend my 2011 taxes   This same rule applies when bonds (other than bonds held as community property) are transferred between spouses or incident to divorce. Amend my 2011 taxes Purchased jointly. Amend my 2011 taxes   If you and a co-owner each contributed funds to buy series E, series EE, or series I bonds jointly and later have the bonds reissued in the co-owner's name alone, you must include in your gross income for the year of reissue your share of all the interest earned on the bonds that you have not previously reported. Amend my 2011 taxes The former co-owner does not have to include in gross income at the time of reissue his or her share of the interest earned that was not reported before the transfer. Amend my 2011 taxes This interest, however, as well as all interest earned after the reissue, is income to the former co-owner. Amend my 2011 taxes   This income-reporting rule also applies when the bonds are reissued in the name of your former co-owner and a new co-owner. Amend my 2011 taxes But the new co-owner will report only his or her share of the interest earned after the transfer. Amend my 2011 taxes   If bonds that you and a co-owner bought jointly are reissued to each of you separately in the same proportion as your contribution to the purchase price, neither you nor your co-owner has to report at that time the interest earned before the bonds were reissued. Amend my 2011 taxes    Table 7-1. Amend my 2011 taxes Who Pays the Tax on U. Amend my 2011 taxes S. Amend my 2011 taxes Savings Bond Interest IF . Amend my 2011 taxes . Amend my 2011 taxes . Amend my 2011 taxes THEN the interest must be reported by . Amend my 2011 taxes . Amend my 2011 taxes . Amend my 2011 taxes you buy a bond in your name and the name of another person as co-owners, using only your own funds you. Amend my 2011 taxes you buy a bond in the name of another person, who is the sole owner of the bond the person for whom you bought the bond. Amend my 2011 taxes you and another person buy a bond as co-owners, each contributing part of the purchase price both you and the other co-owner, in proportion to the amount each paid for the bond. Amend my 2011 taxes you and your spouse, who live in a community property state, buy a bond that is community property you and your spouse. Amend my 2011 taxes If you file separate returns, both you and your spouse generally report one-half of the interest. Amend my 2011 taxes Example 1. Amend my 2011 taxes You and your spouse each spent an equal amount to buy a $1,000 series EE savings bond. Amend my 2011 taxes The bond was issued to you and your spouse as co-owners. Amend my 2011 taxes You both postpone reporting interest on the bond. Amend my 2011 taxes You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Amend my 2011 taxes At that time neither you nor your spouse has to report the interest earned to the date of reissue. Amend my 2011 taxes Example 2. Amend my 2011 taxes You bought a $1,000 series EE savings bond entirely with your own funds. Amend my 2011 taxes The bond was issued to you and your spouse as co-owners. Amend my 2011 taxes You both postpone reporting interest on the bond. Amend my 2011 taxes You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Amend my 2011 taxes You must report half the interest earned to the date of reissue. Amend my 2011 taxes Transfer to a trust. Amend my 2011 taxes   If you own series E, series EE, or series I bonds and transfer them to a trust, giving up all rights of ownership, you must include in your income for that year the interest earned to the date of transfer if you have not already reported it. Amend my 2011 taxes However, if you are considered the owner of the trust and if the increase in value both before and after the transfer continues to be taxable to you, you can continue to defer reporting the interest earned each year. Amend my 2011 taxes You must include the total interest in your income in the year you cash or dispose of the bonds or the year the bonds finally mature, whichever is earlier. Amend my 2011 taxes   The same rules apply to previously unreported interest on series EE or series E bonds if the transfer to a trust consisted of series HH or series H bonds you acquired in a trade for the series EE or series E bonds. Amend my 2011 taxes See Savings bonds traded , later. Amend my 2011 taxes Decedents. Amend my 2011 taxes   The manner of reporting interest income on series E, series EE, or series I bonds, after the death of the owner (decedent), depends on the accounting and income-reporting methods previously used by the decedent. Amend my 2011 taxes This is explained in chapter 1 of Publication 550. Amend my 2011 taxes Savings bonds traded. Amend my 2011 taxes   If you postponed reporting the interest on your series EE or series E bonds, you did not recognize taxable income when you traded the bonds for series HH or series H bonds, unless you received cash in the trade. Amend my 2011 taxes (You cannot trade series I bonds for series HH bonds. Amend my 2011 taxes After August 31, 2004, you cannot trade any other series of bonds for series HH bonds. Amend my 2011 taxes ) Any cash you received is income up to the amount of the interest earned on the bonds traded. Amend my 2011 taxes When your series HH or series H bonds mature, or if you dispose of them before maturity, you report as interest the difference between their redemption value and your cost. Amend my 2011 taxes Your cost is the sum of the amount you paid for the traded series EE or series E bonds plus any amount you had to pay at the time of the trade. Amend my 2011 taxes Example. Amend my 2011 taxes You traded series EE bonds (on which you postponed reporting the interest) for $2,500 in series HH bonds and $223 in cash. Amend my 2011 taxes You reported the $223 as taxable income on your tax return. Amend my 2011 taxes At the time of the trade, the series EE bonds had accrued interest of $523 and a redemption value of $2,723. Amend my 2011 taxes You hold the series HH bonds until maturity, when you receive $2,500. Amend my 2011 taxes You must report $300 as interest income in the year of maturity. Amend my 2011 taxes This is the difference between their redemption value, $2,500, and your cost, $2,200 (the amount you paid for the series EE bonds). Amend my 2011 taxes (It is also the difference between the accrued interest of $523 on the series EE bonds and the $223 cash received on the trade. Amend my 2011 taxes ) Choice to report interest in year of trade. Amend my 2011 taxes   You could have chosen to treat all of the previously unreported accrued interest on the series EE or series E bonds traded for series HH bonds as income in the year of the trade. Amend my 2011 taxes If you made this choice, it is treated as a change from method 1. Amend my 2011 taxes See Change from method 1 under Series EE and series I bonds, earlier. Amend my 2011 taxes Form 1099-INT for U. Amend my 2011 taxes S. Amend my 2011 taxes savings bonds interest. Amend my 2011 taxes   When you cash a bond, the bank or other payer that redeems it must give you a Form 1099-INT if the interest part of the payment you receive is $10 or more. Amend my 2011 taxes Box 3 of your Form 1099-INT should show the interest as the difference between the amount you received and the amount paid for the bond. Amend my 2011 taxes However, your Form 1099-INT may show more interest than you have to include on your income tax return. Amend my 2011 taxes For example, this may happen if any of the following are true. Amend my 2011 taxes You chose to report the increase in the redemption value of the bond each year. Amend my 2011 taxes The interest shown on your Form 1099-INT will not be reduced by amounts previously included in income. Amend my 2011 taxes You received the bond from a decedent. Amend my 2011 taxes The interest shown on your Form 1099-INT will not be reduced by any interest reported by the decedent before death, or on the decedent's final return, or by the estate on the estate's income tax return. Amend my 2011 taxes Ownership of the bond was transferred. Amend my 2011 taxes The interest shown on your Form 1099-INT will not be reduced by interest that accrued before the transfer. Amend my 2011 taxes You were named as a co-owner, and the other co-owner contributed funds to buy the bond. Amend my 2011 taxes The interest shown on your Form 1099-INT will not be reduced by the amount you received as nominee for the other co-owner. Amend my 2011 taxes (See Co-owners , earlier in this chapter, for more information about the reporting requirements. Amend my 2011 taxes ) You received the bond in a taxable distribution from a retirement or profit-sharing plan. Amend my 2011 taxes The interest shown on your Form 1099-INT will not be reduced by the interest portion of the amount taxable as a distribution from the plan and not taxable as interest. Amend my 2011 taxes (This amount is generally shown on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Amend my 2011 taxes , for the year of distribution. Amend my 2011 taxes )   For more information on including the correct amount of interest on your return, see How To Report Interest Income , later. Amend my 2011 taxes Publication 550 includes examples showing how to report these amounts. Amend my 2011 taxes    Interest on U. Amend my 2011 taxes S. Amend my 2011 taxes savings bonds is exempt from state and local taxes. Amend my 2011 taxes The Form 1099-INT you receive will indicate the amount that is for U. Amend my 2011 taxes S. Amend my 2011 taxes savings bond interest in box 3. Amend my 2011 taxes Education Savings Bond Program You may be able to exclude from income all or part of the interest you receive on the redemption of qualified U. Amend my 2011 taxes S. Amend my 2011 taxes savings bonds during the year if you pay qualified higher educational expenses during the same year. Amend my 2011 taxes This exclusion is known as the Education Savings Bond Program. Amend my 2011 taxes You do not qualify for this exclusion if your filing status is married filing separately. Amend my 2011 taxes Form 8815. Amend my 2011 taxes   Use Form 8815 to figure your exclusion. Amend my 2011 taxes Attach the form to your Form 1040 or Form 1040A. Amend my 2011 taxes Qualified U. Amend my 2011 taxes S. Amend my 2011 taxes savings bonds. Amend my 2011 taxes   A qualified U. Amend my 2011 taxes S. Amend my 2011 taxes savings bond is a series EE bond issued after 1989 or a series I bond. Amend my 2011 taxes The bond must be issued either in your name (sole owner) or in your and your spouse's names (co-owners). Amend my 2011 taxes You must be at least 24 years old before the bond's issue date. Amend my 2011 taxes For example, a bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child. Amend my 2011 taxes    The issue date of a bond may be earlier than the date the bond is purchased because the issue date assigned to a bond is the first day of the month in which it is purchased. Amend my 2011 taxes Beneficiary. Amend my 2011 taxes   You can designate any individual (including a child) as a beneficiary of the bond. Amend my 2011 taxes Verification by IRS. Amend my 2011 taxes   If you claim the exclusion, the IRS will check it by using bond redemption information from the Department of the Treasury. Amend my 2011 taxes Qualified expenses. Amend my 2011 taxes   Qualified higher educational expenses are tuition and fees required for you, your spouse, or your dependent (for whom you claim an exemption) to attend an eligible educational institution. Amend my 2011 taxes   Qualified expenses include any contribution you make to a qualified tuition program or to a Coverdell education savings account. Amend my 2011 taxes   Qualified expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Amend my 2011 taxes Eligible educational institutions. Amend my 2011 taxes   These institutions include most public, private, and nonprofit universities, colleges, and vocational schools that are accredited and eligible to participate in student aid programs run by the U. Amend my 2011 taxes S. Amend my 2011 taxes Department of Education. Amend my 2011 taxes Reduction for certain benefits. Amend my 2011 taxes   You must reduce your qualified higher educational expenses by all of the following tax-free benefits. Amend my 2011 taxes Tax-free part of scholarships and fellowships (see Scholarships and fellowships in chapter 12). Amend my 2011 taxes Expenses used to figure the tax-free portion of distributions from a Coverdell ESA. Amend my 2011 taxes Expenses used to figure the tax-free portion of distributions from a qualified tuition program. Amend my 2011 taxes Any tax-free payments (other than gifts or inheritances) received for educational expenses, such as Veterans' educational assistance benefits, Qualified tuition reductions, or Employer-provided educational assistance. Amend my 2011 taxes Any expense used in figuring the American Opportunity and lifetime learning credits. Amend my 2011 taxes Amount excludable. Amend my 2011 taxes   If the total proceeds (interest and principal) from the qualified U. Amend my 2011 taxes S. Amend my 2011 taxes savings bonds you redeem during the year are not more than your adjusted qualified higher educational expenses for the year, you may be able to exclude all of the interest. Amend my 2011 taxes If the proceeds are more than the expenses, you may be able to exclude only part of the interest. Amend my 2011 taxes   To determine the excludable amount, multiply the interest part of the proceeds by a fraction. Amend my 2011 taxes The numerator of the fraction is the qualified higher educational expenses you paid during the year. Amend my 2011 taxes The denominator of the fraction is the total proceeds you received during the year. Amend my 2011 taxes Example. Amend my 2011 taxes In February 2013, Mark and Joan, a married couple, cashed a qualified series EE U. Amend my 2011 taxes S. Amend my 2011 taxes savings bond they bought in April 1997. Amend my 2011 taxes They received proceeds of $8,372 representing principal of $5,000 and interest of $3,372. Amend my 2011 taxes In 2013, they paid $4,000 of their daughter's college tuition. Amend my 2011 taxes They are not claiming an education credit for that amount, and their daughter does not have any tax-free educational assistance. Amend my 2011 taxes They can exclude $1,611 ($3,372 × ($4,000 ÷ $8,372)) of interest in 2013. Amend my 2011 taxes They must pay tax on the remaining $1,761 ($3,372 − $1,611) interest. Amend my 2011 taxes Modified adjusted gross income limit. Amend my 2011 taxes   The interest exclusion is limited if your modified adjusted gross income (modified AGI) is: $74,700 to $89,700 for taxpayers filing single or head of household, and $112,050 to $142,050 for married taxpayers filing jointly or for a qualifying widow(er) with dependent child. Amend my 2011 taxes You do not qualify for the interest exclusion if your modified AGI is equal to or more than the upper limit for your filing status. Amend my 2011 taxes   Modified AGI, for purposes of this exclusion, is adjusted gross income (Form 1040, line 37, or Form 1040A, line 21) figured before the interest exclusion, and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion and deduction, Exclusion of income for bona fide residents of American Samoa, Exclusion for income from Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for tuition and fees, Deduction for student loan interest, and Deduction for domestic production activities. Amend my 2011 taxes   Use the Line 9 Worksheet in the Form 8815 instructions to figure your modified AGI. Amend my 2011 taxes If you claim any of the exclusion or deduction items listed above (except items 6, 7, and 8), add the amount of the exclusion or deduction (except items 6, 7, and 8) to the amount on line 5 of the worksheet, and enter the total on Form 8815, line 9, as your modified AGI. Amend my 2011 taxes   If you have investment interest expense incurred to earn royalties and other investment income, see Education Savings Bond Program in chapter 1 of Publication 550. Amend my 2011 taxes Recordkeeping. Amend my 2011 taxes If you claim the interest exclusion, you must keep a written record of the qualified U. Amend my 2011 taxes S. Amend my 2011 taxes savings bonds you redeem. Amend my 2011 taxes Your record must include the serial number, issue date, face value, and total redemption proceeds (principal and interest) of each bond. Amend my 2011 taxes You can use Form 8818 to record this information. Amend my 2011 taxes You should also keep bills, receipts, canceled checks, or other documentation that shows you paid qualified higher educational expenses during the year. Amend my 2011 taxes U. Amend my 2011 taxes S. Amend my 2011 taxes Treasury Bills, Notes, and Bonds Treasury bills, notes, and bonds are direct debts (obligations) of the U. Amend my 2011 taxes S. Amend my 2011 taxes Government. Amend my 2011 taxes Taxation of interest. Amend my 2011 taxes   Interest income from Treasury bills, notes, and bonds is subject to federal income tax but is exempt from all state and local income taxes. Amend my 2011 taxes You should receive Form 1099-INT showing the interest (in box 3) paid to you for the year. Amend my 2011 taxes   Payments of principal and interest generally will be credited to your designated checking or savings account by direct deposit through the TreasuryDirect® system. Amend my 2011 taxes Treasury bills. Amend my 2011 taxes   These bills generally have a 4-week, 13-week, 26-week, or 52-week maturity period. Amend my 2011 taxes They are generally issued at a discount in the amount of $100 and multiples of $100. Amend my 2011 taxes The difference between the discounted price you pay for the bills and the face value you receive at maturity is interest income. Amend my 2011 taxes Generally, you report this interest income when the bill is paid at maturity. Amend my 2011 taxes If you paid a premium for a bill (more than the face value), you generally report the premium as a section 171 deduction when the bill is paid at maturity. Amend my 2011 taxes Treasury notes and bonds. Amend my 2011 taxes   Treasury notes have maturity periods of more than 1 year, ranging up to 10 years. Amend my 2011 taxes Maturity periods for Treasury bonds are longer than 10 years. Amend my 2011 taxes Both generally are issued in denominations of $100 to $1 million and generally pay interest every 6 months. Amend my 2011 taxes Generally, you report this interest for the year paid. Amend my 2011 taxes For more information, see U. Amend my 2011 taxes S. Amend my 2011 taxes Treasury Bills, Notes, and Bonds in chapter 1 of Publication 550. Amend my 2011 taxes For other information on Treasury notes or bonds, write to:  Bureau of the Public Debt P. Amend my 2011 taxes O. Amend my 2011 taxes Box 7015 Parkersburg, WV 26106-7015 Or, on the Internet, visit: www. Amend my 2011 taxes treasurydirect. Amend my 2011 taxes gov/indiv/indiv. Amend my 2011 taxes htm. Amend my 2011 taxes For information on series EE, series I, and series HH savings bonds, see U. Amend my 2011 taxes S. Amend my 2011 taxes Savings Bonds , earlier. Amend my 2011 taxes Treasury inflation-protected securities (TIPS). Amend my 2011 taxes   These securities pay interest twice a year at a fixed rate, based on a principal amount adjusted to take into account inflation and deflation. Amend my 2011 taxes For the tax treatment of these securities, see Inflation-Indexed Debt Instruments under Original Issue Discount (OID), in Publication 550. Amend my 2011 taxes Bonds Sold Between Interest Dates If you sell a bond between interest payment dates, part of the sales price represents interest accrued to the date of sale. Amend my 2011 taxes You must report that part of the sales price as interest income for the year of sale. Amend my 2011 taxes If you buy a bond between interest payment dates, part of the purchase price represents interest accrued before the date of purchase. Amend my 2011 taxes When that interest is paid to you, treat it as a return of your capital investment, rather than interest income, by reducing your basis in the bond. Amend my 2011 taxes See Accrued interest on bonds under How To Report Interest Income in chapter 1 of Publication 550 for information on reporting the payment. Amend my 2011 taxes Insurance Life insurance proceeds paid to you as beneficiary of the insured person are usually not taxable. Amend my 2011 taxes But if you receive the proceeds in installments, you must usually report a part of each installment payment as interest income. Amend my 2011 taxes For more information about insurance proceeds received in installments, see Publication 525, Taxable and Nontaxable Income. Amend my 2011 taxes Annuity. Amend my 2011 taxes   If you buy an annuity with life insurance proceeds, the annuity payments you receive are taxed as pension and annuity income from a nonqualified plan, not as interest income. Amend my 2011 taxes See chapter 10 for information on pension and annuity income from nonqualified plans. Amend my 2011 taxes State or Local Government Obligations Interest on a bond used to finance government operations generally is not taxable if the bond is issued by a state, the District of Columbia, a possession of the United States, or any of their political subdivisions. Amend my 2011 taxes Bonds issued after 1982 (including tribal economic development bonds issued after February 17, 2009) by an Indian tribal government are treated as issued by a state. Amend my 2011 taxes Interest on these bonds is generally tax exempt if the bonds are part of an issue of which substantially all proceeds are to be used in the exercise of any essential government function. Amend my 2011 taxes For information on federally guaranteed bonds, mortgage revenue bonds, arbitrage bonds, private activity bonds, qualified tax credit bonds, and Build America bonds, see State or Local Government Obligations in chapter 1 of Publication 550. Amend my 2011 taxes Information reporting requirement. Amend my 2011 taxes   If you must file a tax return, you are required to show any tax-exempt interest you received on your return. Amend my 2011 taxes This is an information reporting requirement only. Amend my 2011 taxes It does not change tax-exempt interest to taxable interest. Amend my 2011 taxes Original Issue Discount (OID) Original issue discount (OID) is a form of interest. Amend my 2011 taxes You generally include OID in your income as it accrues over the term of the debt instrument, whether or not you receive any payments from the issuer. Amend my 2011 taxes A debt instrument generally has OID when the instrument is issued for a price that is less than its stated redemption price at maturity. Amend my 2011 taxes OID is the difference between the stated redemption price at maturity and the issue price. Amend my 2011 taxes All debt instruments that pay no interest before maturity are presumed to be issued at a discount. Amend my 2011 taxes Zero coupon bonds are one example of these instruments. Amend my 2011 taxes The OID accrual rules generally do not apply to short-term obligations (those with a fixed maturity date of 1 year or less from date of issue). Amend my 2011 taxes See Discount on Short-Term Obligations in chapter 1 of Publication 550. Amend my 2011 taxes De minimis OID. Amend my 2011 taxes   You can treat the discount as zero if it is less than one-fourth of 1% (. Amend my 2011 taxes 0025) of the stated redemption price at maturity multiplied by the number of full years from the date of original issue to maturity. Amend my 2011 taxes This small discount is known as “de minimis” OID. Amend my 2011 taxes Example 1. Amend my 2011 taxes You bought a 10-year bond with a stated redemption price at maturity of $1,000, issued at $980 with OID of $20. Amend my 2011 taxes One-fourth of 1% of $1,000 (stated redemption price) times 10 (the number of full years from the date of original issue to maturity) equals $25. Amend my 2011 taxes Because the $20 discount is less than $25, the OID is treated as zero. Amend my 2011 taxes (If you hold the bond at maturity, you will recognize $20 ($1,000 − $980) of capital gain. Amend my 2011 taxes ) Example 2. Amend my 2011 taxes The facts are the same as in Example 1, except that the bond was issued at $950. Amend my 2011 taxes The OID is $50. Amend my 2011 taxes Because the $50 discount is more than the $25 figured in Example 1, you must include the OID in income as it accrues over the term of the bond. Amend my 2011 taxes Debt instrument bought after original issue. Amend my 2011 taxes   If you buy a debt instrument with de minimis OID at a premium, the discount is not includible in income. Amend my 2011 taxes If you buy a debt instrument with de minimis OID at a discount, the discount is reported under the market discount rules. Amend my 2011 taxes See Market Discount Bonds in chapter 1 of Publication 550. Amend my 2011 taxes Exceptions to reporting OID. Amend my 2011 taxes   The OID rules discussed in this chapter do not apply to the following debt instruments. Amend my 2011 taxes Tax-exempt obligations. Amend my 2011 taxes (However, see Stripped tax-exempt obligations under Stripped Bonds and Coupons in chapter 1 of Publication 550). Amend my 2011 taxes U. Amend my 2011 taxes S. Amend my 2011 taxes savings bonds. Amend my 2011 taxes Short-term debt instruments (those with a fixed maturity date of not more than 1 year from the date of issue). Amend my 2011 taxes Obligations issued by an individual before March 2, 1984. Amend my 2011 taxes Loans between individuals if all the following are true. Amend my 2011 taxes The lender is not in the business of lending money. Amend my 2011 taxes The amount of the loan, plus the amount of any outstanding prior loans between the same individuals, is $10,000 or less. Amend my 2011 taxes Avoiding any federal tax is not one of the principal purposes of the loan. Amend my 2011 taxes Form 1099-OID. Amend my 2011 taxes   The issuer of the debt instrument (or your broker if you held the instrument through a broker) should give you Form 1099-OID, or a similar statement, if the total OID for the calendar year is $10 or more. Amend my 2011 taxes Form 1099-OID will show, in box 1, the amount of OID for the part of the year that you held the bond. Amend my 2011 taxes It also will show, in box 2, the stated interest you must include in your income. Amend my 2011 taxes A copy of Form 1099-OID will be sent to the IRS. Amend my 2011 taxes Do not file your copy with your return. Amend my 2011 taxes Keep it for your records. Amend my 2011 taxes   In most cases, you must report the entire amount in boxes 1 and 2 of Form 1099-OID as interest income. Amend my 2011 taxes But see Refiguring OID shown on Form 1099-OID, later in this discussion, for more information. Amend my 2011 taxes Form 1099-OID not received. Amend my 2011 taxes   If you had OID for the year but did not receive a Form 1099-OID, you can find tables on IRS. Amend my 2011 taxes gov that list total OID on certain debt instruments and have information that will help you figure OID. Amend my 2011 taxes For the latest OID tables, go to www. Amend my 2011 taxes irs. Amend my 2011 taxes gov and enter “OID tables” in the Search box. Amend my 2011 taxes If your debt instrument is not listed, consult the issuer for further information about the accrued OID for the year. Amend my 2011 taxes Nominee. Amend my 2011 taxes   If someone else is the holder of record (the registered owner) of an OID instrument belonging to you and receives a Form 1099-OID on your behalf, that person must give you a Form 1099-OID. Amend my 2011 taxes Refiguring OID shown on Form 1099-OID. Amend my 2011 taxes   You must refigure the OID shown in box 1 or box 8 of Form 1099-OID if either of the following apply. Amend my 2011 taxes You bought the debt instrument after its original issue and paid a premium or an acquisition premium. Amend my 2011 taxes The debt instrument is a stripped bond or a stripped coupon (including certain zero coupon instruments). Amend my 2011 taxes For information about figuring the correct amount of OID to include in your income, see Figuring OID on Long-Term Debt Instruments in Publication 1212. Amend my 2011 taxes Refiguring periodic interest shown on Form 1099-OID. Amend my 2011 taxes   If you disposed of a debt instrument or acquired it from another holder during the year, see Bonds Sold Between Interest Dates , earlier, for information about the treatment of periodic interest that may be shown in box 2 of Form 1099-OID for that instrument. Amend my 2011 taxes Certificates of deposit (CDs). Amend my 2011 taxes   If you buy a CD with a maturity of more than 1 year, you must include in income each year a part of the total interest due and report it in the same manner as other OID. Amend my 2011 taxes   This also applies to similar deposit arrangements with banks, building and loan associations, etc. Amend my 2011 taxes , including: Time deposits, Bonus plans, Savings certificates, Deferred income certificates, Bonus savings certificates, and Growth savings certificates. Amend my 2011 taxes Bearer CDs. Amend my 2011 taxes   CDs issued after 1982 generally must be in registered form. Amend my 2011 taxes Bearer CDs are CDs not in registered form. Amend my 2011 taxes They are not issued in the depositor's name and are transferable from one individual to another. Amend my 2011 taxes   Banks must provide the IRS and the person redeeming a bearer CD with a Form 1099-INT. Amend my 2011 taxes More information. Amend my 2011 taxes   See chapter 1 of Publication 550 for more information about OID and related topics, such as market discount bonds. Amend my 2011 taxes When To Report Interest Income When to report your interest income depends on whether you use the cash method or an accrual method to report income. Amend my 2011 taxes Cash method. Amend my 2011 taxes   Most individual taxpayers use the cash method. Amend my 2011 taxes If you use this method, you generally report your interest income in the year in which you actually or constructively receive it. Amend my 2011 taxes However, there are special rules for reporting the discount on certain debt instruments. Amend my 2011 taxes See U. Amend my 2011 taxes S. Amend my 2011 taxes Savings Bonds and Original Issue Discount (OID) , earlier. Amend my 2011 taxes Example. Amend my 2011 taxes On September 1, 2011, you loaned another individual $2,000 at 12%, compounded annually. Amend my 2011 taxes You are not in the business of lending money. Amend my 2011 taxes The note stated that principal and interest would be due on August 31, 2013. Amend my 2011 taxes In 2013, you received $2,508. Amend my 2011 taxes 80 ($2,000 principal and $508. Amend my 2011 taxes 80 interest). Amend my 2011 taxes If you use the cash method, you must include in income on your 2013 return the $508. Amend my 2011 taxes 80 interest you received in that year. Amend my 2011 taxes Constructive receipt. Amend my 2011 taxes   You constructively receive income when it is credited to your account or made available to you. Amend my 2011 taxes You do not need to have physical possession of it. Amend my 2011 taxes For example, you are considered to receive interest, dividends, or other earnings on any deposit or account in a bank, savings and loan, or similar financial institution, or interest on life insurance policy dividends left to accumulate, when they are credited to your account and subject to your withdrawal. Amend my 2011 taxes This is true even if they are not yet entered in your passbook. Amend my 2011 taxes   You constructively receive income on the deposit or account even if you must: Make withdrawals in multiples of even amounts, Give a notice to withdraw before making the withdrawal, Withdraw all or part of the account to withdraw the earnings, or Pay a penalty on early withdrawals, unless the interest you are to receive on an early withdrawal or redemption is substantially less than the interest payable at maturity. Amend my 2011 taxes Accrual method. Amend my 2011 taxes   If you use an accrual method, you report your interest income when you earn it, whether or not you have received it. Amend my 2011 taxes Interest is earned over the term of the debt instrument. Amend my 2011 taxes Example. Amend my 2011 taxes If, in the previous example, you use an accrual method, you must include the interest in your income as you earn it. Amend my 2011 taxes You would report the interest as follows: 2011, $80; 2012, $249. Amend my 2011 taxes 60; and 2013, $179. Amend my 2011 taxes 20. Amend my 2011 taxes Coupon bonds. Amend my 2011 taxes   Interest on coupon bonds is taxable in the year the coupon becomes due and payable. Amend my 2011 taxes It does not matter when you mail the coupon for payment. Amend my 2011 taxes How To Report Interest Income Generally, you report all your taxable interest income on Form 1040, line 8a; Form 1040A, line 8a; or Form 1040EZ, line 2. Amend my 2011 taxes You cannot use Form 1040EZ if your taxable interest income is more than $1,500. Amend my 2011 taxes Instead, you must use Form 1040A or Form 1040. Amend my 2011 taxes Form 1040A. Amend my 2011 taxes   You must complete Schedule B (Form 1040A or 1040), Part I, if you file Form 1040A and any of the following are true. Amend my 2011 taxes Your taxable interest income is more than $1,500. Amend my 2011 taxes You are claiming the interest exclusion under the Education Savings Bond Program (discussed earlier). Amend my 2011 taxes You received interest from a seller-financed mortgage, and the buyer used the property as a home. Amend my 2011 taxes You received a Form 1099-INT for U. Amend my 2011 taxes S. Amend my 2011 taxes savings bond interest that includes amounts you reported before 2013. Amend my 2011 taxes You received, as a nominee, interest that actually belongs to someone else. Amend my 2011 taxes You received a Form 1099-INT for interest on frozen deposits. Amend my 2011 taxes You are reporting OID in an amount less than the amount shown on Form 1099-OID. Amend my 2011 taxes You received a Form 1099-INT for interest on a bond you bought between interest payment dates. Amend my 2011 taxes You acquired taxable bonds after 1987 and choose to reduce interest income from the bonds by any amortizable bond premium (see Bond Premium Amortization in chapter 3 of Publication 550). Amend my 2011 taxes List each payer's name and the amount of interest income received from each payer on line 1. Amend my 2011 taxes If you received a Form 1099-INT or Form 1099-OID from a brokerage firm, list the brokerage firm as the payer. Amend my 2011 taxes   You cannot use Form 1040A if you must use Form 1040, as described next. Amend my 2011 taxes Form 1040. Amend my 2011 taxes   You must use Form 1040 instead of Form 1040A or Form 1040EZ if: You forfeited interest income because of the early withdrawal of a time deposit; You acquired taxable bonds after 1987, you choose to reduce interest income from the bonds by any amortizable bond premium, and you are deducting the excess of bond premium amortization for the accrual period over the qualified stated interest for the period (see Bond Premium Amortization in chapter 3 of Publication 550); or You received tax-exempt interest from private activity bonds issued after August 7, 1986. Amend my 2011 taxes Schedule B (Form 1040A or 1040). Amend my 2011 taxes   You must complete Schedule B (Form 1040A or 1040), Part I, if you file Form 1040 and any of the following apply. Amend my 2011 taxes Your taxable interest income is more than $1,500. Amend my 2011 taxes You are claiming the interest exclusion under the Education Savings Bond Program (discussed earlier). Amend my 2011 taxes You received interest from a seller-financed mortgage, and the buyer used the property as a home. Amend my 2011 taxes You received a Form 1099-INT for U. Amend my 2011 taxes S. Amend my 2011 taxes savings bond interest that includes amounts you reported before 2013. Amend my 2011 taxes You received, as a nominee, interest that actually belongs to someone else. Amend my 2011 taxes You received a Form 1099-INT for interest on frozen deposits. Amend my 2011 taxes You received a Form 1099-INT for interest on a bond you bought between interest payment dates. Amend my 2011 taxes You are reporting OID in an amount less than the amount shown on Form 1099-OID. Amend my 2011 taxes Statement (2) in the preceding list under Form 1040 is true. Amend my 2011 taxes In Part I, line 1, list each payer's name and the amount received from each. Amend my 2011 taxes If you received a Form 1099-INT or Form 1099-OID from a brokerage firm, list the brokerage firm as the payer. Amend my 2011 taxes Reporting tax-exempt interest. Amend my 2011 taxes   Total your tax-exempt interest (such as interest or accrued OID on certain state and municipal bonds, including tax-exempt interest on zero coupon municipal bonds) and exempt-interest dividends from a mutual fund as shown on Form 1099-INT, box 8, and on Form 1099-DIV, box 10. Amend my 2011 taxes Add these amounts to any other tax-exempt interest you received. Amend my 2011 taxes Report the total on line 8b of Form 1040A or 1040. Amend my 2011 taxes   If you file Form 1040EZ, enter “TEI” and the amount in the space to the left of line 2. Amend my 2011 taxes Do not add tax-exempt interest in the total on Form 1040EZ, line 2. Amend my 2011 taxes   Form 1099-INT, box 9, and Form 1099-DIV, box 11, show the tax-exempt interest subject to the alternative minimum tax on Form 6251. Amend my 2011 taxes These amounts are already included in the amounts on Form 1099-INT, box 8, and Form 1099-DIV, box 10. Amend my 2011 taxes Do not add the amounts in Form 1099-INT, box 9 and Form 1099-DIV, box 11 to, or subtract them from, the amounts on Form 1099-INT, box 8, and Form 1099-DIV, box 10. Amend my 2011 taxes    Do not report interest from an individual retirement account (IRA) as tax-exempt interest. Amend my 2011 taxes Form 1099-INT. Amend my 2011 taxes   Your taxable interest income, except for interest from U. Amend my 2011 taxes S. Amend my 2011 taxes savings bonds and Treasury obligations, is shown in box 1 of Form 1099-INT. Amend my 2011 taxes Add this amount to any other taxable interest income you received. Amend my 2011 taxes You must report all of your taxable interest income even if you do not receive a Form 1099-INT. Amend my 2011 taxes Generally, contact your financial institution if you do not receive a Form 1099-INT by February 15. Amend my 2011 taxes Your identifying number may be truncated on any paper Form 1099-INT you receive. Amend my 2011 taxes   If you forfeited interest income because of the early withdrawal of a time deposit, the deductible amount will be shown on Form 1099-INT in box 2. Amend my 2011 taxes See Penalty on early withdrawal of savings in chapter 1 of Publication 550. Amend my 2011 taxes   Box 3 of Form 1099-INT shows the interest income you received from U. Amend my 2011 taxes S. Amend my 2011 taxes savings bonds, Treasury bills, Treasury notes, and Treasury bonds. Amend my 2011 taxes Add the amount shown in box 3 to any other taxable interest income you received, unless part of the amount in box 3 was previously included in your interest income. Amend my 2011 taxes If part of the amount shown in box 3 was previously included in your interest income, see U. Amend my 2011 taxes S. Amend my 2011 taxes savings bond interest previously reported , later. Amend my 2011 taxes   Box 4 of Form 1099-INT will contain an amount if you were subject to backup withholding. Amend my 2011 taxes Report the amount from box 4 on Form 1040EZ, line 7; on Form 1040A, line 36; or Form 1040, line 62 (federal income tax withheld). Amend my 2011 taxes   Box 5 of Form 1099-INT shows investment expenses you may be able to deduct as an itemized deduction. Amend my 2011 taxes See chapter 28 for more information about investment expenses. Amend my 2011 taxes   If there are entries in boxes 6 and 7 of Form 1099-INT, you must file Form 1040. Amend my 2011 taxes You may be able to take a credit for the amount shown in box 6 unless you deduct this amount on line 8 of Schedule A (Form 1040). Amend my 2011 taxes To take the credit, you may have to file Form 1116, Foreign Tax Credit. Amend my 2011 taxes For more information, see Publication 514, Foreign Tax Credit for Individuals. Amend my 2011 taxes U. Amend my 2011 taxes S. Amend my 2011 taxes savings bond interest previously reported. Amend my 2011 taxes   If you received a Form 1099-INT for U. Amend my 2011 taxes S. Amend my 2011 taxes savings bond interest, the form may show interest you do not have to report. Amend my 2011 taxes See Form 1099-INT for U. Amend my 2011 taxes S. Amend my 2011 taxes savings bonds interest , earlier, under U. Amend my 2011 taxes S. Amend my 2011 taxes Savings Bonds. Amend my 2011 taxes   On Schedule B (Form 1040A or 1040), Part I, line 1, report all the interest shown on your Form 1099-INT. Amend my 2011 taxes Then follow these steps. Amend my 2011 taxes Several lines above line 2, enter a subtotal of all interest listed on line 1. Amend my 2011 taxes Below the subtotal enter “U. Amend my 2011 taxes S. Amend my 2011 taxes Savings Bond Interest Previously Reported” and enter amounts previously reported or interest accrued before you received the bond. Amend my 2011 taxes Subtract these amounts from the subtotal and enter the result on line 2. Amend my 2011 taxes More information. Amend my 2011 taxes   For more information about how to report interest income, see chapter 1 of Publication 550 or the instructions for the form you must file. Amend my 2011 taxes Prev  Up  Next   Home   More Online Publications