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Amend Tax Return 2012

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Amend Tax Return 2012

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

The mission of the National Runaway Switchboard (NRS) is to help keep America? runaway and at-risk youth safe and off the streets. The organization serves as the federally designated national communication system for runaway and homeless youth.

Contact the Agency or Department

Website: National Runaway Switchboard (NRS)

E-mail:

Address: 3080 N. Lincoln Ave.
Chicago, IL 60657

Phone Number: 773-880-9860

Toll-free: 1-800-786-2929 (24 hrs./7 days a week)

The Amend Tax Return 2012

Amend tax return 2012 4. Amend tax return 2012   Tax Withholding and Estimated Tax Table of Contents What's New for 2014 Reminders Introduction Useful Items - You may want to see: Tax Withholding for 2014Salaries and Wages Tips Taxable Fringe Benefits Sick Pay Pensions and Annuities Gambling Winnings Unemployment Compensation Federal Payments Backup Withholding Estimated Tax for 2014Who Does Not Have To Pay Estimated Tax Who Must Pay Estimated Tax How To Figure Estimated Tax When To Pay Estimated Tax How To Figure Each Payment How To Pay Estimated Tax Credit for Withholding and Estimated Tax for 2013Withholding Estimated Tax Underpayment Penalty for 2013 What's New for 2014 Tax law changes for 2014. Amend tax return 2012  When you figure how much income tax you want withheld from your pay and when you figure your estimated tax, consider tax law changes effective in 2014. Amend tax return 2012 For more information, see Publication 505. Amend tax return 2012 Reminders Estimated tax safe harbor for higher income taxpayers. Amend tax return 2012  If your 2013 adjusted gross income was more than $150,000 ($75,000 if you are married filing a separate return), you must pay the smaller of 90% of your expected tax for 2014 or 110% of the tax shown on your 2013 return to avoid an estimated tax penalty. Amend tax return 2012 Introduction This chapter discusses how to pay your tax as you earn or receive income during the year. Amend tax return 2012 In general, the federal income tax is a pay-as-you-go tax. Amend tax return 2012 There are two ways to pay as you go. Amend tax return 2012 Withholding. Amend tax return 2012 If you are an employee, your employer probably withholds income tax from your pay. Amend tax return 2012 Tax also may be withheld from certain other income, such as pensions, bonuses, commissions, and gambling winnings. Amend tax return 2012 The amount withheld is paid to the IRS in your name. Amend tax return 2012 Estimated tax. Amend tax return 2012 If you do not pay your tax through withholding, or do not pay enough tax that way, you may have to pay estimated tax. Amend tax return 2012 People who are in business for themselves generally will have to pay their tax this way. Amend tax return 2012 Also, you may have to pay estimated tax if you receive income such as dividends, interest, capital gains, rent, and royalties. Amend tax return 2012 Estimated tax is used to pay not only income tax, but self-employment tax and alternative minimum tax as well. Amend tax return 2012 This chapter explains these methods. Amend tax return 2012 In addition, it also explains the following. Amend tax return 2012 Credit for withholding and estimated tax. Amend tax return 2012 When you file your 2013 income tax return, take credit for all the income tax withheld from your salary, wages, pensions, etc. Amend tax return 2012 , and for the estimated tax you paid for 2013. Amend tax return 2012 Also take credit for any excess social security or railroad retirement tax withheld (discussed in chapter 37). Amend tax return 2012 Underpayment penalty. Amend tax return 2012 If you did not pay enough tax during the year, either through withholding or by making estimated tax payments, you may have to pay a penalty. Amend tax return 2012 In most cases, the IRS can figure this penalty for you. Amend tax return 2012 See Underpayment Penalty for 2013 at the end of this chapter. Amend tax return 2012 Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) W-4 Employee's Withholding Allowance Certificate W-4P Withholding Certificate for Pension or Annuity Payments W-4S Request for Federal Income Tax Withholding From Sick Pay W-4V Voluntary Withholding Request 1040-ES Estimated Tax for Individuals 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts 2210-F Underpayment of Estimated Tax by Farmers and Fishermen Tax Withholding for 2014 This section discusses income tax withholding on: Salaries and wages, Tips, Taxable fringe benefits, Sick pay, Pensions and annuities, Gambling winnings, Unemployment compensation, and Certain federal payments. Amend tax return 2012 This section explains the rules for withholding tax from each of these types of income. Amend tax return 2012 This section also covers backup withholding on interest, dividends, and other payments. Amend tax return 2012 Salaries and Wages Income tax is withheld from the pay of most employees. Amend tax return 2012 Your pay includes your regular pay, bonuses, commissions, and vacation allowances. Amend tax return 2012 It also includes reimbursements and other expense allowances paid under a nonaccountable plan. Amend tax return 2012 See Supplemental Wages , later, for more information about reimbursements and allowances paid under a nonaccountable plan. Amend tax return 2012 If your income is low enough that you will not have to pay income tax for the year, you may be exempt from withholding. Amend tax return 2012 This is explained under Exemption From Withholding , later. Amend tax return 2012 You can ask your employer to withhold income tax from noncash wages and other wages not subject to withholding. Amend tax return 2012 If your employer does not agree to withhold tax, or if not enough is withheld, you may have to pay estimated tax, as discussed later under Estimated Tax for 2014 . Amend tax return 2012 Military retirees. Amend tax return 2012   Military retirement pay is treated in the same manner as regular pay for income tax withholding purposes, even though it is treated as a pension or annuity for other tax purposes. Amend tax return 2012 Household workers. Amend tax return 2012   If you are a household worker, you can ask your employer to withhold income tax from your pay. Amend tax return 2012 A household worker is an employee who performs household work in a private home, local college club, or local fraternity or sorority chapter. Amend tax return 2012   Tax is withheld only if you want it withheld and your employer agrees to withhold it. Amend tax return 2012 If you do not have enough income tax withheld, you may have to pay estimated tax, as discussed later under Estimated Tax for 2014 . Amend tax return 2012 Farmworkers. Amend tax return 2012   Generally, income tax is withheld from your cash wages for work on a farm unless your employer does both of these: Pays you cash wages of less than $150 during the year, and Has expenditures for agricultural labor totaling less than $2,500 during the year. Amend tax return 2012 Differential wage payments. Amend tax return 2012    When employees are on leave from employment for military duty, some employers make up the difference between the military pay and civilian pay. Amend tax return 2012 Payments to an employee who is on active duty for a period of more than 30 days will be subject to income tax withholding, but not subject to social security or Medicare taxes. Amend tax return 2012 The wages and withholding will be reported on Form W-2, Wage and Tax Statement. Amend tax return 2012   The credit employers can claim for differential wages paid to activated military reservists is scheduled to expire for wages paid after December 31, 2013. Amend tax return 2012 Determining Amount of Tax Withheld Using Form W-4 The amount of income tax your employer withholds from your regular pay depends on two things. Amend tax return 2012 The amount you earn in each payroll period. Amend tax return 2012 The information you give your employer on Form W-4. Amend tax return 2012 Form W-4 includes four types of information that your employer will use to figure your withholding. Amend tax return 2012 Whether to withhold at the single rate or at the lower married rate. Amend tax return 2012 How many withholding allowances you claim (each allowance reduces the amount withheld). Amend tax return 2012 Whether you want an additional amount withheld. Amend tax return 2012 Whether you are claiming an exemption from withholding in 2014. Amend tax return 2012 See Exemption From Withholding , later. Amend tax return 2012 Note. Amend tax return 2012 You must specify a filing status and a number of withholding allowances on Form W-4. Amend tax return 2012 You cannot specify only a dollar amount of withholding. Amend tax return 2012 New Job When you start a new job, you must fill out Form W-4 and give it to your employer. Amend tax return 2012 Your employer should have copies of the form. Amend tax return 2012 If you need to change the information later, you must fill out a new form. Amend tax return 2012 If you work only part of the year (for example, you start working after the beginning of the year), too much tax may be withheld. Amend tax return 2012 You may be able to avoid overwithholding if your employer agrees to use the part-year method. Amend tax return 2012 See Part-Year Method in chapter 1 of Publication 505 for more information. Amend tax return 2012 Employee also receiving pension income. Amend tax return 2012   If you receive pension or annuity income and begin a new job, you will need to file Form W-4 with your new employer. Amend tax return 2012 However, you can choose to split your withholding allowances between your pension and job in any manner. Amend tax return 2012 Changing Your Withholding During the year changes may occur to your marital status, exemptions, adjustments, deductions, or credits you expect to claim on your tax return. Amend tax return 2012 When this happens, you may need to give your employer a new Form W-4 to change your withholding status or your number of allowances. Amend tax return 2012 If the changes reduce the number of allowances you are claiming or changes your marital status from married to single, you must give your employer a new Form W-4 within 10 days. Amend tax return 2012 Generally, you can submit a new Form W-4 whenever you wish to change the number of your withholding allowances for any other reason. Amend tax return 2012 Changing your withholding for 2015. Amend tax return 2012   If events in 2014 will decrease the number of your withholding allowances for 2015, you must give your employer a new Form W-4 by December 1, 2014. Amend tax return 2012 If the event occurs in December 2014, submit a new Form W-4 within 10 days. Amend tax return 2012 Checking Your Withholding After you have given your employer a Form W-4, you can check to see whether the amount of tax withheld from your pay is too little or too much. Amend tax return 2012 If too much or too little tax is being withheld, you should give your employer a new Form W-4 to change your withholding. Amend tax return 2012 You should try to have your withholding match your actual tax liability. Amend tax return 2012 If not enough tax is withheld, you will owe tax at the end of the year and may have to pay interest and a penalty. Amend tax return 2012 If too much tax is withheld, you will lose the use of that money until you get your refund. Amend tax return 2012 Always check your withholding if there are personal or financial changes in your life or changes in the law that might change your tax liability. Amend tax return 2012 Note. Amend tax return 2012 You cannot give your employer a payment to cover withholding on salaries and wages for past pay periods or a payment for estimated tax. Amend tax return 2012 Completing Form W-4 and Worksheets Form W-4 has worksheets to help you figure how many withholding allowances you can claim. Amend tax return 2012 The worksheets are for your own records. Amend tax return 2012 Do not give them to your employer. Amend tax return 2012 Multiple jobs. Amend tax return 2012   If you have income from more than one job at the same time, complete only one set of Form W-4 worksheets. Amend tax return 2012 Then split your allowances between the Forms W-4 for each job. Amend tax return 2012 You cannot claim the same allowances with more than one employer at the same time. Amend tax return 2012 You can claim all your allowances with one employer and none with the other(s), or divide them any other way. Amend tax return 2012 Married individuals. Amend tax return 2012   If both you and your spouse are employed and expect to file a joint return, figure your withholding allowances using your combined income, adjustments, deductions, exemptions, and credits. Amend tax return 2012 Use only one set of worksheets. Amend tax return 2012 You can divide your total allowances any way, but you cannot claim an allowance that your spouse also claims. Amend tax return 2012   If you and your spouse expect to file separate returns, figure your allowances using separate worksheets based on your own individual income, adjustments, deductions, exemptions, and credits. Amend tax return 2012 Alternative method of figuring withholding allowances. Amend tax return 2012   You do not have to use the Form W-4 worksheets if you use a more accurate method of figuring the number of withholding allowances. Amend tax return 2012 For more information, see Alternative method of figuring withholding allowances under Completing Form W-4 and Worksheets in Publication 505, chapter 1. Amend tax return 2012 Personal Allowances Worksheet. Amend tax return 2012   Use the Personal Allowances Worksheet on Form W-4 to figure your withholding allowances based on exemptions and any special allowances that apply. Amend tax return 2012 Deduction and Adjustments Worksheet. Amend tax return 2012   Use the Deduction and Adjustments Worksheet on Form W-4 if you plan to itemize your deductions, claim certain credits, or claim adjustments to the income on your 2014 tax return and you want to reduce your withholding. Amend tax return 2012 Also, complete this worksheet when you have changes to these items to see if you need to change your withholding. Amend tax return 2012 Two-Earners/Multiple Jobs Worksheet. Amend tax return 2012   You may need to complete the Two-Earners/Multiple Jobs Worksheet on Form W-4 if you have more than one job, a working spouse, or are also receiving a pension. Amend tax return 2012 Also, on this worksheet you can add any additional withholding necessary to cover any amount you expect to owe other than income tax, such as self-employment tax. Amend tax return 2012 Getting the Right Amount of Tax Withheld In most situations, the tax withheld from your pay will be close to the tax you figure on your return if you follow these two rules. Amend tax return 2012 You accurately complete all the Form W-4 worksheets that apply to you. Amend tax return 2012 You give your employer a new Form W-4 when changes occur. Amend tax return 2012 But because the worksheets and withholding methods do not account for all possible situations, you may not be getting the right amount withheld. Amend tax return 2012 This is most likely to happen in the following situations. Amend tax return 2012 You are married and both you and your spouse work. Amend tax return 2012 You have more than one job at a time. Amend tax return 2012 You have nonwage income, such as interest, dividends, alimony, unemployment compensation, or self-employment income. Amend tax return 2012 You will owe additional amounts with your return, such as self-employment tax. Amend tax return 2012 Your withholding is based on obsolete Form W-4 information for a substantial part of the year. Amend tax return 2012 Your earnings are more than the amount shown under Check your withholding in the instructions at the top of page 1 of Form W-4. Amend tax return 2012 You work only part of the year. Amend tax return 2012 You change the number of your withholding allowances during the year. Amend tax return 2012 Cumulative wage method. Amend tax return 2012   If you change the number of your withholding allowances during the year, too much or too little tax may have been withheld for the period before you made the change. Amend tax return 2012 You may be able to compensate for this if your employer agrees to use the cumulative wage withholding method for the rest of the year. Amend tax return 2012 You must ask your employer in writing to use this method. Amend tax return 2012   To be eligible, you must have been paid for the same kind of payroll period (weekly, biweekly, etc. Amend tax return 2012 ) since the beginning of the year. Amend tax return 2012 Publication 505 To make sure you are getting the right amount of tax withheld, get Publication 505. Amend tax return 2012 It will help you compare the total tax to be withheld during the year with the tax you can expect to figure on your return. Amend tax return 2012 It also will help you determine how much, if any, additional withholding is needed each payday to avoid owing tax when you file your return. Amend tax return 2012 If you do not have enough tax withheld, you may have to pay estimated tax, as explained under Estimated Tax for 2014 , later. Amend tax return 2012 You can use the IRS Withholding Calculator at www. Amend tax return 2012 irs. Amend tax return 2012 gov/Individuals, instead of Publication 505 or the worksheets included with Form W-4, to determine whether you need to have your withholding increased or decreased. Amend tax return 2012 Rules Your Employer Must Follow It may be helpful for you to know some of the withholding rules your employer must follow. Amend tax return 2012 These rules can affect how to fill out your Form W-4 and how to handle problems that may arise. Amend tax return 2012 New Form W-4. Amend tax return 2012   When you start a new job, your employer should have you complete a Form W-4. Amend tax return 2012 Beginning with your first payday, your employer will use the information you give on the form to figure your withholding. Amend tax return 2012   If you later fill out a new Form W-4, your employer can put it into effect as soon as possible. Amend tax return 2012 The deadline for putting it into effect is the start of the first payroll period ending 30 or more days after you turn it in. Amend tax return 2012 No Form W-4. Amend tax return 2012   If you do not give your employer a completed Form W-4, your employer must withhold at the highest rate, as if you were single and claimed no withholding allowances. Amend tax return 2012 Repaying withheld tax. Amend tax return 2012   If you find you are having too much tax withheld because you did not claim all the withholding allowances you are entitled to, you should give your employer a new Form W-4. Amend tax return 2012 Your employer cannot repay any of the tax previously withheld. Amend tax return 2012 Instead, claim the full amount withheld when you file your tax return. Amend tax return 2012   However, if your employer has withheld more than the correct amount of tax for the Form W-4 you have in effect, you do not have to fill out a new Form W-4 to have your withholding lowered to the correct amount. Amend tax return 2012 Your employer can repay the amount that was withheld incorrectly. Amend tax return 2012 If you are not repaid, your Form W-2 will reflect the full amount actually withheld, which you would claim when you file your tax return. Amend tax return 2012 Exemption From Withholding If you claim exemption from withholding, your employer will not withhold federal income tax from your wages. Amend tax return 2012 The exemption applies only to income tax, not to social security or Medicare tax. Amend tax return 2012 You can claim exemption from withholding for 2014 only if both of the following situations apply. Amend tax return 2012 For 2013 you had a right to a refund of all federal income tax withheld because you had no tax liability. Amend tax return 2012 For 2014 you expect a refund of all federal income tax withheld because you expect to have no tax liability. Amend tax return 2012 Students. Amend tax return 2012   If you are a student, you are not automatically exempt. Amend tax return 2012 See chapter 1 to find out if you must file a return. Amend tax return 2012 If you work only part time or only during the summer, you may qualify for exemption from withholding. Amend tax return 2012 Age 65 or older or blind. Amend tax return 2012   If you are 65 or older or blind, use Worksheet 1-3 or 1-4 in chapter 1 of Publication 505, to help you decide if you qualify for exemption from withholding. Amend tax return 2012 Do not use either worksheet if you will itemize deductions, claim exemptions for dependents, or claim tax credits on your 2014 return. Amend tax return 2012 Instead, see Itemizing deductions or claiming exemptions or credits in chapter 1 of Publication 505. Amend tax return 2012 Claiming exemption from withholding. Amend tax return 2012   To claim exemption, you must give your employer a Form W-4. Amend tax return 2012 Do not complete lines 5 and 6. Amend tax return 2012 Enter “Exempt” on line 7. Amend tax return 2012   If you claim exemption, but later your situation changes so that you will have to pay income tax after all, you must file a new Form W-4 within 10 days after the change. Amend tax return 2012 If you claim exemption in 2014, but you expect to owe income tax for 2015, you must file a new Form W-4 by December 1, 2014. Amend tax return 2012   Your claim of exempt status may be reviewed by the IRS. Amend tax return 2012 An exemption is good for only 1 year. Amend tax return 2012   You must give your employer a new Form W-4 by February 15 each year to continue your exemption. Amend tax return 2012 Supplemental Wages Supplemental wages include bonuses, commissions, overtime pay, vacation allowances, certain sick pay, and expense allowances under certain plans. Amend tax return 2012 The payer can figure withholding on supplemental wages using the same method used for your regular wages. Amend tax return 2012 However, if these payments are identified separately from your regular wages, your employer or other payer of supplemental wages can withhold income tax from these wages at a flat rate. Amend tax return 2012 Expense allowances. Amend tax return 2012   Reimbursements or other expense allowances paid by your employer under a nonaccountable plan are treated as supplemental wages. Amend tax return 2012   Reimbursements or other expense allowances paid under an accountable plan that are more than your proven expenses are treated as paid under a nonaccountable plan if you do not return the excess payments within a reasonable period of time. Amend tax return 2012   For more information about accountable and nonaccountable expense allowance plans, see Reimbursements in chapter 26. Amend tax return 2012 Penalties You may have to pay a penalty of $500 if both of the following apply. Amend tax return 2012 You make statements or claim withholding allowances on your Form W-4 that reduce the amount of tax withheld. Amend tax return 2012 You have no reasonable basis for those statements or allowances at the time you prepare your Form W-4. Amend tax return 2012 There is also a criminal penalty for willfully supplying false or fraudulent information on your Form W-4 or for willfully failing to supply information that would increase the amount withheld. Amend tax return 2012 The penalty upon conviction can be either a fine of up to $1,000 or imprisonment for up to 1 year, or both. Amend tax return 2012 These penalties will apply if you deliberately and knowingly falsify your Form W-4 in an attempt to reduce or eliminate the proper withholding of taxes. Amend tax return 2012 A simple error or an honest mistake will not result in one of these penalties. Amend tax return 2012 For example, a person who has tried to figure the number of withholding allowances correctly, but claims seven when the proper number is six, will not be charged a W-4 penalty. Amend tax return 2012 Tips The tips you receive while working on your job are considered part of your pay. Amend tax return 2012 You must include your tips on your tax return on the same line as your regular pay. Amend tax return 2012 However, tax is not withheld directly from tip income, as it is from your regular pay. Amend tax return 2012 Nevertheless, your employer will take into account the tips you report when figuring how much to withhold from your regular pay. Amend tax return 2012 See chapter 6 for information on reporting your tips to your employer. Amend tax return 2012 For more information on the withholding rules for tip income, see Publication 531, Reporting Tip Income. Amend tax return 2012 How employer figures amount to withhold. Amend tax return 2012   The tips you report to your employer are counted as part of your income for the month you report them. Amend tax return 2012 Your employer can figure your withholding in either of two ways. Amend tax return 2012 By withholding at the regular rate on the sum of your pay plus your reported tips. Amend tax return 2012 By withholding at the regular rate on your pay plus a percentage of your reported tips. Amend tax return 2012 Not enough pay to cover taxes. Amend tax return 2012   If your regular pay is not enough for your employer to withhold all the tax (including income tax and social security and Medicare taxes (or the equivalent railroad retirement tax)) due on your pay plus your tips, you can give your employer money to cover the shortage. Amend tax return 2012 See Giving your employer money for taxes in chapter 6. Amend tax return 2012 Allocated tips. Amend tax return 2012   Your employer should not withhold income tax, Medicare tax, social security tax, or railroad retirement tax on any allocated tips. Amend tax return 2012 Withholding is based only on your pay plus your reported tips. Amend tax return 2012 Your employer should refund to you any incorrectly withheld tax. Amend tax return 2012 See Allocated Tips in chapter 6 for more information. Amend tax return 2012 Taxable Fringe Benefits The value of certain noncash fringe benefits you receive from your employer is considered part of your pay. Amend tax return 2012 Your employer generally must withhold income tax on these benefits from your regular pay. Amend tax return 2012 For information on fringe benefits, see Fringe Benefits under Employee Compensation in chapter 5. Amend tax return 2012 Although the value of your personal use of an employer-provided car, truck, or other highway motor vehicle is taxable, your employer can choose not to withhold income tax on that amount. Amend tax return 2012 Your employer must notify you if this choice is made. Amend tax return 2012 For more information on withholding on taxable fringe benefits, see chapter 1 of Publication 505. Amend tax return 2012 Sick Pay Sick pay is a payment to you to replace your regular wages while you are temporarily absent from work due to sickness or personal injury. Amend tax return 2012 To qualify as sick pay, it must be paid under a plan to which your employer is a party. Amend tax return 2012 If you receive sick pay from your employer or an agent of your employer, income tax must be withheld. Amend tax return 2012 An agent who does not pay regular wages to you may choose to withhold income tax at a flat rate. Amend tax return 2012 However, if you receive sick pay from a third party who is not acting as an agent of your employer, income tax will be withheld only if you choose to have it withheld. Amend tax return 2012 See Form W-4S , later. Amend tax return 2012 If you receive payments under a plan in which your employer does not participate (such as an accident or health plan where you paid all the premiums), the payments are not sick pay and usually are not taxable. Amend tax return 2012 Union agreements. Amend tax return 2012   If you receive sick pay under a collective bargaining agreement between your union and your employer, the agreement may determine the amount of income tax withholding. Amend tax return 2012 See your union representative or your employer for more information. Amend tax return 2012 Form W-4S. Amend tax return 2012   If you choose to have income tax withheld from sick pay paid by a third party, such as an insurance company, you must fill out Form W-4S. Amend tax return 2012 Its instructions contain a worksheet you can use to figure the amount you want withheld. Amend tax return 2012 They also explain restrictions that may apply. Amend tax return 2012   Give the completed form to the payer of your sick pay. Amend tax return 2012 The payer must withhold according to your directions on the form. Amend tax return 2012 Estimated tax. Amend tax return 2012   If you do not request withholding on Form W-4S, or if you do not have enough tax withheld, you may have to make estimated tax payments. Amend tax return 2012 If you do not pay enough tax, either through estimated tax or withholding, or a combination of both, you may have to pay a penalty. Amend tax return 2012 See Underpayment Penalty for 2013 at the end of this chapter. Amend tax return 2012 Pensions and Annuities Income tax usually will be withheld from your pension or annuity distributions unless you choose not to have it withheld. Amend tax return 2012 This rule applies to distributions from: A traditional individual retirement arrangement (IRA); A life insurance company under an endowment, annuity, or life insurance contract; A pension, annuity, or profit-sharing plan; A stock bonus plan; and Any other plan that defers the time you receive compensation. Amend tax return 2012 The amount withheld depends on whether you receive payments spread out over more than 1 year (periodic payments), within 1 year (nonperiodic payments), or as an eligible rollover distribution (ERD). Amend tax return 2012 Income tax withholding from an ERD is mandatory. Amend tax return 2012 More information. Amend tax return 2012   For more information on taxation of annuities and distributions (including ERDs) from qualified retirement plans, see chapter 10. Amend tax return 2012 For information on IRAs, see chapter 17. Amend tax return 2012 For more information on withholding on pensions and annuities, including a discussion of Form W-4P, see Pensions and Annuities in chapter 1 of Publication 505. Amend tax return 2012 Gambling Winnings Income tax is withheld at a flat 25% rate from certain kinds of gambling winnings. Amend tax return 2012 Gambling winnings of more than $5,000 from the following sources are subject to income tax withholding. Amend tax return 2012 Any sweepstakes; wagering pool, including payments made to winners of poker tournaments; or lottery. Amend tax return 2012 Any other wager, if the proceeds are at least 300 times the amount of the bet. Amend tax return 2012 It does not matter whether your winnings are paid in cash, in property, or as an annuity. Amend tax return 2012 Winnings not paid in cash are taken into account at their fair market value. Amend tax return 2012 Exception. Amend tax return 2012   Gambling winnings from bingo, keno, and slot machines generally are not subject to income tax withholding. Amend tax return 2012 However, you may need to provide the payer with a social security number to avoid withholding. Amend tax return 2012 See Backup withholding on gambling winnings in chapter 1 of Publication 505. Amend tax return 2012 If you receive gambling winnings not subject to withholding, you may need to pay estimated tax. Amend tax return 2012 See Estimated Tax for 2014 , later. Amend tax return 2012 If you do not pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty. Amend tax return 2012 See Underpayment Penalty for 2013 at the end of this chapter. Amend tax return 2012 Form W-2G. Amend tax return 2012   If a payer withholds income tax from your gambling winnings, you should receive a Form W-2G, Certain Gambling Winnings, showing the amount you won and the amount withheld. Amend tax return 2012 Report the tax withheld on line 62 of Form 1040. Amend tax return 2012 Unemployment Compensation You can choose to have income tax withheld from unemployment compensation. Amend tax return 2012 To make this choice, fill out Form W-4V (or a similar form provided by the payer) and give it to the payer. Amend tax return 2012 All unemployment compensation is taxable. Amend tax return 2012 So, if you do not have income tax withheld, you may have to pay estimated tax. Amend tax return 2012 See Estimated Tax for 2014 , later. Amend tax return 2012 If you do not pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty. Amend tax return 2012 For information, see Underpayment Penalty for 2013 at the end of this chapter. Amend tax return 2012 Federal Payments You can choose to have income tax withheld from certain federal payments you receive. Amend tax return 2012 These payments are: Social security benefits, Tier 1 railroad retirement benefits, Commodity credit corporation loans you choose to include in your gross income, Payments under the Agricultural Act of 1949 (7 U. Amend tax return 2012 S. Amend tax return 2012 C. Amend tax return 2012 1421 et. Amend tax return 2012 seq. Amend tax return 2012 ), as amended, or title II of the Disaster Assistance Act of 1988, that are treated as insurance proceeds and that you receive because: Your crops were destroyed or damaged by drought, flood, or any other natural disaster, or You were unable to plant crops because of a natural disaster described in (a), and Any other payment under Federal law as determined by the Secretary. Amend tax return 2012 To make this choice, fill out Form W-4V (or a similar form provided by the payer) and give it to the payer. Amend tax return 2012 If you do not choose to have income tax withheld, you may have to pay estimated tax. Amend tax return 2012 See Estimated Tax for 2014 , later. Amend tax return 2012 If you do not pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty. Amend tax return 2012 For information, see Underpayment Penalty for 2013 at the end of this chapter. Amend tax return 2012 More information. Amend tax return 2012   For more information about the tax treatment of social security and railroad retirement benefits, see chapter 11. Amend tax return 2012 Get Publication 225, Farmer's Tax Guide, for information about the tax treatment of commodity credit corporation loans or crop disaster payments. Amend tax return 2012 Backup Withholding Banks or other businesses that pay you certain kinds of income must file an information return (Form 1099) with the IRS. Amend tax return 2012 The information return shows how much you were paid during the year. Amend tax return 2012 It also includes your name and taxpayer identification number (TIN). Amend tax return 2012 TINs are explained in chapter 1 under Social Security Number (SSN) . Amend tax return 2012 These payments generally are not subject to withholding. Amend tax return 2012 However, “backup” withholding is required in certain situations. Amend tax return 2012 Backup withholding can apply to most kinds of payments that are reported on Form 1099. Amend tax return 2012 The payer must withhold at a flat 28% rate in the following situations. Amend tax return 2012 You do not give the payer your TIN in the required manner. Amend tax return 2012 The IRS notifies the payer that the TIN you gave is incorrect. Amend tax return 2012 You are required, but fail, to certify that you are not subject to backup withholding. Amend tax return 2012 The IRS notifies the payer to start withholding on interest or dividends because you have underreported interest or dividends on your income tax return. Amend tax return 2012 The IRS will do this only after it has mailed you four notices over at least a 210-day period. Amend tax return 2012 See Backup Withholding in chapter 1 of Publication 505 for more information. Amend tax return 2012 Penalties. Amend tax return 2012   There are civil and criminal penalties for giving false information to avoid backup withholding. Amend tax return 2012 The civil penalty is $500. Amend tax return 2012 The criminal penalty, upon conviction, is a fine of up to $1,000 or imprisonment of up to 1 year, or both. Amend tax return 2012 Estimated Tax for 2014 Estimated tax is the method used to pay tax on income that is not subject to withholding. Amend tax return 2012 This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes, and awards. Amend tax return 2012 You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough. Amend tax return 2012 Estimated tax is used to pay both income tax and self-employment tax, as well as other taxes and amounts reported on your tax return. Amend tax return 2012 If you do not pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty. Amend tax return 2012 If you do not pay enough by the due date of each payment period (see When To Pay Estimated Tax , later), you may be charged a penalty even if you are due a refund when you file your tax return. Amend tax return 2012 For information on when the penalty applies, see Underpayment Penalty for 2013 at the end of this chapter. Amend tax return 2012 Who Does Not Have To Pay Estimated Tax If you receive salaries or wages, you can avoid having to pay estimated tax by asking your employer to take more tax out of your earnings. Amend tax return 2012 To do this, give a new Form W-4 to your employer. Amend tax return 2012 See chapter 1 of Publication 505. Amend tax return 2012 Estimated tax not required. Amend tax return 2012   You do not have to pay estimated tax for 2014 if you meet all three of the following conditions. Amend tax return 2012 You had no tax liability for 2013. Amend tax return 2012 You were a U. Amend tax return 2012 S. Amend tax return 2012 citizen or resident alien for the whole year. Amend tax return 2012 Your 2013 tax year covered a 12-month period. Amend tax return 2012   You had no tax liability for 2013 if your total tax was zero or you did not have to file an income tax return. Amend tax return 2012 For the definition of “total tax” for 2013, see Publication 505, chapter 2. Amend tax return 2012 Who Must Pay Estimated Tax If you owe additional tax for 2013, you may have to pay estimated tax for 2014. Amend tax return 2012 You can use the following general rule as a guide during the year to see if you will have enough withholding, or if you should increase your withholding or make estimated tax payments. Amend tax return 2012 General rule. Amend tax return 2012   In most cases, you must pay estimated tax for 2014 if both of the following apply. Amend tax return 2012 You expect to owe at least $1,000 in tax for 2014, after subtracting your withholding and refundable credits. Amend tax return 2012 You expect your withholding plus your refundable credits to be less than the smaller of: 90% of the tax to be shown on your 2014 tax return, or 100% of the tax shown on your 2013 tax return (but see Special rules for farmers, fishermen, and higher income taxpayers, later). Amend tax return 2012 Your 2013 tax return must cover all 12 months. Amend tax return 2012    If the result from using the general rule above suggests that you will not have enough withholding, complete the 2014 Estimated Tax Worksheet in Publication 505 for a more accurate calculation. Amend tax return 2012 Special rules for farmers, fishermen, and higher income taxpayers. Amend tax return 2012   If at least two-thirds of your gross income for tax year 2013 or 2014 is from farming or fishing, substitute 662/3% for 90% in (2a) under the General rule, earlier. Amend tax return 2012 If your AGI for 2013 was more than $150,000 ($75,000 if your filing status for 2014 is married filing a separate return), substitute 110% for 100% in (2b) under General rule , earlier. Amend tax return 2012 See Figure 4-A and Publication 505, chapter 2 for more information. Amend tax return 2012 Figure 4-A. Amend tax return 2012 Do You Have To Pay Estimated Tax? Please click here for the text description of the image. Amend tax return 2012 Figure 4-A Do You Have To Pay Estimated Tax? Aliens. Amend tax return 2012   Resident and nonresident aliens also may have to pay estimated tax. Amend tax return 2012 Resident aliens should follow the rules in this chapter unless noted otherwise. Amend tax return 2012 Nonresident aliens should get Form 1040-ES (NR), U. Amend tax return 2012 S. Amend tax return 2012 Estimated Tax for Nonresident Alien Individuals. Amend tax return 2012   You are an alien if you are not a citizen or national of the United States. Amend tax return 2012 You are a resident alien if you either have a green card or meet the substantial presence test. Amend tax return 2012 For more information about the substantial presence test, see Publication 519, U. Amend tax return 2012 S. Amend tax return 2012 Tax Guide for Aliens. Amend tax return 2012 Married taxpayers. Amend tax return 2012   If you qualify to make joint estimated tax payments, apply the rules discussed here to your joint estimated income. Amend tax return 2012   You and your spouse can make joint estimated tax payments even if you are not living together. Amend tax return 2012   However, you and your spouse cannot make joint estimated tax payments if:  You are legally separated under a decree of divorce or separate maintenance, You and your spouse have different tax years, or Either spouse is a nonresident alien (unless that spouse elected to be treated as a resident alien for tax purposes (see chapter 1 of Publication 519)). Amend tax return 2012   If you do not qualify to make joint estimated tax payments, apply these rules to your separate estimated income. Amend tax return 2012 Making joint or separate estimated tax payments will not affect your choice of filing a joint tax return or separate returns for 2014. Amend tax return 2012 2013 separate returns and 2014 joint return. Amend tax return 2012   If you plan to file a joint return with your spouse for 2014, but you filed separate returns for 2013, your 2013 tax is the total of the tax shown on your separate returns. Amend tax return 2012 You filed a separate return if you filed as single, head of household, or married filing separately. Amend tax return 2012 2013 joint return and 2014 separate returns. Amend tax return 2012   If you plan to file a separate return for 2014 but you filed a joint return for 2013, your 2013 tax is your share of the tax on the joint return. Amend tax return 2012 You file a separate return if you file as single, head of household, or married filing separately. Amend tax return 2012   To figure your share of the tax on the joint return, first figure the tax both you and your spouse would have paid had you filed separate returns for 2013 using the same filing status as for 2014. Amend tax return 2012 Then multiply the tax on the joint return by the following fraction. Amend tax return 2012     The tax you would have paid had you filed a separate return   The total tax you and your spouse would have paid had you filed separate returns Example. Amend tax return 2012 Joe and Heather filed a joint return for 2013 showing taxable income of $48,500 and a tax of $6,386. Amend tax return 2012 Of the $48,500 taxable income, $40,100 was Joe's and the rest was Heather's. Amend tax return 2012 For 2014, they plan to file married filing separately. Amend tax return 2012 Joe figures his share of the tax on the 2013 joint return as follows. Amend tax return 2012   Tax on $40,100 based on a separate return $5,960     Tax on $8,400 based on a separate return 843     Total $6,803     Joe's percentage of total ($5,960 ÷ $6,803) 87. Amend tax return 2012 6%     Joe's share of tax on joint return  ($6,386 × 87. Amend tax return 2012 6%) $5,594   How To Figure Estimated Tax To figure your estimated tax, you must figure your expected adjusted gross income (AGI), taxable income, taxes, deductions, and credits for the year. Amend tax return 2012 When figuring your 2014 estimated tax, it may be helpful to use your income, deductions, and credits for 2013 as a starting point. Amend tax return 2012 Use your 2013 federal tax return as a guide. Amend tax return 2012 You can use Form 1040-ES and Publication 505 to figure your estimated tax. Amend tax return 2012 Nonresident aliens use Form 1040-ES (NR) and Publication 505 to figure estimated tax (see chapter 8 of Publication 519 for more information). Amend tax return 2012 You must make adjustments both for changes in your own situation and for recent changes in the tax law. Amend tax return 2012 For a discussion of these changes, visit IRS. Amend tax return 2012 gov. Amend tax return 2012 For more complete information on how to figure your estimated tax for 2014, see chapter 2 of Publication 505. Amend tax return 2012 When To Pay Estimated Tax For estimated tax purposes, the tax year is divided into four payment periods. Amend tax return 2012 Each period has a specific payment due date. Amend tax return 2012 If you do not pay enough tax by the due date of each payment period, you may be charged a penalty even if you are due a refund when you file your income tax return. Amend tax return 2012 The payment periods and due dates for estimated tax payments are shown next. Amend tax return 2012   For the period: Due date:*     Jan. Amend tax return 2012 1 – March 31 April 15     April 1 – May 31 June 16     June 1 – August 31 Sept. Amend tax return 2012 15     Sept. Amend tax return 2012 1– Dec. Amend tax return 2012 31 Jan. Amend tax return 2012 15, next year     *See Saturday, Sunday, holiday rule and January payment . Amend tax return 2012 Saturday, Sunday, holiday rule. Amend tax return 2012   If the due date for an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be on time if you make it on the next day that is not a Saturday, Sunday, or legal holiday. Amend tax return 2012 January payment. Amend tax return 2012   If you file your 2014 Form 1040 or Form 1040A by January 31, 2015, and pay the rest of the tax you owe, you do not need to make the payment due on January 15, 2015. Amend tax return 2012 Fiscal year taxpayers. Amend tax return 2012   If your tax year does not start on January 1, see the Form 1040-ES instructions for your payment due dates. Amend tax return 2012 When To Start You do not have to make estimated tax payments until you have income on which you will owe income tax. Amend tax return 2012 If you have income subject to estimated tax during the first payment period, you must make your first payment by the due date for the first payment period. Amend tax return 2012 You can pay all your estimated tax at that time, or you can pay it in installments. Amend tax return 2012 If you choose to pay in installments, make your first payment by the due date for the first payment period. Amend tax return 2012 Make your remaining installment payments by the due dates for the later periods. Amend tax return 2012 No income subject to estimated tax during first period. Amend tax return 2012    If you do not have income subject to estimated tax until a later payment period, you must make your first payment by the due date for that period. Amend tax return 2012 You can pay your entire estimated tax by the due date for that period or you can pay it in installments by the due date for that period and the due dates for the remaining periods. Amend tax return 2012 The following chart shows when to make installment payments. Amend tax return 2012 If you first have income on which you must pay estimated tax: Make a payment  by:* Make later installments by:* Before April 1 April 15 June 16 Sept. Amend tax return 2012 15 Jan. Amend tax return 2012 15 next year April 1–May 31 June 16 Sept. Amend tax return 2012 15 Jan. Amend tax return 2012 15 next year June 1–Aug. Amend tax return 2012 31 Sept. Amend tax return 2012 15 Jan. Amend tax return 2012 15 next year After Aug. Amend tax return 2012 31 Jan. Amend tax return 2012 15 next year (None) *See Saturday, Sunday, holiday rule and January payment . Amend tax return 2012 How much to pay to avoid a penalty. Amend tax return 2012   To determine how much you should pay by each payment due date, see How To Figure Each Payment, next. Amend tax return 2012 How To Figure Each Payment You should pay enough estimated tax by the due date of each payment period to avoid a penalty for that period. Amend tax return 2012 You can figure your required payment for each period by using either the regular installment method or the annualized income installment method. Amend tax return 2012 These methods are described in chapter 2 of Publication 505. Amend tax return 2012 If you do not pay enough during each payment period, you may be charged a penalty even if you are due a refund when you file your tax return. Amend tax return 2012 If the earlier discussion of No income subject to estimated tax during first period or the later discussion of Change in estimated tax applies to you, you may benefit from reading Annualized Income Installment Method in chapter 2 of Publication 505 for information on how to avoid a penalty. Amend tax return 2012 Underpayment penalty. Amend tax return 2012   Under the regular installment method, if your estimated tax payment for any period is less than one-fourth of your estimated tax, you may be charged a penalty for underpayment of estimated tax for that period when you file your tax return. Amend tax return 2012 Under the annualized income installment method, your estimated tax payments vary with your income, but the amount required must be paid each period. Amend tax return 2012 See chapter 4 of Publication 505 for more information. Amend tax return 2012 Change in estimated tax. Amend tax return 2012   After you make an estimated tax payment, changes in your income, adjustments, deductions, credits, or exemptions may make it necessary for you to refigure your estimated tax. Amend tax return 2012 Pay the unpaid balance of your amended estimated tax by the next payment due date after the change or in installments by that date and the due dates for the remaining payment periods. Amend tax return 2012 Estimated Tax Payments Not Required You do not have to pay estimated tax if your withholding in each payment period is at least as much as: One-fourth of your required annual payment, or Your required annualized income installment for that period. Amend tax return 2012 You also do not have to pay estimated tax if you will pay enough through withholding to keep the amount you owe with your return under $1,000. Amend tax return 2012 How To Pay Estimated Tax There are several ways to pay estimated tax. Amend tax return 2012 Credit an overpayment on your 2013 return to your 2014 estimated tax. Amend tax return 2012 Pay by direct transfer from your bank account, or pay by credit or debit card using a pay-by-phone system or the Internet. Amend tax return 2012 Send in your payment (check or money order) with a payment voucher from Form 1040-ES. Amend tax return 2012 Credit an Overpayment If you show an overpayment of tax after completing your Form 1040 or Form 1040A for 2013, you can apply part or all of it to your estimated tax for 2014. Amend tax return 2012 On line 75 of Form 1040, or line 44 of Form 1040A, enter the amount you want credited to your estimated tax rather than refunded. Amend tax return 2012 Take the amount you have credited into account when figuring your estimated tax payments. Amend tax return 2012 You cannot have any of the amount you credited to your estimated tax refunded to you until you file your tax return for the following year. Amend tax return 2012 You also cannot use that overpayment in any other way. Amend tax return 2012 Pay Online Paying online is convenient and secure and helps make sure we get your payments on time. Amend tax return 2012 You can pay using either of the following electronic payment methods. Amend tax return 2012 Direct transfer from your bank account. Amend tax return 2012 Credit or debit card. Amend tax return 2012 To pay your taxes online or for more information, go to www. Amend tax return 2012 irs. Amend tax return 2012 gov/e-pay. Amend tax return 2012 Pay by Phone Paying by phone is another safe and secure method of paying electronically. Amend tax return 2012 Use one of the following methods. Amend tax return 2012 Direct transfer from your bank account. Amend tax return 2012 Credit or debit card. Amend tax return 2012 To pay by direct transfer from your bank account, call 1-800-555-4477 (English), 1-800-244-4829 (Espanol). Amend tax return 2012 People who are deaf, hard of hearing, or have a speech disability and who have access to TTY/TDD can call 1-800-733-4829. Amend tax return 2012 To pay using a credit or debit card, you can call one of the following service providers. Amend tax return 2012 There is a convenience fee charged by these providers that varies by provider, card type, and payment amount. Amend tax return 2012 WorldPay 1-888-9-PAY-TAXTM(1-888-972-9829) www. Amend tax return 2012 payUSAtax. Amend tax return 2012 com Official Payments Corporation 1-888-UPAY-TAXTM (1-888-872-9829) www. Amend tax return 2012 officialpayments. Amend tax return 2012 com Link2Gov Corporation 1-888-PAY-1040TM (1-888-729-1040) www. Amend tax return 2012 PAY1040. Amend tax return 2012 com For the latest details on how to pay by phone, go to www. Amend tax return 2012 irs. Amend tax return 2012 gov/e-pay. Amend tax return 2012 Pay by Check or Money Order Using the Estimated Tax Payment Voucher Each payment of estimated tax by check or money order must be accompanied by a payment voucher from Form 1040-ES. Amend tax return 2012 During 2013, if you: made at least one estimated tax payment but not by electronic means, did not use software or a paid preparer to prepare or file your return,  then you should receive a copy of the 2014 Form 1040-ES/V. Amend tax return 2012 The enclosed payment vouchers will be preprinted with your name, address, and social security number. Amend tax return 2012 Using the preprinted vouchers will speed processing, reduce the chance of error, and help save processing costs. Amend tax return 2012 Use the window envelopes that came with your Form 1040-ES package. Amend tax return 2012 If you use your own envelopes, make sure you mail your payment vouchers to the address shown in the Form 1040-ES instructions for the place where you live. Amend tax return 2012 Note. Amend tax return 2012 These criteria can change without notice. Amend tax return 2012 If you do not receive a Form 1040-ES/V package and you are required to make an estimated tax payment, you should go to www. Amend tax return 2012 irs. Amend tax return 2012 gov and print a copy of Form 1040-ES which includes four blank payment vouchers. Amend tax return 2012 Complete one of these and make your payment timely to avoid penalties for paying late. Amend tax return 2012 Do not use the address shown in the Form 1040 or Form 1040A instructions for your estimated tax payments. Amend tax return 2012 If you did not pay estimated tax last year, you can order Form 1040-ES from the IRS (see inside back cover of this publication) or download it from IRS. Amend tax return 2012 gov. Amend tax return 2012 Follow the instructions to make sure you use the vouchers correctly. Amend tax return 2012 Joint estimated tax payments. Amend tax return 2012   If you file a joint return and are making joint estimated tax payments, enter the names and social security numbers on the payment voucher in the same order as they will appear on the joint return. Amend tax return 2012 Change of address. Amend tax return 2012   You must notify the IRS if you are making estimated tax payments and you changed your address during the year. Amend tax return 2012 Complete Form 8822, Change of Address, and mail it to the address shown in the instructions for that form. Amend tax return 2012 Credit for Withholding and Estimated Tax for 2013 When you file your 2013 income tax return, take credit for all the income tax and excess social security or railroad retirement tax withheld from your salary, wages, pensions, etc. Amend tax return 2012 Also take credit for the estimated tax you paid for 2013. Amend tax return 2012 These credits are subtracted from your total tax. Amend tax return 2012 Because these credits are refundable, you should file a return and claim these credits, even if you do not owe tax. Amend tax return 2012 Two or more employers. Amend tax return 2012   If you had two or more employers in 2013 and were paid wages of more than $113,700, too much social security or tier 1 railroad retirement tax may have been withheld from your pay. Amend tax return 2012 You may be able to claim the excess as a credit against your income tax when you file your return. Amend tax return 2012 See Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld in chapter 37. Amend tax return 2012 Withholding If you had income tax withheld during 2013, you should be sent a statement by January 31, 2014, showing your income and the tax withheld. Amend tax return 2012 Depending on the source of your income, you should receive: Form W-2, Wage and Tax Statement, Form W-2G, Certain Gambling Winnings, or A form in the 1099 series. Amend tax return 2012 Forms W-2 and W-2G. Amend tax return 2012   If you file a paper return, always file Form W-2 with your income tax return. Amend tax return 2012 File Form W-2G with your return only if it shows any federal income tax withheld from your winnings. Amend tax return 2012   You should get at least two copies of each form. Amend tax return 2012 If you file a paper return, attach one copy to the front of your federal income tax return. Amend tax return 2012 Keep one copy for your records. Amend tax return 2012 You also should receive copies to file with your state and local returns. Amend tax return 2012 Form W-2 Your employer is required to provide or send Form W-2 to you no later than January 31, 2014. Amend tax return 2012 You should receive a separate Form W-2 from each employer you worked for. Amend tax return 2012 If you stopped working before the end of 2013, your employer could have given you your Form W-2 at any time after you stopped working. Amend tax return 2012 However, your employer must provide or send it to you by January 31, 2014. Amend tax return 2012 If you ask for the form, your employer must send it to you within 30 days after receiving your written request or within 30 days after your final wage payment, whichever is later. Amend tax return 2012 If you have not received your Form W-2 by January 31, you should ask your employer for it. Amend tax return 2012 If you do not receive it by February 15, call the IRS. Amend tax return 2012 Form W-2 shows your total pay and other compensation and the income tax, social security tax, and Medicare tax that was withheld during the year. Amend tax return 2012 Include the federal income tax withheld (as shown in box 2 of Form W-2) on: Line 62 if you file Form 1040, Line 36 if you file Form 1040A, or Line 7 if you file Form 1040EZ. Amend tax return 2012 In addition, Form W-2 is used to report any taxable sick pay you received and any income tax withheld from your sick pay. Amend tax return 2012 Form W-2G If you had gambling winnings in 2013, the payer may have withheld income tax. Amend tax return 2012 If tax was withheld, the payer will give you a Form W-2G showing the amount you won and the amount of tax withheld. Amend tax return 2012 Report the amounts you won on line 21 of Form 1040. Amend tax return 2012 Take credit for the tax withheld on line 62 of Form 1040. Amend tax return 2012 If you had gambling winnings, you must use Form 1040; you cannot use Form 1040A or Form 1040EZ. Amend tax return 2012 The 1099 Series Most forms in the 1099 series are not filed with your return. Amend tax return 2012 These forms should be furnished to you by January 31, 2014 (or, for Forms 1099-B, 1099-S, and certain Forms 1099-MISC, by February 15, 2014). Amend tax return 2012 Unless instructed to file any of these forms with your return, keep them for your records. Amend tax return 2012 There are several different forms in this series, including: Form 1099-B, Proceeds From Broker and Barter Exchange Transactions; Form 1099-DIV, Dividends and Distributions; Form 1099-G, Certain Government Payments; Form 1099-INT, Interest Income; Form 1099-K, Payment Card and Third Party Network Transactions; Form 1099-MISC, Miscellaneous Income; Form 1099-OID, Original Issue Discount; Form 1099-PATR, Taxable Distributions Received from Cooperatives; Form 1099-Q, Payments From Qualified Education Programs; Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Amend tax return 2012 ; Form 1099-S, Proceeds From Real Estate Transactions; Form RRB-1099, Payments by the Railroad Retirement Board. Amend tax return 2012 If you received the types of income reported on some forms in the 1099 series, you may not be able to use Form 1040A or Form 1040EZ. Amend tax return 2012 See the instructions to these forms for details. Amend tax return 2012 Form 1099-R. Amend tax return 2012   Attach Form 1099-R to your paper return if box 4 shows federal income tax withheld. Amend tax return 2012 Include the amount withheld in the total on line 62 of Form 1040 or line 36 of Form 1040A. Amend tax return 2012 You cannot use Form 1040EZ if you received payments reported on Form 1099-R. Amend tax return 2012 Backup withholding. Amend tax return 2012   If you were subject to backup withholding on income you received during 2013, include the amount withheld, as shown on your Form 1099, in the total on line 62 of Form 1040, line 36 of Form 1040A, or line 7 of Form 1040EZ. Amend tax return 2012 Form Not Correct If you receive a form with incorrect information on it, you should ask the payer for a corrected form. Amend tax return 2012 Call the telephone number or write to the address given for the payer on the form. Amend tax return 2012 The corrected Form W-2G or Form 1099 you receive will have an “X” in the “CORRECTED” box at the top of the form. Amend tax return 2012 A special form, Form W-2c, Corrected Wage and Tax Statement, is used to correct a Form W-2. Amend tax return 2012 In certain situations, you will receive two forms in place of the original incorrect form. Amend tax return 2012 This will happen when your taxpayer identification number is wrong or missing, your name and address are wrong, or you received the wrong type of form (for example, a Form 1099-DIV instead of a Form 1099-INT). Amend tax return 2012 One new form you receive will be the same incorrect form or have the same incorrect information, but all money amounts will be zero. Amend tax return 2012 This form will have an “X” in the “CORRECTED” box at the top of the form. Amend tax return 2012 The second new form should have all the correct information, prepared as though it is the original (the “CORRECTED” box will not be checked). Amend tax return 2012 Form Received After Filing If you file your return and you later receive a form for income that you did not include on your return, you should report the income and take credit for any income tax withheld by filing Form 1040X, Amended U. Amend tax return 2012 S. Amend tax return 2012 Individual Income Tax Return. Amend tax return 2012 Separate Returns If you are married but file a separate return, you can take credit only for the tax withheld from your own income. Amend tax return 2012 Do not include any amount withheld from your spouse's income. Amend tax return 2012 However, different rules may apply if you live in a community property state. Amend tax return 2012 Community property states are listed in chapter 2. Amend tax return 2012 For more information on these rules, and some exceptions, see Publication 555, Community Property. Amend tax return 2012 Fiscal Years If you file your tax return on the basis of a fiscal year (a 12-month period ending on the last day of any month except December), you must follow special rules to determine your credit for federal income tax withholding. Amend tax return 2012 For a discussion of how to take credit for withholding on a fiscal year return, see Fiscal Years (FY) in chapter 3 of Publication 505. Amend tax return 2012 Estimated Tax Take credit for all your estimated tax payments for 2013 on line 63 of Form 1040 or line 37 of Form 1040A. Amend tax return 2012 Include any overpayment from 2012 that you had credited to your 2013 estimated tax. Amend tax return 2012 You must use Form 1040 or Form 1040A if you paid estimated tax. Amend tax return 2012 You cannot use Form 1040EZ. Amend tax return 2012 Name changed. Amend tax return 2012   If you changed your name, and you made estimated tax payments using your old name, attach a brief statement to the front of your paper tax return indicating: When you made the payments, The amount of each payment, Your name when you made the payments, and Your social security number. Amend tax return 2012 The statement should cover payments you made jointly with your spouse as well as any you made separately. Amend tax return 2012   Be sure to report the change to the Social Security Administration. Amend tax return 2012 This prevents delays in processing your return and issuing any refunds. Amend tax return 2012 Separate Returns If you and your spouse made separate estimated tax payments for 2013 and you file separate returns, you can take credit only for your own payments. Amend tax return 2012 If you made joint estimated tax payments, you must decide how to divide the payments between your returns. Amend tax return 2012 One of you can claim all of the estimated tax paid and the other none, or you can divide it in any other way you agree on. Amend tax return 2012 If you cannot agree, you must divide the payments in proportion to each spouse's individual tax as shown on your separate returns for 2013. Amend tax return 2012 Divorced Taxpayers If you made joint estimated tax payments for 2013, and you were divorced during the year, either you or your former spouse can claim all of the joint payments, or you each can claim part of them. Amend tax return 2012 If you cannot agree on how to divide the payments, you must divide them in proportion to each spouse's individual tax as shown on your separate returns for 2013. Amend tax return 2012 If you claim any of the joint payments on your tax return, enter your former spouse's social security number (SSN) in the space provided on the front of Form 1040 or Form 1040A. Amend tax return 2012 If you divorced and remarried in 2013, enter your present spouse's SSN in that space and write your former spouse's SSN, followed by “DIV,” to the left of Form 1040, line 63, or Form 1040A, line 37. Amend tax return 2012 Underpayment Penalty for 2013 If you did not pay enough tax, either through withholding or by making timely estimated tax payments, you will have an underpayment of estimated tax and you may have to pay a penalty. Amend tax return 2012 Generally, you will not have to pay a penalty for 2013 if any of the following apply. Amend tax return 2012 The total of your withholding and estimated tax payments was at least as much as your 2012 tax (or 110% of your 2012 tax if your AGI was more than $150,000, $75,000 if your 2013 filing status is married filing separately) and you paid all required estimated tax payments on time. Amend tax return 2012 The tax balance due on your 2013 return is no more than 10% of your total 2013 tax, and you paid all required estimated tax payments on time. Amend tax return 2012 Your total 2013 tax minus your withholding and refundable credits is less than $1,000. Amend tax return 2012 You did not have a tax liability for 2012 and your 2012 tax year was 12 months, or You did not have any withholding taxes and your current year tax less any household employment taxes is less than $1,000. Amend tax return 2012 See Publication 505, chapter 4, for a definition of “total tax” for 2012 and 2013. Amend tax return 2012 Farmers and fishermen. Amend tax return 2012   Special rules apply if you are a farmer or fisherman. Amend tax return 2012 See Farmers and Fishermen in chapter 4 of Publication 505 for more information. Amend tax return 2012 IRS can figure the penalty for you. Amend tax return 2012   If you think you owe the penalty but you do not want to figure it yourself when you file your tax return, you may not have to. Amend tax return 2012 Generally, the IRS will figure the penalty for you and send you a bill. Amend tax return 2012 However, if you think you are able to lower or eliminate your penalty, you must complete Form 2210 or Form 2210-F and attach it to your paper return. Amend tax return 2012 See chapter 4 of Publication 505. Amend tax return 2012 Prev  Up  Next   Home   More Online Publications