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Amended Tax

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Amended Tax

Amended tax Index Symbols 10% additional tax, Early Distributions Tax, Age 59½ Rule, Additional 10% tax 2-year rule SIMPLE IRAs, Two-year rule. Amended tax 20% withholding, Other withholding rules. Amended tax 5-year rule, 5-year rule. Amended tax , Death before required beginning date. Amended tax 6% excise tax on excess contributions to Roth IRAs, What if You Contribute Too Much? 60-day period for rollovers, Time Limit for Making a Rollover Contribution A Account balance, IRA account balance. Amended tax Additional taxes, What Acts Result in Penalties or Additional Taxes?, Additional 10% tax (see also Penalties) Reporting, Reporting Additional Taxes Adjusted gross income (AGI), Modified adjusted gross income (AGI). Amended tax , Modified AGI. Amended tax (see also Modified adjusted gross income (AGI)) Retirement savings contributions credit, Adjusted gross income. Amended tax Age 50 Contributions, General Limit Age 59 1/2 rule, Age 59½ Rule Age 70 1/2 rule, Age 70½ rule. Amended tax Required minimum distributions, Distributions after the required beginning date. Amended tax Age limit Traditional IRA, When Can Contributions Be Made? Airline payments, Rollover of Airline Payments Alimony, Alimony and separate maintenance. Amended tax Annuity contracts, Annuity or endowment contracts. Amended tax Borrowing on, Borrowing on an annuity contract. Amended tax Distribution from insurance company, Annuity distributions from an insurance company. Amended tax Distribution from IRA account, Distribution of an annuity contract from your IRA account. Amended tax Early distributions, Annuity. Amended tax Assistance (see Tax help) B Basis Inherited IRAs, IRA with basis. Amended tax Roth IRAs, Basis of distributed property. Amended tax Traditional IRAs, Cost basis. Amended tax Beginning date, required, Distributions after the required beginning date. Amended tax Beneficiaries, IRA Beneficiaries, Death before required beginning date. Amended tax Change of, Change of beneficiary. Amended tax Death of beneficiary, Death of a beneficiary. Amended tax Early distributions to, Beneficiary. Amended tax Individual as, Beneficiary an individual. Amended tax More than one, More than one beneficiary. Amended tax , Multiple individual beneficiaries. Amended tax Not an individual, Beneficiary not an individual. Amended tax Roth IRAs, Distributions to beneficiaries. Amended tax Sole beneficiary spouse more than 10 years younger, Sole beneficiary spouse who is more than 10 years younger. Amended tax Bond purchase plans Rollovers from, Rollover from bond purchase plan. Amended tax Bonds, retirement (see Individual retirement bonds) Broker's commissions, Brokers' commissions. Amended tax , Brokers' commissions. Amended tax C Change in marital status, Change in marital status. Amended tax Change of beneficiary, Change of beneficiary. Amended tax Charitable distributions, qualified, Qualified charitable distributions. Amended tax Collectibles, Investment in Collectibles, Collectibles. Amended tax Community property, Community property laws. Amended tax Compensation Alimony, Alimony and separate maintenance. Amended tax Defined, What Is Compensation? Nontaxable combat pay, Nontaxable combat pay. Amended tax Self-employment, Self-employment loss. Amended tax Wages, salaries, etc. Amended tax , Wages, salaries, etc. Amended tax Conduit IRAs, IRA as a holding account (conduit IRA) for rollovers to other eligible plans. Amended tax Contribution limits More than one IRA, More than one IRA. Amended tax Contributions Designating the year, Designating year for which contribution is made. Amended tax Distributions in same year as, Both contributions for 2013 and distributions in 2013. Amended tax Excess (see Excess contributions) Less than maximum, Less Than Maximum Contributions Matching (SIMPLE), Matching contributions. Amended tax Nondeductible (see Nondeductible contributions) Not required, Contributions not required. Amended tax Qualified reservist repayments, Qualified reservist repayments. Amended tax Recharacterizing (see Recharacterization) Retirement savings contributions credit, Eligible contributions. Amended tax Roth IRAs, Can You Contribute to a Roth IRA?, Applying excess contributions. Amended tax SIMPLE plans, How Are Contributions Made?, How Much Can Be Contributed on Your Behalf? Traditional IRAs, How Much Can Be Contributed?, More Than Maximum Contributions When to contribute, When Can Contributions Be Made? Withdrawing before due date of return, Contributions Returned Before Due Date of Return Conversions From SIMPLE IRAs, Converting from a SIMPLE IRA. Amended tax To Roth IRAs, Conversions Credits Retirement savings contributions credit, Retirement Savings Contributions Credit (Saver's Credit), How to figure and report the credit. Amended tax D Death of beneficiary, Death of a beneficiary. Amended tax Deductions Figuring reduced IRA deduction, How To Figure Your Reduced IRA Deduction Phaseout, Deduction Phaseout Traditional IRAs, How Much Can You Deduct?, Examples — Worksheet for Reduced IRA Deduction for 2013 Deemed IRAs, Reminders, Reminders Defined benefit plans, Defined benefit plan. Amended tax Defined contribution plans, Defined contribution plan. Amended tax Disabilities, persons with Early distributions to, Disabled. Amended tax Distributions After required beginning date, Distributions after the required beginning date. Amended tax Age 59 1/2 rule, Age 59½ Rule Beneficiaries (see Beneficiaries) Contributions in same year as, Both contributions for 2013 and distributions in 2013. Amended tax Delivered outside U. Amended tax S. Amended tax , IRA distributions delivered outside the United States. Amended tax Figuring nontaxable and taxable amounts, Figuring the Nontaxable and Taxable Amounts From individual retirement accounts, Distributions from individual retirement account. Amended tax From individual retirement annuities, Distributions from individual retirement annuities. Amended tax Fully or partly taxable, Distributions Fully or Partly Taxable Income from, Income from IRA distributions. Amended tax Inherited IRAs (see Inherited IRAs) Insufficient, Excess Accumulations (Insufficient Distributions) Qualified charitable, Qualified charitable distributions. Amended tax Qualified HSA funding, One-time qualified HSA funding distribution. Amended tax Qualified reservist, Qualified reservist distributions. Amended tax Roth IRAs, Are Distributions Taxable?, How Do You Figure the Taxable Part? Ordering rules for, Ordering Rules for Distributions Recapture amount, Figuring your recapture amount. Amended tax SIMPLE IRAs, Are Distributions Taxable? Taxable status of, Are Distributions Taxable? Divorce Rollovers by former spouse, Distributions under divorce or similar proceedings (alternate payees). Amended tax Transfers incident to, Transfers Incident To Divorce E Early distributions, What Acts Result in Penalties or Additional Taxes?, Early Distributions, Nondeductible contributions. Amended tax (see also Penalties) Age 59 1/2 rule, Age 59½ Rule Defined, Early distributions defined. Amended tax Disability exception, Disabled. Amended tax First-time homebuyers, exception, First home. Amended tax Higher education expenses, exception, Higher education expenses. Amended tax Medical insurance, exception, Medical insurance. Amended tax Roth IRAs, Additional Tax on Early Distributions SIMPLE IRAs, Additional Tax on Early Distributions Tax, Early Distributions Tax Unreimbursed medical expenses, exception, Unreimbursed medical expenses. Amended tax Education expenses, Higher education expenses. Amended tax Employer and employee association trust accounts, Employer and Employee Association Trust Accounts Employer plans Covered by, Covered by an employer retirement plan. Amended tax Year(s) covered, For Which Year(s) Are You Covered? Employer retirement plans, Are You Covered by an Employer Plan? Defined benefit plans, Defined benefit plan. Amended tax Defined contribution plans, Defined contribution plan. Amended tax Effect of modified AGI on deduction (Table 1-2), Table 1-2. Amended tax Effect of Modified AGI1 on Deduction if You Are Covered by a Retirement Plan at Work Limit if covered by, Limit if Covered by Employer Plan Prohibited transactions, Trust account set up by an employer or an employee association. Amended tax Endowment contracts (see Annuity contracts) Estate tax, Estate tax. Amended tax Deduction for inherited IRAs, Federal estate tax deduction. Amended tax Excess accumulations, Excess Accumulations (Insufficient Distributions), Make up of shortfall in distribution. Amended tax Roth IRAs, Distributions After Owner's Death Excess contributions, Excess Contributions Closed tax year, Closed tax year. Amended tax Deducted in earlier year, Excess contribution deducted in an earlier year. Amended tax Deducting in a later year, Deducting an Excess Contribution in a Later Year Due to incorrect rollover information, Excess due to incorrect rollover information. Amended tax Recharacterizing, Recharacterizing excess contributions. Amended tax Roth IRAs, What if You Contribute Too Much? Tax, Excess Contributions Tax Withdrawn after due date of return, Excess Contributions Withdrawn After Due Date of Return Withdrawn by due date of return, Excess Contributions Withdrawn by Due Date of Return Exempt transactions, Exempt Transactions Exxon Valdez settlement income, Rollover of Exxon Valdez Settlement Income , Rollover of Exxon Valdez Settlement Income F Failed financial institutions, Failed financial institutions. Amended tax Federal judges, Federal judges. Amended tax Fiduciaries Prohibited transactions, Fiduciary. Amended tax Filing before IRA contribution is made, Filing before a contribution is made. Amended tax Filing status, Filing Status Deduction phaseout and, Filing status. Amended tax Firefighters, volunteer, Volunteer firefighters. Amended tax First-time homebuyers, First home. Amended tax Five-year rule (see 5-year rule) Form 1040 Modified AGI calculation from, Form 1040. Amended tax , Form 1040NR. Amended tax Form 1040A Modified AGI calculation from, Form 1040A. Amended tax Form 1099-R, Reporting and Withholding Requirements for Taxable Amounts Distribution code 1 used on, Form 5329 not required. Amended tax Letter codes used on, Letter codes. Amended tax Number codes used on, Number codes. Amended tax Withdrawal of excess contribution, Form 1099-R. Amended tax Form 5329, Additional 10% tax, Reporting the tax. Amended tax , Reporting Additional Taxes Recapture tax, Recapture tax for changes in distribution method under equal payment exception. Amended tax Form 8606, Form 8606. Amended tax , Form 8606. Amended tax , Reporting your nontaxable distribution on Form 8606. Amended tax , Figuring the Nontaxable and Taxable Amounts Failure to file, penalty, Penalty for failure to file Form 8606. Amended tax Form 8880, How to figure and report the credit. Amended tax Form W-2 Employer retirement plans, Are You Covered by an Employer Plan? Free tax services, Free help with your tax return. Amended tax Frozen deposits, Frozen deposit. Amended tax Full-time student Retirement savings contributions credit, Full-time student. Amended tax H Help (see Tax help) Higher education expenses, Higher education expenses. Amended tax How to Set up an IRA, How Can a Traditional IRA Be Opened? Treat withdrawn contributions, How to treat withdrawn contributions. Amended tax HSA funding distributions, qualified, One-time qualified HSA funding distribution. Amended tax I Individual retirement accounts, Individual Retirement Account Distributions from, Distributions from individual retirement account. Amended tax Individual retirement annuities, Individual Retirement Annuity Distributions from, Distributions from individual retirement annuities. Amended tax Individual retirement arrangements (IRAs) How to set up, How Can a Traditional IRA Be Opened? When to set up, When Can a Traditional IRA Be Opened? Individual retirement bonds, Individual Retirement Bonds Cashing in, Cashing in retirement bonds. Amended tax Inherited IRAs, What if You Inherit an IRA?, More information. Amended tax Rollovers, Inherited IRAs. Amended tax Insufficient distributions, Excess Accumulations (Insufficient Distributions) Interest on IRA, Reminders Investment in collectibles Collectibles defined, Collectibles. Amended tax Exception, Exception. Amended tax K Kay Bailey Hutchison Spousal IRAs Contribution limits, Kay Bailey Hutchison Spousal IRA Limit Deductions, Kay Bailey Hutchison Spousal IRA. Amended tax Roth IRA contribution limits, Can you contribute to a Roth IRA for your spouse? Keogh plans Rollovers from, Keogh plans and rollovers. Amended tax L Last-in first-out rule, Last-in first-out rule. Amended tax Life expectancy, Life expectancy. Amended tax Life insurance, Life insurance contract. Amended tax Losses Roth IRAs, Recognizing Losses on Investments Traditional IRAs, Recognizing Losses on Traditional IRA Investments M Marital status, change in, Change in marital status. Amended tax Matching contributions (SIMPLE), Matching contributions. Amended tax Medical expenses, unreimbursed, Unreimbursed medical expenses. Amended tax Medical insurance, Medical insurance. Amended tax Military death gratuities, Military Death Gratuities and Servicemembers' Group Life Insurance (SGLI) Payments Minimum distribution (see Required minimum distribution) Missing children, photographs of, Reminders Modified adjusted gross income (AGI) Employer retirement plan coverage and deduction (Table 1-2), Table 1-2. Amended tax Effect of Modified AGI1 on Deduction if You Are Covered by a Retirement Plan at Work Figuring (Worksheet 1-1), Worksheet 1-1. Amended tax Figuring Your Modified AGI No employer retirement plan coverage and deduction (Table 1-3), Table 1-3. Amended tax Effect of Modified AGI1 on Deduction if You Are NOT Covered by a Retirement Plan at Work Roth IRAs, Modified AGI. Amended tax Effect on contribution amount (Table 2-1), Table 2-1. Amended tax Effect of Modified AGI on Roth IRA Contribution More than one beneficiary, More than one beneficiary. Amended tax More than one IRA, More than one IRA. Amended tax Recharacterization, More than one IRA. Amended tax Required minimum distribution, More than one IRA. Amended tax N Nondeductible contributions, Nondeductible Contributions, Nondeductible contributions. Amended tax Failure to report, Failure to report nondeductible contributions. Amended tax Overstatement penalty, Penalty for overstatement. Amended tax Notice Qualified employer plan to provide prior to rollover distribution, Written explanation to recipients. Amended tax Rollovers, Rollover notice. Amended tax P Partial rollovers, Partial rollovers. Amended tax , Partial rollover. Amended tax Penalties, What Acts Result in Penalties or Additional Taxes?, Form 5329 not required. Amended tax Early distributions, Early Distributions, Nondeductible contributions. Amended tax Excess accumulations, Excess Accumulations (Insufficient Distributions), Make up of shortfall in distribution. Amended tax Excess contributions, Excess Contributions Roth IRAs, What if You Contribute Too Much? Exempt transactions, Exempt Transactions, Services received at reduced or no cost. Amended tax Failure to file Form 8606, Penalty for failure to file Form 8606. Amended tax Overstatement of nondeductible contributions, Penalty for overstatement. Amended tax Prohibited transactions, Prohibited Transactions, Services received at reduced or no cost. Amended tax Reporting, Reporting Additional Taxes SIMPLE IRAs, Additional Tax on Early Distributions Phaseout of deduction, Deduction Phaseout Pledging account as security, Pledging an account as security. Amended tax Prohibited transactions, Prohibited Transactions, Services received at reduced or no cost. Amended tax Taxes on, Taxes on prohibited transactions. Amended tax Publications (see Tax help) Q Qualified charitable distributions, Qualified charitable distributions. Amended tax Qualified domestic relations orders (QDROs), Qualified domestic relations order. Amended tax Qualified settlement income, Rollover of Exxon Valdez Settlement Income , Rollover of Exxon Valdez Settlement Income R Recapture tax Changes in distribution method, Recapture tax for changes in distribution method under equal payment exception. Amended tax Receivership distributions, Receivership distributions. Amended tax Recharacterization, Recharacterizations, More than one IRA. Amended tax Determining amount of net income due to contribution and total amount to be recharacterized (Worksheet 1-3), Worksheet 1-3. Amended tax Determining the Amount of Net Income Due To an IRA Contribution and Total Amount To Be Recharacterized Reporting, Reporting a Recharacterization SIMPLE employer contributions, Recharacterizing employer contributions. Amended tax Timing of, Timing. Amended tax Reconversion, Reconversions Recordkeeping requirements Traditional IRAs, Nondeductible Contributions Reporting Additional taxes, Reporting Additional Taxes Deductible contributions, Reporting Deductible Contributions Nontaxable distribution on Form 8606, Reporting your nontaxable distribution on Form 8606. Amended tax Recharacterization, Reporting a Recharacterization Rollovers From employer plans, Reporting rollovers from employer plans. Amended tax From IRAs, Reporting rollovers from IRAs. Amended tax Taxable amounts, Reporting and Withholding Requirements for Taxable Amounts Taxable distributions, Reporting taxable distributions on your return. Amended tax Required beginning date, Distributions after the required beginning date. Amended tax Required minimum distribution, Reminders, When Must You Withdraw Assets? (Required Minimum Distributions), Annuity distributions from an insurance company. Amended tax Distribution period, Distribution period. Amended tax During lifetime, Distributions during your lifetime. Amended tax Figuring, Figuring the Owner's Required Minimum Distribution For beneficiary, Figuring the Beneficiary's Required Minimum Distribution Table to use, Which Table Do You Use To Determine Your Required Minimum Distribution? In year of owner's death, Distributions in the year of the owner's death. Amended tax Installments allowed, Installments allowed. Amended tax More than one IRA, More than one IRA. Amended tax Sole beneficiary spouse who is more than 10 years younger, Sole beneficiary spouse who is more than 10 years younger. Amended tax Reservists, Reservists. Amended tax Qualified reservist distribution, Qualified reservist distributions. Amended tax Qualified reservist repayments, Qualified reservist repayments. Amended tax Retirement bonds (see Individual retirement bonds) Retirement savings contributions credit, Retirement Savings Contributions Credit (Saver's Credit), How to figure and report the credit. Amended tax Rollovers, Rollovers, Reporting rollovers from employer plans. Amended tax Airline payments, Rollover of Airline Payments Amount, Amount. Amended tax Choosing an option (Table 1-5), Table 1-5. Amended tax Comparison of Payment to You Versus Direct Rollover Completed after 60-day period, Rollovers completed after the 60-day period. Amended tax Conduit IRAs, IRA as a holding account (conduit IRA) for rollovers to other eligible plans. Amended tax Direct rollover option, Direct rollover option. Amended tax Extension of period, Extension of rollover period. Amended tax From bond purchase plan, Rollover from bond purchase plan. Amended tax From employer's plan into a Roth IRA, Rollover From Employer's Plan Into a Roth IRA From employer's plan into an IRA, Rollover From Employer's Plan Into an IRA From Keogh plans, Keogh plans and rollovers. Amended tax From one IRA into another, Rollover From One IRA Into Another From Roth IRAs, Rollover From a Roth IRA From traditional IRA, Kinds of rollovers from a traditional IRA. Amended tax Inherited IRAs, Inherited IRAs. Amended tax Nonspouse beneficiary, Rollover by nonspouse beneficiary. Amended tax Notice, Rollover notice. Amended tax Partial, Partial rollovers. Amended tax , Partial rollover. Amended tax SIMPLE IRAs, Rollovers and Transfers Exception Tax treatment of rollover from traditional IRA to eligible retirement plan other than an IRA, Tax treatment of a rollover from a traditional IRA to an eligible retirement plan other than an IRA. Amended tax Time limit, Time Limit for Making a Rollover Contribution To Roth IRAs, Conversion methods. Amended tax To traditional IRA, Kinds of rollovers to a traditional IRA. Amended tax Waiting period between, Waiting period between rollovers. Amended tax , No waiting period between rollovers. Amended tax Withholding (see Withholding) Roth IRAs, Roth IRAs, Distributions After Owner's Death Age limit, Is there an age limit for contributions? Contribution limit reduced, Contribution limit reduced. Amended tax Contributions, Can You Contribute to a Roth IRA?, Applying excess contributions. Amended tax Timing of, When Can You Make Contributions? To traditional IRAs and to Roth IRAs, Roth IRAs and traditional IRAs. Amended tax Conversion, Converting From Any Traditional IRA Into a Roth IRA, Conversion by rollover from traditional to Roth IRA. Amended tax , Recharacterizing to a SEP IRA or SIMPLE IRA. Amended tax , Conversions Defined, What Is a Roth IRA? Distributions, Are Distributions Taxable?, How Do You Figure the Taxable Part? After death of owner, Distributions After Owner's Death Insufficient, Distributions After Owner's Death Ordering rules for, Ordering Rules for Distributions Early distributions, Additional Tax on Early Distributions Excess accumulations, Distributions After Owner's Death Excess contributions, What if You Contribute Too Much? Figuring taxable part, How Do You Figure the Taxable Part? Losses, Recognizing Losses on Investments Modified AGI Effect on contribution amount (Table 2-1), Table 2-1. Amended tax Effect of Modified AGI on Roth IRA Contribution Figuring (Worksheet 2-1), Worksheet 2-1. Amended tax Modified Adjusted Gross Income for Roth IRA Purposes Rollovers from, Rollover From a Roth IRA Setting up, When Can a Roth IRA Be Opened? Spouse, Can you contribute to a Roth IRA for your spouse? Traditional IRAs converted into, Converting From Any Traditional IRA Into a Roth IRA Withdrawing or using assets, Must You Withdraw or Use Assets? S Salary reduction arrangement, What Is a SIMPLE Plan? Savings Incentive Match Plans for Employees (see SIMPLE IRAs) Section 501(c)(18) plan, General Limit, Kay Bailey Hutchison Spousal IRA Limit Self-employed persons Deductible contributions, Self-employed. Amended tax Income of, Self-employment income. Amended tax SIMPLE plans, Self-employed individual. Amended tax SEP IRAs Recharacterizing to, Recharacterizing to a SEP IRA or SIMPLE IRA. Amended tax Separated taxpayers Filing status of, Lived apart from spouse. Amended tax Servicemembers group life insurance, Military Death Gratuities and Servicemembers' Group Life Insurance (SGLI) Payments Services received at reduced or no cost, Services received at reduced or no cost. Amended tax SIMPLE IRAs, Savings Incentive Match Plans for Employees (SIMPLE), Two-year rule. Amended tax Contributions, How Are Contributions Made?, How Much Can Be Contributed on Your Behalf? Conversion from, Converting from a SIMPLE IRA. Amended tax Distributions, Are Distributions Taxable? Early distributions, , Additional Tax on Early Distributions Eligible employees, Eligible Employees Penalties, Additional Tax on Early Distributions Recharacterizing to, Recharacterizing to a SEP IRA or SIMPLE IRA. Amended tax Rollovers, Rollovers and Transfers Exception Salary reduction contribution limits, Salary reduction contributions limit. Amended tax Self-employed persons, Self-employed individual. Amended tax SIMPLE plan, defined, What Is a SIMPLE Plan? Traditional IRA, mistakenly moved to, Traditional IRA mistakenly moved to SIMPLE IRA. Amended tax , Traditional IRA mistakenly moved to SIMPLE IRA. Amended tax Two-year rule, Two-year rule. Amended tax Withdrawing or using assets, When Can You Withdraw or Use Assets? Simplified employee pensions (SEPs), Simplified Employee Pension (SEP) Social Security recipients, Social Security Recipients Spousal IRAs (see Kay Bailey Hutchison Spousal IRAs or Inherited IRAs) Students Education expenses, Higher education expenses. Amended tax Retirement savings contributions credit, Full-time student. Amended tax Surviving spouse, Surviving spouse. Amended tax , Surviving spouse. Amended tax Rollovers by, Distributions received by a surviving spouse. Amended tax T Tables Modified AGI Employer retirement plan coverage and deduction (Table 1-2), Table 1-2. Amended tax Effect of Modified AGI1 on Deduction if You Are Covered by a Retirement Plan at Work No employer retirement plan coverage and deduction (Table 1-3), Table 1-3. Amended tax Effect of Modified AGI1 on Deduction if You Are NOT Covered by a Retirement Plan at Work Roth IRAs, effect on contribution (Table 2-1), Table 2-1. Amended tax Effect of Modified AGI on Roth IRA Contribution Rollover vs. Amended tax direct payment to taxpayer (Table 1-5), Table 1-5. Amended tax Comparison of Payment to You Versus Direct Rollover Using this publication (Table I-1), Table I-1. Amended tax Using This Publication Tax advantages of IRAs, What are some tax advantages of an IRA? Tax credits Retirement savings contributions credit, Retirement Savings Contributions Credit (Saver's Credit), How to figure and report the credit. Amended tax Tax help, How To Get Tax Help Tax year, Tax year. Amended tax Tax-sheltered annuities Rollovers from, Distribution from a tax-sheltered annuity. Amended tax Traditional IRAs, Traditional IRAs, Form 5329 not required. Amended tax Age 59 1/2 rule, Age 59½ Rule Contribution limits, How Much Can Be Contributed?, More Than Maximum Contributions Contributions, How Much Can Be Contributed?, More Than Maximum Contributions Due date, Contributions must be made by due date. Amended tax To Roth IRAs and to traditional IRAs, Roth IRAs and traditional IRAs. Amended tax Converting into Roth IRA, Converting From Any Traditional IRA Into a Roth IRA Cost basis, Cost basis. Amended tax Deductions, How Much Can You Deduct?, Examples — Worksheet for Reduced IRA Deduction for 2013 Defined, Introduction Disclosures, Required Disclosures Excess contributions, Excess Contributions Inherited IRAs, What if You Inherit an IRA?, More information. Amended tax Loss of IRA status, Loss of IRA status. Amended tax Losses, Recognizing Losses on Traditional IRA Investments Mistakenly moved to SIMPLE IRA, Traditional IRA mistakenly moved to SIMPLE IRA. Amended tax , Traditional IRA mistakenly moved to SIMPLE IRA. Amended tax Recordkeeping, Nondeductible Contributions Reduced IRA deduction for 2013, Examples — Worksheet for Reduced IRA Deduction for 2013 Rollovers (see Rollovers) Setting up, Who Can Open a Traditional IRA?, Required Disclosures Social Security recipients, Social Security Recipients Transfers, Can You Move Retirement Plan Assets? Types of, Kinds of traditional IRAs. Amended tax Withdrawing or using assets, When Can You Withdraw or Use Assets?, Excess Contributions Tax Transfers, Can You Move Retirement Plan Assets? Divorce, Transfers Incident To Divorce To Roth IRAs, Transfers to Roth IRAs. Amended tax , Can You Move Amounts Into a Roth IRA? Trustee to trustee, Trustee-to-Trustee Transfer, Conversion methods. Amended tax Trustee-to-trustee transfers, Trustee-to-Trustee Transfer To Roth IRAs, Conversion methods. Amended tax Trustees' fees, Trustees' fees. Amended tax , Trustees' fees. Amended tax Trusts As beneficiary, Trust as beneficiary. Amended tax TTY/TDD information, How To Get Tax Help Two-year rule SIMPLE IRAs, Two-year rule. Amended tax U Unreimbursed medical expenses, Unreimbursed medical expenses. Amended tax V Volunteer firefighters, Volunteer firefighters. Amended tax W Withdrawing or using assets Contribution withdrawal, before due date of return, Contributions Returned Before Due Date of Return Roth IRAs, Must You Withdraw or Use Assets? SIMPLE IRAs, When Can You Withdraw or Use Assets? Traditional IRAs, When Can You Withdraw or Use Assets?, Excess Contributions Tax Withholding, Reporting and Withholding Requirements for Taxable Amounts, Withholding. Amended tax Direct rollover option, Withholding. Amended tax Eligible rollover distribution paid to taxpayer, Withholding requirement. Amended tax Worksheets Figuring amount of net income due to IRA contribution and total amount to be recharacterized (Worksheet 1-3), Worksheet 1-3. Amended tax Determining the Amount of Net Income Due To an IRA Contribution and Total Amount To Be Recharacterized Figuring modified AGI (Worksheet 1-1), Worksheet 1-1. Amended tax Figuring Your Modified AGI Roth IRAs Figuring modified AGI (Worksheet 2-1), Worksheet 2-1. Amended tax Modified Adjusted Gross Income for Roth IRA Purposes Prev  Up     Home   More Online Publications

Topic 303 - Checklist of Common Errors When Preparing Your Tax Return

Before filing your return, review it to make sure it is correct and complete. The following checklist may help you to avoid common errors:

  • Did you consider filing your tax return electronically? By electronically filing your tax return, many common errors may be avoided or corrected by the computer software. Depending on your income, you may even qualify to e-file for free by using Free File tax software. For more information, visit the IRS website at www.irs.gov and click on the e-file logo on our home page.
  • Did you clearly print your name, social security number, and address, including ZIP code directly on your return? Note that if you are married but filing a separate return, do not include your spouse's name in the name, address and social security number fields on the return.
  • Did you enter the names and social security numbers for yourself, your spouse (if filing jointly), your dependents, and qualifying children for the earned income credit or child tax credit, exactly as those names and numbers appear on each person's social security card? If there have been any name changes be sure to contact the Social Security Administration at www.ssa.gov or call at 800-772-1213.
  • Did you check only one filing status?
  • Did you check the appropriate exemption boxes and enter the names and social security numbers exactly as those names and numbers appear on each person's social security card, for all dependents you claimed? Is the total number of exemptions entered?
  • Did you enter income, deductions, and credits on the correct lines and are the totals correct?
  • If you show a negative amount on your return, did you put brackets around it?
  • If you are taking the standard deduction and checked any box indicating either you or your spouse were age 65 or older or blind, did you find the correct standard deduction using the chart in the Form 1040 Instructions (PDF) or the Form 1040A Instructions (PDF)?
  • Did you figure the tax correctly? If you used the tax tables, did you use the correct column for your filing status?
  • Did you sign and date the return? If it is a joint return, did your spouse also sign and date the return?
  • Do you have a Form W-2 (PDF) from each of your employers and did you attach Copy B of each Form W-2 to your return? If you have more than one job, combine the wages and withholdings from all Form W-2s you receive and report those amounts on one return.
  • Did you attach each Form 1099-R (PDF) that shows federal tax was withheld?
  • Did you attach all other necessary schedules and forms in sequence number order as shown in the upper right-hand corner?
  • Did you use the correct mailing address from your tax form instructions?
  • Did you use a postage stamp on the envelope?
  • If you owe tax, did you enclose a check or money order made payable to the "United States Treasury" with the return and include your name, address, social security number, daytime telephone number, tax form, and tax year on the payment? For additional information, refer to Topic 158.
  • If you are due a refund and requested direct deposit, did you check your financial institution's routing and account numbers?
  • Did you make a copy of the signed return and all schedules for your records?

A few of the most common errors are:

  1. Incorrect or missing social security numbers.
  2. Incorrect tax entered based on taxable income and filing status.
  3. Computation errors in figuring the taxable income, withholding and estimated tax payments, earned income credit, standard deduction for age 65 or over or blind, the taxable amount of social security benefits, and child and dependent care credit. Also, missing or incorrect identification numbers for child care providers.
  4. Withholding and estimated tax payments entered on the wrong line.
  5. Math errors, both addition and subtraction.

It is important that you review your entire return because any errors may delay the processing of your return.

Page Last Reviewed or Updated: January 22, 2014

The Amended Tax

Amended tax 2. Amended tax   Taxable and Nontaxable Income Table of Contents Compensation for Services Retirement Plan DistributionsIndividual Retirement Arrangements (IRAs) Pensions and Annuities Social Security and Equivalent Railroad Retirement BenefitsAre Any of Your Benefits Taxable? How Much Is Taxable? How To Report Your Benefits Lump-Sum Election Repayments More Than Gross Benefits Sickness and Injury BenefitsDisability Pensions Long-Term Care Insurance Contracts Workers' Compensation Other Sickness and Injury Benefits Life Insurance ProceedsInstallments for life. Amended tax Surviving spouse. Amended tax Endowment Contract Proceeds Accelerated Death Benefits Sale of HomeMaximum Amount of Exclusion Ownership and Use Tests Married Persons Business Use or Rental of Home Reporting the Sale Reverse Mortgages Other ItemsWelfare benefits. Amended tax Payments from a state fund for victims of crime. Amended tax Home Affordable Modification Program (HAMP). Amended tax Mortgage assistance payments. Amended tax Payments to reduce cost of winter energy use. Amended tax Nutrition Program for the Elderly. Amended tax Reemployment Trade Adjustment Assistance (RTAA). Amended tax Generally, income is taxable unless it is specifically exempt (not taxed) by law. Amended tax Your taxable income may include compensation for services, interest, dividends, rents, royalties, income from partnerships, estate or trust income, gain from sales or exchanges of property, and business income of all kinds. Amended tax Under special provisions of the law, certain items are partially or fully exempt from tax. Amended tax Provisions that are of special interest to older taxpayers are discussed in this chapter. Amended tax Compensation for Services Generally, you must include in gross income everything you receive in payment for personal services. Amended tax In addition to wages, salaries, commissions, fees, and tips, this includes other forms of compensation such as fringe benefits and stock options. Amended tax You need not receive the compensation in cash for it to be taxable. Amended tax Payments you receive in the form of goods or services generally must be included in gross income at their fair market value. Amended tax Volunteer work. Amended tax   Do not include in your gross income amounts you receive for supportive services or reimbursements for out-of-pocket expenses under any of the following volunteer programs. Amended tax Retired Senior Volunteer Program (RSVP). Amended tax Foster Grandparent Program. Amended tax Senior Companion Program. Amended tax Service Corps of Retired Executives (SCORE). Amended tax Unemployment compensation. Amended tax   You must include in income all unemployment compensation you or your spouse (if married filing jointly) received. Amended tax More information. Amended tax   See Publication 525, Taxable and Nontaxable Income, for more detailed information on specific types of income. Amended tax Retirement Plan Distributions This section summarizes the tax treatment of amounts you receive from traditional individual retirement arrangements (IRA), employee pensions or annuities, and disability pensions or annuities. Amended tax A traditional IRA is any IRA that is not a Roth or SIMPLE IRA. Amended tax A Roth IRA is an individual retirement plan that can be either an account or an annuity and features nondeductible contributions and tax-free distributions. Amended tax A SIMPLE IRA is a tax-favored retirement plan that certain small employers (including self-employed individuals) can set up for the benefit of their employees. Amended tax More detailed information can be found in Publication 590, Individual Retirement Arrangements (IRAs), and Publication 575, Pension and Annuity Income. Amended tax Individual Retirement Arrangements (IRAs) In general, distributions from a traditional IRA are taxable in the year you receive them. Amended tax Exceptions to the general rule are rollovers, tax-free withdrawals of contributions, and the return of nondeductible contributions. Amended tax These are discussed in Publication 590. Amended tax If you made nondeductible contributions to a traditional IRA, you must file Form 8606, Nondeductible IRAs. Amended tax If you do not file Form 8606 with your return, you may have to pay a $50 penalty. Amended tax Also, when you receive distributions from your traditional IRA, the amounts will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made. Amended tax Early distributions. Amended tax   Generally, early distributions are amounts distributed from your traditional IRA account or annuity before you are age 59½, or amounts you receive when you cash in retirement bonds before you are age  59½. Amended tax You must include early distributions of taxable amounts in your gross income. Amended tax These taxable amounts are also subject to an additional 10% tax unless the distribution qualifies for an exception. Amended tax For purposes of the additional 10% tax, an IRA is a qualified retirement plan. Amended tax For more information about this tax, see Tax on Early Distributions under Pensions and Annuities, later. Amended tax After age 59½ and before age 70½. Amended tax   After you reach age 59½, you can receive distributions from your traditional IRA without having to pay the 10% additional tax. Amended tax Even though you can receive distributions after you reach age 59½, distributions are not required until you reach  age 70½. Amended tax Required distributions. Amended tax   If you are the owner of a traditional IRA, you generally must receive the entire balance in your IRA or start receiving periodic distributions from your IRA by April 1 of the year following the year in which you reach age 70½. Amended tax See When Must You Withdraw Assets? (Required Minimum Distributions) in Publication 590. Amended tax If distributions from your traditional IRA(s) are less than the required minimum distribution for the year, you may have to pay a 50% excise tax for that year on the amount not distributed as required. Amended tax For purposes of the 50% excise tax, an IRA is a qualified retirement plan. Amended tax For more information about this tax, see Tax on Excess Accumulation under Pensions and Annuities, later. Amended tax See also Excess Accumulations (Insufficient Distributions) in Publication 590. Amended tax Pensions and Annuities Generally, if you did not pay any part of the cost of your employee pension or annuity, and your employer did not withhold part of the cost of the contract from your pay while you worked, the amounts you receive each year are fully taxable. Amended tax However, see Insurance Premiums for Retired Public Safety Officers , later. Amended tax If you paid part of the cost of your pension or annuity plan (see Cost , later), you can exclude part of each annuity payment from income as a recovery of your cost (investment in the contract). Amended tax This tax-free part of the payment is figured when your annuity starts and remains the same each year, even if the amount of the payment changes. Amended tax The rest of each payment is taxable. Amended tax However, see Insurance Premiums for Retired Public Safety Officers , later. Amended tax You figure the tax-free part of the payment using one of the following methods. Amended tax Simplified Method. Amended tax You generally must use this method if your annuity is paid under a qualified plan (a qualified employee plan, a qualified employee annuity, or a tax-sheltered annuity plan or contract). Amended tax You cannot use this method if your annuity is paid under a nonqualified plan. Amended tax General Rule. Amended tax You must use this method if your annuity is paid under a nonqualified plan. Amended tax You generally cannot use this method if your annuity is paid under a qualified plan. Amended tax Contact your employer or plan administrator to find out if your pension or annuity is paid under a qualified or nonqualified plan. Amended tax You determine which method to use when you first begin receiving your annuity, and you continue using it each year that you recover part of your cost. Amended tax Exclusion limit. Amended tax   If your annuity starting date is after 1986, the total amount of annuity income you can exclude over the years as a recovery of the cost cannot exceed your total cost. Amended tax Any unrecovered cost at your (or the last annuitant's) death is allowed as a miscellaneous itemized deduction on the final return of the decedent. Amended tax This deduction is not subject to the 2%-of-adjusted-gross-income limit on miscellaneous deductions. Amended tax   If you contributed to your pension or annuity and your annuity starting date is before 1987, you can continue to take your monthly exclusion for as long as you receive your annuity. Amended tax If you chose a joint and survivor annuity, your survivor can continue to take the survivor's exclusion figured as of the annuity starting date. Amended tax The total exclusion may be more than your cost. Amended tax Cost. Amended tax   Before you can figure how much, if any, of your pension or annuity benefits are taxable, you must determine your cost in the plan (your investment in the contract). Amended tax Your total cost in the plan includes everything that you paid. Amended tax It also includes amounts your employer contributed that were taxable to you when paid. Amended tax However, see Foreign employment contributions , later. Amended tax   From this total cost, subtract any refunded premiums, rebates, dividends, unrepaid loans, or other tax-free amounts you received by the later of the annuity starting date or the date on which you received your first payment. Amended tax   The annuity starting date is the later of the first day of the first period for which you received a payment from the plan or the date on which the plan's obligations became fixed. Amended tax    The amount of your contributions to the plan may be shown in box 9b of any Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Amended tax , that you receive. Amended tax Foreign employment contributions. Amended tax   If you worked abroad, certain amounts your employer paid into your retirement plan that were not includible in your gross income may be considered part of your cost. Amended tax For details, see Foreign employment contributions in Publication 575. Amended tax Withholding. Amended tax   The payer of your pension, profit-sharing, stock bonus, annuity, or deferred compensation plan will withhold income tax on the taxable part of amounts paid to you. Amended tax However, you can choose not to have tax withheld on the payments you receive, unless they are eligible rollover distributions. Amended tax (These are distributions that are eligible for rollover treatment but are not paid directly to another qualified retirement plan or to a traditional IRA. Amended tax ) See Withholding Tax and Estimated Tax and Rollovers in Publication 575 for more information. Amended tax   For payments other than eligible rollover distributions, you can tell the payer how much to withhold by filing a Form W-4P, Withholding Certificate for Pension or Annuity Payments. Amended tax Simplified Method. Amended tax   Under the Simplified Method, you figure the tax-free part of each annuity payment by dividing your cost by the total number of anticipated monthly payments. Amended tax For an annuity that is payable over the lives of the annuitants, this number is based on the annuitants' ages on the annuity starting date and is determined from a table. Amended tax For any other annuity, this number is the number of monthly annuity payments under the contract. Amended tax Who must use the Simplified Method. Amended tax   You must use the Simplified Method if your annuity starting date is after November 18, 1996, and you receive your pension or annuity payments from a qualified plan or annuity, unless you were at least 75 years old and entitled to at least 5 years of guaranteed payments (defined next). Amended tax   In addition, if your annuity starting date is after July 1, 1986, and before November 19, 1996, you could have chosen to use the Simplified Method for payments from a qualified plan, unless you were at least 75 years old and entitled to at least 5 years of guaranteed payments. Amended tax If you chose to use the Simplified Method, you must continue to use it each year that you recover part of your cost. Amended tax Guaranteed payments. Amended tax   Your annuity contract provides guaranteed payments if a minimum number of payments or a minimum amount (for example, the amount of your investment) is payable even if you and any survivor annuitant do not live to receive the minimum. Amended tax If the minimum amount is less than the total amount of the payments you are to receive, barring death, during the first 5 years after payments begin (figured by ignoring any payment increases), you are entitled to less than 5 years of guaranteed payments. Amended tax Who cannot use the Simplified Method. Amended tax   You cannot use the Simplified Method and must use the General Rule if you receive pension or annuity payments from: A nonqualified plan, such as a private annuity, a purchased commercial annuity, or a nonqualified employee plan, or A qualified plan if you are age 75 or older on your annuity starting date and you are entitled to at least 5 years of guaranteed payments (defined above). Amended tax   In addition, you had to use the General Rule for either circumstance described above if your annuity starting date is after July 1, 1986, and before November 19, 1996. Amended tax If you did not have to use the General Rule, you could have chosen to use it. Amended tax You also had to use the General Rule for payments from a qualified plan if your annuity starting date is before July 2, 1986, and you did not qualify to use the Three-Year Rule. Amended tax   If you had to use the General Rule (or chose to use it), you must continue to use it each year that you recover your cost. Amended tax   Unless your annuity starting date was before 1987, once you have recovered all of your non-taxable investment, all of each remaining payment you receive is fully taxable. Amended tax Once your remaining payments are fully taxable, there is no longer a concern with the General Rule or Simplified Method. Amended tax   Complete information on the General Rule, including the actuarial tables you need, is contained in Publication 939, General Rule for Pensions and Annuities. Amended tax How to use the Simplified Method. Amended tax   Complete the Simplified Method Worksheet in the Form 1040, Form 1040A, or Form 1040NR instructions or in Publication 575 to figure your taxable annuity for 2013. Amended tax Be sure to keep the completed worksheet; it will help you figure your taxable annuity next year. Amended tax   To complete line 3 of the worksheet, you must determine the total number of expected monthly payments for your annuity. Amended tax How you do this depends on whether the annuity is for a single life, multiple lives, or a fixed period. Amended tax For this purpose, treat an annuity that is payable over the life of an annuitant as payable for that annuitant's life even if the annuity has a fixed-period feature or also provides a temporary annuity payable to the annuitant's child under age 25. Amended tax    You do not need to complete line 3 of the worksheet or make the computation on line 4 if you received annuity payments last year and used last year's worksheet to figure your taxable annuity. Amended tax Instead, enter the amount from line 4 of last year's worksheet on line 4 of this year's worksheet. Amended tax Single-life annuity. Amended tax   If your annuity is payable for your life alone, use Table 1 at the bottom of the worksheet to determine the total number of expected monthly payments. Amended tax Enter on line 3 the number shown for your age on your annuity starting date. Amended tax This number will differ depending on whether your annuity starting date is before November 19, 1996, or after November 18, 1996. Amended tax Multiple-lives annuity. Amended tax   If your annuity is payable for the lives of more than one annuitant, use Table 2 at the bottom of the worksheet to determine the total number of expected monthly payments. Amended tax Enter on line 3 the number shown for the annuitants' combined ages on the annuity starting date. Amended tax For an annuity payable to you as the primary annuitant and to more than one survivor annuitant, combine your age and the age of the youngest survivor annuitant. Amended tax For an annuity that has no primary annuitant and is payable to you and others as survivor annuitants, combine the ages of the oldest and youngest annuitants. Amended tax Do not treat as a survivor annuitant anyone whose entitlement to payments depends on an event other than the primary annuitant's death. Amended tax   However, if your annuity starting date is before 1998, do not use Table 2 and do not combine the annuitants' ages. Amended tax Instead, you must use Table 1 at the bottom of the worksheet and enter on line 3 the number shown for the primary annuitant's age on the annuity starting date. Amended tax This number will differ depending on whether your annuity starting date is before November 19, 1996, or after November 18, 1996. Amended tax Fixed-period annuities. Amended tax   If your annuity does not depend in whole or in part on anyone's life expectancy, the total number of expected monthly payments to enter on line 3 of the worksheet is the number of monthly annuity payments under the contract. Amended tax Line 6. Amended tax   The amount on line 6 should include all amounts that could have been recovered in prior years. Amended tax If you did not recover an amount in a prior year, you may be able to amend your returns for the affected years. Amended tax    Be sure to keep a copy of the completed worksheet; it will help you figure your taxable annuity in later years. Amended tax Example. Amended tax Bill Smith, age 65, began receiving retirement benefits in 2013, under a joint and survivor annuity. Amended tax Bill's annuity starting date is January 1, 2013. Amended tax The benefits are to be paid over the joint lives of Bill and his wife, Kathy, age 65. Amended tax Bill had contributed $31,000 to a qualified plan and had received no distributions before the annuity starting date. Amended tax Bill is to receive a retirement benefit of $1,200 a month, and Kathy is to receive a monthly survivor benefit of $600 upon Bill's death. Amended tax Bill must use the Simplified Method to figure his taxable annuity because his payments are from a qualified plan and he is under age 75. Amended tax See the illustrated Worksheet 2-A, Simplified Method Worksheet, later. Amended tax You can find a blank version of this worksheet in Publication 575. Amended tax (The references in the illustrated worksheet are to sections in Publication 575). Amended tax His annuity is payable over the lives of more than one annuitant, so Bill uses his and Kathy's combined ages, 130 (65 + 65), and Table 2 at the bottom of the worksheet in completing line 3 of the worksheet and finds the line 3 amount to be 310. Amended tax Bill's tax-free monthly amount is $100 ($31,000 ÷ 310 as shown on line 4 of the worksheet). Amended tax Upon Bill's death, if Bill has not recovered the full $31,000 investment, Kathy will also exclude $100 from her $600 monthly payment. Amended tax The full amount of any annuity payments received after 310 payments are paid must generally be included in gross income. Amended tax If Bill and Kathy die before 310 payments are made, a miscellaneous itemized deduction will be allowed for the unrecovered cost on the final income tax return of the last to die. Amended tax This deduction is not subject to the 2%-of-adjusted-gross-income limit. Amended tax Worksheet 2-A. Amended tax Simplified Method Worksheet—Illustrated 1. Amended tax Enter the total pension or annuity payments received this year. Amended tax Also, add this amount to the total for Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a 1. Amended tax $ 14,400 2. Amended tax Enter your cost in the plan (contract) at the annuity starting date plus any death benefit exclusion* See Cost (Investment in the Contract), earlier 2. Amended tax 31,000   Note. Amended tax If your annuity starting date was before this year and you completed this worksheet last year, skip line 3 and enter the amount from line 4 of last year's worksheet on line 4 below (even if the amount of your pension or annuity has changed). Amended tax Otherwise, go to line 3. Amended tax     3. Amended tax Enter the appropriate number from Table 1 below. Amended tax But if your annuity starting date was after 1997 and the payments are for your life and that of your beneficiary, enter the appropriate number from Table 2 below 3. Amended tax 310 4. Amended tax Divide line 2 by the number on line 3 4. Amended tax 100 5. Amended tax Multiply line 4 by the number of months for which this year's payments were made. Amended tax If your annuity starting date was before 1987, enter this amount on line 8 below and skip lines 6, 7, 10, and 11. Amended tax Otherwise, go to line 6 5. Amended tax 1,200 6. Amended tax Enter any amount previously recovered tax free in years after 1986. Amended tax This is the amount shown on line 10 of your worksheet for last year 6. Amended tax 0 7. Amended tax Subtract line 6 from line 2 7. Amended tax 31,000 8. Amended tax Enter the smaller of line 5 or line 7 8. Amended tax 1,200 9. Amended tax Taxable amount for year. Amended tax Subtract line 8 from line 1. Amended tax Enter the result, but not less than zero. Amended tax Also, add this amount to the total for Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b. Amended tax Note. Amended tax If your Form 1099-R shows a larger taxable amount, use the amount figured on this line instead. Amended tax If you are a retired public safety officer, see Insurance Premiums for Retired Public Safety Officers, earlier, before entering an amount on your tax return. Amended tax 9. Amended tax $ 13,200 10. Amended tax Was your annuity starting date before 1987? □ Yes. Amended tax STOP. Amended tax Do not complete the rest of this worksheet. Amended tax  ☑ No. Amended tax Add lines 6 and 8. Amended tax This is the amount you have recovered tax free through 2013. Amended tax You will need this number if you need to fill out this worksheet next year. Amended tax 10. Amended tax 1,200 11. Amended tax Balance of cost to be recovered. Amended tax Subtract line 10 from line 2. Amended tax If zero, you will not have to complete this worksheet next year. Amended tax The payments you receive next year will generally be fully taxable 11. Amended tax $ 29,800 * A death benefit exclusion (up to $5,000) applied to certain benefits received by employees who died before August 21, 1996. Amended tax   Table 1 for Line 3 Above       AND your annuity starting date was—   IF your age on your annuity starting date was . Amended tax . Amended tax . Amended tax   BEFORE November 19, 1996, enter on line 3 . Amended tax . Amended tax . Amended tax AFTER November 18, 1996, enter on line 3 . Amended tax . Amended tax . Amended tax   55 or under 300 360   56-60 260 310   61-65 240 260   66-70 170 210   71 or over 120 160 Table 2 for Line 3 Above   IF the annuitants' combined ages on your annuity starting date were . Amended tax . Amended tax . Amended tax   THEN enter on line 3 . Amended tax . Amended tax . Amended tax         110 or under   410         111-120   360         121-130   310         131-140   260         141 or over   210       Survivors of retirees. Amended tax   Benefits paid to you as a survivor under a joint and survivor annuity must be included in your gross income in the same way the retiree would have included them in gross income. Amended tax   If you receive a survivor annuity because of the death of a retiree who had reported the annuity under the Three-Year Rule, include the total received in your income. Amended tax The retiree's cost has already been recovered tax free. Amended tax   If the retiree was reporting the annuity payments under the General Rule, you must apply the same exclusion percentage the retiree used to your initial payment called for in the contract. Amended tax The resulting tax-free amount will then remain fixed. Amended tax Any increases in the survivor annuity are fully taxable. Amended tax   If the retiree was reporting the annuity payments under the Simplified Method, the part of each payment that is tax free is the same as the tax-free amount figured by the retiree at the annuity starting date. Amended tax See Simplified Method , earlier. Amended tax How to report. Amended tax   If you file Form 1040, report your total annuity on line 16a, and the taxable part on line 16b. Amended tax If your pension or annuity is fully taxable, enter it on line 16b. Amended tax Do not make an entry on line 16a. Amended tax   If you file Form 1040A, report your total annuity on line 12a, and the taxable part on line 12b. Amended tax If your pension or annuity is fully taxable, enter it on line 12b. Amended tax Do not make an entry on line 12a. Amended tax   If you file Form 1040NR, report your total annuity on line 17a, and the taxable part on line 17b. Amended tax If your pension or annuity is fully taxable, enter it on line 17b. Amended tax Do not make an entry on line 17a. Amended tax Example. Amended tax You are a Form 1040 filer and you received monthly payments totaling $1,200 (12 months x $100) during 2013 from a pension plan that was completely financed by your employer. Amended tax You had paid no tax on the payments that your employer made to the plan, and the payments were not used to pay for accident, health, or long-term care insurance premiums (as discussed later under Insurance Premiums for Retired Public Safety Officers ). Amended tax The entire $1,200 is taxable. Amended tax You include $1,200 only on Form 1040, line 16b. Amended tax Joint return. Amended tax   If you file a joint return and you and your spouse each receive one or more pensions or annuities, report the total of the pensions and annuities on line 16a of Form 1040, line 12a of Form 1040A, or line 17a of Form 1040NR. Amended tax Report the total of the taxable parts on line 16b of Form 1040, line 12b of Form 1040A, or line 17b of Form 1040NR. Amended tax Form 1099-R. Amended tax   You should receive a Form 1099-R for your pension or annuity. Amended tax Form 1099-R shows your pension or annuity for the year and any income tax withheld. Amended tax You should receive a Form W-2 if you receive distributions from certain nonqualified plans. Amended tax You must attach Forms 1099-R or Forms W-2 to your 2013 tax return if federal income tax was withheld. Amended tax Generally, you should be sent these forms by January 31, 2014. Amended tax Nonperiodic Distributions If you receive a nonperiodic distribution from your retirement plan, you may be able to exclude all or part of it from your income as a recovery of your cost. Amended tax Nonperiodic distributions include cash withdrawals, distributions of current earnings (dividends) on your investment, and certain loans. Amended tax For information on how to figure the taxable amount of a nonperiodic distribution, see Taxation of Nonperiodic Payments in Publication 575. Amended tax The taxable part of a nonperiodic distribution may be subject to an additional 10% tax. Amended tax See Tax on Early Distributions, later. Amended tax Lump-sum distributions. Amended tax   If you receive a lump-sum distribution from a qualified employee plan or qualified employee annuity and the plan participant was born before January 2, 1936, you may be able to elect optional methods of figuring the tax on the distribution. Amended tax The part from active participation in the plan before 1974 may qualify as capital gain subject to a 20% tax rate. Amended tax The part from participation after 1973 (and any part from participation before 1974 that you do not report as capital gain) is ordinary income. Amended tax You may be able to use the 10-year tax option to figure tax on the ordinary income part. Amended tax Form 1099-R. Amended tax   If you receive a total distribution from a plan, you should receive a Form 1099-R. Amended tax If the distribution qualifies as a lump-sum distribution, box 3 shows the capital gain part of the distribution. Amended tax The amount in box 2a, Taxable amount, minus the amount in box 3, Capital gain, is the ordinary income part. Amended tax More information. Amended tax   For more detailed information on lump-sum distributions, see Publication 575 or Form 4972, Tax on Lump-Sum Distributions. Amended tax Tax on Early Distributions Most distributions you receive from your qualified retirement plan and nonqualified annuity contracts before you reach age 59½ are subject to an additional tax of 10%. Amended tax The tax applies to the taxable part of the distribution. Amended tax For this purpose, a qualified retirement plan is: A qualified employee plan (including a qualified cash or deferred arrangement (CODA) under Internal Revenue Code section 401(k)), A qualified employee annuity plan, A tax-sheltered annuity plan (403(b) plan), or An eligible state or local government section 457 deferred compensation plan (to the extent that any distribution is attributable to amounts the plan received in a direct transfer or rollover from one of the other plans listed here or an IRA). Amended tax  An IRA is also a qualified retirement plan for purposes of this tax. Amended tax General exceptions to tax. Amended tax   The early distribution tax does not apply to any distributions that are: Made as part of a series of substantially equal periodic payments (made at least annually) for your life (or life expectancy) or the joint lives (or joint life expectancies) of you and your designated beneficiary (if from a qualified retirement plan, the payments must begin after separation from service), Made because you are totally and permanently disabled, or Made on or after the death of the plan participant or contract holder. Amended tax Additional exceptions. Amended tax   There are additional exceptions to the early distribution tax for certain distributions from qualified retirement plans and nonqualified annuity contracts. Amended tax See Publication 575 for details. Amended tax Reporting tax. Amended tax   If you owe only the tax on early distributions and distribution code 1 (early distribution, no known exception) is correctly shown in Form 1099-R, box 7, multiply the taxable part of the early distribution by 10% (. Amended tax 10) and enter the result on Form 1040, line 58, or Form 1040NR, line 56. Amended tax See the instructions for line 58 of Form 1040 or line 56 of Form 1040NR for more information about reporting the early distribution tax. Amended tax Tax on Excess Accumulation To make sure that most of your retirement benefits are paid to you during your lifetime, rather than to your beneficiaries after your death, the payments that you receive from qualified retirement plans must begin no later than your required beginning date. Amended tax Unless the rule for 5% owners applies, this is generally April 1 of the year that follows the later of: The calendar year in which you reach age 70½, or The calendar year in which you retire from employment with the employer maintaining the plan. Amended tax However, your plan may require you to begin to receive payments by April 1 of the year that follows the year in which you reach 70½, even if you have not retired. Amended tax For this purpose, a qualified retirement plan includes: A qualified employee plan, A qualified employee annuity plan, An eligible section 457 deferred compensation plan, or A tax-sheltered annuity plan (403(b) plan) (for benefits accruing after 1986). Amended tax  An IRA is also a qualified retirement plan for purposes of this tax. Amended tax An excess accumulation is the undistributed remainder of the required minimum distribution that was left in your qualified retirement plan. Amended tax 5% owners. Amended tax   If you own (or are considered to own under section 318 of the Internal Revenue Code) more than 5% of the company maintaining your qualified retirement plan, you must begin to receive distributions from the plan by April 1 of the year after the calendar year in which you reach age 70½. Amended tax See Publication 575 for more information. Amended tax Amount of tax. Amended tax   If you do not receive the required minimum distribution, you are subject to an additional tax. Amended tax The tax equals 50% of the difference between the amount that must be distributed and the amount that was distributed during the tax year. Amended tax You can get this excise tax excused if you establish that the shortfall in distributions was due to reasonable error and that you are taking reasonable steps to remedy the shortfall. Amended tax Form 5329. Amended tax   You must file a Form 5329 if you owe a tax because you did not receive a minimum required distribution from your qualified retirement plan. Amended tax Additional information. Amended tax   For more detailed information on the tax on excess accumulation, see Publication 575. Amended tax Insurance Premiums for Retired Public Safety Officers If you are an eligible retired public safety officer (law enforcement officer, firefighter, chaplain, or member of a rescue squad or ambulance crew), you can elect to exclude from income distributions made from your eligible retirement plan that are used to pay the premiums for accident or health insurance or long-term care insurance. Amended tax The premiums can be for coverage for you, your spouse, or dependent(s). Amended tax The distribution must be made directly from the plan to the insurance provider. Amended tax You can exclude from income the smaller of the amount of the insurance premiums or $3,000. Amended tax You can only make this election for amounts that would otherwise be included in your income. Amended tax The amount excluded from your income cannot be used to claim a medical expense deduction. Amended tax An eligible retirement plan is a governmental plan that is a: Qualified trust, Section 403(a) plan, Section 403(b) annuity, or Section 457(b) plan. Amended tax If you make this election, reduce the otherwise taxable amount of your pension or annuity by the amount excluded. Amended tax The taxable amount shown in box 2a of any Form 1099-R that you receive does not reflect the exclusion. Amended tax Report your total distributions on Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a. Amended tax Report the taxable amount on Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b. Amended tax Enter “PSO” next to the appropriate line on which you report the taxable amount. Amended tax Railroad Retirement Benefits Benefits paid under the Railroad Retirement Act fall into two categories. Amended tax These categories are treated differently for income tax purposes. Amended tax Social security equivalent benefits. Amended tax   The first category is the amount of tier 1 railroad retirement benefits that equals the social security benefit that a railroad employee or beneficiary would have been entitled to receive under the social security system. Amended tax This part of the tier 1 benefit is the social security equivalent benefit (SSEB) and is treated for tax purposes like social security benefits. Amended tax (See Social Security and Equivalent Railroad Retirement Benefits , later. Amended tax ) Non-social security equivalent benefits. Amended tax   The second category contains the rest of the tier 1 benefits, called the non-social security equivalent benefit (NSSEB). Amended tax It also contains any tier 2 benefit, vested dual benefit (VDB), and supplemental annuity benefit. Amended tax This category of benefits is treated as an amount received from a qualified employee plan. Amended tax This allows for the tax-free (nontaxable) recovery of employee contributions from the tier 2 benefits and the NSSEB part of the tier 1 benefits. Amended tax Vested dual benefits and supplemental annuity benefits are non-contributory pensions and are fully taxable. Amended tax More information. Amended tax   For more information about railroad retirement benefits, see Publication 575. Amended tax Military Retirement Pay Military retirement pay based on age or length of service is taxable and must be included in income as a pension on Form 1040, lines 16a and 16b; on Form 1040A, lines 12a and 12b; or on Form 1040NR, lines 17a and 17b. Amended tax But, certain military and government disability pensions that are based on a percentage of disability from active service in the Armed Forces of any country generally are not taxable. Amended tax For more information, including information about veterans' benefits and insurance, see Publication 525. Amended tax Social Security and Equivalent Railroad Retirement Benefits This discussion explains the federal income tax rules for social security benefits and equivalent tier 1 railroad retirement benefits. Amended tax Social security benefits include monthly retirement, survivor, and disability benefits. Amended tax They do not include supplemental security income (SSI) payments, which are not taxable. Amended tax Equivalent tier 1 railroad retirement benefits are the part of tier 1 benefits that a railroad employee or beneficiary would have been entitled to receive under the social security system. Amended tax They commonly are called the social security equivalent benefit (SSEB) portion of tier 1 benefits. Amended tax If you received these benefits during 2013, you should have received a Form SSA-1099 or Form RRB-1099 (Form SSA-1042S or Form RRB-1042S if you are a nonresident alien), showing the amount of the benefits. Amended tax Are Any of Your Benefits Taxable? Note. Amended tax When the term “benefits” is used in this section, it applies to both social security benefits and the SSEB portion of tier 1 railroad retirement benefits. Amended tax  To find out whether any of your benefits may be taxable, compare the base amount for your filing status (explained later) with the total of: One-half of your benefits, plus All your other income, including tax-exempt interest. Amended tax When making this comparison, do not reduce your other income by any exclusions for: Interest from qualified U. Amended tax S. Amended tax savings bonds, Employer-provided adoption benefits, Foreign earned income or foreign housing, or Income earned in American Samoa or Puerto Rico by bona fide residents. Amended tax Figuring total income. Amended tax   To figure the total of one-half of your benefits plus your other income, use Worksheet 2-B. Amended tax If that total amount is more than your base amount, part of your benefits may be taxable. Amended tax If you are married and file a joint return for 2013, you and your spouse must combine your incomes and your benefits to figure whether any of your combined benefits are taxable. Amended tax Even if your spouse did not receive any benefits, you must add your spouse's income to yours to figure whether any of your benefits are taxable. Amended tax If the only income you received during 2013 was your social security or the SSEB portion of tier 1 railroad retirement benefits, your benefits generally are not taxable and you probably do not have to file a return. Amended tax If you have income in addition to your benefits, you may have to file a return even if none of your benefits are taxable. Amended tax Worksheet 2-B. Amended tax A Quick Way To Check if Your Benefits May Be Taxable A. Amended tax Enter the amount from box 5 of all your Forms SSA-1099 and RRB-1099. Amended tax Include  the full amount of any lump-sum benefit payments received in 2013, for 2013 and  earlier years. Amended tax (If you received more than one form, combine the amounts from box 5  and enter the total. Amended tax ) A. Amended tax     Note. Amended tax If the amount on line A is zero or less, stop here; none of your benefits are  taxable this year. Amended tax     B. Amended tax Enter one-half of the amount on line A B. Amended tax   C. Amended tax Enter your taxable pensions, wages, interest, dividends, and other taxable income C. Amended tax   D. Amended tax Enter any tax-exempt interest income (such as interest on municipal bonds) plus any exclusions from income for: •Interest from qualified U. Amended tax S. Amended tax savings bonds, •Employer-provided adoption benefits, •Foreign earned income or foreign housing, or •Income earned in American Samoa or Puerto Rico by bona fide residents D. Amended tax   E. Amended tax Add lines B, C, and D and enter the total E. Amended tax   F. Amended tax If you are: •Married filing jointly, enter $32,000 •Single, head of household, qualifying widow(er), or married filing separately and you  lived apart from your spouse for all of 2013, enter $25,000 •Married filing separately and you lived with your spouse at any time during 2013,  enter -0- F. Amended tax   G. Amended tax Is the amount on line F less than or equal to the amount on line E? □ No. Amended tax None of your benefits are taxable this year. Amended tax  □ Yes. Amended tax Some of your benefits may be taxable. Amended tax To figure how much of your benefits  are taxable, see Which worksheet to use under How Much Is Taxable. Amended tax     Base Amount Your base amount is: $25,000 if you are single, head of household, or qualifying widow(er) with dependent child, $25,000 if you are married filing separately and lived apart from your spouse for all of 2013, $32,000 if you are married filing jointly, or $0 if you are married filing separately and lived with your spouse at any time during 2013. Amended tax Repayment of Benefits Any repayment of benefits you made during 2013 must be subtracted from the gross benefits you received in 2013. Amended tax It does not matter whether the repayment was for a benefit you received in 2013 or in an earlier year. Amended tax If you repaid more than the gross benefits you received in 2013, see Repayments More Than Gross Benefits , later. Amended tax Your gross benefits are shown in box 3 of Form SSA-1099 or Form RRB-1099. Amended tax Your repayments are shown in box 4. Amended tax The amount in box 5 shows your net benefits for 2013 (box 3 minus box 4). Amended tax Use the amount in box 5 to figure whether any of your benefits are taxable. Amended tax Tax Withholding and Estimated Tax You can choose to have federal income tax withheld from your social security and/or the SSEB portion of your tier 1 railroad retirement benefits. Amended tax If you choose to do this, you must complete a Form W-4V, Voluntary Withholding Request. Amended tax If you do not choose to have income tax withheld, you may have to request additional withholding from other income, or pay estimated tax during the year. Amended tax For details, see Publication 505, Tax Withholding and Estimated Tax, or the instructions for Form 1040-ES, Estimated Tax for Individuals. Amended tax How Much Is Taxable? If part of your benefits is taxable, how much is taxable depends on the total amount of your benefits and other income. Amended tax Generally, the higher that total amount, the greater the taxable part of your benefits. Amended tax Maximum taxable part. Amended tax   The taxable part of your benefits usually cannot be more than 50%. Amended tax However, up to 85% of your benefits can be taxable if either of the following situations applies to you. Amended tax The total of one-half of your benefits and all your other income is more than $34,000 ($44,000 if you are married filing jointly). Amended tax You are married filing separately and lived with your spouse at any time during 2013. Amended tax   If you are a nonresident alien, 85% of your benefits are taxable. Amended tax However, this income is exempt under some tax treaties. Amended tax Which worksheet to use. Amended tax   A worksheet to figure your taxable benefits is in the instructions for your Form 1040 or 1040A. Amended tax However, you will need to use a different worksheet(s) if any of the following situations applies to you. Amended tax You contributed to a traditional individual retirement arrangement (IRA) and you or your spouse were covered by a retirement plan at work. Amended tax In this situation, you must use the special worksheets in Appendix B of Publication 590 to figure both your IRA deduction and your taxable benefits. Amended tax Situation (1) does not apply and you take one or more of the following exclusions. Amended tax Interest from qualified U. Amended tax S. Amended tax savings bonds (Form 8815). Amended tax Employer-provided adoption benefits (Form 8839). Amended tax Foreign earned income or housing (Form 2555 or Form 2555-EZ). Amended tax Income earned in American Samoa (Form 4563) or Puerto Rico by bona fide residents. Amended tax In these situations, you must use Worksheet 1 in Publication 915, Social Security and Equivalent Railroad Retirement Benefits, to figure your taxable benefits. Amended tax You received a lump-sum payment for an earlier year. Amended tax In this situation, also complete Worksheet 2 or 3 and Worksheet 4 in Publication 915. Amended tax See Lump-Sum Election , later. Amended tax How To Report Your Benefits If part of your benefits are taxable, you must use Form 1040, Form 1040A, or Form 1040NR. Amended tax You cannot use Form 1040EZ. Amended tax Reporting on Form 1040. Amended tax   Report your net benefits (the amount in box 5 of your Form SSA-1099 or Form RRB-1099) on line 20a and the taxable part on line 20b. Amended tax If you are married filing separately and you lived apart from your spouse for all of 2013, also enter “D” to the right of the word “benefits” on line 20a. Amended tax Reporting on Form 1040A. Amended tax   Report your net benefits (the amount in box 5 of your Form SSA-1099 or Form RRB-1099) on line 14a and the taxable part on line 14b. Amended tax If you are married filing separately and you lived apart from your spouse for all of 2013, also enter “D” to the right of the word “benefits” on line 14a. Amended tax Reporting on Form 1040NR. Amended tax   Report 85% of the total amount of your benefits (box 5 of your Form SSA-1042S or Form RRB-1042S) in the appropriate column of Form 1040NR, Schedule NEC, line 8. Amended tax Benefits not taxable. Amended tax   If you are filing Form 1040EZ, do not report any benefits on your tax return. Amended tax If you are filing Form 1040 or Form 1040A, report your net benefits (the amount in box 5 of your Form SSA-1099 or Form RRB-1099) on Form 1040, line 20a, or Form 1040A, line 14a. Amended tax Enter -0- on Form 1040, line 20b, or Form 1040A, line 14b. Amended tax If you are married filing separately and you lived apart from your spouse for all of 2013, also enter “D” to the right of the word “benefits” on Form 1040, line 20a, or Form 1040A, line 14a. Amended tax Lump-Sum Election You must include the taxable part of a lump-sum (retroactive) payment of benefits received in 2013 in your 2013 income, even if the payment includes benefits for an earlier year. Amended tax This type of lump-sum benefit payment should not be confused with the lump-sum death benefit that both the SSA and RRB pay to many of their beneficiaries. Amended tax No part of the lump-sum death benefit is subject to tax. Amended tax For more information about the lump-sum death benefit, visit the Social Security Administration website at www. Amended tax SSA. Amended tax gov, and use keyword: death benefit. Amended tax Generally, you use your 2013 income to figure the taxable part of the total benefits received in 2013. Amended tax However, you may be able to figure the taxable part of a lump-sum payment for an earlier year separately, using your income for the earlier year. Amended tax You can elect this method if it lowers your taxable benefits. Amended tax See Publication 915 for more information. Amended tax Repayments More Than Gross Benefits In some situations, your Form SSA-1099 or Form RRB-1099 will show that the total benefits you repaid (box 4) are more than the gross benefits (box 3) you received. Amended tax If this occurred, your net benefits in box 5 will be a negative figure (a figure in parentheses) and none of your benefits will be taxable. Amended tax If you receive more than one form, a negative figure in box 5 of one form is used to offset a positive figure in box 5 of another form for that same year. Amended tax If you have any questions about this negative figure, contact your local Social Security Administration office or your local U. Amended tax S. Amended tax Railroad Retirement Board field office. Amended tax Joint return. Amended tax   If you and your spouse file a joint return, and your Form SSA-1099 or RRB-1099 has a negative figure in box 5 but your spouse's does not, subtract the box 5 amount on your form from the box 5 amount on your spouse's form. Amended tax You do this to get your net benefits when figuring if your combined benefits are taxable. Amended tax Repayment of benefits received in an earlier year. Amended tax   If the total amount shown in box 5 of all of your Forms SSA-1099 and RRB-1099 is a negative figure, you can take an itemized deduction for the part of this negative figure that represents benefits you included in gross income in an earlier year. Amended tax   If this deduction is $3,000 or less, it is subject to the 2%-of-adjusted-gross-income limit that applies to certain miscellaneous itemized deductions. Amended tax Claim it on Schedule A (Form 1040), line 23. Amended tax   If this deduction is more than $3,000, you have to follow some special instructions. Amended tax See Publication 915 for those instructions. Amended tax Sickness and Injury Benefits Generally, you must report as income any amount you receive for personal injury or sickness through an accident or health plan that is paid for by your employer. Amended tax If both you and your employer pay for the plan, only the amount you receive that is due to your employer's payments is reported as income. Amended tax However, certain payments may not be taxable to you. Amended tax Some of these payments are discussed later in this section. Amended tax Also, see Military and Government Disability Pensions and Other Sickness and Injury Benefits in Publication 525. Amended tax Cost paid by you. Amended tax   If you pay the entire cost of an accident or health plan, do not include any amounts you receive from the plan for personal injury or sickness as income on your tax return. Amended tax If your plan reimbursed you for medical expenses you deducted in an earlier year, you may have to include some, or all, of the reimbursement in your income. Amended tax Disability Pensions If you retired on disability, you must include in income any disability pension you receive under a plan that is paid for by your employer. Amended tax You must report your taxable disability payments as wages on line 7 of Form 1040 or Form 1040A or on line 8 of Form 1040NR until you reach minimum retirement age. Amended tax Minimum retirement age generally is the age at which you can first receive a pension or annuity if you are not disabled. Amended tax If you were 65 or older by the end of 2013 or you were retired on permanent and total disability and received taxable disability income, you may be able to claim the credit for the elderly or the disabled. Amended tax See Credit for the Elderly or the Disabled, later. Amended tax For more information on this credit, see Publication 524, Credit for the Elderly or the Disabled. Amended tax Beginning on the day after you reach minimum retirement age, payments you receive are taxable as a pension or annuity. Amended tax Report the payments on lines 16a and 16b of Form 1040, on lines 12a and 12b of Form 1040A, or on lines 17a and 17b of Form 1040NR. Amended tax For more information on pensions and annuities, see Publication 575. Amended tax Retirement and profit-sharing plans. Amended tax   If you receive payments from a retirement or profit-sharing plan that does not provide for disability retirement, do not treat the payments as a disability pension. Amended tax The payments must be reported as a pension or annuity. Amended tax Accrued leave payment. Amended tax   If you retire on disability, any lump-sum payment you receive for accrued annual leave is a salary payment. Amended tax The payment is not a disability payment. Amended tax Include it in your income in the tax year you receive it. Amended tax Long-Term Care Insurance Contracts In most cases, long-term care insurance contracts generally are treated as accident and health insurance contracts. Amended tax Amounts you receive from them (other than policyholder dividends or premium refunds) generally are excludable from income as amounts received for personal injury or sickness. Amended tax However, the amount you can exclude may be limited. Amended tax Long-term care insurance contracts are discussed in more detail in Publication 525. Amended tax Workers' Compensation Amounts you receive as workers' compensation for an occupational sickness or injury are fully exempt from tax if they are paid under a workers' compensation act or a statute in the nature of a workers' compensation act. Amended tax The exemption also applies to your survivors. Amended tax The exemption, however, does not apply to retirement plan benefits you receive based on your age, length of service, or prior contributions to the plan, even if you retired because of an occupational sickness or injury. Amended tax If part of your workers' compensation reduces your social security or equivalent railroad retirement benefits, that part is considered social security (or equivalent railroad retirement) benefits and may be taxable. Amended tax For a discussion of the taxability of these benefits, see Social Security and Equivalent Railroad Retirement Benefits, earlier. Amended tax Return to work. Amended tax   If you return to work after qualifying for workers' compensation, salary payments you receive for performing light duties are taxable as wages. Amended tax Other Sickness and Injury Benefits In addition to disability pensions and annuities, you may receive other payments for sickness or injury. Amended tax Federal Employees' Compensation Act (FECA). Amended tax   Payments received under this Act for personal injury or sickness, including payments to beneficiaries in case of death, are not taxable. Amended tax However, you are taxed on amounts you receive under this Act as continuation of pay for up to 45 days while a claim is being decided. Amended tax Report this income on Form 1040, line 7; Form 1040A, line 7; on Form 1040EZ, line 1; or Form 1040NR, line 8. Amended tax Also, pay for sick leave while a claim is being processed is taxable and must be included in your income as wages. Amended tax    If part of the payments you receive under FECA reduces your social security or equivalent railroad retirement benefits, that part is considered social security (or equivalent railroad retirement) benefits and may be taxable. Amended tax For a discussion of the taxability of these benefits, see Social Security and Equivalent Railroad Retirement Benefits, earlier. Amended tax Other compensation. Amended tax   Many other amounts you receive as compensation for sickness or injury are not taxable. Amended tax These include the following amounts. Amended tax Benefits you receive under an accident or health insurance policy on which either you paid the premiums or your employer paid the premiums but you had to include them in your income. Amended tax Disability benefits you receive for loss of income or earning capacity as a result of injuries under a no-fault car insurance policy. Amended tax Compensation you receive for permanent loss or loss of use of a part or function of your body, for your permanent disfigurement, or for such loss or disfigurement suffered by your spouse or dependent(s). Amended tax This compensation must be based only on the injury and not on the period of your absence from work. Amended tax These benefits are not taxable even if your employer pays for the accident and health plan that provides these benefits. Amended tax Life Insurance Proceeds Life insurance proceeds paid to you because of the death of the insured person are not taxable unless the policy was turned over to you for a price. Amended tax This is true even if the proceeds were paid under an accident or health insurance policy or an endowment contract. Amended tax Proceeds not received in installments. Amended tax   If death benefits are paid to you in a lump sum or other than at regular intervals, include in your income only the benefits that are more than the amount payable to you at the time of the insured person's death. Amended tax If the benefit payable at death is not specified, you include in your income the benefit payments that are more than the present value of the payments at the time of death. Amended tax Proceeds received in installments. Amended tax   If you receive life insurance proceeds in installments, you can exclude part of each installment from your income. Amended tax   To determine the excluded part, divide the amount held by the insurance company (generally the total lump sum payable at the death of the insured person) by the number of installments to be paid. Amended tax Include anything over this excluded part in your income as interest. Amended tax Installments for life. Amended tax   If, as the beneficiary under an insurance contract, you are entitled to receive the proceeds in installments for the rest of your life without a refund or period-certain guarantee, you figure the excluded part of each installment by dividing the amount held by the insurance company by your life expectancy. Amended tax If there is a refund or period-certain guarantee, the amount held by the insurance company for this purpose is reduced by the actuarial value of the guarantee. Amended tax Surviving spouse. Amended tax   If your spouse died before October 23, 1986, and insurance proceeds paid to you because of the death of your spouse are received in installments, you can exclude, in any year, up to $1,000 of the interest included in the installments. Amended tax If you remarry, you can continue to take the exclusion. Amended tax Surrender of policy for cash. Amended tax   If you surrender a life insurance policy for cash, you must include in income any proceeds that are more than the cost of the life insurance policy. Amended tax In general, your cost (or investment in the contract) is the total of premiums that you paid for the life insurance policy, less any refunded premiums, rebates, dividends, or unrepaid loans that were not included in your income. Amended tax You should receive a Form 1099-R showing the total proceeds and the taxable part. Amended tax Report these amounts on Form 1040, lines 16a and 16b; Form 1040A, lines 12a and 12b; or Form 1040NR, lines 17a and 17b. Amended tax Endowment Contract Proceeds An endowment contract is a policy that pays over to you a specified amount of money on a certain date unless you die before that date, in which case, the money is paid to your designated beneficiary. Amended tax Endowment proceeds paid in a lump sum to you at maturity are taxable only if the proceeds are more than the cost of the policy. Amended tax To determine your cost, subtract from the total premiums (or other consideration) paid for the contract any amount that you previously received under the contract and excluded from your income. Amended tax Include in your income the part of the lump-sum payment that is more than your cost. Amended tax Endowment proceeds that you choose to receive in installments instead of a lump-sum payment at the maturity of the policy are taxed as an annuity. Amended tax The tax treatment of an annuity is explained in Publication 575. Amended tax For this treatment to apply, you must choose to receive the proceeds in installments before receiving any part of the lump sum. Amended tax This election must be made within 60 days after the lump-sum payment first becomes payable to you. Amended tax Accelerated Death Benefits Certain amounts paid as accelerated death benefits under a life insurance contract or viatical settlement before the insured's death are generally excluded from income if the insured is terminally or chronically ill. Amended tax However, see Exception , later. Amended tax For a chronically ill individual, accelerated death benefits paid on the basis of costs incurred for qualified long-term care services are fully excludable. Amended tax Accelerated death benefits paid on a per diem or other periodic basis without regard to the costs are excludable up to a limit. Amended tax In addition, if any portion of a death benefit under a life insurance contract on the life of a terminally or chronically ill individual is sold or assigned to a viatical settlement provider, the amount received also is excluded from income. Amended tax Generally, a viatical settlement provider is one who regularly engages in the business of buying or taking assignment of life insurance contracts on the lives of insured individuals who are terminally or chronically ill. Amended tax To report taxable accelerated death benefits made on a per diem or other periodic basis, you must file Form 8853, Archer MSAs and Long-Term Care Insurance Contracts, with your return. Amended tax Terminally or chronically ill defined. Amended tax   A terminally ill person is one who has been certified by a physician as having an illness or physical condition that reasonably can be expected to result in death within 24 months from the date of the certification. Amended tax A chronically ill person is one who is not terminally ill but has been certified (within the previous 12 months) by a licensed health care practitioner as meeting either of the following conditions. Amended tax The person is unable to perform (without substantial help) at least two activities of daily living (eating, toileting, transferring, bathing, dressing, and continence) for a period of 90 days or more because of a loss of functional capacity. Amended tax The person requires substantial supervision to protect himself or herself from threats to health and safety due to severe cognitive impairment. Amended tax Exception. Amended tax   The exclusion does not apply to any amount paid to a person other than the insured if that other person has an insurable interest in the life of the insured because the insured: Is a director, officer, or employee of the other person, or Has a financial interest in the business of the other person. Amended tax Sale of Home You may be able to exclude from income any gain up to $250,000 ($500,000 on a joint return in most cases) on the sale of your main home. Amended tax Generally, if you can exclude all of the gain, you do not need to report the sale on your tax return. Amended tax You can choose not to take the exclusion by including the gain from the sale in your gross income on your tax return for the year of the sale. Amended tax Main home. Amended tax   Usually, your main home is the home you live in most of the time and can be a: House, Houseboat, Mobile home, Cooperative apartment, or Condominium. Amended tax Repaying the first-time homebuyer credit because you sold your home. Amended tax   If you claimed a first-time homebuyer credit for your main home and you sell it, you may have to repay the credit. Amended tax For a home purchased in 2008 and used as your main home until sold in 2013, you must file Form 5405 and repay the balance of the unpaid credit on your 2013 tax return. Amended tax   For a home purchased after 2008, you generally must repay the entire credit if the home was sold (or otherwise ceased to be your main home) within 36 months of the purchase date. Amended tax If you purchased your home in 2009 and used it as your main home until sold in 2013, you do not have to repay the credit or file Form 5405. Amended tax If you purchased your home in 2010 and used it as your main home until sold in 2013, you may have to file Form 5405 and repay the entire credit on your 2013 tax return. Amended tax   See the Instructions for Form 5405 for more information about repaying the credit and exceptions to repayment that may apply to you. Amended tax Maximum Amount of Exclusion You can generally exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if all of the following are true. Amended tax You meet the ownership test. Amended tax You meet the use test. Amended tax During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home. Amended tax You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons . Amended tax Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. Amended tax This means that during the 5-year period ending on the date of the sale, you must have: Owned the home for at least 2 years (the ownership test), and Lived in the home as your main home for at least 2 years (the use test). Amended tax Exception to ownership and use tests. Amended tax   If you owned and lived in the property as your main home for less than 2 years, you still can claim an exclusion in some cases. Amended tax Generally, you must have sold the home due to a change in place of employment, health, or unforeseen circumstances. Amended tax The maximum amount you can exclude will be reduced. Amended tax See Publication 523, Selling Your Home, for more information. Amended tax Exception to use test for individuals with a disability. Amended tax   There is an exception to the use test if, during the 5-year period before the sale of your home: You become physically or mentally unable to care for yourself, and You owned and lived in your home as your main home for a total of at least 1 year. Amended tax Under this exception, you are considered to live in your home during any time that you own the home and live in a facility (including a nursing home) that is licensed by a state or political subdivision to care for persons in your condition. Amended tax   If you meet this exception to the use test, you still have to meet the 2-out-of-5-year ownership test to claim the exclusion. Amended tax Exception to ownership test for property acquired in a like-kind exchange. Amended tax   You must have owned your main home for at least 5 years to qualify for the exclusion if you acquired your main home in a like-kind exchange. Amended tax This special 5-year ownership rule continues to apply to a home you acquired in a like-kind exchange and gave to another person. Amended tax A like-kind exchange is an exchange of property held for productive use in a trade or business or for investment. Amended tax See Publication 523 for more information. Amended tax Period of nonqualified use. Amended tax   Generally, the gain from the sale or exchange of your main home will not qualify for the exclusion to the extent that the gain is allocated to periods of nonqualified use. Amended tax Nonqualified use is any period after December 31, 2008, during which the property is not used as the main home. Amended tax See Publication 523 for more information. Amended tax Married Persons In the special situations discussed below, if you and your spouse file a joint return for the year of sale and one spouse meets the ownership and use test, you can exclude up to $250,000 of gain. Amended tax However, see Special rules for joint returns , next. Amended tax Special rules for joint returns. Amended tax   You can exclude up to $500,000 of the gain on the sale of your main home if all of the following are true. Amended tax You are married and file a joint return for the year. Amended tax Either you or your spouse meets the ownership test. Amended tax Both you and your spouse meet the use test. Amended tax During the 2-year period ending on the date of the sale, neither you nor your spouse exclude gain from the sale of another home. Amended tax Sale of home by surviving spouse. Amended tax   If your spouse died and you did not remarry before the date of sale, you are considered to have owned and lived in the property as your main home during any period of time when your spouse owned and lived in it as a main home. Amended tax   If you meet all of the following requirements, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home in 2013. Amended tax The sale or exchange took place no more than 2 years after the date of death of your spouse. Amended tax You have not remarried. Amended tax You and your spouse met the use test at the time of your spouse's death. Amended tax You or your spouse met the ownership test at the time of your spouse's death. Amended tax Neither you nor your spouse excluded gain from the sale of another home during the last 2 years. Amended tax Home transferred from spouse. Amended tax   If your home was transferred to you by your spouse (or former spouse if the transfer was incident to divorce), you are considered to have owned it during any period of time when your spouse owned it. Amended tax Use of home after divorce. Amended tax   You are considered to have used property as your main home during any period when: You owned it, and Your spouse or former spouse is allowed to live in it under a divorce or separation instrument and uses it as his or her main home. Amended tax Business Use or Rental of Home You may be able to exclude gain from the sale of a home that you have used for business or to produce rental income. Amended tax However, you must meet the ownership and use tests. Amended tax See Publication 523 for more information. Amended tax Depreciation after May 6, 1997. Amended tax   If you were entitled to take depreciation deductions because you used your home for business purposes or as rental property, you cannot exclude the part of your gain equal to any depreciation allowed or allowable as a deduction for periods after May 6, 1997. Amended tax See Publication 523 for more information. Amended tax Reporting the Sale Do not report the 2013 sale of your main home on your tax return unless: You have a gain and you do not qualify to exclude all of it, You have a gain and you choose not to exclude it, or You received Form 1099-S. Amended tax If you have a gain that you cannot or choose not to exclude, if you received a Form 1099-S, or if you have a deductible loss, report the sale on your tax return. Amended tax Report the sale on Part I or Part II of Form 8949 as a short-term or long-term transaction, depending on how long you owned the home. Amended tax If you used your home for business or to produce rental income, you may have to use Form 4797, Sales of Business Property, to report the sale of the business or rental part. Amended tax See Publication 523 for more information. Amended tax Reverse Mortgages A revers