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Amending 2011 Taxes

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Amending 2011 Taxes

Amending 2011 taxes 7. Amending 2011 taxes   Filing Information Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: What, When, and Where To FileResident Aliens Nonresident Aliens Amended Returns and Claims for Refund Other Forms You May Have To File PenaltiesCivil Penalties Criminal Penalties Introduction This chapter provides the basic filing information that you may need. Amending 2011 taxes Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. Amending 2011 taxes Useful Items - You may want to see: Forms (and Instructions) 1040 U. Amending 2011 taxes S. Amending 2011 taxes Individual Income Tax Return 1040A U. Amending 2011 taxes S. Amending 2011 taxes Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. Amending 2011 taxes S. Amending 2011 taxes Nonresident Alien Income Tax Return 1040NR-EZ U. Amending 2011 taxes S. Amending 2011 taxes Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. Amending 2011 taxes What, When, and Where To File What return you must file as well as when and where you file that return, depends on your status at the end of the tax year as a resident or a nonresident alien. Amending 2011 taxes Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. Amending 2011 taxes The due date for filing the return and paying any tax due is April 15 of the year following the year for which you are filing a return (but see the Tip, later). Amending 2011 taxes Under U. Amending 2011 taxes S. Amending 2011 taxes immigration law, a lawful permanent resident who is required to file a tax return as a resident and fails to do so may be regarded as having abandoned status and may lose permanent resident status. Amending 2011 taxes Extensions of time to file. Amending 2011 taxes   You are allowed an automatic extension to June 15 to file if your main place of business and the home you live in are outside the United States and Puerto Rico on April 15. Amending 2011 taxes You can get an extension of time to October 15 to file your return if you get an extension by April 15 (June 15 if you qualify for the June 15 extension). Amending 2011 taxes Use Form 4868 to get the extension to October 15. Amending 2011 taxes In addition to this 6-month extension, taxpayers who are out of the country (as defined in the Form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). Amending 2011 taxes To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Amending 2011 taxes Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address:  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Amending 2011 taxes   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U. Amending 2011 taxes S. Amending 2011 taxes citizens and resident aliens abroad who expect to qualify for special tax treatment). Amending 2011 taxes    If the due date for filing falls on a Saturday, Sunday, or legal holiday, the due date is the next day which is not a Saturday, Sunday, or legal holiday. Amending 2011 taxes You may be able to file your return electronically. Amending 2011 taxes See IRS e-file in your form instructions. Amending 2011 taxes Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. Amending 2011 taxes If you are any of the following, you must file a return. Amending 2011 taxes A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. Amending 2011 taxes (But see Exceptions , later. Amending 2011 taxes ) You must file even if: Your income did not come from a trade or business conducted in the United States, You have no income from U. Amending 2011 taxes S. Amending 2011 taxes sources, or Your income is exempt from income tax. Amending 2011 taxes A nonresident alien individual not engaged in a trade or business in the United States with U. Amending 2011 taxes S. Amending 2011 taxes income on which the tax liability was not satisfied by the withholding of tax at the source. Amending 2011 taxes A representative or agent responsible for filing the return of an individual described in (1) or (2). Amending 2011 taxes A fiduciary for a nonresident alien estate or trust. Amending 2011 taxes You must also file if you want to: Claim a refund of overwithheld or overpaid tax, or Claim the benefit of any deductions or credits. Amending 2011 taxes For example, if you have no U. Amending 2011 taxes S. Amending 2011 taxes business activities but have income from real property that you choose to treat as effectively connected income (discussed in chapter 4), you must timely file a true and accurate return to take any allowable deductions against that income. Amending 2011 taxes For information on what is timely, see When to file for deductions and credits under When To File, later. Amending 2011 taxes Exceptions. Amending 2011 taxes   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. Amending 2011 taxes Your only U. Amending 2011 taxes S. Amending 2011 taxes trade or business was the performance of personal services, and Your wages were less than $3,900, and You have no other need to file a return to claim a refund of overwithheld taxes, to satisfy additional withholding at source, or to claim income exempt or partly exempt by treaty. Amending 2011 taxes You were a nonresident alien student, teacher, or trainee who was temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa and you have no income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. Amending 2011 taxes Even if you have left the United States and filed a Form 1040-C, U. Amending 2011 taxes S. Amending 2011 taxes Departing Alien Income Tax Return, on departure, you still must file an annual U. Amending 2011 taxes S. Amending 2011 taxes income tax return. Amending 2011 taxes If you are married and both you and your spouse are required to file, you must each file a separate return. Amending 2011 taxes Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. Amending 2011 taxes You do not claim any dependents. Amending 2011 taxes You cannot be claimed as a dependent on someone else's U. Amending 2011 taxes S. Amending 2011 taxes tax return. Amending 2011 taxes If you were married, you do not claim an exemption for your spouse. Amending 2011 taxes Your taxable income is less than $100,000. Amending 2011 taxes The only itemized deduction you can claim is for state and local income taxes. Amending 2011 taxes Note. Amending 2011 taxes Residents of India who were students or business apprentices may be able to take the standard deduction instead of the itemized deduction for state and local income taxes. Amending 2011 taxes See chapter 5. Amending 2011 taxes Your only U. Amending 2011 taxes S. Amending 2011 taxes source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. Amending 2011 taxes (If you had taxable interest or dividend income, you cannot use this form. Amending 2011 taxes ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. Amending 2011 taxes You are not claiming any tax credits. Amending 2011 taxes This is not an “expatriation return. Amending 2011 taxes ” See Expatriation Tax in chapter 4. Amending 2011 taxes The only taxes you owe are: The income tax from the Tax Table. Amending 2011 taxes The social security and Medicare tax from Form 4137 or Form 8919. Amending 2011 taxes You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. Amending 2011 taxes You are not filing Form 8959, to figure the amount of Additional Medicare Tax you owe and/or the amount of Additional Medicare Tax withheld by your employer, if any. Amending 2011 taxes If you do not meet all of the above conditions, you must file Form 1040NR. Amending 2011 taxes When To File If you are an employee and you receive wages subject to U. Amending 2011 taxes S. Amending 2011 taxes income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. Amending 2011 taxes For the 2013 calendar year, file your return by April 15, 2014. Amending 2011 taxes If you are not an employee who receives wages subject to U. Amending 2011 taxes S. Amending 2011 taxes income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Amending 2011 taxes For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. Amending 2011 taxes ) Extensions of time to file. Amending 2011 taxes   If you cannot file your return by the due date, file Form 4868 or use one of the electronic filing options explained in the Form 4868 instructions. Amending 2011 taxes For the 2013 calendar year, this will extend the due date to October 15, 2014 (December 15, 2014, if the regular due date of your return is June 16, 2014). Amending 2011 taxes You must file the extension by the regular due date of your return. Amending 2011 taxes   In addition to the 6-month extension to October 15, taxpayers whose main place of business is outside the United States and Puerto Rico and who live outside those jurisdictions can request a discretionary 2-month extension of time to file their returns (to December 15 for calendar year taxpayers). Amending 2011 taxes To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Amending 2011 taxes Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Amending 2011 taxes When to file for deductions and credits. Amending 2011 taxes   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. Amending 2011 taxes For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. Amending 2011 taxes However, if you did not file a 2012 tax return and 2013 is not the first year for which you are required to file one, your 2013 return is timely for this purpose if it is filed by the earlier of: The date that is 16 months after the due date for filing your 2013 return, or The date the IRS notifies you that your 2013 return has not been filed and that you cannot claim certain deductions and credits. Amending 2011 taxes The allowance of the following credits is not affected by this time requirement. Amending 2011 taxes Credit for withheld taxes. Amending 2011 taxes Credit for excise tax on certain uses of gasoline and special fuels. Amending 2011 taxes Credit for tax paid by a mutual fund (or other regulated investment company) or a real estate investment trust on undistributed long-term capital gains. Amending 2011 taxes Protective return. Amending 2011 taxes   If your activities in the United States were limited and you do not believe that you had any gross income effectively connected with a U. Amending 2011 taxes S. Amending 2011 taxes trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. Amending 2011 taxes By filing a protective return, you protect your right to receive the benefit of deductions and credits in the event it is later determined that some or all of your income is effectively connected. Amending 2011 taxes You are not required to report any effectively connected income or any deductions on the protective return, but you must give the reason the return is being filed. Amending 2011 taxes   If you believe some of your activities resulted in effectively connected income, file your return reporting that income and related deductions by the regular due date. Amending 2011 taxes To protect your right to claim deductions or credits resulting from other activities, attach a statement to that return explaining that you wish to protect your right to claim deductions and credits if it is later determined that the other activities produced effectively connected income. Amending 2011 taxes   You can follow the same procedure if you believe you have no U. Amending 2011 taxes S. Amending 2011 taxes tax liability because of a U. Amending 2011 taxes S. Amending 2011 taxes tax treaty. Amending 2011 taxes Be sure to also complete item L on page 5 of Form 1040NR. Amending 2011 taxes Waiver of filing deadline. Amending 2011 taxes   The IRS may waive the filing deadline if you establish that, based on the facts and circumstances, you acted reasonably and in good faith in failing to file a U. Amending 2011 taxes S. Amending 2011 taxes income tax return (including a protective return) and you cooperate with the IRS in determining your U. Amending 2011 taxes S. Amending 2011 taxes income tax liability for the tax year for which you did not file a return. Amending 2011 taxes Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. Amending 2011 taxes  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. Amending 2011 taxes O. Amending 2011 taxes Box 1303 Charlotte, NC 28201-1303 Aliens from the U. Amending 2011 taxes S. Amending 2011 taxes Virgin Islands. Amending 2011 taxes    If you are a bona fide resident of the U. Amending 2011 taxes S. Amending 2011 taxes Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. Amending 2011 taxes S. Amending 2011 taxes Virgin Islands and file your income tax returns at the following address. Amending 2011 taxes Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. Amending 2011 taxes Thomas, VI 00802   Report all income from U. Amending 2011 taxes S. Amending 2011 taxes sources, as well as income from other sources, on your return. Amending 2011 taxes For information on filing U. Amending 2011 taxes S. Amending 2011 taxes Virgin Islands returns, contact the U. Amending 2011 taxes S. Amending 2011 taxes Virgin Islands Bureau of Internal Revenue. Amending 2011 taxes   Chapter 8 discusses withholding from U. Amending 2011 taxes S. Amending 2011 taxes wages of U. Amending 2011 taxes S. Amending 2011 taxes Virgin Islanders. Amending 2011 taxes Aliens from Guam or the Commonwealth of the Northern Mariana Islands. Amending 2011 taxes   If you are a bona fide resident of Guam or the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you must file your return with, and pay any tax due to, Guam or the CNMI. Amending 2011 taxes Report all income, including income from U. Amending 2011 taxes S. Amending 2011 taxes sources, on your return. Amending 2011 taxes It is not necessary to file a separate U. Amending 2011 taxes S. Amending 2011 taxes income tax return. Amending 2011 taxes    Bona fide residents of Guam should file their Guam returns at the following address. Amending 2011 taxes   Department of Revenue and Taxation Government of Guam P. Amending 2011 taxes O. Amending 2011 taxes Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. Amending 2011 taxes   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. Amending 2011 taxes O. Amending 2011 taxes Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. Amending 2011 taxes 570, Tax Guide for Individuals With Income From U. Amending 2011 taxes S. Amending 2011 taxes Possessions, for information on where to file your return. Amending 2011 taxes Amended Returns and Claims for Refund If you find changes in your income, deductions, or credits after you mail your return, file Form 1040X, Amended U. Amending 2011 taxes S. Amending 2011 taxes Individual Income Tax Return. Amending 2011 taxes Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. Amending 2011 taxes If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. Amending 2011 taxes ) to Form 1040X. Amending 2011 taxes Print “Amended” across the top. Amending 2011 taxes Ordinarily, an amended return claiming a refund must be filed within 3 years from the date your return was filed or within 2 years from the time the tax was paid, whichever is later. Amending 2011 taxes A return filed before the final due date is considered to have been filed on the due date. Amending 2011 taxes Other Forms You May Have To File You may be required to file information returns to report certain foreign income or assets, or monetary transactions. Amending 2011 taxes FinCen Form 105 FinCEN Form 105 (formerly Customs Form 4790), Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, currency or other monetary instruments in a total amount of more than $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States. Amending 2011 taxes The filing requirement also applies to each person who receives in the United States currency or monetary instruments totaling more than $10,000 at one time from any place outside of the United States. Amending 2011 taxes The term “monetary instruments” means the following: Coin and currency of the United States or of any other country, Travelers' checks in any form, Investment securities or stock in bearer form or otherwise in such form that title to them passes upon delivery, Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title to them passes upon delivery, and Checks, promissory notes, and money orders which are signed but on which the name of the payee has been omitted. Amending 2011 taxes However, the term does not include: Checks or money orders made payable to the order of a named person which have not been endorsed or which contain restrictive endorsements, Warehouse receipts, or Bills of lading. Amending 2011 taxes A transfer of funds through normal banking procedures (wire transfer) that does not involve the physical transportation of currency or monetary instruments is not required to be reported on FinCEN Form 105. Amending 2011 taxes Filing requirements. Amending 2011 taxes   FinCEN Form 105 filing requirements follow. Amending 2011 taxes Recipients. Amending 2011 taxes   Each person who receives currency or other monetary instruments in the United States must file FinCEN Form 105 within 15 days after receipt, with the Customs officer in charge at any port of entry or departure, or by mail at the following address. Amending 2011 taxes Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. Amending 2011 taxes   If the currency or other monetary instrument does not accompany the person entering or departing the United States, FinCEN Form 105 can be filed by mail at the above address on or before the date of entry, departure, mailing, or shipping. Amending 2011 taxes Travelers. Amending 2011 taxes   Travelers must file FinCEN Form 105 with the Customs officer in charge at any Customs port of entry or departure, when entering or departing the United States. Amending 2011 taxes Penalties. Amending 2011 taxes   Civil and criminal penalties are provided for failing to file a report, filing a report containing material omissions or misstatements, or filing a false or fraudulent report. Amending 2011 taxes Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. Amending 2011 taxes More information. Amending 2011 taxes   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. Amending 2011 taxes Form 8938 You may have to file Form 8938, Statement of Specified Foreign Financial Assets, to report the ownership of specified foreign financial asset(s) if you are one of the following individuals. Amending 2011 taxes A resident alien of the United States for any part of the tax year. Amending 2011 taxes A resident alien of the United States who elects to be treated as a resident of a foreign country under the provisions of a U. Amending 2011 taxes S. Amending 2011 taxes income tax treaty. Amending 2011 taxes See Effect of Tax Treaties in chapter 1. Amending 2011 taxes A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. Amending 2011 taxes See chapter 1 for information about this election. Amending 2011 taxes A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. Amending 2011 taxes See Publication 570, Tax Guide for Individuals With Income From U. Amending 2011 taxes S. Amending 2011 taxes Possessions, for a definition of bona fide resident. Amending 2011 taxes You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). Amending 2011 taxes The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. Amending 2011 taxes Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. Amending 2011 taxes S. Amending 2011 taxes person. Amending 2011 taxes You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. Amending 2011 taxes More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. Amending 2011 taxes Penalties The law provides penalties for failure to file returns or pay taxes as required. Amending 2011 taxes Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. Amending 2011 taxes You may also have to pay a penalty if you substantially understate your tax, file a frivolous tax submission, or fail to supply your taxpayer identification number. Amending 2011 taxes If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. Amending 2011 taxes Filing late. Amending 2011 taxes   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. Amending 2011 taxes The penalty is based on the tax not paid by the due date (without regard to extensions). Amending 2011 taxes The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. Amending 2011 taxes Fraud. Amending 2011 taxes   If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. Amending 2011 taxes Return over 60 days late. Amending 2011 taxes   If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Amending 2011 taxes Exception. Amending 2011 taxes   You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect. Amending 2011 taxes Paying tax late. Amending 2011 taxes   You will have to pay a failure-to-pay penalty of ½ of 1% (. Amending 2011 taxes 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. Amending 2011 taxes This penalty does not apply during the automatic 6-month extension of time to file period, if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. Amending 2011 taxes   The monthly rate of the failure-to-pay penalty is half the usual rate (. Amending 2011 taxes 25% instead of . Amending 2011 taxes 50%) if an installment agreement is in effect for that month. Amending 2011 taxes You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. Amending 2011 taxes   If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. Amending 2011 taxes If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued. Amending 2011 taxes   This penalty cannot be more than 25% of your unpaid tax. Amending 2011 taxes You will not have to pay the penalty if you can show that you had a good reason for not paying your tax on time. Amending 2011 taxes Combined penalties. Amending 2011 taxes   If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. Amending 2011 taxes However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Amending 2011 taxes Accuracy-related penalty. Amending 2011 taxes   You may have to pay an accuracy-related penalty if you underpay your tax because: You show negligence or disregard of rules or regulations, You substantially understate your income tax, You claim tax benefits for a transaction that lacks economic substance, or You fail to disclose a foreign financial asset. Amending 2011 taxes The penalty is equal to 20% of the underpayment. Amending 2011 taxes The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. Amending 2011 taxes The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. Amending 2011 taxes Negligence or disregard. Amending 2011 taxes   The term “negligence” includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return. Amending 2011 taxes Negligence also includes failure to keep adequate books and records. Amending 2011 taxes You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. Amending 2011 taxes   The term “disregard” includes any careless, reckless, or intentional disregard. Amending 2011 taxes Adequate disclosure. Amending 2011 taxes   You can avoid the penalty for disregard of rules or regulations if you adequately disclose on your return a position that has at least a reasonable basis. Amending 2011 taxes See Disclosure statement , later. Amending 2011 taxes   This exception will not apply to an item that is attributable to a tax shelter. Amending 2011 taxes In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. Amending 2011 taxes Substantial understatement of income tax. Amending 2011 taxes   You understate your tax if the tax shown on your return is less than the correct tax. Amending 2011 taxes The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. Amending 2011 taxes However, the amount of the understatement is reduced to the extent the understatement is due to: Substantial authority, or Adequate disclosure and a reasonable basis. Amending 2011 taxes   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. Amending 2011 taxes However, there is a reduction for a position with substantial authority, but only if you reasonably believed that your tax treatment was more likely than not the proper treatment. Amending 2011 taxes Substantial authority. Amending 2011 taxes   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. Amending 2011 taxes Consideration will be given to court opinions, Treasury regulations, revenue rulings, revenue procedures, and notices and announcements issued by the IRS and published in the Internal Revenue Bulletin that involve the same or similar circumstances as yours. Amending 2011 taxes Disclosure statement. Amending 2011 taxes   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. Amending 2011 taxes You must also have a reasonable basis for treating the item the way you did. Amending 2011 taxes   In cases of substantial understatement only, items that meet the requirements of Revenue Procedure 2012-51, 2012-51 IRB 719 (or later update) are considered adequately disclosed on your return without filing Form 8275. Amending 2011 taxes   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. Amending 2011 taxes Transaction lacking economic substance. Amending 2011 taxes   For more information on economic substance, see section 7701(o). Amending 2011 taxes Foreign financial asset. Amending 2011 taxes   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. Amending 2011 taxes Reasonable cause. Amending 2011 taxes   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. Amending 2011 taxes You must also show that you acted in good faith. Amending 2011 taxes This does not apply to a transaction that lacks economic substance. Amending 2011 taxes Filing erroneous claim for refund or credit. Amending 2011 taxes   You may have to pay a penalty if you file an erroneous claim for refund or credit. Amending 2011 taxes The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. Amending 2011 taxes However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. Amending 2011 taxes The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. Amending 2011 taxes Frivolous tax submission. Amending 2011 taxes   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. Amending 2011 taxes A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. Amending 2011 taxes For more information on frivolous returns, frivolous submissions, and a list of positions that are identified as frivolous, see Notice 2010-33, 2010-17 IRB 609 available at www. Amending 2011 taxes irs. Amending 2011 taxes gov/irb/2010-17_irb/ar13. Amending 2011 taxes html. Amending 2011 taxes   You will have to pay the penalty if you filed this kind of return or submission based on a frivolous position or a desire to delay or interfere with the administration of federal tax laws. Amending 2011 taxes This includes altering or striking out the preprinted language above the space provided for your signature. Amending 2011 taxes   This penalty is added to any other penalty provided by law. Amending 2011 taxes Fraud. Amending 2011 taxes   If there is any underpayment of tax on your return due to fraud, a penalty of 75% of the underpayment due to fraud will be added to your tax. Amending 2011 taxes Failure to supply taxpayer identification number. Amending 2011 taxes   If you do not include your social security number (SSN) or individual taxpayer identification number (ITIN) or the SSN or ITIN of another person where required on a return, statement, or other document, you will be subject to a penalty of $50 for each failure. Amending 2011 taxes You will also be subject to a penalty of $50 if you do not give your SSN or ITIN to another person when it is required on a return, statement, or other document. Amending 2011 taxes   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. Amending 2011 taxes The number must be shown on the Form 1099-INT or other statement the bank sends you. Amending 2011 taxes If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. Amending 2011 taxes (You also may be subject to “backup” withholding of income tax. Amending 2011 taxes )   You will not have to pay the penalty if you are able to show that the failure was due to reasonable cause and not willful neglect. Amending 2011 taxes Criminal Penalties You may be subject to criminal prosecution (brought to trial) for actions such as: Tax evasion, Willful failure to file a return, supply information, or pay any tax due, Fraud and false statements, or Preparing and filing a fraudulent return. Amending 2011 taxes Prev  Up  Next   Home   More Online Publications
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The Amending 2011 Taxes

Amending 2011 taxes 1. Amending 2011 taxes   Scholarships, Fellowships, Grants, and Tuition Reductions Table of Contents Reminder Introduction Scholarships and FellowshipsTax-Free Scholarships and Fellowships Taxable Scholarships and Fellowships Reporting Scholarships and Fellowships Other Types of Educational AssistanceFulbright Grants Pell Grants and Other Title IV Need-Based Education Grants Payment to Service Academy Cadets Veterans' Benefits Qualified Tuition Reduction Reminder Individual retirement arrangements (IRAs). Amending 2011 taxes  You can set up and make contributions to an IRA if you receive taxable compensation. Amending 2011 taxes Under this rule, a taxable scholarship or fellowship is compensation only if it is shown in box 1 of your Form W-2, Wage and Tax Statement. Amending 2011 taxes For more information about IRAs, see Publication 590. Amending 2011 taxes Introduction This chapter discusses the income tax treatment of various types of educational assistance you may receive if you are studying, teaching, or researching in the United States. Amending 2011 taxes The educational assistance can be for a primary or secondary school, a college or university, or a vocational school. Amending 2011 taxes Included are discussions of: Scholarships, Fellowships, Need-based education grants, such as a Pell Grant, and Qualified tuition reductions. Amending 2011 taxes Many types of educational assistance are tax free if they meet the requirements discussed here. Amending 2011 taxes Special rules apply to U. Amending 2011 taxes S. Amending 2011 taxes citizens and resident aliens who have received scholarships or fellowships for studying, teaching, or researching abroad. Amending 2011 taxes For information about these rules, see Publication 54, Tax Guide for U. Amending 2011 taxes S. Amending 2011 taxes Citizens and Resident Aliens Abroad. Amending 2011 taxes Scholarships and Fellowships A scholarship is generally an amount paid or allowed to, or for the benefit of, a student (whether an undergraduate or a graduate) at an educational institution to aid in the pursuit of his or her studies. Amending 2011 taxes A fellowship is generally an amount paid for the benefit of an individual to aid in the pursuit of study or research. Amending 2011 taxes Amount of scholarship or fellowship. Amending 2011 taxes   The amount of a scholarship or fellowship includes the following: The value of contributed services and accommodations. Amending 2011 taxes This includes such services and accommodations as room (lodging), board (meals), laundry service, and similar services or accommodations that are received by an individual as a part of a scholarship or fellowship. Amending 2011 taxes The amount of tuition, matriculation, and other fees that are paid or remitted to the student to aid the student in pursuing study or research. Amending 2011 taxes Any amount received in the nature of a family allowance as a part of a scholarship or fellowship. Amending 2011 taxes Tax-Free Scholarships and Fellowships A scholarship or fellowship is tax free (excludable from gross income) only if you are a candidate for a degree at an eligible educational institution. Amending 2011 taxes A scholarship or fellowship is tax free only to the extent: It does not exceed your expenses; It is not designated or earmarked for other purposes (such as room and board), and does not require (by its terms) that it cannot be used for qualified education expenses; and It does not represent payment for teaching, research, or other services required as a condition for receiving the scholarship. Amending 2011 taxes (But for exceptions, see Payment for services,later. Amending 2011 taxes Use Worksheet 1–1 to figure the amount of a scholarship or fellowship you can exclude from gross income. Amending 2011 taxes Candidate for a degree. Amending 2011 taxes   You are a candidate for a degree if you: Attend a primary or secondary school or are pursuing a degree at a college or university, or Attend an educational institution that: Provides a program that is acceptable for full credit toward a bachelor's or higher degree, or offers a program of training to prepare students for gainful employment in a recognized occupation; and Is authorized under federal or state law to provide such a program and is accredited by a nationally recognized accreditation agency. Amending 2011 taxes Eligible educational institution. Amending 2011 taxes   An eligible educational institution is one whose primary function is the presentation of formal instruction and that normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. Amending 2011 taxes Qualified education expenses. Amending 2011 taxes   For purposes of tax-free scholarships and fellowships, these are expenses for: Tuition and fees required to enroll at or attend an eligible educational institution, and Course-related expenses, such as fees, books, supplies, and equipment that are required for the courses at the eligible educational institution. Amending 2011 taxes These items must be required of all students in your course of instruction. Amending 2011 taxes Expenses that do not qualify. Amending 2011 taxes   Qualified education expenses do not include the cost of: Room and board, Travel, Research, Clerical help, or Equipment and other expenses that are not required for enrollment in or attendance at an eligible educational institution. Amending 2011 taxes Payment for services. Amending 2011 taxes   Generally, you cannot exclude from your gross income the part of any scholarship or fellowship that represents payment for teaching, research, or other services required as a condition for receiving the scholarship. Amending 2011 taxes This applies even if all candidates for a degree must perform the services to receive the degree. Amending 2011 taxes (See exceptions next. Amending 2011 taxes ) Exceptions. Amending 2011 taxes   You do not have to treat as payment for services the part of any scholarship or fellowship that represents payment for teaching, research, or other services if you receive the amount under: The National Health Service Corps Scholarship Program, or The Armed Forces Health Professions Scholarship and Financial Assistance Program. Amending 2011 taxes Example 1. Amending 2011 taxes You received a scholarship of $2,500. Amending 2011 taxes The scholarship was not received under either of the exceptions mentioned above. Amending 2011 taxes As a condition for receiving the scholarship, you must serve as a part-time teaching assistant. Amending 2011 taxes Of the $2,500 scholarship, $1,000 represents payment for teaching. Amending 2011 taxes The provider of your scholarship gives you a Form W-2 showing $1,000 as income. Amending 2011 taxes Your qualified education expenses were at least $1,500. Amending 2011 taxes Assuming that all other conditions are met, $1,500 of your scholarship is tax free. Amending 2011 taxes The $1,000 you received for teaching is taxable. Amending 2011 taxes Example 2. Amending 2011 taxes You are a candidate for a degree at a medical school. Amending 2011 taxes You receive a scholarship (not under either of the exceptions mentioned above) for your medical education and training. Amending 2011 taxes The terms of your scholarship require you to perform future services. Amending 2011 taxes A substantial penalty applies if you do not comply. Amending 2011 taxes The entire amount of your grant is taxable as payment for services in the year it is received. Amending 2011 taxes Athletic Scholarships An athletic scholarship is tax free only if and to the extent it meets the requirements discussed later. Amending 2011 taxes Worksheet 1-1. Amending 2011 taxes    You can use Worksheet 1-1, Taxable Scholarship and Fellowship Income , later, to figure the tax-free and taxable parts of your athletic scholarship. Amending 2011 taxes    Worksheet 1-1. Amending 2011 taxes Taxable Scholarship and Fellowship Income 1. Amending 2011 taxes Enter the total amount of any scholarship or fellowship for 2013. Amending 2011 taxes See Amount of scholarship or fellowship, earlier. Amending 2011 taxes 1. Amending 2011 taxes       If you are a degree candidate at an eligible educational institution, go to line 2. Amending 2011 taxes If you are not a degree candidate at an eligible educational institution, stop here. Amending 2011 taxes The entire amount is taxable. Amending 2011 taxes For information on how to report this amount on your tax return, see Reporting Scholarships and Fellowships , earlier, in this chapter. Amending 2011 taxes       2. Amending 2011 taxes Enter the amount from line 1 that was for teaching, research, or any other services required as a condition for receiving the scholarship. Amending 2011 taxes (Do not include amounts received for these items under the National Health Service Corps Scholarship Program or the Armed Forces Health Professions Scholarship and Financial Assistance Program. Amending 2011 taxes ) 2. Amending 2011 taxes     3. Amending 2011 taxes Subtract line 2 from line 1 3. Amending 2011 taxes     4. Amending 2011 taxes Enter the amount from line 3 that your scholarship or fellowship required you to use for other than qualified education expenses 4. Amending 2011 taxes     5. Amending 2011 taxes Subtract line 4 from line 3 5. Amending 2011 taxes     6. Amending 2011 taxes Enter the amount of your qualified education expenses 6. Amending 2011 taxes     7. Amending 2011 taxes Enter the smaller of line 5 or line 6. Amending 2011 taxes This amount is the most you can exclude from your gross income (the tax-free part of the scholarship or fellowship) 7. Amending 2011 taxes     8. Amending 2011 taxes Subtract line 7 from line 5 8. Amending 2011 taxes     9. Amending 2011 taxes Taxable part. Amending 2011 taxes Add lines 2, 4, and 8. Amending 2011 taxes See Reporting Scholarships and Fellowships , earlier, for how to report this amount on your tax return 9. Amending 2011 taxes     Taxable Scholarships and Fellowships If and to the extent your scholarship or fellowship does not meet the requirements described earlier, it is taxable and must be included in gross income. Amending 2011 taxes You can use Worksheet 1–1, Taxable Scholarship and Fellowship Income, later, to figure the tax-free and taxable parts of your scholarship or fellowship. Amending 2011 taxes Reporting Scholarships and Fellowships Whether you must report your scholarship or fellowship depends on whether you must file a return and whether any part of your scholarship or fellowship is taxable. Amending 2011 taxes If your only income is a completely tax-free scholarship or fellowship, you do not have to file a tax return and no reporting is necessary. Amending 2011 taxes If all or part of your scholarship or fellowship is taxable and you are required to file a tax return, report the taxable amount as explained below. Amending 2011 taxes You must report the taxable amount whether or not you received a Form W-2. Amending 2011 taxes If you receive an incorrect Form W-2, ask the payer for a corrected one. Amending 2011 taxes For information on whether you must file a return, see Publication 501, Exemptions, Standard Deduction, and Filing Information, or your income tax form instructions. Amending 2011 taxes How To Report How you report any taxable scholarship or fellowship income depends on which return you file. Amending 2011 taxes Form 1040EZ. Amending 2011 taxes   If you file Form 1040EZ, include the taxable amount in the total on line 1. Amending 2011 taxes If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount in the space to the left of line 1. Amending 2011 taxes Form 1040A. Amending 2011 taxes   If you file Form 1040A, include the taxable amount in the total on line 7. Amending 2011 taxes If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount in the space to the left of line 7. Amending 2011 taxes Form 1040. Amending 2011 taxes   If you file Form 1040, include the taxable amount in the total on line 7. Amending 2011 taxes If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount on the dotted line next to line 7. Amending 2011 taxes Schedule SE (Form 1040). Amending 2011 taxes   To determine your net earnings from self-employment, include amounts you receive under a scholarship as pay for your services that are reported to you on Form 1099-MISC, Miscellaneous Income. Amending 2011 taxes If your net earnings are $400 or more, you must pay self-employment tax. Amending 2011 taxes Use Schedule SE, Self-Employment Tax, to figure this tax. Amending 2011 taxes Form 1040NR. Amending 2011 taxes   If you file Form 1040NR, report the taxable amount on line 12. Amending 2011 taxes Generally, you must report the amount shown in box 2 of Form(s) 1042-S, Foreign Person's U. Amending 2011 taxes S. Amending 2011 taxes Source Income Subject to Withholding. Amending 2011 taxes See the Instructions for Form 1040NR for more information. Amending 2011 taxes Form 1040NR-EZ. Amending 2011 taxes   If you file Form 1040NR-EZ, report the taxable amount on line 5. Amending 2011 taxes Generally, you must report the amount shown in box 2 of Form(s) 1042-S. Amending 2011 taxes See the Instructions for Form 1040NR-EZ for more information. Amending 2011 taxes Other Types of Educational Assistance The following discussions deal with other common types of educational assistance. Amending 2011 taxes Fulbright Grants A Fulbright grant is generally treated as a scholarship or fellowship in figuring how much of the grant is tax free. Amending 2011 taxes Pell Grants and Other Title IV Need-Based Education Grants These need-based grants are treated as scholarships for purposes of determining their tax treatment. Amending 2011 taxes They are tax free to the extent used for qualified education expenses during the period for which a grant is awarded. Amending 2011 taxes Payment to Service Academy Cadets An appointment to a United States military academy is not a scholarship or fellowship. Amending 2011 taxes Payment you receive as a cadet or midshipman at an armed services academy is pay for personal services and will be reported to you in box 1 of Form W-2. Amending 2011 taxes Include this pay in your income in the year you receive it unless one of the exceptions, discussed earlier under Payment for services , applies. Amending 2011 taxes Veterans' Benefits Payments you receive for education, training, or subsistence under any law administered by the Department of Veterans Affairs (VA) are tax free. Amending 2011 taxes Do not include these payments as income on your federal tax return. Amending 2011 taxes If you qualify for one or more of the education benefits discussed in chapters 2 through 12, you may have to reduce the amount of education expenses qualifying for a specific benefit by part or all of your VA payments. Amending 2011 taxes This applies only to the part of your VA payments that is required to be used for education expenses. Amending 2011 taxes You may want to visit the Veteran's Administration website at www. Amending 2011 taxes gibill. Amending 2011 taxes va. Amending 2011 taxes gov for specific information about the various VA benefits for education. Amending 2011 taxes Example. Amending 2011 taxes You have returned to college and are receiving two education benefits under the latest GI Bill: (1) a $1,534 monthly basic housing allowance (BHA) that is directly deposited to your checking account, and (2) $3,840 paid directly to your college for tuition. Amending 2011 taxes Neither of these benefits is taxable and you do not report them on your tax return. Amending 2011 taxes You also want to claim an American opportunity credit on your return. Amending 2011 taxes You paid $5,000 in qualified education expenses (see chapter 2, American Opportunity Credit , later). Amending 2011 taxes To figure the amount of credit, you must first subtract the $3,840 from your qualified education expenses because this payment under the GI Bill was required to be used for education expenses. Amending 2011 taxes You do not subtract any amount of the BHA because it was paid to you and its use was not restricted. Amending 2011 taxes Qualified Tuition Reduction If you are allowed to study tuition free or for a reduced rate of tuition, you may not have to pay tax on this benefit. Amending 2011 taxes This is called a “tuition reduction. Amending 2011 taxes ” You do not have to include a qualified tuition reduction in your income. Amending 2011 taxes A tuition reduction is qualified only if you receive it from, and use it at, an eligible educational institution. Amending 2011 taxes You do not have to use the tuition reduction at the eligible educational institution from which you received it. Amending 2011 taxes In other words, if you work for an eligible educational institution and the institution arranges for you to take courses at another eligible educational institution without paying any tuition, you may not have to include the value of the free courses in your income. Amending 2011 taxes The rules for determining if a tuition reduction is qualified, and therefore tax free, are different if the education provided is below the graduate level or is graduate education. Amending 2011 taxes You must include in your income any tuition reduction you receive that is payment for your services. Amending 2011 taxes Eligible educational institution. Amending 2011 taxes   An eligible educational institution is one that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. Amending 2011 taxes Officers, owners, and highly compensated employees. Amending 2011 taxes   Qualified tuition reductions apply to officers, owners, or highly compensated employees only if benefits are available to employees on a nondiscriminatory basis. Amending 2011 taxes This means that the tuition reduction benefits must be available on substantially the same basis to each member of a group of employees. Amending 2011 taxes The group must be defined under a reasonable classification set up by the employer. Amending 2011 taxes The classification must not discriminate in favor of owners, officers, or highly compensated employees. Amending 2011 taxes Payment for services. Amending 2011 taxes   Generally, you must include in income the part of any qualified tuition reduction that represents payment for teaching, research, or other services by the student required as a condition of receiving the qualified tuition reduction. Amending 2011 taxes This applies even if all candidates for a degree must perform the services to receive the degree. Amending 2011 taxes (See below for exceptions. Amending 2011 taxes ) Exceptions. Amending 2011 taxes   You do not have to include in income the part of any scholarship or fellowship that represents payment for teaching, research, or other services if you receive the amount under: The National Health Service Corps Scholarship Program, or The Armed Forces Health Professions Scholarship and Financial Assistance Program. Amending 2011 taxes Education Below the Graduate Level If you receive a tuition reduction for education below the graduate level (including primary, secondary, or high school), it is a qualified tuition reduction, and therefore tax free, only if your relationship to the educational institution providing the benefit is described below. Amending 2011 taxes You are an employee of the eligible educational institution. Amending 2011 taxes You were an employee of the eligible educational institution, but you retired or left on disability. Amending 2011 taxes You are a widow or widower of an individual who died while an employee of the eligible educational institution or who retired or left on disability. Amending 2011 taxes You are the dependent child or spouse of an individual described in (1) through (3), above. Amending 2011 taxes Child of deceased parents. Amending 2011 taxes   For purposes of the qualified tuition reduction, a child is a dependent child if the child is under age 25 and both parents have died. Amending 2011 taxes Child of divorced parents. Amending 2011 taxes   For purposes of the qualified tuition reduction, a dependent child of divorced parents is treated as the dependent of both parents. Amending 2011 taxes Graduate Education A tuition reduction you receive for graduate education is qualified, and therefore tax free, if both of the following requirements are met. Amending 2011 taxes It is provided by an eligible educational institution. Amending 2011 taxes You are a graduate student who performs teaching or research activities for the educational institution. Amending 2011 taxes You must include in income any other tuition reductions for graduate education that you receive. Amending 2011 taxes How To Report Any tuition reduction that is taxable should be included as wages in box 1 of your Form W-2. Amending 2011 taxes Report the amount from Form W-2, box 1, on line 7 (Form 1040 or Form 1040A) or line 1 (Form 1040EZ). Amending 2011 taxes Prev  Up  Next   Home   More Online Publications