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Copy 2011 Taxes

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Copy 2011 taxes 37. Copy 2011 taxes   Other Credits Table of Contents What's New Introduction Useful Items - You may want to see: Nonrefundable CreditsAdoption Credit Alternative Motor Vehicle Credit Alternative Fuel Vehicle Refueling Property Credit Credit to Holders of Tax Credit Bonds Foreign Tax Credit Mortgage Interest Credit Nonrefundable Credit for Prior Year Minimum Tax Plug-in Electric Drive Motor Vehicle Credit Residential Energy Credits Retirement Savings Contributions Credit (Saver's Credit) Refundable CreditsCredit for Tax on Undistributed Capital Gain Health Coverage Tax Credit Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld What's New Adoption credit. Copy 2011 taxes  The maximum adoption credit is $12,970 for 2013. Copy 2011 taxes See Adoption Credit . Copy 2011 taxes Plug-in electric vehicle credit. Copy 2011 taxes  This credit has expired. Copy 2011 taxes Credit for prior year minimum tax. Copy 2011 taxes  The refundable portion of the credit for prior year minimum tax has expired. Copy 2011 taxes Excess withholding of social security and railroad retirement tax. Copy 2011 taxes  Social security tax and tier 1 railroad retirement (RRTA) tax were both withheld during 2013 at a rate of 6. Copy 2011 taxes 2% of wages up to $113,700. Copy 2011 taxes If you worked for more than one employer and had too much social security or RRTA tax withheld during 2013, you may be entitled to a credit for the excess withholding. Copy 2011 taxes See Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld . Copy 2011 taxes Introduction This chapter discusses the following nonrefundable credits. Copy 2011 taxes Adoption credit. Copy 2011 taxes Alternative motor vehicle credit. Copy 2011 taxes Alternative fuel vehicle refueling property credit. Copy 2011 taxes Credit to holders of tax credit bonds. Copy 2011 taxes Foreign tax credit. Copy 2011 taxes Mortgage interest credit. Copy 2011 taxes Nonrefundable credit for prior year minimum tax. Copy 2011 taxes Plug-in electric drive motor vehicle credit. Copy 2011 taxes Residential energy credits. Copy 2011 taxes Retirement savings contributions credit. Copy 2011 taxes This chapter also discusses the following refundable credits. Copy 2011 taxes Credit for tax on undistributed capital gain. Copy 2011 taxes Health coverage tax credit. Copy 2011 taxes Credit for excess social security tax or railroad retirement tax withheld. Copy 2011 taxes Several other credits are discussed in other chapters in this publication. Copy 2011 taxes Child and dependent care credit (chapter 32). Copy 2011 taxes Credit for the elderly or the disabled (chapter 33). Copy 2011 taxes Child tax credit (chapter 34). Copy 2011 taxes Education credits (chapter 35). Copy 2011 taxes Earned income credit (chapter 36). Copy 2011 taxes Nonrefundable credits. Copy 2011 taxes   The first part of this chapter, Nonrefundable Credits , covers ten credits that you subtract from your tax. Copy 2011 taxes These credits may reduce your tax to zero. Copy 2011 taxes If these credits are more than your tax, the excess is not refunded to you. Copy 2011 taxes Refundable credits. Copy 2011 taxes   The second part of this chapter, Refundable Credits , covers three credits that are treated as payments and are refundable to you. Copy 2011 taxes These credits are added to the federal income tax withheld and any estimated tax payments you made. Copy 2011 taxes If this total is more than your total tax, the excess will be refunded to you. Copy 2011 taxes Useful Items - You may want to see: Publication 502 Medical and Dental Expenses 514 Foreign Tax Credit for  Individuals 530 Tax Information for Homeowners 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) 1116 Foreign Tax Credit 2439 Notice to Shareholder of Undistributed Long-Term Capital Gains 5695 Residential Energy Credits 8396 Mortgage Interest Credit 8801 Credit For Prior Year Minimum Tax — Individuals, Estates, and Trusts 8828 Recapture of Federal Mortgage Subsidy 8839 Qualified Adoption Expenses 8880 Credit for Qualified Retirement Savings Contributions 8885 Health Coverage Tax Credit 8910 Alternative Motor Vehicle Credit 8911 Alternative Fuel Vehicle Refueling Property Credit 8912 Credit to Holders of Tax Credit Bonds 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit Nonrefundable Credits The credits discussed in this part of the chapter can reduce your tax. Copy 2011 taxes However, if the total of these credits is more than your tax, the excess is not refunded to you. Copy 2011 taxes Adoption Credit You may be able to take a tax credit of up to $12,970 for qualified expenses paid to adopt an eligible child. Copy 2011 taxes The credit may be allowed for the adoption of a child with special needs even if you do not have any qualified expenses. Copy 2011 taxes If your modified adjusted gross income (AGI) is more than $194,580, your credit is reduced. Copy 2011 taxes If your modified AGI is $234,580 or more, you cannot take the credit. Copy 2011 taxes Qualified adoption expenses. Copy 2011 taxes   Qualified adoption expenses are reasonable and necessary expenses directly related to, and whose principal purpose is for, the legal adoption of an eligible child. Copy 2011 taxes These expenses include: Adoption fees, Court costs, Attorney fees, Travel expenses (including amounts spent for meals and lodging) while away from home, and Re-adoption expenses to adopt a foreign child. Copy 2011 taxes Nonqualified expenses. Copy 2011 taxes   Qualified adoption expenses do not include expenses: That violate state or federal law, For carrying out any surrogate parenting arrangement, For the adoption of your spouse's child, For which you received funds under any federal, state, or local program, Allowed as a credit or deduction under any other federal income tax rule, or Paid or reimbursed by your employer or any other person or organization. Copy 2011 taxes Eligible child. Copy 2011 taxes   The term “eligible child” means any individual: Under 18 years old, or Physically or mentally incapable of caring for himself or herself. Copy 2011 taxes Child with special needs. Copy 2011 taxes   An eligible child is a child with special needs if all three of the following apply. Copy 2011 taxes The child was a citizen or resident of the United States (including U. Copy 2011 taxes S. Copy 2011 taxes possessions) at the time the adoption process began. Copy 2011 taxes A state (including the District of Columbia) has determined that the child cannot or should not be returned to his or her parents' home. Copy 2011 taxes The state has determined that the child will not be adopted unless assistance is provided to the adoptive parents. Copy 2011 taxes Factors used by states to make this determination include: The child's ethnic background, The child's age, Whether the child is a member of a minority or sibling group, and Whether the child has a medical condition or a physical, mental, or emotional handicap. Copy 2011 taxes When to take the credit. Copy 2011 taxes   Generally, until the adoption becomes final, you take the credit in the year after your qualified expenses were paid or incurred. Copy 2011 taxes If the adoption becomes final, you take the credit in the year your expenses were paid or incurred. Copy 2011 taxes See the Instructions for Form 8839 for more specific information on when to take the credit. Copy 2011 taxes Foreign child. Copy 2011 taxes   If the child is not a U. Copy 2011 taxes S. Copy 2011 taxes citizen or resident at the time the adoption process began, you cannot take the credit unless the adoption becomes final. Copy 2011 taxes You treat all adoption expenses paid or incurred in years before the adoption becomes final as paid or incurred in the year it becomes final. Copy 2011 taxes How to take the credit. Copy 2011 taxes   Figure your 2013 nonrefundable credit and any carryforward to 2014 on Form 8839 and attach it to your Form 1040. Copy 2011 taxes Include the credit in your total for Form 1040, line 53. Copy 2011 taxes Check box c and enter “8839” on the line next to that box. Copy 2011 taxes More information. Copy 2011 taxes   For more information, see the Instructions for Form 8839. Copy 2011 taxes Alternative Motor Vehicle Credit You may be able to take this credit if you place a qualified fuel cell vehicle in service in 2013. Copy 2011 taxes Amount of credit. Copy 2011 taxes   Generally, you can rely on the manufacturer's certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and the amount of the credit for which it qualifies. Copy 2011 taxes In the case of a foreign manufacturer, you generally can rely on its domestic distributor's certification to the IRS. Copy 2011 taxes   Ordinarily the amount of the credit is 100% of the manufacturer's (or domestic distributor's) certification to the IRS of the maximum credit allowable. Copy 2011 taxes How to take the credit. Copy 2011 taxes   To take the credit, you must complete Form 8910 and attach it to your Form 1040. Copy 2011 taxes Include the credit in your total for Form 1040, line 53. Copy 2011 taxes Check box c and enter “8910” on the line next to that box. Copy 2011 taxes More information. Copy 2011 taxes   For more information on the credit, see the Instructions for Form 8910. Copy 2011 taxes Alternative Fuel Vehicle Refueling Property Credit You may be able to take a credit if you place qualified alternative fuel vehicle refueling property in service in 2013. Copy 2011 taxes Qualified alternative fuel vehicle refueling property. Copy 2011 taxes   Qualified alternative fuel vehicle refueling property is any property (other than a building or its structural components) used for either of the following. Copy 2011 taxes To store or dispense alternative fuel into the fuel tank of a motor vehicle propelled by the fuel, but only if the storage or dispensing is at the point where the fuel is delivered into that tank. Copy 2011 taxes To recharge an electric vehicle, but only if the recharging property is located at the point where the vehicle is recharged. Copy 2011 taxes   The following are alternative fuels. Copy 2011 taxes Any fuel at least 85% of the volume of which consists of one or more of the following: ethanol, natural gas, compressed natural gas, liquefied natural gas, liquefied petroleum gas, or hydrogen. Copy 2011 taxes Any mixture which consists of two or more of the following: biodiesel, diesel fuel, or kerosene, and at least 20% of the volume of which consists of biodiesel determined without regard to any kerosene. Copy 2011 taxes Electricity. Copy 2011 taxes Amount of the credit. Copy 2011 taxes   For personal use property, the credit is generally the smaller of 30% of the property's cost or $1,000. Copy 2011 taxes For business use property, the credit is generally the smaller of 30% of the property's cost or $30,000. Copy 2011 taxes How to take the credit. Copy 2011 taxes   To take the credit, you must complete Form 8911 and attach it to your Form 1040. Copy 2011 taxes Include the credit in your total for Form 1040, line 53. Copy 2011 taxes Check box c and enter “8911” on the line next to that box. Copy 2011 taxes More information. Copy 2011 taxes   For more information on the credit, see the Form 8911 instructions. Copy 2011 taxes Credit to Holders of Tax Credit Bonds Tax credit bonds are bonds in which the holder receives a tax credit in lieu of some or all of the interest on the bond. Copy 2011 taxes You may be able to take a credit if you are a holder of one of the following bonds. Copy 2011 taxes Clean renewable energy bonds (issued before 2010). Copy 2011 taxes New clean renewable energy bonds. Copy 2011 taxes Qualified energy conservation bonds. Copy 2011 taxes Qualified school construction bonds. Copy 2011 taxes Qualified zone academy bonds. Copy 2011 taxes Build America bonds. Copy 2011 taxes In some instances, an issuer may elect to receive a credit for interest paid on the bond. Copy 2011 taxes If the issuer makes this election, you cannot also claim a credit. Copy 2011 taxes Interest income. Copy 2011 taxes   The amount of any tax credit allowed (figured before applying tax liability limits) must be included as interest income on your tax return. Copy 2011 taxes How to take the credit. Copy 2011 taxes   Complete Form 8912 and attach it to your Form 1040. Copy 2011 taxes Include the credit in your total for Form 1040, line 53. Copy 2011 taxes Check box c and enter “8912” on the line next to that box. Copy 2011 taxes More information. Copy 2011 taxes   For more information, see the Instructions for Form 8912. Copy 2011 taxes Foreign Tax Credit You generally can choose to take income taxes you paid or accrued during the year to a foreign country or U. Copy 2011 taxes S. Copy 2011 taxes possession as a credit against your U. Copy 2011 taxes S. Copy 2011 taxes income tax. Copy 2011 taxes Or, you can deduct them as an itemized deduction (see chapter 22). Copy 2011 taxes You cannot take a credit (or deduction) for foreign income taxes paid on income that you exclude from U. Copy 2011 taxes S. Copy 2011 taxes tax under any of the following. Copy 2011 taxes Foreign earned income exclusion. Copy 2011 taxes Foreign housing exclusion. Copy 2011 taxes Income from Puerto Rico exempt from U. Copy 2011 taxes S. Copy 2011 taxes tax. Copy 2011 taxes Possession exclusion. Copy 2011 taxes Limit on the credit. Copy 2011 taxes   Unless you can elect not to file Form 1116 (see Exception , later), your foreign tax credit cannot be more than your U. Copy 2011 taxes S. Copy 2011 taxes tax liability (Form 1040, line 44), multiplied by a fraction. Copy 2011 taxes The numerator of the fraction is your taxable income from sources outside the United States. Copy 2011 taxes The denominator is your total taxable income from U. Copy 2011 taxes S. Copy 2011 taxes and foreign sources. Copy 2011 taxes See Publication 514 for more information. Copy 2011 taxes How to take the credit. Copy 2011 taxes   Complete Form 1116 and attach it to your Form 1040. Copy 2011 taxes Enter the credit on Form 1040, line 47. Copy 2011 taxes Exception. Copy 2011 taxes   You do not have to complete Form 1116 to take the credit if all of the following apply. Copy 2011 taxes All of your gross foreign source income was from interest and dividends and all of that income and the foreign tax paid on it were reported to you on Form 1099-INT, Form 1099-DIV, or Schedule K-1 (or substitute statement). Copy 2011 taxes If you had dividend income from shares of stock, you held those shares for at least 16 days. Copy 2011 taxes You are not filing Form 4563 or excluding income from sources within Puerto Rico. Copy 2011 taxes The total of your foreign taxes was not more than $300 (not more than $600 if married filing jointly). Copy 2011 taxes All of your foreign taxes were: Legally owed and not eligible for a refund, and Paid to countries that are recognized by the United States and do not support terrorism. Copy 2011 taxes More information. Copy 2011 taxes   For more information on the credit and these requirements, see the Instructions for Form 1116. Copy 2011 taxes Mortgage Interest Credit The mortgage interest credit is intended to help lower-income individuals own a home. Copy 2011 taxes If you qualify, you can take the credit each year for part of the home mortgage interest you pay. Copy 2011 taxes Who qualifies. Copy 2011 taxes   You may be eligible for the credit if you were issued a qualified mortgage credit certificate (MCC) from your state or local government. Copy 2011 taxes Generally, an MCC is issued only in connection with a new mortgage for the purchase of your main home. Copy 2011 taxes Amount of credit. Copy 2011 taxes   Figure your credit on Form 8396. Copy 2011 taxes If your mortgage loan amount is equal to (or smaller than) the certified indebtedness (loan) amount shown on your MCC, enter on Form 8396, line 1, all the interest you paid on your mortgage during the year. Copy 2011 taxes   If your mortgage loan amount is larger than the certified indebtedness amount shown on your MCC, you can figure the credit on only part of the interest you paid. Copy 2011 taxes To find the amount to enter on line 1, multiply the total interest you paid during the year on your mortgage by the following fraction. Copy 2011 taxes      Certified indebtedness amount on your MCC     Original amount of your mortgage   Limit based on credit rate. Copy 2011 taxes   If the certificate credit rate is more than 20%, the credit you are allowed cannot be more than $2,000. Copy 2011 taxes If two or more persons (other than a married couple filing a joint return) hold an interest in the home to which the MCC relates, this $2,000 limit must be divided based on the interest held by each person. Copy 2011 taxes See Publication 530 for more information. Copy 2011 taxes Carryforward. Copy 2011 taxes   Your credit (after applying the limit based on the credit rate) is also subject to a limit based on your tax that is figured using Form 8396. Copy 2011 taxes If your allowable credit is reduced because of this tax liability limit, you can carry forward the unused portion of the credit to the next 3 years or until used, whichever comes first. Copy 2011 taxes   If you are subject to the $2,000 limit because your certificate credit rate is more than 20%, you cannot carry forward any amount more than $2,000 (or your share of the $2,000 if you must divide the credit). Copy 2011 taxes How to take the credit. Copy 2011 taxes    Figure your 2013 credit and any carryforward to 2014 on Form 8396, and attach it to your Form 1040. Copy 2011 taxes Be sure to include any credit carryforward from 2010, 2011, and 2012. Copy 2011 taxes   Include the credit in your total for Form 1040, line 53. Copy 2011 taxes Check box c and enter “8396” on the line next to that box. Copy 2011 taxes Reduced home mortgage interest deduction. Copy 2011 taxes   If you itemize your deductions on Schedule A (Form 1040), you must reduce your home mortgage interest deduction by the amount of the mortgage interest credit shown on Form 8396, line 3. Copy 2011 taxes You must do this even if part of that amount is to be carried forward to 2014. Copy 2011 taxes For more information about the home mortgage interest deduction, see chapter 23. Copy 2011 taxes Recapture of federal mortgage subsidy. Copy 2011 taxes   If you received an MCC with your mortgage loan, you may have to recapture (pay back) all or part of the benefit you received from that program. Copy 2011 taxes The recapture may be required if you sell or dispose of your home at a gain during the first 9 years after the date you closed your mortgage loan. Copy 2011 taxes See the Instructions for Form 8828 and chapter 15 for more information. Copy 2011 taxes More information. Copy 2011 taxes   For more information on the credit, see the Form 8396 instructions. Copy 2011 taxes Nonrefundable Credit for Prior Year Minimum Tax The tax laws give special treatment to some kinds of income and allow special deductions and credits for some kinds of expenses. Copy 2011 taxes If you benefit from these laws, you may have to pay at least a minimum amount of tax in addition to any other tax on these items. Copy 2011 taxes This is called the alternative minimum tax. Copy 2011 taxes The special treatment of some items of income and expenses only allows you to postpone paying tax until a later year. Copy 2011 taxes If in prior years you paid alternative minimum tax because of these tax postponement items, you may be able to take a credit for prior year minimum tax against your current year's regular tax. Copy 2011 taxes You may be able to take a credit against your regular tax if for 2012 you had: An alternative minimum tax liability and adjustments or preferences other than exclusion items, A minimum tax credit that you are carrying forward to 2013, or An unallowed qualified electric vehicle credit. Copy 2011 taxes How to take the credit. Copy 2011 taxes    Figure your 2013 nonrefundable credit (if any), and any carryforward to 2014 on Form 8801, and attach it to your Form 1040. Copy 2011 taxes Include the credit in your total for Form 1040, line 53, and check box b. Copy 2011 taxes You can carry forward any unused credit for prior year minimum tax to later years until it is completely used. Copy 2011 taxes More information. Copy 2011 taxes   For more information on the credit, see the Instructions for Form 8801. Copy 2011 taxes Plug-in Electric Drive Motor Vehicle Credit You may be able to take this credit if you placed in service for business or personal use a qualified plug-in electric drive motor vehicle or a qualified two- or three-wheeled plug-in electric vehicle in 2013 and you meet some other requirements. Copy 2011 taxes Qualified plug-in electric drive motor vehicle. Copy 2011 taxes   This is a new vehicle with at least four wheels that: Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 4 kilowatt hours and is capable of being recharged from an external source of electricity, and Has a gross vehicle weight of less than 14,000 pounds. Copy 2011 taxes Qualified two- or three-wheeled plug-in electric vehicle. Copy 2011 taxes   This is a new vehicle with two or three wheels that: Is capable of achieving a speed of 45 miles per hour or greater, Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 2. Copy 2011 taxes 5 kilowatt hours and is capable of being recharged from an external source of electricity, and Has a gross vehicle weight of less than 14,000 pounds. Copy 2011 taxes Certification and other requirements. Copy 2011 taxes   Generally, you can rely on the manufacturer's (or, in the case of a foreign manufacturer, its domestic distributor's) certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and, if applicable, the amount of the credit for which it qualifies. Copy 2011 taxes However, if the IRS publishes an announcement that the certification for any specific make, model, and model year vehicle has been withdrawn, you cannot rely on the certification for such a vehicle purchased after the date of publication of the withdrawal announcement. Copy 2011 taxes   The following requirements must also be met to qualify for the credit. Copy 2011 taxes You are the owner of the vehicle. Copy 2011 taxes If the vehicle is leased, only the lessor, and not the lessee, is entitled to the credit. Copy 2011 taxes You placed the vehicle in service during 2013. Copy 2011 taxes The vehicle is manufactured primarily for use on public streets, roads, and highways. Copy 2011 taxes The original use of the vehicle began with you. Copy 2011 taxes You acquired the vehicle for your use or to lease to others, and not for resale. Copy 2011 taxes In the case of the qualified two- or three-wheeled plug-in electric vehicle, the vehicle is acquired after 2011 and before 2014. Copy 2011 taxes You use the vehicle primarily in the United States. Copy 2011 taxes How to take the credit. Copy 2011 taxes   To take the credit, you must complete Form 8936 and attach it to your Form 1040. Copy 2011 taxes Include the credit in your total for Form 1040, line 53. Copy 2011 taxes Check box c and enter “8936” on the line next to that box. Copy 2011 taxes More information. Copy 2011 taxes   For more information on the credit, see the Form 8936 instructions. Copy 2011 taxes Residential Energy Credits You may be able to take one or both of the following credits if you made energy saving improvements to your home located in the United States in 2013. Copy 2011 taxes Nonbusiness energy property credit. Copy 2011 taxes Residential energy efficient property credit. Copy 2011 taxes If you are a member of a condominium management association for a condominium you own or a tenant-stockholder in a cooperative housing corporation, you are treated as having paid your proportionate share of any costs of the association or corporation for purposes of these credits. Copy 2011 taxes Nonbusiness energy property credit. Copy 2011 taxes   You may be able to take a credit equal to the sum of: 10% of the amount paid or incurred for qualified energy efficiency improvements installed during 2013, and Any residential energy property costs paid or incurred in 2013. Copy 2011 taxes   There is a lifetime limit of $500 for all years after 2005, of which only $200 can be for windows; $50 for any advanced main air circulating fan; $150 for any qualified natural gas, propane, or oil furnace or hot water boiler; and $300 for any item of energy efficient building property. Copy 2011 taxes    If the total of nonbusiness energy property credits you have taken in previous years (after 2005) is more than $500, you cannot take this credit in 2013. Copy 2011 taxes   Qualified energy efficiency improvements are the following improvements that are new, can be expected to remain in use at least 5 years, and meet certain requirements for energy efficiency. Copy 2011 taxes Any insulation material or system that is specifically and primarily designed to reduce heat loss or gain of a home. Copy 2011 taxes Exterior window (including skylights). Copy 2011 taxes Exterior doors. Copy 2011 taxes Any metal or asphalt roof that has appropriate pigmented coatings or cooling granules specifically and primarily designed to reduce heat gain of the home. Copy 2011 taxes   Residential energy property is any of the following. Copy 2011 taxes Certain electric heat pump water heaters; electric heat pumps; central air conditioners; natural gas, propane, or oil water heater; and stoves that use biomass fuel. Copy 2011 taxes Qualified natural gas, propane, or oil furnaces; and qualified natural gas, propane, or oil hot water boilers. Copy 2011 taxes Certain advanced main air circulating fans used in natural gas, propane, or oil furnaces. Copy 2011 taxes Residential energy efficient property credit. Copy 2011 taxes   You may be able to take a credit of 30% of your costs of qualified solar electric property, solar water heating property, fuel cell property, small wind energy property, and geothermal heat pump property. Copy 2011 taxes The credit amount for costs paid for qualified fuel cell property is limited to $500 for each one-half kilowatt of capacity of the property. Copy 2011 taxes Basis reduction. Copy 2011 taxes   You must reduce the basis of your home by the amount of any credit allowed. Copy 2011 taxes How to take the credit. Copy 2011 taxes   Complete Form 5695 and attach it to your Form 1040. Copy 2011 taxes Enter the credit on Form 1040, line 52. Copy 2011 taxes More information. Copy 2011 taxes   For more information on these credits, see the Form 5695 instructions. Copy 2011 taxes Retirement Savings Contributions Credit (Saver's Credit) You may be able to take this credit if you, or your spouse if filing jointly, made: Contributions (other than rollover contributions) to a traditional or Roth IRA, Elective deferrals to a 401(k) or 403(b) plan (including designated Roth contributions) or to a governmental 457, SEP, or SIMPLE plan, Voluntary employee contributions to a qualified retirement plan (including the federal Thrift Savings Plan), or Contributions to a 501(c)(18)(D) plan. Copy 2011 taxes However, you cannot take the credit if either of the following applies. Copy 2011 taxes The amount on Form 1040, line 38, or Form 1040A, line 22, is more than $29,500 ($44,250 if head of household; $59,000 if married filing jointly). Copy 2011 taxes The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 1996, (b) is claimed as a dependent on someone else's 2013 tax return, or (c) was a student (defined next). Copy 2011 taxes Student. Copy 2011 taxes   You were a student if during any part of 5 calendar months of 2013 you: Were enrolled as a full-time student at a school, or Took a full-time, on-farm training course given by a school or a state, county, or local government agency. Copy 2011 taxes School. Copy 2011 taxes   A school includes a technical, trade, or mechanical school. Copy 2011 taxes It does not include an on-the-job training course, correspondence school, or school offering courses only through the Internet. Copy 2011 taxes How to take the credit. Copy 2011 taxes   Figure the credit on Form 8880. Copy 2011 taxes Enter the credit on your Form 1040, line 50, or your Form 1040A, line 32, and attach Form 8880 to your return. Copy 2011 taxes More information. Copy 2011 taxes   For more information on the credit, see the Form 8880 instructions. Copy 2011 taxes Refundable Credits The credits discussed in this part of the chapter are treated as payments of tax. Copy 2011 taxes If the total of these credits, withheld federal income tax, and estimated tax payments is more than your total tax, the excess can be refunded to you. Copy 2011 taxes Credit for Tax on Undistributed Capital Gain You must include in your income any amounts that regulated investment companies (commonly called mutual funds) or real estate investment trusts (REITs) allocated to you as capital gain distributions, even if you did not actually receive them. Copy 2011 taxes If the mutual fund or REIT paid a tax on the capital gain, you are allowed a credit for the tax since it is considered paid by you. Copy 2011 taxes The mutual fund or REIT will send you Form 2439 showing your share of the undistributed capital gains and the tax paid, if any. Copy 2011 taxes How to take the credit. Copy 2011 taxes   To take the credit, attach Copy B of Form 2439 to your Form 1040. Copy 2011 taxes Include the amount from box 2 of your Form 2439 in the total for Form 1040, line 71, and check box a. Copy 2011 taxes More information. Copy 2011 taxes   See Capital Gain Distributions in chapter 8 for more information on undistributed capital gains. Copy 2011 taxes Health Coverage Tax Credit You may be able to take this credit for any month in which all the following statements were true on the first day of the month. Copy 2011 taxes You were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment TAA (RTAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient (defined later); or you were a qualified family member of one of these individuals when the individual died or you finalized a divorce with one of these individuals. Copy 2011 taxes You and/or your family members were covered by a qualified health insurance plan for which you paid the entire premiums, or your portion of the premiums, directly to your health plan or to “U. Copy 2011 taxes S. Copy 2011 taxes Treasury–HCTC. Copy 2011 taxes ” You were not enrolled in Medicare Part A, B, or C, or you were enrolled in Medicare but your family member(s) qualified for the HCTC. Copy 2011 taxes You were not enrolled in Medicaid or the Children's Health Insurance Program (CHIP). Copy 2011 taxes You were not enrolled in the Federal Employees Health Benefits program (FEHBP) or eligible to receive benefits under the U. Copy 2011 taxes S. Copy 2011 taxes military health system (TRICARE). Copy 2011 taxes You were not imprisoned under federal, state, or local authority. Copy 2011 taxes Your employer did not pay 50% or more of the cost of coverage. Copy 2011 taxes You did not receive a 65% COBRA premium reduction from your former employer or COBRA administrator. Copy 2011 taxes But, you cannot take the credit if you can be claimed as a dependent on someone else's 2013 tax return. Copy 2011 taxes If you meet all of these conditions, you may be able to take a credit of up to 72. Copy 2011 taxes 5% of the amount you paid directly to a qualified health plan for you and any qualifying family members. Copy 2011 taxes You cannot take the credit for insurance premiums on coverage that was actually paid for with a National Emergency Grant. Copy 2011 taxes The amount you paid for qualified health insurance coverage must be reduced by any Archer MSA and health savings account distributions used to pay for the coverage. Copy 2011 taxes You can take this credit on your tax return or have it paid on your behalf in advance to your insurance company. Copy 2011 taxes If the credit is paid on your behalf in advance, that amount will reduce the amount of the credit you can take on your tax return. Copy 2011 taxes TAA recipient. Copy 2011 taxes   You were an eligible TAA recipient on the first day of the month if, for any day in that month or the prior month, you: Received a trade readjustment allowance, or Would have been entitled to receive such an allowance except that you had not exhausted all rights to any unemployment insurance (except additional compensation that is funded by a state and is not reimbursed from any federal funds) to which you were entitled (or would be entitled if you applied). Copy 2011 taxes Example. Copy 2011 taxes You received a trade adjustment allowance for January 2013. Copy 2011 taxes You were an eligible TAA recipient on the first day of January and February. Copy 2011 taxes Alternative TAA recipient. Copy 2011 taxes   You were an eligible alternative TAA recipient on the first day of the month if, for that month or the prior month, you received benefits under an alternative trade adjustment assistance program for older workers established by the Department of Labor. Copy 2011 taxes Example. Copy 2011 taxes You received benefits under an alternative trade adjustment assistance program for older workers for October 2013. Copy 2011 taxes The program was established by the Department of Labor. Copy 2011 taxes You were an eligible alternative TAA recipient on the first day of October and November. Copy 2011 taxes RTAA recipient. Copy 2011 taxes   You were an eligible RTAA recipient on the first day of the month if, for that month or the prior month, you received benefits under a reemployment trade adjustment assistance program for older workers established by the Department of Labor. Copy 2011 taxes PBGC pension recipient. Copy 2011 taxes   You were an eligible PBGC pension recipient on the first day of the month, if both of the following apply. Copy 2011 taxes You were age 55 or older on the first day of the month. Copy 2011 taxes You received a benefit for that month paid by the PBGC under title IV of the Employee Retirement Income Security Act of 1974 (ERISA). Copy 2011 taxes If you received a lump-sum payment from the PBGC after August 5, 2002, you meet item (2) above for any month that you would have received a PBGC benefit if you had not received the lump-sum payment. Copy 2011 taxes How to take the credit. Copy 2011 taxes   To take the credit, complete Form 8885 and attach it to your Form 1040. Copy 2011 taxes Include your credit in the total for Form 1040, line 71, and check box c. Copy 2011 taxes   You must attach health insurance bills (or COBRA payment coupons) and proof of payment for any amounts you include on Form 8885, line 2. Copy 2011 taxes For details, see Publication 502 or Form 8885. Copy 2011 taxes More information. Copy 2011 taxes   For definitions and special rules, including those relating to qualified health insurance plans, qualifying family members, the effect of certain life events, and employer-sponsored health insurance plans, see Publication 502 and the Form 8885 instructions. Copy 2011 taxes Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld Most employers must withhold social security tax from your wages. Copy 2011 taxes If you work for a railroad employer, that employer must withhold tier 1 railroad retirement (RRTA) tax and tier 2 RRTA tax. Copy 2011 taxes If you worked for two or more employers in 2013, you may have had too much social security tax withheld from your pay. Copy 2011 taxes If one or more of those employers was a railroad employer, too much tier 1 RRTA tax may also have been withheld at the 6. Copy 2011 taxes 2% rate. Copy 2011 taxes You can claim the excess social security or tier 1 RRTA tax as a credit against your income tax when you file your return. Copy 2011 taxes For the tier 1 RRTA tax, only use the portion of the tier 1 RRTA tax that was taxed at the 6. Copy 2011 taxes 2% rate when figuring if excess tier 1 RRTA tax was withheld; do not include any portion of the tier 1 RRTA tax that was withheld at the Medicare tax rate (1. Copy 2011 taxes 45%) or the Additional Medicare Tax rate (. Copy 2011 taxes 9%). Copy 2011 taxes The following table shows the maximum amount of wages subject to tax and the maximum amount of tax that should have been withheld for 2013. Copy 2011 taxes Type of tax Maximum  wages subject to tax Maximum tax that should have been withheld Social security or RRTA tier 1 $113,700 $7,049. Copy 2011 taxes 40 RRTA tier 2 $84,300 $3,709. Copy 2011 taxes 20 All wages are subject to Medicare tax withholding. Copy 2011 taxes   Use Form 843, Claim for Refund and Request for Abatement, to claim a refund of excess tier 2 RRTA tax. Copy 2011 taxes Be sure to attach a copy of all of your W-2 forms. Copy 2011 taxes Use Worksheet 3-3 in Publication 505, Tax Withholding and Estimated Tax, to help you figure the excess amount. Copy 2011 taxes Employer's error. Copy 2011 taxes   If any one employer withheld too much social security or tier 1 RRTA tax, you cannot take the excess as a credit against your income tax. Copy 2011 taxes The employer should adjust the tax for you. Copy 2011 taxes If the employer does not adjust the overcollection, you can file a claim for refund using Form 843. Copy 2011 taxes Joint return. Copy 2011 taxes   If you are filing a joint return, you cannot add the social security or tier 1 RRTA tax withheld from your spouse's wages to the amount withheld from your wages. Copy 2011 taxes Figure the withholding separately for you and your spouse to determine if either of you has excess withholding. Copy 2011 taxes How to figure the credit if you did not work for a railroad. Copy 2011 taxes   If you did not work for a railroad during 2013, figure the credit as follows: 1. Copy 2011 taxes Add all social security tax withheld (but not more than $7,049. Copy 2011 taxes 40 for each employer). Copy 2011 taxes Enter the total here   2. Copy 2011 taxes Enter any uncollected social security tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT”   3. Copy 2011 taxes Add lines 1 and 2. Copy 2011 taxes If $7,049. Copy 2011 taxes 40 or less, stop here. Copy 2011 taxes You cannot take  the credit   4. Copy 2011 taxes Social security tax limit 7,049. Copy 2011 taxes 40 5. Copy 2011 taxes Credit. Copy 2011 taxes Subtract line 4 from line 3. Copy 2011 taxes Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ Example. Copy 2011 taxes You are married and file a joint return with your spouse who had no gross income in 2013. Copy 2011 taxes During 2013, you worked for the Brown Technology Company and earned $60,000 in wages. Copy 2011 taxes Social security tax of $3,720 was withheld. Copy 2011 taxes You also worked for another employer in 2013 and earned $55,000 in wages. Copy 2011 taxes $3,410 of social security tax was withheld from these wages. Copy 2011 taxes Because you worked for more than one employer and your total wages were more than $113,700, you can take a credit of $80. Copy 2011 taxes 60 for the excess social security tax withheld. Copy 2011 taxes 1. Copy 2011 taxes Add all social security tax withheld (but not more than $7,049. Copy 2011 taxes 40 for each employer). Copy 2011 taxes Enter the total here $7,130. Copy 2011 taxes 00 2. Copy 2011 taxes Enter any uncollected social security tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT” -0- 3. Copy 2011 taxes Add lines 1 and 2. Copy 2011 taxes If $7,049. Copy 2011 taxes 40 or less, stop here. Copy 2011 taxes You cannot take the credit 7,130. Copy 2011 taxes 00 4. Copy 2011 taxes Social security tax limit 7,049. Copy 2011 taxes 40 5. Copy 2011 taxes Credit. Copy 2011 taxes Subtract line 4 from line 3. Copy 2011 taxes Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $80. Copy 2011 taxes 60 How to figure the credit if you worked for a railroad. Copy 2011 taxes   If you were a railroad employee at any time during 2013, figure the credit as follows: 1. Copy 2011 taxes Add all social security and tier 1 RRTA tax withheld at the 6. Copy 2011 taxes 2% rate (but not more than $7,049. Copy 2011 taxes 40 for each employer). Copy 2011 taxes Enter the total here   2. Copy 2011 taxes Enter any uncollected social security and tier 1 RRTA tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT”   3. Copy 2011 taxes Add lines 1 and 2. Copy 2011 taxes If $7,049. Copy 2011 taxes 40 or less, stop here. Copy 2011 taxes You cannot take  the credit   4. Copy 2011 taxes Social security and tier 1 RRTA  tax limit 7,049. Copy 2011 taxes 40 5. Copy 2011 taxes Credit. Copy 2011 taxes Subtract line 4 from line 3. Copy 2011 taxes Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ How to take the credit. Copy 2011 taxes   Enter the credit on Form 1040, line 69, or include it in the total for Form 1040A, line 41. Copy 2011 taxes More information. Copy 2011 taxes   For more information on the credit, see Publication 505. Copy 2011 taxes Prev  Up  Next   Home   More Online Publications
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Copy 2011 taxes Publication 600 - Introductory Material Table of Contents Introduction Introduction The Tax Relief and Health Care Act of 2006 extended the election to deduct state and local general sales taxes for 2006. Copy 2011 taxes The act was enacted after Schedule A (Form 1040), Itemized Deductions, and its instructions were printed. Copy 2011 taxes Because we were not able to include the instructions for figuring the deduction in the Schedule A instructions, we are providing this publication to help you figure this deduction. Copy 2011 taxes You can elect to deduct state and local general sales taxes instead of state and local income taxes as a deduction on Schedule A. Copy 2011 taxes You cannot deduct both. Copy 2011 taxes To figure your deduction, you can use either: Your actual expenses, or The optional sales tax tables plus the general sales taxes paid on certain specified items. Copy 2011 taxes Prev  Up  Next   Home   More Online Publications