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Direccion Irs Para Enviar Form 1040x

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Direccion Irs Para Enviar Form 1040x

Direccion irs para enviar form 1040x Publication 721 - Main Content Table of Contents Part I General InformationRefund of Contributions Tax Withholding and Estimated Tax Filing Requirements Part II Rules for RetireesAnnuity starting date. Direccion irs para enviar form 1040x Gross monthly rate. Direccion irs para enviar form 1040x Your cost. Direccion irs para enviar form 1040x Choosing a survivor annuity after retirement. Direccion irs para enviar form 1040x Canceling a survivor annuity after retirement. Direccion irs para enviar form 1040x Annuity starting date after 1986. Direccion irs para enviar form 1040x Annuity starting date before 1987. Direccion irs para enviar form 1040x Simplified Method General Rule Three-Year Rule Alternative Annuity Option Federal Gift Tax Retirement During the Past Year Reemployment After Retirement Nonresident Aliens Thrift Savings Plan Rollover Rules Distributions Used To Pay Insurance Premiums for Public Safety Officers How To Report Benefits Part III Rules for Disability Retirement and Credit for the Elderly or the DisabledDisability Annuity Other Benefits Credit for the Elderly or the Disabled Part IV Rules for Survivors of Federal EmployeesFERS Death Benefit CSRS or FERS Survivor Annuity Lump-Sum CSRS or FERS Payment Thrift Savings Plan Federal Estate Tax Part V Rules for Survivors of Federal RetireesCSRS or FERS Survivor Annuity Lump-Sum CSRS or FERS Payment Voluntary Contributions Thrift Savings Plan Federal Estate Tax Income Tax Deduction for Estate Tax Paid How To Get Tax HelpLow Income Taxpayer Clinics Part I General Information This part of the publication contains information that can apply to most recipients of civil service retirement benefits. Direccion irs para enviar form 1040x Refund of Contributions If you leave federal government service or transfer to a job not under the CSRS or FERS and you are not eligible for an immediate annuity, you can choose to receive a refund of the money in your CSRS or FERS retirement account. Direccion irs para enviar form 1040x The refund will include both regular and voluntary contributions you made to the fund, plus any interest payable. Direccion irs para enviar form 1040x If the refund includes only your contributions, none of the refund is taxable. Direccion irs para enviar form 1040x If it includes any interest, the interest is taxable unless you roll it over directly into another qualified plan or a traditional individual retirement arrangement (IRA). Direccion irs para enviar form 1040x If you do not have the Office of Personnel Management (OPM) transfer the interest to an IRA or other plan in a direct rollover, tax will be withheld at a 20% rate. Direccion irs para enviar form 1040x See Rollover Rules in Part II for information on how to make a rollover. Direccion irs para enviar form 1040x Interest is not paid on contributions to the CSRS for service after 1956 unless your service was for more than 1 year but not more than 5 years. Direccion irs para enviar form 1040x Therefore, many employees who withdraw their contributions under the CSRS do not get interest and do not owe any tax on their refund. Direccion irs para enviar form 1040x If you do not roll over interest included in your refund, it may qualify as a lump-sum distribution eligible for capital gain treatment or the 10-year tax option. Direccion irs para enviar form 1040x If you separate from service before the calendar year in which you reach age 55, it may be subject to an additional 10% tax on early distributions. Direccion irs para enviar form 1040x For more information, see Lump-Sum Distributions and Tax on Early Distributions in Publication 575. Direccion irs para enviar form 1040x A lump-sum distribution is eligible for capital gain treatment or the 10-year tax option only if the plan participant was born before January 2, 1936. Direccion irs para enviar form 1040x Tax Withholding and Estimated Tax The CSRS or FERS annuity you receive is subject to federal income tax withholding, unless you choose not to have tax withheld. Direccion irs para enviar form 1040x OPM will tell you how to make the choice. Direccion irs para enviar form 1040x The choice for no withholding remains in effect until you change it. Direccion irs para enviar form 1040x These withholding rules also apply to a disability annuity, whether received before or after minimum retirement age. Direccion irs para enviar form 1040x If you choose not to have tax withheld, or if you do not have enough tax withheld, you may have to make estimated tax payments. Direccion irs para enviar form 1040x You may owe a penalty if the total of your withheld tax and estimated tax does not cover most of the tax shown on your return. Direccion irs para enviar form 1040x Generally, you will owe the penalty for 2014 if the additional tax you must pay with your return is $1,000 or more and more than 10% of the tax to be shown on your 2014 return. Direccion irs para enviar form 1040x For more information, including exceptions to the penalty, see chapter 4 of Publication 505, Tax Withholding and Estimated Tax. Direccion irs para enviar form 1040x Form CSA 1099R. Direccion irs para enviar form 1040x   Form CSA 1099R is mailed to you by OPM each year. Direccion irs para enviar form 1040x It will show any tax you had withheld. Direccion irs para enviar form 1040x File a copy of Form CSA 1099R with your tax return if any federal income tax was withheld. Direccion irs para enviar form 1040x    You also can view and download your Form CSA 1099R by visiting the OPM website at  www. Direccion irs para enviar form 1040x servicesonline. Direccion irs para enviar form 1040x opm. Direccion irs para enviar form 1040x gov. Direccion irs para enviar form 1040x To log in, you will need your retirement CSA claim number and your personal identification number. Direccion irs para enviar form 1040x Choosing no withholding on payments outside the United States. Direccion irs para enviar form 1040x   The choice for no withholding generally cannot be made for annuity payments to be delivered outside the United States and its possessions. Direccion irs para enviar form 1040x   To choose no withholding if you are a U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x citizen or resident alien, you must provide OPM with your home address in the United States or its possessions. Direccion irs para enviar form 1040x Otherwise, OPM has to withhold tax. Direccion irs para enviar form 1040x For example, OPM must withhold if you provide a U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x address for a nominee, trustee, or agent (such as a bank) to whom the benefits are to be delivered, but you do not provide your own U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x home address. Direccion irs para enviar form 1040x   If you do not provide a home address in the United States or its possessions, you can choose not to have tax withheld only if you certify to OPM that you are not a U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x citizen, a U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x resident alien, or someone who left the United States to avoid tax. Direccion irs para enviar form 1040x But if you so certify, you may be subject to the 30% flat rate withholding that applies to nonresident aliens. Direccion irs para enviar form 1040x For details, see Publication 519, U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x Tax Guide for Aliens. Direccion irs para enviar form 1040x Withholding certificate. Direccion irs para enviar form 1040x   If you give OPM a Form W-4P-A, Election of Federal Income Tax Withholding, you can choose not to have tax withheld or you can choose to have tax withheld. Direccion irs para enviar form 1040x The amount of tax withheld depends on your marital status, the number of withholding allowances, and any additional amount you designate to be withheld. Direccion irs para enviar form 1040x If you do not make either of these choices, OPM must withhold as if you were married with three withholding allowances. Direccion irs para enviar form 1040x To change the amount of tax withholding or to stop withholding, call OPM's Retirement Information Office at 1-888-767-6738 (customers within the local Washington, D. Direccion irs para enviar form 1040x C. Direccion irs para enviar form 1040x calling area must call 202-606-0500). Direccion irs para enviar form 1040x No special form is needed. Direccion irs para enviar form 1040x You will need your retirement CSA or CSF claim number, your social security number, and your personal identification number (PIN) when you call. Direccion irs para enviar form 1040x If you have TTY/TDD equipment, call 1-855–887–4957. Direccion irs para enviar form 1040x If you need a PIN, call OPM's Retirement Information Office. Direccion irs para enviar form 1040x You also can change the amount of withholding or stop withholding online by visiting the OPM website at www. Direccion irs para enviar form 1040x servicesonline. Direccion irs para enviar form 1040x opm. Direccion irs para enviar form 1040x gov. Direccion irs para enviar form 1040x You will need your retirement CSA or CSF claim number and your PIN. Direccion irs para enviar form 1040x Withholding from certain lump-sum payments. Direccion irs para enviar form 1040x   If you leave the federal government before becoming eligible to retire and you apply for a refund of your CSRS or FERS contributions, or you die without leaving a survivor eligible for an annuity, you or your beneficiary will receive a distribution of your contributions to the retirement plan plus any interest payable. Direccion irs para enviar form 1040x Tax will be withheld at a 20% rate on the interest distributed. Direccion irs para enviar form 1040x However, tax will not be withheld if you have OPM transfer (roll over) the interest directly to your traditional IRA or other qualified plan. Direccion irs para enviar form 1040x If you have OPM transfer (roll over) the interest directly to a Roth IRA, the entire amount will be taxed in the current year. Direccion irs para enviar form 1040x Because no income tax will be withheld at the time of the transfer, you may want to increase your withholding or pay estimated taxes. Direccion irs para enviar form 1040x See Rollover Rules in Part II. Direccion irs para enviar form 1040x If you receive only your contributions, no tax will be withheld. Direccion irs para enviar form 1040x Withholding from Thrift Savings Plan payments. Direccion irs para enviar form 1040x   Generally, a distribution that you receive from the TSP is subject to federal income tax withholding. Direccion irs para enviar form 1040x The amount withheld is: 20% if the distribution is an eligible rollover distribution, 10% if it is a nonperiodic distribution other than an eligible rollover distribution, or An amount determined as if you were married with three withholding allowances, unless you submit a withholding certificate (Form W-4P), if it is a periodic distribution. Direccion irs para enviar form 1040x  However, you usually can choose not to have tax withheld from TSP payments other than eligible rollover distributions. Direccion irs para enviar form 1040x By January 31 after the end of the year in which you receive a distribution, the TSP will issue Form 1099-R showing the total distributions you received in the prior year and the amount of tax withheld. Direccion irs para enviar form 1040x   For a detailed discussion of withholding on distributions from the TSP, see Important Tax Information About Payments From Your TSP Account, available from your agency personnel office or from the TSP. Direccion irs para enviar form 1040x The above document is also available in the “Forms & Publications” section of the TSP website at www. Direccion irs para enviar form 1040x tsp. Direccion irs para enviar form 1040x gov. Direccion irs para enviar form 1040x Estimated tax. Direccion irs para enviar form 1040x   Generally, you must make estimated tax payments for 2014 if you expect to owe at least $1,000 in tax for 2014 (after subtracting your withholding and credits) and you expect your withholding and your credits to be less than the smaller of: 90% of the tax to be shown on your income tax return for 2014, or 100% of the tax shown on your 2013 income tax return (110% of that amount if the adjusted gross income shown on the return was more than $150,000 ($75,000 if your filing status for 2014 will be married filing separately)). Direccion irs para enviar form 1040x The return must cover all 12 months. Direccion irs para enviar form 1040x   You do not have to pay estimated tax for 2014 if you were a U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x citizen or resident alien for all of 2013 and you had no tax liability for the full 12-month 2013 tax year. Direccion irs para enviar form 1040x   Publication 505 contains information that you can use to help you figure your estimated tax payments. Direccion irs para enviar form 1040x Filing Requirements If your gross income, including the taxable part of your annuity, is less than a certain amount, you generally do not have to file a federal income tax return for that year. Direccion irs para enviar form 1040x The gross income filing requirements for the tax year are in the instructions to Form 1040, 1040A, or 1040EZ. Direccion irs para enviar form 1040x Children. Direccion irs para enviar form 1040x   If you are the surviving spouse of a federal employee or retiree and your monthly annuity check includes a survivor annuity for one or more children, each child's annuity counts as his or her own income (not yours) for federal income tax purposes. Direccion irs para enviar form 1040x   If your child can be claimed as a dependent, treat the taxable part of his or her annuity as unearned income when applying the filing requirements for dependents. Direccion irs para enviar form 1040x Form CSF 1099R. Direccion irs para enviar form 1040x   Form CSF 1099R will be mailed to you by January 31 after the end of each tax year. Direccion irs para enviar form 1040x It will show the total amount of the annuity you received in the past year. Direccion irs para enviar form 1040x It also should show, separately, the survivor annuity for a child or children. Direccion irs para enviar form 1040x Only the part that is each individual's survivor annuity should be shown on that individual's Form 1040 or 1040A. Direccion irs para enviar form 1040x   If your Form CSF 1099R does not show separately the amount paid to you for a child or children, attach a statement to your return, along with a copy of Form CSF 1099R, explaining why the amount shown on the tax return differs from the amount shown on Form CSF 1099R. Direccion irs para enviar form 1040x    You also can view and download your Form CSF 1099R by visiting the OPM website at  www. Direccion irs para enviar form 1040x servicesonline. Direccion irs para enviar form 1040x opm. Direccion irs para enviar form 1040x gov. Direccion irs para enviar form 1040x To log in you will need your retirement CSF claim number and personal identification number. Direccion irs para enviar form 1040x    You may request a Summary of Payments, showing the amounts paid to you for your child(ren), from OPM by calling OPM's Retirement Information Office at 1-888-767-6738 (customers within the local Washington, D. Direccion irs para enviar form 1040x C. Direccion irs para enviar form 1040x calling area must call 202-606-0500). Direccion irs para enviar form 1040x You will need your CSF claim number and your social security number when you call. Direccion irs para enviar form 1040x Taxable part of annuity. Direccion irs para enviar form 1040x   To find the taxable part of a retiree's annuity when applying the filing requirements, see the discussion in Part II, Rules for Retirees , or Part III, Rules for Disability Retirement and Credit for the Elderly or the Disabled , whichever applies. Direccion irs para enviar form 1040x To find the taxable part of each survivor annuity when applying the filing requirements, see the discussion in Part IV, Rules for Survivors of Federal Employees , or Part V, Rules for Survivors of Federal Retirees , whichever applies. Direccion irs para enviar form 1040x Part II Rules for Retirees This part of the publication is for retirees who retired on nondisability retirement. Direccion irs para enviar form 1040x If you retired on disability before you reached your minimum retirement age, see Part III, Rules for Disability Retirement and Credit for the Elderly or the Disabled. Direccion irs para enviar form 1040x However, on the day after you reach your minimum retirement age, use the rules in this section to report your disability retirement and begin recovering your cost. Direccion irs para enviar form 1040x Annuity statement. Direccion irs para enviar form 1040x   The statement you received from OPM when your CSRS or FERS annuity was approved shows the commencing date (the annuity starting date), the gross monthly rate of your annuity benefit, and your total contributions to the retirement plan (your cost). Direccion irs para enviar form 1040x You will use this information to figure the tax-free recovery of your cost. Direccion irs para enviar form 1040x Annuity starting date. Direccion irs para enviar form 1040x   If you retire from federal government service on a regular annuity, your annuity starting date is the commencing date on your annuity statement from OPM. Direccion irs para enviar form 1040x If something delays payment of your annuity, such as a late application for retirement, it does not affect the date your annuity begins to accrue or your annuity starting date. Direccion irs para enviar form 1040x Gross monthly rate. Direccion irs para enviar form 1040x   This is the amount you were to get after any adjustment for electing a survivor's annuity or for electing the lump-sum payment under the alternative annuity option (if either applied) but before any deduction for income tax withholding, insurance premiums, etc. Direccion irs para enviar form 1040x Your cost. Direccion irs para enviar form 1040x   Your monthly annuity payment contains an amount on which you have previously paid income tax. Direccion irs para enviar form 1040x This amount represents part of your contributions to the retirement plan. Direccion irs para enviar form 1040x Even though you did not receive the money that was contributed to the plan, it was included in your gross income for federal income tax purposes in the years it was taken out of your pay. Direccion irs para enviar form 1040x   The cost of your annuity is the total of your contributions to the retirement plan, as shown on your annuity statement from OPM. Direccion irs para enviar form 1040x If you elected the alternative annuity option, it includes any deemed deposits and any deemed redeposits that were added to your lump-sum credit. Direccion irs para enviar form 1040x (See Lump-sum credit under Alternative Annuity Option, later. Direccion irs para enviar form 1040x )   If you repaid contributions that you had withdrawn from the retirement plan earlier, or if you paid into the plan to receive full credit for service not subject to retirement deductions, the entire repayment, including any interest, is a part of your cost. Direccion irs para enviar form 1040x You cannot claim an interest deduction for any interest payments. Direccion irs para enviar form 1040x You cannot treat these payments as voluntary contributions; they are considered regular employee contributions. Direccion irs para enviar form 1040x Recovering your cost tax free. Direccion irs para enviar form 1040x   How you figure the tax-free recovery of the cost of your CSRS or FERS annuity depends on your annuity starting date. Direccion irs para enviar form 1040x If your annuity starting date is before July 2, 1986, either the Three-Year Rule or the General Rule (both discussed later) applies to your annuity. Direccion irs para enviar form 1040x If your annuity starting date is after July 1, 1986, and before November 19, 1996, you could have chosen to use either the General Rule or the Simplified Method (discussed later). Direccion irs para enviar form 1040x If your annuity starting date is after November 18, 1996, you must use the Simplified Method. Direccion irs para enviar form 1040x   Under both the General Rule and the Simplified Method, each of your monthly annuity payments is made up of two parts: the tax-free part that is a return of your cost, and the taxable part that is the amount of each payment that is more than the part that represents your cost (unless such payment is used for purposes discussed under Distributions Used To Pay Insurance Premiums for Public Safety Officers , later). Direccion irs para enviar form 1040x The tax-free part is a fixed dollar amount. Direccion irs para enviar form 1040x It remains the same, even if your annuity is increased. Direccion irs para enviar form 1040x Generally, this rule applies as long as you receive your annuity. Direccion irs para enviar form 1040x However, see Exclusion limit , later. Direccion irs para enviar form 1040x Choosing a survivor annuity after retirement. Direccion irs para enviar form 1040x    If you retired without a survivor annuity and report your annuity under the Simplified Method, do not change your tax-free monthly amount even if you later choose a survivor annuity. Direccion irs para enviar form 1040x   If you retired without a survivor annuity and report your annuity under the General Rule, you must figure the tax-free part of your annuity using a new exclusion percentage if you later choose a survivor annuity and take reduced annuity payments. Direccion irs para enviar form 1040x To figure the new exclusion percentage, reduce your cost by the amount you previously recovered tax free. Direccion irs para enviar form 1040x Figure the expected return as of the date the reduced annuity begins. Direccion irs para enviar form 1040x For details on the General Rule, see Publication 939. Direccion irs para enviar form 1040x Canceling a survivor annuity after retirement. Direccion irs para enviar form 1040x   If you retired with a survivor annuity payable to your spouse upon your death and you notify OPM that your marriage has ended, your annuity might be increased to remove the reduction for a survivor benefit. Direccion irs para enviar form 1040x The increased annuity does not change the cost recovery you figured at the annuity starting date. Direccion irs para enviar form 1040x The tax-free part of each annuity payment remains the same. Direccion irs para enviar form 1040x    For more information about choosing or canceling a survivor annuity after retirement, contact OPM's Retirement Information Office at 1-888-767-6738 (customers within the local Washington, D. Direccion irs para enviar form 1040x C. Direccion irs para enviar form 1040x calling area must call 202-606-0500). Direccion irs para enviar form 1040x Exclusion limit. Direccion irs para enviar form 1040x   Your annuity starting date determines the total amount of annuity payments that you can exclude from income over the years. Direccion irs para enviar form 1040x Annuity starting date after 1986. Direccion irs para enviar form 1040x   If your annuity starting date is after 1986, the total amount of annuity income that you (or the survivor annuitant) can exclude over the years as a return of your cost cannot exceed your total cost. Direccion irs para enviar form 1040x Annuity payments you or your survivors receive after the total cost in the plan has been recovered are generally fully taxable. Direccion irs para enviar form 1040x Example. Direccion irs para enviar form 1040x Your annuity starting date is after 1986 and you exclude $100 a month under the Simplified Method. Direccion irs para enviar form 1040x If your cost is $12,000, the exclusion ends after 10 years (120 months). Direccion irs para enviar form 1040x Thereafter, your entire annuity is generally fully taxable. Direccion irs para enviar form 1040x Annuity starting date before 1987. Direccion irs para enviar form 1040x   If your annuity starting date is before 1987, you can continue to take your monthly exclusion figured under the General Rule or Simplified Method for as long as you receive your annuity. Direccion irs para enviar form 1040x If you chose a joint and survivor annuity, your survivor can continue to take that same exclusion. Direccion irs para enviar form 1040x The total exclusion may be more than your cost. Direccion irs para enviar form 1040x Deduction of unrecovered cost. Direccion irs para enviar form 1040x   If your annuity starting date is after July 1, 1986, and the cost of your annuity has not been fully recovered at your (or the survivor annuitant's) death, a deduction is allowed for the unrecovered cost. Direccion irs para enviar form 1040x The deduction is claimed on your (or your survivor's) final tax return as a miscellaneous itemized deduction (not subject to the 2%-of-adjusted-gross-income limit). Direccion irs para enviar form 1040x If your annuity starting date is before July 2, 1986, no tax benefit is allowed for any unrecovered cost at death. Direccion irs para enviar form 1040x Simplified Method If your annuity starting date is after November 18, 1996, you must use the Simplified Method to figure the tax-free part of your CSRS or FERS annuity. Direccion irs para enviar form 1040x (OPM has figured the taxable amount of your annuity shown on your Form CSA 1099R using the Simplified Method. Direccion irs para enviar form 1040x ) You could have chosen to use either the Simplified Method or the General Rule if your annuity starting date is after July 1, 1986, but before November 19, 1996. Direccion irs para enviar form 1040x The Simplified Method does not apply if your annuity starting date is before July 2, 1986. Direccion irs para enviar form 1040x Under the Simplified Method, you figure the tax-free part of each full monthly payment by dividing your cost by a number of months based on your age. Direccion irs para enviar form 1040x This number will differ depending on whether your annuity starting date is before November 19, 1996, or after November 18, 1996. Direccion irs para enviar form 1040x If your annuity starting date is after 1997 and your annuity includes a survivor benefit for your spouse, this number is based on your combined ages. Direccion irs para enviar form 1040x Worksheet A. Direccion irs para enviar form 1040x   Use Worksheet A. Direccion irs para enviar form 1040x Simplified Method (near the end of this publication), to figure your taxable annuity. Direccion irs para enviar form 1040x Be sure to keep the completed worksheet. Direccion irs para enviar form 1040x It will help you figure your taxable amounts for later years. Direccion irs para enviar form 1040x Instead of Worksheet A, you generally can use the Simplified Method Worksheet in the instructions for Form 1040, Form 1040A, or Form 1040NR to figure your taxable annuity. Direccion irs para enviar form 1040x However, you must use Worksheet A and Worksheet B in this publication if you chose the alternative annuity option, discussed later. Direccion irs para enviar form 1040x Line 2. Direccion irs para enviar form 1040x   See Your cost , earlier, for an explanation of your cost in the plan. Direccion irs para enviar form 1040x If your annuity starting date is after November 18, 1996, and you chose the alternative annuity option (explained later), you must reduce your cost by the tax-free part of the lump-sum payment you received. Direccion irs para enviar form 1040x Line 3. Direccion irs para enviar form 1040x   The number you enter on line 3 is the appropriate number from Table 1 or 2 representing approximate life expectancies in months. Direccion irs para enviar form 1040x If your annuity starting date is after 1997, use: Table 1 for an annuity without a survivor benefit, or Table 2 for an annuity with a survivor benefit. Direccion irs para enviar form 1040x If your annuity starting date is before 1998, use Table 1. Direccion irs para enviar form 1040x Line 6. Direccion irs para enviar form 1040x   If you received contributions tax free before 2013, the amount previously recovered tax free that you must enter on line 6 is the total amount from line 10 of last year's worksheet. Direccion irs para enviar form 1040x If your annuity starting date is before November 19, 1996, and you chose the alternative annuity option, this amount includes the tax-free part of the lump-sum payment you received. Direccion irs para enviar form 1040x Example. Direccion irs para enviar form 1040x Bill Smith retired from the Federal Government on March 31, 2013, under an annuity that will provide a survivor benefit for his wife, Kathy. Direccion irs para enviar form 1040x His annuity starting date is April 1, 2013, the annuity is paid in arrears, and he received his first monthly annuity payment on May 1, 2013. Direccion irs para enviar form 1040x He must use the Simplified Method to figure the tax-free part of his annuity benefits. Direccion irs para enviar form 1040x Bill's monthly annuity benefit is $1,000. Direccion irs para enviar form 1040x He had contributed $31,000 to his retirement plan and had received no distributions before his annuity starting date. Direccion irs para enviar form 1040x At his annuity starting date, he was 65 and Kathy was 57. Direccion irs para enviar form 1040x Bill's completed Worksheet A is shown later. Direccion irs para enviar form 1040x To complete line 3, he used Table 2 at the bottom of the worksheet and found that 310 is the number in the second column opposite the age range that includes 122 (his and Kathy's combined ages). Direccion irs para enviar form 1040x Bill keeps a copy of the completed worksheet for his records. Direccion irs para enviar form 1040x It will help him (and Kathy, if she survives him) figure the taxable amount of the annuity in later years. Direccion irs para enviar form 1040x Bill's tax-free monthly amount is $100. Direccion irs para enviar form 1040x (See line 4 of the worksheet. Direccion irs para enviar form 1040x ) If he lives to collect more than 310 monthly payments, he will generally have to include in his gross income the full amount of any annuity payments received after 310 payments have been made. Direccion irs para enviar form 1040x If Bill does not live to collect 310 monthly payments and his wife begins to receive monthly payments, she also will exclude $100 from each monthly payment until 310 payments (Bill's and hers) have been collected. Direccion irs para enviar form 1040x If she dies before 310 payments have been made, a miscellaneous itemized deduction (not subject to the 2%-of-adjusted- gross-income limit) will be allowed for the unrecovered cost on her final income tax return. Direccion irs para enviar form 1040x General Rule If your annuity starting date is after November 18, 1996, you cannot use the General Rule to figure the tax-free part of your CSRS or FERS annuity. Direccion irs para enviar form 1040x If your annuity starting date is after July 1, 1986, but before November 19, 1996, you could have chosen to use either the General Rule or the Simplified Method. Direccion irs para enviar form 1040x If your annuity starting date is before July 2, 1986, you could have chosen to use the General Rule only if you could not use the Three-Year Rule. Direccion irs para enviar form 1040x Under the General Rule, you figure the tax-free part of each full monthly payment by multiplying the initial gross monthly rate of your annuity by an exclusion percentage. Direccion irs para enviar form 1040x Figuring this percentage is complex and requires the use of actuarial tables. Direccion irs para enviar form 1040x For these tables and other information about using the General Rule, see Publication 939. Direccion irs para enviar form 1040x Three-Year Rule If your annuity starting date was before July 2, 1986, you probably had to report your annuity using the Three-Year Rule. Direccion irs para enviar form 1040x Under this rule, you excluded all the annuity payments from income until you fully recovered your cost. Direccion irs para enviar form 1040x After your cost was recovered, all payments became fully taxable. Direccion irs para enviar form 1040x You cannot use another rule to again exclude amounts from income. Direccion irs para enviar form 1040x The Three-Year Rule was repealed for retirees whose annuity starting date is after July 1, 1986. Direccion irs para enviar form 1040x Worksheet A. Direccion irs para enviar form 1040x Simplified Method for Bill Smith See the instructions in Part II of this publication under Simplified Method. Direccion irs para enviar form 1040x 1. Direccion irs para enviar form 1040x Enter the total pension or annuity payments received this year. Direccion irs para enviar form 1040x Also, add this amount to the total for Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a 1. Direccion irs para enviar form 1040x $ 8,000 2. Direccion irs para enviar form 1040x Enter your cost in the plan at the annuity starting date, plus any death benefit exclusion*. Direccion irs para enviar form 1040x See Your cost in Part II, Rules for Retirees, earlier 2. Direccion irs para enviar form 1040x 31,000 Note: If your annuity starting date was before this year and you completed this worksheet last year, skip line 3 and enter the amount from line 4 of last year's worksheet on line 4 below (even if the amount of your pension or annuity has changed). Direccion irs para enviar form 1040x Otherwise, go to line 3. Direccion irs para enviar form 1040x   3. Direccion irs para enviar form 1040x Enter the appropriate number from Table 1 below. Direccion irs para enviar form 1040x But if your annuity starting date was after 1997 and the payments are for your life and that of your beneficiary, enter the appropriate number from Table 2 below. Direccion irs para enviar form 1040x 3. Direccion irs para enviar form 1040x 310 4. Direccion irs para enviar form 1040x Divide line 2 by the number on line 3 4. Direccion irs para enviar form 1040x 100 5. Direccion irs para enviar form 1040x Multiply line 4 by the number of months for which this year's payments were made. Direccion irs para enviar form 1040x If your annuity starting date was before 1987, enter this amount on line 8 below and skip lines 6, 7, 10, and 11. Direccion irs para enviar form 1040x Otherwise, go to line 6 5. Direccion irs para enviar form 1040x 800 6. Direccion irs para enviar form 1040x Enter any amounts previously recovered tax free in years after 1986. Direccion irs para enviar form 1040x This is the amount shown on line 10 of your worksheet for last year 6. Direccion irs para enviar form 1040x 0 7. Direccion irs para enviar form 1040x Subtract line 6 from line 2 7. Direccion irs para enviar form 1040x 31,000 8. Direccion irs para enviar form 1040x Enter the smaller of line 5 or line 7 8. Direccion irs para enviar form 1040x 800 9. Direccion irs para enviar form 1040x Taxable amount for year. Direccion irs para enviar form 1040x Subtract line 8 from line 1. Direccion irs para enviar form 1040x Enter the result, but not less than zero. Direccion irs para enviar form 1040x Also, add this amount to the total for Form 1040, line 16b, or Form 1040A, line 12b. Direccion irs para enviar form 1040x If you are a nonresident alien, also enter this amount on line 1 of Worksheet C. Direccion irs para enviar form 1040x If your Form CSA 1099R or Form CSF 1099R shows a larger amount, use the amount figured on this line instead. Direccion irs para enviar form 1040x If you are a retired public safety officer, see Distributions Used To Pay Insurance Premiums for Public Safety Officers in Part II before entering an amount on your tax return or Worksheet C, line 1 9. Direccion irs para enviar form 1040x $7,200 10. Direccion irs para enviar form 1040x Was your annuity starting date before 1987?   Yes. Direccion irs para enviar form 1040x Do not complete the rest of this worksheet. Direccion irs para enviar form 1040x    No. Direccion irs para enviar form 1040x Add lines 6 and 8. Direccion irs para enviar form 1040x This is the amount you have recovered tax free through 2013. Direccion irs para enviar form 1040x You will need this number if you need to fill out this worksheet next year 10. Direccion irs para enviar form 1040x 800 11. Direccion irs para enviar form 1040x Balance of cost to be recovered. Direccion irs para enviar form 1040x Subtract line 10 from line 2. Direccion irs para enviar form 1040x If zero, you will not have to complete this worksheet next year. Direccion irs para enviar form 1040x The payments you receive next year will generally be fully taxable 11. Direccion irs para enviar form 1040x $30,200 Table 1 for Line 3 Above    IF your age on your  annuity starting date was   AND your annuity starting date was—     before November 19, 1996,  THEN enter on line 3 after November 18, 1996,  THEN enter on line 3   55 or under 300 360   56–60 260 310   61–65 240 260   66–70 170 210   71 or over 120 160  Table 2 for Line 3 Above    IF the annuitants' combined ages on your annuity starting date were   THEN enter on line 3         110 or under   410         111–120   360         121–130   310         131–140   260         141 or over   210       * A death benefit exclusion of up to $5,000 applied to certain benefits received by survivors of employees who died before August 21, 1996. Direccion irs para enviar form 1040x Alternative Annuity Option If you are eligible, you may choose an alternative form of annuity. Direccion irs para enviar form 1040x If you make this choice, you will receive a lump-sum payment equal to your contributions to the plan and a reduced monthly annuity. Direccion irs para enviar form 1040x You are eligible to make this choice if you meet all of the following requirements. Direccion irs para enviar form 1040x You are retiring, but not on disability. Direccion irs para enviar form 1040x You have a life-threatening illness or other critical medical condition. Direccion irs para enviar form 1040x You do not have a former spouse entitled to court ordered benefits based on your service. Direccion irs para enviar form 1040x If you are not eligible or do not choose this alternative annuity, you can skip the following discussion and go to Federal Gift Tax , later. Direccion irs para enviar form 1040x Lump-Sum Payment The lump-sum payment you receive under the alternative annuity option generally has a tax-free part and a taxable part. Direccion irs para enviar form 1040x The tax-free part represents part of your cost. Direccion irs para enviar form 1040x The taxable part represents part of the earnings on your annuity contract. Direccion irs para enviar form 1040x Your lump-sum credit (discussed later) may include a deemed deposit or redeposit that is treated as being included in your lump-sum payment even though you do not actually receive such amounts. Direccion irs para enviar form 1040x Deemed deposits and redeposits, which are described later under Lump-sum credit , are taxable to you in the year of retirement. Direccion irs para enviar form 1040x Your taxable amount may therefore be more than the lump-sum payment you receive. Direccion irs para enviar form 1040x You must include the taxable part of the lump-sum payment in your income for the year you receive the payment unless you roll it over into another qualified plan or an IRA. Direccion irs para enviar form 1040x If you do not have OPM transfer the taxable amount to an IRA or other plan in a direct rollover, tax will be withheld at a 20% rate. Direccion irs para enviar form 1040x See Rollover Rules , later, for information on how to make a rollover. Direccion irs para enviar form 1040x OPM can make a direct rollover only up to the amount of the lump-sum payment. Direccion irs para enviar form 1040x Therefore, to defer tax on the full taxable amount if it is more than the payment, you must add funds from another source. Direccion irs para enviar form 1040x The taxable part of the lump-sum payment does not qualify as a lump-sum distribution eligible for capital gain treatment or the 10-year tax option. Direccion irs para enviar form 1040x It also may be subject to an additional 10% tax on early distributions if you separate from service before the calendar year in which you reach age 55, even if you reach age 55 in the year you receive the lump-sum payment. Direccion irs para enviar form 1040x For more information, see Lump-Sum Distributions and Tax on Early Distributions in Publication 575. Direccion irs para enviar form 1040x Worksheet B. Direccion irs para enviar form 1040x   Use Worksheet B. Direccion irs para enviar form 1040x Lump-Sum Payment (near the end of this publication), to figure the taxable part of your lump-sum payment. Direccion irs para enviar form 1040x Be sure to keep the completed worksheet for your records. Direccion irs para enviar form 1040x   To complete the worksheet, you will need to know the amount of your lump-sum credit and the present value of your annuity contract. Direccion irs para enviar form 1040x Lump-sum credit. Direccion irs para enviar form 1040x   Generally, this is the same amount as the lump-sum payment you receive (the total of your contributions to the retirement system). Direccion irs para enviar form 1040x However, for purposes of the alternative annuity option, your lump-sum credit also may include deemed deposits and redeposits that OPM advanced to your retirement account so that you are given credit for the service they represent. Direccion irs para enviar form 1040x Deemed deposits (including interest) are for federal employment during which no retirement contributions were taken out of your pay. Direccion irs para enviar form 1040x Deemed redeposits (including interest) are for any refunds of retirement contributions that you received and did not repay. Direccion irs para enviar form 1040x You are treated as if you had received a lump-sum payment equal to the amount of your lump-sum credit and then had made a repayment to OPM of the advanced amounts. Direccion irs para enviar form 1040x Present value of your annuity contract. Direccion irs para enviar form 1040x   The present value of your annuity contract is figured using actuarial tables provided by the IRS. Direccion irs para enviar form 1040x If you are receiving a lump-sum payment under the Alternative Annuity Option, you can write to the address below to find out the present value of your annuity contract. Direccion irs para enviar form 1040x Internal Revenue Service Attn: Actuarial Group 2 TE/GE SE:T:EP:RA:T:A2 NCA-629 1111 Constitution Ave. Direccion irs para enviar form 1040x , NW Washington, DC 20224-0002 Example. Direccion irs para enviar form 1040x David Brown retired from the federal government in 2013, one month after his 55th birthday. Direccion irs para enviar form 1040x He had contributed $31,000 to his retirement plan and chose to receive a lump-sum payment of that amount under the alternative annuity option. Direccion irs para enviar form 1040x The present value of his annuity contract was $155,000. Direccion irs para enviar form 1040x The tax-free part and the taxable part of the lump-sum payment are figured using Worksheet B, as shown below. Direccion irs para enviar form 1040x The taxable part ($24,800) is also his net cost in the plan, which is used to figure the taxable part of his reduced annuity payments. Direccion irs para enviar form 1040x See Reduced Annuity , later. Direccion irs para enviar form 1040x Worksheet B. Direccion irs para enviar form 1040x Lump-Sum Payment for David Brown See the instructions in Part II of this publication under Alternative Annuity Option . Direccion irs para enviar form 1040x  1. Direccion irs para enviar form 1040x Enter your lump-sum credit (your cost in the plan at the annuity starting date) 1. Direccion irs para enviar form 1040x $ 31,000 2. Direccion irs para enviar form 1040x Enter the present value of your annuity contract 2. Direccion irs para enviar form 1040x 155,000 3. Direccion irs para enviar form 1040x Divide line 1 by line 2 3. Direccion irs para enviar form 1040x . Direccion irs para enviar form 1040x 20 4. Direccion irs para enviar form 1040x Tax-free amount. Direccion irs para enviar form 1040x Multiply line 1 by line 3. Direccion irs para enviar form 1040x (Caution: Do not include this amount on line 6 of Worksheet A in this publication. Direccion irs para enviar form 1040x ) 4. Direccion irs para enviar form 1040x $6,200 5. Direccion irs para enviar form 1040x Taxable amount (net cost in the plan). Direccion irs para enviar form 1040x Subtract line 4 from line 1. Direccion irs para enviar form 1040x Include this amount in the total on Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b. Direccion irs para enviar form 1040x Also, enter this amount on line 2 of Worksheet A in this publication. Direccion irs para enviar form 1040x 5. Direccion irs para enviar form 1040x $24,800   Lump-sum payment in installments. Direccion irs para enviar form 1040x   If you choose the alternative annuity option, you usually will receive the lump-sum payment in two equal installments. Direccion irs para enviar form 1040x You will receive the first installment after you make the choice upon retirement. Direccion irs para enviar form 1040x The second installment will be paid to you, with interest, in the next calendar year. Direccion irs para enviar form 1040x (Exceptions to the installment rule are provided for cases of critical medical need. Direccion irs para enviar form 1040x )   Even though the lump-sum payment is made in installments, the overall tax treatment (explained at the beginning of this discussion) is the same as if the whole payment were paid at once. Direccion irs para enviar form 1040x If the payment has a tax-free part, you must treat the taxable part as received first. Direccion irs para enviar form 1040x How to report. Direccion irs para enviar form 1040x   Add any actual or deemed payment of your lump-sum credit (defined earlier) to the total for Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a. Direccion irs para enviar form 1040x Add the taxable part to the total for Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b, unless you roll over the taxable part to your traditional IRA or a qualified retirement plan. Direccion irs para enviar form 1040x    If you receive the lump-sum payment in two installments, include any interest paid with the second installment on line 8a of either Form 1040 or Form 1040A, or on line 9a of Form 1040NR. Direccion irs para enviar form 1040x Reduced Annuity If you have chosen to receive a lump-sum payment under the alternative annuity option, you also will receive reduced monthly annuity payments. Direccion irs para enviar form 1040x These annuity payments each will have a tax-free and a taxable part. Direccion irs para enviar form 1040x To figure the tax-free part of each annuity payment, you must use the Simplified Method (Worksheet A). Direccion irs para enviar form 1040x For instructions on how to complete the worksheet, see Worksheet A under Simplified Method, earlier. Direccion irs para enviar form 1040x To complete Worksheet A, line 2, you must reduce your cost in the plan by the tax-free part of the lump-sum payment you received. Direccion irs para enviar form 1040x Enter as your net cost on line 2 the amount from Worksheet B, line 5. Direccion irs para enviar form 1040x Do not include the tax-free part of the lump-sum payment with other amounts recovered tax free (Worksheet A, line 6) when limiting your total exclusion to your total cost. Direccion irs para enviar form 1040x Example. Direccion irs para enviar form 1040x The facts are the same as in the example for David Brown in the preceding discussion. Direccion irs para enviar form 1040x In addition, David received 10 annuity payments in 2013 of $1,200 each. Direccion irs para enviar form 1040x Using Worksheet A, he figures the taxable part of his annuity payments. Direccion irs para enviar form 1040x He completes line 2 by reducing his $31,000 cost by the $6,200 tax-free part of his lump-sum payment. Direccion irs para enviar form 1040x His entry on line 2 is his $24,800 net cost in the plan (the amount from Worksheet B, line 5). Direccion irs para enviar form 1040x He does not include the tax-free part of his lump-sum payment on Worksheet A, line 6. Direccion irs para enviar form 1040x David's filled-in Worksheet A is shown on the next page. Direccion irs para enviar form 1040x Worksheet A. Direccion irs para enviar form 1040x Simplified Method for David Brown See the instructions in Part II of this publication under Simplified Method . Direccion irs para enviar form 1040x 1. Direccion irs para enviar form 1040x Enter the total pension or annuity payments received this year. Direccion irs para enviar form 1040x Also, add this amount to the total for Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a 1. Direccion irs para enviar form 1040x $ 12,000 2. Direccion irs para enviar form 1040x Enter your cost in the plan at the annuity starting date, plus any death benefit exclusion*. Direccion irs para enviar form 1040x See Your cost in Part II, Rules for Retirees, earlier 2. Direccion irs para enviar form 1040x 24,800 Note: If your annuity starting date was before this year and you completed this worksheet last year, skip line 3 and enter the amount from line 4 of last year's worksheet on line 4 below (even if the amount of your pension or annuity has changed). Direccion irs para enviar form 1040x Otherwise, go to line 3. Direccion irs para enviar form 1040x   3. Direccion irs para enviar form 1040x Enter the appropriate number from Table 1 below. Direccion irs para enviar form 1040x But if your annuity starting date was after 1997 and the payments are for your life and that of your beneficiary, enter the appropriate number from Table 2 below. Direccion irs para enviar form 1040x 3. Direccion irs para enviar form 1040x 360 4. Direccion irs para enviar form 1040x Divide line 2 by the number on line 3 4. Direccion irs para enviar form 1040x 68. Direccion irs para enviar form 1040x 89 5. Direccion irs para enviar form 1040x Multiply line 4 by the number of months for which this year's payments were made. Direccion irs para enviar form 1040x If your annuity starting date was before 1987, enter this amount on line 8 below and skip lines 6, 7, 10, and 11. Direccion irs para enviar form 1040x Otherwise, go to line 6 5. Direccion irs para enviar form 1040x 688. Direccion irs para enviar form 1040x 90 6. Direccion irs para enviar form 1040x Enter any amounts previously recovered tax free in years after 1986. Direccion irs para enviar form 1040x This is the amount shown on line 10 of your worksheet for last year 6. Direccion irs para enviar form 1040x 0 7. Direccion irs para enviar form 1040x Subtract line 6 from line 2 7. Direccion irs para enviar form 1040x 24,800 8. Direccion irs para enviar form 1040x Enter the smaller of line 5 or line 7 8. Direccion irs para enviar form 1040x 688. Direccion irs para enviar form 1040x 90 9. Direccion irs para enviar form 1040x Taxable amount for year. Direccion irs para enviar form 1040x Subtract line 8 from line 1. Direccion irs para enviar form 1040x Enter the result, but not less than zero. Direccion irs para enviar form 1040x Also, add this amount to the total for Form 1040, line 16b, or Form 1040A, line 12b. Direccion irs para enviar form 1040x If you are a nonresident alien, also enter this amount on line 1 of Worksheet C. Direccion irs para enviar form 1040x If your Form CSA 1099R or Form CSF 1099R shows a larger amount, use the amount figured on this line instead. Direccion irs para enviar form 1040x If you are a retired public safety officer, see Distributions Used To Pay Insurance Premiums for Public Safety Officers in Part II before entering an amount on your tax return or Worksheet C, line 1 9. Direccion irs para enviar form 1040x $11,311. Direccion irs para enviar form 1040x 10 10. Direccion irs para enviar form 1040x Was your annuity starting date before 1987?   Yes. Direccion irs para enviar form 1040x Do not complete the rest of this worksheet. Direccion irs para enviar form 1040x    No. Direccion irs para enviar form 1040x Add lines 6 and 8. Direccion irs para enviar form 1040x This is the amount you have recovered tax free through 2013. Direccion irs para enviar form 1040x You will need this number if you need to fill out this worksheet next year 10. Direccion irs para enviar form 1040x 688. Direccion irs para enviar form 1040x 90 11. Direccion irs para enviar form 1040x Balance of cost to be recovered. Direccion irs para enviar form 1040x Subtract line 10 from line 2. Direccion irs para enviar form 1040x If zero, you will not have to complete this worksheet next year. Direccion irs para enviar form 1040x The payments you receive next year will generally be fully taxable 11. Direccion irs para enviar form 1040x $24,111. Direccion irs para enviar form 1040x 10 Table 1 for Line 3 Above    IF your age on your annuity starting date was   AND your annuity starting date was—     before November 19, 1996,  THEN enter on line 3 after November 18, 1996,  THEN enter on line 3   55 or under 300 360   56–60 260 310   61–65 240 260   66–70 170 210   71 or over 120 160  Table 2 for Line 3 Above    IF the annuitants' combined ages on your annuity starting date were   THEN enter on line 3         110 or under   410         111–120   360         121–130   310         131–140   260         141 or over   210       * A death benefit exclusion of up to $5,000 applied to certain benefits received by survivors of employees who died before August 21, 1996. Direccion irs para enviar form 1040x Reemployment after choosing the alternative annuity option. Direccion irs para enviar form 1040x If you chose this option when you retired and then you were reemployed by the Federal Government before retiring again, your Form CSA 1099R may show only the amount of your contributions to your retirement plan during your reemployment. Direccion irs para enviar form 1040x If the amount on the form does not include all your contributions, disregard it and use your total contributions to figure the taxable part of your annuity payments. Direccion irs para enviar form 1040x Annuity starting date before November 19, 1996. Direccion irs para enviar form 1040x   If your annuity starting date is before November 19, 1996, and you chose the alternative annuity option, the taxable and tax-free parts of your lump-sum payment and your annuity payments are figured using different rules. Direccion irs para enviar form 1040x Under those rules, you do not reduce your cost in the plan (Worksheet A, line 2) by the tax-free part of the lump-sum payment. Direccion irs para enviar form 1040x However, you must include that tax-free amount with other amounts previously recovered tax free (Worksheet A, line 6) when limiting your total exclusion to your total cost. Direccion irs para enviar form 1040x Federal Gift Tax If, through the exercise or nonexercise of an election or option, you provide an annuity for your beneficiary at or after your death, you have made a gift. Direccion irs para enviar form 1040x The gift may be taxable for gift tax purposes. Direccion irs para enviar form 1040x The value of the gift is equal to the value of the annuity. Direccion irs para enviar form 1040x Joint and survivor annuity. Direccion irs para enviar form 1040x   If the gift is an interest in a joint and survivor annuity where only you and your spouse can receive payments before the death of the last spouse to die, the gift generally will qualify for the unlimited marital deduction. Direccion irs para enviar form 1040x This will eliminate any gift tax liability with regard to that gift. Direccion irs para enviar form 1040x   If you provide survivor annuity benefits for someone other than your current spouse, such as your former spouse, the unlimited marital deduction will not apply. Direccion irs para enviar form 1040x This may result in a taxable gift. Direccion irs para enviar form 1040x More information. Direccion irs para enviar form 1040x   For information about the gift tax, see Publication 950, Introduction to Estate and Gift Taxes, and Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and its instructions. Direccion irs para enviar form 1040x Retirement During the Past Year If you have recently retired, the following discussions covering annual leave, voluntary contributions, and community property may apply to you. Direccion irs para enviar form 1040x Annual leave. Direccion irs para enviar form 1040x   A payment for accrued annual leave received on retirement is a salary payment. Direccion irs para enviar form 1040x It is taxable as wages in the tax year you receive it. Direccion irs para enviar form 1040x Voluntary contributions. Direccion irs para enviar form 1040x   Voluntary contributions to the retirement fund are those made in addition to the regular contributions that were deducted from your salary. Direccion irs para enviar form 1040x They also include the regular contributions withheld from your salary after you have the years of service necessary for the maximum annuity allowed by law. Direccion irs para enviar form 1040x Voluntary contributions are not the same as employee contributions to the Thrift Savings Plan. Direccion irs para enviar form 1040x See Thrift Savings Plan , later. Direccion irs para enviar form 1040x Additional annuity benefit. Direccion irs para enviar form 1040x   If you choose to receive an additional annuity benefit from your voluntary contributions, it is treated separately from the annuity benefit that comes from the regular contributions deducted from your salary. Direccion irs para enviar form 1040x This separate treatment applies for figuring the amounts to be excluded from, and included in, gross income. Direccion irs para enviar form 1040x It does not matter that you receive only one monthly check covering both benefits. Direccion irs para enviar form 1040x Each year you will receive a Form CSA 1099R that will show how much of your total annuity received in the past year was from each type of benefit. Direccion irs para enviar form 1040x   Figure the taxable and tax-free parts of your additional monthly benefits from voluntary contributions using the rules that apply to regular CSRS and FERS annuities, as explained earlier. Direccion irs para enviar form 1040x Refund of voluntary contributions. Direccion irs para enviar form 1040x   If you choose to receive a refund of your voluntary contributions plus accrued interest, the interest is taxable to you in the tax year it is distributed unless you roll it over to a traditional IRA or another qualified retirement plan. Direccion irs para enviar form 1040x If you do not have OPM transfer the interest to a traditional IRA or other qualified retirement plan in a direct rollover, tax will be withheld at a 20% rate. Direccion irs para enviar form 1040x See Rollover Rules , later. Direccion irs para enviar form 1040x The interest does not qualify as a lump-sum distribution eligible for capital gain treatment or the 10-year tax option. Direccion irs para enviar form 1040x It also may be subject to an additional 10% tax on early distributions if you separate from service before the calendar year in which you reach age 55. Direccion irs para enviar form 1040x For more information, see Lump-Sum Distributions and Tax on Early Distributions in Publication 575. Direccion irs para enviar form 1040x Community property laws. Direccion irs para enviar form 1040x   State community property laws apply to your annuity. Direccion irs para enviar form 1040x These laws will affect your income tax only if you file a return separately from your spouse. Direccion irs para enviar form 1040x   Generally, the determination of whether your annuity is separate income (taxable to you) or community income (taxable to both you and your spouse) is based on your marital status and domicile when you were working. Direccion irs para enviar form 1040x Regardless of whether you are now living in a community property state or a noncommunity property state, your current annuity may be community income if it is based on services you performed while married and domiciled in a community property state. Direccion irs para enviar form 1040x   At any time, you have only one domicile even though you may have more than one home. Direccion irs para enviar form 1040x Your domicile is your fixed and permanent legal home that you intend to use for an indefinite or unlimited period, and to which, when absent, you intend to return. Direccion irs para enviar form 1040x The question of your domicile is mainly a matter of your intentions as indicated by your actions. Direccion irs para enviar form 1040x   If your annuity is a mixture of community income and separate income, you must divide it between the two kinds of income. Direccion irs para enviar form 1040x The division is based on your periods of service and domicile in community and noncommunity property states while you were married. Direccion irs para enviar form 1040x   For more information, see Publication 555, Community Property. Direccion irs para enviar form 1040x Reemployment After Retirement If you retired from federal service and are later rehired by the Federal Government as an employee, you can continue to receive your annuity during reemployment. Direccion irs para enviar form 1040x The employing agency usually will pay you the difference between your salary for your period of reemployment and your annuity. Direccion irs para enviar form 1040x This amount is taxable as wages. Direccion irs para enviar form 1040x Your annuity will continue to be taxed just as it was before. Direccion irs para enviar form 1040x If you are still recovering your cost, you continue to do so. Direccion irs para enviar form 1040x If you have recovered your cost, the annuity you receive while you are reemployed generally is fully taxable. Direccion irs para enviar form 1040x Nonresident Aliens The following special rules apply to nonresident alien federal employees performing services outside the United States and to nonresident alien retirees and beneficiaries. Direccion irs para enviar form 1040x A nonresident alien is an individual who is not a citizen or a resident alien of the United States. Direccion irs para enviar form 1040x Special rule for figuring your total contributions. Direccion irs para enviar form 1040x   Your contributions to the retirement plan (your cost) also include the government's contributions to the plan to a certain extent. Direccion irs para enviar form 1040x You include government contributions that would not have been taxable to you at the time they were contributed if they had been paid directly to you. Direccion irs para enviar form 1040x For example, government contributions would not have been taxable to you if, at the time made, your services were performed outside the United States. Direccion irs para enviar form 1040x Thus, your cost is increased by these government contributions and the benefits that you, or your beneficiary, must include in income are reduced. Direccion irs para enviar form 1040x   This method of figuring your total contributions does not apply to any contributions the government made on your behalf after you became a citizen or a resident alien of the United States. Direccion irs para enviar form 1040x Limit on taxable amount. Direccion irs para enviar form 1040x   There is a limit on the taxable amount of payments received from the CSRS, the FERS, or the TSP by a nonresident alien retiree or nonresident alien beneficiary. Direccion irs para enviar form 1040x Figure this limited taxable amount by multiplying the otherwise taxable amount by a fraction. Direccion irs para enviar form 1040x The numerator of the fraction is the retiree's total U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x Government basic pay, other than tax-exempt pay for services performed outside the United States. Direccion irs para enviar form 1040x The denominator is the retiree's total U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x Government basic pay for all services. Direccion irs para enviar form 1040x    Basic pay includes regular pay plus any standby differential. Direccion irs para enviar form 1040x It does not include bonuses, overtime pay, certain retroactive pay, uniform or other allowances, or lump-sum leave payments. Direccion irs para enviar form 1040x   To figure the limited taxable amount of your CSRS or FERS annuity or your TSP distributions, use Worksheet C. Direccion irs para enviar form 1040x (For an annuity, first complete Worksheet A in this publication. Direccion irs para enviar form 1040x ) Worksheet C. Direccion irs para enviar form 1040x Limited Taxable Amount for Nonresident Alien 1. Direccion irs para enviar form 1040x Enter the otherwise taxable amount of the CSRS or FERS annuity (from line 9 of Worksheet A or from Forms CSA 1099R or CSF 1099R) or TSP distributions (from Form 1099R) 1. Direccion irs para enviar form 1040x   2. Direccion irs para enviar form 1040x Enter the total U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x Government basic pay other than tax-exempt pay for services performed outside the United States 2. Direccion irs para enviar form 1040x   3. Direccion irs para enviar form 1040x Enter the total U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x Government basic pay for all services 3. Direccion irs para enviar form 1040x   4. Direccion irs para enviar form 1040x Divide line 2 by line 3 4. Direccion irs para enviar form 1040x   5. Direccion irs para enviar form 1040x Limited taxable amount. Direccion irs para enviar form 1040x Multiply line 1 by line 4. Direccion irs para enviar form 1040x Enter this amount on Form 1040NR, line 17b 5. Direccion irs para enviar form 1040x   Example 1. Direccion irs para enviar form 1040x You are a nonresident alien who performed all services for the U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x Government abroad as a nonresident alien. Direccion irs para enviar form 1040x You retired and began to receive a monthly annuity of $200. Direccion irs para enviar form 1040x Your total basic pay for all services for the U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x Government was $100,000. Direccion irs para enviar form 1040x All of your basic pay was tax exempt because it was not U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x source income. Direccion irs para enviar form 1040x The taxable amount of your annuity using Worksheet A in this publication is $720. Direccion irs para enviar form 1040x You are a nonresident alien, so you figure the limited taxable amount of your annuity using Worksheet C as follows. Direccion irs para enviar form 1040x Worksheet C. Direccion irs para enviar form 1040x Limited Taxable Amount for Nonresident Alien — Example 1 1. Direccion irs para enviar form 1040x Enter the otherwise taxable amount of the CSRS or FERS annuity (from line 9 of Worksheet A or from Forms CSA 1099R or CSF 1099R) or TSP distributions (from Form 1099R) 1. Direccion irs para enviar form 1040x $ 720 2. Direccion irs para enviar form 1040x Enter the total U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x Government basic pay other than tax-exempt pay for services performed outside the United States 2. Direccion irs para enviar form 1040x 0 3. Direccion irs para enviar form 1040x Enter the total U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x Government basic pay for all services 3. Direccion irs para enviar form 1040x 100,000 4. Direccion irs para enviar form 1040x Divide line 2 by line 3 4. Direccion irs para enviar form 1040x 0 5. Direccion irs para enviar form 1040x Limited taxable amount. Direccion irs para enviar form 1040x Multiply line 1 by line 4. Direccion irs para enviar form 1040x Enter this amount on Form 1040NR, line 17b 5. Direccion irs para enviar form 1040x 0 Example 2. Direccion irs para enviar form 1040x You are a nonresident alien who performed services for the U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x Government as a nonresident alien both within the United States and abroad. Direccion irs para enviar form 1040x You retired and began to receive a monthly annuity of $240. Direccion irs para enviar form 1040x Your total basic pay for your services for the U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x Government was $120,000; $40,000 was for work done in the United States and $80,000 was for your work done in a foreign country. Direccion irs para enviar form 1040x The part of your total basic pay for your work done in a foreign country was tax exempt because it was not U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x source income. Direccion irs para enviar form 1040x The taxable amount of your annuity figured using Worksheet A in this publication is $1,980. Direccion irs para enviar form 1040x You are a nonresident alien, so you figure the limited taxable amount of your annuity using Worksheet C as follows. Direccion irs para enviar form 1040x Worksheet C. Direccion irs para enviar form 1040x Limited Taxable Amount for Nonresident Alien — Example 2 1. Direccion irs para enviar form 1040x Enter the otherwise taxable amount of the CSRS or FERS annuity (from line 9 of Worksheet A or from Forms CSA 1099R or CSF 1099R) or TSP distributions (from Form 1099R) 1. Direccion irs para enviar form 1040x $ 1,980 2. Direccion irs para enviar form 1040x Enter the total U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x Government basic pay other than tax-exempt pay for services performed outside the United States 2. Direccion irs para enviar form 1040x 40,000 3. Direccion irs para enviar form 1040x Enter the total U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x Government basic pay for all services 3. Direccion irs para enviar form 1040x 120,000 4. Direccion irs para enviar form 1040x Divide line 2 by line 3 4. Direccion irs para enviar form 1040x . Direccion irs para enviar form 1040x 333 5. Direccion irs para enviar form 1040x Limited taxable amount. Direccion irs para enviar form 1040x Multiply line 1 by line 4. Direccion irs para enviar form 1040x Enter this amount on Form 1040NR, line 17b 5. Direccion irs para enviar form 1040x 659 Thrift Savings Plan Generally, all of the money in your TSP account is taxed as ordinary income when you receive it. Direccion irs para enviar form 1040x (However, see Roth TSP balance and Uniformed services TSP accounts, next. Direccion irs para enviar form 1040x ) This is because neither the contributions to your traditional TSP balance nor its earnings have been included previously in your taxable income. Direccion irs para enviar form 1040x The way that you withdraw your account balance determines when you must pay the tax. Direccion irs para enviar form 1040x Roth TSP balance. Direccion irs para enviar form 1040x   The TSP also offers a Roth TSP option, which allows you to make after-tax contributions into your TSP account. Direccion irs para enviar form 1040x This means Roth TSP contributions are included in your income. Direccion irs para enviar form 1040x The contribution limits are the same as the traditional TSP. Direccion irs para enviar form 1040x You can elect to have part or all of your TSP contributions designated as a Roth TSP. Direccion irs para enviar form 1040x Agency contributions will be part of your traditional TSP balance. Direccion irs para enviar form 1040x Also, you cannot roll over any portion of your traditional TSP into your Roth TSP. Direccion irs para enviar form 1040x   Qualified distributions from your Roth TSP are not included in income. Direccion irs para enviar form 1040x This applies to both your cost in the account and income earned on that account. Direccion irs para enviar form 1040x A qualified distribution is generally a distribution that is: Made after a 5-tax-year period of participation, and Made on or after the date you reach age 59½, made to a beneficiary or your estate on or after your death, or attributable to your being disabled. Direccion irs para enviar form 1040x   For more information, go to the TSP website, www. Direccion irs para enviar form 1040x tsp. Direccion irs para enviar form 1040x gov, or the TSP Service Office. Direccion irs para enviar form 1040x See Publication 575, Pension and Annuity Income, for more information about designated Roth accounts. Direccion irs para enviar form 1040x Uniformed services TSP accounts. Direccion irs para enviar form 1040x   If you have a uniformed services TSP account that includes contributions from combat zone pay, the distributions attributable to those contributions are tax exempt. Direccion irs para enviar form 1040x However, any earnings on those contributions to a traditional TSP balance are subject to tax when they are distributed. Direccion irs para enviar form 1040x See Roth TSP balance discussed previously to get more information about Roth contributions. Direccion irs para enviar form 1040x The statement you receive from the TSP will separately state the total amount of your distribution and the amount of your taxable distribution for the year. Direccion irs para enviar form 1040x You can get more information from the TSP website, www. Direccion irs para enviar form 1040x tsp. Direccion irs para enviar form 1040x gov, or the TSP Service Office. Direccion irs para enviar form 1040x Direct rollover by the TSP. Direccion irs para enviar form 1040x   If you ask the TSP to transfer any part of the money in your account, from traditional contributions and its earnings, to a traditional IRA or other qualified retirement plan, the tax on that part is deferred until you receive payments from the traditional IRA or other plan. Direccion irs para enviar form 1040x However, see the following Note for a discussion on direct rollovers by the TSP of Roth contributions and its earnings. Direccion irs para enviar form 1040x Also, see Rollover Rules , later. Direccion irs para enviar form 1040x Direct rollover by the TSP to a Roth IRA. Direccion irs para enviar form 1040x   If you ask the TSP to transfer any part of the money in your account, from traditional contributions and its earnings, to a Roth IRA, the amount transferred will be taxed in the current year. Direccion irs para enviar form 1040x However, see the following Note for a discussion on direct rollovers by the TSP of Roth contributions and its earnings. Direccion irs para enviar form 1040x Also, see Rollovers to Roth IRAs for more information, later. Direccion irs para enviar form 1040x Note. Direccion irs para enviar form 1040x A direct rollover of your Roth contributions and its earnings (if certain conditions are met, see Roth TSP balance , earlier) in your TSP account to a Roth 401(k), Roth 403(b), Roth 457(b), or Roth IRA are not subject to tax when they are transferred or when you receive payments from those accounts at a later date. Direccion irs para enviar form 1040x This is because you already paid tax on those contributions. Direccion irs para enviar form 1040x You cannot rollover Roth contributions and its earnings in your TSP account to a traditional IRA. Direccion irs para enviar form 1040x TSP annuity. Direccion irs para enviar form 1040x   If you ask the TSP to buy an annuity with the money in your account, from traditional contributions and its earnings, the annuity payments are taxed when you receive them. Direccion irs para enviar form 1040x The payments are not subject to the additional 10% tax on early distributions, even if you are under age 55 when they begin. Direccion irs para enviar form 1040x However, there is no tax on the annuity payments if the annuity is purchased using the money in your account from Roth contributions and its earnings if certain conditions are met. Direccion irs para enviar form 1040x See Roth TSP balance , earlier. Direccion irs para enviar form 1040x This is because you already paid tax on those contributions. Direccion irs para enviar form 1040x Cash withdrawals. Direccion irs para enviar form 1040x   If you withdraw any of the money in your TSP account, from traditional contributions and its earnings, it is generally taxed as ordinary income when you receive it unless you roll it over into a traditional IRA or other qualified plan. Direccion irs para enviar form 1040x (See Rollover Rules , later. Direccion irs para enviar form 1040x ) If you receive your entire TSP account balance in a single tax year, you may be able to use the 10-year tax option to figure your tax. Direccion irs para enviar form 1040x See Lump-Sum Distributions in Publication 575 for details. Direccion irs para enviar form 1040x However, there is no tax if you withdraw money in your TSP account from Roth contributions and its earnings if certain conditions are met. Direccion irs para enviar form 1040x See Roth TSP balance , earlier. Direccion irs para enviar form 1040x    To qualify for the 10-year tax option, the plan participant must have been born before January 2, 1936. Direccion irs para enviar form 1040x   If you receive a single payment or you choose to receive your account balance in monthly payments over a period of less than 10 years, the TSP generally must withhold 20% for federal income tax. Direccion irs para enviar form 1040x If you choose to receive your account balance in monthly payments over a period of 10 or more years or a period based on your life expectancy, the payments are subject to withholding as if you are married with three withholding allowances, unless you submit a withholding certificate. Direccion irs para enviar form 1040x See also Withholding from Thrift Savings Plan payments earlier under Tax Withholding and Estimated Tax in Part I. Direccion irs para enviar form 1040x However, there is no withholding requirement for amounts withdrawn from your TSP account that is from Roth contributions and its earnings, if certain conditions are met. Direccion irs para enviar form 1040x See Roth TSP balance , earlier, for a discussion of those conditions. Direccion irs para enviar form 1040x Tax on early distributions. Direccion irs para enviar form 1040x   Any money paid to you from your TSP account before you reach age 59½ may be subject to an additional 10% tax on early distributions. Direccion irs para enviar form 1040x However, this additional tax does not apply in certain situations, including any of the following. Direccion irs para enviar form 1040x You receive the distribution and separate from government service during or after the calendar year in which you reach age 55. Direccion irs para enviar form 1040x You choose to receive your account balance in monthly payments based on your life expectancy. Direccion irs para enviar form 1040x You are totally and permanently disabled. Direccion irs para enviar form 1040x You receive amounts from your Roth contributions since that represents a return of your cost (after-tax money). Direccion irs para enviar form 1040x The earnings may be subject to the 10% tax depending on whether you met certain conditions. Direccion irs para enviar form 1040x See Roth TSP balance , earlier. Direccion irs para enviar form 1040x   For more information, see Tax on Early Distributions in Publication 575. Direccion irs para enviar form 1040x Outstanding loan. Direccion irs para enviar form 1040x   If the TSP declares a distribution from your account because money you borrowed has not been repaid when you separate from government service, your account is reduced and the amount of the distribution (your unpaid loan balance and any unpaid interest), from traditional contributions and its earnings, is taxed in the year declared. Direccion irs para enviar form 1040x The distribution also may be subject to the additional 10% tax on early distributions. Direccion irs para enviar form 1040x However, the tax will be deferred if you make a rollover contribution to a traditional IRA or other qualified plan equal to the declared distribution amount. Direccion irs para enviar form 1040x See Rollover Rules , later. Direccion irs para enviar form 1040x   If you withdraw any money from your TSP account in that same year, the TSP must withhold income tax of 20% of the total of the declared distribution and the amount withdrawn. Direccion irs para enviar form 1040x However, no withholding is required for portions of the distribution that is from Roth contributions and its earnings, if certain conditions are met. Direccion irs para enviar form 1040x See Roth TSP balance , earlier. Direccion irs para enviar form 1040x More information. Direccion irs para enviar form 1040x   For more information about the TSP, see Summary of the Thrift Savings Plan, distributed to all federal employees. Direccion irs para enviar form 1040x Also, see Important Tax Information About Payments From Your TSP Account and Special Tax Withholding Rules for Thrift Savings Plan Payments to Nonresident Aliens, which are available from your agency personnel office or from the TSP by calling 1-TSP-YOU-FIRST (1-877-968-3778) and for participants who are deaf, hard of hearing, or have a speech disability, call 1-TSP-THRIFT5 (1-877-847-4385). Direccion irs para enviar form 1040x    The above documents are also available on the TSP website at www. Direccion irs para enviar form 1040x tsp. Direccion irs para enviar form 1040x gov. Direccion irs para enviar form 1040x Select “Forms & Publications. Direccion irs para enviar form 1040x ” Rollover Rules Generally, a rollover is a tax-free withdrawal of cash or other assets from one qualified retirement plan or traditional IRA and its reinvestment in another qualified retirement plan or traditional IRA. Direccion irs para enviar form 1040x You do not include the amount rolled over in your income, and you cannot take a deduction for it. Direccion irs para enviar form 1040x The amount rolled over is taxed later as the new program pays that amount to you. Direccion irs para enviar form 1040x If you roll over amounts into a traditional IRA, later distributions of these amounts from the traditional IRA do not qualify for the capital gain or the 10-year tax option. Direccion irs para enviar form 1040x However, capital gain treatment or the 10-year tax option will be restored if the traditional IRA contains only amounts rolled over from a qualified plan and these amounts are rolled over from the traditional IRA into a qualified retirement plan. Direccion irs para enviar form 1040x To qualify for the capital gain treatment or 10-year tax option, the plan participant must have been born before January 2, 1936. Direccion irs para enviar form 1040x You can also roll over a distribution from a qualified retirement plan into a Roth IRA. Direccion irs para enviar form 1040x Although the transfer of a distribution into a Roth IRA is considered a rollover for Roth IRA purposes, it is not a tax-free transfer unless you are rolling over amounts from Roth contributions and its earnings. Direccion irs para enviar form 1040x See Rollovers to Roth IRAs , later, for more information. Direccion irs para enviar form 1040x Qualified retirement plan. Direccion irs para enviar form 1040x   For this purpose, a qualified retirement plan generally is: A qualified employee plan, A qualified employee annuity, A tax-sheltered annuity plan (403(b) plan), or An eligible state or local government section 457 deferred compensation plan. Direccion irs para enviar form 1040x The CSRS, FERS, and TSP are considered qualified retirement plans. Direccion irs para enviar form 1040x Distributions eligible for rollover treatment. Direccion irs para enviar form 1040x   If you receive a refund of your CSRS or FERS contributions when you leave government service, you can roll over any interest you receive on the contributions. Direccion irs para enviar form 1040x You cannot roll over any part of your CSRS or FERS annuity payments. Direccion irs para enviar form 1040x   You can roll over a distribution of any part of your TSP account balance except: A distribution of your account balance that you choose to receive in monthly payments over: Your life expectancy, The joint life expectancies of you and your beneficiary, or A period of 10 years or more, A required minimum distribution generally beginning at age 70½, A declared distribution because of an unrepaid loan, if you have not separated from government service (see Outstanding loan under Thrift Savings Plan, earlier), or A hardship distribution. Direccion irs para enviar form 1040x   In addition, a distribution to your beneficiary generally is not treated as an eligible rollover distribution. Direccion irs para enviar form 1040x However, see Qualified domestic relations order (QDRO) and Rollovers by surviving spouse , and Rollovers by nonspouse beneficiary , later. Direccion irs para enviar form 1040x Direct rollover option. Direccion irs para enviar form 1040x   You can choose to have the OPM or TSP transfer any part of an eligible rollover distribution directly to another qualified retirement plan that accepts rollover distributions or to a traditional IRA or Roth IRA. Direccion irs para enviar form 1040x   There is an automatic rollover requirement for mandatory distributions. Direccion irs para enviar form 1040x A mandatory distribution is a distribution made without your consent and before you reach age 62 or normal retirement age, whichever is later. Direccion irs para enviar form 1040x The automatic rollover requirement applies if the distribution is more than $1,000 and is an eligible rollover distribution. Direccion irs para enviar form 1040x You can choose to have the distribution paid directly to you or rolled over directly to your traditional or Roth IRA or another qualified retirement plan. Direccion irs para enviar form 1040x If you do not make this choice, OPM will automatically roll over the distribution into an IRA of a designated trustee or issuer. Direccion irs para enviar form 1040x No tax withheld. Direccion irs para enviar form 1040x   If you choose the direct rollover option or have an automatic rollover, no tax will be withheld from any part of the distribution that is directly paid to the trustee of the other plan. Direccion irs para enviar form 1040x However, if the rollover is to a Roth IRA, you may want to choose to have tax withheld since any amount rolled over is generally included in income. Direccion irs para enviar form 1040x Any part of the eligible rollover distribution paid to you is subject to withholding at a 20% rate. Direccion irs para enviar form 1040x Direct roll over amounts from Roth contributions and its earnings do not have tax withheld because you already paid tax on those amounts. Direccion irs para enviar form 1040x Payment to you option. Direccion irs para enviar form 1040x   If an eligible rollover distribution is paid to you, the OPM or TSP must withhold 20% for income tax even if you plan to roll over the distribution to another qualified retirement plan, traditional or Roth IRA. Direccion irs para enviar form 1040x However, the full amount is treated as distributed to you even though you actually receive only 80%. Direccion irs para enviar form 1040x You generally must include in income any part (including the part withheld) that you do not roll over within 60 days to another qualified retirement plan or to a traditional IRA. Direccion irs para enviar form 1040x Rollovers to Roth IRAs are generally included in income. Direccion irs para enviar form 1040x Eligible rollover distributions that are from Roth contributions do not have tax withheld because you already paid tax on those amounts. Direccion irs para enviar form 1040x If you leave government service before the calendar year in which you reach age 55 and are under age 59½ when a distribution is paid to you, you may have to pay an additional 10% tax on any part, including any tax withheld, that you do not roll over. Direccion irs para enviar form 1040x However, distributions from Roth contributions will not be subject to the 10% additional tax because it is a return of your cost (after-tax money). Direccion irs para enviar form 1040x Earnings from those contributions may be subject to the 10% additional tax if certain conditions are not met. Direccion irs para enviar form 1040x See Roth TSP balance , earlier. Direccion irs para enviar form 1040x Also, see Tax on Early Distributions in Publication 575. Direccion irs para enviar form 1040x Exception to withholding. Direccion irs para enviar form 1040x   Withholding from an eligible rollover distribution paid to you is not required if the distributions for your tax year total less than $200. Direccion irs para enviar form 1040x Partial rollovers. Direccion irs para enviar form 1040x   A lump-sum distribution may qualify for capital gain treatment or the 10-year tax option if the plan participant was born before January 2, 1936. Direccion irs para enviar form 1040x See Lump-Sum Distributions in Publication 575. Direccion irs para enviar form 1040x However, if you roll over any part of the distribution, the part you keep does not qualify for this special tax treatment. Direccion irs para enviar form 1040x Rolling over more than amount received. Direccion irs para enviar form 1040x   If you want to roll over more of an eligible rollover distribution than the amount you received after income tax was withheld, you will have to add funds from some other source (such as your savings or borrowed amounts). Direccion irs para enviar form 1040x Example. Direccion irs para enviar form 1040x You left government service at age 53. Direccion irs para enviar form 1040x On February 1, 2013, you receive an eligible rollover distribution of $10,000 from you
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The Direccion Irs Para Enviar Form 1040x

Direccion irs para enviar form 1040x 9. Direccion irs para enviar form 1040x   Rental Income and Expenses Table of Contents Introduction Useful Items - You may want to see: Rental Income Rental ExpensesVacant while listed for sale. Direccion irs para enviar form 1040x Repairs and Improvements Other Expenses Property Changed to Rental Use Renting Part of Property Not Rented for Profit Personal Use of Dwelling Unit (Including Vacation Home)Example. Direccion irs para enviar form 1040x Dividing Expenses Dwelling Unit Used as a Home Reporting Income and Deductions DepreciationChanging your accounting method to deduct unclaimed depreciation. Direccion irs para enviar form 1040x Limits on Rental LossesAt-Risk Rules Passive Activity Limits How To Report Rental Income and ExpensesSchedule E (Form 1040) Introduction This chapter discusses rental income and expenses. Direccion irs para enviar form 1040x It also covers the following topics. Direccion irs para enviar form 1040x Personal use of dwelling unit (including vacation home). Direccion irs para enviar form 1040x Depreciation. Direccion irs para enviar form 1040x Limits on rental losses. Direccion irs para enviar form 1040x How to report your rental income and expenses. Direccion irs para enviar form 1040x If you sell or otherwise dispose of your rental property, see Publication 544, Sales and Other Dispositions of Assets. Direccion irs para enviar form 1040x If you have a loss from damage to, or theft of, rental property, see Publication 547, Casualties, Disasters, and Thefts. Direccion irs para enviar form 1040x If you rent a condominium or a cooperative apartment, some special rules apply to you even though you receive the same tax treatment as other owners of rental property. Direccion irs para enviar form 1040x See Publication 527, Residential Rental Property, for more information. Direccion irs para enviar form 1040x Useful Items - You may want to see: Publication 527 Residential Rental Property 534 Depreciating Property Placed in Service Before 1987 535 Business Expenses 925 Passive Activity and At-Risk Rules 946 How To Depreciate Property Form (and Instructions) 4562 Depreciation and Amortization 6251 Alternative Minimum Tax—Individuals 8582 Passive Activity Loss Limitations Schedule E (Form 1040) Supplemental Income and Loss Rental Income In most cases, you must include in your gross income all amounts you receive as rent. Direccion irs para enviar form 1040x Rental income is any payment you receive for the use or occupation of property. Direccion irs para enviar form 1040x In addition to amounts you receive as normal rent payments, there are other amounts that may be rental income. Direccion irs para enviar form 1040x When to report. Direccion irs para enviar form 1040x   If you are a cash-basis taxpayer, you report rental income on your return for the year you actually or constructively receive it. Direccion irs para enviar form 1040x You are a cash-basis taxpayer if you report income in the year you receive it, regardless of when it was earned. Direccion irs para enviar form 1040x You constructively receive income when it is made available to you, for example, by being credited to your bank account. Direccion irs para enviar form 1040x   For more information about when you constructively receive income, see Accounting Methods in chapter 1. Direccion irs para enviar form 1040x Advance rent. Direccion irs para enviar form 1040x   Advance rent is any amount you receive before the period that it covers. Direccion irs para enviar form 1040x Include advance rent in your rental income in the year you receive it regardless of the period covered or the method of accounting you use. Direccion irs para enviar form 1040x Example. Direccion irs para enviar form 1040x You sign a 10-year lease to rent your property. Direccion irs para enviar form 1040x In the first year, you receive $5,000 for the first year's rent and $5,000 as rent for the last year of the lease. Direccion irs para enviar form 1040x You must include $10,000 in your income in the first year. Direccion irs para enviar form 1040x Canceling a lease. Direccion irs para enviar form 1040x   If your tenant pays you to cancel a lease, the amount you receive is rent. Direccion irs para enviar form 1040x Include the payment in your income in the year you receive it regardless of your method of accounting. Direccion irs para enviar form 1040x Expenses paid by tenant. Direccion irs para enviar form 1040x   If your tenant pays any of your expenses, the payments are rental income. Direccion irs para enviar form 1040x Because you must include this amount in income, you can deduct the expenses if they are deductible rental expenses. Direccion irs para enviar form 1040x See Rental Expenses , later, for more information. Direccion irs para enviar form 1040x Property or services. Direccion irs para enviar form 1040x   If you receive property or services, instead of money, as rent, include the fair market value of the property or services in your rental income. Direccion irs para enviar form 1040x   If the services are provided at an agreed upon or specified price, that price is the fair market value unless there is evidence to the contrary. Direccion irs para enviar form 1040x Security deposits. Direccion irs para enviar form 1040x   Do not include a security deposit in your income when you receive it if you plan to return it to your tenant at the end of the lease. Direccion irs para enviar form 1040x But if you keep part or all of the security deposit during any year because your tenant does not live up to the terms of the lease, include the amount you keep in your income in that year. Direccion irs para enviar form 1040x   If an amount called a security deposit is to be used as a final payment of rent, it is advance rent. Direccion irs para enviar form 1040x Include it in your income when you receive it. Direccion irs para enviar form 1040x Part interest. Direccion irs para enviar form 1040x   If you own a part interest in rental property, you must report your part of the rental income from the property. Direccion irs para enviar form 1040x Rental of property also used as your home. Direccion irs para enviar form 1040x   If you rent property that you also use as your home and you rent it less than 15 days during the tax year, do not include the rent you receive in your income and do not deduct rental expenses. Direccion irs para enviar form 1040x However, you can deduct on Schedule A (Form 1040) the interest, taxes, and casualty and theft losses that are allowed for nonrental property. Direccion irs para enviar form 1040x See Personal Use of Dwelling Unit (Including Vacation Home) , later. Direccion irs para enviar form 1040x Rental Expenses This part discusses expenses of renting property that you ordinarily can deduct from your rental income. Direccion irs para enviar form 1040x It includes information on the expenses you can deduct if you rent part of your property, or if you change your property to rental use. Direccion irs para enviar form 1040x Depreciation , which you can also deduct from your rental income, is discussed later. Direccion irs para enviar form 1040x Personal use of rental property. Direccion irs para enviar form 1040x   If you sometimes use your rental property for personal purposes, you must divide your expenses between rental and personal use. Direccion irs para enviar form 1040x Also, your rental expense deductions may be limited. Direccion irs para enviar form 1040x See Personal Use of Dwelling Unit (Including Vacation Home) , later. Direccion irs para enviar form 1040x Part interest. Direccion irs para enviar form 1040x   If you own a part interest in rental property, you can deduct expenses that you paid according to your percentage of ownership. Direccion irs para enviar form 1040x When to deduct. Direccion irs para enviar form 1040x   If you are a cash-basis taxpayer, you generally deduct your rental expenses in the year you pay them. Direccion irs para enviar form 1040x Depreciation. Direccion irs para enviar form 1040x   You can begin to depreciate rental property when it is ready and available for rent. Direccion irs para enviar form 1040x See Placed-in-Service under When Does Depreciation Begin and End in chapter 2 of Publication 527. Direccion irs para enviar form 1040x Pre-rental expenses. Direccion irs para enviar form 1040x   You can deduct your ordinary and necessary expenses for managing, conserving, or maintaining rental property from the time you make it available for rent. Direccion irs para enviar form 1040x Uncollected rent. Direccion irs para enviar form 1040x   If you are a cash-basis taxpayer, do not deduct uncollected rent. Direccion irs para enviar form 1040x Because you have not included it in your income, it is not deductible. Direccion irs para enviar form 1040x Vacant rental property. Direccion irs para enviar form 1040x   If you hold property for rental purposes, you may be able to deduct your ordinary and necessary expenses (including depreciation) for managing, conserving, or maintaining the property while the property is vacant. Direccion irs para enviar form 1040x However, you cannot deduct any loss of rental income for the period the property is vacant. Direccion irs para enviar form 1040x Vacant while listed for sale. Direccion irs para enviar form 1040x   If you sell property you held for rental purposes, you can deduct the ordinary and necessary expenses for managing, conserving, or maintaining the property until it is sold. Direccion irs para enviar form 1040x If the property is not held out and available for rent while listed for sale, the expenses are not deductible rental expenses. Direccion irs para enviar form 1040x Repairs and Improvements Generally, an expense for repairing or maintaining your rental property may be deducted if you are not required to capitalize the expense. Direccion irs para enviar form 1040x Improvements. Direccion irs para enviar form 1040x   You must capitalize any expense you pay to improve your rental property. Direccion irs para enviar form 1040x An expense is for an improvement if it results in a betterment to your property, restores your property, or adapts your property to a new or different use. Direccion irs para enviar form 1040x Betterments. Direccion irs para enviar form 1040x   Expenses that may result in a betterment to your property include expenses for fixing a pre-existing defect or condition, enlarging or expanding your property, or increasing the capacity, strength, or quality of your property. Direccion irs para enviar form 1040x Restoration. Direccion irs para enviar form 1040x   Expenses that may be for restoration include expenses for replacing a substantial structural part of your property, repairing damage to your property after you properly adjusted the basis of your property as a result of a casualty loss, or rebuilding your property to a like-new condition. Direccion irs para enviar form 1040x Adaptation. Direccion irs para enviar form 1040x   Expenses that may be for adaptation include expenses for altering your property to a use that is not consistent with the intended ordinary use of your property when you began renting the property. Direccion irs para enviar form 1040x Separate the costs of repairs and improvements, and keep accurate records. Direccion irs para enviar form 1040x You will need to know the cost of improvements when you sell or depreciate your property. Direccion irs para enviar form 1040x The expenses you capitalize for improving your property can generally be depreciated as if the improvement were separate property. Direccion irs para enviar form 1040x Other Expenses Other expenses you can deduct from your rental income include advertising, cleaning and maintenance, utilities, fire and liability insurance, taxes, interest, commissions for the collection of rent, ordinary and necessary travel and transportation, and other expenses, discussed next. Direccion irs para enviar form 1040x Insurance premiums paid in advance. Direccion irs para enviar form 1040x   If you pay an insurance premium for more than one year in advance, for each year of coverage you can deduct the part of the premium payment that will apply to that year. Direccion irs para enviar form 1040x You cannot deduct the total premium in the year you pay it. Direccion irs para enviar form 1040x Legal and other professional fees. Direccion irs para enviar form 1040x   You can deduct, as a rental expense, legal and other professional expenses, such as tax return preparation fees you paid to prepare Schedule E (Form 1040), Part I. Direccion irs para enviar form 1040x For example, on your 2013 Schedule E, you can deduct fees paid in 2013 to prepare your 2012 Schedule E, Part I. Direccion irs para enviar form 1040x You can also deduct, as a rental expense, any expense (other than federal taxes and penalties) you paid to resolve a tax underpayment related to your rental activities. Direccion irs para enviar form 1040x Local benefit taxes. Direccion irs para enviar form 1040x   In most cases, you cannot deduct charges for local benefits that increase the value of your property, such as charges for putting in streets, sidewalks, or water and sewer systems. Direccion irs para enviar form 1040x These charges are nondepreciable capital expenditures, and must be added to the basis of your property. Direccion irs para enviar form 1040x However, you can deduct local benefit taxes that are for maintaining, repairing, or paying interest charges for the benefits. Direccion irs para enviar form 1040x Local transportation expenses. Direccion irs para enviar form 1040x    You may be able to deduct your ordinary and necessary local transportation expenses if you incur them to collect rental income or to manage, conserve, or maintain your rental property. Direccion irs para enviar form 1040x However, transportation expenses incurred to travel between your home and a rental property generally constitute nondeductible commuting costs unless you use your home as your principal place of business. Direccion irs para enviar form 1040x See Publication 587, Business Use of Your Home, for information on determining if your home office qualifies as a principal place of business. Direccion irs para enviar form 1040x   Generally, if you use your personal car, pickup truck, or light van for rental activities, you can deduct the expenses using one of two methods: actual expenses or the standard mileage rate. Direccion irs para enviar form 1040x For 2013, the standard mileage rate for business use is 56. Direccion irs para enviar form 1040x 5 cents per mile. Direccion irs para enviar form 1040x For more information, see chapter 26. Direccion irs para enviar form 1040x    To deduct car expenses under either method, you must keep records that follow the rules in chapter 26. Direccion irs para enviar form 1040x In addition, you must complete Form 4562, Part V, and attach it to your tax return. Direccion irs para enviar form 1040x Rental of equipment. Direccion irs para enviar form 1040x   You can deduct the rent you pay for equipment that you use for rental purposes. Direccion irs para enviar form 1040x However, in some cases, lease contracts are actually purchase contracts. Direccion irs para enviar form 1040x If so, you cannot deduct these payments. Direccion irs para enviar form 1040x You can recover the cost of purchased equipment through depreciation. Direccion irs para enviar form 1040x Rental of property. Direccion irs para enviar form 1040x   You can deduct the rent you pay for property that you use for rental purposes. Direccion irs para enviar form 1040x If you buy a leasehold for rental purposes, you can deduct an equal part of the cost each year over the term of the lease. Direccion irs para enviar form 1040x Travel expenses. Direccion irs para enviar form 1040x   You can deduct the ordinary and necessary expenses of traveling away from home if the primary purpose of the trip is to collect rental income or to manage, conserve, or maintain your rental property. Direccion irs para enviar form 1040x You must properly allocate your expenses between rental and nonrental activities. Direccion irs para enviar form 1040x You cannot deduct the cost of traveling away from home if the primary purpose of the trip was to improve your property. Direccion irs para enviar form 1040x You recover the cost of improvements by taking depreciation. Direccion irs para enviar form 1040x For information on travel expenses, see chapter 26. Direccion irs para enviar form 1040x    To deduct travel expenses, you must keep records that follow the rules in chapter 26. Direccion irs para enviar form 1040x   See Rental Expenses in Publication 527 for more information. Direccion irs para enviar form 1040x Property Changed to Rental Use If you change your home or other property (or a part of it) to rental use at any time other than the beginning of your tax year, you must divide yearly expenses, such as taxes and insurance, between rental use and personal use. Direccion irs para enviar form 1040x You can deduct as rental expenses only the part of the expense that is for the part of the year the property was used or held for rental purposes. Direccion irs para enviar form 1040x You cannot deduct depreciation or insurance for the part of the year the property was held for personal use. Direccion irs para enviar form 1040x However, you can include the home mortgage interest, qualified mortgage insurance premiums, and real estate tax expenses for the part of the year the property was held for personal use as an itemized deduction on Schedule A (Form 1040). Direccion irs para enviar form 1040x Example. Direccion irs para enviar form 1040x Your tax year is the calendar year. Direccion irs para enviar form 1040x You moved from your home in May and started renting it out on June 1. Direccion irs para enviar form 1040x You can deduct as rental expenses seven-twelfths of your yearly expenses, such as taxes and insurance. Direccion irs para enviar form 1040x Starting with June, you can deduct as rental expenses the amounts you pay for items generally billed monthly, such as utilities. Direccion irs para enviar form 1040x Renting Part of Property If you rent part of your property, you must divide certain expenses between the part of the property used for rental purposes and the part of the property used for personal purposes, as though you actually had two separate pieces of property. Direccion irs para enviar form 1040x You can deduct the expenses related to the part of the property used for rental purposes, such as home mortgage interest, qualified mortgage insurance premiums, and real estate taxes, as rental expenses on Schedule E (Form 1040). Direccion irs para enviar form 1040x You can also deduct as rental expenses a portion of other expenses that normally are nondeductible personal expenses, such as expenses for electricity or painting the outside of your house. Direccion irs para enviar form 1040x There is no change in the types of expenses deductible for the personal-use part of your property. Direccion irs para enviar form 1040x Generally, these expenses may be deducted only if you itemize your deductions on Schedule A (Form 1040). Direccion irs para enviar form 1040x You cannot deduct any part of the cost of the first phone line even if your tenants have unlimited use of it. Direccion irs para enviar form 1040x You do not have to divide the expenses that belong only to the rental part of your property. Direccion irs para enviar form 1040x For example, if you paint a room that you rent, or if you pay premiums for liability insurance in connection with renting a room in your home, your entire cost is a rental expense. Direccion irs para enviar form 1040x If you install a second phone line strictly for your tenants' use, all of the cost of the second line is deductible as a rental expense. Direccion irs para enviar form 1040x You can deduct depreciation, discussed later, on the part of the house used for rental purposes as well as on the furniture and equipment you use for rental purposes. Direccion irs para enviar form 1040x How to divide expenses. Direccion irs para enviar form 1040x   If an expense is for both rental use and personal use, such as mortgage interest or heat for the entire house, you must divide the expense between the rental use and the personal use. Direccion irs para enviar form 1040x You can use any reasonable method for dividing the expense. Direccion irs para enviar form 1040x It may be reasonable to divide the cost of some items (for example, water) based on the number of people using them. Direccion irs para enviar form 1040x The two most common methods for dividing an expense are based on (1) the number of rooms in your home, and (2) the square footage of your home. Direccion irs para enviar form 1040x Not Rented for Profit If you do not rent your property to make a profit, you can deduct your rental expenses only up to the amount of your rental income. Direccion irs para enviar form 1040x You cannot deduct a loss or carry forward to the next year any rental expenses that are more than your rental income for the year. Direccion irs para enviar form 1040x For more information about the rules for an activity not engaged in for profit, see Not-for-Profit Activities in chapter 1 of Publication 535. Direccion irs para enviar form 1040x Where to report. Direccion irs para enviar form 1040x   Report your not-for-profit rental income on Form 1040, line 21. Direccion irs para enviar form 1040x For example, you can include your mortgage interest and any qualified mortgage insurance premiums (if you use the property as your main home or second home), real estate taxes, and casualty losses on the appropriate lines of Schedule A (Form 1040) if you itemize your deductions. Direccion irs para enviar form 1040x   If you itemize your deductions, claim your other rental expenses, subject to the rules explained in chapter 1 of Publication 535, as miscellaneous itemized deductions on Form 1040, Schedule A, line 23. Direccion irs para enviar form 1040x You can deduct these expenses only if they, together with certain other miscellaneous itemized deductions, total more than 2% of your adjusted gross income. Direccion irs para enviar form 1040x Personal Use of Dwelling Unit (Including Vacation Home) If you have any personal use of a dwelling unit (including a vacation home) that you rent, you must divide your expenses between rental use and personal use. Direccion irs para enviar form 1040x In general, your rental expenses will be no more than your total expenses multiplied by a fraction; the denominator of which is the total number of days the dwelling unit is used and the numerator of which is the total number of days actually rented at a fair rental price. Direccion irs para enviar form 1040x Only your rental expenses may be deducted on Schedule E (Form 1040). Direccion irs para enviar form 1040x Some of your personal expenses may be deductible if you itemize your deductions on Schedule A (Form 1040). Direccion irs para enviar form 1040x You must also determine if the dwelling unit is considered a home. Direccion irs para enviar form 1040x The amount of rental expenses that you can deduct may be limited if the dwelling unit is considered a home. Direccion irs para enviar form 1040x Whether a dwelling unit is considered a home depends on how many days during the year are considered to be days of personal use. Direccion irs para enviar form 1040x There is a special rule if you used the dwelling unit as a home and you rented it for less than 15 days during the year. Direccion irs para enviar form 1040x Dwelling unit. Direccion irs para enviar form 1040x   A dwelling unit includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. Direccion irs para enviar form 1040x It also includes all structures or other property belonging to the dwelling unit. Direccion irs para enviar form 1040x A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities. Direccion irs para enviar form 1040x   A dwelling unit does not include property used solely as a hotel, motel, inn, or similar establishment. Direccion irs para enviar form 1040x Property is used solely as a hotel, motel, inn, or similar establishment if it is regularly available for occupancy by paying customers and is not used by an owner as a home during the year. Direccion irs para enviar form 1040x Example. Direccion irs para enviar form 1040x   You rent a room in your home that is always available for short-term occupancy by paying customers. Direccion irs para enviar form 1040x You do not use the room yourself, and you allow only paying customers to use the room. Direccion irs para enviar form 1040x The room is used solely as a hotel, motel, inn, or similar establishment and is not a dwelling unit. Direccion irs para enviar form 1040x Dividing Expenses If you use a dwelling unit for both rental and personal purposes, divide your expenses between the rental use and the personal use based on the number of days used for each purpose. Direccion irs para enviar form 1040x When dividing your expenses, follow these rules. Direccion irs para enviar form 1040x Any day that the unit is rented at a fair rental price is a day of rental use even if you used the unit for personal purposes that day. Direccion irs para enviar form 1040x This rule does not apply when determining whether you used the unit as a home. Direccion irs para enviar form 1040x Any day that the unit is available for rent but not actually rented is not a day of rental use. Direccion irs para enviar form 1040x Example. Direccion irs para enviar form 1040x Your beach cottage was available for rent from June 1 through August 31 (92 days). Direccion irs para enviar form 1040x During that time, except for the first week in August (7 days) when you were unable to find a renter, you rented the cottage at a fair rental price. Direccion irs para enviar form 1040x The person who rented the cottage for July allowed you to use it over the weekend (2 days) without any reduction in or refund of rent. Direccion irs para enviar form 1040x Your family also used the cottage during the last 2 weeks of May (14 days). Direccion irs para enviar form 1040x The cottage was not used at all before May 17 or after August 31. Direccion irs para enviar form 1040x You figure the part of the cottage expenses to treat as rental expenses as follows. Direccion irs para enviar form 1040x The cottage was used for rental a total of 85 days (92 − 7). Direccion irs para enviar form 1040x The days it was available for rent but not rented (7 days) are not days of rental use. Direccion irs para enviar form 1040x The July weekend (2 days) you used it is rental use because you received a fair rental price for the weekend. Direccion irs para enviar form 1040x You used the cottage for personal purposes for 14 days (the last 2 weeks in May). Direccion irs para enviar form 1040x The total use of the cottage was 99 days (14 days personal use + 85 days rental use). Direccion irs para enviar form 1040x Your rental expenses are 85/99 (86%) of the cottage expenses. Direccion irs para enviar form 1040x Note. Direccion irs para enviar form 1040x When determining whether you used the cottage as a home, the July weekend (2 days) you used it is considered personal use even though you received a fair rental price for the weekend. Direccion irs para enviar form 1040x Therefore, you had 16 days of personal use and 83 days of rental use for this purpose. Direccion irs para enviar form 1040x Because you used the cottage for personal purposes more than 14 days and more than 10% of the days of rental use (8 days), you used it as a home. Direccion irs para enviar form 1040x If you have a net loss, you may not be able to deduct all of the rental expenses. Direccion irs para enviar form 1040x See Dwelling Unit Used as a Home, next. Direccion irs para enviar form 1040x Dwelling Unit Used as a Home If you use a dwelling unit for both rental and personal purposes, the tax treatment of the rental expenses you figured earlier under Dividing Expenses and rental income depends on whether you are considered to be using the dwelling unit as a home. Direccion irs para enviar form 1040x You use a dwelling unit as a home during the tax year if you use it for personal purposes more than the greater of: 14 days, or 10% of the total days it is rented to others at a fair rental price. Direccion irs para enviar form 1040x See What is a day of personal use , later. Direccion irs para enviar form 1040x Fair rental price. Direccion irs para enviar form 1040x   A fair rental price for your property generally is the amount of rent that a person who is not related to you would be willing to pay. Direccion irs para enviar form 1040x The rent you charge is not a fair rental price if it is substantially less than the rents charged for other properties that are similar to your property in your area. Direccion irs para enviar form 1040x   If a dwelling unit is used for personal purposes on a day it is rented at a fair rental price, do not count that day as a day of rental use in applying (2) above. Direccion irs para enviar form 1040x Instead, count it as a day of personal use in applying both (1) and (2) above. Direccion irs para enviar form 1040x What is a day of personal use?   A day of personal use of a dwelling unit is any day that the unit is used by any of the following persons. Direccion irs para enviar form 1040x You or any other person who has an interest in the unit, unless you rent it to another owner as his or her main home under a shared equity financing agreement (defined later). Direccion irs para enviar form 1040x However, see Days used as a main home before or after renting , later. Direccion irs para enviar form 1040x A member of your family or a member of the family of any other person who owns an interest in the unit, unless the family member uses the dwelling unit as his or her main home and pays a fair rental price. Direccion irs para enviar form 1040x Family includes only your spouse, brothers and sisters, half-brothers and half-sisters, ancestors (parents, grandparents, etc. Direccion irs para enviar form 1040x ), and lineal descendants (children, grandchildren, etc. Direccion irs para enviar form 1040x ). Direccion irs para enviar form 1040x Anyone under an arrangement that lets you use some other dwelling unit. Direccion irs para enviar form 1040x Anyone at less than a fair rental price. Direccion irs para enviar form 1040x Main home. Direccion irs para enviar form 1040x   If the other person or member of the family in (1) or (2) above has more than one home, his or her main home is ordinarily the one he or she lived in most of the time. Direccion irs para enviar form 1040x Shared equity financing agreement. Direccion irs para enviar form 1040x   This is an agreement under which two or more persons acquire undivided interests for more than 50 years in an entire dwelling unit, including the land, and one or more of the co-owners is entitled to occupy the unit as his or her main home upon payment of rent to the other co-owner or owners. Direccion irs para enviar form 1040x Donation of use of property. Direccion irs para enviar form 1040x   You use a dwelling unit for personal purposes if: You donate the use of the unit to a charitable organization, The organization sells the use of the unit at a fund-raising event, and The “purchaser” uses the unit. Direccion irs para enviar form 1040x Examples. Direccion irs para enviar form 1040x   The following examples show how to determine days of personal use. Direccion irs para enviar form 1040x Example 1. Direccion irs para enviar form 1040x You and your neighbor are co-owners of a condominium at the beach. Direccion irs para enviar form 1040x Last year, you rented the unit to vacationers whenever possible. Direccion irs para enviar form 1040x The unit was not used as a main home by anyone. Direccion irs para enviar form 1040x Your neighbor used the unit for 2 weeks last year; you did not use it at all. Direccion irs para enviar form 1040x Because your neighbor has an interest in the unit, both of you are considered to have used the unit for personal purposes during those 2 weeks. Direccion irs para enviar form 1040x Example 2. Direccion irs para enviar form 1040x You and your neighbors are co-owners of a house under a shared equity financing agreement. Direccion irs para enviar form 1040x Your neighbors live in the house and pay you a fair rental price. Direccion irs para enviar form 1040x Even though your neighbors have an interest in the house, the days your neighbors live there are not counted as days of personal use by you. Direccion irs para enviar form 1040x This is because your neighbors rent the house as their main home under a shared equity financing agreement. Direccion irs para enviar form 1040x Example 3. Direccion irs para enviar form 1040x You own a rental property that you rent to your son. Direccion irs para enviar form 1040x Your son does not own any interest in this property. Direccion irs para enviar form 1040x He uses it as his main home and pays you a fair rental price. Direccion irs para enviar form 1040x Your son's use of the property is not personal use by you because your son is using it as his main home, he owns no interest in the property, and he is paying you a fair rental price. Direccion irs para enviar form 1040x Example 4. Direccion irs para enviar form 1040x You rent your beach house to Joshua. Direccion irs para enviar form 1040x Joshua rents his cabin in the mountains to you. Direccion irs para enviar form 1040x You each pay a fair rental price. Direccion irs para enviar form 1040x You are using your house for personal purposes on the days that Joshua uses it because your house is used by Joshua under an arrangement that allows you to use his house. Direccion irs para enviar form 1040x Days used for repairs and maintenance. Direccion irs para enviar form 1040x   Any day that you spend working substantially full time repairing and maintaining (not improving) your property is not counted as a day of personal use. Direccion irs para enviar form 1040x Do not count such a day as a day of personal use even if family members use the property for recreational purposes on the same day. Direccion irs para enviar form 1040x Days used as a main home before or after renting. Direccion irs para enviar form 1040x   For purposes of determining whether a dwelling unit was used as a home, you may not have to count days you used the property as your main home before or after renting it or offering it for rent as days of personal use. Direccion irs para enviar form 1040x Do not count them as days of personal use if: You rented or tried to rent the property for 12 or more consecutive months. Direccion irs para enviar form 1040x You rented or tried to rent the property for a period of less than 12 consecutive months and the period ended because you sold or exchanged the property. Direccion irs para enviar form 1040x However, this special rule does not apply when dividing expenses between rental and personal use. Direccion irs para enviar form 1040x Examples. Direccion irs para enviar form 1040x   The following examples show how to determine whether you used your rental property as a home. Direccion irs para enviar form 1040x Example 1. Direccion irs para enviar form 1040x You converted the basement of your home into an apartment with a bedroom, a bathroom, and a small kitchen. Direccion irs para enviar form 1040x You rented the basement apartment at a fair rental price to college students during the regular school year. Direccion irs para enviar form 1040x You rented to them on a 9-month lease (273 days). Direccion irs para enviar form 1040x You figured 10% of the total days rented to others at a fair rental price is 27 days. Direccion irs para enviar form 1040x During June (30 days), your brothers stayed with you and lived in the basement apartment rent free. Direccion irs para enviar form 1040x Your basement apartment was used as a home because you used it for personal purposes for 30 days. Direccion irs para enviar form 1040x Rent-free use by your brothers is considered personal use. Direccion irs para enviar form 1040x Your personal use (30 days) is more than the greater of 14 days or 10% of the total days it was rented (27 days). Direccion irs para enviar form 1040x Example 2. Direccion irs para enviar form 1040x You rented the guest bedroom in your home at a fair rental price during the local college's homecoming, commencement, and football weekends (a total of 27 days). Direccion irs para enviar form 1040x Your sister-in-law stayed in the room, rent free, for the last 3 weeks (21 days) in July. Direccion irs para enviar form 1040x You figured 10% of the total days rented to others at a fair rental price is 3 days. Direccion irs para enviar form 1040x The room was used as a home because you used it for personal purposes for 21 days. Direccion irs para enviar form 1040x That is more than the greater of 14 days or 10% of the 27 days it was rented (3 days). Direccion irs para enviar form 1040x Example 3. Direccion irs para enviar form 1040x You own a condominium apartment in a resort area. Direccion irs para enviar form 1040x You rented it at a fair rental price for a total of 170 days during the year. Direccion irs para enviar form 1040x For 12 of those days, the tenant was not able to use the apartment and allowed you to use it even though you did not refund any of the rent. Direccion irs para enviar form 1040x Your family actually used the apartment for 10 of those days. Direccion irs para enviar form 1040x Therefore, the apartment is treated as having been rented for 160 (170 − 10) days. Direccion irs para enviar form 1040x You figured 10% of the total days rented to others at a fair rental price is 16 days. Direccion irs para enviar form 1040x Your family also used the apartment for 7 other days during the year. Direccion irs para enviar form 1040x You used the apartment as a home because you used it for personal purposes for 17 days. Direccion irs para enviar form 1040x That is more than the greater of 14 days or 10% of the 160 days it was rented (16 days). Direccion irs para enviar form 1040x Minimal rental use. Direccion irs para enviar form 1040x   If you use the dwelling unit as a home and you rent it less than 15 days during the year, that period is not treated as rental activity. Direccion irs para enviar form 1040x See Used as a home but rented less than 15 days , later, for more information. Direccion irs para enviar form 1040x Limit on deductions. Direccion irs para enviar form 1040x   Renting a dwelling unit that is considered a home is not a passive activity. Direccion irs para enviar form 1040x Instead, if your rental expenses are more than your rental income, some or all of the excess expenses cannot be used to offset income from other sources. Direccion irs para enviar form 1040x The excess expenses that cannot be used to offset income from other sources are carried forward to the next year and treated as rental expenses for the same property. Direccion irs para enviar form 1040x Any expenses carried forward to the next year will be subject to any limits that apply for that year. Direccion irs para enviar form 1040x This limitation will apply to expenses carried forward to another year even if you do not use the property as your home for that subsequent year. Direccion irs para enviar form 1040x   To figure your deductible rental expenses for this year and any carryover to next year, use Worksheet 9-1. Direccion irs para enviar form 1040x Reporting Income and Deductions Property not used for personal purposes. Direccion irs para enviar form 1040x   If you do not use a dwelling unit for personal purposes, see How To Report Rental Income and Expenses , later, for how to report your rental income and expenses. Direccion irs para enviar form 1040x Property used for personal purposes. Direccion irs para enviar form 1040x   If you do use a dwelling unit for personal purposes, then how you report your rental income and expenses depends on whether you used the dwelling unit as a home. Direccion irs para enviar form 1040x Not used as a home. Direccion irs para enviar form 1040x   If you use a dwelling unit for personal purposes, but not as a home, report all the rental income in your income. Direccion irs para enviar form 1040x Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in Dividing Expenses . Direccion irs para enviar form 1040x The expenses for personal use are not deductible as rental expenses. Direccion irs para enviar form 1040x   Your deductible rental expenses can be more than your gross rental income; however, see Limits on Rental Losses , later. Direccion irs para enviar form 1040x Used as a home but rented less than 15 days. Direccion irs para enviar form 1040x   If you use a dwelling unit as a home and you rent it less than 15 days during the year, its primary function is not considered to be rental and it should not be reported on Schedule E (Form 1040). Direccion irs para enviar form 1040x You are not required to report the rental income and rental expenses from this activity. Direccion irs para enviar form 1040x The expenses, including qualified mortgage interest, property taxes, and any qualified casualty loss will be reported as normally allowed on Schedule A (Form 1040). Direccion irs para enviar form 1040x See the Instructions for Schedule A (Form 1040) for more information on deducting these expenses. Direccion irs para enviar form 1040x Used as a home and rented 15 days or more. Direccion irs para enviar form 1040x   If you use a dwelling unit as a home and rent it 15 days or more during the year, include all your rental income in your income. Direccion irs para enviar form 1040x Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in Dividing Expenses . Direccion irs para enviar form 1040x The expenses for personal use are not deductible as rental expenses. Direccion irs para enviar form 1040x   If you had a net profit from renting the dwelling unit for the year (that is, if your rental income is more than the total of your rental expenses, including depreciation), deduct all of your rental expenses. Direccion irs para enviar form 1040x You do not need to use Worksheet 9-1. Direccion irs para enviar form 1040x   However, if you had a net loss from renting the dwelling unit for the year, your deduction for certain rental expenses is limited. Direccion irs para enviar form 1040x To figure your deductible rental expenses and any carryover to next year, use Worksheet 9-1. Direccion irs para enviar form 1040x Depreciation You recover the cost of income-producing property through yearly tax deductions. Direccion irs para enviar form 1040x You do this by depreciating the property; that is, by deducting some of the cost each year on your tax return. Direccion irs para enviar form 1040x Three factors determine how much depreciation you can deduct each year: (1) your basis in the property, (2) the recovery period for the property, and (3) the depreciation method used. Direccion irs para enviar form 1040x You cannot simply deduct your mortgage or principal payments, or the cost of furniture, fixtures, and equipment, as an expense. Direccion irs para enviar form 1040x You can deduct depreciation only on the part of your property used for rental purposes. Direccion irs para enviar form 1040x Depreciation reduces your basis for figuring gain or loss on a later sale or exchange. Direccion irs para enviar form 1040x You may have to use Form 4562 to figure and report your depreciation. Direccion irs para enviar form 1040x See How To Report Rental Income and Expenses , later. Direccion irs para enviar form 1040x Alternative minimum tax (AMT). Direccion irs para enviar form 1040x    If you use accelerated depreciation, you may be subject to the AMT. Direccion irs para enviar form 1040x Accelerated depreciation allows you to deduct more depreciation earlier in the recovery period than you could deduct using a straight line method (same deduction each year). Direccion irs para enviar form 1040x Claiming the correct amount of depreciation. Direccion irs para enviar form 1040x   You should claim the correct amount of depreciation each tax year. Direccion irs para enviar form 1040x If you did not claim all the depreciation you were entitled to deduct, you must still reduce your basis in the property by the full amount of depreciation that you could have deducted. Direccion irs para enviar form 1040x   If you deducted an incorrect amount of depreciation for property in any year, you may be able to make a correction by filing Form 1040X, Amended U. Direccion irs para enviar form 1040x S Individual Income Tax Return. Direccion irs para enviar form 1040x If you are not allowed to make the correction on an amended return, you can change your accounting method to claim the correct amount of depreciation. Direccion irs para enviar form 1040x See Claiming the correct amount of depreciation in chapter 2 of Publication 527 for more information. Direccion irs para enviar form 1040x Changing your accounting method to deduct unclaimed depreciation. Direccion irs para enviar form 1040x   To change your accounting method, you generally must file Form 3115, Application for Change in Accounting Method, to get the consent of the IRS. Direccion irs para enviar form 1040x In some instances, that consent is automatic. Direccion irs para enviar form 1040x For more information, see chapter 1 of Publication 946. Direccion irs para enviar form 1040x Land. Direccion irs para enviar form 1040x   You cannot depreciate the cost of land because land generally does not wear out, become obsolete, or get used up. Direccion irs para enviar form 1040x The costs of clearing, grading, planting, and landscaping are usually all part of the cost of land and cannot be depreciated. Direccion irs para enviar form 1040x More information. Direccion irs para enviar form 1040x   See Publication 527 for more information about depreciating rental property and see Publication 946 for more information about depreciation. Direccion irs para enviar form 1040x Limits on Rental Losses If you have a loss from your rental real estate activity, two sets of rules may limit the amount of loss you can deduct. Direccion irs para enviar form 1040x You must consider these rules in the order shown below. Direccion irs para enviar form 1040x At-risk rules. Direccion irs para enviar form 1040x These rules are applied first if there is investment in your rental real estate activity for which you are not at risk. Direccion irs para enviar form 1040x This applies only if the real property was placed in service after 1986. Direccion irs para enviar form 1040x Passive activity limits. Direccion irs para enviar form 1040x Generally, rental real estate activities are considered passive activities and losses are not deductible unless you have income from other passive activities to offset them. Direccion irs para enviar form 1040x However, there are exceptions. Direccion irs para enviar form 1040x At-Risk Rules You may be subject to the at-risk rules if you have: A loss from an activity carried on as a trade or business or for the production of income, and Amounts invested in the activity for which you are not fully at risk. Direccion irs para enviar form 1040x Losses from holding real property (other than mineral property) placed in service before 1987 are not subject to the at-risk rules. Direccion irs para enviar form 1040x In most cases, any loss from an activity subject to the at-risk rules is allowed only to the extent of the total amount you have at risk in the activity at the end of the tax year. Direccion irs para enviar form 1040x You are considered at risk in an activity to the extent of cash and the adjusted basis of other property you contributed to the activity and certain amounts borrowed for use in the activity. Direccion irs para enviar form 1040x See Publication 925 for more information. Direccion irs para enviar form 1040x Passive Activity Limits In most cases, all rental real estate activities (except those of certain real estate professionals, discussed later) are passive activities. Direccion irs para enviar form 1040x For this purpose, a rental activity is an activity from which you receive income mainly for the use of tangible property, rather than for services. Direccion irs para enviar form 1040x Limits on passive activity deductions and credits. Direccion irs para enviar form 1040x    Deductions or losses from passive activities are limited. Direccion irs para enviar form 1040x You generally cannot offset income, other than passive income, with losses from passive activities. Direccion irs para enviar form 1040x Nor can you offset taxes on income, other than passive income, with credits resulting from passive activities. Direccion irs para enviar form 1040x Any excess loss or credit is carried forward to the next tax year. Direccion irs para enviar form 1040x   For a detailed discussion of these rules, see Publication 925. Direccion irs para enviar form 1040x    You may have to complete Form 8582 to figure the amount of any passive activity loss for the current tax year for all activities and the amount of the passive activity loss allowed on your tax return. Direccion irs para enviar form 1040x Real estate professionals. Direccion irs para enviar form 1040x   Rental activities in which you materially participated during the year are not passive activities if, for that year, you were a real estate professional. Direccion irs para enviar form 1040x For a detailed discussion of the requirements, see Publication 527. Direccion irs para enviar form 1040x For a detailed discussion of material participation, see Publication 925. Direccion irs para enviar form 1040x Exception for Personal Use of Dwelling Unit If you used the rental property as a home during the year, any income, deductions, gain, or loss allocable to such use shall not be taken into account for purposes of the passive activity loss limitation. Direccion irs para enviar form 1040x Instead, follow the rules explained in Personal Use of Dwelling Unit (Including Vacation Home), earlier. Direccion irs para enviar form 1040x Exception for Rental Real Estate Activities With Active Participation If you or your spouse actively participated in a passive rental real estate activity, you may be able to deduct up to $25,000 of loss from the activity from your nonpassive income. Direccion irs para enviar form 1040x This special allowance is an exception to the general rule disallowing losses in excess of income from passive activities. Direccion irs para enviar form 1040x Similarly, you may be able to offset credits from the activity against the tax on up to $25,000 of nonpassive income after taking into account any losses allowed under this exception. Direccion irs para enviar form 1040x Active participation. Direccion irs para enviar form 1040x   You actively participated in a rental real estate activity if you (and your spouse) owned at least 10% of the rental property and you made management decisions or arranged for others to provide services (such as repairs) in a significant and bona fide sense. Direccion irs para enviar form 1040x Management decisions that may count as active participation include approving new tenants, deciding on rental terms, approving expenditures, and similar decisions. Direccion irs para enviar form 1040x Maximum special allowance. Direccion irs para enviar form 1040x   The maximum special allowance is: $25,000 for single individuals and married individuals filing a joint return for the tax year, $12,500 for married individuals who file separate returns for the tax year and lived apart from their spouses at all times during the tax year, and $25,000 for a qualifying estate reduced by the special allowance for which the surviving spouse qualified. Direccion irs para enviar form 1040x   If your modified adjusted gross income (MAGI) is $100,000 or less ($50,000 or less if married filing separately), you can deduct your loss up to the amount specified above. Direccion irs para enviar form 1040x If your MAGI is more than $100,000 (more than $50,000 if married filing separately), your special allowance is limited to 50% of the difference between $150,000 ($75,000 if married filing separately) and your MAGI. Direccion irs para enviar form 1040x   Generally, if your MAGI is $150,000 or more ($75,000 or more if you are married filing separately), there is no special allowance. Direccion irs para enviar form 1040x More information. Direccion irs para enviar form 1040x   See Publication 925 for more information on the passive loss limits, including information on the treatment of unused disallowed passive losses and credits and the treatment of gains and losses realized on the disposition of a passive activity. Direccion irs para enviar form 1040x How To Report Rental Income and Expenses The basic form for reporting residential rental income and expenses is Schedule E (Form 1040). Direccion irs para enviar form 1040x However, do not use that schedule to report a not-for-profit activity. Direccion irs para enviar form 1040x See Not Rented for Profit, earlier. Direccion irs para enviar form 1040x Providing substantial services. Direccion irs para enviar form 1040x   If you provide substantial services that are primarily for your tenant's convenience, such as regular cleaning, changing linen, or maid service, report your rental income and expenses on Schedule C (Form 1040), Profit or Loss From Business, or Schedule C-EZ (Form 1040), Net Profit From Business (Sole Proprietorship). Direccion irs para enviar form 1040x Substantial services do not include the furnishing of heat and light, cleaning of public areas, trash collection, etc. Direccion irs para enviar form 1040x For information, see Publication 334, Tax Guide for Small Business. Direccion irs para enviar form 1040x You also may have to pay self-employment tax on your rental income using Schedule SE (Form 1040), Self-Employment Tax. Direccion irs para enviar form 1040x   Use Form 1065, U. Direccion irs para enviar form 1040x S. Direccion irs para enviar form 1040x Return of Partnership Income, if your rental activity is a partnership (including a partnership with your spouse unless it is a qualified joint venture). Direccion irs para enviar form 1040x Qualified joint venture. Direccion irs para enviar form 1040x   If you and your spouse each materially participate as the only members of a jointly owned and operated real estate business, and you file a joint return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership. Direccion irs para enviar form 1040x This election, in most cases, will not increase the total tax owed on the joint return, but it does give each of you credit for social security earnings on which retirement benefits are based and for Medicare coverage if your rental income is subject to self-employment tax. Direccion irs para enviar form 1040x For more information, see Publication 527. Direccion irs para enviar form 1040x Form 1098, Mortgage Interest Statement. Direccion irs para enviar form 1040x    If you paid $600 or more of mortgage interest on your rental property to any one person, you should receive a Form 1098, or similar statement showing the interest you paid for the year. Direccion irs para enviar form 1040x If you and at least one other person (other than your spouse if you file a joint return) were liable for, and paid interest on the mortgage, and the other person received the Form 1098, report your share of the interest on Schedule E (Form 1040), line 13. Direccion irs para enviar form 1040x Attach a statement to your return showing the name and address of the other person. Direccion irs para enviar form 1040x In the left margin of Schedule E, next to line 13, enter “See attached. Direccion irs para enviar form 1040x ” Schedule E (Form 1040) If you rent buildings, rooms, or apartments, and provide basic services such as heat and light, trash collection, etc. Direccion irs para enviar form 1040x , you normally report your rental income and expenses on Schedule E, Part I. Direccion irs para enviar form 1040x List your total income, expenses, and depreciation for each rental property. Direccion irs para enviar form 1040x Be sure to enter the number of fair rental and personal use days on line 2. Direccion irs para enviar form 1040x If you have more than three rental or royalty properties, complete and attach as many Schedules E as are needed to list the properties. Direccion irs para enviar form 1040x Complete lines 1 and 2 for each property. Direccion irs para enviar form 1040x However, fill in lines 23a through 26 on only one Schedule E. Direccion irs para enviar form 1040x On Schedule E, page 1, line 18, enter the depreciation you are claiming for each property. Direccion irs para enviar form 1040x To find out if you need to attach Form 4562, see Form 4562, in chapter 3 of Publication 527. Direccion irs para enviar form 1040x If you have a loss from your rental real estate activity, you also may need to complete one or both of the following forms. Direccion irs para enviar form 1040x Form 6198, At-Risk Limitations. Direccion irs para enviar form 1040x See At-Risk Rules , earlier. Direccion irs para enviar form 1040x Also see Publication 925. Direccion irs para enviar form 1040x Form 8582, Passive Activity Loss Limitations. Direccion irs para enviar form 1040x See Passive Activity Limits , earlier. Direccion irs para enviar form 1040x Page 2 of Schedule E is used to report income or loss from partnerships, S corporations, estates, trusts, and real estate mortgage investment conduits. Direccion irs para enviar form 1040x If you need to use page 2 of Schedule E, be sure to use page 2 of the same Schedule E you used to enter your rental activity on page 1. Direccion irs para enviar form 1040x Also, include the amount from line 26 (Part I) in the “Total income or (loss)” on line 41 (Part V). Direccion irs para enviar form 1040x Worksheet 9-1. Direccion irs para enviar form 1040x Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Use this worksheet only if you answer “yes” to all of the following questions. Direccion irs para enviar form 1040x Did you use the dwelling unit as a home this year? (See Dwelling Unit Used as a Home . Direccion irs para enviar form 1040x ) Did you rent the dwelling unit at a fair rental price 15 days or more this year? Is the total of your rental expenses and depreciation more than your rental income? PART I. Direccion irs para enviar form 1040x Rental Use Percentage A. Direccion irs para enviar form 1040x Total days available for rent at fair rental price A. Direccion irs para enviar form 1040x       B. Direccion irs para enviar form 1040x Total days available for rent (line A) but not rented B. Direccion irs para enviar form 1040x       C. Direccion irs para enviar form 1040x Total days of rental use. Direccion irs para enviar form 1040x Subtract line B from line A C. Direccion irs para enviar form 1040x       D. Direccion irs para enviar form 1040x Total days of personal use (including days rented at less than fair rental price) D. Direccion irs para enviar form 1040x       E. Direccion irs para enviar form 1040x Total days of rental and personal use. Direccion irs para enviar form 1040x Add lines C and D E. Direccion irs para enviar form 1040x       F. Direccion irs para enviar form 1040x Percentage of expenses allowed for rental. Direccion irs para enviar form 1040x Divide line C by line E     F. Direccion irs para enviar form 1040x   PART II. Direccion irs para enviar form 1040x Allowable Rental Expenses 1. Direccion irs para enviar form 1040x Enter rents received 1. Direccion irs para enviar form 1040x   2a. Direccion irs para enviar form 1040x Enter the rental portion of deductible home mortgage interest and qualified mortgage insurance premiums (see instructions) 2a. Direccion irs para enviar form 1040x       b. Direccion irs para enviar form 1040x Enter the rental portion of real estate taxes b. Direccion irs para enviar form 1040x       c. Direccion irs para enviar form 1040x Enter the rental portion of deductible casualty and theft losses (see instructions) c. Direccion irs para enviar form 1040x       d. Direccion irs para enviar form 1040x Enter direct rental expenses (see instructions) d. Direccion irs para enviar form 1040x       e. Direccion irs para enviar form 1040x Fully deductible rental expenses. Direccion irs para enviar form 1040x Add lines 2a–2d. Direccion irs para enviar form 1040x Enter here and  on the appropriate lines on Schedule E (see instructions) 2e. Direccion irs para enviar form 1040x   3. Direccion irs para enviar form 1040x Subtract line 2e from line 1. Direccion irs para enviar form 1040x If zero or less, enter -0- 3. Direccion irs para enviar form 1040x   4a. Direccion irs para enviar form 1040x Enter the rental portion of expenses directly related to operating or maintaining  the dwelling unit (such as repairs, insurance, and utilities) 4a. Direccion irs para enviar form 1040x       b. Direccion irs para enviar form 1040x Enter the rental portion of excess mortgage interest and qualified mortgage insurance premiums (see instructions) b. Direccion irs para enviar form 1040x       c. Direccion irs para enviar form 1040x Carryover of operating expenses from 2012 worksheet c. Direccion irs para enviar form 1040x       d. Direccion irs para enviar form 1040x Add lines 4a–4c d. Direccion irs para enviar form 1040x       e. Direccion irs para enviar form 1040x Allowable expenses. Direccion irs para enviar form 1040x Enter the smaller of line 3 or line 4d (see instructions) 4e. Direccion irs para enviar form 1040x   5. Direccion irs para enviar form 1040x Subtract line 4e from line 3. Direccion irs para enviar form 1040x If zero or less, enter -0- 5. Direccion irs para enviar form 1040x   6a. Direccion irs para enviar form 1040x Enter the rental portion of excess casualty and theft losses (see instructions) 6a. Direccion irs para enviar form 1040x       b. Direccion irs para enviar form 1040x Enter the rental portion of depreciation of the dwelling unit b. Direccion irs para enviar form 1040x       c. Direccion irs para enviar form 1040x Carryover of excess casualty losses and depreciation from 2012 worksheet c. Direccion irs para enviar form 1040x       d. Direccion irs para enviar form 1040x Add lines 6a–6c d. Direccion irs para enviar form 1040x       e. Direccion irs para enviar form 1040x Allowable excess casualty and theft losses and depreciation. Direccion irs para enviar form 1040x Enter the smaller of  line 5 or line 6d (see instructions) 6e. Direccion irs para enviar form 1040x   PART III. Direccion irs para enviar form 1040x Carryover of Unallowed Expenses to Next Year 7a. Direccion irs para enviar form 1040x Operating expenses to be carried over to next year. Direccion irs para enviar form 1040x Subtract line 4e from line 4d 7a. Direccion irs para enviar form 1040x   b. Direccion irs para enviar form 1040x Excess casualty and theft losses and depreciation to be carried over to next year. Direccion irs para enviar form 1040x  Subtract line 6e from line 6d b. Direccion irs para enviar form 1040x   Worksheet 9-1 Instructions. Direccion irs para enviar form 1040x Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Caution. Direccion irs para enviar form 1040x Use the percentage determined in Part I, line F, to figure the rental portions to enter on lines 2a–2c, 4a–4b, and 6a–6b of  Part II. Direccion irs para enviar form 1040x Line 2a. Direccion irs para enviar form 1040x Figure the mortgage interest on the dwelling unit that you could deduct on Schedule A as if you had not rented the unit. Direccion irs para enviar form 1040x Do not include interest on a loan that did not benefit the dwelling unit. Direccion irs para enviar form 1040x For example, do not include interest on a home equity loan used to pay off credit cards or other personal loans, buy a car, or pay college tuition. Direccion irs para enviar form 1040x Include interest on a loan used to buy, build, or improve the dwelling unit, or to refinance such a loan. Direccion irs para enviar form 1040x Include the rental portion of this interest in the total you enter on line 2a of the worksheet. Direccion irs para enviar form 1040x   Figure the qualified mortgage insurance premiums on the dwelling unit that you could deduct on line 13 of Schedule A as if you had not rented the unit. Direccion irs para enviar form 1040x See the Schedule A instructions. Direccion irs para enviar form 1040x However, figure your adjusted gross income (Form 1040, line 38) without your rental income and expenses from the dwelling unit. Direccion irs para enviar form 1040x See Line 4b to deduct the part of the qualified mortgage insurance premiums not allowed because of the adjusted gross income limit. Direccion irs para enviar form 1040x Include the rental portion of the amount from Schedule A, line 13, in the total you enter on line 2a of the worksheet. Direccion irs para enviar form 1040x   Note. Direccion irs para enviar form 1040x Do not file this Schedule A or use it to figure the amount to deduct on line 13 of that schedule. Direccion irs para enviar form 1040x Instead, figure the personal portion on a separate Schedule A. Direccion irs para enviar form 1040x If you have deducted mortgage interest or qualified mortgage insurance premiums on the dwelling unit on other forms, such as Schedule C or F, remember to reduce your Schedule A deduction by that amount. Direccion irs para enviar form 1040x           Line 2c. Direccion irs para enviar form 1040x Figure the casualty and theft losses related to the dwelling unit that you could deduct on Schedule A as if you had not rented the dwelling unit. Direccion irs para enviar form 1040x To do this, complete Section A of Form 4684, Casualties and Thefts, treating the losses as personal losses. Direccion irs para enviar form 1040x If any of the loss is due to a federally declared disaster, see the Instructions for Form 4684. Direccion irs para enviar form 1040x On Form 4684, line 17, enter 10% of your adjusted gross income figured without your rental income and expenses from the dwelling unit. Direccion irs para enviar form 1040x Enter the rental portion of the result from Form 4684, line 18, on line 2c of this worksheet. Direccion irs para enviar form 1040x   Note. Direccion irs para enviar form 1040x Do not file this Form 4684 or use it to figure your personal losses on Schedule A. Direccion irs para enviar form 1040x Instead, figure the personal portion on a separate Form 4684. Direccion irs para enviar form 1040x           Line 2d. Direccion irs para enviar form 1040x Enter the total of your rental expenses that are directly related only to the rental activity. Direccion irs para enviar form 1040x These include interest on loans used for rental activities other than to buy, build, or improve the dwelling unit. Direccion irs para enviar form 1040x Also include rental agency fees, advertising, office supplies, and depreciation on office equipment used in your rental activity. Direccion irs para enviar form 1040x           Line 2e. Direccion irs para enviar form 1040x You can deduct the amounts on lines 2a, 2b, 2c, and 2d as rental expenses on Schedule E even if your rental expenses are more than your rental income. Direccion irs para enviar form 1040x Enter the amounts on lines 2a, 2b, 2c, and 2d on the appropriate lines of Schedule E. Direccion irs para enviar form 1040x           Line 4b. Direccion irs para enviar form 1040x On line 2a, you entered the rental portion of the mortgage interest and qualified mortgage insurance premiums you could deduct on Schedule A if you had not rented the dwelling unit. Direccion irs para enviar form 1040x If you had additional mortgage interest and qualified mortgage insurance premiums that would not be deductible on Schedule A because of limits imposed on them, enter on line 4b of this worksheet the rental portion of those excess amounts. Direccion irs para enviar form 1040x Do not include interest on a loan that did not benefit the dwelling unit (as explained in the line 2a instructions). Direccion irs para enviar form 1040x           Line 4e. Direccion irs para enviar form 1040x You can deduct the amounts on lines 4a, 4b, and 4c as rental expenses on Schedule E only to the extent they are not more than the amount on line 4e. Direccion irs para enviar form 1040x *           Line 6a. Direccion irs para enviar form 1040x To find the rental portion of excess casualty and theft losses, use the Form 4684 you prepared for line 2c of this worksheet. Direccion irs para enviar form 1040x   A. Direccion irs para enviar form 1040x Enter the amount from Form 4684, line 10       B. Direccion irs para enviar form 1040x Enter the rental portion of line A       C. Direccion irs para enviar form 1040x Enter the amount from line 2c of this worksheet       D. Direccion irs para enviar form 1040x Subtract line C from line B. Direccion irs para enviar form 1040x Enter the result here and on line 6a of this worksheet               Line 6e. Direccion irs para enviar form 1040x You can deduct the amounts on lines 6a, 6b, and 6c as rental expenses on Schedule E only to the extent they are not more than the amount on line 6e. Direccion irs para enviar form 1040x * *Allocating the limited deduction. Direccion irs para enviar form 1040x If you cannot deduct all of the amount on line 4d or 6d this year, you can allocate the allowable deduction in any way you wish among the expenses included on line 4d or 6d. Direccion irs para enviar form 1040x Enter the amount you allocate to each expense on the appropriate line of Schedule E, Part I. Direccion irs para enviar form 1040x Prev  Up  Next   Home   More Online Publications