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Form 1040x 2013

Tax Forms 1040ez2011 Form 1040ezFile Taxes Free Federal And StateI Did Not File 2011 Taxes1040a 2012 Tax ReturnIncome Tax PreparationComplete 1040x FormHow To File A Tax AmendmentFree Amended Tax Return OnlineFree Sites For Filing State Income TaxesFree Tax PrepAmend Tax ReturnIrs Free State Tax FilingTax Act 2011Income Tax Form 1040File Past Year Taxes1040x TaxForm 1040a1040File 1040xWww Myfreetaxes Com McrsvpIncome Tax 2012What Forms Do I Need To File My 2011 TaxesHow To Fill Out 1040x1040ez 2014Tax Forms Online 20121040 Ez 2010Turbotax Free State Efile CouponFree Tax Filing 2012 State And FederalFree 2010 Tax FilingFile Tax Extension Electronically For FreeCan I File 1040nr OnlineHow To File A Amended ReturnTax For Self EmployedFile Federal Taxes Online FreeI Filed My Taxes WrongHow Do You File State Income TaxesHow To File A State Tax Return1040ez.govFile Taxes Online

Form 1040x 2013

Form 1040x 2013 Publication 523 - Introductory Material Table of Contents Future Developments Reminders IntroductionOrdering forms and publications. Form 1040x 2013 Tax questions. Form 1040x 2013 Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 523, such as legislation enacted after it was published, go to www. Form 1040x 2013 irs. Form 1040x 2013 gov/pub523. Form 1040x 2013 Reminders Change of address. Form 1040x 2013  If you change your mailing address, be sure to notify the Internal Revenue Service (IRS) using Form 8822, Change of Address. Form 1040x 2013 Mail it to the Internal Revenue Service Center for your old address. Form 1040x 2013 (Addresses for the Service Centers are on the back of the form. Form 1040x 2013 ) Home sold with undeducted points. Form 1040x 2013  If you have not deducted all the points you paid to secure a mortgage on your old home, you may be able to deduct the remaining points in the year of sale. Form 1040x 2013 See Points in Publication 936, Home Mortgage Interest Deduction. Form 1040x 2013 Photographs of missing children. Form 1040x 2013  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Form 1040x 2013 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Form 1040x 2013 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Form 1040x 2013 Introduction This publication explains the tax rules that apply when you sell your main home. Form 1040x 2013 In most cases, your main home is the one in which you live most of the time. Form 1040x 2013 If you sold your main home in 2013, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). Form 1040x 2013 See Excluding the Gain , later. Form 1040x 2013 Generally, if you can exclude all the gain, you do not need to report the sale on your tax return. Form 1040x 2013 If you have gain that cannot be excluded, you generally must report it on Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D (Form 1040), Capital Gains and Losses. Form 1040x 2013 You may also have to complete Form 4797, Sales of Business Property. Form 1040x 2013 See Reporting the Sale , later. Form 1040x 2013 If you have a loss on the sale, you generally cannot deduct it on your return. Form 1040x 2013 However, you may need to report it. Form 1040x 2013 See Reporting the Sale , later. Form 1040x 2013 The main topics in this publication are: Figuring gain or loss, Basis, Excluding the gain, Ownership and use tests, and Reporting the sale. Form 1040x 2013 Other topics include: Business use or rental of home, Deducting taxes in the year of sale, and Recapturing a federal mortgage subsidy. Form 1040x 2013 Net Investment Income Tax (NIIT). Form 1040x 2013   If any part of the gain on the sale of a home is not excluded under the rules discussed in this publication, it may be subject to the NIIT. Form 1040x 2013 For more details, see Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions. Form 1040x 2013 Worksheets. Form 1040x 2013   Near the end of this publication you will find worksheets you can use to figure your gain (or loss) and your exclusion. Form 1040x 2013 Use Worksheet 1 to figure the adjusted basis of the home you sold. Form 1040x 2013 Use Worksheet 2 to figure the gain (or loss), the exclusion, and the taxable gain (if any) on the sale. Form 1040x 2013 If you do not qualify for the maximum exclusion, use Worksheet 3 to figure your reduced maximum exclusion. Form 1040x 2013 Date of sale. Form 1040x 2013    If you received a Form 1099-S, Proceeds From Real Estate Transactions, the date of sale should be shown in box 1. Form 1040x 2013 If you did not receive this form, the date of sale is the earlier of (a) the date title transferred or (b) the date the economic burdens and benefits of ownership shifted to the buyer. Form 1040x 2013 In most cases, these dates are the same. Form 1040x 2013 What is not covered in this publication. Form 1040x 2013   This publication does not cover the sale of rental property, second homes, or vacation homes. Form 1040x 2013 For information on how to report any gain or loss from those sales, see Publication 544, Sales and Other Dispositions of Assets. Form 1040x 2013 Comments and suggestions. Form 1040x 2013   We welcome your comments about this publication and your suggestions for future editions. Form 1040x 2013   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Form 1040x 2013 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Form 1040x 2013 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Form 1040x 2013   You can send your comments from www. Form 1040x 2013 irs. Form 1040x 2013 gov/formspubs/. Form 1040x 2013 Click on “More Information” and then on “Comment on Tax Forms and Publications”. Form 1040x 2013   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Form 1040x 2013 Ordering forms and publications. Form 1040x 2013   Visit www. Form 1040x 2013 irs. Form 1040x 2013 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Form 1040x 2013 Internal Revenue Service 1201 N. Form 1040x 2013 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Form 1040x 2013   If you have a tax question, check the information available on IRS. Form 1040x 2013 gov or call 1-800-829-1040. Form 1040x 2013 We cannot answer tax questions sent to either of the above addresses. Form 1040x 2013 Useful Items - You may want to see: Publication 527 Residential Rental Property 530 Tax Information for Homeowners 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 551 Basis of Assets 587 Business Use of Your Home 936 Home Mortgage Interest Deduction 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Schedule D (Form 1040) Capital Gains and Losses 982 Reduction of Tax Attributes Due to Discharge of Indebtedness 1040 U. Form 1040x 2013 S. Form 1040x 2013 Individual Income Tax Return 1040NR U. Form 1040x 2013 S. Form 1040x 2013 Nonresident Alien Income Tax Return 1040X Amended U. Form 1040x 2013 S. Form 1040x 2013 Individual Income Tax Return 1099-S Proceeds From Real Estate Transactions 4797 Sales of Business Property 5405 Repayment of the First-Time Homebuyer Credit 8822 Change of Address 8828 Recapture of Federal Mortgage Subsidy 8939 Allocation of Increase in Basis for Property Acquired From a Decedent 8949 Sales and Other Dispositions of Capital Assets W-2 Wage and Tax Statement See How To Get Tax Help , near the end of this publication, for information about getting these publications and forms. Form 1040x 2013 Prev  Up  Next   Home   More Online Publications
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Understanding Your CP211E Notice

We denied your request to extend the time to file your Exempt Organization Return because your Form 8868, Application for Extension of Time To File an Exempt Organization Return, didn't meet one or more of the requirements.


Your request didn’t meet one or more of the requirements:

  • Postmark your request by the previously established due date.
  • Have your request signed by an authorized person.
  • Deposit estimated tax due by the previously established due date.
  • Show reasonable cause for requiring another extension.
  • Establish reasons that prevented you from filing by the extended due date.

Your previous due date still applies.


What you need to do

  • File your required Exempt Organization Return immediately to limit any late filing penalties. If your Exempt Organization Return is filed after the due date of the return (including any extensions), the return is considered late and subject to late filing penalties.
  • We encourage you to use electronic filing – the fastest and easiest way to file.

You may want to

  • Visit www.irs.gov/Charities-&-Non-Profits to learn about approved e-File providers, what types of returns can be filed electronically, and whether you are required to file electronically.

Answers to Common Questions

Q. Where can I go for more information about tax-exempt organizations?

A. For more information on Employee Benefit Plans, see Tax Information for Charities & Other Non-Profits.

Q. Can I get help over the phone?

A. If you have questions and/or need help, you can call 1-877-829-5500. Personal assistance is available Monday through Friday, 7:00 a.m. to 7:00 p.m. CT.


Tips for next year

Be sure to sign and mail your Form 8868 with a reason you need an additional 3-month extension on or before the due date of your first extension.

Page Last Reviewed or Updated: 24-Jan-2014

Printable samples of this notice (PDF)

 

 

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The Form 1040x 2013

Form 1040x 2013 8. Form 1040x 2013   Qualified Tuition Program (QTP) Table of Contents Introduction What Is a Qualified Tuition ProgramDesignated beneficiary. Form 1040x 2013 Half-time student. Form 1040x 2013 How Much Can You Contribute Are Distributions TaxableFiguring the Taxable Portion of a Distribution Additional Tax on Taxable Distributions Rollovers and Other TransfersRollovers Changing the Designated Beneficiary Introduction Qualified tuition programs (QTPs) are also called “529 plans. Form 1040x 2013 ” States may establish and maintain programs that allow you to either prepay or contribute to an account for paying a student's qualified education expenses at a postsecondary institution. Form 1040x 2013 Eligible educational institutions may establish and maintain programs that allow you to prepay a student's qualified education expenses. Form 1040x 2013 If you prepay tuition, the student (designated beneficiary) will be entitled to a waiver or a payment of qualified education expenses. Form 1040x 2013 You cannot deduct either payments or contributions to a QTP. Form 1040x 2013 For information on a specific QTP, you will need to contact the state agency or eligible educational institution that established and maintains it. Form 1040x 2013 What is the tax benefit of a QTP. Form 1040x 2013   No tax is due on a distribution from a QTP unless the amount distributed is greater than the beneficiary's adjusted qualified education expenses. Form 1040x 2013 See Are Distributions Taxable , later, for more information. Form 1040x 2013    Even if a QTP is used to finance a student's education, the student or the student's parents still may be eligible to claim the American opportunity credit or the lifetime learning credit. Form 1040x 2013 See Coordination With American Opportunity and Lifetime Learning Credits, later. Form 1040x 2013 What Is a Qualified Tuition Program A qualified tuition program is a program set up to allow you to either prepay, or contribute to an account established for paying, a student's qualified education expenses at an eligible educational institution. Form 1040x 2013 QTPs can be established and maintained by states (or agencies or instrumentalities of a state) and eligible educational institutions. Form 1040x 2013 The program must meet certain requirements. Form 1040x 2013 Your state government or the eligible educational institution in which you are interested can tell you whether or not they participate in a QTP. Form 1040x 2013 Qualified education expenses. Form 1040x 2013   These are expenses related to enrollment or attendance at an Eligible educational institution (defined later). Form 1040x 2013 As shown in the following list, to be qualified, some of the expenses must be required by the institution and some must be incurred by students who are enrolled at least half-time. Form 1040x 2013 See Half-time student , later. Form 1040x 2013 The following expenses must be required for enrollment or attendance of a Designated beneficiary (defined later) at an eligible educational institution. Form 1040x 2013 Tuition and fees. Form 1040x 2013 Books, supplies, and equipment. Form 1040x 2013 Expenses for special needs services needed by a special needs beneficiary must be incurred in connection with enrollment or attendance at an eligible educational institution. Form 1040x 2013 Expenses for room and board must be incurred by students who are enrolled at least half-time. Form 1040x 2013 The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Form 1040x 2013 The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. Form 1040x 2013 The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Form 1040x 2013 You will need to contact the eligible educational institution for qualified room and board costs. Form 1040x 2013    For tax years after 2010, the purchase of computer technology or equipment is only a qualified education expense if the computer technology or equipment is required for enrollment or attendance at an eligible institution. Form 1040x 2013 Designated beneficiary. Form 1040x 2013   The designated beneficiary is generally the student (or future student) for whom the QTP is intended to provide benefits. Form 1040x 2013 The designated beneficiary can be changed after participation in the QTP begins. Form 1040x 2013 If a state or local government or certain tax-exempt organizations purchase an interest in a QTP as part of a scholarship program, the designated beneficiary is the person who receives the interest as a scholarship. Form 1040x 2013 Half-time student. Form 1040x 2013   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic workload for the course of study the student is pursuing, as determined under the standards of the school where the student is enrolled. Form 1040x 2013 Eligible educational institution. Form 1040x 2013   For purposes of a QTP, this is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Form 1040x 2013 S. Form 1040x 2013 Department of Education. Form 1040x 2013 It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Form 1040x 2013 The educational institution should be able to tell you if it is an eligible educational institution. Form 1040x 2013   Certain educational institutions located outside the United States also participate in the U. Form 1040x 2013 S. Form 1040x 2013 Department of Education's Federal Student Aid (FSA) programs. Form 1040x 2013   How Much Can You Contribute Contributions to a QTP on behalf of any beneficiary cannot be more than the amount necessary to provide for the qualified education expenses of the beneficiary. Form 1040x 2013 There are no income restrictions on the individual contributors. Form 1040x 2013 You can contribute to both a QTP and a Coverdell ESA in the same year for the same designated beneficiary. Form 1040x 2013   Are Distributions Taxable The part of a distribution representing the amount paid or contributed to a QTP does not have to be included in income. Form 1040x 2013 This is a return of the investment in the plan. Form 1040x 2013 The designated beneficiary generally does not have to include in income any earnings distributed from a QTP if the total distribution is less than or equal to adjusted qualified education expenses (defined under Figuring the Taxable Portion of a Distribution , later). Form 1040x 2013 Earnings and return of investment. Form 1040x 2013    You will receive a Form 1099-Q, from each of the programs from which you received a QTP distribution in 2013. Form 1040x 2013 The amount of your gross distribution (box 1) shown on each form will be divided between your earnings (box 2) and your basis, or return of investment (box 3). Form 1040x 2013 Form 1099-Q should be sent to you by January 31, 2014. Form 1040x 2013 Figuring the Taxable Portion of a Distribution To determine if total distributions for the year are more or less than the amount of qualified education expenses, you must compare the total of all QTP distributions for the tax year to the adjusted qualified education expenses. Form 1040x 2013 Adjusted qualified education expenses. Form 1040x 2013   This amount is the total qualified education expenses reduced by any tax-free educational assistance. Form 1040x 2013 Tax-free educational assistance includes: The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Form 1040x 2013 Taxable earnings. Form 1040x 2013   Use the following steps to figure the taxable part. Form 1040x 2013 Multiply the total distributed earnings shown in box 2 of Form 1099-Q by a fraction. Form 1040x 2013 The numerator is the adjusted qualified education expenses paid during the year and the denominator is the total amount distributed during the year. Form 1040x 2013 Subtract the amount figured in (1) from the total distributed earnings. Form 1040x 2013 The result is the amount the beneficiary must include in income. Form 1040x 2013 Report it on Form 1040 or Form 1040NR, line 21. Form 1040x 2013 Example 1. Form 1040x 2013 In 2007, Sara Clarke's parents opened a savings account for her with a QTP maintained by their state government. Form 1040x 2013 Over the years they contributed $18,000 to the account. Form 1040x 2013 The total balance in the account was $27,000 on the date the distribution was made. Form 1040x 2013 In the summer of 2013, Sara enrolled in college and had $8,300 of qualified education expenses for the rest of the year. Form 1040x 2013 She paid her college expenses from the following sources. Form 1040x 2013   Gift from parents $1,600     Partial tuition scholarship (tax-free) 3,100     QTP distribution 5,300           Before Sara can determine the taxable part of her QTP distribution, she must reduce her total qualified education expenses by any tax-free educational assistance. Form 1040x 2013   Total qualified education expenses $8,300     Minus: Tax-free educational assistance −3,100     Equals: Adjusted qualified  education expenses (AQEE) $5,200   Since the remaining expenses ($5,200) are less than the QTP distribution, part of the earnings will be taxable. Form 1040x 2013 Sara's Form 1099-Q shows that $950 of the QTP distribution is earnings. Form 1040x 2013 Sara figures the taxable part of the distributed earnings as follows. Form 1040x 2013   1. Form 1040x 2013 $950 (earnings) × $5,200 AQEE  $5,300 distribution           =$932 (tax-free earnings)     2. Form 1040x 2013 $950 (earnings)−$932 (tax-free earnings)     =$18 (taxable earnings)  Sara must include $18 in income (Form 1040, line 21) as distributed QTP earnings not used for adjusted qualified education expenses. Form 1040x 2013 Coordination With American Opportunity and Lifetime Learning Credits An American opportunity or lifetime learning credit (education credit) can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. Form 1040x 2013 This means that after the beneficiary reduces qualified education expenses by tax-free educational assistance, he or she must further reduce them by the expenses taken into account in determining the credit. Form 1040x 2013 Example 2. Form 1040x 2013 Assume the same facts as in Example 1 , except that Sara's parents claimed an American opportunity credit of $2,500 (based on $4,000 expenses). Form 1040x 2013   Total qualified education expenses $8,300     Minus: Tax-free educational assistance −3,100     Minus: Expenses taken into account  in figuring American opportunity credit −4,000     Equals: Adjusted qualified  education expenses (AQEE) $1,200           The taxable part of the distribution is figured as follows. Form 1040x 2013   1. Form 1040x 2013 $950 (earnings) × $1,200 AQEE  $5,300 distribution           =$215 (tax-free earnings)     2. Form 1040x 2013 $950 (earnings)−$215 (tax-free earnings)     =$735 (taxable earnings)       Sara must include $735 in income (Form 1040, line 21). Form 1040x 2013 This represents distributed earnings not used for adjusted qualified education expenses. Form 1040x 2013 Coordination With Coverdell ESA Distributions If a designated beneficiary receives distributions from both a QTP and a Coverdell ESA in the same year, and the total of these distributions is more than the beneficiary's adjusted qualified higher education expenses, the expenses must be allocated between the distributions. Form 1040x 2013 For purposes of this allocation, disregard any qualified elementary and secondary education expenses. Form 1040x 2013 Example 3. Form 1040x 2013 Assume the same facts as in Example 2 , except that instead of receiving a $5,300 distribution from her QTP, Sara received $4,600 from that account and $700 from her Coverdell ESA. Form 1040x 2013 In this case, Sara must allocate her $1,200 of adjusted qualified higher education expenses (AQHEE) between the two distributions. Form 1040x 2013   $1,200 AQHEE × $700 ESA distribution  $5,300 total distribution = $158 AQHEE (ESA)     $1,200 AQHEE × $4,600 QTP distribution  $5,300 total distribution = $1,042 AQHEE (QTP)   Sara then figures the taxable portion of her Coverdell ESA distribution based on qualified higher education expenses of $158, and the taxable portion of her QTP distribution based on the other $1,042. Form 1040x 2013 Note. Form 1040x 2013 If you are required to allocate your expenses between Coverdell ESA and QTP distributions, and you have adjusted qualified elementary and secondary education expenses, see the examples in chapter 7, Coverdell Education Savings Account under Coordination With Qualified Tuition Program (QTP) Distributions . Form 1040x 2013 Coordination With Tuition and Fees Deduction. Form 1040x 2013   A tuition and fees deduction can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. Form 1040x 2013 Losses on QTP Investments If you have a loss on your investment in a QTP account, you may be able to take the loss on your income tax return. Form 1040x 2013 You can take the loss only when all amounts from that account have been distributed and the total distributions are less than your unrecovered basis. Form 1040x 2013 Your basis is the total amount of contributions to that QTP account. Form 1040x 2013 You claim the loss as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23 (Schedule A (Form 1040NR), line 9), subject to the 2%-of-adjusted-gross-income limit. Form 1040x 2013 If you have distributions from more than one QTP account during a year, you must combine the information (amount of distribution, basis, etc. Form 1040x 2013 ) from all such accounts in order to determine your taxable earnings for the year. Form 1040x 2013 By doing this, the loss from one QTP account reduces the distributed earnings (if any) from any other QTP accounts. Form 1040x 2013 Example 1. Form 1040x 2013 In 2013, Taylor received a final distribution of $1,000 from QTP #1. Form 1040x 2013 His unrecovered basis in that account before the distribution was $3,000. Form 1040x 2013 If Taylor itemizes his deductions, he can claim the $2,000 loss on Schedule A (Form 1040). Form 1040x 2013 Example 2. Form 1040x 2013 Assume the same facts as in Example 1 , except that Taylor also had a distribution of $9,000 from QTP #2, giving him total distributions for 2013 of $10,000. Form 1040x 2013 His total basis in these distributions was $4,500 ($3,000 for QTP #1 and $1,500 for QTP #2). Form 1040x 2013 Taylor's adjusted qualified education expenses for 2013 totaled $6,000. Form 1040x 2013 In order to figure his taxable earnings, Taylor combines the two accounts and determines his taxable earnings as follows. Form 1040x 2013   1. Form 1040x 2013 $10,000 (total distribution)−$4,500 (basis portion of distribution)     = $5,500 (earnings included in distribution)   2. Form 1040x 2013 $5,500 (earnings) x $6,000 AQEE  $10,000 distribution           =$3,300 (tax-free earnings)     3. Form 1040x 2013 $5,500 (earnings)−$3,300 (tax-free earnings)     =$2,200 (taxable earnings)                 Taylor must include $2,200 in income on Form 1040, line 21. Form 1040x 2013 Because Taylor's accounts must be combined, he cannot deduct his $2,000 loss (QTP #1) on Schedule A (Form 1040). Form 1040x 2013 Instead, the $2,000 loss reduces the total earnings that were distributed, thereby reducing his taxable earnings. Form 1040x 2013 Additional Tax on Taxable Distributions Generally, if you receive a taxable distribution, you also must pay a 10% additional tax on the amount included in income. Form 1040x 2013 Exceptions. Form 1040x 2013   The 10% additional tax does not apply to distributions: Paid to a beneficiary (or to the estate of the designated beneficiary) on or after the death of the designated beneficiary. Form 1040x 2013 Made because the designated beneficiary is disabled. Form 1040x 2013 A person is considered to be disabled if he or she shows proof that he or she cannot do any substantial gainful activity because of his or her physical or mental condition. Form 1040x 2013 A physician must determine that his or her condition can be expected to result in death or to be of long-continued and indefinite duration. Form 1040x 2013 Included in income because the designated beneficiary received: A tax-free scholarship or fellowship (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), or Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Form 1040x 2013 Made on account of the attendance of the designated beneficiary at a U. Form 1040x 2013 S. Form 1040x 2013 military academy (such as the USNA at Annapolis). Form 1040x 2013 This exception applies only to the extent that the amount of the distribution does not exceed the costs of advanced education (as defined in section 2005(d)(3) of title 10 of the U. Form 1040x 2013 S. Form 1040x 2013 Code) attributable to such attendance. Form 1040x 2013 Included in income only because the qualified education expenses were taken into account in determining the American opportunity or lifetime learning credit (see Coordination With American Opportunity and Lifetime Learning Credits , earlier. Form 1040x 2013 ) Exception (3) applies only to the extent the distribution is not more than the scholarship, allowance, or payment. Form 1040x 2013 Figuring the additional tax. Form 1040x 2013    Use Part II of Form 5329, to figure any additional tax. Form 1040x 2013 Report the amount on Form 1040, line 58, or Form 1040NR, line 56. Form 1040x 2013 Rollovers and Other Transfers Assets can be rolled over or transferred from one QTP to another. Form 1040x 2013 In addition, the designated beneficiary can be changed without transferring accounts. Form 1040x 2013 Rollovers Any amount distributed from a QTP is not taxable if it is rolled over to another QTP for the benefit of the same beneficiary or for the benefit of a member of the beneficiary's family (including the beneficiary's spouse). Form 1040x 2013 An amount is rolled over if it is paid to another QTP within 60 days after the date of the distribution. Form 1040x 2013 Do not report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040 or 1040NR. Form 1040x 2013 These are not taxable distributions. Form 1040x 2013 Members of the beneficiary's family. Form 1040x 2013   For these purposes, the beneficiary's family includes the beneficiary's spouse and the following other relatives of the beneficiary. Form 1040x 2013 Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. Form 1040x 2013 Brother, sister, stepbrother, or stepsister. Form 1040x 2013 Father or mother or ancestor of either. Form 1040x 2013 Stepfather or stepmother. Form 1040x 2013 Son or daughter of a brother or sister. Form 1040x 2013 Brother or sister of father or mother. Form 1040x 2013 Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. Form 1040x 2013 The spouse of any individual listed above. Form 1040x 2013 First cousin. Form 1040x 2013 Example. Form 1040x 2013 When Aaron graduated from college last year he had $5,000 left in his QTP. Form 1040x 2013 He wanted to give this money to his younger brother, who was in junior high school. Form 1040x 2013 In order to avoid paying tax on the distribution of the amount remaining in his account, Aaron contributed the same amount to his brother's QTP within 60 days of the distribution. Form 1040x 2013 If the rollover is to another QTP for the same beneficiary, only one rollover is allowed within 12 months of a previous transfer to any QTP for that designated beneficiary. Form 1040x 2013 Changing the Designated Beneficiary There are no income tax consequences if the designated beneficiary of an account is changed to a member of the beneficiary's family. Form 1040x 2013 See Members of the beneficiary's family , earlier. Form 1040x 2013 Example. Form 1040x 2013 Assume the same situation as in the last example. Form 1040x 2013 Instead of closing his QTP and paying the distribution into his brother's QTP, Aaron could have instructed the trustee of his account to simply change the name of the beneficiary on his account to that of his brother. Form 1040x 2013 Prev  Up  Next   Home   More Online Publications