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Free online state tax preparation 7. Free online state tax preparation   Coverdell Education Savings Account (ESA) Table of Contents Introduction What Is a Coverdell ESAQualified Education Expenses ContributionsContribution Limits Additional Tax on Excess Contributions Rollovers and Other TransfersRollovers Changing the Designated Beneficiary Transfer Because of Divorce DistributionsTax-Free Distributions Taxable Distributions When Assets Must Be Distributed Introduction If your modified adjusted gross income (MAGI) is less than $110,000 ($220,000 if filing a joint return), you may be able to establish a Coverdell ESA to finance the qualified education expenses of a designated beneficiary. Free online state tax preparation For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return. Free online state tax preparation There is no limit on the number of separate Coverdell ESAs that can be established for a designated beneficiary. Free online state tax preparation However, total contributions for the beneficiary in any year cannot be more than $2,000, no matter how many accounts have been established. Free online state tax preparation See Contributions , later. Free online state tax preparation This benefit applies not only to higher education expenses, but also to elementary and secondary education expenses. Free online state tax preparation What is the tax benefit of the Coverdell ESA. Free online state tax preparation   Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed. Free online state tax preparation   If, for a year, distributions from an account are not more than a designated beneficiary's qualified education expenses at an eligible educational institution, the beneficiary will not owe tax on the distributions. Free online state tax preparation See Tax-Free Distributions , later. Free online state tax preparation    Table 7-1 summarizes the main features of the Coverdell ESA. Free online state tax preparation Table 7-1. Free online state tax preparation Coverdell ESA at a Glance Do not rely on this table alone. Free online state tax preparation It provides only general highlights. Free online state tax preparation See the text for definitions of terms in bold type and for more complete explanations. Free online state tax preparation Question Answer What is a Coverdell ESA? A savings account that is set up to pay the qualified education expenses of a designated beneficiary. Free online state tax preparation Where can it be established? It can be opened in the United States at any bank or other IRS-approved entity that offers Coverdell ESAs. Free online state tax preparation Who can have a Coverdell ESA? Any beneficiary who is under age 18 or is a special needs beneficiary. Free online state tax preparation Who can contribute to a Coverdell ESA? Generally, any individual (including the beneficiary) whose modified adjusted gross income for the year is less than $110,000 ($220,000 in the case of a joint return). Free online state tax preparation Are distributions tax free? Yes, if the distributions are not more than the beneficiary's adjusted qualified education expenses for the year. Free online state tax preparation What Is a Coverdell ESA A Coverdell ESA is a trust or custodial account created or organized in the United States only for the purpose of paying the qualified education expenses of the Designated beneficiary (defined later) of the account. Free online state tax preparation When the account is established, the designated beneficiary must be under age 18 or a special needs beneficiary. Free online state tax preparation To be treated as a Coverdell ESA, the account must be designated as a Coverdell ESA when it is created. Free online state tax preparation The document creating and governing the account must be in writing and must satisfy the following requirements. Free online state tax preparation The trustee or custodian must be a bank or an entity approved by the IRS. Free online state tax preparation The document must provide that the trustee or custodian can only accept a contribution that meets all of the following conditions. Free online state tax preparation The contribution is in cash. Free online state tax preparation The contribution is made before the beneficiary reaches age 18, unless the beneficiary is a special needs beneficiary. Free online state tax preparation The contribution would not result in total contributions for the year (not including rollover contributions) being more than $2,000. Free online state tax preparation Money in the account cannot be invested in life insurance contracts. Free online state tax preparation Money in the account cannot be combined with other property except in a common trust fund or common investment fund. Free online state tax preparation The balance in the account generally must be distributed within 30 days after the earlier of the following events. Free online state tax preparation The beneficiary reaches age 30, unless the beneficiary is a special needs beneficiary. Free online state tax preparation The beneficiary's death. Free online state tax preparation Qualified Education Expenses Generally, these are expenses required for the enrollment or attendance of the designated beneficiary at an eligible educational institution. Free online state tax preparation For purposes of Coverdell ESAs, the expenses can be either qualified higher education expenses or qualified elementary and secondary education expenses. Free online state tax preparation Designated beneficiary. Free online state tax preparation   This is the individual named in the document creating the trust or custodial account to receive the benefit of the funds in the account. Free online state tax preparation Contributions to a qualified tuition program (QTP). Free online state tax preparation   A contribution to a QTP is a qualified education expense if the contribution is on behalf of the designated beneficiary of the Coverdell ESA. Free online state tax preparation In the case of a change in beneficiary, this is a qualified expense only if the new beneficiary is a family member of that designated beneficiary. Free online state tax preparation See chapter 8, Qualified Tuition Program . Free online state tax preparation Eligible Educational Institution For purposes of Coverdell ESAs, an eligible educational institution can be either an eligible postsecondary school or an eligible elementary or secondary school. Free online state tax preparation Eligible postsecondary school. Free online state tax preparation   This is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Free online state tax preparation S. Free online state tax preparation Department of Education. Free online state tax preparation It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Free online state tax preparation The educational institution should be able to tell you if it is an eligible educational institution. Free online state tax preparation   Certain educational institutions located outside the United States also participate in the U. Free online state tax preparation S. Free online state tax preparation Department of Education's Federal Student Aid (FSA) programs. Free online state tax preparation Eligible elementary or secondary school. Free online state tax preparation   This is any public, private, or religious school that provides elementary or secondary education (kindergarten through grade 12), as determined under state law. Free online state tax preparation Qualified Higher Education Expenses These are expenses related to enrollment or attendance at an eligible postsecondary school. Free online state tax preparation As shown in the following list, to be qualified, some of the expenses must be required by the school and some must be incurred by students who are enrolled at least half-time. Free online state tax preparation The following expenses must be required for enrollment or attendance of a designated beneficiary at an eligible postsecondary school. Free online state tax preparation Tuition and fees. Free online state tax preparation Books, supplies, and equipment. Free online state tax preparation Expenses for special needs services needed by a special needs beneficiary must be incurred in connection with enrollment or attendance at an eligible postsecondary school. Free online state tax preparation Expenses for room and board must be incurred by students who are enrolled at least half-time (defined below). Free online state tax preparation The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Free online state tax preparation The allowance for room and board, as determined by the school, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. Free online state tax preparation The actual amount charged if the student is residing in housing owned or operated by the school. Free online state tax preparation Half-time student. Free online state tax preparation   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing, as determined under the standards of the school where the student is enrolled. Free online state tax preparation Qualified Elementary and Secondary Education Expenses These are expenses related to enrollment or attendance at an eligible elementary or secondary school. Free online state tax preparation As shown in the following list, to be qualified, some of the expenses must be required or provided by the school. Free online state tax preparation There are special rules for computer-related expenses. Free online state tax preparation The following expenses must be incurred by a designated beneficiary in connection with enrollment or attendance at an eligible elementary or secondary school. Free online state tax preparation Tuition and fees. Free online state tax preparation Books, supplies, and equipment. Free online state tax preparation Academic tutoring. Free online state tax preparation Special needs services for a special needs beneficiary. Free online state tax preparation The following expenses must be required or provided by an eligible elementary or secondary school in connection with attendance or enrollment at the school. Free online state tax preparation Room and board. Free online state tax preparation Uniforms. Free online state tax preparation Transportation. Free online state tax preparation Supplementary items and services (including extended day programs). Free online state tax preparation The purchase of computer technology, equipment, or Internet access and related services is a qualified elementary and secondary education expense if it is to be used by the beneficiary and the beneficiary's family during any of the years the beneficiary is in elementary or secondary school. Free online state tax preparation (This does not include expenses for computer software designed for sports, games, or hobbies unless the software is predominantly educational in nature. Free online state tax preparation ) Contributions Any individual (including the designated beneficiary) can contribute to a Coverdell ESA if the individual's MAGI (defined later under Contribution Limits ) for the year is less than $110,000. Free online state tax preparation For individuals filing joint returns, that amount is $220,000. Free online state tax preparation Organizations, such as corporations and trusts, can also contribute to Coverdell ESAs. Free online state tax preparation There is no requirement that an organization's income be below a certain level. Free online state tax preparation Contributions must meet all of the following requirements. Free online state tax preparation They must be in cash. Free online state tax preparation They cannot be made after the beneficiary reaches age 18, unless the beneficiary is a special needs beneficiary. Free online state tax preparation They must be made by the due date of the contributor's tax return (not including extensions). Free online state tax preparation Contributions can be made to one or several Coverdell ESAs for the same designated beneficiary provided that the total contributions are not more than the contribution limits (defined later) for a year. Free online state tax preparation Contributions can be made, without penalty, to both a Coverdell ESA and a QTP in the same year for the same beneficiary. Free online state tax preparation Table 7-2 summarizes many of the features of contributing to a Coverdell ESA. Free online state tax preparation When contributions considered made. Free online state tax preparation   Contributions made to a Coverdell ESA for the preceding tax year are considered to have been made on the last day of the preceding year. Free online state tax preparation They must be made by the due date (not including extensions) for filing your return for the preceding year. Free online state tax preparation   For example, if you make a contribution to a Coverdell ESA in February 2014, and you designate it as a contribution for 2013, you are considered to have made that contribution on December 31, 2013. Free online state tax preparation Contribution Limits There are two yearly limits: One on the total amount that can be contributed for each designated beneficiary in any year, and One on the amount that any individual can contribute for any one designated beneficiary for a year. Free online state tax preparation Limit for each designated beneficiary. Free online state tax preparation   For 2013, the total of all contributions to all Coverdell ESAs set up for the benefit of any one designated beneficiary cannot be more than $2,000. Free online state tax preparation This includes contributions (other than rollovers) to all the beneficiary's Coverdell ESAs from all sources. Free online state tax preparation Rollovers are discussed under Rollovers and Other Transfers , later. Free online state tax preparation Example. Free online state tax preparation When Maria Luna was born in 2012, three separate Coverdell ESAs were set up for her, one by her parents, one by her grandfather, and one by her aunt. Free online state tax preparation In 2013, the total of all contributions to Maria's three Coverdell ESAs cannot be more than $2,000. Free online state tax preparation For example, if her grandfather contributed $2,000 to one of her Coverdell ESAs, no one else could contribute to any of her three accounts. Free online state tax preparation Or, if her parents contributed $1,000 and her aunt $600, her grandfather or someone else could contribute no more than $400. Free online state tax preparation These contributions could be put into any of Maria's Coverdell ESA accounts. Free online state tax preparation Limit for each contributor. Free online state tax preparation   Generally, you can contribute up to $2,000 for each designated beneficiary for 2013. Free online state tax preparation This is the most you can contribute for the benefit of any one beneficiary for the year, regardless of the number of Coverdell ESAs set up for the beneficiary. Free online state tax preparation Example. Free online state tax preparation The facts are the same as in the previous example except that Maria Luna's older brother, Edgar, also has a Coverdell ESA. Free online state tax preparation If their grandfather contributed $2,000 to Maria's Coverdell ESA in 2013, he could also contribute $2,000 to Edgar's Coverdell ESA. Free online state tax preparation Reduced limit. Free online state tax preparation   Your contribution limit may be reduced. Free online state tax preparation If your MAGI (defined on this page) is between $95,000 and $110,000 (between $190,000 and $220,000 if filing a joint return), the $2,000 limit for each designated beneficiary is gradually reduced (see Figuring the limit , later). Free online state tax preparation If your MAGI is $110,000 or more ($220,000 or more if filing a joint return), you cannot contribute to anyone's Coverdell ESA. Free online state tax preparation Table 7-2. Free online state tax preparation Coverdell ESA Contributions at a Glance Do not rely on this table alone. Free online state tax preparation It provides only general highlights. Free online state tax preparation See the text for more complete explanations. Free online state tax preparation Question Answer Are contributions deductible? No. Free online state tax preparation What is the annual contribution limit per designated beneficiary? $2,000 for each designated beneficiary. Free online state tax preparation What if more than one Coverdell ESA has been opened for the same designated beneficiary? The annual contribution limit is $2,000 for each beneficiary, no matter how many Coverdell ESAs are set up for that beneficiary. Free online state tax preparation What if more than one individual makes contributions for the same designated beneficiary? The annual contribution limit is $2,000 per beneficiary, no matter how many individuals contribute. Free online state tax preparation Can contributions other than cash be made to a Coverdell ESA? No. Free online state tax preparation When must contributions stop? No contributions can be made to a beneficiary's Coverdell ESA after he or she reaches age 18, unless the beneficiary is a special needs beneficiary. Free online state tax preparation Modified adjusted gross income (MAGI). Free online state tax preparation   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return. Free online state tax preparation MAGI when using Form 1040A. Free online state tax preparation   If you file Form 1040A, your MAGI is the AGI on line 22 of that form. Free online state tax preparation MAGI when using Form 1040. Free online state tax preparation   If you file Form 1040, your MAGI is the AGI on line 38 of that form, modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. Free online state tax preparation MAGI when using Form 1040NR. Free online state tax preparation   If you file Form 1040NR, your MAGI is the AGI on line 36 of that form. Free online state tax preparation MAGI when using Form 1040NR-EZ. Free online state tax preparation   If you file Form 1040NR-EZ, your MAGI is the AGI on line 10 of that form. Free online state tax preparation   If you have any of these adjustments, you can use Worksheet 7-1. Free online state tax preparation MAGI for a Coverdell ESA , later, to figure your MAGI for Form 1040. Free online state tax preparation Worksheet 7-1. Free online state tax preparation MAGI for a Coverdell ESA 1. Free online state tax preparation Enter your adjusted gross income  (Form 1040, line 38)   1. Free online state tax preparation   2. Free online state tax preparation Enter your foreign earned income exclusion and/or housing exclusion (Form 2555, line 45, or Form 2555-EZ, line 18)   2. Free online state tax preparation       3. Free online state tax preparation Enter your foreign housing deduction (Form 2555, line 50)   3. Free online state tax preparation         4. Free online state tax preparation Enter the amount of income from Puerto Rico you are excluding   4. Free online state tax preparation       5. Free online state tax preparation Enter the amount of income from American Samoa you are excluding (Form 4563, line 15)   5. Free online state tax preparation       6. Free online state tax preparation Add lines 2, 3, 4, and 5   6. Free online state tax preparation   7. Free online state tax preparation Add lines 1 and 6. Free online state tax preparation This is your  modified adjusted gross income   7. Free online state tax preparation   Figuring the limit. Free online state tax preparation    To figure the limit on the amount you can contribute for each designated beneficiary, multiply $2,000 by a fraction. Free online state tax preparation The numerator (top number) is your MAGI minus $95,000 ($190,000 if filing a joint return). Free online state tax preparation The denominator (bottom number) is $15,000 ($30,000 if filing a joint return). Free online state tax preparation Subtract the result from $2,000. Free online state tax preparation This is the amount you can contribute for each beneficiary. Free online state tax preparation You can use Worksheet 7-2. Free online state tax preparation Coverdell ESA Contribution Limit to figure the limit on contributions. Free online state tax preparation    Worksheet 7-2. Free online state tax preparation Coverdell ESA Contribution Limit 1. Free online state tax preparation Maximum contribution   1. Free online state tax preparation $2,000 2. Free online state tax preparation Enter your modified adjusted gross income (MAGI) for purposes of figuring the contribution limit to a Coverdell ESA (see definition or Worksheet 7-1, earlier)   2. Free online state tax preparation   3. Free online state tax preparation Enter $190,000 if married filing jointly; $95,000 for all other filers   3. Free online state tax preparation   4. Free online state tax preparation Subtract line 3 from line 2. Free online state tax preparation If zero or less, enter -0- on line 4, skip lines 5 through 7, and enter $2,000 on line 8   4. Free online state tax preparation   5. Free online state tax preparation Enter $30,000 if married filing jointly; $15,000 for all other filers   5. Free online state tax preparation     Note. Free online state tax preparation If the amount on line 4 is greater than or equal to the amount on line 5, stop here. Free online state tax preparation You are not allowed to contribute to a Coverdell ESA for 2013. Free online state tax preparation       6. Free online state tax preparation Divide line 4 by line 5 and enter the result as a decimal (rounded to at least 3 places)   6. Free online state tax preparation . Free online state tax preparation 7. Free online state tax preparation Multiply line 1 by line 6   7. Free online state tax preparation   8. Free online state tax preparation Subtract line 7 from line 1   8. Free online state tax preparation   Note: The total Coverdell ESA contributions from all sources for the designated beneficiary during the tax year may not exceed $2,000. Free online state tax preparation Example. Free online state tax preparation Paul, who is single, had a MAGI of $96,500 for 2013. Free online state tax preparation Paul can contribute up to $1,800 in 2013 for each beneficiary, as shown in the illustrated Worksheet 7-2, Coverdell ESA Contribution Limit–Illustrated. Free online state tax preparation Worksheet 7-2. Free online state tax preparation Coverdell ESA Contribution Limit—Illustrated 1. Free online state tax preparation Maximum contribution   1. Free online state tax preparation $2,000 2. Free online state tax preparation Enter your modified adjusted gross  income (MAGI) for purposes of figuring the contribution limit to a Coverdell ESA (see definition or Worksheet 7-1, earlier)   2. Free online state tax preparation 96,500 3. Free online state tax preparation Enter $190,000 if married filing jointly; $95,000 for all other filers   3. Free online state tax preparation 95,000 4. Free online state tax preparation Subtract line 3 from line 2. Free online state tax preparation If zero or less, enter -0- on line 4, skip lines 5 through 7, and enter $2,000 on line 8   4. Free online state tax preparation 1,500 5. Free online state tax preparation Enter $30,000 if married filing jointly; $15,000 for all other filers   5. Free online state tax preparation 15,000   Note. Free online state tax preparation If the amount on line 4 is greater than or equal to the amount on line 5,  stop here. Free online state tax preparation You are not allowed to  contribute to a Coverdell ESA for 2013. Free online state tax preparation       6. Free online state tax preparation Divide line 4 by line 5 and enter the result as a decimal (rounded to at least 3 places)   6. Free online state tax preparation . Free online state tax preparation 100 7. Free online state tax preparation Multiply line 1 by line 6   7. Free online state tax preparation 200 8. Free online state tax preparation Subtract line 7 from line 1   8. Free online state tax preparation 1,800 Note: The total Coverdell ESA contributions from all sources for the designated beneficiary during the tax year may not exceed $2,000. Free online state tax preparation Additional Tax on Excess Contributions The beneficiary must pay a 6% excise tax each year on excess contributions that are in a Coverdell ESA at the end of the year. Free online state tax preparation Excess contributions are the total of the following two amounts. Free online state tax preparation Contributions to any designated beneficiary's Coverdell ESA for the year that are more than $2,000 (or, if less, the total of each contributor's limit for the year, as discussed earlier). Free online state tax preparation Excess contributions for the preceding year, reduced by the total of the following two amounts: Distributions (other than those rolled over as discussed later) during the year, and The contribution limit for the current year minus the amount contributed for the current year. Free online state tax preparation Exceptions. Free online state tax preparation   The excise tax does not apply if excess contributions made during 2013 (and any earnings on them) are distributed before the first day of the sixth month of the following tax year (June 1, 2014, for a calendar year taxpayer). Free online state tax preparation   However, you must include the distributed earnings in gross income for the year in which the excess contribution was made. Free online state tax preparation You should receive Form 1099-Q, Payments From Qualified Education Programs, from each institution from which excess contributions were distributed. Free online state tax preparation Box 2 of that form will show the amount of earnings on your excess contributions. Free online state tax preparation Code “2” or “3” entered in the blank box below boxes 5 and 6 indicate the year in which the earnings are taxable. Free online state tax preparation See Instructions for Recipient on the back of copy B of your Form 1099-Q. Free online state tax preparation Enter the amount of earnings on line 21 of Form 1040 (or Form 1040NR) for the applicable tax year. Free online state tax preparation For more information, see Taxable Distributions , later. Free online state tax preparation   The excise tax does not apply to any rollover contribution. Free online state tax preparation Note. Free online state tax preparation Contributions made in one year for the preceding tax year are considered to have been made on the last day of the preceding year. Free online state tax preparation Example. Free online state tax preparation In 2012, Greta's parents and grandparents contributed a total of $2,300 to Greta's Coverdell ESA— an excess contribution of $300. Free online state tax preparation Because Greta did not withdraw the excess before June 1, 2013, she had to pay an additional tax of $18 (6% × $300) when she filed her 2012 tax return. Free online state tax preparation In 2013, excess contributions of $500 were made to Greta's account, however, she withdrew $250 from that account to use for qualified education expenses. Free online state tax preparation Using the steps shown earlier under Additional Tax on Excess Contributions , Greta figures the excess contribution in her account at the end of 2013 as follows. Free online state tax preparation (1)   $500 excess contributions made in 2013     + (2)   $300 excess contributions in ESA at end of 2012     − (2a)   $250 distribution during 2013         $550 excess at end of 2013   × 6%=$33           If Greta limits 2014 contributions to $1,450 ($2,000 maximum allowed − $550 excess contributions from 2013), she will not owe any additional tax in 2014 for excess contributions. Free online state tax preparation Figuring and reporting the additional tax. Free online state tax preparation   You figure this excise tax in Part V of Form 5329. Free online state tax preparation Report the additional tax on Form 1040, line 58 (or Form 1040NR, line 56). Free online state tax preparation Rollovers and Other Transfers Assets can be rolled over from one Coverdell ESA to another or the designated beneficiary can be changed. Free online state tax preparation The beneficiary's interest can be transferred to a spouse or former spouse because of divorce. Free online state tax preparation Rollovers Any amount distributed from a Coverdell ESA is not taxable if it is rolled over to another Coverdell ESA for the benefit of the same beneficiary or a member of the beneficiary's family (including the beneficiary's spouse) who is under age 30. Free online state tax preparation This age limitation does not apply if the new beneficiary is a special needs beneficiary. Free online state tax preparation An amount is rolled over if it is paid to another Coverdell ESA within 60 days after the date of the distribution. Free online state tax preparation Do not report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040 or 1040NR. Free online state tax preparation These are not taxable distributions. Free online state tax preparation Members of the beneficiary's family. Free online state tax preparation   For these purposes, the beneficiary's family includes the beneficiary's spouse and the following other relatives of the beneficiary. Free online state tax preparation Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. Free online state tax preparation Brother, sister, stepbrother, or stepsister. Free online state tax preparation Father or mother or ancestor of either. Free online state tax preparation Stepfather or stepmother. Free online state tax preparation Son or daughter of a brother or sister. Free online state tax preparation Brother or sister of father or mother. Free online state tax preparation Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. Free online state tax preparation The spouse of any individual listed above. Free online state tax preparation First cousin. Free online state tax preparation Example. Free online state tax preparation When Aaron graduated from college last year he had $5,000 left in his Coverdell ESA. Free online state tax preparation He wanted to give this money to his younger sister, who was still in high school. Free online state tax preparation In order to avoid paying tax on the distribution of the amount remaining in his account, Aaron contributed the same amount to his sister's Coverdell ESA within 60 days of the distribution. Free online state tax preparation Only one rollover per Coverdell ESA is allowed during the 12-month period ending on the date of the payment or distribution. Free online state tax preparation This rule does not apply to the rollover of a military death gratuity or payment from Servicemembers' Group Life Insurance (SGLI). Free online state tax preparation Military death gratuity. Free online state tax preparation   If you received a military death gratuity or a payment from Servicemembers' Group Life Insurance (SGLI), you may roll over all or part of the amount received to one or more Coverdell ESAs for the benefit of members of the beneficiary's family (see Members of the beneficiary's family , earlier). Free online state tax preparation Such payments are made to an eligible survivor upon the death of a member of the armed forces. Free online state tax preparation The contribution to a Coverdell ESA from survivor benefits received cannot be made later than 1 year after the date on which you receive the gratuity or SGLI payment. Free online state tax preparation   This rollover contribution is not subject to (but is in addition to) the contribution limits discussed earlier under Contribution Limits . Free online state tax preparation The amount you roll over cannot exceed the total survivor benefits you received, reduced by contributions from these benefits to a Roth IRA or other Coverdell ESAs. Free online state tax preparation   The amount contributed from the survivor benefits is treated as part of your basis (cost) in the Coverdell ESA, and will not be taxed when distributed. Free online state tax preparation See Distributions , later. Free online state tax preparation The limit of one rollover per Coverdell ESA during a 12-month period does not apply to a military death gratuity or SGLI payment. Free online state tax preparation Changing the Designated Beneficiary The designated beneficiary can be changed. Free online state tax preparation See Members of the beneficiary's family , earlier. Free online state tax preparation There are no tax consequences if, at the time of the change, the new beneficiary is under age 30 or is a special needs beneficiary. Free online state tax preparation Example. Free online state tax preparation Assume the same situation for Aaron as in the last example (see Rollovers , earlier). Free online state tax preparation Instead of closing his Coverdell ESA and paying the distribution into his sister's Coverdell ESA, Aaron could have instructed the trustee of his account to simply change the name of the beneficiary on his account to that of his sister. Free online state tax preparation Transfer Because of Divorce If a spouse or former spouse receives a Coverdell ESA under a divorce or separation instrument, it is not a taxable transfer. Free online state tax preparation After the transfer, the spouse or former spouse treats the Coverdell ESA as his or her own. Free online state tax preparation Example. Free online state tax preparation In their divorce settlement, Peg received her ex-husband's Coverdell ESA. Free online state tax preparation In this process, the account was transferred into her name. Free online state tax preparation Peg now treats the funds in this Coverdell ESA as if she were the original owner. Free online state tax preparation Distributions The designated beneficiary of a Coverdell ESA can take a distribution at any time. Free online state tax preparation Whether the distributions are tax free depends, in part, on whether the distributions are equal to or less than the amount of Adjusted qualified education expenses (defined later) that the beneficiary has in the same tax year. Free online state tax preparation See Table 7-3, Coverdell ESA Distributions at a Glance, for highlights. Free online state tax preparation Table 7-3. Free online state tax preparation Coverdell ESA Distributions at a Glance Do not rely on this table alone. Free online state tax preparation It provides only general highlights. Free online state tax preparation See the text for definitions of terms in bold type and for more complete explanations. Free online state tax preparation Question Answer Is a distribution from a Coverdell ESA to pay for a designated beneficiary's qualified education expenses tax free? Generally, yes, to the extent the amount of the distribution is not more than the designated beneficiary's adjusted qualified education expenses. Free online state tax preparation After the designated beneficiary completes his or her education at an eligible educational institution, can amounts remaining in the Coverdell ESA be distributed? Yes. Free online state tax preparation Amounts must be distributed when the designated beneficiary reaches age 30, unless he or she is a special needs beneficiary. Free online state tax preparation Also, certain transfers to members of the beneficiary's family are permitted. Free online state tax preparation Does the designated beneficiary need to be enrolled for a minimum number of courses to take a tax-free distribution? No. Free online state tax preparation Adjusted qualified education expenses. Free online state tax preparation   To determine if total distributions for the year are more than the amount of qualified education expenses, reduce total qualified education expenses by any tax-free educational assistance. Free online state tax preparation 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. Free online state tax preparation The amount you get by subtracting tax-free educational assistance from your total qualified education expenses is your adjusted qualified education expenses. Free online state tax preparation Tax-Free Distributions Generally, distributions are tax free if they are not more than the beneficiary's adjusted qualified education expenses for the year. Free online state tax preparation Do not report tax-free distributions (including qualifying rollovers) on your tax return. Free online state tax preparation Taxable Distributions A portion of the distributions is generally taxable to the beneficiary if the total distributions are more than the beneficiary's adjusted qualified education expenses for the year. Free online state tax preparation Excess distribution. Free online state tax preparation   This is the part of the total distribution that is more than the beneficiary's adjusted qualified education expenses for the year. Free online state tax preparation Earnings and basis. Free online state tax preparation   You will receive a Form 1099-Q for each of the Coverdell ESAs from which money was distributed in 2013. Free online state tax preparation The amount of your gross distribution will be shown in box 1. Free online state tax preparation For 2013, instead of dividing the gross distribution between your earnings (box 2) and your basis (already-taxed amount) (box 3), the payer or trustee may report the fair market value (account balance) of the Coverdell ESA as of December 31, 2013. Free online state tax preparation This will be shown in the blank box below boxes 5 and 6. Free online state tax preparation   The amount contributed from survivor benefits (see Military death gratuity , earlier) is treated as part of your basis and will not be taxed when distributed. Free online state tax preparation Figuring the Taxable Portion of a Distribution The taxable portion is the amount of the excess distribution that represents earnings that have accumulated tax free in the account. Free online state tax preparation Figure the taxable portion for 2013 as shown in the following steps. Free online state tax preparation Multiply the total amount distributed by a fraction. Free online state tax preparation The numerator is the basis (contributions not previously distributed) at the end of 2012 plus total contributions for 2013 and the denominator is the value (balance) of the account at the end of 2013 plus the amount distributed during 2013. Free online state tax preparation Subtract the amount figured in (1) from the total amount distributed during 2013. Free online state tax preparation The result is the amount of earnings included in the distribution(s). Free online state tax preparation Multiply the amount of earnings figured in (2) by a fraction. Free online state tax preparation The numerator is the adjusted qualified education expenses paid during 2013 and the denominator is the total amount distributed during 2013. Free online state tax preparation Subtract the amount figured in (3) from the amount figured in (2). Free online state tax preparation The result is the amount the beneficiary must include in income. Free online state tax preparation The taxable amount must be reported on Form 1040 or Form 1040NR, line 21. Free online state tax preparation Example. Free online state tax preparation You received an $850 distribution from your Coverdell ESA, to which $1,500 had been contributed before 2013. Free online state tax preparation There were no contributions in 2013. Free online state tax preparation This is your first distribution from the account, so your basis in the account on December 31, 2012, was $1,500. Free online state tax preparation The value (balance) of your account on December 31, 2013, was $950. Free online state tax preparation You had $700 of adjusted qualified education expenses (AQEE) for the year. Free online state tax preparation Using the steps in Figuring the Taxable Portion of a Distribution , earlier, figure the taxable portion of your distribution as follows. Free online state tax preparation   1. Free online state tax preparation $850 (distribution) × $1,500 basis + $0 contributions  $950 value + $850 distribution       =$708 (basis portion of distribution)     2. Free online state tax preparation $850 (distribution)−$708 (basis portion of distribution)     =$142 (earnings included in distribution)   3. Free online state tax preparation $142 (earnings) × $700 AQEE  $850 distribution           =$117 (tax-free earnings)     4. Free online state tax preparation $142 (earnings)−$117 (tax-free earnings)=$25 (taxable earnings)                 You must include $25 in income as distributed earnings not used for qualified education expenses. Free online state tax preparation Report this amount on Form 1040, line 21, listing the type and amount of income on the dotted line. Free online state tax preparation Worksheet 7-3, Coverdell ESA–Taxable Distributions and Basis , at the end of this chapter, can help you figure your adjusted qualified education expenses, how much of your distribution must be included in income, and the remaining basis in your Coverdell ESA(s). Free online state tax preparation Coordination With American Opportunity and Lifetime Learning Credits The American opportunity or lifetime learning credit can be claimed in the same year the beneficiary takes a tax-free distribution from a Coverdell ESA, as long as the same expenses are not used for both benefits. Free online state tax preparation This means the beneficiary must reduce qualified higher education expenses by tax-free educational assistance, and then further reduce them by any expenses taken into account in determining an American opportunity or lifetime learning credit. Free online state tax preparation Example. Free online state tax preparation Derek Green had $5,800 of qualified higher education expenses for 2013, his first year in college. Free online state tax preparation He paid his college expenses from the following sources. Free online state tax preparation     Partial tuition scholarship (tax free) $1,500     Coverdell ESA distribution 1,000     Gift from parents 2,100     Earnings from part-time job 1,200           Of his $5,800 of qualified higher education expenses, $4,000 was tuition and related expenses that also qualified for an American opportunity credit. Free online state tax preparation Derek's parents claimed a $2,500 American opportunity credit (based on $4,000 expenses) on their tax return. Free online state tax preparation Before Derek can determine the taxable portion of his Coverdell ESA distribution, he must reduce his total qualified higher education expenses. Free online state tax preparation     Total qualified higher education expenses $5,800     Minus: Tax-free educational assistance −1,500     Minus: Expenses taken into account in  figuring American opportunity credit − 4,000     Equals: Adjusted qualified higher education  expenses (AQHEE) $ 300           Since the adjusted qualified higher education expenses ($300) are less than the Coverdell ESA distribution ($1,000), part of the distribution will be taxable. Free online state tax preparation The balance in Derek's account was $1,800 on December 31, 2013. Free online state tax preparation Prior to 2013, $2,100 had been contributed to this account. Free online state tax preparation Contributions for 2013 totaled $400. Free online state tax preparation Using the four steps outlined earlier, Derek figures the taxable portion of his distribution as shown below. Free online state tax preparation   1. Free online state tax preparation $1,000 (distribution) × $2,100 basis + $400 contributions  $1,800 value + $1,000 distribution           =$893 (basis portion of distribution)     2. Free online state tax preparation $1,000 (distribution)−$893 (basis portion of distribution)     = $107 (earnings included in distribution)   3. Free online state tax preparation $107 (earnings) × $300 AQHEE  $1,000 distribution       =$32 (tax-free earnings)     4. Free online state tax preparation $107 (earnings)−$32 (tax-free earnings)=$75 (taxable earnings)                 Derek must include $75 in income (Form 1040, line 21). Free online state tax preparation This is the amount of distributed earnings not used for adjusted qualified higher education expenses. Free online state tax preparation Coordination With Qualified Tuition Program (QTP) Distributions If a designated beneficiary receives distributions from both a Coverdell ESA and a QTP in the same year, and the total distribution is more than the beneficiary's adjusted qualified higher education expenses, those expenses must be allocated between the distribution from the Coverdell ESA and the distribution from the QTP before figuring how much of each distribution is taxable. Free online state tax preparation The following two examples illustrate possible allocations. Free online state tax preparation Example 1. Free online state tax preparation In 2013, Beatrice graduated from high school and began her first semester of college. Free online state tax preparation That year, she had $1,000 of qualified elementary and secondary education expenses (QESEE) for high school and $3,000 of qualified higher education expenses (QHEE) for college. Free online state tax preparation To pay these expenses, Beatrice withdrew $800 from her Coverdell ESA and $4,200 from her QTP. Free online state tax preparation No one claimed Beatrice as a dependent, nor was she eligible for an education credit. Free online state tax preparation She did not receive any tax-free educational assistance in 2013. Free online state tax preparation Beatrice must allocate her total qualified education expenses between the two distributions. Free online state tax preparation Beatrice knows that tax-free treatment will be available if she applies her $800 Coverdell ESA distribution toward her $1,000 of qualified education expenses for high school. Free online state tax preparation The qualified expenses are greater than the distribution, making the $800 Coverdell ESA distribution tax free. Free online state tax preparation Next, Beatrice matches her $4,200 QTP distribution to her $3,000 of QHEE, and finds she has an excess QTP distribution of $1,200 ($4,200 QTP − $3,000 QHEE). Free online state tax preparation She cannot use the extra $200 of high school expenses (from (1) above) against the QTP distribution because those expenses do not qualify a QTP for tax-free treatment. Free online state tax preparation Finally, Beatrice figures the taxable and tax-free portions of her QTP distribution based on her $3,000 of QHEE. Free online state tax preparation (See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program for more information. Free online state tax preparation ) Example 2. Free online state tax preparation Assume the same facts as in Example 1 , except that Beatrice withdrew $1,800 from her Coverdell ESA and $3,200 from her QTP. Free online state tax preparation In this case, she allocates her qualified education expenses as follows. Free online state tax preparation Using the same reasoning as in Example 1, Beatrice matches $1,000 of her Coverdell ESA distribution to her $1,000 of QESEE—she has $800 of her distribution remaining. Free online state tax preparation Because higher education expenses can also qualify a Coverdell ESA distribution for tax-free treatment, Beatrice allocates her $3,000 of QHEE between the remaining $800 Coverdell ESA and the $3,200 QTP distributions ($4,000 total). Free online state tax preparation   $3,000 QHEE × $800 ESA distribution  $4,000 total distribution = $600 QHEE (ESA)     $3,000 QHEE × $3,200 QTP distribution  $4,000 total distribution = $2,400 QHEE (QTP)   Beatrice then figures the taxable part of her: Coverdell ESA distribution based on qualified education expenses of $1,600 ($1,000 QESEE + $600 QHEE). Free online state tax preparation See Figuring the Taxable Portion of a Distribution , earlier, in this chapter. Free online state tax preparation   QTP distribution based on her $2,400 of QHEE (see Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program). Free online state tax preparation The above examples show two types of allocation between distributions from a Coverdell ESA and a QTP. Free online state tax preparation However, you do not have to allocate your expenses in the same way. Free online state tax preparation You can use any reasonable method. Free online state tax preparation Losses on Coverdell ESA Investments If you have a loss on your investment in a Coverdell ESA, you may be able to deduct the loss on your income tax return. Free online state tax preparation You can deduct the loss only when all amounts from that account have been distributed and the total distributions are less than your unrecovered basis. Free online state tax preparation Your basis is the total amount of contributions to that Coverdell ESA. Free online state tax preparation 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. Free online state tax preparation If you have distributions from more than one Coverdell ESA account during a year, you must combine the information (amount of distribution, basis, etc. Free online state tax preparation ) from all such accounts in order to determine your taxable earnings for the year. Free online state tax preparation By doing this, the loss from one ESA account reduces the distributed earnings (if any) from any other ESA account. Free online state tax preparation For examples of the calculation, see Losses on QTP Investments in chapter 8, Qualified Tuition Program. Free online state tax preparation 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. Free online state tax preparation Exceptions. Free online state tax preparation   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. Free online state tax preparation Made because the designated beneficiary is disabled. Free online state tax preparation 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. Free online state tax preparation 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. Free online state tax preparation 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. Free online state tax preparation Made on account of the attendance of the designated beneficiary at a U. Free online state tax preparation S. Free online state tax preparation military academy (such as the USMA at West Point). Free online state tax preparation 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. Free online state tax preparation S. Free online state tax preparation Code) attributable to such attendance. Free online state tax preparation 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). Free online state tax preparation Made before June 1, 2014, of an excess 2013 contribution (and any earnings on it). Free online state tax preparation The distributed earnings must be included in gross income for the year in which the excess contribution was made. Free online state tax preparation Exception (3) applies only to the extent the distribution is not more than the scholarship, allowance, or payment. Free online state tax preparation Figuring the additional tax. Free online state tax preparation    Use Part II of Form 5329, to figure any additional tax. Free online state tax preparation Report the amount on Form 1040, line 58, or Form 1040NR, line 56. Free online state tax preparation When Assets Must Be Distributed Any assets remaining in a Coverdell ESA must be distributed when either one of the following two events occurs. Free online state tax preparation The designated beneficiary reaches age 30. Free online state tax preparation In this case, the remaining assets must be distributed within 30 days after the beneficiary reaches age 30. Free online state tax preparation However, this rule does not apply if the beneficiary is a special needs beneficiary. Free online state tax preparation The designated beneficiary dies before reaching age 30. Free online state tax preparation In this case, the remaining assets must generally be distributed within 30 days after the date of death. Free online state tax preparation Exception for Transfer to Surviving Spouse or Family Member If a Coverdell ESA is transferred to a surviving spouse or other family member as the result of the death of the designated beneficiary, the Coverdell ESA retains its status. Free online state tax preparation (“Family member” was defined earlier under Rollovers . Free online state tax preparation ) This means the spouse or other family member can treat the Coverdell ESA as his or her own and does not need to withdraw the assets until he or she reaches age 30. Free online state tax preparation This age limitation does not apply if the new beneficiary is a special needs beneficiary. Free online state tax preparation There are no tax consequences as a result of the transfer. Free online state tax preparation How To Figure the Taxable Earnings When a total distribution is made because the designated beneficiary either reached age 30 or died, the earnings that accumulated tax free in the account must be included in taxable income. Free online state tax preparation You determine these earnings as shown in the following two steps. Free online state tax preparation Multiply the amount distributed by a fraction. Free online state tax preparation The numerator is the basis (contributions not previously distributed) at the end of 2012 plus total contributions for 2013 and the denominator is the balance in the account at the end of 2013 plus the amount distributed during 2013. Free online state tax preparation Subtract the amount figured in (1) from the total amount distributed during 2013. Free online state tax preparation The result is the amount of earnings included in the distribution. Free online state tax preparation For an example, see steps (1) and (2) of the Example under Figuring the Taxable Portion of a Distribution, earlier. Free online state tax preparation The beneficiary or other person receiving the distribution must report this amount on Form 1040, line 21, or Form 1040NR, line 21, listing the type and amount of income on the dotted line. Free online state tax preparation Worksheet 7-3 Instructions. Free online state tax preparation Coverdell ESA—Taxable Distributions and Basis Line G. Free online state tax preparation Enter the total distributions received from all Coverdell ESAs during 2013. Free online state tax preparation Do not include amounts rolled over to another ESA within 60 days (only one rollover is allowed during any 12-month period). Free online state tax preparation Also, do not include excess contributions that were distributed with the related earnings (or less any loss) before the first day of the sixth month of the tax year following the year for which the contributions were made. Free online state tax preparation Line 2. Free online state tax preparation Your basis (amount already taxed) in this Coverdell ESA as of December 31, 2012, is the total of:   •All contributions to this Coverdell ESA before 2013 •Minus the tax-free portion of any distributions from this Coverdell ESA before 2013. Free online state tax preparation   If your last distribution from this Coverdell ESA was before 2013, you must start with the basis in your account as of the end of the last year in which you took a distribution. Free online state tax preparation For years before 2002, you can find that amount on the last line of the worksheet in the Instructions for Form 8606, Nondeductible IRAs, that you completed for that year. Free online state tax preparation For years after 2001, you can find that amount by using the ending basis from the worksheet in Publication 970 for that year. Free online state tax preparation You can determine your basis in this Coverdell ESA as of December 31, 2012, by adding to the basis as of the end of that year any contributions made to that account after the year of the distribution and before 2013. Free online state tax preparation Line 4. Free online state tax preparation Enter the total distributions received from this Coverdell ESA in 2013. Free online state tax preparation Do not include amounts rolled over to another Coverdell ESA within 60 days (only one rollover is allowed during any 12-month period). Free online state tax preparation   Also, do not include excess contributions that were distributed with the related earnings (or less any loss) before the first day of the sixth month of the tax year following the year of the contributions. Free online state tax preparation Line 7. Free online state tax preparation Enter the total value of this Coverdell ESA as of December 31, 2013, plus any outstanding rollovers contributed to the account after 2012, but before the end of the 60-day rollover period. Free online state tax preparation A statement should be sent to you by January 31, 2014, for this Coverdell ESA showing the value on December 31, 2013. Free online state tax preparation   A rollover is a tax-free withdrawal from one Coverdell ESA that is contributed to another Coverdell ESA. Free online state tax preparation An outstanding rollover is any amount withdrawn within 60 days before the end of 2013 (November 2 through December 31) that was rolled over after December 31, 2013, but within the 60-day rollover period. Free online state tax preparation Worksheet 7-3. Free online state tax preparation Coverdell ESA—Taxable Distributions and Basis How to complete this worksheet. Free online state tax preparation • • • Complete Part I, lines A through H, on only one worksheet. Free online state tax preparation  Complete a separate Part II, lines 1 through 15, for each of your Coverdell ESAs. Free online state tax preparation  Complete Part III, the Summary (line 16), on only one worksheet. Free online state tax preparation Part I. Free online state tax preparation Qualified Education Expenses (Complete for total expenses)       A. Free online state tax preparation Enter your total qualified education expenses for 2013   A. Free online state tax preparation   B. Free online state tax preparation Enter those qualified education expenses paid for with tax-free educational assistance (for example, tax-free scholarships, veterans' educational benefits, Pell grants, employer-provided educational assistance)   B. Free online state tax preparation         C. Free online state tax preparation Enter those qualified higher education expenses deducted on Schedule C or C-EZ (Form 1040). Free online state tax preparation Schedule F (Form 1040), or as a miscellaneous itemized deduction on Schedule A (Form 1040 or 1040NR)   C. Free online state tax preparation         D. Free online state tax preparation Enter those qualified higher education expenses on which  an American opportunity or lifetime learning credit was based   D. Free online state tax preparation         E. Free online state tax preparation Add lines B, C, and D   D. Free online state tax preparation   F. Free online state tax preparation Subtract line E from line A. Free online state tax preparation This is your adjusted qualified education expense for 2013   E. Free online state tax preparation   G. Free online state tax preparation Enter your total distributions from all Coverdell ESAs during 2013. Free online state tax preparation Do not include rollovers  or the return of excess contributions (see instructions)   F. Free online state tax preparation   H. Free online state tax preparation Divide line F by line G. Free online state tax preparation Enter the result as a decimal (rounded to at least 3 places). Free online state tax preparation If the  result is 1. Free online state tax preparation 000 or more, enter 1. Free online state tax preparation 000   G. Free online state tax preparation . Free online state tax preparation Part II. Free online state tax preparation Taxable Distributions and Basis (Complete separately for each account) 1. Free online state tax preparation Enter the amount contributed to this Coverdell ESA for 2013, including contributions made for 2013 from January 1, 2014, through April 15, 2014. Free online state tax preparation Do not include rollovers or the return of excess contributions   1. Free online state tax preparation   2. Free online state tax preparation Enter your basis in this Coverdell ESA as of December 31, 2012 (see instructions)   2. Free online state tax preparation   3. Free online state tax preparation Add lines 1 and 2   3. Free online state tax preparation   4. Free online state tax preparation Enter the total distributions from this Coverdell ESA during 2013. Free online state tax preparation Do not include rollovers  or the return of excess contributions (see instructions)   4. Free online state tax preparation   5. Free online state tax preparation Multiply line 4 by line H. Free online state tax preparation This is the amount of adjusted qualified  education expense attributable to this Coverdell ESA   5. Free online state tax preparation         6. Free online state tax preparation Subtract line 5 from line 4   6. Free online state tax preparation         7. Free online state tax preparation Enter the total value of this Coverdell ESA as of December 31, 2013,  plus any outstanding rollovers (see instructions)   7. Free online state tax preparation         8. Free online state tax preparation Add lines 4 and 7   8. Free online state tax preparation         9. Free online state tax preparation Divide line 3 by line 8. Free online state tax preparation Enter the result as a decimal (rounded to  at least 3 places). Free online state tax preparation If the result is 1. Free online state tax preparation 000 or more, enter 1. Free online state tax preparation 000   9. Free online state tax preparation . Free online state tax preparation       10. Free online state tax preparation Multiply line 4 by line 9. Free online state tax preparation This is the amount of basis allocated to your  distributions, and is tax free   10. Free online state tax preparation     Note. Free online state tax preparation If line 6 is zero, skip lines 11 through 13, enter -0- on line 14, and go to line 15. Free online state tax preparation       11. Free online state tax preparation Subtract line 10 from line 4   11. Free online state tax preparation   12. Free online state tax preparation Divide line 5 by line 4. Free online state tax preparation Enter the result as a decimal (rounded to  at least 3 places). Free online state tax preparation If the result is 1. Free online state tax preparation 000 or more, enter 1. Free online state tax preparation 000   12. Free online state tax preparation . Free online state tax preparation       13. Free online state tax preparation Multiply line 11 by line 12. Free online state tax preparation This is the amount of qualified education  expenses allocated to your distributions, and is tax free   13. Free online state tax preparation   14. Free online state tax preparation Subtract line 13 from line 11. Free online state tax preparation This is the portion of the distributions from this  Coverdell ESA in 2013 that you must include in income   14. Free online state tax preparation   15. Free online state tax preparation Subtract line 10 from line 3. Free online state tax preparation This is your basis in this Coverdell ESA as of December 31, 2013   15. Free online state tax preparation   Part III. Free online state tax preparation Summary (Complete only once)       16. Free online state tax preparation Taxable amount. Free online state tax preparation Add together all amounts on line 14 for all your Coverdell ESAs. Free online state tax preparation Enter here  and include on Form 1040, line 21, or Form 1040NR, line 21, listing the type and amount of income on the dotted line   16. Free online state tax preparation   Prev  Up  Next   Home   More Online Publications
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The Free Online State Tax Preparation

Free online state tax preparation 8. Free online state tax preparation   Dividendos y Otras Distribuciones Table of Contents Recordatorio Introduction Useful Items - You may want to see: Información GeneralDividendos no declarados en el Formulario 1099-DIV. Free online state tax preparation Cómo se le informa del impuesto retenido. Free online state tax preparation Nominatarios. Free online state tax preparation Dividendos OrdinariosDividendos Calificados Dividendos Utilizados para la Compra de más Acciones Fondos de Inversión del Mercado Monetario Distribuciones de Ganancias de CapitalAjuste a la base. Free online state tax preparation Distribuciones que no son DividendosDistribuciones de Liquidación Distribuciones de Acciones y Derechos a Acciones Otras DistribucionesRequisito de declarar ciertos datos. Free online state tax preparation Tratamiento del impuesto mínimo alternativo. Free online state tax preparation Cómo Declarar el Ingreso de DividendosDeducción de los intereses de inversiones. Free online state tax preparation Recordatorio Ingresos de fuentes en el extranjero. Free online state tax preparation  Si es ciudadano de los Estados Unidos con ingresos por concepto de dividendos de fuentes fuera de los Estados Unidos (ingresos del extranjero), tiene que declarar todos estos ingresos en la declaración de impuestos a menos que sean ingresos exentos por las leyes de los EE. Free online state tax preparation UU. Free online state tax preparation Esto es cierto independientemente de si reside dentro o fuera de los EE. Free online state tax preparation UU. Free online state tax preparation y si recibe o no el Formulario 1099 de un pagador extranjero. Free online state tax preparation Introduction Este capítulo explica el trato tributario que se le da a: Dividendos ordinarios, Distribuciones de ganancias de capital, Distribuciones que no sean dividendos y Otras distribuciones que pueda recibir de una sociedad anónima o de un fondo mutuo. Free online state tax preparation Este capítulo también explica cómo se declara el ingreso de dividendos en su declaración de impuestos. Free online state tax preparation Los dividendos son distribuciones de dinero, acciones u otras clases de bienes que le paga a usted una sociedad anónima o fondo mutuo. Free online state tax preparation Puede recibir también dividendos a través de una sociedad colectiva, un caudal hereditario, un fideicomiso o una asociación a la que se le gravan impuestos como a una sociedad anónima. Free online state tax preparation Sin embargo, algunas cantidades recibidas por usted y denominadas dividendos, son de hecho ingresos de intereses. Free online state tax preparation Vea Dividendos que en realidad son intereses , bajo Intereses Sujetos a Impuestos, en el capítulo 7. Free online state tax preparation La mayoría de las distribuciones se pagan en efectivo (o con cheque). Free online state tax preparation No obstante, las distribuciones pueden consistir en más acciones, derechos de suscripción de acciones u otros bienes o servicios adicionales. Free online state tax preparation Useful Items - You may want to see: Publicación 514 Foreign Tax Credit for Individuals (Crédito por impuestos del extranjero para personas físicas), en inglés 550 Investment Income and Expenses (Ingresos y gastos de inversiones), en inglés Formulario (e Instrucciones) Anexo B (Formulario 1040A o 1040) Interest and Ordinary Dividends (Intereses y dividendos ordinarios), en inglés Información General Esta sección explica las reglas generales sobre ingresos de dividendos. Free online state tax preparation Impuesto sobre ingresos no derivados del trabajo de determinados hijos. Free online state tax preparation   El impuesto sobre una parte del ingreso no derivado del trabajo recibido por un hijo en 2013 puede ser tributado a la tasa impositiva correspondiente de los padres. Free online state tax preparation Si es así, tiene que completar el Formulario 8615, Tax for Certain Children Who Have Unearned Income (Impuestos para determinados hijos que tienen ingresos no derivados del trabajo), en inglés, y adjuntarlo a la declaración de impuestos del hijo. Free online state tax preparation Si no es así, no se requiere el Formulario 8615 y los ingresos del menor están sujetos a la tasa impositiva que le corresponde. Free online state tax preparation       Algunos padres o madres pueden optar por incluir los intereses y dividendos del hijo en la declaración de impuestos del padre o la madre si se cumplen ciertos requisitos. Free online state tax preparation Si puede, utilice el Formulario 8814, Parents' Election To Report Child's Interest and Dividends (Elección del padre o de la madre de declarar los intereses y dividendos de un hijo), en inglés, para este propósito. Free online state tax preparation   Si desea obtener más información sobre el impuesto sobre los ingresos no derivados del trabajo de un hijo y la elección de los padres, vea el capítulo 31. Free online state tax preparation Beneficiario de un caudal hereditario o fideicomiso. Free online state tax preparation    Los dividendos y otras distribuciones que reciba como beneficiario de un caudal hereditario o de un fideicomiso por lo general se consideran ingresos tributables. Free online state tax preparation El fiduciario debería enviarle un Anexo K-1 (Formulario 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Free online state tax preparation (Parte del ingreso, deducciones, créditos, etc. Free online state tax preparation , de un beneficiario), en inglés. Free online state tax preparation Su copia del Anexo K-1 (Formulario 1041) e instrucciones le indicarán dónde debe declarar los ingresos en el Formulario 1040. Free online state tax preparation Número de Seguro Social (SSN, por sus siglas en inglés) o número de identificación de contribuyente individual (ITIN por sus siglas en inglés). Free online state tax preparation    Tiene que darle su nombre y número de Seguro Social (o su número de identificación de contribuyente individual (ITIN, por sus siglas en inglés)) a toda persona que esté obligada por la ley federal de impuestos a expedir una declaración, un informe u otro documento relacionado con usted. Free online state tax preparation Esto incluye las entidades que pagan dividendos. Free online state tax preparation Es posible que tenga que pagar una multa si no le proporciona su número de Seguro Social o su número de identificación de contribuyente individual (ITIN) a la entidad que paga los dividendos. Free online state tax preparation Para obtener más información sobre los números de Seguro Social y los números de identificación de contribuyente individual, vea Número de Seguro Social en el capítulo 1. Free online state tax preparation Retención adicional. Free online state tax preparation   El ingreso de dividendos por lo general no está sujeto a la retención normal. Free online state tax preparation Sin embargo, podría estar sujeto a la retención adicional de impuestos para asegurar que el impuesto sobre el ingreso sea recaudado sobre ese ingreso. Free online state tax preparation Conforme a la retención adicional de impuestos, la entidad que paga los dividendos tiene que retener impuestos sobre los ingresos de la cantidad que le paga a usted, aplicándo la tasa de retención correspondiente. Free online state tax preparation   También puede requerirse una retención adicional de impuestos si el IRS ha determinado que usted ha declarado una cantidad inferior de ingresos de intereses o dividendos de lo que dn verdad recibió. Free online state tax preparation Para más información, vea Retención Adicional , en el capítulo 4. Free online state tax preparation Certificado de acciones a nombre de dos o más personas. Free online state tax preparation   Si dos o más personas tienen acciones de propiedad conjunta, propiedad en tenencia conyugal o propiedad en tenencia común, la parte de los dividendos de las acciones que le corresponde a cada persona está determinada por las leyes locales. Free online state tax preparation Formulario 1099-DIV. Free online state tax preparation   La mayoría de las sociedades anónimas y fondos mutuos usan el Formulario 1099-DIV, Dividends and Distributions (Dividendos y distribuciones), en inglés, para informarle de las distribuciones que recibió de ellas durante el año. Free online state tax preparation Guarde este formulario con su documentación. Free online state tax preparation No tiene que adjuntar el formulario a su declaración de impuestos. Free online state tax preparation Dividendos no declarados en el Formulario 1099-DIV. Free online state tax preparation   Aun si no recibe el Formulario 1099-DIV, tendrá que declarar todos sus ingresos de dividendos sujetos a impuestos. Free online state tax preparation Por ejemplo, podría recibir acciones repartidas de dividendos de sociedades colectivas o de sociedades anónimas de tipo S. Free online state tax preparation A usted se le informa de dichos dividendos en el Anexo K-1 (del Formulario 1065), Partner's Share of Income, Deductions, Credits, etc. Free online state tax preparation (Parte de los ingresos, deducciones, créditos, etc. Free online state tax preparation , correspondiente al socio), en inglés, y en el Anexo K-1 (del Formulario 1120S), Shareholder's Share of Income, Deductions, Credits, etc. Free online state tax preparation (Parte de los ingresos, deducciones, créditos, etc. Free online state tax preparation , correspondiente al accionista), en inglés. Free online state tax preparation Cómo se le informa del impuesto retenido. Free online state tax preparation   Si se le retienen impuestos sobre su ingreso de dividendos, el pagador tiene que darle un Formulario 1099-DIV que indica la cantidad retenida. Free online state tax preparation Nominatarios. Free online state tax preparation   Si alguien recibe distribuciones como nominatario suyo, esa persona le dará un Formulario 1099-DIV que indicará las distribuciones recibidas en nombre de usted. Free online state tax preparation Formulario 1099-MISC. Free online state tax preparation   A usted se le tiene que informar de ciertos pagos sustitutivos en lugar de dividendos o intereses exentos de impuestos que recibe de un agente corredor bursátil en su nombre en el Formulario 1099-MISC, Miscellaneous Income (Ingresos misceláneos), en inglés, o en un documento similar. Free online state tax preparation Vea Reporting Substitute Payments (Cómo informar de pagos sustitutivos), bajo Short Sales (Ventas a corto al descubierto), en el capítulo 4 de la Publicación 550, en inglés, para más información sobre cómo informar de estos pagos. Free online state tax preparation Cantidad incorrecta que aparece en un Formulario 1099. Free online state tax preparation   Si recibe un Formulario 1099 que indica una cantidad incorrecta (u otra información incorrecta), debe pedirle a la persona que le dio el formulario que le envíe otro formulario corregido. Free online state tax preparation En el nuevo Formulario 1099 que recibirá aparecerá la palabra “ Corrected ” (Corregido). Free online state tax preparation Dividendos de acciones vendidas. Free online state tax preparation   Si se venden o intercambian acciones, o si se enajenan de otra manera después de que se declare un dividendo pero antes de ser pagado, el dueño oficial (usualmente la persona a quien se le expide el cheque de dividendos) tiene que incluir el dividendo en sus ingresos. Free online state tax preparation Dividendos recibidos en enero. Free online state tax preparation   A usted se le considera que ha recibido un dividendo el 31 de diciembre si un fondo mutuo (u otra compañía de inversiones reglamentada) o una sociedad de inversión inmobiliaria (REIT, por sus siglas en inglés) declara un dividendo (incluyendo todo dividendo que produzca intereses exentos o una distribución de ganancias de capital) en octubre, noviembre o diciembre, pagadero a los accionistas oficiales en una fecha de uno de estos meses, pero que realmente paga el dividendo durante enero del próximo año calendario. Free online state tax preparation Usted tiene que declarar el dividendo en el año en que fue declarado. Free online state tax preparation Dividendos Ordinarios Los dividendos ordinarios (sujetos a impuestos) son la distribución más común hecha por una sociedad anónima o un fondo mutuo. Free online state tax preparation Se pagan usando ingresos y ganancias y son considerados ingresos ordinarios para usted. Free online state tax preparation Esto significa que no son ganancias de capital. Free online state tax preparation Puede suponer que todo dividendo que reciba de acciones comunes o preferentes es un dividendo ordinario a menos que la sociedad anónima o el fondo mutuo que efectúa el pago le indique lo contrario. Free online state tax preparation Los dividendos ordinarios se muestran en el recuadro 1a del Formulario 1099-DIV que usted reciba. Free online state tax preparation Dividendos Calificados Los dividendos calificados son los dividendos ordinarios sujetos a la misma tasa impositiva máxima del 0%, 15% o 20% que corresponde a las ganancias netas de capital. Free online state tax preparation Deben indicarse en el recuadro 1b del Formulario 1099-DIV que reciba. Free online state tax preparation La tasa máxima del impuesto sobre los dividendos calificados es: 0% sobre toda cantidad que de otro modo se le impondrían impuestos a una tasa del 10% o del 15%. Free online state tax preparation 15% sobre toda cantidad que de otro modo se le impondrían impuestos a tasas mayores de 15%, pero menores de 39. Free online state tax preparation 6%. Free online state tax preparation 20% sobre toda cantidad que de otro modo se le impondrían impuestos a una tasa de 39. Free online state tax preparation 6%. Free online state tax preparation Para tener derecho a la tasa impositiva máxima, todos los requisitos siguientes tienen que cumplirse: Los dividendos tienen que haber sido pagados por una sociedad anónima estadounidense o una sociedad anónima extranjera calificada. Free online state tax preparation Vea Sociedad anónima extranjera calificada , más adelante. Free online state tax preparation Los dividendos no tienen la misma clasificación que aquéllos incluidos más adelante bajo Dividendos que no son dividendos calificados . Free online state tax preparation Usted cumple el período de tenencia (tema que se explica a continuación). Free online state tax preparation Período de tenencia. Free online state tax preparation   Usted tiene que haber tenido las acciones por más de 60 días durante el período de 121 días que comienza 60 días antes de la fecha del ex dividendo. Free online state tax preparation La fecha del ex dividendo es la primera fecha que sigue a la declaración del dividendo en la cual el comprador de las acciones no tiene derecho a recibir el siguiente pago de dividendos. Free online state tax preparation En su lugar, el vendedor recibirá el dividendo. Free online state tax preparation   Cuando cuente el número de días que tuvo las acciones, incluya el día en que enajenó las acciones, pero no el día en que las adquirió. Free online state tax preparation Vea los ejemplos más adelante. Free online state tax preparation Excepción para acciones preferentes. Free online state tax preparation   En el caso de acciones preferentes, tiene que haber tenido las acciones por más de 90 días durante el período de 181 días que comienza 90 días antes de la fecha del ex dividendo, si los dividendos se deben a períodos cuyo total es más de 366 días. Free online state tax preparation Si los dividendos preferentes se deben a períodos cuyo total es menos de 367 días, les corresponde el período de tenencia del párrafo anterior. Free online state tax preparation Ejemplo 1. Free online state tax preparation Usted compró 5,000 acciones ordinarias de la Compañía XYZ el 9 de julio de 2013. Free online state tax preparation La Compañía XYZ pagó un dividendo en efectivo de 10 centavos por cada acción. Free online state tax preparation La fecha del ex dividendo fue el 16 de julio de 2013. Free online state tax preparation El Formulario 1099-DIV de la Compañía XYZ muestra $500 en el recuadro 1a (dividendos ordinarios) y en el recuadro 1b (dividendos calificados). Free online state tax preparation No obstante, usted vendió las 5,000 acciones el 12 de agosto de 2013. Free online state tax preparation Tuvo las acciones de la Compañía XYZ por sólo 34 días del período de 121 días (desde el 10 de julio de 2013 hasta el 12 de agosto de 2013). Free online state tax preparation El período de 121 días comenzó el 17 de mayo de 2013 (60 días antes de la fecha del ex dividendo) y terminó el 14 de septiembre de 2013. Free online state tax preparation Usted no tiene dividendos calificados de la Compañía XYZ porque tuvo las acciones de la compañía por menos de 61 días. Free online state tax preparation Ejemplo 2. Free online state tax preparation Suponga que los hechos son los mismos que en el Ejemplo 1, excepto que compró las acciones el 15 de julio de 2013 (el día antes de la fecha del ex dividendo) y vendió las acciones el 16 de septiembre de 2013. Free online state tax preparation Usted tuvo las acciones por 63 días (desde el 16 de julio de 2013 hasta el 16 de septiembre de 2013). Free online state tax preparation Los $500 de dividendos calificados mostrados en el recuadro 1b del Formulario 1099-DIV son en su totalidad dividendos calificados porque tuvo las acciones por 61 días del período de 121 días (desde el 16 de julio de 2013 hasta el 14 de septiembre de 2013). Free online state tax preparation Ejemplo 3. Free online state tax preparation Usted compró 10,000 acciones ordinarias del Fondo Mutuo ABC el 9 de julio de 2013. Free online state tax preparation El Fondo Mutuo ABC pagó un dividendo en efectivo de 10 centavos por cada acción. Free online state tax preparation La fecha del ex dividendo fue el 16 de julio de 2013. Free online state tax preparation El Fondo Mutuo ABC le informa que la parte del dividendo que puede ser tratada como dividendos calificados equivale a 2 centavos por cada acción. Free online state tax preparation El Formulario 1099-DIV del Fondo Mutuo ABC muestra dividendos ordinarios de $1,000 y dividendos calificados de $200. Free online state tax preparation Sin embargo, usted vendió las 10,000 acciones el 12 de agosto de 2013. Free online state tax preparation No tiene dividendos calificados del Fondo Mutuo ABC porque tuvo las acciones del Fondo Mutuo ABC menos de 61 días. Free online state tax preparation Reducción del período de tenencia cuando disminuya el riesgo de pérdida. Free online state tax preparation   Al determinar si usted cumplió el período mínimo de tenencia del que se habló anteriormente, no puede contar ningún día durante el cual se cumpliera alguna de las situaciones siguientes: Tuvo una opción para vender, estaba bajo obligación por contrato de venta o había hecho (pero no cerrado) una venta al descubierto de acciones o valores sustancialmente iguales. Free online state tax preparation Era el otorgante (girador) de una opción de compra de acciones o valores bursátiles sustancialmente iguales. Free online state tax preparation Su riesgo de pérdida disminuye por tener una o más posiciones en bienes sustancialmente iguales o afines. Free online state tax preparation   Para información sobre cómo aplicar la condición (3), vea la sección 1. Free online state tax preparation 246-5 de los Reglamentos. Free online state tax preparation Sociedad anónima extranjera calificada. Free online state tax preparation   Una sociedad anónima extranjera es una compañía extranjera calificada si cumple alguna de las siguientes condiciones: La sociedad anónima está incorporada (constituida legalmente) en un territorio de los Estados Unidos. Free online state tax preparation La sociedad anónima reúne los requisitos para recibir los beneficios de un tratado amplio de impuestos sobre el ingreso con los Estados Unidos que el Departamento del Tesoro considere satisfactorio para este propósito y que incluya un programa de intercambio de información. Free online state tax preparation Para una lista de estos tratados, vea la Tabla 8-1. Free online state tax preparation La sociedad anónima no cumple las condiciones (1) o (2) anteriores, pero las acciones por las cuales se paga el dividendo son comercializables en un mercado de valores bursátiles establecido en los Estados Unidos. Free online state tax preparation Vea Acciones comercializables listadas , más adelante. Free online state tax preparation Excepción. Free online state tax preparation   Una sociedad anónima no es una sociedad anónima extranjera calificada si es una compañía extranjera de inversiones pasivas durante el año tributario en el cual se pagan los dividendos o durante el año tributario anterior. Free online state tax preparation Acciones comercializables listadas. Free online state tax preparation   Todas las acciones (tales como acciones comunes, ordinarias o preferentes) o recibos de depósito estadounidenses respecto a esas acciones, satisfacen el requisito (3), mencionado anteriormente bajo Sociedad anónima extranjera calificada , si se listan (cotizan) en una bolsa de valores nacional que está inscrita conforme a la sección 6 de la Securities Exchange Act (Ley de la Bolsa de Valores) de 1934 o en el Mercado de Valores Nasdaq. Free online state tax preparation Si desea ver una lista de las bolsas que reúnen estos requisitos, vea www. Free online state tax preparation sec. Free online state tax preparation gov/divisions/marketreg/mrexchanges. Free online state tax preparation shtml, en inglés. Free online state tax preparation Dividendos que no son dividendos calificados. Free online state tax preparation   Los dividendos enumerados a continuación no son dividendos calificados. Free online state tax preparation No son dividendos calificados aunque se encuentren indicados en el recuadro 1b del Formulario 1099-DIV. Free online state tax preparation Distribuciones de ganancias de capital. Free online state tax preparation Dividendos pagados sobre depósitos en cajas mutuas de ahorros, bancos cooperativos, cooperativas de crédito, asociaciones de crédito a la construcción estadounidenses, asociaciones de préstamo y ahorro estadounidenses, asociaciones federales de préstamo y ahorro e instituciones financieras similares. Free online state tax preparation Declare estos ingresos como ingreso de intereses. Free online state tax preparation Dividendos de una sociedad anónima que es una organización exenta de impuestos o una cooperativa agrícola durante el año tributario de la sociedad anónima en el cual se pagaron los dividendos o durante el año tributable anterior de la sociedad anónima. Free online state tax preparation Dividendos pagados por una sociedad anónima sobre valores bursátiles del empleador tenidos en la fecha de registro por un plan de compra de acciones para empleados (ESOP, por sus siglas en inglés) mantenido por esa sociedad anónima. Free online state tax preparation Dividendos sobre acciones hasta el punto que usted esté obligado (ya sea por venta al descubierto o de otra manera) a hacer pagos afines por posiciones en bienes sustancialmente similares o relacionados. Free online state tax preparation Pagos en lugar de dividendos, pero sólo si usted sabe o tiene razón de saber que los pagos no son dividendos calificados. Free online state tax preparation Pagos mostrados en el recuadro 1b del Formulario 1099-DIV, provenientes de una sociedad anónima extranjera hasta el punto que usted sepa o tenga razón de saber que los pagos no son dividendos calificados. Free online state tax preparation Tabla 8-1. Free online state tax preparation Tratados de Impuestos sobre los Ingresos Los tratados de impuestos sobre los ingresos que los Estados Unidos tiene con los siguientes países cumplen la condición (2) bajo Sociedad anónima extranjera calificada. Free online state tax preparation       Australia India Reino Austria Indonesia Unido Alemania Irlanda República Bangladesh Islandia Checa Barbados Israel República Bélgica Italia Eslovaca Bulgaria Jamaica Rumania Canadá Japón Sri Lanka China Kazajstán Suecia Chipre Letonia Suiza Corea Lituania Sudáfrica Dinamarca Luxemburgo Tailandia Egipto Malta Trinidad y Eslovenia Marruecos Tobago España México Túnez Estonia Noruega Turquía Federación Nueva Ucrania Rusa Zelandia Venezuela Filipinas Países Bajos (Holanda)   Finlandia Paquistán   Francia Polonia   Grecia Portugal   Hungría       Dividendos Utilizados para la Compra de más Acciones La sociedad anónima en la cual usted tiene acciones podría tener un plan para la reinversión de dividendos. Free online state tax preparation Tales planes le permiten optar por el uso de sus dividendos para comprar (por medio de un agente) más acciones en la sociedad anónima en vez de recibir los dividendos en efectivo. Free online state tax preparation La mayoría de los fondos de inversión también permiten a los accionistas reinvertir automáticamente las distribuciones para comprar más acciones en el fondo en lugar de recibir dinero en efectivo. Free online state tax preparation Si utiliza los dividendos para comprar más acciones al precio justo de mercado, todavía tiene que declarar los dividendos como ingreso. Free online state tax preparation Si es miembro de un plan de reinversión de dividendos que le permite comprar más acciones a un precio menor del precio justo de mercado, tiene que declarar como ingreso de dividendos el valor justo de mercado de las acciones adicionales el día del pago de los dividendos. Free online state tax preparation También tiene que declarar como ingreso de dividendos todos los cargos por servicios restados de sus dividendos en efectivo antes de que los dividendos sean utilizados para comprar acciones adicionales. Free online state tax preparation Pero tal vez pueda deducir el cargo por servicios. Free online state tax preparation Vea el capítulo 28 para más información sobre la deducción de gastos relativos a la producción de ingresos. Free online state tax preparation En algunos planes de reinversión de dividendos, se puede invertir más efectivo para comprar acciones a un precio menor del valor justo de mercado. Free online state tax preparation Si elige hacer esto, tiene que declarar como ingreso de dividendos la diferencia entre el efectivo que invierte y el valor justo de mercado de las acciones que compra. Free online state tax preparation Al calcular esta cantidad, utilice el valor justo de mercado de las acciones el día del pago del dividendo. Free online state tax preparation Fondos de Inversión del Mercado Monetario Declare las cantidades que reciba de fondos de inversión del mercado monetario como ingreso de dividendos. Free online state tax preparation Los fondos de inversión del mercado monetario son una clase de fondo mutuo y no deben ser confundidos con cuentas bancarias del mercado monetario que pagan intereses. Free online state tax preparation Distribuciones de Ganancias de Capital Las distribuciones de ganancias de capital (se denominan también dividendos de ganancias de capital) le son pagadas a usted o acreditadas a su cuenta por fondos mutuos (u otras sociedades inversionistas reglamentadas) y sociedades de inversión inmobiliaria (REIT, por sus siglas en inglés). Free online state tax preparation Estas distribuciones se mostrarán en el recuadro 2a del Formulario 1099-DIV que recibe del fondo mutuo o de la sociedad de inversión inmobiliaria. Free online state tax preparation Declare las distribuciones de ganancias de capital como ganancias de capital a largo plazo independientemente de cuánto tiempo usted haya tenido las acciones en el fondo mutuo o en la sociedad de inversión inmobiliaria. Free online state tax preparation Ganancias de capital no distribuidas provenientes de fondos mutuos y sociedades de inversión inmobiliaria. Free online state tax preparation    Algunos fondos mutuos y sociedades de inversión inmobiliaria retienen sus ganancias de capital a largo plazo y pagan impuesto sobre ellas. Free online state tax preparation Tiene que tratar su parte de estas ganancias como distribuciones, aunque en realidad no las reciba. Free online state tax preparation Sin embargo, éstas no se incluyen en el Formulario 1099-DIV. Free online state tax preparation En lugar de esto, a usted se le informa de dichas ganancias en el recuadro 1a del Formulario 2439 (en inglés). Free online state tax preparation   Declare las ganancias de capital no distribuidas (recuadro 1a del Formulario 2439) como ganancias de capital a largo plazo en la columna (h) en la línea 11 del Anexo D (Formulario 1040). Free online state tax preparation   Los impuestos pagados sobre estas ganancias por el fondo mutuo o la sociedad de inversión inmobiliaria se pueden ver en el recuadro 2 del Formulario 2439. Free online state tax preparation Para que el pago de dichos impuestos se le acredite a usted, anótelos en la línea 71 del Formulario 1040 y marque el recuadro “ a ” en esa línea. Free online state tax preparation Adjunte la Copia B del Formulario 2439 a su declaración y mantenga la Copia C para sus archivos. Free online state tax preparation Ajuste a la base. Free online state tax preparation   Aumente la base del fondo mutuo o sus intereses en una sociedad de inversión inmobiliaria por la diferencia entre la ganancia que declare y la cantidad de impuesto pagado que se le acredite a usted. Free online state tax preparation Información adicional. Free online state tax preparation   Para más información sobre el trato dado a las distribuciones de fondos mutuos, vea la Publicación 550, en inglés. Free online state tax preparation Distribuciones que no son Dividendos Una distribución que no sea en forma de dividendo es una distribución que no se paga de los ingresos y ganancias de una sociedad anónima o un fondo mutuo. Free online state tax preparation Usted debe recibir un Formulario 1099-DIV u otro estado de cuentas mostrándole la distribución que no sea en forma de dividendo. Free online state tax preparation En el Formulario 1099-DIV, una distribución que no sea en forma de dividendo se mostrará en el recuadro 3. Free online state tax preparation Si no recibe tal estado de cuentas, declare la distribución como un dividendo ordinario. Free online state tax preparation Ajuste a la base. Free online state tax preparation   Una distribución que no sea en forma de dividendo reduce la base de sus acciones. Free online state tax preparation No se le gravan impuestos hasta que su base en las acciones se recupere por completo. Free online state tax preparation Esta parte no sujeta a impuestos también se denomina rendimiento de capital. Free online state tax preparation Es un rendimiento de la inversión en las acciones de la empresa. Free online state tax preparation Si compra acciones de una sociedad anónima en lotes diferentes y en diferentes ocasiones y no puede identificar definitivamente las acciones sujetas a las distribuciones que no sean en forma de dividendos, reduzca la base de las acciones que compró primero. Free online state tax preparation   Cuando la base de las acciones haya sido reducida a cero, declare como una ganancia de capital toda distribución adicional que reciba que no sea en forma de dividendos. Free online state tax preparation Dependiendo de cuánto tiempo haya tenido las acciones, las declara como una ganancia de capital a largo plazo o como una ganancia de capital a corto plazo. Free online state tax preparation Vea el tema titulado Período de Tenencia , en el capítulo 14. Free online state tax preparation Ejemplo. Free online state tax preparation Usted compró acciones en el año 2000 por $100. Free online state tax preparation En el año 2003, recibió una distribución que no es dividendo de $80. Free online state tax preparation No incluyó esta cantidad en su ingreso, pero redujo la base de las acciones a $20. Free online state tax preparation Recibió una distribución que no es dividendo de $30 en el año 2013. Free online state tax preparation Los primeros $20 de esta cantidad redujeron su base a cero. Free online state tax preparation Usted declara los otros $10 como ganancia de capital a largo plazo para el año 2013. Free online state tax preparation Debe declarar como ganancia de capital a largo plazo toda distribución sobre estas acciones que no sea en forma de dividendo que reciba en los siguientes años. Free online state tax preparation Distribuciones de Liquidación Las distribuciones de liquidación, a veces conocidas como dividendos de liquidación, son distribuciones que se reciben durante una liquidación parcial o completa de una sociedad anónima. Free online state tax preparation Estas distribuciones son, por lo menos en parte, un tipo de rendimiento del capital. Free online state tax preparation Pueden pagarse en uno o más plazos. Free online state tax preparation Usted recibirá un Formulario 1099-DIV de la sociedad anónima mostrándole la cantidad de una distribución de liquidación en el recuadro 8 ó 9. Free online state tax preparation Para más información sobre las distribuciones de liquidación, vea el capítulo 1 de la Publicación 550, en inglés. Free online state tax preparation Distribuciones de Acciones y Derechos a Acciones Las distribuciones hechas por una sociedad anónima de sus propias acciones son comúnmente conocidas como dividendos de acciones. Free online state tax preparation Los derechos a acciones (también conocidos como “opción de compra de acciones”) son distribuciones hechas por una sociedad anónima de derechos para adquirir acciones de la misma. Free online state tax preparation Por lo general, los dividendos de acciones y los derechos a acciones no están sujetos a impuestos para usted y no los declara en la declaración de impuestos. Free online state tax preparation Dividendos de acciones y derechos a acciones sujetos a impuestos. Free online state tax preparation   Las distribuciones de dividendos de acciones y de derechos a acciones están sujetas a impuestos en su caso si se cumple alguna de las siguientes condiciones: Usted o algún otro accionista tiene la opción de recibir dinero en efectivo u otros bienes en vez de recibir acciones o derechos a acciones. Free online state tax preparation La distribución les da dinero en efectivo u otra propiedad a algunos accionistas y un aumento en el porcentaje de intereses en los bienes o ingresos y ganancias de la sociedad anónima a otros accionistas. Free online state tax preparation La distribución se puede convertir en acciones preferentes y tiene el mismo resultado que en el punto (2). Free online state tax preparation La distribución les da acciones preferentes a algunos accionistas dueños de acciones comunes y les da acciones comunes a otros accionistas dueños de acciones comunes. Free online state tax preparation La distribución es sobre acciones prefe- rentes. Free online state tax preparation Sin embargo, la distribución no está sujeta a impuestos si es un aumento en la proporción de conversión de las acciones preferentes convertibles hecho solamente para tener en cuenta un dividendo de acciones, un cambio proporcional en la cantidad de acciones de una sociedad anónima o un suceso similar que de otra manera resultaría en la reducción del derecho de conversión. Free online state tax preparation   El término “acciones” incluye el derecho de adquirir acciones y el término “accionista” incluye al tenedor de derechos o de valores bursátiles convertibles. Free online state tax preparation Si usted recibe dividendos de acciones o derechos a acciones sujetos a impuesto, incluya en sus ingresos el valor justo de mercado en la fecha de distribución. Free online state tax preparation Acciones preferentes rescatables por una prima. Free online state tax preparation   Si tiene acciones preferentes a un precio de rescate más alto que su precio de emisión, la diferencia (la prima de rescate) generalmente está sujeta a impuestos por concepto de una distribución implícita de acciones adicionales sobre acciones preferentes. Free online state tax preparation Para más información, vea el capítulo 1 de la Publicación 550, en inglés. Free online state tax preparation Base. Free online state tax preparation   La base en acciones o derechos a acciones recibidas en una distribución tributable es el valor justo de mercado en el momento que fueron distribuidas. Free online state tax preparation Si recibe acciones o derechos a acciones que no son tributables a usted, vea el tema titulado Stocks and Bonds (Acciones y bonos) bajo Basis of Investment Property (Base de bienes de inversión), en el capítulo 4 de la Publicación 550, en inglés, para más información sobre cómo calcular la base. Free online state tax preparation Acciones fraccionarias. Free online state tax preparation    Es posible que no posea suficientes acciones en una sociedad anónima para recibir una participación completa de las acciones si la sociedad anónima declara un dividendo de acciones. Free online state tax preparation Sin embargo, con la aprobación de los accionistas, la sociedad anónima podría establecer un plan mediante el cual las acciones fraccionarias no sean emitidas sino que sean vendidas y las ganancias en efectivo se entreguen a los accionistas. Free online state tax preparation Todo efectivo que reciba por acciones fraccionarias bajo tal clase de plan se considera una cantidad realizada en la venta de las acciones fraccionarias. Free online state tax preparation Declare esta transacción en el Formulario 8949, Sales and Other Dispositions of Capital Assets (Ventas y otras enajenaciones de bienes de capital), en inglés. Free online state tax preparation Anote su ganancia o pérdida, la diferencia entre el efectivo que usted recibe y la base de las acciones fraccionarias vendidas en la columna (h) del Anexo D (Formulario 1040) en la Parte I o Parte II, la que corresponda. Free online state tax preparation    Declare esta transacción en el Formulario 8949 marcando el recuadro correcto. Free online state tax preparation   Para más información sobre el Formulario 8949 y el Anexo D (Formulario 1040), vea el capítulo 4 de la Publicación 550. Free online state tax preparation También vea las instrucciones para el Formulario 8949 y las instruccinoes para el Anexo D (Formulario 1040). Free online state tax preparation Ejemplo. Free online state tax preparation Usted es dueño de una acción común que compró el 3 de enero de 2004 por $100. Free online state tax preparation La sociedad anónima declaró un dividendo de acciones comunes del 5% el 29 de junio de 2013. Free online state tax preparation El valor justo de mercado de las acciones en el momento en que se declaró el dividendo de acciones era $200. Free online state tax preparation A usted le pagaron $10 por el dividendo de acciones fraccionarias bajo un plan descrito en la sección titulada Acciones fraccionarias. Free online state tax preparation Usted calcula su ganancia o pérdida de la manera siguiente: Valor justo de mercado de las acciones antiguas $200. Free online state tax preparation 00 Valor justo de mercado del dividendo de acciones (efectivo recibido) +10. Free online state tax preparation 00 Valor justo de mercado de las acciones antiguas y del dividendo de acciones $210. Free online state tax preparation 00 Base (costo) de las acciones antiguas después del dividendo de acciones (($200 ÷ $210) × $100) $95. Free online state tax preparation 24 Base (costo) del dividendo de acciones (($10 ÷ $210) × $100) + 4. Free online state tax preparation 76 Total $100. Free online state tax preparation 00 Efectivo recibido $10. Free online state tax preparation 00 Base (costo) del dividendo de acciones − 4. Free online state tax preparation 76 Ganancia $5. Free online state tax preparation 24 Debido a que había tenido la acción por más de 1 año en el momento en que se declaró el dividendo de acciones, su ganancia en el dividendo de acciones es una ganancia de capital a largo plazo. Free online state tax preparation Certificado de dividendo diferido. Free online state tax preparation   Una sociedad anónima que declara un dividendo de acciones podría emitirle a usted un certificado de dividendo de acciones diferido que le da el derecho a acciones fraccionarias. Free online state tax preparation El certificado no suele estar sujeto a impuestos cuando usted lo recibe. Free online state tax preparation Si elige que la sociedad anónima venda el certificado por usted y le entregue las ganancias, su ganancia o pérdida es la diferencia entre las ganancias y la parte de su base en las acciones de la sociedad anónima asignada en el certificado. Free online state tax preparation   No obstante, si recibe un certificado de dividendo de acciones diferido y puede optar por rescatarlo por efectivo en vez de acciones, el certificado está sujeto a impuestos cuando lo reciba. Free online state tax preparation Tiene que incluir en sus ingresos el valor justo de mercado del certificado en la fecha en que lo recibió. Free online state tax preparation Otras Distribuciones Usted podría recibir alguna de las siguientes distribuciones durante el año. Free online state tax preparation Dividendos con intereses exentos. Free online state tax preparation   Los dividendos que producen intereses exentos de impuestos que recibe de un fondo mutuo u otra compañía de inversiones reglamentada, incluyendo aquellos recibidos de un fondo calificado en cualquier año tributario que comience después del 22 de diciembre del 2010, no se incluyen en los ingresos sujetos a impuestos. Free online state tax preparation Los dividendos con intereses exentos deben aparecer en el recuadro 10 del Formulario 1099-DIV. Free online state tax preparation Requisito de declarar ciertos datos. Free online state tax preparation   Aunque los dividendos con intereses exentos no están sujetos a impuestos, tiene que informar de los mismos en la declaración de impuestos si tiene que presentar una declaración. Free online state tax preparation Esto es un requisito de declarar datos y no hace que dichos dividendos con intereses exentos se cambien a ingresos sujetos a impuestos. Free online state tax preparation Tratamiento del impuesto mínimo alternativo. Free online state tax preparation   Los dividendos que produzcan intereses exentos y que se hayan pagado de bonos de actividad privada especificados podrían estar sujetos al impuesto mínimo alternativo. Free online state tax preparation Vea el tema titulado Impuesto Mínimo Alternativo (AMT) en el capítulo 30 para más información. Free online state tax preparation Dividendos de pólizas de seguro. Free online state tax preparation    Los dividendos de pólizas de seguro que el asegurador retiene y utiliza para pagar sus primas no están sujetos a impuestos. Free online state tax preparation No obstante, tiene que declarar como ingreso de intereses sujeto a impuestos los intereses que se paguen o acrediten sobre los dividendos dejados con la compañía de seguros. Free online state tax preparation    Si los dividendos de un contrato de seguros (que no sea un contrato de seguro dotal modificado) le son distribuidos a usted, éstos son una devolución parcial de las primas que usted pagó. Free online state tax preparation No los incluya en su ingreso bruto hasta que sean mayores al total de todas las primas netas que usted pagó por el contrato. Free online state tax preparation Declare todas las distribuciones sujetas a impuestos de pólizas de seguro en la línea 21 del Formulario 1040. Free online state tax preparation Dividendos del seguro para veteranos. Free online state tax preparation   Los dividendos que reciba de pólizas de seguro para veteranos no están sujetos a impuestos. Free online state tax preparation Además, los intereses de dividendos dejados en depósito con el Department of Veterans Affairs (Departamento de Asuntos de Veteranos) no están sujetos a impuestos. Free online state tax preparation Dividendos de patrocinio. Free online state tax preparation   Generalmente, los dividendos de patrocinio que reciba en dinero de una organización cooperativa están incluidos en sus ingresos. Free online state tax preparation   No incluya en sus ingresos dividendos de patrocinio que reciba por: Propiedad comprada para uso personal o Bienes de capital o propiedad depreciable comprados para uso en su negocio. Free online state tax preparation Pero tiene que reducir la base (costo) de los artículos comprados. Free online state tax preparation Si el dividendo es mayor a la base ajustada de los bienes, deberá declarar el exceso como ingreso. Free online state tax preparation   Estas reglas son las mismas independientemente de si la cooperativa que paga el dividendo es una cooperativa sujeta a impuestos o no. Free online state tax preparation Dividendos del Alaska Permanent Fund (Fondo Permanente de Alaska). Free online state tax preparation    No declare las cantidades que reciba del Alaska Permanent Fund como dividendos. Free online state tax preparation Declare estas cantidades en la línea 21 del Formulario 1040, la línea 13 del Formulario 1040A o la línea 3 del Formulario 1040EZ. Free online state tax preparation Cómo Declarar el Ingreso de Dividendos Por lo general, se puede utilizar el Formulario 1040 o el Formulario 1040A para declarar el ingreso de dividendos. Free online state tax preparation Declare el total de sus dividendos ordinarios en la línea 9a del Formulario 1040 o del Formulario 1040A. Free online state tax preparation Declare los dividendos calificados en la línea 9b del Formulario 1040 o el Formulario 1040A. Free online state tax preparation Si recibe una distribución de ganancias de capital, quizás pueda utilizar el Formulario 1040A o quizás tenga que utilizar el Formulario 1040. Free online state tax preparation Vea Excepciones a la presentación del Formulario 8949 y el Anexo D (Formulario 1040) , en el capítulo 16. Free online state tax preparation Si recibe distribuciones que no son dividendos pero que deben declararse como ganancias de capital, tendrá que utilizar el Formulario 1040. Free online state tax preparation No puede utilizar el Formulario 1040EZ si recibe ingresos de dividendos. Free online state tax preparation Formulario 1099-DIV. Free online state tax preparation   Si era dueño de acciones por las cuales ha recibido $10 o más por concepto de dividendos y otras distribuciones, deberá recibir un Formulario 1099-DIV. Free online state tax preparation Aun si no recibe un Formulario 1099-DIV, tiene que declarar todo su ingreso de dividendos. Free online state tax preparation   Vea el Formulario 1099-DIV para más información sobre cómo declarar el ingreso de dividendos. Free online state tax preparation Formulario 1040A o 1040. Free online state tax preparation    Tiene que completar la Parte II del Anexo B (Formulario 1040A o 1040) y adjuntarlo al Formulario 1040A o 1040, si: Sus dividendos ordinarios (el recuadro 1a del Formulario 1099-DIV) son mayores de $1,500 o Recibió, como nominatario, dividendos que en realidad le pertenecen a otra persona. Free online state tax preparation Si sus dividendos ordinarios son mayores de $1,500, usted también tiene que completar la Parte III del Anexo B (Formulario 1040 o 1040A). Free online state tax preparation   Escriba en la línea 5, Parte II del Anexo B, el nombre de cada pagador y los dividendos ordinarios que usted recibió. Free online state tax preparation Si sus valores bursátiles están a nombre de una empresa de corretaje (conocido en inglés como “ street name ”), escriba el nombre de la empresa de corretaje mostrado en el Formulario 1099-DIV como pagador. Free online state tax preparation Si sus acciones están a nombre de un nominatario que es el titular registrado, y el nominatario es el que le acredita o paga a usted los dividendos de las acciones, escriba el nombre del nominatario y los dividendos que recibió o que le fueron acreditados. Free online state tax preparation   Anote en la línea 6 el total de las cantidades que aparecen en la línea 5. Free online state tax preparation Anote también este total en la línea 9a del Formulario 1040 o del Formulario 1040A. Free online state tax preparation Dividendos calificados. Free online state tax preparation   Declare los dividendos calificados (el recuadro 1b del Formulario 1099-DIV) en la línea 9b del Formulario 1040 o del Formulario 1040A. Free online state tax preparation La cantidad del recuadro 1b ya se incluye en el recuadro 1a. Free online state tax preparation No añada ni reste la cantidad del recuadro 1b a la cantidad del recuadro 1a. Free online state tax preparation    No incluya ninguno de los siguientes en la línea 9b: Dividendos calificados que recibió como nominatario. Free online state tax preparation Vea el tema titulado Nominees (Nominatarios), bajo How to Report Dividend Income (Cómo se declara el ingreso de dividendos), en el capítulo 1 de la Publicación 550, en inglés. Free online state tax preparation Dividendos de acciones por las cuales usted no cumplió el período de tenencia. Free online state tax preparation Vea el tema titulado Período de tenencia , anteriormente, bajo la sección titulada Dividendos Calificados. Free online state tax preparation Dividendos sobre todas las acciones hasta el punto que usted esté obligado (ya sea por venta al descubierto o de otra manera) a hacer pagos afines por posiciones en bienes sustancialmente similares o relacionados. Free online state tax preparation Pagos en lugar de dividendos, pero sólo si usted sabe o tiene razón de saber que los pagos no son dividendos calificados. Free online state tax preparation Pagos mostrados en el recuadro 1b del Formulario 1099-DIV de una sociedad anónima extranjera hasta el punto donde sepa o tenga razón de saber que los pagos no son dividendos calificados. Free online state tax preparation   Si tiene dividendos calificados, tiene que calcular el impuesto completando la hoja Qualified Dividends and Capital Gain Tax Worksheet (Hoja de trabajo de impuestos sobre dividendos calificados y ganancias de capital) de las Instrucciones para el Formulario 1040 o el Formulario 1040A, o Schedule D Tax Worksheet (Hoja de trabajo de impuestos del Anexo D) de las Instrucciones del Anexo D del Formulario 1040, en inglés, según corresponda. Free online state tax preparation Anote los dividendos calificados en la línea 2 de la hoja de trabajo. Free online state tax preparation Deducción de los intereses de inversiones. Free online state tax preparation   Si declara una deducción por intereses de inversiones, quizás tenga que reducir sus dividendos que cumplan los requisitos de la tasa impositiva del 0%, 15% o 20%. Free online state tax preparation Redúzcala por la cantidad de dividendos calificados que elija incluir en el ingreso de inversiones al calcular el límite de la deducción de los intereses de inversiones. Free online state tax preparation Esto se hace en la hoja Qualified Dividends and Capital Gain Tax Worksheet (Hoja de trabajo de impuestos sobre dividendos calificados y ganancias de capital) o en la hoja Schedule D Tax Worksheet (Hoja de trabajo de impuestos del Anexo D). Free online state tax preparation Para más información sobre el límite de intereses de inversión, vea Gastos de inversión en el capítulo 23. Free online state tax preparation Gastos relacionados con el ingreso de dividendos. Free online state tax preparation   Es posible que pueda deducir los gastos relacionados con el ingreso de dividendos si detalla sus deducciones en el Anexo A (Formulario 1040). Free online state tax preparation Vea el capítulo 28 para obtener información general sobre la deducción de gastos relativos a la producción de ingresos. Free online state tax preparation Más información. Free online state tax preparation    Para más información sobre cómo declarar el ingreso de dividendos, vea el capítulo 1 de la Publicación 550, en inglés, o las instrucciones para el formulario que tiene que presentar. Free online state tax preparation Prev  Up  Next   Home   More Online Publications