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How To Amend 2012 Federal Tax Return

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How To Amend 2012 Federal Tax Return

How to amend 2012 federal tax return Publication 600 - Main Contents Table of Contents Actual Expenses Optional Sales Tax Tables Instructions for the State and Local General Sales Tax Deduction WorksheetWhat if you lived in more than one state? What if you lived in more than one locality? What if your local general sales tax rate changed during 2006? What if you lived in more than one locality in the same state during 2006? Actual Expenses Generally, you can deduct the actual state and local general sales taxes (including compensating use taxes) you paid in 2006 if the tax rate was the same as the general sales tax rate. How to amend 2012 federal tax return However, sales taxes on food, clothing, medical supplies, and motor vehicles are deductible as a general sales tax even if the tax rate was less than the general sales tax rate. How to amend 2012 federal tax return If you paid sales tax on a motor vehicle at a rate higher than the general sales tax rate, you can deduct only the amount of tax that you would have paid at the general sales tax rate on that vehicle. How to amend 2012 federal tax return Motor vehicles include cars, motorcycles, motor homes, recreational vehicles, sport utility vehicles, trucks, vans, and off-road vehicles. How to amend 2012 federal tax return Also include any state and local general sales taxes paid for a leased motor vehicle. How to amend 2012 federal tax return Do not include sales taxes paid on items used in your trade or business. How to amend 2012 federal tax return To deduct your actual expenses, enter the amount on Schedule A, line 5, and enter “ST” on the dotted line to the left of the line 5 entry space. How to amend 2012 federal tax return You must keep your actual receipts showing general sales taxes paid to use this method. How to amend 2012 federal tax return Refund of general sales taxes. How to amend 2012 federal tax return   If you received a refund of state or local general sales taxes in 2006 for amounts paid in 2006, reduce your actual 2006 state and local general sales taxes by this amount. How to amend 2012 federal tax return If you received a refund of state or local general sales taxes in 2006 for prior year purchases, do not reduce your 2006 state and local general sales taxes by this amount. How to amend 2012 federal tax return But if you deducted your actual state and local general sales taxes in the earlier year and the deduction reduced your tax, you may have to include the refund in income on Form 1040, line 21. How to amend 2012 federal tax return See Recoveries in Pub. How to amend 2012 federal tax return 525 for details. How to amend 2012 federal tax return Optional Sales Tax Tables Instead of using your actual expenses, you can use the tables on pages 5 through 7 to figure your state and local general sales tax deduction. How to amend 2012 federal tax return You may also be able to add the state and local general sales taxes paid on certain specified items. How to amend 2012 federal tax return To figure your state and local general sales tax deduction using the tables, complete the worksheet below. How to amend 2012 federal tax return If your filing status is married filing separately, both you and your spouse elect to deduct sales taxes, and your spouse elects to use the optional sales tax tables, you also must use the tables to figure your state and local general sales tax deduction. How to amend 2012 federal tax return State and Local General Sales Tax Deduction Worksheet (See the instructions that begin on page 3. How to amend 2012 federal tax return ) Before you begin: See the instructions for line 1 on page 3 if: You lived in more than one state during 2006, or You had any nontaxable income in 2006. How to amend 2012 federal tax return   1. How to amend 2012 federal tax return Enter your state general sales taxes from the applicable table on page 5 or 6 (see page 3 of the instructions) 1. How to amend 2012 federal tax return $     Next. How to amend 2012 federal tax return If, for all of 2006, you lived only in Connecticut, the District of Columbia, Hawaii, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, Mississippi, New Jersey, Rhode Island, Virginia, or West Virginia, skip lines 2 through 5, enter -0- on line 6, and go to line 7. How to amend 2012 federal tax return Otherwise, go to line 2       2. How to amend 2012 federal tax return Did you live in Alaska, Arizona, Arkansas (Texarkana only), California (Los Angeles County only), Colorado, Georgia, Illinois, Louisiana, New York State, or North Carolina in 2006?         No. How to amend 2012 federal tax return Enter -0-                   Yes. How to amend 2012 federal tax return Enter your local general sales taxes from the applicable table on page 7 (see page 3 of the instructions)     2. How to amend 2012 federal tax return $       3. How to amend 2012 federal tax return Did your locality impose a local general sales tax in 2006? Residents of California, Nevada, and Texarkana, Arkansas, see page 3 of the instructions             No. How to amend 2012 federal tax return Skip lines 3 through 5, enter -0- on line 6, and go to line 7             Yes. How to amend 2012 federal tax return Enter your local general sales tax rate, but omit the percentage sign. How to amend 2012 federal tax return For example, if your local general sales tax rate was 2. How to amend 2012 federal tax return 5%, enter 2. How to amend 2012 federal tax return 5. How to amend 2012 federal tax return If your local general sales tax rate changed or you lived in more than one locality in the same state during 2006, see page 3 of the instructions. How to amend 2012 federal tax return (If you do not know your local general sales tax rate, contact your local government. How to amend 2012 federal tax return ) 3. How to amend 2012 federal tax return . How to amend 2012 federal tax return       4. How to amend 2012 federal tax return Did you enter -0- on line 2 above?             No. How to amend 2012 federal tax return Skip lines 4 and 5 and go to line 6             Yes. How to amend 2012 federal tax return Enter your state general sales tax rate (shown in the table heading for your state), but omit the percentage sign. How to amend 2012 federal tax return For example, if your state general sales tax rate is 6%, enter 6. How to amend 2012 federal tax return 0 4. How to amend 2012 federal tax return . How to amend 2012 federal tax return       5. How to amend 2012 federal tax return Divide line 3 by line 4. How to amend 2012 federal tax return Enter the result as a decimal (rounded to at least three places) 5. How to amend 2012 federal tax return . How to amend 2012 federal tax return       6. How to amend 2012 federal tax return Did you enter -0- on line 2 above?             No. How to amend 2012 federal tax return Multiply line 2 by line 3   6. How to amend 2012 federal tax return $     Yes. How to amend 2012 federal tax return Multiply line 1 by line 5. How to amend 2012 federal tax return If you lived in more than one locality in the same state during 2006, see page 4 of the instructions           7. How to amend 2012 federal tax return Enter your state and local general sales taxes paid on specified items, if any (see page 4 of the instructions) 7. How to amend 2012 federal tax return $   8. How to amend 2012 federal tax return Deduction for general sales taxes. How to amend 2012 federal tax return Add lines 1, 6, and 7. How to amend 2012 federal tax return Enter the result here and the total from all your state and local general sales tax deduction worksheets, if you completed more than one, on Schedule A, line 5. How to amend 2012 federal tax return Be sure to enter “ST” on the dotted line to the left of the entry space 8. How to amend 2012 federal tax return $     Instructions for the State and Local General Sales Tax Deduction Worksheet Line 1. How to amend 2012 federal tax return    If you lived in the same state for all of 2006, enter the applicable amount, based on your 2006 income and exemptions, from the optional state sales tax table for your state on page 5 or 6. How to amend 2012 federal tax return Read down the “At least-But less than” columns for your state and find the line that includes your 2006 income. How to amend 2012 federal tax return If married filing separately, do not include your spouse's income. How to amend 2012 federal tax return Your 2006 income is the amount shown on your Form 1040, line 38, plus any nontaxable items, such as the following. How to amend 2012 federal tax return Tax-exempt interest. How to amend 2012 federal tax return Veterans' benefits. How to amend 2012 federal tax return Nontaxable combat pay. How to amend 2012 federal tax return Workers' compensation. How to amend 2012 federal tax return Nontaxable part of social security and railroad retirement benefits. How to amend 2012 federal tax return Nontaxable part of IRA, pension, or annuity distributions. How to amend 2012 federal tax return Do not include rollovers. How to amend 2012 federal tax return Public assistance payments. How to amend 2012 federal tax return The exemptions column refers to the number of exemptions claimed on Form 1040, line 6d. How to amend 2012 federal tax return Do not include any additional exemptions you listed on Form 8914 for individuals displaced by Hurricane Katrina. How to amend 2012 federal tax return What if you lived in more than one state?    If you lived in more than one state during 2006, look up the table amount for each state using the above rules. How to amend 2012 federal tax return If there is no table for your state, the table amount is considered to be zero. How to amend 2012 federal tax return Multiply the table amount for each state you lived in by a fraction. How to amend 2012 federal tax return The numerator of the fraction is the number of days you lived in the state during 2006 and the denominator is the total number of days in the year (365). How to amend 2012 federal tax return Enter the total of the prorated table amounts for each state on line 1. How to amend 2012 federal tax return However, if you also lived in a locality during 2006 that imposed a local general sales tax, do not enter the total on line 1. How to amend 2012 federal tax return Instead, complete a separate worksheet for each state you lived in and enter the prorated amount for that state on line 1. How to amend 2012 federal tax return Example. How to amend 2012 federal tax return You lived in State A from January 1 through August 31, 2006 (243 days), and in State B from September 1 through December 31, 2006 (122 days). How to amend 2012 federal tax return The table amount for State A is $500. How to amend 2012 federal tax return The table amount for State B is $400. How to amend 2012 federal tax return You would figure your state general sales tax as follows. How to amend 2012 federal tax return State A: $500 x 243/365 = $333   State B: $400 x 122/365 = 134   Total = $467   If none of the localities in which you lived during 2006 imposed a local general sales tax, enter $467 on line 1 of your worksheet. How to amend 2012 federal tax return Otherwise, complete a separate worksheet for State A and State B. How to amend 2012 federal tax return Enter $333 on line 1 of the State A worksheet and $134 on line 1 of the State B worksheet. How to amend 2012 federal tax return Line 2. How to amend 2012 federal tax return   If you checked the “No” box, enter -0- on line 2, and go to line 3. How to amend 2012 federal tax return If you checked the “Yes” box and lived in the same locality for all of 2006, enter the applicable amount, based on your 2006 income and exemptions, from the optional local sales tax table for your locality on page 7. How to amend 2012 federal tax return Read down the “At least-But less than” columns for your locality and find the line that includes your 2006 income. How to amend 2012 federal tax return See the line 1 instructions on this page to figure your 2006 income. How to amend 2012 federal tax return The exemptions column refers to the number of exemptions claimed on Form 1040, line 6d. How to amend 2012 federal tax return Do not include any additional exemptions you listed on Form 8914 for individuals displaced by Hurricane Katrina. How to amend 2012 federal tax return What if you lived in more than one locality?   If you lived in more than one locality during 2006, look up the table amount for each locality using the above rules. How to amend 2012 federal tax return If there is no table for your locality, the table amount is considered to be zero. How to amend 2012 federal tax return Multiply the table amount for each locality you lived in by a fraction. How to amend 2012 federal tax return The numerator of the fraction is the number of days you lived in the locality during 2006 and the denominator is the total number of days in the year (365). How to amend 2012 federal tax return If you lived in more than one locality in the same state and the local general sales tax rate was the same for each locality, enter the total of the prorated table amounts for each locality in that state on line 2. How to amend 2012 federal tax return Otherwise, complete a separate worksheet for lines 2 through 6 for each locality and enter each prorated table amount on line 2 of the applicable worksheet. How to amend 2012 federal tax return Example. How to amend 2012 federal tax return You lived in Locality 1 from January 1 through August 31, 2006 (243 days), and in Locality 2 from September 1 through December 31, 2006 (122 days). How to amend 2012 federal tax return The table amount for Locality 1 is $100. How to amend 2012 federal tax return The table amount for Locality 2 is $150. How to amend 2012 federal tax return You would figure the amount to enter on line 2 as follows. How to amend 2012 federal tax return Note that this amount may not equal your local sales tax deduction, which is figured on line 6 of the worksheet. How to amend 2012 federal tax return Locality 1: $100 x 243/365 = $67   Locality 2: $150 x 122/365 = 50   Total = $117   Line 3. How to amend 2012 federal tax return   If you lived in California, check the “No” box if your combined state and local general sales tax rate is 7. How to amend 2012 federal tax return 25%. How to amend 2012 federal tax return Otherwise, check the “Yes” box and include on line 3 only the part of the combined rate that is more than 7. How to amend 2012 federal tax return 25%. How to amend 2012 federal tax return   If you lived in Nevada, check the “No” box if your combined state and local general sales tax rate is 6. How to amend 2012 federal tax return 5%. How to amend 2012 federal tax return Otherwise, check the “Yes” box and include on line 3 only the part of the combined rate that is more than 6. How to amend 2012 federal tax return 5%. How to amend 2012 federal tax return   If you lived in Texarkana, Arkansas, check the “Yes” box and enter “4. How to amend 2012 federal tax return 0” on line 3. How to amend 2012 federal tax return Your local general sales tax rate of 4. How to amend 2012 federal tax return 0% includes the additional 1. How to amend 2012 federal tax return 0% Arkansas state sales tax rate for Texarkana and the 1. How to amend 2012 federal tax return 5% sales tax rate for Miller County. How to amend 2012 federal tax return What if your local general sales tax rate changed during 2006?    If you checked the “Yes” box and your local general sales tax rate changed during 2006, figure the rate to enter on line 3 as follows. How to amend 2012 federal tax return Multiply each tax rate for the period it was in effect by a fraction. How to amend 2012 federal tax return The numerator of the fraction is the number of days the rate was in effect during 2006 and the denominator is the total number of days in the year (365). How to amend 2012 federal tax return Enter the total of the prorated tax rates on line 3. How to amend 2012 federal tax return Example. How to amend 2012 federal tax return Locality 1 imposed a 1% local general sales tax from January 1 through September 30, 2006 (273 days). How to amend 2012 federal tax return The rate increased to 1. How to amend 2012 federal tax return 75% for the period from October 1 through December 31, 2006 (92 days). How to amend 2012 federal tax return You would enter “1. How to amend 2012 federal tax return 189” on line 3, figured as follows. How to amend 2012 federal tax return January 1 - September 30: 1. How to amend 2012 federal tax return 00 x 273/365 = 0. How to amend 2012 federal tax return 748   October 1 - December 31: 1. How to amend 2012 federal tax return 75 x 92/365 = 0. How to amend 2012 federal tax return 441   Total = 1. How to amend 2012 federal tax return 189   What if you lived in more than one locality in the same state during 2006?    Complete a separate worksheet for lines 2 through 6 for each locality in your state if you lived in more than one locality in the same state during 2006 and either of the following applies. How to amend 2012 federal tax return Each locality did not have the same local general sales tax rate. How to amend 2012 federal tax return You lived in Texarkana, AR, or Los Angeles County, CA. How to amend 2012 federal tax return   To figure the amount to enter on line 3 of the worksheet for each locality in which you lived (except a locality for which you used the table on page 7 to figure your local general sales tax deduction), multiply the local general sales tax rate by a fraction. How to amend 2012 federal tax return The numerator of the fraction is the number of days you lived in the locality during 2006 and the denominator is the total number of days in the year (365). How to amend 2012 federal tax return Example. How to amend 2012 federal tax return You lived in Locality 1 from January 1 through August 31, 2006 (243 days), and in Locality 2 from September 1 through December 31, 2006 (122 days). How to amend 2012 federal tax return The local general sales tax rate for Locality 1 is 1%. How to amend 2012 federal tax return The rate for Locality 2 is 1. How to amend 2012 federal tax return 75%. How to amend 2012 federal tax return You would enter “0. How to amend 2012 federal tax return 666” on line 3 for the Locality 1 worksheet and “0. How to amend 2012 federal tax return 585” for the Locality 2 worksheet, figured as follows. How to amend 2012 federal tax return Locality 1: 1. How to amend 2012 federal tax return 00 x 243/365 = 0. How to amend 2012 federal tax return 666   Locality 2: 1. How to amend 2012 federal tax return 75 x 122/365 = 0. How to amend 2012 federal tax return 585   Line 6. How to amend 2012 federal tax return   If you lived in more than one locality in the same state during 2006, you should have completed line 1 only on the first worksheet for that state and separate worksheets for lines 2 through 6 for any other locality within that state in which you lived during 2006. How to amend 2012 federal tax return If you checked the “Yes” box on line 6 of any of those worksheets, multiply line 5 of that worksheet by the amount that you entered on line 1 for that state on the first worksheet. How to amend 2012 federal tax return Line 7. How to amend 2012 federal tax return    Enter on line 7 any state and local general sales taxes paid on the following specified items. How to amend 2012 federal tax return If you are completing more than one worksheet, include the total for line 7 on only one of the worksheets. How to amend 2012 federal tax return A motor vehicle (including a car, motorcycle, motor home, recreational vehicle, sport utility vehicle, truck, van, and off-road vehicle). How to amend 2012 federal tax return Also include any state and local general sales taxes paid for a leased motor vehicle. How to amend 2012 federal tax return If the state sales tax rate on these items is higher than the general sales tax rate, only include the amount of tax you would have paid at the general sales tax rate. How to amend 2012 federal tax return An aircraft or boat, if the tax rate was the same as the general sales tax rate. How to amend 2012 federal tax return A home (including a mobile home or prefabricated home) or substantial addition to or major renovation of a home, but only if the tax rate was the same as the general sales tax rate and any of the following applies. How to amend 2012 federal tax return Your state or locality imposes a general sales tax directly on the sale of a home or on the cost of a substantial addition or major renovation. How to amend 2012 federal tax return You purchased the materials to build a home or substantial addition or to perform a major renovation and paid the sales tax directly. How to amend 2012 federal tax return Under your state law, your contractor is considered your agent in the construction of the home or substantial addition or the performance of a major renovation. How to amend 2012 federal tax return The contract must state that the contractor is authorized to act in your name and must follow your directions on construction decisions. How to amend 2012 federal tax return In this case, you will be considered to have purchased any items subject to a sales tax and to have paid the sales tax directly. How to amend 2012 federal tax return   Do not include sales taxes paid on items used in your trade or business. How to amend 2012 federal tax return If you received a refund of state or local general sales taxes in 2006, see Refund of general sales taxes on page 1. How to amend 2012 federal tax return Prev  Up  Next   Home   More Online Publications
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The How To Amend 2012 Federal Tax Return

How to amend 2012 federal tax return 10. How to amend 2012 federal tax return   Education Savings Bond Program Table of Contents Introduction Who Can Cash In Bonds Tax FreeAdjusted qualified education expenses. How to amend 2012 federal tax return Eligible educational institution. How to amend 2012 federal tax return Dependent for whom you claim an exemption. How to amend 2012 federal tax return MAGI when using Form 1040A. How to amend 2012 federal tax return MAGI when using Form 1040. How to amend 2012 federal tax return Figuring the Tax-Free AmountEffect of the Amount of Your Income on the Amount of Your Exclusion Claiming the Exclusion Introduction Generally, you must pay tax on the interest earned on U. How to amend 2012 federal tax return S. How to amend 2012 federal tax return savings bonds. How to amend 2012 federal tax return If you do not include the interest in income in the years it is earned, you must include it in your income in the year in which you cash in the bonds. How to amend 2012 federal tax return However, when you cash in certain savings bonds under an education savings bond program, you may be able to exclude the interest from income. How to amend 2012 federal tax return Who Can Cash In Bonds Tax Free You may be able to cash in qualified U. How to amend 2012 federal tax return S. How to amend 2012 federal tax return savings bonds without having to include in your income some or all of the interest earned on the bonds if you meet the following conditions. How to amend 2012 federal tax return You pay qualified education expenses for yourself, your spouse, or a dependent for whom you claim an exemption on your return. How to amend 2012 federal tax return Your modified adjusted gross income (MAGI) is less than the amount specified for your filing status. How to amend 2012 federal tax return Your filing status is not married filing separately. How to amend 2012 federal tax return Qualified U. How to amend 2012 federal tax return S. How to amend 2012 federal tax return savings bonds. How to amend 2012 federal tax return   A qualified U. How to amend 2012 federal tax return S. How to amend 2012 federal tax return savings bond is a series EE bond issued after 1989 or a series I bond. How to amend 2012 federal tax return The bond must be issued either in your name (as the sole owner) or in the name of both you and your spouse (as co-owners). How to amend 2012 federal tax return   The owner must be at least 24 years old before the bond's issue date. How to amend 2012 federal tax return The issue date is printed on the front of the savings bond. How to amend 2012 federal tax return    The issue date is not necessarily the date of purchase—it will be the first day of the month in which the bond is purchased (or posted, if bought electronically). How to amend 2012 federal tax return Qualified education expenses. How to amend 2012 federal tax return   These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption. How to amend 2012 federal tax return Tuition and fees required to enroll at or attend an eligible educational institution. How to amend 2012 federal tax return Qualified education expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. How to amend 2012 federal tax return Contributions to a qualified tuition program (QTP) (see How Much Can You Contribute in chapter 8, Qualified Tuition Program). How to amend 2012 federal tax return Contributions to a Coverdell education savings account (ESA) (see Contributions in chapter 7, Coverdell Education Savings Account). How to amend 2012 federal tax return Adjusted qualified education expenses. How to amend 2012 federal tax return   You must reduce your qualified education expenses by all of the following tax-free benefits. How to amend 2012 federal tax return Tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). How to amend 2012 federal tax return Expenses used to figure the tax-free portion of distributions from a Coverdell ESA (see Qualified Education Expenses in chapter 7, Coverdell Education Savings Account). How to amend 2012 federal tax return Expenses used to figure the tax-free portion of distributions from a QTP (see Qualified education expenses in chapter 8, Qualified Tuition Program). How to amend 2012 federal tax return Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Qualified tuition reductions (see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), or Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ). How to amend 2012 federal tax return Any expenses used in figuring the American opportunity and lifetime learning credits. How to amend 2012 federal tax return See What Expenses Qualify in chapter 2, American Opportunity Credit, and What Expenses Qualify in chapter 3, Lifetime Learning Credit, for more information. How to amend 2012 federal tax return Eligible educational institution. How to amend 2012 federal tax return   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. How to amend 2012 federal tax return S. How to amend 2012 federal tax return Department of Education. How to amend 2012 federal tax return It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. How to amend 2012 federal tax return The educational institution should be able to tell you if it is an eligible educational institution. How to amend 2012 federal tax return   Certain educational institutions located outside the United States also participate in the U. How to amend 2012 federal tax return S. How to amend 2012 federal tax return Department of Education's Federal Student Aid (FSA) programs. How to amend 2012 federal tax return Dependent for whom you claim an exemption. How to amend 2012 federal tax return   You claim an exemption for a person if you list his or her name and other required information on Form 1040 (or Form 1040A), line 6c. How to amend 2012 federal tax return Modified adjusted gross income (MAGI). How to amend 2012 federal tax return   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return without taking into account this interest exclusion. How to amend 2012 federal tax return However, as discussed below, there may be other modifications. How to amend 2012 federal tax return MAGI when using Form 1040A. How to amend 2012 federal tax return   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). How to amend 2012 federal tax return MAGI when using Form 1040. How to amend 2012 federal tax return   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any savings bond interest exclusion and 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, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. How to amend 2012 federal tax return    Use the worksheet in the instructions for line 9 of Form 8815 to figure your MAGI. How to amend 2012 federal tax return If you claim any of the exclusion or deduction items (1)–(6) listed above, add the amount of the exclusion or deduction to the amount on line 5 of the worksheet. How to amend 2012 federal tax return Do not add in the deduction for (7) student loan interest, and (8) tuition and fees, or (9) domestic production activities because line 4 of the worksheet already includes these amounts. How to amend 2012 federal tax return Enter the total on Form 8815, line 9, as your modified adjusted gross income (MAGI). How to amend 2012 federal tax return    Because the deduction for interest expenses attributable to royalties and other investments is limited to your net investment income, you cannot figure the deduction until you have figured this interest exclusion. How to amend 2012 federal tax return Therefore, if you had interest expenses attributable to royalties and deductible on Schedule E (Form 1040), Supplemental Income and Loss, you must make a special computation of your deductible interest without regard to this exclusion to figure the net royalty income included in your MAGI. How to amend 2012 federal tax return See Royalties included in MAGI under Education Savings Bond Program in Publication 550, chapter 1. How to amend 2012 federal tax return Figuring the Tax-Free Amount If the total you receive when you cash in the bonds is not more than the adjusted qualified education expenses for the year, all of the interest on the bonds may be tax free. How to amend 2012 federal tax return However, if the total you receive when you cash in the bonds is more than the adjusted expenses, only part of the interest may be tax free. How to amend 2012 federal tax return To determine the tax-free amount, multiply the interest part of the proceeds by a fraction. How to amend 2012 federal tax return The numerator (top part) of the fraction is the adjusted qualified education expenses (AQEE) you paid during the year. How to amend 2012 federal tax return The denominator (bottom part) of the fraction is the total proceeds you received during the year. How to amend 2012 federal tax return Example. How to amend 2012 federal tax return In February 2013, Mark and Joan Washington, a married couple, cashed a qualified series EE U. How to amend 2012 federal tax return S. How to amend 2012 federal tax return savings bond. How to amend 2012 federal tax return They received proceeds of $9,000, representing principal of $6,000 and interest of $3,000. How to amend 2012 federal tax return In 2013, they paid $7,650 of their daughter's college tuition. How to amend 2012 federal tax return They are not claiming an American opportunity or lifetime learning credit for those expenses, and their daughter does not have any tax-free educational assistance. How to amend 2012 federal tax return Their MAGI for 2013 was $80,000. How to amend 2012 federal tax return   $3,000 interest × $7,650 AQEE  $9,000 proceeds = $2,550 tax-free interest   They can exclude $2,550 of interest in 2013. How to amend 2012 federal tax return They must pay tax on the remaining $450 ($3,000 − $2,550) interest. How to amend 2012 federal tax return Effect of the Amount of Your Income on the Amount of Your Exclusion The amount of your interest exclusion is gradually reduced (phased out) based on your MAGI and filing status. How to amend 2012 federal tax return Claiming the Exclusion Use Form 8815 to figure your education savings bond interest exclusion. How to amend 2012 federal tax return Enter your exclusion on line 3 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. How to amend 2012 federal tax return Attach Form 8815 to your tax return. How to amend 2012 federal tax return Prev  Up  Next   Home   More Online Publications