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How To Amend A 2010 Tax Return

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How To Amend A 2010 Tax Return

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

IR-2013-69, Aug. 19, 2013

WASHINGTON — The Internal Revenue Service today announced the opening of a new online registration system for financial institutions that need to register with the IRS under the Foreign Account Tax Compliance Act (FATCA).

Financial institutions that must register with the IRS to meet their FATCA obligations can now begin the process of registering by creating an account and providing required information. Financial institutions will also be able to provide required information for their branches of operation and other members of their expanded affiliate groups in which the financial institution is the lead organization.

The registration system, designed to enable secure account management, is a web-based application with around-the-clock availability.

Within a secure environment, the new registration system enables financial institutions to:

  • establish online accounts;
  • customize home pages to manage accounts;
  • designate points of contact to handle registrations;
  • oversee member and/or branch information; and
  • receive automatic notifications of status changes.

Financial institutions are encouraged to become familiar with the system, create their online accounts and begin submitting their information. Starting in January 2014, financial institutions will be expected to finalize their registration information by logging into their accounts, making any necessary changes and submitting the information as final.

As registrations are finalized and approved in 2014, registering financial institutions will receive a notice of registration acceptance and will be issued a global intermediary identification number.

The IRS will electronically post the first IRS Foreign Financial Institution (FFI) List in June 2014, and will update the list monthly. To ensure inclusion in the June 2014 IRS FFI List, financial institutions will need to finalize their registrations by April 25, 2014. 

Access to the FATCA registration system and related support information can be found on the FATCA page of IRS.gov.

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Page Last Reviewed or Updated: 04-Sep-2013

The How To Amend A 2010 Tax Return

How to amend a 2010 tax return 1. How to amend a 2010 tax return   Organizations Subject to the Tax Table of Contents The tax on unrelated business income applies to most organizations exempt from tax under section 501(a). How to amend a 2010 tax return These organizations include charitable, religious, scientific, and other organizations described in section 501(c), as well as employees' trusts forming part of pension, profit-sharing, and stock bonus plans described in section 401(a). How to amend a 2010 tax return In addition, the following are subject to the tax on unrelated business income. How to amend a 2010 tax return Individual retirement arrangements (IRAs), including traditional IRAs, Roth IRAs, Coverdell IRAs, simplified employee pensions (SEP-IRAs), and savings incentive match plans for employees (SIMPLE IRAs). How to amend a 2010 tax return State and municipal colleges and universities. How to amend a 2010 tax return Qualified state tuition programs. How to amend a 2010 tax return Medical savings accounts (MSAs) described in section 220(d). How to amend a 2010 tax return Coverdell savings accounts described in section 530. How to amend a 2010 tax return U. How to amend a 2010 tax return S. How to amend a 2010 tax return instrumentalities. How to amend a 2010 tax return   A corporation that is a U. How to amend a 2010 tax return S. How to amend a 2010 tax return instrumentality described in section 501(c)(1) is not subject to the tax on unrelated business income if the corporation is organized under an Act of Congress and, under the Act, is exempt from federal income taxes. How to amend a 2010 tax return Colleges and universities. How to amend a 2010 tax return   Colleges and universities that are agencies or instrumentalities of any government or any political subdivision of a government, or that are owned or operated by a government or political subdivision of a government, are subject to the tax on unrelated business income. How to amend a 2010 tax return As used here, the word government includes any foreign government (to the extent not contrary to a treaty) and all domestic governments (the United States and any of its possessions, any state, and the District of Columbia). How to amend a 2010 tax return   The tax is on the unrelated business income of both the universities and colleges themselves and on their wholly owned tax exempt subsidiary organizations. How to amend a 2010 tax return It is immaterial whether the business is conducted by the university or by a separately incorporated wholly owned subsidiary. How to amend a 2010 tax return If the business activity is unrelated, the income in both instances will be subject to the tax. How to amend a 2010 tax return If the primary purpose of a wholly owned subsidiary is to operate or conduct any unrelated trade or business (other than holding title to property and collecting income from it), the subsidiary is not an exempt organization, and this rule does not apply. How to amend a 2010 tax return Title-holding corporations. How to amend a 2010 tax return   When an exempt title-holding corporation, described in section 501(c)(2), pays any of its net income to an organization that itself is exempt from tax under section 501(a) (or would pay such an amount except that the expenses of collecting its income exceed the amount collected) and files a consolidated return with that organization, the title-holding corporation is treated, for unrelated business income tax purposes, as organized and operated for the same purposes as the exempt payee organization. How to amend a 2010 tax return   Thus, a title-holding corporation whose source of income is related to the exempt purposes of the payee organization is not subject to the unrelated business income tax if the holding corporation and the payee organization file a consolidated return. How to amend a 2010 tax return However, if the source of the income is not so related, the title-holding corporation is subject to unrelated business income tax. How to amend a 2010 tax return Example. How to amend a 2010 tax return X, a title-holding corporation, is required to distribute its net income to A, an exempt organization. How to amend a 2010 tax return During the tax year, X realizes net income of $900,000 from source M, which is related to A's exempt function. How to amend a 2010 tax return X also receives $100,000 from source N, which is not related to A's exempt function. How to amend a 2010 tax return X and A file a consolidated return for the tax year. How to amend a 2010 tax return X has unrelated business income of $100,000. How to amend a 2010 tax return Prev  Up  Next   Home   More Online Publications