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How To File My 2012 Tax Return

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How To File My 2012 Tax Return

How to file my 2012 tax return 11. How to file my 2012 tax return   Other Expenses Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Reimbursement of Travel, Meals, and EntertainmentReimbursements Miscellaneous ExpensesMeaning of generally enforced. How to file my 2012 tax return Kickbacks. How to file my 2012 tax return Form 1099-MISC. How to file my 2012 tax return Exception. How to file my 2012 tax return Tax preparation fees. How to file my 2012 tax return Covered executive branch official. How to file my 2012 tax return Exceptions to denial of deduction. How to file my 2012 tax return Indirect political contributions. How to file my 2012 tax return Type of deduction. How to file my 2012 tax return Repayment—$3,000 or less. How to file my 2012 tax return Repayment—over $3,000. How to file my 2012 tax return Method 1. How to file my 2012 tax return Method 2. How to file my 2012 tax return Repayment does not apply. How to file my 2012 tax return Year of deduction (or credit). How to file my 2012 tax return Telephone. How to file my 2012 tax return What's New Standard mileage rate. How to file my 2012 tax return  Beginning in 2013, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for business use is 56. How to file my 2012 tax return 5 cents per mile. How to file my 2012 tax return For more information, see Car and truck expenses under Miscellaneous Expenses. How to file my 2012 tax return Introduction This chapter covers business expenses that may not have been explained to you, as a business owner, in previous chapters of this publication. How to file my 2012 tax return Topics - This chapter discusses: Travel, meals, and entertainment Bribes and kickbacks Charitable contributions Education expenses Lobbying expenses Penalties and fines Repayments (claim of right) Other miscellaneous expenses Useful Items - You may want to see: Publication 15-B Employer's Tax Guide to Fringe Benefits 463 Travel, Entertainment, Gift, and Car Expenses 526 Charitable Contributions 529 Miscellaneous Deductions 544 Sales and Other Dispositions of Assets 970 Tax Benefits for Education 1542 Per Diem Rates See chapter 12 for information about getting publications and forms. How to file my 2012 tax return Reimbursement of Travel, Meals, and Entertainment The following discussion explains how to handle any reimbursements or allowances you may provide to your employees under a reimbursement or allowance arrangement for travel, meals, and entertainment expenses. How to file my 2012 tax return If you are self-employed and report your income and expenses on Schedule C or C-EZ (Form 1040), see Publication 463. How to file my 2012 tax return To be deductible for tax purposes, expenses incurred for travel, meals, and entertainment must be ordinary and necessary expenses incurred while carrying on your trade or business. How to file my 2012 tax return Generally, you also must show that entertainment expenses (including meals) are directly related to, or associated with, the conduct of your trade or business. How to file my 2012 tax return For more information on travel, meals, and entertainment, including deductibility, see Publication 463. How to file my 2012 tax return Reimbursements A “reimbursement or allowance arrangement” provides for payment of advances, reimbursements, and allowances for travel, meals, and entertainment expenses incurred by your employees during the ordinary course of business. How to file my 2012 tax return If the expenses are substantiated, you can deduct the allowable amount on your tax return. How to file my 2012 tax return Because of differences between accounting methods and tax law, the amount you can deduct for tax purposes may not be the same as the amount you deduct on your business books and records. How to file my 2012 tax return For example, you can deduct 100% of the cost of meals on your business books and records. How to file my 2012 tax return However, only 50% of these costs are allowed by law as a tax deduction. How to file my 2012 tax return How you deduct a business expense under a reimbursement or allowance arrangement depends on whether you have: An accountable plan, or A nonaccountable plan. How to file my 2012 tax return If you reimburse these expenses under an accountable plan, deduct them as travel, meals, or entertainment expenses. How to file my 2012 tax return If you reimburse these expenses under a nonaccountable plan, report the reimbursements as wages on Form W-2, Wage and Tax Statement, and deduct them as wages on the appropriate line of your tax return. How to file my 2012 tax return If you make a single payment to your employees and it includes both wages and an expense reimbursement, you must specify the amount of the reimbursement and report it accordingly. How to file my 2012 tax return See Table 11-1 , Reporting Reimbursements. How to file my 2012 tax return Accountable Plans An accountable plan requires your employees to meet all of the following requirements. How to file my 2012 tax return Each employee must: Have paid or incurred deductible expenses while performing services as your employee, Adequately account to you for these expenses within a reasonable period of time, and Return any excess reimbursement or allowance within a reasonable period of time. How to file my 2012 tax return An arrangement under which you advance money to employees is treated as meeting (3) above only if the following requirements are also met. How to file my 2012 tax return The advance is reasonably calculated not to exceed the amount of anticipated expenses. How to file my 2012 tax return You make the advance within a reasonable period of time of your employee paying or incurring the expense. How to file my 2012 tax return If any expenses reimbursed under this arrangement are not substantiated, or an excess reimbursement is not returned within a reasonable period of time by an employee, you cannot treat these expenses as reimbursed under an accountable plan. How to file my 2012 tax return Instead, treat the reimbursed expenses as paid under a nonaccountable plan, discussed later. How to file my 2012 tax return Adequate accounting. How to file my 2012 tax return   Your employees must adequately account to you for their travel, meals, and entertainment expenses. How to file my 2012 tax return They must give you documentary evidence of their travel, mileage, and other employee business expenses. How to file my 2012 tax return This evidence should include items such as receipts, along with either a statement of expenses, an account book, a day-planner, or similar record in which the employee entered each expense at or near the time the expense was incurred. How to file my 2012 tax return Excess reimbursement or allowance. How to file my 2012 tax return   An excess reimbursement or allowance is any amount you pay to an employee that is more than the business-related expenses for which the employee adequately accounted. How to file my 2012 tax return The employee must return any excess reimbursement or other expense allowance to you within a reasonable period of time. How to file my 2012 tax return Reasonable period of time. How to file my 2012 tax return   A reasonable period of time depends on the facts and circumstances. How to file my 2012 tax return Generally, actions that take place within the times specified in the following list will be treated as taking place within a reasonable period of time. How to file my 2012 tax return You give an advance within 30 days of the time the employee pays or incurs the expense. How to file my 2012 tax return Your employees adequately account for their expenses within 60 days after the expenses were paid or incurred. How to file my 2012 tax return Your employees return any excess reimbursement within 120 days after the expenses were paid or incurred. How to file my 2012 tax return You give a periodic statement (at least quarterly) to your employees that asks them to either return or adequately account for outstanding advances and they comply within 120 days of the date of the statement. How to file my 2012 tax return How to deduct. How to file my 2012 tax return   You can claim a deduction for travel, meals, and entertainment expenses if you reimburse your employees for these expenses under an accountable plan. How to file my 2012 tax return Generally, the amount you can deduct for meals and entertainment is subject to a 50% limit, discussed later. How to file my 2012 tax return If you are a sole proprietor, or are filing as a single member limited liability company, deduct the travel reimbursement on line 24a and the deductible part of the meals and entertainment reimbursement on line 24b, Schedule C (Form 1040) or line 2, Schedule C-EZ (Form 1040). How to file my 2012 tax return   If you are filing an income tax return for a corporation, include the reimbursement on the Other deductions line of Form 1120, U. How to file my 2012 tax return S. How to file my 2012 tax return Corporation Income Tax Return. How to file my 2012 tax return If you are filing any other business income tax return, such as a partnership or S corporation return, deduct the reimbursement on the appropriate line of the return as provided in the instructions for that return. How to file my 2012 tax return Table 11-1. How to file my 2012 tax return Reporting Reimbursements IF the type of reimbursement (or other expense allowance) arrangement is under THEN the employer reports on Form W-2 An accountable plan with: Actual expense reimbursement:  Adequate accounting made and excess returned No amount. How to file my 2012 tax return Actual expense reimbursement:  Adequate accounting and return of excess both required but excess not returned The excess amount as wages in box 1. How to file my 2012 tax return Per diem or mileage allowance up to the federal rate:  Adequate accounting made and excess returned No amount. How to file my 2012 tax return Per diem or mileage allowance up to the federal rate:  Adequate accounting and return of excess both required but excess not returned The excess amount as wages in box 1. How to file my 2012 tax return The amount up to the federal rate is reported only in box 12—it is not reported in box 1. How to file my 2012 tax return Per diem or mileage allowance exceeds the federal rate:  Adequate accounting made up to the federal rate only and excess not returned The excess amount as wages in box 1. How to file my 2012 tax return The amount up to the federal rate is reported only in box 12—it is not reported in box 1. How to file my 2012 tax return A nonaccountable plan with: Either adequate accounting or return of excess, or both, not required by plan The entire amount as wages in box 1. How to file my 2012 tax return No reimbursement plan The entire amount as wages in box 1. How to file my 2012 tax return Per Diem and Car Allowances You can reimburse your employees under an accountable plan based on travel days, miles, or some other fixed allowance. How to file my 2012 tax return In these cases, your employee is considered to have accounted to you for the amount of the expense that does not exceed the rates established by the federal government. How to file my 2012 tax return Your employee must actually substantiate to you the other elements of the expense, such as time, place, and business purpose. How to file my 2012 tax return Federal rate. How to file my 2012 tax return   The federal rate can be figured using any one of the following methods. How to file my 2012 tax return For car expenses: The standard mileage rate. How to file my 2012 tax return A fixed and variable rate (FAVR). How to file my 2012 tax return For per diem amounts: The regular federal per diem rate. How to file my 2012 tax return The standard meal allowance. How to file my 2012 tax return The high-low rate. How to file my 2012 tax return Car allowance. How to file my 2012 tax return   Your employee is considered to have accounted to you for car expenses that do not exceed the standard mileage rate. How to file my 2012 tax return Beginning in 2013, the standard business mileage rate is 56. How to file my 2012 tax return 5 cents per mile. How to file my 2012 tax return   You can choose to reimburse your employees using a fixed and variable rate (FAVR) allowance. How to file my 2012 tax return This is an allowance that includes a combination of payments covering fixed and variable costs, such as a cents-per-mile rate to cover your employees' variable operating costs (such as gas, oil, etc. How to file my 2012 tax return ) plus a flat amount to cover your employees' fixed costs (such as depreciation, insurance, etc. How to file my 2012 tax return ). How to file my 2012 tax return For information on using a FAVR allowance, see Revenue Procedure 2010-51, available at www. How to file my 2012 tax return irs. How to file my 2012 tax return gov/irb/2010-51_IRB/ar14. How to file my 2012 tax return html and Notice 2012-72, available at www. How to file my 2012 tax return irs. How to file my 2012 tax return gov/irb/2012-50_IRB/ar10. How to file my 2012 tax return html. How to file my 2012 tax return Per diem allowance. How to file my 2012 tax return   If your employee actually substantiates to you the other elements (discussed earlier) of the expenses reimbursed using the per diem allowance, how you report and deduct the allowance depends on whether the allowance is for lodging and meal expenses or for meal expenses only and whether the allowance is more than the federal rate. How to file my 2012 tax return Regular federal per diem rate. How to file my 2012 tax return   The regular federal per diem rate is the highest amount the federal government will pay to its employees while away from home on travel. How to file my 2012 tax return It has two components: Lodging expense, and Meal and incidental expense (M&IE). How to file my 2012 tax return The rates are different for different locations. How to file my 2012 tax return Publication 1542 lists the rates in the continental United States. How to file my 2012 tax return Standard meal allowance. How to file my 2012 tax return   The federal rate for meal and incidental expenses (M&IE) is the standard meal allowance. How to file my 2012 tax return You can pay only an M&IE allowance to employees who travel away from home if: You pay the employee for actual expenses for lodging based on receipts submitted to you, You provide for the lodging, You pay for the actual expense of the lodging directly to the provider, You do not have a reasonable belief that lodging expenses were incurred by the employee, or The allowance is computed on a basis similar to that used in computing the employee's wages (that is, number of hours worked or miles traveled). How to file my 2012 tax return Internet access. How to file my 2012 tax return    Per diem rates are available on the Internet. How to file my 2012 tax return You can access per diem rates at www. How to file my 2012 tax return gsa. How to file my 2012 tax return gov/perdiemrates. How to file my 2012 tax return High-low method. How to file my 2012 tax return   This is a simplified method of computing the federal per diem rate for travel within the continental United States. How to file my 2012 tax return It eliminates the need to keep a current list of the per diem rate for each city. How to file my 2012 tax return   Under the high-low method, the per diem amount for travel during January through September of 2013 is $242 ($65 for M&IE) for certain high-cost locations. How to file my 2012 tax return All other areas have a per diem amount of $163 ($52 for M&IE). How to file my 2012 tax return The high-cost locations eligible for the higher per diem amount under the high-low method are listed in Publication 1542. How to file my 2012 tax return   Effective October 1, 2013, the per diem rate for high-cost locations increased to $251 ($65 for M&IE). How to file my 2012 tax return The rate for all other locations increased to $170 ($52 for M&IE). How to file my 2012 tax return For October, November, and December 2013, you can either continue to use the rates described in the preceding paragraph or change to the new rates. How to file my 2012 tax return However, you must use the same rate for all employees reimbursed under the high-low method. How to file my 2012 tax return   For more information about the high-low method, see Notice 2013-65, available at www. How to file my 2012 tax return irs. How to file my 2012 tax return gov/irb/2013-44_IRB/ar13. How to file my 2012 tax return html. How to file my 2012 tax return See Publication 1542 (available on the Internet at IRS. How to file my 2012 tax return gov) for the current per diem rates for all locations. How to file my 2012 tax return Reporting per diem and car allowances. How to file my 2012 tax return   The following discussion explains how to report per diem and car allowances. How to file my 2012 tax return The manner in which you report them depends on how the allowance compares to the federal rate. How to file my 2012 tax return See Table 11-1. How to file my 2012 tax return Allowance less than or equal to the federal rate. How to file my 2012 tax return   If your allowance for the employee is less than or equal to the appropriate federal rate, that allowance is not included as part of the employee's pay in box 1 of the employee's Form W-2. How to file my 2012 tax return Deduct the allowance as travel expenses (including meals that may be subject to the 50% limit, discussed later). How to file my 2012 tax return See How to deduct under Accountable Plans, earlier. How to file my 2012 tax return Allowance more than the federal rate. How to file my 2012 tax return   If your employee's allowance is more than the appropriate federal rate, you must report the allowance as two separate items. How to file my 2012 tax return   Include the allowance amount up to the federal rate in box 12 (code L) of the employee's Form W-2. How to file my 2012 tax return Deduct it as travel expenses (as explained above). How to file my 2012 tax return This part of the allowance is treated as reimbursed under an accountable plan. How to file my 2012 tax return   Include the amount that is more than the federal rate in box 1 (and in boxes 3 and 5 if they apply) of the employee's Form W-2. How to file my 2012 tax return Deduct it as wages subject to income tax withholding, social security, Medicare, and federal unemployment taxes. How to file my 2012 tax return This part of the allowance is treated as reimbursed under a nonaccountable plan as explained later under Nonaccountable Plans. How to file my 2012 tax return Meals and Entertainment Under an accountable plan, you can generally deduct only 50% of any otherwise deductible business-related meal and entertainment expenses you reimburse your employees. How to file my 2012 tax return The deduction limit applies even if you reimburse them for 100% of the expenses. How to file my 2012 tax return Application of the 50% limit. How to file my 2012 tax return   The 50% deduction limit applies to reimbursements you make to your employees for expenses they incur for meals while traveling away from home on business and for entertaining business customers at your place of business, a restaurant, or another location. How to file my 2012 tax return It applies to expenses incurred at a business convention or reception, business meeting, or business luncheon at a club. How to file my 2012 tax return The deduction limit may also apply to meals you furnish on your premises to your employees. How to file my 2012 tax return Related expenses. How to file my 2012 tax return   Taxes and tips relating to a meal or entertainment activity you reimburse to your employee under an accountable plan are included in the amount subject to the 50% limit. How to file my 2012 tax return Reimbursements you make for expenses, such as cover charges for admission to a nightclub, rent paid for a room to hold a dinner or cocktail party, or the amount you pay for parking at a sports arena, are all subject to the 50% limit. How to file my 2012 tax return However, the cost of transportation to and from an otherwise allowable business meal or a business-related entertainment activity is not subject to the 50% limit. How to file my 2012 tax return Amount subject to 50% limit. How to file my 2012 tax return   If you provide your employees with a per diem allowance only for meal and incidental expenses, the amount treated as an expense for food and beverages is the lesser of the following. How to file my 2012 tax return The per diem allowance. How to file my 2012 tax return The federal rate for M&IE. How to file my 2012 tax return   If you provide your employees with a per diem allowance that covers lodging, meals, and incidental expenses, you must treat an amount equal to the federal M&IE rate for the area of travel as an expense for food and beverages. How to file my 2012 tax return If the per diem allowance you provide is less than the federal per diem rate for the area of travel, you can treat 40% of the per diem allowance as the amount for food and beverages. How to file my 2012 tax return Meal expenses when subject to “hours of service” limits. How to file my 2012 tax return   You can deduct 80% of the cost of reimbursed meals your employees consume while away from their tax home on business during, or incident to, any period subject to the Department of Transportation's “hours of service” limits. How to file my 2012 tax return   See Publication 463 for a detailed discussion of individuals subject to the Department of Transportation's “hours of service” limits. How to file my 2012 tax return De minimis (minimal) fringe benefit. How to file my 2012 tax return   The 50% limit does not apply to an expense for food or beverage that is excluded from the gross income of an employee because it is a de minimis fringe benefit. How to file my 2012 tax return See Publication 15-B for additional information on de minimis fringe benefits. How to file my 2012 tax return Company cafeteria or executive dining room. How to file my 2012 tax return   The cost of food and beverages you provide primarily to your employees on your business premises is deductible. How to file my 2012 tax return This includes the cost of maintaining the facilities for providing the food and beverages. How to file my 2012 tax return These expenses are subject to the 50% limit unless they qualify as a de minimis fringe benefit, as just discussed, or unless they are compensation to your employees (explained later). How to file my 2012 tax return Employee activities. How to file my 2012 tax return   The expense of providing recreational, social, or similar activities (including the use of a facility) for your employees is deductible and is not subject to the 50% limit. How to file my 2012 tax return The benefit must be primarily for your employees who are not highly compensated. How to file my 2012 tax return   For this purpose, a highly compensated employee is an employee who meets either of the following requirements. How to file my 2012 tax return Owned a 10% or more interest in the business during the year or the preceding year. How to file my 2012 tax return An employee is treated as owning any interest owned by his or her brother, sister, spouse, ancestors, and lineal descendants. How to file my 2012 tax return Received more than $115,000 in pay for the preceding year. How to file my 2012 tax return You can choose to include only employees who were also in the top 20% of employees when ranked by pay for the preceding year. How to file my 2012 tax return   For example, the expenses for food, beverages, and entertainment for a company-wide picnic are not subject to the 50% limit. How to file my 2012 tax return Meals or entertainment treated as compensation. How to file my 2012 tax return   The 50% limit does not apply to either of the following. How to file my 2012 tax return Expenses for meals or entertainment that you treat as: Compensation to an employee who was the recipient of the meals or entertainment, and Wages subject to withholding of federal income tax. How to file my 2012 tax return Expenses for meals or entertainment if: A recipient of the meals or entertainment who is not your employee has to include the expenses in gross income as compensation for services or as a prize or award, and You include that amount on a Form 1099 issued to the recipient, if a Form 1099 is required. How to file my 2012 tax return Sales of meals or entertainment. How to file my 2012 tax return   You can deduct the cost of meals or entertainment (including the use of facilities) you sell to the public. How to file my 2012 tax return For example, if you run a nightclub, your expense for the entertainment you furnish to your customers, such as a floor show, is a business expense that is fully deductible. How to file my 2012 tax return The 50% limit does not apply to this expense. How to file my 2012 tax return Providing meals or entertainment to general public to promote goodwill. How to file my 2012 tax return   You can deduct the cost of providing meals, entertainment, or recreational facilities to the general public as a means of advertising or promoting goodwill in the community. How to file my 2012 tax return The 50% limit does not apply to this expense. How to file my 2012 tax return Director, stockholder, or employee meetings. How to file my 2012 tax return   You can deduct entertainment expenses directly related to business meetings of your employees, partners, stockholders, agents, or directors. How to file my 2012 tax return You can provide some minor social activities, but the main purpose of the meeting must be your company's business. How to file my 2012 tax return These expenses are subject to the 50% limit. How to file my 2012 tax return Trade association meetings. How to file my 2012 tax return   You can deduct expenses directly related to and necessary for attending business meetings or conventions of certain tax-exempt organizations. How to file my 2012 tax return These organizations include business leagues, chambers of commerce, real estate boards, and trade and professional associations. How to file my 2012 tax return Nonaccountable Plans A nonaccountable plan is an arrangement that does not meet the requirements for an accountable plan. How to file my 2012 tax return All amounts paid, or treated as paid, under a nonaccountable plan are reported as wages on Form W-2. How to file my 2012 tax return The payments are subject to income tax withholding, social security, Medicare, and federal unemployment taxes. How to file my 2012 tax return You can deduct the reimbursement as compensation or wages only to the extent it meets the deductibility tests for employees' pay in chapter 2. How to file my 2012 tax return Deduct the allowable amount as compensation or wages on the appropriate line of your income tax return, as provided in its instructions. How to file my 2012 tax return Miscellaneous Expenses In addition to travel, meal, and entertainment expenses, there are other expenses you can deduct. How to file my 2012 tax return Advertising expenses. How to file my 2012 tax return   You generally can deduct reasonable advertising expenses that are directly related to your business activities. How to file my 2012 tax return Generally, you cannot deduct amounts paid to influence legislation (i. How to file my 2012 tax return e. How to file my 2012 tax return , lobbying). How to file my 2012 tax return See Lobbying expenses , later. How to file my 2012 tax return   You can usually deduct as a business expense the cost of institutional or goodwill advertising to keep your name before the public if it relates to business you reasonably expect to gain in the future. How to file my 2012 tax return For example, the cost of advertising that encourages people to contribute to the Red Cross, to buy U. How to file my 2012 tax return S. How to file my 2012 tax return Savings Bonds, or to participate in similar causes is usually deductible. How to file my 2012 tax return Anticipated liabilities. How to file my 2012 tax return   Anticipated liabilities or reserves for anticipated liabilities are not deductible. How to file my 2012 tax return For example, assume you sold 1-year TV service contracts this year totaling $50,000. How to file my 2012 tax return From experience, you know you will have expenses of about $15,000 in the coming year for these contracts. How to file my 2012 tax return You cannot deduct any of the $15,000 this year by charging expenses to a reserve or liability account. How to file my 2012 tax return You can deduct your expenses only when you actually pay or accrue them, depending on your accounting method. How to file my 2012 tax return Bribes and kickbacks. How to file my 2012 tax return   Engaging in the payment of bribes or kickbacks is a serious criminal matter. How to file my 2012 tax return Such activity could result in criminal prosecution. How to file my 2012 tax return Any payments that appear to have been made, either directly or indirectly, to an official or employee of any government or an agency or instrumentality of any government are not deductible for tax purposes and are in violation of the law. How to file my 2012 tax return   Payments paid directly or indirectly to a person in violation of any federal or state law (but only if that state law is generally enforced, defined below) that provides for a criminal penalty or for the loss of a license or privilege to engage in a trade or business are also not allowed as a deduction for tax purposes. How to file my 2012 tax return Meaning of “generally enforced. How to file my 2012 tax return ”   A state law is considered generally enforced unless it is never enforced or enforced only for infamous persons or persons whose violations are extraordinarily flagrant. How to file my 2012 tax return For example, a state law is generally enforced unless proper reporting of a violation of the law results in enforcement only under unusual circumstances. How to file my 2012 tax return Kickbacks. How to file my 2012 tax return   A kickback is a payment for referring a client, patient, or customer. How to file my 2012 tax return The common kickback situation occurs when money or property is given to someone as payment for influencing a third party to purchase from, use the services of, or otherwise deal with the person who pays the kickback. How to file my 2012 tax return In many cases, the person whose business is being sought or enjoyed by the person who pays the kickback is not aware of the payment. How to file my 2012 tax return   For example, the Yard Corporation is in the business of repairing ships. How to file my 2012 tax return It returns 10% of the repair bills as kickbacks to the captains and chief officers of the vessels it repairs. How to file my 2012 tax return Although this practice is considered an ordinary and necessary expense of getting business, it is clearly a violation of a state law that is generally enforced. How to file my 2012 tax return These expenditures are not deductible for tax purposes, whether or not the owners of the shipyard are subsequently prosecuted. How to file my 2012 tax return Form 1099-MISC. How to file my 2012 tax return   It does not matter whether any kickbacks paid during the tax year are deductible on your income tax return in regards to information reporting. How to file my 2012 tax return See Form 1099-MISC for more information. How to file my 2012 tax return Car and truck expenses. How to file my 2012 tax return   The costs of operating a car, truck, or other vehicle in your business are deductible. How to file my 2012 tax return For more information on how to figure your deduction, see Publication 463. How to file my 2012 tax return Charitable contributions. How to file my 2012 tax return   Cash payments to an organization, charitable or otherwise, may be deductible as business expenses if the payments are not charitable contributions or gifts and are directly related to your business. How to file my 2012 tax return If the payments are charitable contributions or gifts, you cannot deduct them as business expenses. How to file my 2012 tax return However, corporations (other than S corporations) can deduct charitable contributions on their income tax returns, subject to limitations. How to file my 2012 tax return See the Instructions for Form 1120 for more information. How to file my 2012 tax return Sole proprietors, partners in a partnership, or shareholders in an S corporation may be able to deduct charitable contributions made by their business on Schedule A (Form 1040). How to file my 2012 tax return Example. How to file my 2012 tax return You paid $15 to a local church for a half-page ad in a program for a concert it is sponsoring. How to file my 2012 tax return The purpose of the ad was to encourage readers to buy your products. How to file my 2012 tax return Your payment is not a charitable contribution. How to file my 2012 tax return You can deduct it as an advertising expense. How to file my 2012 tax return Example. How to file my 2012 tax return You made a $100,000 donation to a committee organized by the local Chamber of Commerce to bring a convention to your city, intended to increase business activity, including yours. How to file my 2012 tax return Your payment is not a charitable contribution. How to file my 2012 tax return You can deduct it as a business expense. How to file my 2012 tax return See Publication 526 for a discussion of donated inventory, including capital gain property. How to file my 2012 tax return Club dues and membership fees. How to file my 2012 tax return   Generally, you cannot deduct amounts paid or incurred for membership in any club organized for business, pleasure, recreation, or any other social purpose. How to file my 2012 tax return This includes country clubs, golf and athletic clubs, hotel clubs, sporting clubs, airline clubs, and clubs operated to provide meals under circumstances generally considered to be conducive to business discussions. How to file my 2012 tax return Exception. How to file my 2012 tax return   The following organizations are not treated as clubs organized for business, pleasure, recreation, or other social purpose unless one of the main purposes is to conduct entertainment activities for members or their guests or to provide members or their guests with access to entertainment facilities. How to file my 2012 tax return Boards of trade. How to file my 2012 tax return Business leagues. How to file my 2012 tax return Chambers of commerce. How to file my 2012 tax return Civic or public service organizations. How to file my 2012 tax return Professional organizations such as bar associations and medical associations. How to file my 2012 tax return Real estate boards. How to file my 2012 tax return Trade associations. How to file my 2012 tax return Credit card convenience fees. How to file my 2012 tax return   Credit card companies charge a fee to businesses who accept their cards. How to file my 2012 tax return This fee when paid or incurred by the business can be deducted as a business expense. How to file my 2012 tax return Damages recovered. How to file my 2012 tax return   Special rules apply to compensation you receive for damages sustained as a result of patent infringement, breach of contract or fiduciary duty, or antitrust violations. How to file my 2012 tax return You must include this compensation in your income. How to file my 2012 tax return However, you may be able to take a special deduction. How to file my 2012 tax return The deduction applies only to amounts recovered for actual economic injury, not any additional amount. How to file my 2012 tax return The deduction is the smaller of the following. How to file my 2012 tax return The amount you received or accrued for damages in the tax year reduced by the amount you paid or incurred in the year to recover that amount. How to file my 2012 tax return Your losses from the injury you have not deducted. How to file my 2012 tax return Demolition expenses or losses. How to file my 2012 tax return   Amounts paid or incurred to demolish a structure are not deductible. How to file my 2012 tax return These amounts are added to the basis of the land where the demolished structure was located. How to file my 2012 tax return Any loss for the remaining undepreciated basis of a demolished structure would not be recognized until the property is disposed of. How to file my 2012 tax return Education expenses. How to file my 2012 tax return   Ordinary and necessary expenses paid for the cost of the education and training of your employees are deductible. How to file my 2012 tax return See Education Expenses in chapter 2. How to file my 2012 tax return   You can also deduct the cost of your own education (including certain related travel) related to your trade or business. How to file my 2012 tax return You must be able to show the education maintains or improves skills required in your trade or business, or that it is required by law or regulations, for keeping your license to practice, status, or job. How to file my 2012 tax return For example, an attorney can deduct the cost of attending Continuing Legal Education (CLE) classes that are required by the state bar association to maintain his or her license to practice law. How to file my 2012 tax return   Education expenses you incur to meet the minimum requirements of your present trade or business, or those that qualify you for a new trade or business, are not deductible. How to file my 2012 tax return This is true even if the education maintains or improves skills presently required in your business. How to file my 2012 tax return For more information on education expenses, see Publication 970. How to file my 2012 tax return Franchise, trademark, trade name. How to file my 2012 tax return   If you buy a franchise, trademark, or trade name, you can deduct the amount you pay or incur as a business expense only if your payments are part of a series of payments that are: Contingent on productivity, use, or disposition of the item, Payable at least annually for the entire term of the transfer agreement, and Substantially equal in amount (or payable under a fixed formula). How to file my 2012 tax return   When determining the term of the transfer agreement, include all renewal options and any other period for which you and the transferrer reasonably expect the agreement to be renewed. How to file my 2012 tax return   A franchise includes an agreement that gives one of the parties to the agreement the right to distribute, sell, or provide goods, services, or facilities within a specified area. How to file my 2012 tax return Impairment-related expenses. How to file my 2012 tax return   If you are disabled, you can deduct expenses necessary for you to be able to work (impairment-related expenses) as a business expense, rather than as a medical expense. How to file my 2012 tax return   You are disabled if you have either of the following. How to file my 2012 tax return A physical or mental disability (for example, blindness or deafness) that functionally limits your being employed. How to file my 2012 tax return A physical or mental impairment that substantially limits one or more of your major life activities. How to file my 2012 tax return   The expense qualifies as a business expense if all the following apply. How to file my 2012 tax return Your work clearly requires the expense for you to satisfactorily perform that work. How to file my 2012 tax return The goods or services purchased are clearly not needed or used, other than incidentally, in your personal activities. How to file my 2012 tax return Their treatment is not specifically provided for under other tax law provisions. How to file my 2012 tax return Example. How to file my 2012 tax return You are blind. How to file my 2012 tax return You must use a reader to do your work, both at and away from your place of work. How to file my 2012 tax return The reader's services are only for your work. How to file my 2012 tax return You can deduct your expenses for the reader as a business expense. How to file my 2012 tax return Internet-related expenses. How to file my 2012 tax return   Generally, you can deduct internet-related expenses including domain registrations fees and webmaster consulting costs. How to file my 2012 tax return If you are starting a business you may have to amortize these expenses as start-up costs. How to file my 2012 tax return For more information about amortizing start-up and organizational costs, see chapter 8. How to file my 2012 tax return Interview expense allowances. How to file my 2012 tax return   Reimbursements you make to job candidates for transportation or other expenses related to interviews for possible employment are not wages. How to file my 2012 tax return You can deduct the reimbursements as a business expense. How to file my 2012 tax return However, expenses for food, beverages, and entertainment are subject to the 50% limit discussed earlier under Meals and Entertainment. How to file my 2012 tax return Legal and professional fees. How to file my 2012 tax return   Fees charged by accountants and attorneys that are ordinary and necessary expenses directly related to operating your business are deductible as business expenses. How to file my 2012 tax return However, usually legal fees you pay to acquire business assets are not deductible. How to file my 2012 tax return These costs are added to the basis of the property. How to file my 2012 tax return   Fees that include payments for work of a personal nature (such as drafting a will, or damages arising from a personal injury) are not allowed as a business deduction on Schedule C or C-EZ. How to file my 2012 tax return If the invoice includes both business and personal charges, compute the business portion as follows: multiply the total amount of the bill by a fraction, the numerator of which is the amount attributable to business matters, the denominator of which is the total amount paid. How to file my 2012 tax return The result is the portion of the invoice attributable to business expenses. How to file my 2012 tax return The portion attributable to personal matters is the difference between the total amount and the business portion (computed above). How to file my 2012 tax return   Legal fees relating to personal tax advice may be deductible on Schedule A (Form 1040), if you itemize deductions. How to file my 2012 tax return However, the deduction is subject to the 2% limitation on miscellaneous itemized deductions. How to file my 2012 tax return See Publication 529, Miscellaneous Deductions. How to file my 2012 tax return Tax preparation fees. How to file my 2012 tax return   The cost of hiring a tax professional, such as a C. How to file my 2012 tax return P. How to file my 2012 tax return A. How to file my 2012 tax return , to prepare that part of your tax return relating to your business as a sole proprietor is deductible on Schedule C or Schedule C-EZ. How to file my 2012 tax return Any remaining cost may be deductible on Schedule A (Form 1040) if you itemize deductions. How to file my 2012 tax return   You can also claim a business deduction for amounts paid or incurred in resolving asserted tax deficiencies for your business operated as a sole proprietor. How to file my 2012 tax return Licenses and regulatory fees. How to file my 2012 tax return   Licenses and regulatory fees for your trade or business paid annually to state or local governments generally are deductible. How to file my 2012 tax return Some licenses and fees may have to be amortized. How to file my 2012 tax return See chapter 8 for more information. How to file my 2012 tax return Lobbying expenses. How to file my 2012 tax return   Generally, lobbying expenses are not deductible. How to file my 2012 tax return Lobbying expenses include amounts paid or incurred for any of the following activities. How to file my 2012 tax return Influencing legislation. How to file my 2012 tax return Participating in or intervening in any political campaign for, or against, any candidate for public office. How to file my 2012 tax return Attempting to influence the general public, or segments of the public, about elections, legislative matters, or referendums. How to file my 2012 tax return Communicating directly with covered executive branch officials (defined later) in any attempt to influence the official actions or positions of those officials. How to file my 2012 tax return Researching, preparing, planning, or coordinating any of the preceding activities. How to file my 2012 tax return   Your expenses for influencing legislation and communicating directly with a covered executive branch official include a portion of your labor costs and general and administrative costs of your business. How to file my 2012 tax return For information on making this allocation, see section 1. How to file my 2012 tax return 162-28 of the regulations. How to file my 2012 tax return   You cannot claim a charitable or business expense deduction for amounts paid to an organization if both of the following apply. How to file my 2012 tax return The organization conducts lobbying activities on matters of direct financial interest to your business. How to file my 2012 tax return A principal purpose of your contribution is to avoid the rules discussed earlier that prohibit a business deduction for lobbying expenses. How to file my 2012 tax return   If a tax-exempt organization, other than a section 501(c)(3) organization, provides you with a notice on the part of dues that is allocable to nondeductible lobbying and political expenses, you cannot deduct that part of the dues. How to file my 2012 tax return Covered executive branch official. How to file my 2012 tax return   For purposes of this discussion, a covered executive branch official is any of the following. How to file my 2012 tax return The President. How to file my 2012 tax return The Vice President. How to file my 2012 tax return Any officer or employee of the White House Office of the Executive Office of the President and the two most senior level officers of each of the other agencies in the Executive Office. How to file my 2012 tax return Any individual who: Is serving in a position in Level I of the Executive Schedule under section 5312 of title 5, United States Code, Has been designated by the President as having Cabinet-level status, or Is an immediate deputy of an individual listed in item (a) or (b). How to file my 2012 tax return Exceptions to denial of deduction. How to file my 2012 tax return   The general denial of the deduction does not apply to the following. How to file my 2012 tax return Expenses of appearing before, or communicating with, any committee or member of any local council or similar governing body concerning its legislation (local legislation) if the legislation is of direct interest to you or to you and an organization of which you are a member. How to file my 2012 tax return An Indian tribal government is treated as a local council or similar governing body. How to file my 2012 tax return Any in-house expenses for influencing legislation and communicating directly with a covered executive branch official if those expenses for the tax year do not exceed $2,000 (excluding overhead expenses). How to file my 2012 tax return Expenses incurred by taxpayers engaged in the trade or business of lobbying (professional lobbyists) on behalf of another person (but does apply to payments by the other person to the lobbyist for lobbying activities). How to file my 2012 tax return Moving machinery. How to file my 2012 tax return   Generally, the cost of moving machinery from one city to another is a deductible expense. How to file my 2012 tax return So is the cost of moving machinery from one plant to another, or from one part of your plant to another. How to file my 2012 tax return You can deduct the cost of installing the machinery in the new location. How to file my 2012 tax return However, you must capitalize the costs of installing or moving newly purchased machinery. How to file my 2012 tax return Outplacement services. How to file my 2012 tax return   The costs of outplacement services you provide to your employees to help them find new employment, such as career counseling, résumé assistance, skills assessment, etc. How to file my 2012 tax return are deductible. How to file my 2012 tax return   The costs of outplacement services may cover more than one deduction category. How to file my 2012 tax return For example, deduct as a utilities expense the cost of telephone calls made under this service and deduct as rental expense the cost of renting machinery and equipment for this service. How to file my 2012 tax return   For information on whether the value of outplacement services is includable in your employees' income, see Publication 15-B. How to file my 2012 tax return Penalties and fines. How to file my 2012 tax return   Penalties paid for late performance or nonperformance of a contract are generally deductible. How to file my 2012 tax return For instance, you own and operate a construction company. How to file my 2012 tax return Under a contract, you are to finish construction of a building by a certain date. How to file my 2012 tax return Due to construction delays, the building is not completed and ready for occupancy on the date stipulated in the contract. How to file my 2012 tax return You are now required to pay an additional amount for each day that completion is delayed beyond the completion date stipulated in the contract. How to file my 2012 tax return These additional costs are deductible business expenses. How to file my 2012 tax return   On the other hand, penalties or fines paid to any government agency or instrumentality because of a violation of any law are not deductible. How to file my 2012 tax return These fines or penalties include the following amounts. How to file my 2012 tax return Paid because of a conviction for a crime or after a plea of guilty or no contest in a criminal proceeding. How to file my 2012 tax return Paid as a penalty imposed by federal, state, or local law in a civil action, including certain additions to tax and additional amounts and assessable penalties imposed by the Internal Revenue Code. How to file my 2012 tax return Paid in settlement of actual or possible liability for a fine or penalty, whether civil or criminal. How to file my 2012 tax return Forfeited as collateral posted for a proceeding that could result in a fine or penalty. How to file my 2012 tax return   Examples of nondeductible penalties and fines include the following. How to file my 2012 tax return Fines for violating city housing codes. How to file my 2012 tax return Fines paid by truckers for violating state maximum highway weight laws. How to file my 2012 tax return Fines for violating air quality laws. How to file my 2012 tax return Civil penalties for violating federal laws regarding mining safety standards and discharges into navigable waters. How to file my 2012 tax return   A fine or penalty does not include any of the following. How to file my 2012 tax return Legal fees and related expenses to defend yourself in a prosecution or civil action for a violation of the law imposing the fine or civil penalty. How to file my 2012 tax return Court costs or stenographic and printing charges. How to file my 2012 tax return Compensatory damages paid to a government. How to file my 2012 tax return Political contributions. How to file my 2012 tax return   Contributions or gifts paid to political parties or candidates are not deductible. How to file my 2012 tax return In addition, expenses paid or incurred to take part in any political campaign of a candidate for public office are not deductible. How to file my 2012 tax return Indirect political contributions. How to file my 2012 tax return   You cannot deduct indirect political contributions and costs of taking part in political activities as business expenses. How to file my 2012 tax return Examples of nondeductible expenses include the following. How to file my 2012 tax return Advertising in a convention program of a political party, or in any other publication if any of the proceeds from the publication are for, or intended for, the use of a political party or candidate. How to file my 2012 tax return Admission to a dinner or program (including, but not limited to, galas, dances, film presentations, parties, and sporting events) if any of the proceeds from the function are for, or intended for, the use of a political party or candidate. How to file my 2012 tax return Admission to an inaugural ball, gala, parade, concert, or similar event if identified with a political party or candidate. How to file my 2012 tax return Repairs. How to file my 2012 tax return   The cost of repairing or improving property used in your trade or business is either a deductible or capital expense. How to file my 2012 tax return Routine maintenance that keeps your property in a normal efficient operating condition, but that does not materially increase the value or substantially prolong the useful life of the property, is deductible in the year that it is incurred. How to file my 2012 tax return Otherwise, the cost must be capitalized and depreciated. How to file my 2012 tax return See Form 4562 and its instructions for how to compute and claim the depreciation deduction. How to file my 2012 tax return   The cost of repairs includes the costs of labor, supplies, and certain other items. How to file my 2012 tax return The value of your own labor is not deductible. How to file my 2012 tax return Examples of repairs include: Reconditioning floors (but not replacement), Repainting the interior and exterior walls of a building, Cleaning and repairing roofs and gutters, and Fixing plumbing leaks (but not replacement of fixtures). How to file my 2012 tax return Repayments. How to file my 2012 tax return   If you had to repay an amount you included in your income in an earlier year, you may be able to deduct the amount repaid for the year in which you repaid it. How to file my 2012 tax return Or, if the amount you repaid is more than $3,000, you may be able to take a credit against your tax for the year in which you repaid it. How to file my 2012 tax return Type of deduction. How to file my 2012 tax return   The type of deduction you are allowed in the year of repayment depends on the type of income you included in the earlier year. How to file my 2012 tax return For instance, if you repay an amount you previously reported as a capital gain, deduct the repayment as a capital loss on Form 8949. How to file my 2012 tax return If you reported it as self-employment income, deduct it as a business deduction on Schedule C or Schedule C-EZ (Form 1040) or Schedule F (Form 1040). How to file my 2012 tax return   If you reported the amount as wages, unemployment compensation, or other nonbusiness ordinary income, enter it on Schedule A (Form 1040) as a miscellaneous itemized deduction that is subject to the 2% limitation. How to file my 2012 tax return However, if the repayment is over $3,000 and Method 1 (discussed later) applies, deduct it on Schedule A (Form 1040) as a miscellaneous itemized deduction that is not subject to the 2% limitation. How to file my 2012 tax return Repayment—$3,000 or less. How to file my 2012 tax return   If the amount you repaid was $3,000 or less, deduct it from your income in the year you repaid it. How to file my 2012 tax return Repayment—over $3,000. How to file my 2012 tax return   If the amount you repaid was more than $3,000, you can deduct the repayment, as described earlier. How to file my 2012 tax return However, you can instead choose to take a tax credit for the year of repayment if you included the income under a “claim of right. How to file my 2012 tax return ” This means that at the time you included the income, it appeared that you had an unrestricted right to it. How to file my 2012 tax return If you qualify for this choice, figure your tax under both methods and use the method that results in less tax. How to file my 2012 tax return Method 1. How to file my 2012 tax return   Figure your tax for 2013 claiming a deduction for the repaid amount. How to file my 2012 tax return Method 2. How to file my 2012 tax return   Figure your tax for 2013 claiming a credit for the repaid amount. How to file my 2012 tax return Follow these steps. How to file my 2012 tax return Figure your tax for 2013 without deducting the repaid amount. How to file my 2012 tax return Refigure your tax from the earlier year without including in income the amount you repaid in 2013. How to file my 2012 tax return Subtract the tax in (2) from the tax shown on your return for the earlier year. How to file my 2012 tax return This is the amount of your credit. How to file my 2012 tax return Subtract the answer in (3) from the tax for 2013 figured without the deduction (step 1). How to file my 2012 tax return   If Method 1 results in less tax, deduct the amount repaid as discussed earlier under Type of deduction. How to file my 2012 tax return   If Method 2 results in less tax, claim the credit on line 71 of Form 1040, and write “I. How to file my 2012 tax return R. How to file my 2012 tax return C. How to file my 2012 tax return 1341” next to line 71. How to file my 2012 tax return Example. How to file my 2012 tax return For 2012, you filed a return and reported your income on the cash method. How to file my 2012 tax return In 2013, you repaid $5,000 included in your 2012 gross income under a claim of right. How to file my 2012 tax return Your filing status in 2013 and 2012 is single. How to file my 2012 tax return Your income and tax for both years are as follows:   2012  With Income 2012  Without Income Taxable Income $15,000 $10,000 Tax $ 1,819 $ 1,069   2013  Without Deduction 2013  With Deduction Taxable Income $49,950 $44,950 Tax $8,423 $7,173 Your tax under Method 1 is $7,173. How to file my 2012 tax return Your tax under Method 2 is $7,673, figured as follows: Tax previously determined for 2012 $ 1,819 Less: Tax as refigured − 1,069 Decrease in 2012 tax $ 750 Regular tax liability for 2013 $8,423 Less: Decrease in 2012 tax − 750 Refigured tax for 2013 $ 7,673 Because you pay less tax under Method 1, you should take a deduction for the repayment in 2013. How to file my 2012 tax return Repayment does not apply. How to file my 2012 tax return   This discussion does not apply to the following. How to file my 2012 tax return Deductions for bad debts. How to file my 2012 tax return Deductions from sales to customers, such as returns and allowances, and similar items. How to file my 2012 tax return Deductions for legal and other expenses of contesting the repayment. How to file my 2012 tax return Year of deduction (or credit). How to file my 2012 tax return   If you use the cash method of accounting, you can take the deduction (or credit, if applicable) for the tax year in which you actually make the repayment. How to file my 2012 tax return If you use any other accounting method, you can deduct the repayment or claim a credit for it only for the tax year in which it is a proper deduction under your accounting method. How to file my 2012 tax return For example, if you use the accrual method, you are entitled to the deduction or credit in the tax year in which the obligation for the repayment accrues. How to file my 2012 tax return Subscriptions. How to file my 2012 tax return   Subscriptions to professional, technical, and trade journals that deal with your business field are deductible. How to file my 2012 tax return Supplies and materials. How to file my 2012 tax return   Unless you have deducted the cost in any earlier year, you generally can deduct the cost of materials and supplies actually consumed and used during the tax year. How to file my 2012 tax return   If you keep incidental materials and supplies on hand, you can deduct the cost of the incidental materials and supplies you bought during the tax year if all the following requirements are met. How to file my 2012 tax return You do not keep a record of when they are used. How to file my 2012 tax return You do not take an inventory of the amount on hand at the beginning and end of the tax year. How to file my 2012 tax return This method does not distort your income. How to file my 2012 tax return   You can also deduct the cost of books, professional instruments, equipment, etc. How to file my 2012 tax return , if you normally use them within a year. How to file my 2012 tax return However, if the usefulness of these items extends substantially beyond the year they are placed in service, you generally must recover their costs through depreciation. How to file my 2012 tax return For more information regarding depreciation see Publication 946, How To Depreciate Property. How to file my 2012 tax return Utilities. How to file my 2012 tax return   Business expenses for heat, lights, power, telephone service, and water and sewerage are deductible. How to file my 2012 tax return However, any part due to personal use is not deductible. How to file my 2012 tax return Telephone. How to file my 2012 tax return   You cannot deduct the cost of basic local telephone service (including any taxes) for the first telephone line you have in your home, even if you have an office in your home. How to file my 2012 tax return However, charges for business long-distance phone calls on that line, as well as the cost of a second line into your home used exclusively for business, are deductible business expenses. How to file my 2012 tax return Prev  Up  Next   Home   More Online Publications
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Tax Benefits for Education: Information Center

Tax credits, deductions and savings plans can help taxpayers with their expenses for higher education.

  • A tax credit reduces the amount of income tax you may have to pay.
  • A deduction reduces the amount of your income that is subject to tax, thus generally reducing the amount of tax you may have to pay.
  • Certain savings plans allow the accumulated interest to grow tax-free until money is taken out (known as a distribution), or allow the distribution to be tax-free, or both.
  • An exclusion from income means that you won't have to pay income tax on the benefit you're receiving, but you also won't be able to use that same tax-free benefit for a deduction or credit. 
  • Education credits are claimed on Form 8863, Education Credits. For details, see IRS Publication 970, Tax Benefits of Education.
 You can use the IRS’s Interactive Tax Assistant tool to help determine if you’re eligible for educational credits or deductions, including the American opportunity credit, the lifetime learning credit and the tuition and fees deduction.

Credits


American Opportunity Credit

Under the American Recovery and Reinvestment Act (ARRA), more parents and students qualify for a tax credit, the American opportunity credit, to pay for college expenses.

The American opportunity credit originally modified the existing Hope credit for tax years 2009 and 2010. The American opportunity credit was later extended through 2017, making the benefit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible qualify for the maximum annual credit of $2,500 per student.

The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the the prior Hope and existing lifetime learning credit.

If you have questions about the American opportunity credit, these questions and answers might help. For more information, see American opportunity credit.

Lifetime Learning Credit

The lifetime learning credit helps parents and students pay for post-secondary education.

For the tax year, you may be able to claim a lifetime learning credit of up to $2,000 for qualified education expenses paid for all students enrolled in eligible educational institutions. There is no limit on the number of years the lifetime learning credit can be claimed for each student. However, a taxpayer cannot claim both the American opportunity credit and lifetime learning credits for the same student in one year. Thus, the lifetime learning credit may be particularly helpful to graduate students, students who are only taking one course and those who are not pursuing a degree.

Generally, you can claim the lifetime learning credit if all three of the following requirements are met:

  • You pay qualified education expenses of higher education.
  • You pay the education expenses for an eligible student.
  • The eligible student is either yourself, your spouse or a dependent for whom you claim an exemption on your tax return.

If you’re eligible to claim the lifetime learning credit and are also eligible to claim the American opportunity credit for the same student in the same year, you can choose to claim either credit, but not both.

If you pay qualified education expenses for more than one student in the same year, you can choose to take credits on a per-student, per-year basis. This means that, for example, you can claim the American opportunity credit for one student and the lifetime learning credit for another student in the same year.


Deductions


Tuition and Fees Deduction

You may be able to deduct qualified education expenses paid during the year for yourself, your spouse or your dependent. You cannot claim this deduction if your filing status is married filing separately or if another person can claim an exemption for you as a dependent on his or her tax return. The qualified expenses must be for higher education.

The tuition and fees deduction can reduce the amount of your income subject to tax by up to $4,000. This deduction, reported on Form 8917, Tuition and Fees Deduction, is taken as an adjustment to income. This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). This deduction may be beneficial to you if, for example, you cannot take the lifetime learning credit because your income is too high.

You may be able to take one of the education credits for your education expenses instead of a tuition and fees deduction. You can choose the one that will give you the lower tax.

Generally, you can claim the tuition and fees deduction if all three of the following requirements are met:

  • You pay qualified education expenses of higher education.
  • You pay the education expenses for an eligible student.
  • The eligible student is yourself, your spouse, or your dependent for whom you claim an exemption on your tax return.

You cannot claim the tuition and fees deduction if any of the following apply:

  • Your filing status is married filing separately.

  • Another person can claim an exemption for you as a dependent on his or her tax return. You cannot take the deduction even if the other person does not actually claim that exemption.

  • Your modified adjusted gross income (MAGI) is more than $80,000 ($160,000 if filing a joint return).

  • You were a nonresident alien for any part of the year and did not elect to be treated as a resident alien for tax purposes. More information on nonresident aliens can be found in Publication 519, U.S. Tax Guide for Aliens.

  • You or anyone else claims an education credit for expenses of the student for whom the qualified education expenses were paid.

Student-activity fees and expenses for course-related books, supplies and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance.

Student Loan Interest Deduction

Generally, personal interest you pay, other than certain mortgage interest, is not deductible on your tax return. However, if your modified adjusted gross income (MAGI) is less than $75,000 ($150,000 if filing a joint return), there is a special deduction allowed for paying interest on a student loan (also known as an education loan) used for higher education. Student loan interest is interest you paid during the year on a qualified student loan. It includes both required and voluntary interest payments.

For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return before subtracting any deduction for student loan interest. This deduction can reduce the amount of your income subject to tax by up to $2,500.

The student loan interest deduction is taken as an adjustment to income. This means you can claim this deduction even if you do not itemize deductions on Form 1040's Schedule A.

Qualified Student Loan

This is a loan you took out solely to pay qualified education expenses (defined later) that were:

  • For you, your spouse, or a person who was your dependent when you took out the loan.
  • Paid or incurred within a reasonable period of time before or after you took out the loan.
  • For education provided during an academic period for an eligible student.

Loans from the following sources are not qualified student loans:

  • A related person.
  • A qualified employer plan.

Qualified Education Expenses

For purposes of the student loan interest deduction, these expenses are the total costs of attending an eligible educational institution, including graduate school. They include amounts paid for the following items:

  • Tuition and fees.
  • Room and board.
  • Books, supplies and equipment.
  • Other necessary expenses (such as transportation).

The cost of room and board qualifies only to the extent that it is not more than the greater of:

  • 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, or
  • The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution.

Business Deduction for Work-Related Education


If you are an employee and can itemize your deductions, you may be able to claim a deduction for the expenses you pay for your work-related education. Your deduction will be the amount by which your qualifying work-related education expenses plus other job and certain miscellaneous expenses is greater than 2% of your adjusted gross income. An itemized deduction may reduce the amount of your income subject to tax.

If you are self-employed, you deduct your expenses for qualifying work-related education directly from your self-employment income. This may reduce the amount of your income subject to both income tax and self-employment tax.

Your work-related education expenses may also qualify you for other tax benefits, such as the tuition and fees deduction and the lifetime learning credit. You may qualify for these other benefits even if you do not meet the requirements listed above.

To claim a business deduction for work-related education, you must:

  • Be working.
  • Itemize your deductions on Schedule A (Form 1040 or 1040NR) if you are an employee.
  • File Schedule C (Form 1040), Schedule C-EZ (Form 1040), or Schedule F (Form 1040) if you are self-employed.
  • Have expenses for education that meet the requirements discussed under Qualifying Work-Related Education, below.

Qualifying Work-Related Education

You can deduct the costs of qualifying work-related education as business expenses. This is education that meets at least one of the following two tests:

  • The education is required by your employer or the law to keep your present salary, status or job. The required education must serve a bona fide business purpose of your employer.
  • The education maintains or improves skills needed in your present work.

However, even if the education meets one or both of the above tests, it is not qualifying work-related education if it:

  • Is needed to meet the minimum educational requirements of your present trade or business or
  • Is part of a program of study that will qualify you for a new trade or business.

You can deduct the costs of qualifying work-related education as a business expense even if the education could lead to a degree.

Education Required by Employer or by Law

Education you need to meet the minimum educational requirements for your present trade or business is not qualifying work-related education. Once you have met the minimum educational requirements for your job, your employer or the law may require you to get more education. This additional education is qualifying work-related education if all three of the following requirements are met.

  • It is required for you to keep your present salary, status or job.
  • The requirement serves a business purpose of your employer.
  • The education is not part of a program that will qualify you for a new trade or business.

When you get more education than your employer or the law requires, the additional education can be qualifying work-related education only if it maintains or improves skills required in your present work.

Education to Maintain or Improve Skills

If your education is not required by your employer or the law, it can be qualifying work-related education only if it maintains or improves skills needed in your present work. This could include refresher courses, courses on current developments and academic or vocational courses.


Savings Plans


529 Plans

States sponsor 529 plans — qualified tuition programs authorized under section 529 of the Internal Revenue Code — that allow taxpayers to either prepay or contribute to an account for paying a student's qualified higher education expenses. Similarly, colleges and groups of colleges sponsor 529 plans that allow them to prepay a student's qualified education expenses. These 529 plans have, in recent years, become a popular way for parents and other family members to save for a child’s college education. Though contributions to 529 plans are not deductible, there is also no income limit for contributors.

529 plan distributions are tax-free as long as they are used to pay qualified higher education expenses for a designated beneficiary. Qualified expenses include tuition, required fees, books and supplies. For someone who is at least a half-time student, room and board also qualify.

For 2009 and 2010, an ARRA change to tax-free college savings plans and prepaid tuition programs added to this list expenses for computer technology and equipment or Internet access and related services to be used by the student while enrolled at an eligible educational institution. Software designed for sports, games or hobbies does not qualify, unless it is predominantly educational in nature. In general, expenses for computer technology are not qualified expenses for the American opportunity credit, lifetime learning credit or tuition and fees deduction.

Coverdell Education Savings Account

This account was created as an incentive to help parents and students save for education expenses. Unlike a 529 plan, a Coverdell ESA can be used to pay a student’s eligible k-12 expenses, as well as post-secondary expenses. On the other hand, income limits apply to contributors, and  the total contributions for the beneficiary of this account cannot be more than $2,000 in any year, no matter how many accounts have been established. A beneficiary is someone who is under age 18 or is a special needs beneficiary.

Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed. The beneficiary will not owe tax on the distributions if they are less than a beneficiary’s qualified education expenses at an eligible institution. This benefit applies to qualified higher education expenses as well as to qualified elementary and secondary education expenses.

Here are some things to remember about distributions from Coverdell accounts:

  • Distributions are tax-free as long as they are used for qualified education expenses, such as tuition and fees, required books, supplies and equipment and qualified expenses for room and board.

  • There is no tax on distributions if they are for enrollment or attendance at an eligible educational institution. This includes any public, private or religious school that provides elementary or secondary education as determined under state law. Virtually all accredited public, nonprofit and proprietary (privately owned profit-making) post-secondary institutions are eligible.

  • Education tax credits 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.

  • If the distribution exceeds qualified education expenses, a portion will be taxable to the beneficiary and will usually be subject to an additional 10% tax. Exceptions to the additional 10% tax include the death or disability of the beneficiary or if the beneficiary receives a qualified scholarship.

For more information, see Tax Tip 2008-59, Coverdell Education Savings Accounts.


Scholarships and Fellowships


A scholarship is generally an amount paid or allowed to, or for the benefit of, a student at an educational institution to aid in the pursuit of studies. The student may be either an undergraduate or a graduate. A fellowship is generally an amount paid for the benefit of an individual to aid in the pursuit of study or research. Generally, whether the amount is tax free or taxable depends on the expense paid with the amount and whether you are a degree candidate.

A scholarship or fellowship is tax free only if you meet the following conditions:

  • You are a candidate for a degree at an eligible educational institution.
  • You use the scholarship or fellowship to pay qualified education expenses.

Qualified Education Expenses

For purposes of tax-free scholarships and fellowships, these are expenses for:

  • Tuition and fees required to enroll at or attend an eligible educational institution.
  • Course-related expenses, such as fees, books, supplies, and equipment that are required for the courses at the eligible educational institution. These items must be required of all students in your course of instruction.

However, in order for these to be qualified education expenses, the terms of the scholarship or fellowship cannot require that it be used for other purposes, such as room and board, or specify that it cannot be used for tuition or course-related expenses. 

Expenses that Don’t Qualify

Qualified education expenses do not include the cost of:

  • Room and board.
  • Travel.
  • Research.
  • Clerical help.
  • Equipment and other expenses that are not required for enrollment in or attendance at an eligible educational institution.

This is true even if the fee must be paid to the institution as a condition of enrollment or attendance. Scholarship or fellowship amounts used to pay these costs are taxable.

For more information, see Pub. 970.


Exclusions from Income


You may exclude certain educational assistance benefits from your income. That means that you won’t have to pay any tax on them. However, it also means that you can’t use any of the tax-free education expenses as the basis for any other deduction or credit, including the lifetime learning credit.

Employer-Provided Educational Assistance


If you receive educational assistance benefits from your employer under an educational assistance program, you can exclude up to $5,250 of those benefits each year. This means your employer should not include the benefits with your wages, tips, and other compensation shown in box 1 of your Form W-2.

Educational Assistance Program

To qualify as an educational assistance program, the plan must be written and must meet certain other requirements. Your employer can tell you whether there is a qualified program where you work.

Educational Assistance Benefits

Tax-free educational assistance benefits include payments for tuition, fees and similar expenses, books, supplies, and equipment. The payments may be for either undergraduate- or graduate-level courses. The payments do not have to be for work-related courses. Educational assistance benefits do not include payments for the following items.

  • Meals, lodging, or transportation.
  • Tools or supplies (other than textbooks) that you can keep after completing the course of instruction.
  • Courses involving sports, games, or hobbies unless they:
    • Have a reasonable relationship to the business of your employer, or
    • Are required as part of a degree program.

Benefits over $5,250

If your employer pays more than $5,250 for educational benefits for you during the year, you must generally pay tax on the amount over $5,250. Your employer should include in your wages (Form W-2, box 1) the amount that you must include in income.

Working Condition Fringe Benefit 

However, if the benefits over $5,250 also qualify as a working condition fringe benefit, your employer does not have to include them in your wages. A working condition fringe benefit is a benefit which, had you paid for it, you could deduct as an employee business expense. For more information on working condition fringe benefits, see Working Condition Benefits in chapter 2 of Publication 15-B, Employer's Tax Guide to Fringe Benefits.


Related Items:

 

Page Last Reviewed or Updated: 24-Jan-2014

The How To File My 2012 Tax Return

How to file my 2012 tax return 30. How to file my 2012 tax return   Cómo Calcular los Impuestos Table of Contents Introduction Cómo Calcular los Impuestos Impuesto Mínimo Alternativo (AMT) Impuestos Calculados por el IRS Cómo Presentar la Declaración Introduction Una vez que haya calculado los ingresos y deducciones según se explica en las Partes Uno a Cinco, calcule los impuestos. How to file my 2012 tax return Este capítulo trata sobre los temas siguientes: Los pasos a seguir para calcular los impuestos, Un impuesto adicional que podría verse obligado a pagar, el cual se denomina “impuesto mínimo alternativo” (AMT, por sus siglas en inglés) y Las condiciones que tiene que cumplir si desea que el IRS le calcule los impuestos. How to file my 2012 tax return Cómo Calcular los Impuestos El impuesto sobre los ingresos se basa en los ingresos tributables. How to file my 2012 tax return Después de haber calculado el impuesto sobre los ingresos y el impuesto mínimo alternativo, si lo hubiera, reste los créditos tributarios y sume cualquier otro impuesto adeudado. How to file my 2012 tax return El resultado es el total de los impuestos. How to file my 2012 tax return Compare el total de los impuestos con el total de los pagos que ha efectuado para saber si tiene derecho a un reembolso o si tiene que efectuar un pago. How to file my 2012 tax return Esta sección expone los puntos generales para calcular el impuesto. How to file my 2012 tax return Puede encontrar instrucciones detalladas en las Instrucciones de los Formularios 1040EZ, 1040A y 1040. How to file my 2012 tax return Si no está seguro de qué formulario tributario debe presentar, vea ¿Qué Formulario Debo Usar? , en el capítulo 1. How to file my 2012 tax return Impuestos. How to file my 2012 tax return   La mayor parte de los contribuyentes utiliza la Tabla de Impuestos o la Hoja de Trabajo para el Cálculo del Impuesto para calcular el impuesto sobre el ingreso. How to file my 2012 tax return No obstante, existen métodos especiales si los ingresos incluyen cualquiera de los siguientes puntos: Una ganancia neta de capital. How to file my 2012 tax return (Vea el capítulo 16). How to file my 2012 tax return Dividendos calificados gravados a la misma tasa que una ganancia neta de capital. How to file my 2012 tax return (Vea los capítulos 8 y 16). How to file my 2012 tax return Distribuciones de suma global. How to file my 2012 tax return (Vea el capítulo 10). How to file my 2012 tax return Ingresos procedentes de la agricultura o pesca. How to file my 2012 tax return (Vea el Anexo J del Formulario 1040, Income Averaging for Farmers and Fishermen (Cómo calcular el promedio de ingresos para los agricultores y pescadores), en inglés. How to file my 2012 tax return Ingresos de inversiones de más de $2,000 para determinados hijos. How to file my 2012 tax return (Vea el capítulo 31). How to file my 2012 tax return Elección del padre o de la madre de declarar los intereses y dividendos de un hijo. How to file my 2012 tax return (Vea el capítulo 31). How to file my 2012 tax return Exclusión de ingresos devengados en el extranjero o exclusión por concepto de vivienda en el extranjero. How to file my 2012 tax return (Vea el Formulario 2555, Foreign Earned Income (Ingresos devengados en el extranjero) o el Formulario 2555-EZ, Foreign Earned Income Exclusion (Exclusión de ingresos devengados en el extranjero) y el Foreign Earned Income Tax Worksheet (Hoja de trabajo para los impuestos sobre ingresos devengados en el extranjero) de las Instrucciones del Formulario 1040), todos en inglés. How to file my 2012 tax return Créditos. How to file my 2012 tax return   Luego de haber calculado el impuesto sobre los ingresos y todo impuesto mínimo alternativo (explicado más adelante), verifique si tiene derecho a algún crédito tributario. How to file my 2012 tax return Puede encontrar información para saber si tiene derecho a estos créditos tributarios en los capítulos 32 al 37 y en las instrucciones de los formularios de impuestos. How to file my 2012 tax return La tabla a continuación muestra los créditos que tal vez pueda restar del impuesto y le indica en dónde puede encontrar más información sobre cada crédito. How to file my 2012 tax return CRÉDITOS Para información sobre: Vea el   capítulo: Adopción 37 Vehículo motorizado alternativo 37 Propiedad para reabastecimiento de vehículos con combustible alternativo 37 Cuidado de menores y dependientes 32 Crédito tributario por hijos 34 Crédito para titulares de bonos de crédito tributario 37 Estudios 35 Ancianos o personas incapacitadas 33 Crédito por vehículos eléctricos 37 Impuestos del extranjero 37 Intereses hipotecarios 37 Impuesto mínimo de años anteriores 37 Energía residencial 37 Aportaciones a arreglos de ahorros para la jubilación 37   Hay algunos créditos (como el crédito por ingreso del trabajo) que no aparecen en la lista porque se consideran pagos. How to file my 2012 tax return Vea Pagos , más adelante. How to file my 2012 tax return   Existen otros créditos no abordados en esta publicación. How to file my 2012 tax return Éstos abarcan los siguientes créditos: Crédito general para negocios, el cual se compone de distintos créditos relacionados con los negocios. How to file my 2012 tax return Éstos suelen declararse en el Formulario 3800, General Business Credit (Crédito general para negocios) y se explican en el capítulo 4 de la Publicación 334, Tax Guide for Small Business (Guía tributaria para pequeños negocios), ambos en inglés. How to file my 2012 tax return Crédito por producción de electricidad renovable, carbón refinado y carbón de yacimientos en tierras pertenecientes a indios para electricidad y carbón refinado producidos en instalaciones puestas en funcionamiento después del 22 de octubre de 2004 (después del 2 de octubre de 2008, para la electricidad producida mediante la energía hidrocinética renovable y la energía marina renovable) y carbón de yacimientos en tierras pertenecientes a indios producido en instalaciones puestas en funcionamiento después del 8 de agosto de 2005. How to file my 2012 tax return Vea la Parte II del Formulario 8835, Renewable Electricity, Refined Coal, and Indian Coal Production Credit (Crédito por producción de electricidad renovable, carbón refinado y carbón de yacimientos en tierras pertenecientes a indios), en inglés. How to file my 2012 tax return Crédito de oportunidad laboral. How to file my 2012 tax return Vea el Formulario 5884, Work Opportunity Credit (Crédito de oportunidad laboral), en inglés. How to file my 2012 tax return Crédito por impuestos del Seguro Social y Medicare del empleador pagados sobre ciertas propinas del empleado. How to file my 2012 tax return Vea el Formulario 8846, Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips (Crédito por impuestos del Seguro Social y del Medicare pagados por el empleador sobre ciertas propinas del empleado), en inglés. How to file my 2012 tax return Otros impuestos. How to file my 2012 tax return   Después de haber restado los créditos tributarios, determine si tiene que pagar impuestos adicionales. How to file my 2012 tax return Este capítulo no explica dichos impuestos adicionales. How to file my 2012 tax return Esa información aparece en otros capítulos de esta publicación y en las instrucciones de los formularios. How to file my 2012 tax return Consulte la tabla siguiente para ver otros impuestos que tal vez necesite sumar al impuesto sobre los ingresos. How to file my 2012 tax return OTROS IMPUESTOS Para información sobre: Vea el   capítulo: Impuestos adicionales sobre planes de jubilación y arreglos IRA calificados 10, 17 Impuestos sobre el empleo de empleados domésticos 32 Recuperación de un crédito para estudios 35 Impuesto del Seguro Social y Medicare sobre el salario 5 Impuesto del Seguro Social y Medicare sobre las propinas 6 Impuestos no retenidos del Seguro Social y Medicare sobre propinas 6   Usted quizás podría verse obligado a pagar el impuesto mínimo alternativo (el cual se explica más adelante en este capítulo). How to file my 2012 tax return   Existen impuestos adicionales que no se explican en esta publicación. How to file my 2012 tax return Éstos abarcan lo siguiente: Impuesto sobre el trabajo por cuenta propia. How to file my 2012 tax return Tiene que calcular este impuesto si cualquiera de las dos condiciones siguientes le corresponde (o a su cónyuge, si usted presenta una declaración conjunta). How to file my 2012 tax return Tiene ganancias netas provenientes del trabajo por cuenta propia de $400 o más, salvo ingresos de un empleado de una iglesia. How to file my 2012 tax return El término “ganancias netas provenientes del trabajo por cuenta propia” puede incluir determinada remuneración que no recibió como empleado y otras cantidades detalladas en el Formulario 1099-MISC, Miscellaneous Income (Ingresos misceláneos), en inglés. How to file my 2012 tax return Si recibió el Formulario 1099-MISC, vea las Instructions for Recipient (Instrucciones para el destinatario), al dorso del mismo. How to file my 2012 tax return Asimismo, vea las instrucciones del Anexo SE del Formulario 1040, Self-Employment Tax (Impuesto sobre el trabajo por cuenta propia) y la Publicación 334, Tax Guide for Small Business (Guía tributaria para pequeños negocios), ambas en inglés. How to file my 2012 tax return Recibió ingresos de $108. How to file my 2012 tax return 28 o más como empleado de una iglesia. How to file my 2012 tax return Impuesto Adicional del Medicare. How to file my 2012 tax return Comenzando en el año 2013, usted quizás podría estar sujeto a un Impuesto Adicional del Medicare de 0. How to file my 2012 tax return 9%, que se le aplica a los salarios sujetos al impuesto Medicare, la remuneración recibida conforme a la Railroad Retirement Act (Ley de Jubilación Ferroviaria) y el ingreso sobre el trabajo por cuenta propia que esté sobre cierta cantidad según su estado civil para efectos de la declaración. How to file my 2012 tax return Si desea más información, vea las instrucciones para la línea 60 del Formulario 1040 y las Instrucciones para el Formulario 8959, ambas disponibles en inglés. How to file my 2012 tax return Impuesto sobre los ingresos netos de inversión (NIIT, por sus siglas en inglés). How to file my 2012 tax return Comenzando en el año 2013, usted quizás podría estar sujeto al impuesto sobre los ingresos netos de inversión (NIIT, por sus siglas en inglés). How to file my 2012 tax return El NIIT es un impuesto de 3. How to file my 2012 tax return 8% sobre la cantidad menor entre el ingreso neto de inversión o la cantidad en exceso de su ingreso bruto ajustado modificado sobre una cantidad límite. How to file my 2012 tax return Si desea más información, vea las instrucciones para la línea 60 del Formulario 1040 y las Instrucciones para el Formulario 8960, ambas disponibles en inglés. How to file my 2012 tax return Impuestos sobre recuperaciones. How to file my 2012 tax return Podría verse obligado a pagar estos impuestos si antes ha reclamado un crédito por inversiones, crédito de vivienda para personas de bajos recursos, crédito por mercados nuevos, crédito por vehículos enchufables con motor de dirección eléctrica que reúnen los requisitos, crédito por vehículo motorizado alternativo, crédito por instalaciones para proveer cuidado de niños provistas por el empleador, crédito por empleo de indios estadounidenses u otros créditos enumerados en las instrucciones para la línea 60 del Formulario 1040. How to file my 2012 tax return Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. How to file my 2012 tax return Impuesto sobre beneficios en exceso de la sección 72(m)(5). How to file my 2012 tax return Si usted es (o fue) propietario del 5% de un negocio y recibió una distribución superior a los beneficios que se le ofrecen conforme a la fórmula para planes de pensiones o de anualidades calificados, tal vez tenga que pagar este impuesto adicional. How to file my 2012 tax return Vea Tax on Excess Benefits (Impuesto sobre beneficios en exceso), en el capítulo 4 de la Publicación 560, Retirement Plans for Small Business (Planes de jubilación para pequeños negocios), en inglés. How to file my 2012 tax return Impuesto del Seguro Social y Medicare sobre el seguro de vida colectivo a término fijo que no fue recaudado. How to file my 2012 tax return Si su antiguo empleador proveyó más de $50,000 en cobertura de seguro de vida colectivo a término fijo, usted tiene que pagar la parte correspondiente al empleado de los impuestos del Seguro Social y Medicare sobre esas primas. How to file my 2012 tax return La cantidad debe aparecer en el recuadro 12 del Formulario W-2 con los códigos M y N. How to file my 2012 tax return Impuestos sobre pagos de contrato blindado. How to file my 2012 tax return Este impuesto le corresponde si recibió un “pago de contrato blindado en exceso” ( “excess parachute payment” o EPP, por sus siglas en inglés) debido a un cambio de propietario o administración de la empresa. How to file my 2012 tax return La cantidad de este impuesto debe estar indicada en el recuadro 12 del Formulario W-2 con el código K. How to file my 2012 tax return Vea las instrucciones para la línea 60 del Formulario 1040. How to file my 2012 tax return Impuestos sobre distribuciones acumuladas de fideicomisos. How to file my 2012 tax return Esto le corresponde si es el beneficiario de un fideicomiso que haya acumulado ingresos, en vez de haberlos distribuido a intervalos regulares. How to file my 2012 tax return Vea el Formulario 4970, Tax on Accumulation Distribution of Trusts (Impuestos sobre distribuciones acumuladas de fideicomisos), y sus instrucciones, en inglés. How to file my 2012 tax return Impuestos adicionales sobre las cuentas HSA o MSA. How to file my 2012 tax return Puede que tenga que pagar impuestos adicionales si las cantidades que se han aportado a su cuenta de ahorros para la salud (HSA, por sus siglas en inglés) o su cuenta de ahorros para gastos médicos (MSA, por sus siglas en inglés) o las cantidades que se han distribuido de éstas no cumplen los requisitos correspondientes a dichas cuentas. How to file my 2012 tax return Vea la Publicación 969, Health Savings Accounts and Other Tax-Favored Health Plans (Cuentas de ahorros para la salud y otros planes para la salud con beneficios tributarios); el Formulario 8853, Archer MSAs and Long-Term Care Insurance Contracts (Cuentas Archer MSA de ahorros médicos y contratos del seguro de cuidado a largo plazo); Formulario 8889, Health Savings Accounts (HSAs) (Cuentas de ahorros médicos (HSA, por sus siglas en inglés)) y el Formulario 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts (Impuestos adicionales sobre planes calificados (incluidos los arreglos IRA) y otras cuentas con beneficios tributarios), todos en inglés. How to file my 2012 tax return Impuestos adicionales en cuentas Coverdell ESA para estudios. How to file my 2012 tax return Esto es aplicable si las cantidades que se han aportado a su cuenta Coverdell ESA para estudios o que se han distribuido de la misma no satisfacen los requisitos correspondientes a dichas cuentas. How to file my 2012 tax return Vea la Publicación 970, Tax Benefits for Education (Prestaciones tributarias para estudios) y el Formulario 5329, ambos en inglés. How to file my 2012 tax return Impuestos adicionales sobre programas de matrícula calificada. How to file my 2012 tax return Esto corresponde a cantidades distribuidas de programas de matrícula calificada generales pero que no cumplan los requisitos de dichas cuentas. How to file my 2012 tax return Vea la Publicación 970 y el Formulario 5329, ambos en inglés. How to file my 2012 tax return Impuestos sobre artículos de uso y consumo gravados sobre remuneraciones de acciones internas de una empresa expatriada. How to file my 2012 tax return Tal vez adeude un impuesto sobre artículos de uso y consumo del 15% sobre el valor de opciones de acciones no estatutarias y sobre otra remuneración determinada procedente de las acciones, de las cuales usted o un miembro de su familia es dueño, que es de una empresa expatriada o su grupo ampliado de filiales en las que usted fue ejecutivo, directivo o propietario de más del 10%. How to file my 2012 tax return Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. How to file my 2012 tax return Impuestos adicionales sobre ingresos recibidos de un plan de remuneración diferida no calificado que no reúna determinados requisitos adicionales. How to file my 2012 tax return Estos ingresos tienen que aparecer en el recuadro 12 del Formulario W-2, con el código Z o en el recuadro 15b del Formulario 1099-MISC. How to file my 2012 tax return Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. How to file my 2012 tax return Intereses sobre los impuestos adeudados sobre ingresos de pagos a plazo procedentes de la venta de ciertos terrenos residenciales y multipropiedades. How to file my 2012 tax return Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. How to file my 2012 tax return Intereses sobre los impuestos diferidos sobre ganancias de ciertas ventas a plazos con precio de venta superior a $150,000. How to file my 2012 tax return Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. How to file my 2012 tax return Devolución del crédito tributario para comprador de primera vivienda. How to file my 2012 tax return Si desea más información, vea el Formulario 5405, Repayment of the First-Time Homebuyer Credit (Devolución del crédito tributario para comprador de primera vivienda) y sus instrucciones, disponibles en inglés. How to file my 2012 tax return Además, vea las instrucciones para la línea 59b del Formulario 1040, en inglés. How to file my 2012 tax return Pagos. How to file my 2012 tax return   Después de calcular el impuesto total, calcule el total de los pagos que ya haya efectuado para el año. How to file my 2012 tax return Incluya los créditos que se tratan como pagos. How to file my 2012 tax return Este capítulo no explica dichos pagos ni créditos. How to file my 2012 tax return Esa información aparece en otros capítulos de esta publicación y en las instrucciones de los formularios. How to file my 2012 tax return Vea la siguiente tabla para saber qué cantidades se pueden incluir en el total de sus pagos. How to file my 2012 tax return PAGOS Para información sobre: Vea el   capítulo: Crédito tributario por hijos (adicional) 34 Crédito por ingreso del trabajo 36 Impuestos estimados pagados 4 Impuestos de Seguro Social o impuestos de la jubilación ferroviaria retenidos en exceso 37 Retención del impuesto federal sobre los ingresos 4 Crédito tributario por cobertura del seguro médico 37 Crédito por sociedad inversionista reglamentada 37 Impuesto pagado a través de prórroga 1   Otro crédito que se considera un pago es el crédito por concepto del impuesto federal sobre artículos de uso y consumo pagado sobre combustibles. How to file my 2012 tax return Este crédito es para personas que hagan uso no tributable de determinados combustibles, tales como diésel y keroseno. How to file my 2012 tax return Se declara en la línea 70 del Formulario 1040. How to file my 2012 tax return Vea el Formulario 4136, Credit for Federal Tax Paid on Fuels (Crédito por impuestos federales pagados sobre combustibles), en inglés. How to file my 2012 tax return Reembolso o saldo adeudado. How to file my 2012 tax return   Para saber si tiene derecho a recibir un reembolso o si tiene que efectuar algún pago, compare el total de los pagos con el total del impuesto. How to file my 2012 tax return Si tiene derecho a un reembolso, vea las instrucciones del formulario que presentará para saber cómo puede depositar dicho reembolso directamente en una o más de sus cuentas o para comprar bonos de ahorros de los Estados Unidos en vez de recibir un cheque en papel. How to file my 2012 tax return Impuesto Mínimo Alternativo (AMT) Esta sección explica brevemente el impuesto adicional que podría verse obligado a pagar. How to file my 2012 tax return La ley tributaria les da un trato especial a determinados tipos de ingresos y permite deducciones y créditos especiales para algunos tipos de gastos. How to file my 2012 tax return Los contribuyentes que se vean beneficiados por este trato particular podrían estar obligados a pagar al menos una cantidad mínima de impuestos mediante otro impuesto adicional denominado “impuesto mínimo alternativo” (AMT, por sus siglas en inglés). How to file my 2012 tax return Tal vez tenga que pagar el impuesto mínimo alternativo si sus ingresos tributables para fines tributarios normales, sumados a determinados ajustes y elementos de preferencia tributaria, superan una determinada cantidad. How to file my 2012 tax return Vea el Formulario 6251, Alternative Minimum Tax — Individuals (Impuesto mínimo alternativo — personas físicas), en inglés. How to file my 2012 tax return Ajustes y elementos de preferencia tributaria. How to file my 2012 tax return   Los ajustes más comunes y elementos de preferencia tributaria abarcan los siguientes casos: Inclusión de exenciones personales, Inclusión de la deducción estándar (si ésta se reclamó), Inclusión de deducciones detalladas por concepto de impuestos estatales y locales, determinados intereses, la mayor parte de las deducciones misceláneas y parte de los gastos médicos, Exclusión de todo reembolso de impuestos estatales y locales que se haya incluido en los ingresos brutos, Cambios en la depreciación acelerada de determinados bienes, La diferencia entre ganancias y pérdidas sobre la venta de bienes declarada para fines tributarios normales y del impuesto mínimo alternativo, Inclusión de determinados ingresos procedentes de opciones de compra de acciones con incentivo, Cambio en ciertas deducciones por pérdidas de actividades pasivas, Inclusión de algún valor de agotamiento que sea superior a la base ajustada de los bienes, Inclusión de una parte de la deducción por ciertos gastos de perforación intangibles e Inclusión de intereses exentos de impuestos sobre determinados bonos de una actividad privada. How to file my 2012 tax return Información adicional. How to file my 2012 tax return   Para más información acerca del impuesto mínimo alternativo, vea las Instrucciones para el Formulario 6251, en inglés. How to file my 2012 tax return Impuestos Calculados por el IRS Si presenta la declaración para el 15 de abril de 2014, puede pedir que el IRS le calcule los impuestos en el Formulario 1040EZ, el Formulario 1040A o el Formulario 1040. How to file my 2012 tax return Si el IRS le calcula los impuestos y usted pagó demasiado, recibirá un reembolso. How to file my 2012 tax return Si no pagó lo suficiente, recibirá una factura que indique el saldo adeudado. How to file my 2012 tax return Para no tener que pagar intereses o una multa por pagos morosos, tiene que pagar la factura dentro de 30 días a partir de la fecha de la factura o para la fecha de vencimiento para la presentación de la declaración, la que ocurra más tarde. How to file my 2012 tax return El IRS también le calcula el crédito para ancianos o personas incapacitadas además del crédito por ingreso del trabajo. How to file my 2012 tax return Cuándo el IRS no puede calcularle los impuestos. How to file my 2012 tax return   El IRS no puede calcularle los impuestos si se da alguna de las siguientes condiciones: Desea que el reembolso se deposite directamente en sus cuentas. How to file my 2012 tax return Desea que alguna parte del reembolso se aplique al impuesto estimado de 2014. How to file my 2012 tax return Recibió ingresos para el año de fuentes que no sean salarios, sueldos, propinas, intereses, dividendos, beneficios de Seguro Social sujetos a impuestos, compensación por desempleo, distribuciones de un arreglo IRA, pensiones y anualidades. How to file my 2012 tax return Su ingreso tributable es $100,000 o más. How to file my 2012 tax return Detalla las deducciones. How to file my 2012 tax return Presenta cualquiera de los siguientes formularios: Formulario 2555, Foreign Earned Income (Ingresos devengados en el extranjero), en inglés. How to file my 2012 tax return Formulario 2555-EZ, Foreign Earned Income Exclusion (Exclusión de ingresos devengados en el extranjero), en inglés. How to file my 2012 tax return Formulario 4137, Social Security and Medicare Tax on Unreported Tip Income (Impuestos del Seguro Social y Medicare sobre el ingreso de propinas no declaradas), en inglés. How to file my 2012 tax return Formulario 4970, Tax on Accumulation Distribution of Trusts (Impuesto sobre distribuciones acumuladas de un fideicomiso), en inglés. How to file my 2012 tax return Formulario 4972, Tax on Lump-Sum Distributions (Impuesto sobre distribuciones de sumas globales), en inglés. How to file my 2012 tax return Formulario 6198, At-Risk Limitations (Límites sobre el monto en riesgo), en inglés. How to file my 2012 tax return Formulario 6251, Alternative Minimum Tax—Individuals (Impuesto mínimo alternativo—personas físicas), en inglés. How to file my 2012 tax return Formulario 8606, Nondeductible IRAs (Arreglos IRA no deducibles), en inglés. How to file my 2012 tax return Formulario 8615, Tax for Certain Children Who Have Unearned Income (Impuesto para determinados hijos con ingresos no derivados del trabajo), en inglés. How to file my 2012 tax return Formulario 8814, Parents' Election To Report Child's Interest and Dividends (Decisión de los padres de declarar los intereses y dividendos del hijo), en inglés. How to file my 2012 tax return Formulario 8839, Qualified Adoption Expenses (Gastos de adopción calificados), en inglés. How to file my 2012 tax return Formulario 8853, Archer MSAs and Long-Term Care Insurance Contracts (Planes de ahorros para gastos médicos Archer y contratos de seguro para cuidados a largo plazo), en inglés. How to file my 2012 tax return Formulario 8889, Health Savings Accounts (HSAs) (Cuentas de ahorro para gastos médicos (HSA)), en inglés. How to file my 2012 tax return Formulario 8919, Uncollected Social Security and Medicare Tax on Wages (Impuestos sobre salarios sujetos al Seguro Social y al Medicare no recaudados), en inglés. How to file my 2012 tax return Cómo Presentar la Declaración Después de haber completado las líneas del formulario de impuestos que va a presentar, escriba su nombre y dirección. How to file my 2012 tax return En el espacio provisto, anote su número de Seguro Social. How to file my 2012 tax return Si es casado, escriba los números de Seguro Social de usted y su cónyuge aun si presenta una declaración por separado. How to file my 2012 tax return Firme y feche la declaración y escriba su(s) oficio(s). How to file my 2012 tax return Si presenta una declaración conjunta, usted y su cónyuge tienen que firmarla. How to file my 2012 tax return En el espacio provisto, anote un número telefónico con su código de área donde ubicarlo durante el día. How to file my 2012 tax return Esto agilizará la tramitación de su declaración si el IRS tiene una pregunta que puede ser resuelta por teléfono. How to file my 2012 tax return Si presenta una declaración conjunta de impuestos, anote el número de teléfono donde usted o su cónyuge pueden ser localizados durante el día. How to file my 2012 tax return Si desea autorizar al IRS para que hable sobre su declaración de impuestos del año 2013 con su amigo, con un miembro de su familia o con cualquier persona que usted elija, marque el recuadro “ Yes ” (Sí) en el área titulada “ Third Party Designee ” (Designación de un tercero) de su declaración de impuestos. How to file my 2012 tax return También, escriba el nombre del designado, número de teléfono y cualesquier 5 dígitos que el designado elija como su número de identificación personal (PIN, por sus siglas en inglés). How to file my 2012 tax return Si marca el recuadro “ Yes ” (Sí), usted y su cónyuge, si presentan una declaración conjunta, autoriza(n) a los empleados del IRS a llamar al designado para que éste conteste toda pregunta que surja durante el trámite de su declaración de impuestos. How to file my 2012 tax return Complete y adjunte a su declaración en papel cualesquier anexo y formulario solicitado en las líneas que usted completó. How to file my 2012 tax return Adjunte una copia de cada uno de los Formularios W-2 a la declaración en papel. How to file my 2012 tax return Además, adjunte a su declaración en papel todo Formulario 1099-R recibido que indique retención de impuestos en el recuadro 4. How to file my 2012 tax return Envíe la declaración al Internal Revenue Service Center (Centro de Servicio del IRS) que corresponda al área donde vive. How to file my 2012 tax return Una lista de direcciones de Centros de Servicio se halla al final de la publicación y en las instrucciones de su declaración de impuestos. How to file my 2012 tax return Datos a Incluir en el Formulario 1040EZ Lea las líneas 1 a 8b y llene las líneas que le correspondan. How to file my 2012 tax return No llene las líneas 9 a 12. How to file my 2012 tax return Si presenta una declaración conjunta, utilice el espacio a la izquierda de la línea 6 para indicar por separado los ingresos tributables suyos y los de su cónyuge. How to file my 2012 tax return Pagos. How to file my 2012 tax return   Anote en la línea 7 todo impuesto federal sobre los ingresos que se le haya retenido. How to file my 2012 tax return El impuesto federal sobre los ingresos retenido aparece en el recuadro 2 del Formulario W-2 o en el recuadro 4 del Formulario 1099. How to file my 2012 tax return Crédito por ingreso del trabajo. How to file my 2012 tax return   Si puede reclamar este crédito, según se explica en el capítulo 36 , el IRS se lo puede calcular. How to file my 2012 tax return Escriba “EIC” en el espacio a la izquierda de la línea 8a. How to file my 2012 tax return Anote en la línea 8b la paga no tributable por combate que desee incluir en los ingresos derivados del trabajo. How to file my 2012 tax return   Si su crédito de cualquier año posterior a 1996 fue reducido o denegado por el IRS, quizás tenga que presentar junto con la declaración el Formulario 8862(SP), Información Para Reclamar el Crédito Por Ingreso del Trabajo Después de Haber Sido Denegado (o el Formulario 8862, Information To Claim Earned Income Credit After Disallowance, en inglés). How to file my 2012 tax return Para detalles adicionales, vea las Instrucciones para el Formulario 1040EZ, en inglés. How to file my 2012 tax return Datos a Incluir en el Formulario 1040A Lea las líneas 1 a 27 y llene las líneas que le correspondan. How to file my 2012 tax return Si presenta una declaración conjunta, utilice el espacio a la izquierda de la línea 27 para indicar por separado los ingresos tributables suyos y los de su cónyuge. How to file my 2012 tax return No llene la línea 28. How to file my 2012 tax return Llene las líneas 29 a 33 y 36 a 40 si le corresponden. How to file my 2012 tax return Sin embargo, no llene las líneas 30 ni 38a si desea que el IRS le calcule los créditos indicados en dichas líneas. How to file my 2012 tax return Además, escriba toda información adicional que le corresponda en el espacio a la izquierda de la línea 41. How to file my 2012 tax return No llene las líneas 34, 35 ni 42 a la 46. How to file my 2012 tax return Pagos. How to file my 2012 tax return   Anote todo impuesto federal retenido sobre los ingresos que se indique en el recuadro 2 del Formulario W-2 o en el recuadro 4 del Formulario 1099, en la línea 36. How to file my 2012 tax return Anote en la línea 37 todo pago de impuesto estimado que haya efectuado. How to file my 2012 tax return Crédito por gastos del cuidado de menores y dependientes. How to file my 2012 tax return   Si puede reclamar este crédito, según se explica en el capítulo 32 , complete el Formulario 2441, Child and Dependent Care Expenses (Gastos del cuidado de menores y dependientes), en inglés, y adjúntelo a su declaración. How to file my 2012 tax return Anote la cantidad del crédito en la línea 29. How to file my 2012 tax return El IRS no le calculará este crédito. How to file my 2012 tax return Crédito para ancianos o personas incapacitadas. How to file my 2012 tax return   Si puede reclamar este crédito, según se explica en el capítulo 33 , el IRS le calculará este crédito. How to file my 2012 tax return Escriba “ CFE ” en el espacio a la izquierda de la línea 30 y adjunte el Anexo R del Formulario 1040, Credit for the Elderly or the Disabled (Crédito para ancianos o personas incapacitadas), en inglés, a su declaración de impuestos en papel. How to file my 2012 tax return En el Anexo R, marque el recuadro de la Parte I correspondiente a su estado civil para efectos de la declaración y edad. How to file my 2012 tax return Complete la Parte II y las líneas 11 y 13 de la Parte III, si le corresponden. How to file my 2012 tax return Crédito por ingreso del trabajo. How to file my 2012 tax return   Si puede reclamar este crédito, según se explica en el capítulo 36 , el IRS se lo calculará. How to file my 2012 tax return Anote “EIC” a la izquierda del espacio de la línea 38a. How to file my 2012 tax return Anote en la línea 38b la paga no tributable por combate que desee incluir en los ingresos derivados del trabajo. How to file my 2012 tax return   Si tiene un hijo que le da derecho a este crédito, tiene que llenar el Anexo EIC (Formulario 1040 ó 1040A), Earned Income Credit (Crédito por ingreso del trabajo), en inglés, y adjuntarlo a su declaración en papel. How to file my 2012 tax return Si no provee el número de Seguro Social de su hijo en la línea 2 del Anexo EIC, el crédito será reducido o denegado a menos que el hijo haya nacido y fallecido en el año 2013. How to file my 2012 tax return   Si su crédito de cualquier año posterior a 1996 fue reducido o denegado por el IRS, tal vez tenga que presentar junto con la declaración el Formulario 8862(SP) (o el Formulario 8862, en inglés). How to file my 2012 tax return Para detalles adicionales, vea las Instrucciones para el Formulario 1040A. How to file my 2012 tax return Datos a Incluir en el Formulario 1040 Lea las líneas 1 a 43 y llene las líneas que le correspondan. How to file my 2012 tax return No llene la línea 44. How to file my 2012 tax return Si presenta una declaración conjunta, utilice el espacio bajo las palabras “ Adjusted Gross Income ” (Ingresos brutos ajustados), en la primera página de la declaración para indicar por separado los ingresos tributables suyos y los de su cónyuge. How to file my 2012 tax return Lea las líneas 45 a la 71. How to file my 2012 tax return Llene las líneas que le correspondan, pero no llene las líneas 54, 61 ni 72. How to file my 2012 tax return Además, no complete la línea 55 ni las líneas 73 a 77. How to file my 2012 tax return No llene el recuadro “ c ” de la línea 53 si completa el Anexo R del Formulario 1040A o 1040, ni la línea 64a si desea que el IRS le calcule los créditos indicados en dichas líneas. How to file my 2012 tax return Pagos. How to file my 2012 tax return   Anote todo impuesto federal retenido sobre los ingresos que se indique en el recuadro 2 del Formulario W-2 o en el recuadro 4 del Formulario 1099, en la línea 62. How to file my 2012 tax return Anote en la línea 63 todo pago de impuesto estimado que haya efectuado. How to file my 2012 tax return Crédito por gastos del cuidado de menores y dependientes. How to file my 2012 tax return   Si puede reclamar este crédito, según se explica en el capítulo 32 , complete el Formulario 2441, en inglés, y adjúntelo a su declaración en papel. How to file my 2012 tax return Anote la cantidad del crédito en la línea 48. How to file my 2012 tax return El IRS no le calculará este crédito. How to file my 2012 tax return Crédito para ancianos o personas incapacitadas. How to file my 2012 tax return   Si puede reclamar este crédito, según se explica en el capítulo 33 , el IRS puede calcularle este crédito. How to file my 2012 tax return Escriba “CFE” al lado de la línea 53 y marque el recuadro “ c ” y adjunte el Anexo R del Formulario 1040A o 1040 a su declaración en papel. How to file my 2012 tax return En el Anexo R del Formulario 1040A o 1040, marque el recuadro de la Parte I correspondiente a su estado civil para efectos de la declaración y edad. How to file my 2012 tax return Complete la Parte II y las líneas 11 y 13 de la Parte III, si le corresponden. How to file my 2012 tax return Crédito por ingreso del trabajo. How to file my 2012 tax return   Si puede reclamar este crédito, según se explica en el capítulo 36 , el IRS se lo calculará. How to file my 2012 tax return Anote “EIC” en la línea de puntos al lado de la línea 64a del Formulario 1040. How to file my 2012 tax return Anote en la línea 64b la paga no tributable por combate que desee incluir en los ingresos derivados del trabajo. How to file my 2012 tax return   Si tiene un hijo que le dé derecho a este crédito, tiene que llenar el Anexo EIC, Earned Income Credit (Crédito por ingreso del trabajo), en inglés, y adjuntarlo a su declaración en papel. How to file my 2012 tax return Si no provee el número de Seguro Social de su hijo en la línea 2 del Anexo EIC (Formulario 1040 ó 1040A), el crédito será reducido o denegado a menos que su hijo haya nacido y fallecido en el año 2013. How to file my 2012 tax return   Si su crédito de cualquier año posterior a 1996 fue reducido o denegado por el IRS, tal vez tenga que presentar junto con la declaración el Formulario 8862(SP), (o el Formulario 8862, en inglés). How to file my 2012 tax return Para detalles adicionales, vea las Instrucciones para el Formulario 1040, en inglés. How to file my 2012 tax return Prev  Up  Next   Home   More Online Publications