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How To File Tax Return For 2012

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How To File Tax Return For 2012

How to file tax return for 2012 9. How to file tax return for 2012   Education Exception to Additional Tax on Early IRA Distributions Table of Contents Introduction Who Is Eligible Figuring the Amount Not Subject to the 10% Tax Reporting Early Distributions Introduction Generally, if you take a distribution from your IRA before you reach age 59½, you must pay a 10% additional tax on the early distribution. How to file tax return for 2012 This applies to any IRA you own, whether it is a traditional IRA (including a SEP-IRA), a Roth IRA, or a SIMPLE IRA. How to file tax return for 2012 The additional tax on an early distribution from a SIMPLE IRA may be as high as 25%. How to file tax return for 2012 See Publication 560, Retirement Plans for Small Business, for information on SEP-IRAs, and Publication 590, for information about all other IRAs. How to file tax return for 2012 However, you can take distributions from your IRAs for qualified higher education expenses without having to pay the 10% additional tax. How to file tax return for 2012 You may owe income tax on at least part of the amount distributed, but you may not have to pay the 10% additional tax. How to file tax return for 2012 Generally, if the taxable part of the distribution is less than or equal to the adjusted qualified education expenses (AQEE), none of the distribution is subject to the additional tax. How to file tax return for 2012 If the taxable part of the distribution is more than the AQEE, only the excess is subject to the additional tax. How to file tax return for 2012 Who Is Eligible You can take a distribution from your IRA before you reach age 59½ and not have to pay the 10% additional tax if, for the year of the distribution, you pay qualified education expenses for: yourself, your spouse, or your or your spouse's child, foster child, adopted child, or descendant of any of them. How to file tax return for 2012 Qualified education expenses. How to file tax return for 2012   For purposes of the 10% additional tax, these expenses are tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. How to file tax return for 2012 They also include expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. How to file tax return for 2012   In addition, if the student is at least a half-time student, room and board are qualified education expenses. How to file tax return for 2012   The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. How to file tax return for 2012 The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. How to file tax return for 2012 The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. How to file tax return for 2012 You will need to contact the eligible educational institution for qualified room and board costs. How to file tax return for 2012 Eligible educational institution. How to file tax return for 2012   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. How to file tax return for 2012 S. How to file tax return for 2012 Department of Education. How to file tax return for 2012 It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. How to file tax return for 2012 The educational institution should be able to tell you if it is an eligible educational institution. How to file tax return for 2012   Certain educational institutions located outside the United States also participate in the U. How to file tax return for 2012 S. How to file tax return for 2012 Department of Education's Federal Student Aid (FSA) programs. How to file tax return for 2012 Half-time student. How to file tax return for 2012   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing as determined under the standards of the school where the student is enrolled. How to file tax return for 2012 Figuring the Amount Not Subject to the 10% Tax To determine the amount of your distribution that is not subject to the 10% additional tax, first figure your adjusted qualified education expenses. How to file tax return for 2012 You do this by reducing your total qualified education expenses by any tax-free educational assistance, which includes: Expenses used to figure the tax-free portion of distributions from a Coverdell education savings account (ESA) (see Distributions in chapter 7, Coverdell Education Savings Account), The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. How to file tax return for 2012 Do not reduce the qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance given to either the student or the individual making the withdrawal, or A withdrawal from personal savings (including savings from a qualified tuition program (QTP)). How to file tax return for 2012 If your IRA distribution is equal to or less than your adjusted qualified education expenses, you are not subject to the 10% additional tax. How to file tax return for 2012 Example 1. How to file tax return for 2012 In 2013, Erin (age 32) took a year off from teaching to attend graduate school full-time. How to file tax return for 2012 She paid $5,800 of qualified education expenses from the following sources. How to file tax return for 2012   Employer-provided educational assistance  (tax free) $5,000     Early distribution from IRA (includes $500 taxable earnings) 3,200           Before Erin can determine if she must pay the 10% additional tax on her IRA distribution, she must reduce her total qualified education expenses. How to file tax return for 2012   Total qualified education expenses $5,800     Minus: Tax-free educational assistance −5,000     Equals: Adjusted qualified  education expenses (AQEE) $ 800   Because Erin's AQEE ($800) are more than the taxable portion of her IRA distribution ($500), she does not have to pay the 10% additional tax on any part of this distribution. How to file tax return for 2012 However, she must include the $500 taxable earnings in her gross income subject to income tax. How to file tax return for 2012 Example 2. How to file tax return for 2012 Assume the same facts as in Example 1 , except that Erin deducted some of the contributions to her IRA, so the taxable part of her early distribution is higher by $1,000. How to file tax return for 2012 This must be included in her income subject to income tax. How to file tax return for 2012 The taxable part of Erin's IRA distribution ($1,000) is larger than her $800 AQEE. How to file tax return for 2012 Therefore, she must pay the 10% additional tax on $200, the taxable part of her distribution ($1,000) that is more than her qualified education expenses ($800). How to file tax return for 2012 She does not have to pay the 10% additional tax on the remaining $800 of her taxable distribution. How to file tax return for 2012 Reporting Early Distributions By January 31, 2014, the payer of your IRA distribution should send you Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. How to file tax return for 2012 The information on this form will help you determine how much of your distribution is taxable for income tax purposes and how much is subject to the 10% additional tax. How to file tax return for 2012 If you received an early distribution from your IRA, you must report the taxable earnings on Form 1040, line 15b (Form 1040NR, line 16b). How to file tax return for 2012 Then, if you qualify for an exception for qualified higher education expenses, you must file Form 5329 to show how much, if any, of your early distribution is subject to the 10% additional tax. How to file tax return for 2012 See the Instructions for Form 5329, Part I, for help in completing the form and entering the results on Form 1040 or 1040NR. How to file tax return for 2012 There are many other situations in which Form 5329 is required. How to file tax return for 2012 If, during 2013, you had other distributions from IRAs or qualified retirement plans, or have made excess contributions to certain tax-favored accounts, see the instructions for line 58 (Form 1040) or line 56 (Form 1040NR) to determine if you must file Form 5329. How to file tax return for 2012 Prev  Up  Next   Home   More Online Publications
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The How To File Tax Return For 2012

How to file tax return for 2012 Index A Archer MSAs, Archer MSAs, Employment taxes. How to file tax return for 2012 Assistance (see Tax help) C Contributions to FSA, Contributions to an FSA HRA, Contributions to an HRA HSA, Contributions to an HSA MSA, Contributions to an MSA D Death of HSA holder, Death of HSA Holder MSA holder, Death of the Archer MSA Holder Distributions from FSA, Distributions From an FSA HRA, Distributions From an HRA HSA, Distributions From an HSA MSA, Distributions From an MSA E Employer participation FSA, Employer Participation HRA, Employer Participation HSA, Employer Participation MSA, Employer Participation F Flexible Spending Arrangements Grace Period, Health FSA – grace period. How to file tax return for 2012 Flexible spending arrangements, Flexible Spending Arrangements (FSAs), Employer Participation Balance in, Balance in an FSA Contributions to, Contributions to an FSA Distributions from, Distributions From an FSA Qualifying for, Qualifying for an FSA When to contribute, When To Contribute Form 5329, Excess contributions. How to file tax return for 2012 , Excess contributions. How to file tax return for 2012 5498–SA, Form 8889. How to file tax return for 2012 , Reporting Contributions on Your Return 8853, Additional tax. How to file tax return for 2012 , Filing Form 8853 8889, Form 8889. How to file tax return for 2012 , Additional tax. How to file tax return for 2012 , Filing Form 8889 Free tax services, Free help with your tax return. How to file tax return for 2012 H Health plans, high deductible, High deductible health plan (HDHP). How to file tax return for 2012 , High deductible health plan (HDHP). How to file tax return for 2012 Health reimbursement arrangements, Health Reimbursement Arrangements (HRAs), Employer Participation Balance in, Balance in an HRA Contributions to, Contributions to an HRA Distributions from, Distributions From an HRA Qualifying for, Qualifying for an HRA Health savings accounts, Health Savings Accounts (HSAs), Employment taxes. How to file tax return for 2012 Balance in, Balance in an HSA Contributions to, Contributions to an HSA Deemed distributions, Deemed distributions from HSAs. How to file tax return for 2012 Distributions from, Distributions From an HSA Last-month rule, Last-month rule. How to file tax return for 2012 Partnerships, Reporting Contributions on Your Return Qualifying for, Qualifying for an HSA Rollovers, Rollovers S corporations, Reporting Contributions on Your Return When to contribute, When To Contribute Help (see Tax help) High deductible health plan, High deductible health plan (HDHP). How to file tax return for 2012 , High deductible health plan (HDHP). How to file tax return for 2012 M Medical expenses, qualified, Qualified medical expenses. How to file tax return for 2012 , Qualified medical expenses. How to file tax return for 2012 , Qualified medical expenses. How to file tax return for 2012 , Qualified medical expenses. How to file tax return for 2012 Medical savings accounts, Medical Savings Accounts (MSAs), Medicare Advantage MSAs Balance in, Balance in an Archer MSA Contributions to, Contributions to an MSA Deemed distributions, Deemed distributions from Archer MSAs. How to file tax return for 2012 Distributions from, Distributions From an MSA Medicare Advantage MSAs, Medicare Advantage MSAs Qualifying for, Qualifying for an Archer MSA When to contribute, When To Contribute Medicare Advantage MSAs, Medicare Advantage MSAs P Preventive care, High deductible health plan (HDHP). How to file tax return for 2012 Publications (see Tax help) Q Qualified HSA funding distribution, Qualified HSA funding distribution. How to file tax return for 2012 T Tax help, How To Get Tax Help Testing period Last-month rule, Testing period. How to file tax return for 2012 Qualified HSA funding distribution, Funding distribution – testing period. How to file tax return for 2012 TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications