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How To Fill Out 1040 Ez

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How To Fill Out 1040 Ez

How to fill out 1040 ez 7. How to fill out 1040 ez   Filing Information Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: What, When, and Where To FileResident Aliens Nonresident Aliens Amended Returns and Claims for Refund Other Forms You May Have To File PenaltiesCivil Penalties Criminal Penalties Introduction This chapter provides the basic filing information that you may need. How to fill out 1040 ez Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. How to fill out 1040 ez Useful Items - You may want to see: Forms (and Instructions) 1040 U. How to fill out 1040 ez S. How to fill out 1040 ez Individual Income Tax Return 1040A U. How to fill out 1040 ez S. How to fill out 1040 ez Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. How to fill out 1040 ez S. How to fill out 1040 ez Nonresident Alien Income Tax Return 1040NR-EZ U. How to fill out 1040 ez S. How to fill out 1040 ez Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. How to fill out 1040 ez What, When, and Where To File What return you must file as well as when and where you file that return, depends on your status at the end of the tax year as a resident or a nonresident alien. How to fill out 1040 ez Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. How to fill out 1040 ez The due date for filing the return and paying any tax due is April 15 of the year following the year for which you are filing a return (but see the Tip, later). How to fill out 1040 ez Under U. How to fill out 1040 ez S. How to fill out 1040 ez immigration law, a lawful permanent resident who is required to file a tax return as a resident and fails to do so may be regarded as having abandoned status and may lose permanent resident status. How to fill out 1040 ez Extensions of time to file. How to fill out 1040 ez   You are allowed an automatic extension to June 15 to file if your main place of business and the home you live in are outside the United States and Puerto Rico on April 15. How to fill out 1040 ez You can get an extension of time to October 15 to file your return if you get an extension by April 15 (June 15 if you qualify for the June 15 extension). How to fill out 1040 ez Use Form 4868 to get the extension to October 15. How to fill out 1040 ez In addition to this 6-month extension, taxpayers who are out of the country (as defined in the Form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). How to fill out 1040 ez To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. How to fill out 1040 ez Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address:  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. How to fill out 1040 ez   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U. How to fill out 1040 ez S. How to fill out 1040 ez citizens and resident aliens abroad who expect to qualify for special tax treatment). How to fill out 1040 ez    If the due date for filing falls on a Saturday, Sunday, or legal holiday, the due date is the next day which is not a Saturday, Sunday, or legal holiday. How to fill out 1040 ez You may be able to file your return electronically. How to fill out 1040 ez See IRS e-file in your form instructions. How to fill out 1040 ez Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. How to fill out 1040 ez If you are any of the following, you must file a return. How to fill out 1040 ez A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. How to fill out 1040 ez (But see Exceptions , later. How to fill out 1040 ez ) You must file even if: Your income did not come from a trade or business conducted in the United States, You have no income from U. How to fill out 1040 ez S. How to fill out 1040 ez sources, or Your income is exempt from income tax. How to fill out 1040 ez A nonresident alien individual not engaged in a trade or business in the United States with U. How to fill out 1040 ez S. How to fill out 1040 ez income on which the tax liability was not satisfied by the withholding of tax at the source. How to fill out 1040 ez A representative or agent responsible for filing the return of an individual described in (1) or (2). How to fill out 1040 ez A fiduciary for a nonresident alien estate or trust. How to fill out 1040 ez You must also file if you want to: Claim a refund of overwithheld or overpaid tax, or Claim the benefit of any deductions or credits. How to fill out 1040 ez For example, if you have no U. How to fill out 1040 ez S. How to fill out 1040 ez business activities but have income from real property that you choose to treat as effectively connected income (discussed in chapter 4), you must timely file a true and accurate return to take any allowable deductions against that income. How to fill out 1040 ez For information on what is timely, see When to file for deductions and credits under When To File, later. How to fill out 1040 ez Exceptions. How to fill out 1040 ez   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. How to fill out 1040 ez Your only U. How to fill out 1040 ez S. How to fill out 1040 ez trade or business was the performance of personal services, and Your wages were less than $3,900, and You have no other need to file a return to claim a refund of overwithheld taxes, to satisfy additional withholding at source, or to claim income exempt or partly exempt by treaty. How to fill out 1040 ez You were a nonresident alien student, teacher, or trainee who was temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa and you have no income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. How to fill out 1040 ez Even if you have left the United States and filed a Form 1040-C, U. How to fill out 1040 ez S. How to fill out 1040 ez Departing Alien Income Tax Return, on departure, you still must file an annual U. How to fill out 1040 ez S. How to fill out 1040 ez income tax return. How to fill out 1040 ez If you are married and both you and your spouse are required to file, you must each file a separate return. How to fill out 1040 ez Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. How to fill out 1040 ez You do not claim any dependents. How to fill out 1040 ez You cannot be claimed as a dependent on someone else's U. How to fill out 1040 ez S. How to fill out 1040 ez tax return. How to fill out 1040 ez If you were married, you do not claim an exemption for your spouse. How to fill out 1040 ez Your taxable income is less than $100,000. How to fill out 1040 ez The only itemized deduction you can claim is for state and local income taxes. How to fill out 1040 ez Note. How to fill out 1040 ez Residents of India who were students or business apprentices may be able to take the standard deduction instead of the itemized deduction for state and local income taxes. How to fill out 1040 ez See chapter 5. How to fill out 1040 ez Your only U. How to fill out 1040 ez S. How to fill out 1040 ez source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. How to fill out 1040 ez (If you had taxable interest or dividend income, you cannot use this form. How to fill out 1040 ez ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. How to fill out 1040 ez You are not claiming any tax credits. How to fill out 1040 ez This is not an “expatriation return. How to fill out 1040 ez ” See Expatriation Tax in chapter 4. How to fill out 1040 ez The only taxes you owe are: The income tax from the Tax Table. How to fill out 1040 ez The social security and Medicare tax from Form 4137 or Form 8919. How to fill out 1040 ez You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. How to fill out 1040 ez You are not filing Form 8959, to figure the amount of Additional Medicare Tax you owe and/or the amount of Additional Medicare Tax withheld by your employer, if any. How to fill out 1040 ez If you do not meet all of the above conditions, you must file Form 1040NR. How to fill out 1040 ez When To File If you are an employee and you receive wages subject to U. How to fill out 1040 ez S. How to fill out 1040 ez income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. How to fill out 1040 ez For the 2013 calendar year, file your return by April 15, 2014. How to fill out 1040 ez If you are not an employee who receives wages subject to U. How to fill out 1040 ez S. How to fill out 1040 ez income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. How to fill out 1040 ez For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. How to fill out 1040 ez ) Extensions of time to file. How to fill out 1040 ez   If you cannot file your return by the due date, file Form 4868 or use one of the electronic filing options explained in the Form 4868 instructions. How to fill out 1040 ez For the 2013 calendar year, this will extend the due date to October 15, 2014 (December 15, 2014, if the regular due date of your return is June 16, 2014). How to fill out 1040 ez You must file the extension by the regular due date of your return. How to fill out 1040 ez   In addition to the 6-month extension to October 15, taxpayers whose main place of business is outside the United States and Puerto Rico and who live outside those jurisdictions can request a discretionary 2-month extension of time to file their returns (to December 15 for calendar year taxpayers). How to fill out 1040 ez To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. How to fill out 1040 ez Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. How to fill out 1040 ez When to file for deductions and credits. How to fill out 1040 ez   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. How to fill out 1040 ez For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. How to fill out 1040 ez However, if you did not file a 2012 tax return and 2013 is not the first year for which you are required to file one, your 2013 return is timely for this purpose if it is filed by the earlier of: The date that is 16 months after the due date for filing your 2013 return, or The date the IRS notifies you that your 2013 return has not been filed and that you cannot claim certain deductions and credits. How to fill out 1040 ez The allowance of the following credits is not affected by this time requirement. How to fill out 1040 ez Credit for withheld taxes. How to fill out 1040 ez Credit for excise tax on certain uses of gasoline and special fuels. How to fill out 1040 ez Credit for tax paid by a mutual fund (or other regulated investment company) or a real estate investment trust on undistributed long-term capital gains. How to fill out 1040 ez Protective return. How to fill out 1040 ez   If your activities in the United States were limited and you do not believe that you had any gross income effectively connected with a U. How to fill out 1040 ez S. How to fill out 1040 ez trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. How to fill out 1040 ez By filing a protective return, you protect your right to receive the benefit of deductions and credits in the event it is later determined that some or all of your income is effectively connected. How to fill out 1040 ez You are not required to report any effectively connected income or any deductions on the protective return, but you must give the reason the return is being filed. How to fill out 1040 ez   If you believe some of your activities resulted in effectively connected income, file your return reporting that income and related deductions by the regular due date. How to fill out 1040 ez To protect your right to claim deductions or credits resulting from other activities, attach a statement to that return explaining that you wish to protect your right to claim deductions and credits if it is later determined that the other activities produced effectively connected income. How to fill out 1040 ez   You can follow the same procedure if you believe you have no U. How to fill out 1040 ez S. How to fill out 1040 ez tax liability because of a U. How to fill out 1040 ez S. How to fill out 1040 ez tax treaty. How to fill out 1040 ez Be sure to also complete item L on page 5 of Form 1040NR. How to fill out 1040 ez Waiver of filing deadline. How to fill out 1040 ez   The IRS may waive the filing deadline if you establish that, based on the facts and circumstances, you acted reasonably and in good faith in failing to file a U. How to fill out 1040 ez S. How to fill out 1040 ez income tax return (including a protective return) and you cooperate with the IRS in determining your U. How to fill out 1040 ez S. How to fill out 1040 ez income tax liability for the tax year for which you did not file a return. How to fill out 1040 ez Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. How to fill out 1040 ez  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. How to fill out 1040 ez O. How to fill out 1040 ez Box 1303 Charlotte, NC 28201-1303 Aliens from the U. How to fill out 1040 ez S. How to fill out 1040 ez Virgin Islands. How to fill out 1040 ez    If you are a bona fide resident of the U. How to fill out 1040 ez S. How to fill out 1040 ez Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. How to fill out 1040 ez S. How to fill out 1040 ez Virgin Islands and file your income tax returns at the following address. How to fill out 1040 ez Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. How to fill out 1040 ez Thomas, VI 00802   Report all income from U. How to fill out 1040 ez S. How to fill out 1040 ez sources, as well as income from other sources, on your return. How to fill out 1040 ez For information on filing U. How to fill out 1040 ez S. How to fill out 1040 ez Virgin Islands returns, contact the U. How to fill out 1040 ez S. How to fill out 1040 ez Virgin Islands Bureau of Internal Revenue. How to fill out 1040 ez   Chapter 8 discusses withholding from U. How to fill out 1040 ez S. How to fill out 1040 ez wages of U. How to fill out 1040 ez S. How to fill out 1040 ez Virgin Islanders. How to fill out 1040 ez Aliens from Guam or the Commonwealth of the Northern Mariana Islands. How to fill out 1040 ez   If you are a bona fide resident of Guam or the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you must file your return with, and pay any tax due to, Guam or the CNMI. How to fill out 1040 ez Report all income, including income from U. How to fill out 1040 ez S. How to fill out 1040 ez sources, on your return. How to fill out 1040 ez It is not necessary to file a separate U. How to fill out 1040 ez S. How to fill out 1040 ez income tax return. How to fill out 1040 ez    Bona fide residents of Guam should file their Guam returns at the following address. How to fill out 1040 ez   Department of Revenue and Taxation Government of Guam P. How to fill out 1040 ez O. How to fill out 1040 ez Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. How to fill out 1040 ez   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. How to fill out 1040 ez O. How to fill out 1040 ez Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. How to fill out 1040 ez 570, Tax Guide for Individuals With Income From U. How to fill out 1040 ez S. How to fill out 1040 ez Possessions, for information on where to file your return. How to fill out 1040 ez Amended Returns and Claims for Refund If you find changes in your income, deductions, or credits after you mail your return, file Form 1040X, Amended U. How to fill out 1040 ez S. How to fill out 1040 ez Individual Income Tax Return. How to fill out 1040 ez Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. How to fill out 1040 ez If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. How to fill out 1040 ez ) to Form 1040X. How to fill out 1040 ez Print “Amended” across the top. How to fill out 1040 ez Ordinarily, an amended return claiming a refund must be filed within 3 years from the date your return was filed or within 2 years from the time the tax was paid, whichever is later. How to fill out 1040 ez A return filed before the final due date is considered to have been filed on the due date. How to fill out 1040 ez Other Forms You May Have To File You may be required to file information returns to report certain foreign income or assets, or monetary transactions. How to fill out 1040 ez FinCen Form 105 FinCEN Form 105 (formerly Customs Form 4790), Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, currency or other monetary instruments in a total amount of more than $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States. How to fill out 1040 ez The filing requirement also applies to each person who receives in the United States currency or monetary instruments totaling more than $10,000 at one time from any place outside of the United States. How to fill out 1040 ez The term “monetary instruments” means the following: Coin and currency of the United States or of any other country, Travelers' checks in any form, Investment securities or stock in bearer form or otherwise in such form that title to them passes upon delivery, Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title to them passes upon delivery, and Checks, promissory notes, and money orders which are signed but on which the name of the payee has been omitted. How to fill out 1040 ez However, the term does not include: Checks or money orders made payable to the order of a named person which have not been endorsed or which contain restrictive endorsements, Warehouse receipts, or Bills of lading. How to fill out 1040 ez A transfer of funds through normal banking procedures (wire transfer) that does not involve the physical transportation of currency or monetary instruments is not required to be reported on FinCEN Form 105. How to fill out 1040 ez Filing requirements. How to fill out 1040 ez   FinCEN Form 105 filing requirements follow. How to fill out 1040 ez Recipients. How to fill out 1040 ez   Each person who receives currency or other monetary instruments in the United States must file FinCEN Form 105 within 15 days after receipt, with the Customs officer in charge at any port of entry or departure, or by mail at the following address. How to fill out 1040 ez Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. How to fill out 1040 ez   If the currency or other monetary instrument does not accompany the person entering or departing the United States, FinCEN Form 105 can be filed by mail at the above address on or before the date of entry, departure, mailing, or shipping. How to fill out 1040 ez Travelers. How to fill out 1040 ez   Travelers must file FinCEN Form 105 with the Customs officer in charge at any Customs port of entry or departure, when entering or departing the United States. How to fill out 1040 ez Penalties. How to fill out 1040 ez   Civil and criminal penalties are provided for failing to file a report, filing a report containing material omissions or misstatements, or filing a false or fraudulent report. How to fill out 1040 ez Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. How to fill out 1040 ez More information. How to fill out 1040 ez   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. How to fill out 1040 ez Form 8938 You may have to file Form 8938, Statement of Specified Foreign Financial Assets, to report the ownership of specified foreign financial asset(s) if you are one of the following individuals. How to fill out 1040 ez A resident alien of the United States for any part of the tax year. How to fill out 1040 ez A resident alien of the United States who elects to be treated as a resident of a foreign country under the provisions of a U. How to fill out 1040 ez S. How to fill out 1040 ez income tax treaty. How to fill out 1040 ez See Effect of Tax Treaties in chapter 1. How to fill out 1040 ez A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. How to fill out 1040 ez See chapter 1 for information about this election. How to fill out 1040 ez A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. How to fill out 1040 ez See Publication 570, Tax Guide for Individuals With Income From U. How to fill out 1040 ez S. How to fill out 1040 ez Possessions, for a definition of bona fide resident. How to fill out 1040 ez You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). How to fill out 1040 ez The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. How to fill out 1040 ez Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. How to fill out 1040 ez S. How to fill out 1040 ez person. How to fill out 1040 ez You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. How to fill out 1040 ez More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. How to fill out 1040 ez Penalties The law provides penalties for failure to file returns or pay taxes as required. How to fill out 1040 ez Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. How to fill out 1040 ez You may also have to pay a penalty if you substantially understate your tax, file a frivolous tax submission, or fail to supply your taxpayer identification number. How to fill out 1040 ez If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. How to fill out 1040 ez Filing late. How to fill out 1040 ez   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. How to fill out 1040 ez The penalty is based on the tax not paid by the due date (without regard to extensions). How to fill out 1040 ez The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. How to fill out 1040 ez Fraud. How to fill out 1040 ez   If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. How to fill out 1040 ez Return over 60 days late. How to fill out 1040 ez   If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. How to fill out 1040 ez Exception. How to fill out 1040 ez   You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect. How to fill out 1040 ez Paying tax late. How to fill out 1040 ez   You will have to pay a failure-to-pay penalty of ½ of 1% (. How to fill out 1040 ez 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. How to fill out 1040 ez This penalty does not apply during the automatic 6-month extension of time to file period, if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. How to fill out 1040 ez   The monthly rate of the failure-to-pay penalty is half the usual rate (. How to fill out 1040 ez 25% instead of . How to fill out 1040 ez 50%) if an installment agreement is in effect for that month. How to fill out 1040 ez You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. How to fill out 1040 ez   If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. How to fill out 1040 ez If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued. How to fill out 1040 ez   This penalty cannot be more than 25% of your unpaid tax. How to fill out 1040 ez You will not have to pay the penalty if you can show that you had a good reason for not paying your tax on time. How to fill out 1040 ez Combined penalties. How to fill out 1040 ez   If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. How to fill out 1040 ez However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. How to fill out 1040 ez Accuracy-related penalty. How to fill out 1040 ez   You may have to pay an accuracy-related penalty if you underpay your tax because: You show negligence or disregard of rules or regulations, You substantially understate your income tax, You claim tax benefits for a transaction that lacks economic substance, or You fail to disclose a foreign financial asset. How to fill out 1040 ez The penalty is equal to 20% of the underpayment. How to fill out 1040 ez The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. How to fill out 1040 ez The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. How to fill out 1040 ez Negligence or disregard. How to fill out 1040 ez   The term “negligence” includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return. How to fill out 1040 ez Negligence also includes failure to keep adequate books and records. How to fill out 1040 ez You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. How to fill out 1040 ez   The term “disregard” includes any careless, reckless, or intentional disregard. How to fill out 1040 ez Adequate disclosure. How to fill out 1040 ez   You can avoid the penalty for disregard of rules or regulations if you adequately disclose on your return a position that has at least a reasonable basis. How to fill out 1040 ez See Disclosure statement , later. How to fill out 1040 ez   This exception will not apply to an item that is attributable to a tax shelter. How to fill out 1040 ez In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. How to fill out 1040 ez Substantial understatement of income tax. How to fill out 1040 ez   You understate your tax if the tax shown on your return is less than the correct tax. How to fill out 1040 ez The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. How to fill out 1040 ez However, the amount of the understatement is reduced to the extent the understatement is due to: Substantial authority, or Adequate disclosure and a reasonable basis. How to fill out 1040 ez   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. How to fill out 1040 ez However, there is a reduction for a position with substantial authority, but only if you reasonably believed that your tax treatment was more likely than not the proper treatment. How to fill out 1040 ez Substantial authority. How to fill out 1040 ez   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. How to fill out 1040 ez Consideration will be given to court opinions, Treasury regulations, revenue rulings, revenue procedures, and notices and announcements issued by the IRS and published in the Internal Revenue Bulletin that involve the same or similar circumstances as yours. How to fill out 1040 ez Disclosure statement. How to fill out 1040 ez   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. How to fill out 1040 ez You must also have a reasonable basis for treating the item the way you did. How to fill out 1040 ez   In cases of substantial understatement only, items that meet the requirements of Revenue Procedure 2012-51, 2012-51 IRB 719 (or later update) are considered adequately disclosed on your return without filing Form 8275. How to fill out 1040 ez   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. How to fill out 1040 ez Transaction lacking economic substance. How to fill out 1040 ez   For more information on economic substance, see section 7701(o). How to fill out 1040 ez Foreign financial asset. How to fill out 1040 ez   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. How to fill out 1040 ez Reasonable cause. How to fill out 1040 ez   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. How to fill out 1040 ez You must also show that you acted in good faith. How to fill out 1040 ez This does not apply to a transaction that lacks economic substance. How to fill out 1040 ez Filing erroneous claim for refund or credit. How to fill out 1040 ez   You may have to pay a penalty if you file an erroneous claim for refund or credit. How to fill out 1040 ez The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. How to fill out 1040 ez However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. How to fill out 1040 ez The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. How to fill out 1040 ez Frivolous tax submission. How to fill out 1040 ez   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. How to fill out 1040 ez A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. How to fill out 1040 ez For more information on frivolous returns, frivolous submissions, and a list of positions that are identified as frivolous, see Notice 2010-33, 2010-17 IRB 609 available at www. How to fill out 1040 ez irs. How to fill out 1040 ez gov/irb/2010-17_irb/ar13. How to fill out 1040 ez html. How to fill out 1040 ez   You will have to pay the penalty if you filed this kind of return or submission based on a frivolous position or a desire to delay or interfere with the administration of federal tax laws. How to fill out 1040 ez This includes altering or striking out the preprinted language above the space provided for your signature. How to fill out 1040 ez   This penalty is added to any other penalty provided by law. How to fill out 1040 ez Fraud. How to fill out 1040 ez   If there is any underpayment of tax on your return due to fraud, a penalty of 75% of the underpayment due to fraud will be added to your tax. How to fill out 1040 ez Failure to supply taxpayer identification number. How to fill out 1040 ez   If you do not include your social security number (SSN) or individual taxpayer identification number (ITIN) or the SSN or ITIN of another person where required on a return, statement, or other document, you will be subject to a penalty of $50 for each failure. How to fill out 1040 ez You will also be subject to a penalty of $50 if you do not give your SSN or ITIN to another person when it is required on a return, statement, or other document. How to fill out 1040 ez   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. How to fill out 1040 ez The number must be shown on the Form 1099-INT or other statement the bank sends you. How to fill out 1040 ez If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. How to fill out 1040 ez (You also may be subject to “backup” withholding of income tax. How to fill out 1040 ez )   You will not have to pay the penalty if you are able to show that the failure was due to reasonable cause and not willful neglect. How to fill out 1040 ez Criminal Penalties You may be subject to criminal prosecution (brought to trial) for actions such as: Tax evasion, Willful failure to file a return, supply information, or pay any tax due, Fraud and false statements, or Preparing and filing a fraudulent return. How to fill out 1040 ez Prev  Up  Next   Home   More Online Publications
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The How To Fill Out 1040 Ez

How to fill out 1040 ez 7. How to fill out 1040 ez   Interest Income Table of Contents Reminder Introduction Useful Items - You may want to see: General InformationSSN for joint account. How to fill out 1040 ez Custodian account for your child. How to fill out 1040 ez Penalty for failure to supply SSN. How to fill out 1040 ez Reporting backup withholding. How to fill out 1040 ez Savings account with parent as trustee. How to fill out 1040 ez Interest not reported on Form 1099-INT. How to fill out 1040 ez Nominees. How to fill out 1040 ez Incorrect amount. How to fill out 1040 ez Information reporting requirement. How to fill out 1040 ez Taxable InterestInterest subject to penalty for early withdrawal. How to fill out 1040 ez Money borrowed to invest in certificate of deposit. How to fill out 1040 ez U. How to fill out 1040 ez S. How to fill out 1040 ez Savings Bonds Education Savings Bond Program U. How to fill out 1040 ez S. How to fill out 1040 ez Treasury Bills, Notes, and Bonds Bonds Sold Between Interest Dates Insurance State or Local Government Obligations Original Issue Discount (OID) When To Report Interest IncomeConstructive receipt. How to fill out 1040 ez How To Report Interest IncomeSchedule B (Form 1040A or 1040). How to fill out 1040 ez Reporting tax-exempt interest. How to fill out 1040 ez U. How to fill out 1040 ez S. How to fill out 1040 ez savings bond interest previously reported. How to fill out 1040 ez Reminder Foreign-source income. How to fill out 1040 ez  If you are a U. How to fill out 1040 ez S. How to fill out 1040 ez citizen with interest income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. How to fill out 1040 ez S. How to fill out 1040 ez law. How to fill out 1040 ez This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. How to fill out 1040 ez Introduction This chapter discusses the following topics. How to fill out 1040 ez Different types of interest income. How to fill out 1040 ez What interest is taxable and what interest is nontaxable. How to fill out 1040 ez When to report interest income. How to fill out 1040 ez How to report interest income on your tax return. How to fill out 1040 ez In general, any interest you receive or that is credited to your account and can be withdrawn is taxable income. How to fill out 1040 ez Exceptions to this rule are discussed later in this chapter. How to fill out 1040 ez You may be able to deduct expenses you have in earning this income on Schedule A (Form 1040) if you itemize your deductions. How to fill out 1040 ez See Money borrowed to invest in certificate of deposit , later, and chapter 28. How to fill out 1040 ez Useful Items - You may want to see: Publication 537 Installment Sales 550 Investment Income and Expenses 1212 Guide to Original Issue Discount (OID) Instruments Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends 8815 Exclusion of Interest From Series EE and I U. How to fill out 1040 ez S. How to fill out 1040 ez Savings Bonds Issued After 1989 8818 Optional Form To Record Redemption of Series EE and I U. How to fill out 1040 ez S. How to fill out 1040 ez Savings Bonds Issued After 1989 General Information A few items of general interest are covered here. How to fill out 1040 ez Recordkeeping. How to fill out 1040 ez You should keep a list showing sources and interest amounts received during the year. How to fill out 1040 ez Also, keep the forms you receive showing your interest income (Forms 1099-INT, for example) as an important part of your records. How to fill out 1040 ez Tax on unearned income of certain children. How to fill out 1040 ez    Part of a child's 2013 unearned income may be taxed at the parent's tax rate. How to fill out 1040 ez If so, Form 8615, Tax for Certain Children Who Have Unearned Income, must be completed and attached to the child's tax return. How to fill out 1040 ez If not, Form 8615 is not required and the child's income is taxed at his or her own tax rate. How to fill out 1040 ez   Some parents can choose to include the child's interest and dividends on the parent's return. How to fill out 1040 ez If you can, use Form 8814, Parents' Election To Report Child's Interest and Dividends, for this purpose. How to fill out 1040 ez   For more information about the tax on unearned income of children and the parents' election, see chapter 31. How to fill out 1040 ez Beneficiary of an estate or trust. How to fill out 1040 ez   Interest you receive as a beneficiary of an estate or trust is generally taxable income. How to fill out 1040 ez You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. How to fill out 1040 ez , from the fiduciary. How to fill out 1040 ez Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. How to fill out 1040 ez Social security number (SSN). How to fill out 1040 ez   You must give your name and SSN or individual tax identification number (ITIN) to any person required by federal tax law to make a return, statement, or other document that relates to you. How to fill out 1040 ez This includes payers of interest. How to fill out 1040 ez If you do not give your SSN or ITIN to the payer of interest, you may have to pay a penalty. How to fill out 1040 ez SSN for joint account. How to fill out 1040 ez   If the funds in a joint account belong to one person, list that person's name first on the account and give that person's SSN to the payer. How to fill out 1040 ez (For information on who owns the funds in a joint account, see Joint accounts , later. How to fill out 1040 ez ) If the joint account contains combined funds, give the SSN of the person whose name is listed first on the account. How to fill out 1040 ez This is because only one name and SSN can be shown on Form 1099. How to fill out 1040 ez   These rules apply both to joint ownership by a married couple and to joint ownership by other individuals. How to fill out 1040 ez For example, if you open a joint savings account with your child using funds belonging to the child, list the child's name first on the account and give the child's SSN. How to fill out 1040 ez Custodian account for your child. How to fill out 1040 ez   If your child is the actual owner of an account that is recorded in your name as custodian for the child, give the child's SSN to the payer. How to fill out 1040 ez For example, you must give your child's SSN to the payer of interest on an account owned by your child, even though the interest is paid to you as custodian. How to fill out 1040 ez Penalty for failure to supply SSN. How to fill out 1040 ez   If you do not give your SSN to the payer of interest, you may have to pay a penalty. How to fill out 1040 ez See Failure to supply SSN under Penalties in chapter 1. How to fill out 1040 ez Backup withholding also may apply. How to fill out 1040 ez Backup withholding. How to fill out 1040 ez   Your interest income is generally not subject to regular withholding. How to fill out 1040 ez However, it may be subject to backup withholding to ensure that income tax is collected on the income. How to fill out 1040 ez Under backup withholding, the payer of interest must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. How to fill out 1040 ez   Backup withholding may also be required if the IRS has determined that you underreported your interest or dividend income. How to fill out 1040 ez For more information, see Backup Withholding in chapter 4. How to fill out 1040 ez Reporting backup withholding. How to fill out 1040 ez   If backup withholding is deducted from your interest income, the payer must give you a Form 1099-INT for the year indicating the amount withheld. How to fill out 1040 ez The Form 1099-INT will show any backup withholding as “Federal income tax withheld. How to fill out 1040 ez ” Joint accounts. How to fill out 1040 ez   If two or more persons hold property (such as a savings account or bond) as joint tenants, tenants by the entirety, or tenants in common, each person's share of any interest from the property is determined by local law. How to fill out 1040 ez Income from property given to a child. How to fill out 1040 ez   Property you give as a parent to your child under the Model Gifts of Securities to Minors Act, the Uniform Gifts to Minors Act, or any similar law becomes the child's property. How to fill out 1040 ez   Income from the property is taxable to the child, except that any part used to satisfy a legal obligation to support the child is taxable to the parent or guardian having that legal obligation. How to fill out 1040 ez Savings account with parent as trustee. How to fill out 1040 ez   Interest income from a savings account opened for a minor child, but placed in the name and subject to the order of the parents as trustees, is taxable to the child if, under the law of the state in which the child resides, both of the following are true. How to fill out 1040 ez The savings account legally belongs to the child. How to fill out 1040 ez The parents are not legally permitted to use any of the funds to support the child. How to fill out 1040 ez Form 1099-INT. How to fill out 1040 ez   Interest income is generally reported to you on Form 1099-INT, or a similar statement, by banks, savings and loans, and other payers of interest. How to fill out 1040 ez This form shows you the interest you received during the year. How to fill out 1040 ez Keep this form for your records. How to fill out 1040 ez You do not have to attach it to your tax return. How to fill out 1040 ez   Report on your tax return the total interest income you receive for the tax year. How to fill out 1040 ez Interest not reported on Form 1099-INT. How to fill out 1040 ez   Even if you do not receive Form 1099-INT, you must still report all of your interest income. How to fill out 1040 ez For example, you may receive distributive shares of interest from partnerships or S corporations. How to fill out 1040 ez This interest is reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deduction, Credits, etc. How to fill out 1040 ez , or Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. How to fill out 1040 ez Nominees. How to fill out 1040 ez   Generally, if someone receives interest as a nominee for you, that person must give you a Form 1099-INT showing the interest received on your behalf. How to fill out 1040 ez   If you receive a Form 1099-INT that includes amounts belonging to another person, see the discussion on nominee distributions under How To Report Interest Income in chapter 1 of Publication 550, or Schedule B (Form 1040A or 1040) instructions. How to fill out 1040 ez Incorrect amount. How to fill out 1040 ez   If you receive a Form 1099-INT that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. How to fill out 1040 ez The new Form 1099-INT you receive will be marked “Corrected. How to fill out 1040 ez ” Form 1099-OID. How to fill out 1040 ez   Reportable interest income also may be shown on Form 1099-OID, Original Issue Discount. How to fill out 1040 ez For more information about amounts shown on this form, see Original Issue Discount (OID) , later in this chapter. How to fill out 1040 ez Exempt-interest dividends. How to fill out 1040 ez   Exempt-interest dividends you receive from a mutual fund or other regulated investment company, including those received from a qualified fund of funds in any tax year beginning after December 22, 2010, are not included in your taxable income. How to fill out 1040 ez (However, see Information reporting requirement , next. How to fill out 1040 ez ) Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. How to fill out 1040 ez You do not reduce your basis for distributions that are exempt-interest dividends. How to fill out 1040 ez Information reporting requirement. How to fill out 1040 ez   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file. How to fill out 1040 ez This is an information reporting requirement and does not change the exempt-interest dividends into taxable income. How to fill out 1040 ez Note. How to fill out 1040 ez Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. How to fill out 1040 ez See Alternative Minimum Tax (AMT) in chapter 30 for more information. How to fill out 1040 ez Chapter 1 of Publication 550 contains a discussion on private activity bonds under State or Local Government Obligations. How to fill out 1040 ez Interest on VA dividends. How to fill out 1040 ez   Interest on insurance dividends left on deposit with the Department of Veterans Affairs (VA) is not taxable. How to fill out 1040 ez This includes interest paid on dividends on converted United States Government Life Insurance and on National Service Life Insurance policies. How to fill out 1040 ez Individual retirement arrangements (IRAs). How to fill out 1040 ez   Interest on a Roth IRA generally is not taxable. How to fill out 1040 ez Interest on a traditional IRA is tax deferred. How to fill out 1040 ez You generally do not include it in your income until you make withdrawals from the IRA. How to fill out 1040 ez See chapter 17. How to fill out 1040 ez Taxable Interest Taxable interest includes interest you receive from bank accounts, loans you make to others, and other sources. How to fill out 1040 ez The following are some sources of taxable interest. How to fill out 1040 ez Dividends that are actually interest. How to fill out 1040 ez   Certain distributions commonly called dividends are actually interest. How to fill out 1040 ez You must report as interest so-called “dividends” on deposits or on share accounts in: Cooperative banks, Credit unions, Domestic building and loan associations, Domestic savings and loan associations, Federal savings and loan associations, and Mutual savings banks. How to fill out 1040 ez  The “dividends” will be shown as interest income on Form 1099-INT. How to fill out 1040 ez Money market funds. How to fill out 1040 ez   Money market funds pay dividends and are offered by nonbank financial institutions, such as mutual funds and stock brokerage houses. How to fill out 1040 ez Generally, amounts you receive from money market funds should be reported as dividends, not as interest. How to fill out 1040 ez Certificates of deposit and other deferred interest accounts. How to fill out 1040 ez   If you open any of these accounts, interest may be paid at fixed intervals of 1 year or less during the term of the account. How to fill out 1040 ez You generally must include this interest in your income when you actually receive it or are entitled to receive it without paying a substantial penalty. How to fill out 1040 ez The same is true for accounts that mature in 1 year or less and pay interest in a single payment at maturity. How to fill out 1040 ez If interest is deferred for more than 1 year, see Original Issue Discount (OID) , later. How to fill out 1040 ez Interest subject to penalty for early withdrawal. How to fill out 1040 ez   If you withdraw funds from a deferred interest account before maturity, you may have to pay a penalty. How to fill out 1040 ez You must report the total amount of interest paid or credited to your account during the year, without subtracting the penalty. How to fill out 1040 ez See Penalty on early withdrawal of savings in chapter 1 of Publication 550 for more information on how to report the interest and deduct the penalty. How to fill out 1040 ez Money borrowed to invest in certificate of deposit. How to fill out 1040 ez   The interest you pay on money borrowed from a bank or savings institution to meet the minimum deposit required for a certificate of deposit from the institution and the interest you earn on the certificate are two separate items. How to fill out 1040 ez You must report the total interest you earn on the certificate in your income. How to fill out 1040 ez If you itemize deductions, you can deduct the interest you pay as investment interest, up to the amount of your net investment income. How to fill out 1040 ez See Interest Expenses in chapter 3 of Publication 550. How to fill out 1040 ez Example. How to fill out 1040 ez You deposited $5,000 with a bank and borrowed $5,000 from the bank to make up the $10,000 minimum deposit required to buy a 6-month certificate of deposit. How to fill out 1040 ez The certificate earned $575 at maturity in 2013, but you received only $265, which represented the $575 you earned minus $310 interest charged on your $5,000 loan. How to fill out 1040 ez The bank gives you a Form 1099-INT for 2013 showing the $575 interest you earned. How to fill out 1040 ez The bank also gives you a statement showing that you paid $310 interest for 2013. How to fill out 1040 ez You must include the $575 in your income. How to fill out 1040 ez If you itemize your deductions on Schedule A (Form 1040), you can deduct $310, subject to the net investment income limit. How to fill out 1040 ez Gift for opening account. How to fill out 1040 ez   If you receive noncash gifts or services for making deposits or for opening an account in a savings institution, you may have to report the value as interest. How to fill out 1040 ez   For deposits of less than $5,000, gifts or services valued at more than $10 must be reported as interest. How to fill out 1040 ez For deposits of $5,000 or more, gifts or services valued at more than $20 must be reported as interest. How to fill out 1040 ez The value is determined by the cost to the financial institution. How to fill out 1040 ez Example. How to fill out 1040 ez You open a savings account at your local bank and deposit $800. How to fill out 1040 ez The account earns $20 interest. How to fill out 1040 ez You also receive a $15 calculator. How to fill out 1040 ez If no other interest is credited to your account during the year, the Form 1099-INT you receive will show $35 interest for the year. How to fill out 1040 ez You must report $35 interest income on your tax return. How to fill out 1040 ez Interest on insurance dividends. How to fill out 1040 ez   Interest on insurance dividends left on deposit with an insurance company that can be withdrawn annually is taxable to you in the year it is credited to your account. How to fill out 1040 ez However, if you can withdraw it only on the anniversary date of the policy (or other specified date), the interest is taxable in the year that date occurs. How to fill out 1040 ez Prepaid insurance premiums. How to fill out 1040 ez   Any increase in the value of prepaid insurance premiums, advance premiums, or premium deposit funds is interest if it is applied to the payment of premiums due on insurance policies or made available for you to withdraw. How to fill out 1040 ez U. How to fill out 1040 ez S. How to fill out 1040 ez obligations. How to fill out 1040 ez   Interest on U. How to fill out 1040 ez S. How to fill out 1040 ez obligations, such as U. How to fill out 1040 ez S. How to fill out 1040 ez Treasury bills, notes, and bonds, issued by any agency or instrumentality of the United States is taxable for federal income tax purposes. How to fill out 1040 ez Interest on tax refunds. How to fill out 1040 ez   Interest you receive on tax refunds is taxable income. How to fill out 1040 ez Interest on condemnation award. How to fill out 1040 ez   If the condemning authority pays you interest to compensate you for a delay in payment of an award, the interest is taxable. How to fill out 1040 ez Installment sale payments. How to fill out 1040 ez   If a contract for the sale or exchange of property provides for deferred payments, it also usually provides for interest payable with the deferred payments. How to fill out 1040 ez That interest is taxable when you receive it. How to fill out 1040 ez If little or no interest is provided for in a deferred payment contract, part of each payment may be treated as interest. How to fill out 1040 ez See Unstated Interest and Original Issue Discount in Publication 537, Installment Sales. How to fill out 1040 ez Interest on annuity contract. How to fill out 1040 ez   Accumulated interest on an annuity contract you sell before its maturity date is taxable. How to fill out 1040 ez Usurious interest. How to fill out 1040 ez   Usurious interest is interest charged at an illegal rate. How to fill out 1040 ez This is taxable as interest unless state law automatically changes it to a payment on the principal. How to fill out 1040 ez Interest income on frozen deposits. How to fill out 1040 ez   Exclude from your gross income interest on frozen deposits. How to fill out 1040 ez A deposit is frozen if, at the end of the year, you cannot withdraw any part of the deposit because: The financial institution is bankrupt or insolvent, or The state where the institution is located has placed limits on withdrawals because other financial institutions in the state are bankrupt or insolvent. How to fill out 1040 ez   The amount of interest you must exclude is the interest that was credited on the frozen deposits minus the sum of: The net amount you withdrew from these deposits during the year, and The amount you could have withdrawn as of the end of the year (not reduced by any penalty for premature withdrawals of a time deposit). How to fill out 1040 ez If you receive a Form 1099-INT for interest income on deposits that were frozen at the end of 2013, see Frozen deposits under How To Report Interest Income in chapter 1 of Publication 550, for information about reporting this interest income exclusion on your tax return. How to fill out 1040 ez   The interest you exclude is treated as credited to your account in the following year. How to fill out 1040 ez You must include it in income in the year you can withdraw it. How to fill out 1040 ez Example. How to fill out 1040 ez $100 of interest was credited on your frozen deposit during the year. How to fill out 1040 ez You withdrew $80 but could not withdraw any more as of the end of the year. How to fill out 1040 ez You must include $80 in your income and exclude $20 from your income for the year. How to fill out 1040 ez You must include the $20 in your income for the year you can withdraw it. How to fill out 1040 ez Bonds traded flat. How to fill out 1040 ez   If you buy a bond at a discount when interest has been defaulted or when the interest has accrued but has not been paid, the transaction is described as trading a bond flat. How to fill out 1040 ez The defaulted or unpaid interest is not income and is not taxable as interest if paid later. How to fill out 1040 ez When you receive a payment of that interest, it is a return of capital that reduces the remaining cost basis of your bond. How to fill out 1040 ez Interest that accrues after the date of purchase, however, is taxable interest income for the year it is received or accrued. How to fill out 1040 ez See Bonds Sold Between Interest Dates , later, for more information. How to fill out 1040 ez Below-market loans. How to fill out 1040 ez   In general, a below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. How to fill out 1040 ez See Below-Market Loans in chapter 1 of Publication 550 for more information. How to fill out 1040 ez U. How to fill out 1040 ez S. How to fill out 1040 ez Savings Bonds This section provides tax information on U. How to fill out 1040 ez S. How to fill out 1040 ez savings bonds. How to fill out 1040 ez It explains how to report the interest income on these bonds and how to treat transfers of these bonds. How to fill out 1040 ez For other information on U. How to fill out 1040 ez S. How to fill out 1040 ez savings bonds, write to:  For series EE and I paper savings bonds: Bureau of the Public Debt Division of Customer Assistance P. How to fill out 1040 ez O. How to fill out 1040 ez Box 7012 Parkersburg, WV 26106-7012  For series EE and I electronic bonds: Bureau of the Public Debt Division of Customer Assistance P. How to fill out 1040 ez O. How to fill out 1040 ez Box 7015 Parkersburg, WV 26106–7015  For series HH/H: Bureau of the Public Debt Division of Customer Assistance P. How to fill out 1040 ez O. How to fill out 1040 ez Box 2186 Parkersburg, WV 26106-2186 Or, on the Internet, visit: www. How to fill out 1040 ez treasurydirect. How to fill out 1040 ez gov/indiv/indiv. How to fill out 1040 ez htm. How to fill out 1040 ez Accrual method taxpayers. How to fill out 1040 ez   If you use an accrual method of accounting, you must report interest on U. How to fill out 1040 ez S. How to fill out 1040 ez savings bonds each year as it accrues. How to fill out 1040 ez You cannot postpone reporting interest until you receive it or until the bonds mature. How to fill out 1040 ez Accrual methods of accounting are explained in chapter 1 under Accounting Methods . How to fill out 1040 ez Cash method taxpayers. How to fill out 1040 ez   If you use the cash method of accounting, as most individual taxpayers do, you generally report the interest on U. How to fill out 1040 ez S. How to fill out 1040 ez savings bonds when you receive it. How to fill out 1040 ez The cash method of accounting is explained in chapter 1 under Accounting Methods. How to fill out 1040 ez But see Reporting options for cash method taxpayers , later. How to fill out 1040 ez Series HH bonds. How to fill out 1040 ez    These bonds were issued at face value. How to fill out 1040 ez Interest is paid twice a year by direct deposit to your bank account. How to fill out 1040 ez If you are a cash method taxpayer, you must report interest on these bonds as income in the year you receive it. How to fill out 1040 ez   Series HH bonds were first offered in 1980 and last offered in August 2004. How to fill out 1040 ez Before 1980, series H bonds were issued. How to fill out 1040 ez Series H bonds are treated the same as series HH bonds. How to fill out 1040 ez If you are a cash method taxpayer, you must report the interest when you receive it. How to fill out 1040 ez   Series H bonds have a maturity period of 30 years. How to fill out 1040 ez Series HH bonds mature in 20 years. How to fill out 1040 ez The last series H bonds matured in 2009. How to fill out 1040 ez Series EE and series I bonds. How to fill out 1040 ez   Interest on these bonds is payable when you redeem the bonds. How to fill out 1040 ez The difference between the purchase price and the redemption value is taxable interest. How to fill out 1040 ez Series EE bonds. How to fill out 1040 ez   Series EE bonds were first offered in January 1980 and have a maturity period of 30 years. How to fill out 1040 ez   Before July 1980, series E bonds were issued. How to fill out 1040 ez The original 10-year maturity period of series E bonds has been extended to 40 years for bonds issued before December 1965 and 30 years for bonds issued after November 1965. How to fill out 1040 ez Paper series EE and series E bonds are issued at a discount. How to fill out 1040 ez The face value is payable to you at maturity. How to fill out 1040 ez Electronic series EE bonds are issued at their face value. How to fill out 1040 ez The face value plus accrued interest is payable to you at maturity. How to fill out 1040 ez As of January 1, 2012, paper savings bonds were no longer sold at financial institutions. How to fill out 1040 ez   Owners of paper series EE bonds can convert them to electronic bonds. How to fill out 1040 ez These converted bonds do not retain the denomination listed on the paper certificate but are posted at their purchase price (with accrued interest). How to fill out 1040 ez Series I bonds. How to fill out 1040 ez   Series I bonds were first offered in 1998. How to fill out 1040 ez These are inflation-indexed bonds issued at their face amount with a maturity period of 30 years. How to fill out 1040 ez The face value plus all accrued interest is payable to you at maturity. How to fill out 1040 ez Reporting options for cash method taxpayers. How to fill out 1040 ez   If you use the cash method of reporting income, you can report the interest on series EE, series E, and series I bonds in either of the following ways. How to fill out 1040 ez Method 1. How to fill out 1040 ez Postpone reporting the interest until the earlier of the year you cash or dispose of the bonds or the year they mature. How to fill out 1040 ez (However, see Savings bonds traded , later. How to fill out 1040 ez )  Note. How to fill out 1040 ez Series EE bonds issued in 1983 matured in 2013. How to fill out 1040 ez If you have used method 1, you generally must report the interest on these bonds on your 2013 return. How to fill out 1040 ez The last series E bonds were issued in 1980 and matured in 2010. How to fill out 1040 ez If you used method 1, you generally should have reported the interest on these bonds on your 2010 return. How to fill out 1040 ez Method 2. How to fill out 1040 ez Choose to report the increase in redemption value as interest each year. How to fill out 1040 ez You must use the same method for all series EE, series E, and series I bonds you own. How to fill out 1040 ez If you do not choose method 2 by reporting the increase in redemption value as interest each year, you must use method 1. How to fill out 1040 ez    If you plan to cash your bonds in the same year you will pay for higher education expenses, you may want to use method 1 because you may be able to exclude the interest from your income. How to fill out 1040 ez To learn how, see Education Savings Bond Program, later. How to fill out 1040 ez Change from method 1. How to fill out 1040 ez   If you want to change your method of reporting the interest from method 1 to method 2, you can do so without permission from the IRS. How to fill out 1040 ez In the year of change you must report all interest accrued to date and not previously reported for all your bonds. How to fill out 1040 ez   Once you choose to report the interest each year, you must continue to do so for all series EE, series E, and series I bonds you own and for any you get later, unless you request permission to change, as explained next. How to fill out 1040 ez Change from method 2. How to fill out 1040 ez   To change from method 2 to method 1, you must request permission from the IRS. How to fill out 1040 ez Permission for the change is automatically granted if you send the IRS a statement that meets all the following requirements. How to fill out 1040 ez You have typed or printed the following number at the top: “131. How to fill out 1040 ez ” It includes your name and social security number under “131. How to fill out 1040 ez ” It includes the year of change (both the beginning and ending dates). How to fill out 1040 ez It identifies the savings bonds for which you are requesting this change. How to fill out 1040 ez It includes your agreement to: Report all interest on any bonds acquired during or after the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, and Report all interest on the bonds acquired before the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, with the exception of the interest reported in prior tax years. How to fill out 1040 ez   You must attach this statement to your tax return for the year of change, which you must file by the due date (including extensions). How to fill out 1040 ez   You can have an automatic extension of 6 months from the due date of your return for the year of change (excluding extensions) to file the statement with an amended return. How to fill out 1040 ez On the statement, type or print “Filed pursuant to section 301. How to fill out 1040 ez 9100-2. How to fill out 1040 ez ” To get this extension, you must have filed your original return for the year of the change by the due date (including extensions). How to fill out 1040 ez    By the date you file the original statement with your return, you must also send a signed copy to the address below. How to fill out 1040 ez   Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) P. How to fill out 1040 ez O. How to fill out 1040 ez Box 7604 Benjamin Franklin Station Washington, DC 20044   If you use a private delivery service, send the signed copy to the address below. How to fill out 1040 ez   Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) Room 5336 1111 Constitution Avenue, NW  Washington, DC 20224   Instead of filing this statement, you can request permission to change from method 2 to method 1 by filing Form 3115, Application for Change in Accounting Method. How to fill out 1040 ez In that case, follow the form instructions for an automatic change. How to fill out 1040 ez No user fee is required. How to fill out 1040 ez Co-owners. How to fill out 1040 ez   If a U. How to fill out 1040 ez S. How to fill out 1040 ez savings bond is issued in the names of co-owners, such as you and your child or you and your spouse, interest on the bond is generally taxable to the co-owner who bought the bond. How to fill out 1040 ez One co-owner's funds used. How to fill out 1040 ez    If you used your funds to buy the bond, you must pay the tax on the interest. How to fill out 1040 ez This is true even if you let the other co-owner redeem the bond and keep all the proceeds. How to fill out 1040 ez Under these circumstances, the co-owner who redeemed the bond will receive a Form 1099-INT at the time of redemption and must provide you with another Form 1099-INT showing the amount of interest from the bond taxable to you. How to fill out 1040 ez The co-owner who redeemed the bond is a “nominee. How to fill out 1040 ez ” See Nominee distributions under How To Report Interest Income in chapter 1 of Publication 550 for more information about how a person who is a nominee reports interest income belonging to another person. How to fill out 1040 ez Both co-owners' funds used. How to fill out 1040 ez   If you and the other co-owner each contribute part of the bond's purchase price, the interest is generally taxable to each of you, in proportion to the amount each of you paid. How to fill out 1040 ez Community property. How to fill out 1040 ez   If you and your spouse live in a community property state and hold bonds as community property, one-half of the interest is considered received by each of you. How to fill out 1040 ez If you file separate returns, each of you generally must report one-half of the bond interest. How to fill out 1040 ez For more information about community property, see Publication 555. How to fill out 1040 ez Table 7-1. How to fill out 1040 ez   These rules are also shown in Table 7-1. How to fill out 1040 ez Ownership transferred. How to fill out 1040 ez   If you bought series E, series EE, or series I bonds entirely with your own funds and had them reissued in your co-owner's name or beneficiary's name alone, you must include in your gross income for the year of reissue all interest that you earned on these bonds and have not previously reported. How to fill out 1040 ez But, if the bonds were reissued in your name alone, you do not have to report the interest accrued at that time. How to fill out 1040 ez   This same rule applies when bonds (other than bonds held as community property) are transferred between spouses or incident to divorce. How to fill out 1040 ez Purchased jointly. How to fill out 1040 ez   If you and a co-owner each contributed funds to buy series E, series EE, or series I bonds jointly and later have the bonds reissued in the co-owner's name alone, you must include in your gross income for the year of reissue your share of all the interest earned on the bonds that you have not previously reported. How to fill out 1040 ez The former co-owner does not have to include in gross income at the time of reissue his or her share of the interest earned that was not reported before the transfer. How to fill out 1040 ez This interest, however, as well as all interest earned after the reissue, is income to the former co-owner. How to fill out 1040 ez   This income-reporting rule also applies when the bonds are reissued in the name of your former co-owner and a new co-owner. How to fill out 1040 ez But the new co-owner will report only his or her share of the interest earned after the transfer. How to fill out 1040 ez   If bonds that you and a co-owner bought jointly are reissued to each of you separately in the same proportion as your contribution to the purchase price, neither you nor your co-owner has to report at that time the interest earned before the bonds were reissued. How to fill out 1040 ez    Table 7-1. How to fill out 1040 ez Who Pays the Tax on U. How to fill out 1040 ez S. How to fill out 1040 ez Savings Bond Interest IF . How to fill out 1040 ez . How to fill out 1040 ez . How to fill out 1040 ez THEN the interest must be reported by . How to fill out 1040 ez . How to fill out 1040 ez . How to fill out 1040 ez you buy a bond in your name and the name of another person as co-owners, using only your own funds you. How to fill out 1040 ez you buy a bond in the name of another person, who is the sole owner of the bond the person for whom you bought the bond. How to fill out 1040 ez you and another person buy a bond as co-owners, each contributing part of the purchase price both you and the other co-owner, in proportion to the amount each paid for the bond. How to fill out 1040 ez you and your spouse, who live in a community property state, buy a bond that is community property you and your spouse. How to fill out 1040 ez If you file separate returns, both you and your spouse generally report one-half of the interest. How to fill out 1040 ez Example 1. How to fill out 1040 ez You and your spouse each spent an equal amount to buy a $1,000 series EE savings bond. How to fill out 1040 ez The bond was issued to you and your spouse as co-owners. How to fill out 1040 ez You both postpone reporting interest on the bond. How to fill out 1040 ez You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. How to fill out 1040 ez At that time neither you nor your spouse has to report the interest earned to the date of reissue. How to fill out 1040 ez Example 2. How to fill out 1040 ez You bought a $1,000 series EE savings bond entirely with your own funds. How to fill out 1040 ez The bond was issued to you and your spouse as co-owners. How to fill out 1040 ez You both postpone reporting interest on the bond. How to fill out 1040 ez You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. How to fill out 1040 ez You must report half the interest earned to the date of reissue. How to fill out 1040 ez Transfer to a trust. How to fill out 1040 ez   If you own series E, series EE, or series I bonds and transfer them to a trust, giving up all rights of ownership, you must include in your income for that year the interest earned to the date of transfer if you have not already reported it. How to fill out 1040 ez However, if you are considered the owner of the trust and if the increase in value both before and after the transfer continues to be taxable to you, you can continue to defer reporting the interest earned each year. How to fill out 1040 ez You must include the total interest in your income in the year you cash or dispose of the bonds or the year the bonds finally mature, whichever is earlier. How to fill out 1040 ez   The same rules apply to previously unreported interest on series EE or series E bonds if the transfer to a trust consisted of series HH or series H bonds you acquired in a trade for the series EE or series E bonds. How to fill out 1040 ez See Savings bonds traded , later. How to fill out 1040 ez Decedents. How to fill out 1040 ez   The manner of reporting interest income on series E, series EE, or series I bonds, after the death of the owner (decedent), depends on the accounting and income-reporting methods previously used by the decedent. How to fill out 1040 ez This is explained in chapter 1 of Publication 550. How to fill out 1040 ez Savings bonds traded. How to fill out 1040 ez   If you postponed reporting the interest on your series EE or series E bonds, you did not recognize taxable income when you traded the bonds for series HH or series H bonds, unless you received cash in the trade. How to fill out 1040 ez (You cannot trade series I bonds for series HH bonds. How to fill out 1040 ez After August 31, 2004, you cannot trade any other series of bonds for series HH bonds. How to fill out 1040 ez ) Any cash you received is income up to the amount of the interest earned on the bonds traded. How to fill out 1040 ez When your series HH or series H bonds mature, or if you dispose of them before maturity, you report as interest the difference between their redemption value and your cost. How to fill out 1040 ez Your cost is the sum of the amount you paid for the traded series EE or series E bonds plus any amount you had to pay at the time of the trade. How to fill out 1040 ez Example. How to fill out 1040 ez You traded series EE bonds (on which you postponed reporting the interest) for $2,500 in series HH bonds and $223 in cash. How to fill out 1040 ez You reported the $223 as taxable income on your tax return. How to fill out 1040 ez At the time of the trade, the series EE bonds had accrued interest of $523 and a redemption value of $2,723. How to fill out 1040 ez You hold the series HH bonds until maturity, when you receive $2,500. How to fill out 1040 ez You must report $300 as interest income in the year of maturity. How to fill out 1040 ez This is the difference between their redemption value, $2,500, and your cost, $2,200 (the amount you paid for the series EE bonds). How to fill out 1040 ez (It is also the difference between the accrued interest of $523 on the series EE bonds and the $223 cash received on the trade. How to fill out 1040 ez ) Choice to report interest in year of trade. How to fill out 1040 ez   You could have chosen to treat all of the previously unreported accrued interest on the series EE or series E bonds traded for series HH bonds as income in the year of the trade. How to fill out 1040 ez If you made this choice, it is treated as a change from method 1. How to fill out 1040 ez See Change from method 1 under Series EE and series I bonds, earlier. How to fill out 1040 ez Form 1099-INT for U. How to fill out 1040 ez S. How to fill out 1040 ez savings bonds interest. How to fill out 1040 ez   When you cash a bond, the bank or other payer that redeems it must give you a Form 1099-INT if the interest part of the payment you receive is $10 or more. How to fill out 1040 ez Box 3 of your Form 1099-INT should show the interest as the difference between the amount you received and the amount paid for the bond. How to fill out 1040 ez However, your Form 1099-INT may show more interest than you have to include on your income tax return. How to fill out 1040 ez For example, this may happen if any of the following are true. How to fill out 1040 ez You chose to report the increase in the redemption value of the bond each year. How to fill out 1040 ez The interest shown on your Form 1099-INT will not be reduced by amounts previously included in income. How to fill out 1040 ez You received the bond from a decedent. How to fill out 1040 ez The interest shown on your Form 1099-INT will not be reduced by any interest reported by the decedent before death, or on the decedent's final return, or by the estate on the estate's income tax return. How to fill out 1040 ez Ownership of the bond was transferred. How to fill out 1040 ez The interest shown on your Form 1099-INT will not be reduced by interest that accrued before the transfer. How to fill out 1040 ez You were named as a co-owner, and the other co-owner contributed funds to buy the bond. How to fill out 1040 ez The interest shown on your Form 1099-INT will not be reduced by the amount you received as nominee for the other co-owner. How to fill out 1040 ez (See Co-owners , earlier in this chapter, for more information about the reporting requirements. How to fill out 1040 ez ) You received the bond in a taxable distribution from a retirement or profit-sharing plan. How to fill out 1040 ez The interest shown on your Form 1099-INT will not be reduced by the interest portion of the amount taxable as a distribution from the plan and not taxable as interest. How to fill out 1040 ez (This amount is generally shown on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. How to fill out 1040 ez , for the year of distribution. How to fill out 1040 ez )   For more information on including the correct amount of interest on your return, see How To Report Interest Income , later. How to fill out 1040 ez Publication 550 includes examples showing how to report these amounts. How to fill out 1040 ez    Interest on U. How to fill out 1040 ez S. How to fill out 1040 ez savings bonds is exempt from state and local taxes. How to fill out 1040 ez The Form 1099-INT you receive will indicate the amount that is for U. How to fill out 1040 ez S. How to fill out 1040 ez savings bond interest in box 3. How to fill out 1040 ez Education Savings Bond Program You may be able to exclude from income all or part of the interest you receive on the redemption of qualified U. How to fill out 1040 ez S. How to fill out 1040 ez savings bonds during the year if you pay qualified higher educational expenses during the same year. How to fill out 1040 ez This exclusion is known as the Education Savings Bond Program. How to fill out 1040 ez You do not qualify for this exclusion if your filing status is married filing separately. How to fill out 1040 ez Form 8815. How to fill out 1040 ez   Use Form 8815 to figure your exclusion. How to fill out 1040 ez Attach the form to your Form 1040 or Form 1040A. How to fill out 1040 ez Qualified U. How to fill out 1040 ez S. How to fill out 1040 ez savings bonds. How to fill out 1040 ez   A qualified U. How to fill out 1040 ez S. How to fill out 1040 ez savings bond is a series EE bond issued after 1989 or a series I bond. How to fill out 1040 ez The bond must be issued either in your name (sole owner) or in your and your spouse's names (co-owners). How to fill out 1040 ez You must be at least 24 years old before the bond's issue date. How to fill out 1040 ez For example, a bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child. How to fill out 1040 ez    The issue date of a bond may be earlier than the date the bond is purchased because the issue date assigned to a bond is the first day of the month in which it is purchased. How to fill out 1040 ez Beneficiary. How to fill out 1040 ez   You can designate any individual (including a child) as a beneficiary of the bond. How to fill out 1040 ez Verification by IRS. How to fill out 1040 ez   If you claim the exclusion, the IRS will check it by using bond redemption information from the Department of the Treasury. How to fill out 1040 ez Qualified expenses. How to fill out 1040 ez   Qualified higher educational expenses are tuition and fees required for you, your spouse, or your dependent (for whom you claim an exemption) to attend an eligible educational institution. How to fill out 1040 ez   Qualified expenses include any contribution you make to a qualified tuition program or to a Coverdell education savings account. How to fill out 1040 ez   Qualified expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. How to fill out 1040 ez Eligible educational institutions. How to fill out 1040 ez   These institutions include most public, private, and nonprofit universities, colleges, and vocational schools that are accredited and eligible to participate in student aid programs run by the U. How to fill out 1040 ez S. How to fill out 1040 ez Department of Education. How to fill out 1040 ez Reduction for certain benefits. How to fill out 1040 ez   You must reduce your qualified higher educational expenses by all of the following tax-free benefits. How to fill out 1040 ez Tax-free part of scholarships and fellowships (see Scholarships and fellowships in chapter 12). How to fill out 1040 ez Expenses used to figure the tax-free portion of distributions from a Coverdell ESA. How to fill out 1040 ez Expenses used to figure the tax-free portion of distributions from a qualified tuition program. How to fill out 1040 ez Any tax-free payments (other than gifts or inheritances) received for educational expenses, such as Veterans' educational assistance benefits, Qualified tuition reductions, or Employer-provided educational assistance. How to fill out 1040 ez Any expense used in figuring the American Opportunity and lifetime learning credits. How to fill out 1040 ez Amount excludable. How to fill out 1040 ez   If the total proceeds (interest and principal) from the qualified U. How to fill out 1040 ez S. How to fill out 1040 ez savings bonds you redeem during the year are not more than your adjusted qualified higher educational expenses for the year, you may be able to exclude all of the interest. How to fill out 1040 ez If the proceeds are more than the expenses, you may be able to exclude only part of the interest. How to fill out 1040 ez   To determine the excludable amount, multiply the interest part of the proceeds by a fraction. How to fill out 1040 ez The numerator of the fraction is the qualified higher educational expenses you paid during the year. How to fill out 1040 ez The denominator of the fraction is the total proceeds you received during the year. How to fill out 1040 ez Example. How to fill out 1040 ez In February 2013, Mark and Joan, a married couple, cashed a qualified series EE U. How to fill out 1040 ez S. How to fill out 1040 ez savings bond they bought in April 1997. How to fill out 1040 ez They received proceeds of $8,372 representing principal of $5,000 and interest of $3,372. How to fill out 1040 ez In 2013, they paid $4,000 of their daughter's college tuition. How to fill out 1040 ez They are not claiming an education credit for that amount, and their daughter does not have any tax-free educational assistance. How to fill out 1040 ez They can exclude $1,611 ($3,372 × ($4,000 ÷ $8,372)) of interest in 2013. How to fill out 1040 ez They must pay tax on the remaining $1,761 ($3,372 − $1,611) interest. How to fill out 1040 ez Modified adjusted gross income limit. How to fill out 1040 ez   The interest exclusion is limited if your modified adjusted gross income (modified AGI) is: $74,700 to $89,700 for taxpayers filing single or head of household, and $112,050 to $142,050 for married taxpayers filing jointly or for a qualifying widow(er) with dependent child. How to fill out 1040 ez You do not qualify for the interest exclusion if your modified AGI is equal to or more than the upper limit for your filing status. How to fill out 1040 ez   Modified AGI, for purposes of this exclusion, is adjusted gross income (Form 1040, line 37, or Form 1040A, line 21) figured before the interest exclusion, and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion and deduction, Exclusion of income for bona fide residents of American Samoa, Exclusion for income from Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for tuition and fees, Deduction for student loan interest, and Deduction for domestic production activities. How to fill out 1040 ez   Use the Line 9 Worksheet in the Form 8815 instructions to figure your modified AGI. How to fill out 1040 ez If you claim any of the exclusion or deduction items listed above (except items 6, 7, and 8), add the amount of the exclusion or deduction (except items 6, 7, and 8) to the amount on line 5 of the worksheet, and enter the total on Form 8815, line 9, as your modified AGI. How to fill out 1040 ez   If you have investment interest expense incurred to earn royalties and other investment income, see Education Savings Bond Program in chapter 1 of Publication 550. How to fill out 1040 ez Recordkeeping. How to fill out 1040 ez If you claim the interest exclusion, you must keep a written record of the qualified U. How to fill out 1040 ez S. How to fill out 1040 ez savings bonds you redeem. How to fill out 1040 ez Your record must include the serial number, issue date, face value, and total redemption proceeds (principal and interest) of each bond. How to fill out 1040 ez You can use Form 8818 to record this information. How to fill out 1040 ez You should also keep bills, receipts, canceled checks, or other documentation that shows you paid qualified higher educational expenses during the year. How to fill out 1040 ez U. How to fill out 1040 ez S. How to fill out 1040 ez Treasury Bills, Notes, and Bonds Treasury bills, notes, and bonds are direct debts (obligations) of the U. How to fill out 1040 ez S. How to fill out 1040 ez Government. How to fill out 1040 ez Taxation of interest. How to fill out 1040 ez   Interest income from Treasury bills, notes, and bonds is subject to federal income tax but is exempt from all state and local income taxes. How to fill out 1040 ez You should receive Form 1099-INT showing the interest (in box 3) paid to you for the year. How to fill out 1040 ez   Payments of principal and interest generally will be credited to your designated checking or savings account by direct deposit through the TreasuryDirect® system. How to fill out 1040 ez Treasury bills. How to fill out 1040 ez   These bills generally have a 4-week, 13-week, 26-week, or 52-week maturity period. How to fill out 1040 ez They are generally issued at a discount in the amount of $100 and multiples of $100. How to fill out 1040 ez The difference between the discounted price you pay for the bills and the face value you receive at maturity is interest income. How to fill out 1040 ez Generally, you report this interest income when the bill is paid at maturity. How to fill out 1040 ez If you paid a premium for a bill (more than the face value), you generally report the premium as a section 171 deduction when the bill is paid at maturity. How to fill out 1040 ez Treasury notes and bonds. How to fill out 1040 ez   Treasury notes have maturity periods of more than 1 year, ranging up to 10 years. How to fill out 1040 ez Maturity periods for Treasury bonds are longer than 10 years. How to fill out 1040 ez Both generally are issued in denominations of $100 to $1 million and generally pay interest every 6 months. How to fill out 1040 ez Generally, you report this interest for the year paid. How to fill out 1040 ez For more information, see U. How to fill out 1040 ez S. How to fill out 1040 ez Treasury Bills, Notes, and Bonds in chapter 1 of Publication 550. How to fill out 1040 ez For other information on Treasury notes or bonds, write to:  Bureau of the Public Debt P. How to fill out 1040 ez O. How to fill out 1040 ez Box 7015 Parkersburg, WV 26106-7015 Or, on the Internet, visit: www. How to fill out 1040 ez treasurydirect. How to fill out 1040 ez gov/indiv/indiv. How to fill out 1040 ez htm. How to fill out 1040 ez For information on series EE, series I, and series HH savings bonds, see U. How to fill out 1040 ez S. How to fill out 1040 ez Savings Bonds , earlier. How to fill out 1040 ez Treasury inflation-protected securities (TIPS). How to fill out 1040 ez   These securities pay interest twice a year at a fixed rate, based on a principal amount adjusted to take into account inflation and deflation. How to fill out 1040 ez For the tax treatment of these securities, see Inflation-Indexed Debt Instruments under Original Issue Discount (OID), in Publication 550. How to fill out 1040 ez Bonds Sold Between Interest Dates If you sell a bond between interest payment dates, part of the sales price represents interest accrued to the date of sale. How to fill out 1040 ez You must report that part of the sales price as interest income for the year of sale. How to fill out 1040 ez If you buy a bond between interest payment dates, part of the purchase price represents interest accrued before the date of purchase. How to fill out 1040 ez When that interest is paid to you, treat it as a return of your capital investment, rather than interest income, by reducing your basis in the bond. How to fill out 1040 ez See Accrued interest on bonds under How To Report Interest Income in chapter 1 of Publication 550 for information on reporting the payment. How to fill out 1040 ez Insurance Life insurance proceeds paid to you as beneficiary of the insured person are usually not taxable. How to fill out 1040 ez But if you receive the proceeds in installments, you must usually report a part of each installment payment as interest income. How to fill out 1040 ez For more information about insurance proceeds received in installments, see Publication 525, Taxable and Nontaxable Income. How to fill out 1040 ez Annuity. How to fill out 1040 ez   If you buy an annuity with life insurance proceeds, the annuity payments you receive are taxed as pension and annuity income from a nonqualified plan, not as interest income. How to fill out 1040 ez See chapter 10 for information on pension and annuity income from nonqualified plans. How to fill out 1040 ez State or Local Government Obligations Interest on a bond used to finance government operations generally is not taxable if the bond is issued by a state, the District of Columbia, a possession of the United States, or any of their political subdivisions. How to fill out 1040 ez Bonds issued after 1982 (including tribal economic development bonds issued after February 17, 2009) by an Indian tribal government are treated as issued by a state. How to fill out 1040 ez Interest on these bonds is generally tax exempt if the bonds are part of an issue of which substantially all proceeds are to be used in the exercise of any essential government function. How to fill out 1040 ez For information on federally guaranteed bonds, mortgage revenue bonds, arbitrage bonds, private activity bonds, qualified tax credit bonds, and Build America bonds, see State or Local Government Obligations in chapter 1 of Publication 550. How to fill out 1040 ez Information reporting requirement. How to fill out 1040 ez   If you must file a tax return, you are required to show any tax-exempt interest you received on your return. How to fill out 1040 ez This is an information reporting requirement only. How to fill out 1040 ez It does not change tax-exempt interest to taxable interest. How to fill out 1040 ez Original Issue Discount (OID) Original issue discount (OID) is a form of interest. How to fill out 1040 ez You generally include OID in your income as it accrues over the term of the debt instrument, whether or not you receive any payments from the issuer. How to fill out 1040 ez A debt instrument generally has OID when the instrument is issued for a price that is less than its stated redemption price at maturity. How to fill out 1040 ez OID is the difference between the stated redemption price at maturity and the issue price. How to fill out 1040 ez All debt instruments that pay no interest before maturity are presumed to be issued at a discount. How to fill out 1040 ez Zero coupon bonds are one example of these instruments. How to fill out 1040 ez The OID accrual rules generally do not apply to short-term obligations (those with a fixed maturity date of 1 year or less from date of issue). How to fill out 1040 ez See Discount on Short-Term Obligations in chapter 1 of Publication 550. How to fill out 1040 ez De minimis OID. How to fill out 1040 ez   You can treat the discount as zero if it is less than one-fourth of 1% (. How to fill out 1040 ez 0025) of the stated redemption price at maturity multiplied by the number of full years from the date of original issue to maturity. How to fill out 1040 ez This small discount is known as “de minimis” OID. How to fill out 1040 ez Example 1. How to fill out 1040 ez You bought a 10-year bond with a stated redemption price at maturity of $1,000, issued at $980 with OID of $20. How to fill out 1040 ez One-fourth of 1% of $1,000 (stated redemption price) times 10 (the number of full years from the date of original issue to maturity) equals $25. How to fill out 1040 ez Because the $20 discount is less than $25, the OID is treated as zero. How to fill out 1040 ez (If you hold the bond at maturity, you will recognize $20 ($1,000 − $980) of capital gain. How to fill out 1040 ez ) Example 2. How to fill out 1040 ez The facts are the same as in Example 1, except that the bond was issued at $950. How to fill out 1040 ez The OID is $50. How to fill out 1040 ez Because the $50 discount is more than the $25 figured in Example 1, you must include the OID in income as it accrues over the term of the bond. How to fill out 1040 ez Debt instrument bought after original issue. How to fill out 1040 ez   If you buy a debt instrument with de minimis OID at a premium, the discount is not includible in income. How to fill out 1040 ez If you buy a debt instrument with de minimis OID at a discount, the discount is reported under the market discount rules. How to fill out 1040 ez See Market Discount Bonds in chapter 1 of Publication 550. How to fill out 1040 ez Exceptions to reporting OID. How to fill out 1040 ez   The OID rules discussed in this chapter do not apply to the following debt instruments. How to fill out 1040 ez Tax-exempt obligations. How to fill out 1040 ez (However, see Stripped tax-exempt obligations under Stripped Bonds and Coupons in chapter 1 of Publication 550). How to fill out 1040 ez U. How to fill out 1040 ez S. How to fill out 1040 ez savings bonds. How to fill out 1040 ez Short-term debt instruments (those with a fixed maturity date of not more than 1 year from the date of issue). How to fill out 1040 ez Obligations issued by an individual before March 2, 1984. How to fill out 1040 ez Loans between individuals if all the following are true. How to fill out 1040 ez The lender is not in the business of lending money. How to fill out 1040 ez The amount of the loan, plus the amount of any outstanding prior loans between the same individuals, is $10,000 or less. How to fill out 1040 ez Avoiding any federal tax is not one of the principal purposes of the loan. How to fill out 1040 ez Form 1099-OID. How to fill out 1040 ez   The issuer of the debt instrument (or your broker if you held the instrument through a broker) should give you Form 1099-OID, or a similar statement, if the total OID for the calendar year is $10 or more. How to fill out 1040 ez Form 1099-OID will show, in box 1, the amount of OID for the part of the year that you held the bond. How to fill out 1040 ez It also will show, in box 2, the stated interest you must include in your income. How to fill out 1040 ez A copy of Form 1099-OID will be sent to the IRS. How to fill out 1040 ez Do not file your copy with your return. How to fill out 1040 ez Keep it for your records. How to fill out 1040 ez   In most cases, you must report the entire amount in boxes 1 and 2 of Form 1099-OID as interest income. How to fill out 1040 ez But see Refiguring OID shown on Form 1099-OID, later in this discussion, for more information. How to fill out 1040 ez Form 1099-OID not received. How to fill out 1040 ez   If you had OID for the year but did not receive a Form 1099-OID, you can find tables on IRS. How to fill out 1040 ez gov that list total OID on certain debt instruments and have information that will help you figure OID. How to fill out 1040 ez For the latest OID tables, go to www. How to fill out 1040 ez irs. How to fill out 1040 ez gov and enter “OID tables” in the Search box. How to fill out 1040 ez If your debt instrument is not listed, consult the issuer for further information about the accrued OID for the year. How to fill out 1040 ez Nominee. How to fill out 1040 ez   If someone else is the holder of record (the registered owner) of an OID instrument belonging to you and receives a Form 1099-OID on your behalf, that person must give you a Form 1099-OID. How to fill out 1040 ez Refiguring OID shown on Form 1099-OID. How to fill out 1040 ez   You must refigure the OID shown in box 1 or box 8 of Form 1099-OID if either of the following apply. How to fill out 1040 ez You bought the debt instrument after its original issue and paid a premium or an acquisition premium. How to fill out 1040 ez The debt instrument is a stripped bond or a stripped coupon (including certain zero coupon instruments). How to fill out 1040 ez For information about figuring the correct amount of OID to include in your income, see Figuring OID on Long-Term Debt Instruments in Publication 1212. How to fill out 1040 ez Refiguring periodic interest shown on Form 1099-OID. How to fill out 1040 ez   If you disposed of a debt instrument or acquired it from another holder during the year, see Bonds Sold Between Interest Dates , earlier, for information about the treatment of periodic interest that may be shown in box 2 of Form 1099-OID for that instrument. How to fill out 1040 ez Certificates of deposit (CDs). How to fill out 1040 ez   If you buy a CD with a maturity of more than 1 year, you must include in income each year a part of the total interest due and report it in the same manner as other OID. How to fill out 1040 ez   This also applies to similar deposit arrangements with banks, building and loan associations, etc. How to fill out 1040 ez , including: Time deposits, Bonus plans, Savings certificates, Deferred income certificates, Bonus savings certificates, and Growth savings certificates. How to fill out 1040 ez Bearer CDs. How to fill out 1040 ez   CDs issued after 1982 generally must be in registered form. How to fill out 1040 ez Bearer CDs are CDs not in registered form. How to fill out 1040 ez They are not issued in the depositor's name and are transferable from one individual to another. How to fill out 1040 ez   Banks must provide the IRS and the person redeeming a bearer CD with a Form 1099-INT. How to fill out 1040 ez More information. How to fill out 1040 ez   See chapter 1 of Publication 550 for more information about OID and related topics, such as market discount bonds. How to fill out 1040 ez When To Report Interest Income When to report your interest income depends on whether you use the cash method or an accrual method to report income. How to fill out 1040 ez Cash method. How to fill out 1040 ez   Most individual taxpayers use the cash method. How to fill out 1040 ez If you use this method, you generally report your interest income in the year in which you actually or constructively receive it. How to fill out 1040 ez However, there are special rules for reporting the discount on certain debt instruments. How to fill out 1040 ez See U. How to fill out 1040 ez S. How to fill out 1040 ez Savings Bonds and Original Issue Discount (OID) , earlier. How to fill out 1040 ez Example. How to fill out 1040 ez On September 1, 2011, you loaned another individual $2,000 at 12%, compounded annually. How to fill out 1040 ez You are not in the business of lending money. How to fill out 1040 ez The note stated that principal and interest would be due on August 31, 2013. How to fill out 1040 ez In 2013, you received $2,508. How to fill out 1040 ez 80 ($2,000 principal and $508. How to fill out 1040 ez 80 interest). How to fill out 1040 ez If you use the cash method, you must include in income on your 2013 return the $508. How to fill out 1040 ez 80 interest you received in that year. How to fill out 1040 ez Constructive receipt. How to fill out 1040 ez   You constructively receive income when it is credited to your account or made available to you. How to fill out 1040 ez You do not need to have physical possession of it. How to fill out 1040 ez For example, you are considered to receive interest, dividends, or other earnings on any deposit or account in a bank, savings and loan, or similar financial institution, or interest on life insurance policy dividends left to accumulate, when they are credited to your account and subject to your withdrawal. How to fill out 1040 ez This is true even if they are not yet entered in your passbook. How to fill out 1040 ez   You constructively receive income on the deposit or account even if you must: Make withdrawals in multiples of even amounts, Give a notice to withdraw before making the withdrawal, Withdraw all or part of the account to withdraw the earnings, or Pay a penalty on early withdrawals, unless the interest you are to receive on an early withdrawal or redemption is substantially less than the interest payable at maturity. How to fill out 1040 ez Accrual method. How to fill out 1040 ez   If you use an accrual method, you report your interest income when you earn it, whether or not you have received it. How to fill out 1040 ez Interest is earned over the term of the debt instrument. How to fill out 1040 ez Example. How to fill out 1040 ez If, in the previous example, you use an accrual method, you must include the interest in your income as you earn it. How to fill out 1040 ez You would report the interest as follows: 2011, $80; 2012, $249. How to fill out 1040 ez 60; and 2013, $179. How to fill out 1040 ez 20. How to fill out 1040 ez Coupon bonds. How to fill out 1040 ez   Interest on coupon bonds is taxable in the year the coupon becomes due and payable. How to fill out 1040 ez It does not matter when you mail the coupon for payment. How to fill out 1040 ez How To Report Interest Income Generally, you report all your taxable interest income on Form 1040, line 8a; Form 1040A, line 8a; or Form 1040EZ, line 2. How to fill out 1040 ez You cannot use Form 1040EZ if your taxable interest income is more than $1,500. How to fill out 1040 ez Instead, you must use Form 1040A or Form 1040. How to fill out 1040 ez Form 1040A. How to fill out 1040 ez   You must complete Schedule B (Form 1040A or 1040), Part I, if you file Form 1040A and any of the following are true. How to fill out 1040 ez Your taxable interest income is more than $1,500. How to fill out 1040 ez You are claiming the interest exclusion under the Education Savings Bond Program (discussed earlier). How to fill out 1040 ez You received interest from a seller-financed mortgage, and the buyer used the property as a home. How to fill out 1040 ez You received a Form 1099-INT for U. How to fill out 1040 ez S. How to fill out 1040 ez savings bond interest that includes amounts you reported before 2013. How to fill out 1040 ez You received, as a nominee, interest that actually belongs to someone else. How to fill out 1040 ez You received a Form 1099-INT for interest on frozen deposits. How to fill out 1040 ez You are reporting OID in an amount less than the amount shown on Form 1099-OID. How to fill out 1040 ez You received a Form 1099-INT for interest on a bond you bought between interest payment dates. How to fill out 1040 ez You acquired taxable bonds after 1987 and choose to reduce interest income from the bonds by any amortizable bond premium (see Bond Premium Amortization in chapter 3 of Publication 550). How to fill out 1040 ez List each payer's name and the amount of interest income received from each payer on line 1. How to fill out 1040 ez If you received a Form 1099-INT or Form 1099-OID from a brokerage firm, list the brokerage firm as the payer. How to fill out 1040 ez   You cannot use Form 1040A if you must use Form 1040, as described next. How to fill out 1040 ez Form 1040. How to fill out 1040 ez   You must use Form 1040 instead of Form 1040A or Form 1040EZ if: You forfeited interest income because of the early withdrawal of a time deposit; You acquired taxable bonds after 1987, you choose to reduce interest income from the bonds by any amortizable bond premium, and you are deducting the excess of bond premium amortization for the accrual period over the qualified stated interest for the period (see Bond Premium Amortization in chapter 3 of Publication 550); or You received tax-exempt interest from private activity bonds issued after August 7, 1986. How to fill out 1040 ez Schedule B (Form 1040A or 1040). How to fill out 1040 ez   You must complete Schedule B (Form 1040A or 1040), Part I, if you file Form 1040 and any of the following apply. How to fill out 1040 ez Your taxable interest income is more than $1,500. How to fill out 1040 ez You are claiming the interest exclusion under the Education Savings Bond Program (discussed earlier). How to fill out 1040 ez You received interest from a seller-financed mortgage, and the buyer used the property as a home. How to fill out 1040 ez You received a Form 1099-INT for U. How to fill out 1040 ez S. How to fill out 1040 ez savings bond interest that includes amounts you reported before 2013. How to fill out 1040 ez You received, as a nominee, interest that actually belongs to someone else. How to fill out 1040 ez You received a Form 1099-INT for interest on frozen deposits. How to fill out 1040 ez You received a Form 1099-INT for interest on a bond you bought between interest payment dates. How to fill out 1040 ez You are reporting OID in an amount less than the amount shown on Form 1099-OID. How to fill out 1040 ez Statement (2) in the preceding list under Form 1040 is true. How to fill out 1040 ez In Part I, line 1, list each payer's name and the amount received from each. How to fill out 1040 ez If you received a Form 1099-INT or Form 1099-OID from a brokerage firm, list the brokerage firm as the payer. How to fill out 1040 ez Reporting tax-exempt interest. How to fill out 1040 ez   Total your tax-exempt interest (such as interest or accrued OID on certain state and municipal bonds, including tax-exempt interest on zero coupon municipal bonds) and exempt-interest dividends from a mutual fund as shown on Form 1099-INT, box 8, and on Form 1099-DIV, box 10. How to fill out 1040 ez Add these amounts to any other tax-exempt interest you received. How to fill out 1040 ez Report the total on line 8b of Form 1040A or 1040. How to fill out 1040 ez   If you file Form 1040EZ, enter “TEI” and the amount in the space to the left of line 2. How to fill out 1040 ez Do not add tax-exempt interest in the total on Form 1040EZ, line 2. How to fill out 1040 ez   Form 1099-INT, box 9, and Form 1099-DIV, box 11, show the tax-exempt interest subject to the alternative minimum tax on Form 6251. How to fill out 1040 ez These amounts are already included in the amounts on Form 1099-INT, box 8, and Form 1099-DIV, box 10. How to fill out 1040 ez Do not add the amounts in Form 1099-INT, box 9 and Form 1099-DIV, box 11 to, or subtract them from, the amounts on Form 1099-INT, box 8, and Form 1099-DIV, box 10. How to fill out 1040 ez    Do not report interest from an individual retirement account (IRA) as tax-exempt interest. How to fill out 1040 ez Form 1099-INT. How to fill out 1040 ez   Your taxable interest income, except for interest from U. How to fill out 1040 ez S. How to fill out 1040 ez savings bonds and Treasury obligations, is shown in box 1 of Form 1099-INT. How to fill out 1040 ez Add this amount to any other taxable interest income you received. How to fill out 1040 ez You must report all of your taxable interest income even if you do not receive a Form 1099-INT. How to fill out 1040 ez Generally, contact your financial institution if you do not receive a Form 1099-INT by February 15. How to fill out 1040 ez Your identifying number may be truncated on any paper Form 1099-INT you receive. How to fill out 1040 ez   If you forfeited interest income because of the early withdrawal of a time deposit, the deductible amount will be shown on Form 1099-INT in box 2. How to fill out 1040 ez See Penalty on early withdrawal of savings in chapter 1 of Publication 550. How to fill out 1040 ez   Box 3 of Form 1099-INT shows the interest income you received from U. How to fill out 1040 ez S. How to fill out 1040 ez savings bonds, Treasury bills, Treasury notes, and Treasury bonds. How to fill out 1040 ez Add the amount shown in box 3 to any other taxable interest income you received, unless part of the amount in box 3 was previously included in your interest income. How to fill out 1040 ez If part of the amount shown in box 3 was previously included in your interest income, see U. How to fill out 1040 ez S. How to fill out 1040 ez savings bond interest previously reported , later. How to fill out 1040 ez   Box 4 of Form 1099-INT will contain an amount if you were subject to backup withholding. How to fill out 1040 ez Report the amount from box 4 on Form 1040EZ, line 7; on Form 1040A, line 36; or Form 1040, line 62 (federal income tax withheld). How to fill out 1040 ez   Box 5 of Form 1099-INT shows investment expenses you may be able to deduct as an itemized deduction. How to fill out 1040 ez See chapter 28 for more information about investment expenses. How to fill out 1040 ez   If there are entries in boxes 6 and 7 of Form 1099-INT, you must file Form 1040. How to fill out 1040 ez You may be able to take a credit for the amount shown in box 6 unless you deduct this amount on line 8 of Schedule A (Form 1040). How to fill out 1040 ez To take the credit, you may have to file Form 1116, Foreign Tax Credit. How to fill out 1040 ez For more information, see Publication 514, Foreign Tax Credit for Individuals. How to fill out 1040 ez U. How to fill out 1040 ez S. How to fill out 1040 ez savings bond interest previously reported. How to fill out 1040 ez   If you received a Form 1099-INT for U. How to fill out 1040 ez S. How to fill out 1040 ez savings bond interest, the form may show interest you do not have to report. How to fill out 1040 ez See Form 1099-INT for U. How to fill out 1040 ez S. How to fill out 1040 ez savings bonds interest , earlier, under U. How to fill out 1040 ez S. How to fill out 1040 ez Savings Bonds. How to fill out 1040 ez   On Schedule B (Form 1040A or 1040), Part I, line 1, report all the interest shown on your Form 1099-INT. How to fill out 1040 ez Then follow these steps. How to fill out 1040 ez Several lines above line 2, enter a subtotal of all interest listed on line 1. How to fill out 1040 ez Below the subtotal enter “U. How to fill out 1040 ez S. How to fill out 1040 ez Savings Bond Interest Previously Reported” and enter amounts previously reported or interest accrued before you received the bond. How to fill out 1040 ez Subtract these amounts from the subtotal and enter the result on line 2. How to fill out 1040 ez More information. How to fill out 1040 ez   For more information about how to report interest income, see chapter 1 of Publication 550 or the instructions for the form you must file. How to fill out 1040 ez Prev  Up  Next   Home   More Online Publications