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Income Tax Form 1040ez

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Income Tax Form 1040ez

Income tax form 1040ez Publication 535 - Introductory Material Table of Contents IntroductionOrdering forms and publications. Income tax form 1040ez Tax questions. Income tax form 1040ez Future Developments What's New for 2013 What's New for 2014 Reminders Introduction This publication discusses common business expenses and explains what is and is not deductible. Income tax form 1040ez The general rules for deducting business expenses are discussed in the opening chapter. Income tax form 1040ez The chapters that follow cover specific expenses and list other publications and forms you may need. Income tax form 1040ez Comments and suggestions. Income tax form 1040ez   We welcome your comments about this publication and your suggestions for future editions. Income tax form 1040ez   You can send your comments to: Internal Revenue Service Tax Forms and Publications SE:W:CAR:MP:TFP 1111 Constitution Ave. Income tax form 1040ez NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Income tax form 1040ez Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Income tax form 1040ez   You can send us comments from www. Income tax form 1040ez irs. Income tax form 1040ez gov/formspubs/. Income tax form 1040ez Click on “More Information” and then on “Give us feedback. Income tax form 1040ez ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax publications. Income tax form 1040ez Ordering forms and publications. Income tax form 1040ez   Visit www. Income tax form 1040ez irs. Income tax form 1040ez gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. Income tax form 1040ez Internal Revenue Service 1201 N. Income tax form 1040ez Mitsubishi Motorway Bloomington, IL 61705-6613 We cannot answer tax questions sent to either the “Comments and suggestions” or “Ordering forms and publications” address. Income tax form 1040ez Tax questions. Income tax form 1040ez   If you have a tax-related question, please go to Help With Tax Questions on IRS. Income tax form 1040ez gov. Income tax form 1040ez If you've looked around our site and still didn't find the answer to your general tax question, please call our toll-free tax assistance line at 1-800-829-1040 for individual tax questions or 1-800-829-4933 for business tax questions. Income tax form 1040ez Future Developments For the latest information about developments related to Publication 535, such as legislation enacted after it was published, go to www. Income tax form 1040ez irs. Income tax form 1040ez gov/pub535. Income tax form 1040ez What's New for 2013 The following items highlight some changes in the tax law for 2013. Income tax form 1040ez Optional safe harbor method to determine the business use of a home deduction. Income tax form 1040ez  Beginning in 2013, you can use the optional safe harbor method to determine the deduction for the business use of your home. Income tax form 1040ez For more information, see chapter 1. Income tax form 1040ez Standard mileage rate. Income tax form 1040ez  Beginning in 2013, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56. Income tax form 1040ez 5 cents per mile. Income tax form 1040ez For more information, see chapter 11. Income tax form 1040ez Additional Medicare Tax. Income tax form 1040ez  Beginning in 2013, a 0. Income tax form 1040ez 9% Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than: $125,000 if married filing separately, $250,000 if married filing jointly, or $200,000 if single, head of household, or qualifying widow(er) with dependent child. Income tax form 1040ez Medicare wages and self-employment income are combined to determine if your income exceeds the threshold. Income tax form 1040ez RRTA compensation should be separately compared to the threshold. Income tax form 1040ez For more information, see chapter 5 or visit www. Income tax form 1040ez irs. Income tax form 1040ez gov and enter the following words in the search box: Additional Medicare Tax. Income tax form 1040ez Retiree drug subsidy. Income tax form 1040ez  Beginning in 2013, sponsors of certain qualified retiree prescription drug plans must account for the subsidy received by reducing the amount of qualified retiree prescription drug plans expense by the subsidy received (taking into account the taxpayer's accounting method). Income tax form 1040ez For more information, visit www. Income tax form 1040ez irs. Income tax form 1040ez gov and enter the following words in the search box: Retiree drug subsidy. Income tax form 1040ez What's New for 2014 The following item highlights a change in the tax law for 2014. Income tax form 1040ez Standard mileage rate. Income tax form 1040ez  Beginning in 2014, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56 cents per mile. Income tax form 1040ez Film and television productions costs. Income tax form 1040ez  The election to expense film and television production costs does not apply to productions that begin in 2014. Income tax form 1040ez For more information, see chapter 7. Income tax form 1040ez Reminders The following reminders and other items may help you file your tax return. Income tax form 1040ez IRS e-file (Electronic Filing) You can file your tax returns electronically using an IRS e-file option. Income tax form 1040ez The benefits of IRS e-file include faster refunds, increased accuracy, and acknowledgment of IRS receipt of your return. Income tax form 1040ez You can use one of the following IRS e-file options. Income tax form 1040ez Use an authorized IRS e-file provider. Income tax form 1040ez Use a personal computer. Income tax form 1040ez Visit a Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) site. Income tax form 1040ez For details on these fast filing methods, see your income tax package. Income tax form 1040ez Form 1099 MISC. Income tax form 1040ez  File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year in the course of your trade or business at least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, and crop insurance proceeds. Income tax form 1040ez See the Instructions for Form 1099-MISC for more information and additional reporting requirements. Income tax form 1040ez Photographs of missing children. Income tax form 1040ez  The Internal Revenue Service is a proud partner with the National Center for Missing & Exploited Children. Income tax form 1040ez Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Income tax form 1040ez You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) (24-hours a day, 7 days a week) if you recognize a child. Income tax form 1040ez Prev  Up  Next   Home   More Online Publications
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The Income Tax Form 1040ez

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