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Irs 2012 Tax Return

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Irs 2012 Tax Return

Irs 2012 tax return Index A Accelerated Cost Recovery System (ACRS), MACRS Depreciation (see also Modified Accelerated Cost Recovery System (MACRS)) Effective date, Depreciation Methods Accounting methods Accrual method, Accrual method. Irs 2012 tax return Cash method, Cash method. Irs 2012 tax return Change of method, Changing your accounting method. Irs 2012 tax return Constructive receipt of income, Cash method. Irs 2012 tax return , More information. Irs 2012 tax return Accrual method taxpayers, Accrual method. Irs 2012 tax return ACRS (Accelerated Cost Recovery System) Effective date, Depreciation Methods Active participation, Active participation. Irs 2012 tax return Activities not for profit, Duplex. Irs 2012 tax return Additions to property, Additions or improvements to property. Irs 2012 tax return (see also Improvements) Basis, Increases to basis. Irs 2012 tax return , Additions or improvements. Irs 2012 tax return MACRS recovery period, Additions or improvements to property. Irs 2012 tax return Adjusted basis MACRS depreciation, Adjusted Basis Adjusted gross income (AGI) Modified (see Modified adjusted gross income (MAGI)) Advance rent, Advance rent. Irs 2012 tax return Security deposits, Security deposits. Irs 2012 tax return Advertising, Types of Expenses Allocation of expenses Change of property to rental use, Payments added to capital account. Irs 2012 tax return How to divide expenses, Dividing Expenses Part of property rented, Renting Part of Property, How to divide expenses. Irs 2012 tax return Personal use of rental property, Personal use of rental property. Irs 2012 tax return , Personal Use of Dwelling Unit (Including Vacation Home) Alternative Depreciation System (ADS) Election of, Electing ADS MACRS, MACRS Depreciation, Table 2-2d. Irs 2012 tax return Alternative minimum tax (AMT) Accelerated depreciation methods, Alternative minimum tax (AMT). Irs 2012 tax return Amended returns, Filing an amended return. Irs 2012 tax return Apartments Basement apartments, Examples. Irs 2012 tax return Dwelling units, Dwelling unit. Irs 2012 tax return Appraisal fees, Settlement fees and other costs. Irs 2012 tax return Assessments for maintenance, Assessments for local improvements. Irs 2012 tax return Assessments, local (see Local assessments) Assistance (see Tax help) Assumption of mortgage, Assumption of a mortgage. Irs 2012 tax return Attorneys' fees, Settlement fees and other costs. Irs 2012 tax return , Increases to basis. Irs 2012 tax return Automobiles MACRS recovery periods, Property Classes Under GDS B Basis Adjusted basis, Adjusted Basis Assessments for local improvements, Assessments for local improvements. Irs 2012 tax return Basis other than cost, Basis Other Than Cost Cost basis, Cost Basis Decreases to, Decreases to basis. Irs 2012 tax return Deductions Capitalization of costs vs. Irs 2012 tax return , Deducting vs. Irs 2012 tax return capitalizing costs. Irs 2012 tax return Not greater than basis, Cost or Other Basis Fully Recovered Fair market value, Fair market value. Irs 2012 tax return Increases to, Increases to basis. Irs 2012 tax return MACRS depreciable basis, Basis of Depreciable Property Property changed to rental use, Basis of Property Changed to Rental Use C Capital expenditures Deductions vs. Irs 2012 tax return effect on basis, Deducting vs. Irs 2012 tax return capitalizing costs. Irs 2012 tax return Local benefit taxes, Local benefit taxes. Irs 2012 tax return Mortgages, payments to obtain, Expenses paid to obtain a mortgage. Irs 2012 tax return Cars MACRS recovery periods, Property Classes Under GDS Cash method taxpayers, Cash method. Irs 2012 tax return Casualty losses, Exception for Rental Real Estate With Active Participation Change of accounting method, Changing your accounting method. Irs 2012 tax return Charitable contributions Use of property, Donation of use of the property. Irs 2012 tax return Cleaning and maintenance, Types of Expenses Closing costs, Settlement fees and other costs. Irs 2012 tax return Commissions, Types of Expenses Computers MACRS recovery periods, Property Classes Under GDS Condominiums, Condominiums, Dwelling unit. Irs 2012 tax return Constructive receipt of income, Cash method. Irs 2012 tax return , More information. Irs 2012 tax return Cooperative housing, Cooperative apartments. Irs 2012 tax return , Cooperatives, Dwelling unit. Irs 2012 tax return Cost basis, Cost Basis Credit reports, Settlement fees and other costs. Irs 2012 tax return Credits Residential energy credits, Decreases to basis. Irs 2012 tax return D Days of personal use, What is a day of personal use? Days used for repairs and maintenance, Days used for repairs and maintenance. Irs 2012 tax return Deductions Capitalizing costs vs. Irs 2012 tax return effect on basis, Deducting vs. Irs 2012 tax return capitalizing costs. Irs 2012 tax return Depreciation (see Depreciation) Limitations on, Form 4562. Irs 2012 tax return Passive activity losses (see Passive activity) Depreciation, Depreciation of Rental Property, Changing your accounting method. Irs 2012 tax return Alternative Depreciation System (ADS) (see Modified Accelerated Cost Recovery System (MACRS)) Basis (see Basis) Change of accounting method, Changing your accounting method. Irs 2012 tax return Change of property to rental use, Property Changed to Rental Use Claiming correct amount of, Claiming the Correct Amount of Depreciation Declining balance method, Depreciation Methods Duration of property expected to last more than one year, What Rental Property Can Be Depreciated? Eligible property, What Rental Property Can Be Depreciated? First-year expensing, Section 179 deduction. Irs 2012 tax return MACRS (see Modified Accelerated Cost Recovery System (MACRS)) Methods, Depreciation Methods, Figuring Your Depreciation Deduction Ownership of property, What Rental Property Can Be Depreciated?, Property you own. Irs 2012 tax return Rental expense, Depreciation. Irs 2012 tax return Rented property, Rented property. Irs 2012 tax return Section 179 deduction, Section 179 deduction. Irs 2012 tax return Special depreciation allowances, Claiming the Special Depreciation Allowance Straight line method, Depreciation Methods Useful life, What Rental Property Can Be Depreciated?, Property having a determinable useful life. Irs 2012 tax return Vacant rental property, Vacant rental property. Irs 2012 tax return Discount, bonds and notes issued at (see Original issue discount (OID)) Dividing of expenses (see Allocation of expenses) Dwelling units Definition, Dwelling unit. Irs 2012 tax return Fair rental price, Fair rental price. Irs 2012 tax return Personal use of, Personal Use of Dwelling Unit (Including Vacation Home), What is a day of personal use? E Easements, Decreases to basis. Irs 2012 tax return Equipment rental expense, Rental of equipment. Irs 2012 tax return F Fair market value (FMV), Fair market value. Irs 2012 tax return Fair rental price, Dividing Expenses, Fair rental price. Irs 2012 tax return Fees Loan origination fees, Points, Settlement fees and other costs. Irs 2012 tax return Points (see Points) Settlement fees and other costs, Settlement fees and other costs. Irs 2012 tax return Tax return preparation fees, Legal and other professional fees. Irs 2012 tax return First-year expensing, Section 179 deduction. Irs 2012 tax return Form 1040 Not rented for profit income, Where to report. Irs 2012 tax return Part of property rented, Renting Part of Property Rental income and expenses, Reporting Rental Income, Expenses, and Losses Schedule E, Schedule E (Form 1040) Form 1098 Mortgage interest, Form 1098, Mortgage Interest Statement. Irs 2012 tax return Form 4684 Casualties and thefts, How to report. Irs 2012 tax return Form 4797 Sales of business property, How to report. Irs 2012 tax return Form 8582 Passive activity losses, Form 8582. Irs 2012 tax return , Form 8582 not required. Irs 2012 tax return Free tax services, Free help with your tax return. Irs 2012 tax return G Gains and losses At-risk rules, At-Risk Rules Casualty and theft losses, Exception for Rental Real Estate With Active Participation Limits on rental losses, Form 4562. Irs 2012 tax return Passive activity losses, Passive Activity Limits Rental real estate activities, Exception for Rental Real Estate With Active Participation Sale of rental property, Sale or exchange of rental property. Irs 2012 tax return , How to report. Irs 2012 tax return General depreciation system (GDS) (see Modified Accelerated Cost Recovery System (MACRS)) H Help (see Tax help) Home Main home, Main home. Irs 2012 tax return Use as rental property (see Use of home) I Improvements, Table 1-1. Irs 2012 tax return Examples of Improvements (see also Repairs) Assessments for local improvements, Assessments for local improvements. Irs 2012 tax return Basis, Increases to basis. Irs 2012 tax return , Additions or improvements. Irs 2012 tax return Depreciation of rented property, Rented property. Irs 2012 tax return MACRS recovery period, Additions or improvements to property. Irs 2012 tax return Insurance, Types of Expenses Casualty or theft loss payments, Decreases to basis. Irs 2012 tax return Change of property to rental use, Property Changed to Rental Use Fire insurance premiums, cost basis, Settlement fees and other costs. Irs 2012 tax return Part of property rented, Renting Part of Property Premiums paid in advance, Insurance premiums paid in advance. Irs 2012 tax return Title insurance, cost basis, Settlement fees and other costs. Irs 2012 tax return Interest payments, Interest expense. Irs 2012 tax return (see also Mortgages) Loan origination fees, Points Rental expenses, Types of Expenses L Land Cost basis, Separating cost of land and buildings. Irs 2012 tax return Depreciation, Land. Irs 2012 tax return Leases Cancellation payments, Canceling a lease. Irs 2012 tax return Equipment leasing, Rental of equipment. Irs 2012 tax return Limits Passive activity losses and credits, Passive Activity Limits Rental losses, Limits on Rental Losses Loans Assumption fees, Settlement fees and other costs. Irs 2012 tax return Charges connected with getting or refinancing, cost basis, Settlement fees and other costs. Irs 2012 tax return Low or no interest, Loans with low or no interest. Irs 2012 tax return Origination fees, Points Local assessments, Assessments for local improvements. Irs 2012 tax return Losses (see Gains and losses) M Missing children, photographs of, Reminders Modified Accelerated Cost Recovery System (MACRS), MACRS Depreciation, Figuring MACRS Depreciation Under ADS Additions or improvements to property, Additions or improvements to property. Irs 2012 tax return Adjusted basis, Adjusted Basis Alternative Depreciation System (ADS), MACRS Depreciation, Figuring MACRS Depreciation Under ADS Basis other than cost, Basis Other Than Cost Conventions, Conventions Cost basis, Cost Basis Depreciable basis, Basis of Depreciable Property Effective date, Depreciation Methods Excluded property, Excluded Property General Depreciation System (GDS), MACRS Depreciation, Property Classes Under GDS, Figuring Your Depreciation Deduction Nonresidential rental property, Property Classes Under GDS Property used in rental activities (Table 2-1), Table 2-1. Irs 2012 tax return MACRS Recovery Periods for Property Used in Rental Activities Recovery periods, Table 2-1. Irs 2012 tax return MACRS Recovery Periods for Property Used in Rental Activities, 5-, 7-, or 15-year property. Irs 2012 tax return Residential rental property, Property Classes Under GDS, Residential rental property. Irs 2012 tax return Special depreciation allowances, Claiming the Special Depreciation Allowance Modified adjusted gross income (MAGI), Modified adjusted gross income (MAGI). Irs 2012 tax return Mortgages, Expenses paid to obtain a mortgage. Irs 2012 tax return Assumption of, cost basis, Assumption of a mortgage. Irs 2012 tax return Change of property to rental use, Property Changed to Rental Use End of, OID, Loan or mortgage ends. Irs 2012 tax return Interest, Interest expense. Irs 2012 tax return , Property Changed to Rental Use, Renting Part of Property Mortgage insurance premiums, Settlement fees and other costs. Irs 2012 tax return Part of property rented, Renting Part of Property N Nonresidential real property, Property Classes Under GDS Not-for-profit activities, Duplex. Irs 2012 tax return O Original issue discount (OID), Points, Loan or mortgage ends. Irs 2012 tax return P Part interest Expenses, Part interest. Irs 2012 tax return Income, Part interest. Irs 2012 tax return Passive activity Maximum special allowance, Maximum special allowance. Irs 2012 tax return Personal property Rental income from, Property or services. Irs 2012 tax return Personal use of rental property, Payments added to capital account. Irs 2012 tax return , Personal Use of Dwelling Unit (Including Vacation Home) (see also Property changed to rental use) Placed-in-service date, Placed in Service Points, Types of Expenses, Points, Settlement fees and other costs. Irs 2012 tax return Pre-rental expenses, Pre-rental expenses. Irs 2012 tax return Principal residence (see Home) Profit, property not rented for, Duplex. Irs 2012 tax return Property changed to rental use, Payments added to capital account. Irs 2012 tax return Basis, Basis of Property Changed to Rental Use Publications (see Tax help) R Real estate professionals, Real estate professionals. Irs 2012 tax return Real estate taxes, Real estate taxes. Irs 2012 tax return Real property trades or businesses, Real property trades or businesses. Irs 2012 tax return Recordkeeping requirements Travel and transportation expenses, Local transportation expenses. Irs 2012 tax return , Travel expenses. Irs 2012 tax return Recovery periods, Property Classes Under GDS Rent, Settlement fees and other costs. Irs 2012 tax return Advance rent, Advance rent. Irs 2012 tax return Fair price, Fair rental price. Irs 2012 tax return Rental expenses, Rental Expenses Advertising, Types of Expenses Allocation between rental and personal uses, Dividing Expenses Change of property to rental use, Property Changed to Rental Use Cleaning and maintenance, Types of Expenses Commissions, Types of Expenses Depreciation, Depreciation. Irs 2012 tax return Dwelling unit used as home, Dwelling Unit Used as a Home Equipment rental, Rental of equipment. Irs 2012 tax return Home, property also used as, Rental of property also used as your home. Irs 2012 tax return Improvements, Table 1-1. Irs 2012 tax return Examples of Improvements Insurance, Types of Expenses, Insurance premiums paid in advance. Irs 2012 tax return Interest payments, Types of Expenses, Interest expense. Irs 2012 tax return Local transportation expenses, Types of Expenses, Local transportation expenses. Irs 2012 tax return Part of property rented, Renting Part of Property Points, Types of Expenses, Points Pre-rental expenses, Pre-rental expenses. Irs 2012 tax return Rental payments, Types of Expenses Repairs, Types of Expenses, Repairs and Improvements Sale of property, Vacant while listed for sale. Irs 2012 tax return Tax return preparation fees, Legal and other professional fees. Irs 2012 tax return Taxes, Types of Expenses Tenant, paid by, Expenses paid by tenant. Irs 2012 tax return Travel expenses, Types of Expenses Utilities, Types of Expenses Vacant rental property, Vacant rental property. Irs 2012 tax return Rental income Advance rent, Advance rent. Irs 2012 tax return Cancellation of lease payments, Canceling a lease. Irs 2012 tax return Dwelling unit used as home, Dwelling Unit Used as a Home Lease with option to buy, Lease with option to buy. Irs 2012 tax return Not rented for profit, Not Rented for Profit Part interest, Part interest. Irs 2012 tax return Property received from tenant, Property or services. Irs 2012 tax return Reporting, Accrual method. Irs 2012 tax return , Which Forms To Use Security deposit, Security deposits. Irs 2012 tax return Services received from tenant, Property or services. Irs 2012 tax return Uncollected rent, Uncollected rent. Irs 2012 tax return Used as home, Rental of property also used as your home. Irs 2012 tax return Rental losses, Exception for Rental Real Estate With Active Participation (see also Gains and losses) (see also Passive activity) Repairs, Types of Expenses, Repairs and Improvements (see also Improvements) Assessments for maintenance, Assessments for local improvements. Irs 2012 tax return Personal use of rental property exception for days used for repairs and maintenance, Days used for repairs and maintenance. Irs 2012 tax return S Sale of property Expenses, Vacant while listed for sale. Irs 2012 tax return Gain or loss, Sale or exchange of rental property. Irs 2012 tax return , How to report. Irs 2012 tax return Main home, Sale of main home used as rental property. Irs 2012 tax return Section 179 deductions, Section 179 deduction. Irs 2012 tax return Security deposits, Security deposits. Irs 2012 tax return Settlement fees, Settlement fees and other costs. Irs 2012 tax return Shared equity financing agreements, Shared equity financing agreement. Irs 2012 tax return Special depreciation allowances, Claiming the Special Depreciation Allowance Spouse Material participation, Participating spouse. Irs 2012 tax return Standard mileage rates, Local transportation expenses. Irs 2012 tax return Surveys, Settlement fees and other costs. Irs 2012 tax return T Tables and figures Improvements, examples of (Table 1-1), Table 1-1. Irs 2012 tax return Examples of Improvements MACRS optional tables (Table 2-2d), Table 2-2d. Irs 2012 tax return MACRS optional tables (Tables 2-2a, 2-2b, and 2-2c), Tables 2-2a, 2-2b, and 2-2c. Irs 2012 tax return MACRS recovery periods for property used in rental activities (Table 2-1), Table 2-1. Irs 2012 tax return MACRS Recovery Periods for Property Used in Rental Activities Tax credits Residential energy credits, effect on basis, Decreases to basis. Irs 2012 tax return Tax help, How To Get Tax Help Tax return preparation fees, Legal and other professional fees. Irs 2012 tax return Taxes Deduction of, Types of Expenses Local benefit taxes, Local benefit taxes. Irs 2012 tax return Real estate taxes, Real estate taxes. Irs 2012 tax return Transfer taxes, Settlement fees and other costs. Irs 2012 tax return Theft losses, Theft. Irs 2012 tax return Title insurance, Settlement fees and other costs. Irs 2012 tax return Transfer taxes, Settlement fees and other costs. Irs 2012 tax return Travel and transportation expenses Local transportation expenses, Types of Expenses, Local transportation expenses. Irs 2012 tax return Recordkeeping, Travel expenses. Irs 2012 tax return Rental expenses, Types of Expenses Standard mileage rate, Local transportation expenses. Irs 2012 tax return U Uncollected rent Income, Uncollected rent. Irs 2012 tax return Use of home Before or after renting, Days used as a main home before or after renting. Irs 2012 tax return Change to rental use, Property Changed to Rental Use Days of personal use, What is a day of personal use? Fair rental price, Fair rental price. Irs 2012 tax return Passive activity rules exception, Exception for Personal Use of Dwelling Unit Personal use as dwelling unit, Personal Use of Dwelling Unit (Including Vacation Home) Utilities, Types of Expenses, Increases to basis. Irs 2012 tax return V Vacant rental property, Vacant rental property. Irs 2012 tax return Vacation homes Dwelling unit, Dwelling unit. Irs 2012 tax return Fair rental price, Fair rental price. Irs 2012 tax return Personal use of, Personal Use of Dwelling Unit (Including Vacation Home) Valuation Fair market value, Fair market value. Irs 2012 tax return Prev  Up     Home   More Online Publications
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Free Tax Return Preparation for Qualifying Taxpayers

The Volunteer Income Tax Assistance (VITA) program offers free tax help to people who generally make $52,000 or less, persons with disabilities, the elderly and limited English speaking taxpayers who need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals.

In addition to VITA, the Tax Counseling for the Elderly (TCE) program offers free tax help for all taxpayers, particularly those who are 60 years of age and older, specializing in questions about pensions and retirement-related issues unique to seniors. The IRS-certified volunteers who provide tax counseling are often retired individuals associated with non-profit organizations that receive grants from the IRS.

Find a VITA or TCE Site Near You

VITA and TCE sites are generally located at community and neighborhood centers, libraries, schools, shopping malls and other convenient locations across the country. To locate the nearest VITA or TCE site near you, use the VITA Locator Tool or call 800-906-9887.

At select tax sites, taxpayers also have an option to prepare their own basic federal and state tax return for free using Web-based tax preparation software with an IRS-certified volunteer to help guide you through the process. This option is only available at locations that list “Self-Prep” in the site listing.

Please note that when using the locator tool, you will exit IRS.gov and open Google Maps if you need directions to a specific location.

Find an AARP TCE Tax-Aide Site Near You

A majority of the TCE sites are operated by the AARP Foundation’s Tax Aide program. To locate the nearest AARP TCE Tax-Aide site between January and April use the AARP Site Locator Tool or call 888-227-7669.

Before going to a VITA or TCE site, check out the What to Bring page to ensure you have all the required documents and information our volunteers will need to help you. 

Page Last Reviewed or Updated: 25-Mar-2014

The Irs 2012 Tax Return

Irs 2012 tax return 4. Irs 2012 tax return   Retirement Savings Contributions Credit (Saver's Credit) Table of Contents What's New Introduction Full-time student. Irs 2012 tax return Adjusted gross income. Irs 2012 tax return Distributions received by spouse. Irs 2012 tax return Testing period. Irs 2012 tax return What's New Modified AGI limit for retirement savings contributions credit increased. Irs 2012 tax return  For 2013, you may be able to claim the retirement savings contributions credit if your modified AGI is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Irs 2012 tax return Introduction You may be able to take a tax credit if you make eligible contributions (defined later) to a qualified retirement plan, an eligible deferred compensation plan, or an individual retirement arrangement (IRA). Irs 2012 tax return You may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Irs 2012 tax return This credit could reduce the federal income tax you pay dollar for dollar. Irs 2012 tax return    Can you claim the credit?   If you make eligible contributions to a qualified retirement plan, an eligible deferred compensation plan, or an IRA, you can claim the credit if all of the following apply. Irs 2012 tax return You were born before January 2, 1996. Irs 2012 tax return You are not a full-time student (explained next). Irs 2012 tax return No one else, such as your parent(s), claims an exemption for you on their tax return. Irs 2012 tax return Your adjusted gross income (defined below) is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Irs 2012 tax return Full-time student. Irs 2012 tax return   You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. Irs 2012 tax return You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time. Irs 2012 tax return Adjusted gross income. Irs 2012 tax return   This is generally the amount on line 38 of your 2013 Form 1040; line 22 of your 2013 Form 1040A; or line 37 of your 2013 Form 1040NR. Irs 2012 tax return However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. Irs 2012 tax return Eligible contributions. Irs 2012 tax return   These include: Contributions to a traditional or Roth IRA, Salary reduction contributions (elective deferrals, including amounts designated as after-tax Roth contributions) to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. Irs 2012 tax return They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or section 403(b) annuity. Irs 2012 tax return For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Irs 2012 tax return Reducing eligible contributions. Irs 2012 tax return   Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included above under Eligible contributions. Irs 2012 tax return Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Irs 2012 tax return   Do not reduce your eligible contributions by any of the following. Irs 2012 tax return The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Irs 2012 tax return Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. Irs 2012 tax return Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. Irs 2012 tax return Loans from a qualified employer plan treated as a distribution. Irs 2012 tax return Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Irs 2012 tax return Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Irs 2012 tax return Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Irs 2012 tax return Distributions from a military retirement plan. Irs 2012 tax return Distributions from an inherited IRA by a nonspousal beneficiary. Irs 2012 tax return Distributions received by spouse. Irs 2012 tax return   Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. Irs 2012 tax return Testing period. Irs 2012 tax return   The testing period consists of the year for which you claim the credit, the period after the end of that year and before the due date (including extensions) for filing your return for that year, and the 2 tax years before that year. Irs 2012 tax return Example. Irs 2012 tax return You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Irs 2012 tax return You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible deferred compensation plan in 2012. Irs 2012 tax return Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Irs 2012 tax return You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Irs 2012 tax return You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you received in 2011, 2012, 2013, and 2014. Irs 2012 tax return Maximum eligible contributions. Irs 2012 tax return   After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Irs 2012 tax return Effect on other credits. Irs 2012 tax return   The amount of this credit will not change the amount of your refundable tax credits. Irs 2012 tax return A refundable tax credit, such as the earned income credit or the refundable amount of your child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Irs 2012 tax return Maximum credit. Irs 2012 tax return   This is a nonrefundable credit. Irs 2012 tax return The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits) in any year. Irs 2012 tax return If your tax liability is reduced to zero because of other nonrefundable credits, such as the credit for child and dependent care expenses, then you will not be entitled to this credit. Irs 2012 tax return How to figure and report the credit. Irs 2012 tax return   The amount of the credit you can get is based on the contributions you make and your credit rate. Irs 2012 tax return Your credit rate can be as low as 10% or as high as 50%. Irs 2012 tax return Your credit rate depends on your income and your filing status. Irs 2012 tax return See Form 8880 to determine your credit rate. Irs 2012 tax return   The maximum contribution taken into account is $2,000 per person. Irs 2012 tax return On a joint return, up to $2,000 is taken into account for each spouse. Irs 2012 tax return   Figure the credit on Form 8880. Irs 2012 tax return Report the credit on line 50 of your Form 1040; line 32 of your Form 1040A; or line 47 of your Form 1040NR and attach Form 8880 to your return. Irs 2012 tax return Prev  Up  Next   Home   More Online Publications