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Review Tax Act 2010

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Review Tax Act 2010

Review tax act 2010 2. Review tax act 2010   American Opportunity Credit Table of Contents Introduction Can You Claim the CreditWho Can Claim the Credit Who Cannot Claim the Credit What Expenses QualifyQualified Education Expenses No Double Benefit Allowed Expenses That Do Not Qualify Who Is an Eligible StudentException. Review tax act 2010 Who Can Claim a Dependent's Expenses Figuring the CreditEffect of the Amount of Your Income on the Amount of Your Credit Refundable Part of Credit Claiming the Credit Introduction For 2013, there are two tax credits available to help you offset the costs of higher education by reducing the amount of your income tax. Review tax act 2010 They are the American opportunity credit (this chapter) and the lifetime learning credit ( chapter 3 ). Review tax act 2010 This chapter explains: Who can claim the American opportunity credit, What expenses qualify for the credit, Who is an eligible student, Who can claim a dependent's expenses, How to figure the credit, How to claim the credit, and When the credit must be repaid. Review tax act 2010 What is the tax benefit of the American opportunity credit. Review tax act 2010   For the tax year, you may be able to claim an American opportunity credit of up to $2,500 for qualified education expenses paid for each eligible student. Review tax act 2010   A tax credit reduces the amount of income tax you may have to pay. Review tax act 2010 Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself. Review tax act 2010 Forty percent of the American opportunity credit may be refundable. Review tax act 2010 This means that if the refundable portion of your credit is more than your tax, the excess will be refunded to you. Review tax act 2010   Your allowable American opportunity credit may be limited by the amount of your income. Review tax act 2010 Also, the nonrefundable part of the credit may be limited by the amount of your tax. Review tax act 2010 Overview of the American opportunity credit. Review tax act 2010   See Table 2-1, Overview of the American Opportunity Credit , for the basics of this credit. Review tax act 2010 The details are discussed in this chapter. Review tax act 2010 Can you claim more than one education credit this year. Review tax act 2010   For each student, you can elect for any year only one of the credits. Review tax act 2010 For example, if you elect to take the American opportunity credit for a child on your 2013 tax return, you cannot use that same child's qualified education expenses to figure the lifetime learning credit for 2013. Review tax act 2010   If you pay qualified education expenses for more than one student in the same year, you can choose to take the American opportunity credit on a per-student, per-year basis. Review tax act 2010 If you pay qualified education expenses for a student (or students) for whom you do not claim the American opportunity credit, you can use the adjusted qualified education expenses of that student (or those students) in figuring your lifetime learning credit. Review tax act 2010 This means that, for example, you can claim the American opportunity credit for one student and the lifetime learning credit for another student in the same year. Review tax act 2010 Differences between the American opportunity and lifetime learning credits. Review tax act 2010   There are several differences between these two credits. Review tax act 2010 For example, you can claim the American opportunity credit based on the same student's expenses for no more than 4 tax years, which includes any tax years you claimed the Hope Scholarship Credit for that student. Review tax act 2010 However, there is no limit on the number of years for which you can claim a lifetime learning credit based on the same student's expenses. Review tax act 2010 The differences between these credits are shown in Appendix B, Highlights of Education Tax Benefits for Tax Year 2013 near the end of this publication. Review tax act 2010 If you claim the American opportunity credit for any student, you can choose between using that student's adjusted qualified education expenses for the American opportunity credit or the lifetime learning credit. Review tax act 2010 If you have the choice, the American opportunity credit will always be greater than the lifetime learning credit. Review tax act 2010 Table 2-1. Review tax act 2010 Overview of the American Opportunity Credit Maximum credit Up to $2,500 credit per eligible student Limit on modified adjusted gross income (MAGI) $180,000 if married filing jointly; $90,000 if single, head of household, or qualifying widow(er) Refundable or nonrefundable 40% of credit may be refundable; the rest is nonrefundable Number of years of postsecondary education Available ONLY if the student had not completed the first 4 years of postsecondary education before 2013 Number of tax years credit available Available ONLY for 4 tax years per eligible student (including any year(s) Hope Scholarship Credit was claimed) Type of program required Student must be pursuing a program leading to a degree or other recognized education credential Number of courses Student must be enrolled at least half time for at least one academic period that begins during the tax year Felony drug conviction As of the end of 2013, the student had not been convicted of a felony for possessing or distributing a controlled substance Qualified expenses Tuition, required enrollment fees, and course materials that the student needs for a course of study whether or not the materials are bought at the educational institution as a condition of enrollment or attendance Payments for academic periods Payments made in 2013 for academic periods beginning in 2013 or beginning in the first 3 months of 2014 Can You Claim the Credit The following rules will help you determine if you are eligible to claim the American opportunity credit on your tax return. Review tax act 2010 Who Can Claim the Credit Generally, you can claim the American opportunity credit if all three of the following requirements are met. Review tax act 2010 You pay qualified education expenses of higher education. Review tax act 2010 You pay the education expenses for an eligible student. Review tax act 2010 The eligible student is either yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. Review tax act 2010 Student qualifications. Review tax act 2010   Generally, you can take the American opportunity credit for a student only if all of the following four requirements are met. Review tax act 2010 As of the beginning of 2013, the student had not completed the first four years of postsecondary education (generally, the freshman through senior years of college), as determined by the eligible educational institution. Review tax act 2010 For this purpose, do not include academic credit awarded solely because of the student's performance on proficiency examinations. Review tax act 2010 Neither the American opportunity credit nor the Hope Scholarship Credit has been claimed (by you or anyone else) for this student for any four tax years before 2013. Review tax act 2010 If the American opportunity credit (and Hope Scholarship Credit) has been claimed for this student for any three or fewer tax years before 2013, this requirement is met. Review tax act 2010 For at least one academic period beginning (or treated as beginning) in 2013, the student both: Was enrolled in a program that leads to a degree, certificate, or other recognized educational credential; and Carried at least one-half the normal full-time workload for his or her course of study. Review tax act 2010 The standard for what is half of the normal full-time work load is determined by each eligible educational institution. Review tax act 2010 However, the standard may not be lower than any of those established by the U. Review tax act 2010 S. Review tax act 2010 Department of Education under the Higher Education Act of 1965. Review tax act 2010 For purposes of whether the student satisfies this third requirement for 2013, treat an academic period beginning in the first three months of 2014 as if it began in 2013 if qualified education expenses for the student were paid in 2013 for that academic period. Review tax act 2010 See Prepaid expenses, later. Review tax act 2010 As of the end of 2013, the student had not been convicted of a federal or state felony for possessing or distributing a controlled substance. Review tax act 2010 Example 1. Review tax act 2010 Sharon was eligible for the Hope Scholarship Credit for 2007 and 2008 and for the American opportunity credit for 2010 and 2012. Review tax act 2010 Her parents claimed the Hope Scholarship Credit for Sharon on their tax returns for 2007 and 2008 and claimed the American opportunity credit for Sharon on their 2010 tax return. Review tax act 2010 Sharon claimed the American opportunity credit on her 2012 tax return. Review tax act 2010 The American opportunity credit and Hope Scholarship Credit have been claimed for Sharon for four tax years before 2013. Review tax act 2010 Therefore, the American opportunity credit cannot be claimed by Sharon for 2013. Review tax act 2010 If Sharon were to file Form 8863 for 2013, she would check “Yes” for Part III, line 23, and would be eligible to claim only the lifetime learning credit. Review tax act 2010 Example 2. Review tax act 2010 Wilbert was eligible for the American opportunity credit for 2009, 2010, 2011, and 2013. Review tax act 2010 His parents claimed the American opportunity credit for Wilbert on their tax returns for 2009, 2010, and 2011. Review tax act 2010 No one claimed an American opportunity credit or Hope Scholarship Credit for Wilbert for any other tax year. Review tax act 2010 The American opportunity credit and Hope Scholarship Credit have been claimed for Wilbert for only three tax years before 2013. Review tax act 2010 Therefore, Wilbert meets the second requirement to be eligible for the American opportunity credit. Review tax act 2010 If Wilbert were to file Form 8863 for 2013, he would check “No” for Part III, line 23. Review tax act 2010 If Wilbert meets all of the other requirements, he is eligible for the American opportunity credit. Review tax act 2010 Example 3. Review tax act 2010 Glenda enrolls on a full-time basis in a degree program for the 2014 Spring semester, which begins in January 2014. Review tax act 2010 Glenda pays her tuition for the 2014 Spring semester in December 2013. Review tax act 2010 Because the tuition Glenda paid in 2013 relates to an academic period that begins in the first 3 months of 2014, her eligibility to claim an American opportunity credit in 2013 is determined as if the 2014 Spring semester began in 2013. Review tax act 2010 If the requirements above are not met for any student, you cannot take the American opportunity credit for that student. Review tax act 2010 You may be able to take the lifetime learning credit for part or all of that student's qualified education expenses instead. Review tax act 2010 Note. Review tax act 2010 Qualified education expenses paid by a dependent for whom you claim an exemption, or by a third party for that dependent, are considered paid by you. Review tax act 2010 “Qualified education expenses” are defined later under Qualified Education Expenses . Review tax act 2010 “Eligible students” are defined later under Who Is an Eligible Student . Review tax act 2010 A dependent for whom you claim an exemption is defined later under Who Can Claim a Dependent's Expenses . Review tax act 2010 You may find Figure 2-1, Can You Claim the American Opportunity Credit for 2013 , later, helpful in determining if you can claim an American opportunity credit on your tax return. Review tax act 2010 This image is too large to be displayed in the current screen. Review tax act 2010 Please click the link to view the image. Review tax act 2010 Figure 2-1 Can you claim the American opportunity credit for 2012? Who Cannot Claim the Credit You cannot claim the American opportunity credit for 2013 if any of the following apply. Review tax act 2010 Your filing status is married filing separately. Review tax act 2010 You are listed as a dependent on another person's tax return (such as your parents'). Review tax act 2010 See Who Can Claim a Dependent's Expenses , later. Review tax act 2010 Your modified adjusted gross income (MAGI) is $90,000 or more ($180,000 or more in the case of a joint return). Review tax act 2010 MAGI is explained later under Effect of the Amount of Your Income on the Amount of Your Credit . Review tax act 2010 You (or your spouse) were a nonresident alien for any part of 2013 and the nonresident alien did not elect to be treated as a resident alien for tax purposes. Review tax act 2010 More information on nonresident aliens can be found in Publication 519, U. Review tax act 2010 S. Review tax act 2010 Tax Guide for Aliens. Review tax act 2010 What Expenses Qualify The American opportunity credit is based on adjusted qualified education expenses you pay for yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. Review tax act 2010 Generally, the credit is allowed for adjusted qualified education expenses paid in 2013 for an academic period beginning in 2013 or beginning in the first three months of 2014. Review tax act 2010 For example, if you paid $1,500 in December 2013 for qualified tuition for the spring 2014 semester beginning January 2014, you can use that $1,500 in figuring your 2013 credit. Review tax act 2010 Academic period. Review tax act 2010   An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. Review tax act 2010 In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. Review tax act 2010 Paid with borrowed funds. Review tax act 2010   You can claim an American opportunity credit for qualified education expenses paid with the proceeds of a loan. Review tax act 2010 Use the expenses to figure the American opportunity credit for the year in which the expenses are paid, not the year in which the loan is repaid. Review tax act 2010 Treat loan payments sent directly to the educational institution as paid on the date the institution credits the student's account. Review tax act 2010 Student withdraws from class(es). Review tax act 2010   You can claim an American opportunity credit for qualified education expenses not refunded when a student withdraws. Review tax act 2010 Qualified Education Expenses For purposes of the American opportunity credit, qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. Review tax act 2010 Eligible educational institution. Review tax act 2010   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Review tax act 2010 S. Review tax act 2010 Department of Education. Review tax act 2010 It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Review tax act 2010 The educational institution should be able to tell you if it is an eligible educational institution. Review tax act 2010   Certain educational institutions located outside the United States also participate in the U. Review tax act 2010 S. Review tax act 2010 Department of Education's Federal Student Aid (FSA) programs. Review tax act 2010 Related expenses. Review tax act 2010   Student-activity fees are included in qualified education expenses only if the fees must be paid to the institution as a condition of enrollment or attendance. Review tax act 2010   However, expenses for books, supplies, and equipment needed for a course of study are included in qualified education expenses whether or not the materials are purchased from the educational institution. Review tax act 2010 Prepaid expenses. Review tax act 2010   Qualified education expenses paid in 2013 for an academic period that begins in the first three months of 2014 can be used in figuring an education credit for 2013 only. Review tax act 2010 See Academic period, earlier. Review tax act 2010 For example, if you pay $2,000 in December 2013, for qualified tuition for the 2014 winter quarter that begins in January 2014, you can use that $2,000 in figuring an education credit for 2013 only (if you meet all the other requirements). Review tax act 2010    You cannot use any amount you paid in 2012 or 2014 to figure the qualified education expenses you use to figure your 2013 education credit(s). Review tax act 2010   In the following examples, assume that each student is an eligible student at an eligible educational institution. Review tax act 2010 Example 1. Review tax act 2010 Jefferson is a sophomore in University V's degree program in dentistry. Review tax act 2010 This year, in addition to tuition, he is required to pay a fee to the university for the rental of the dental equipment he will use in this program. Review tax act 2010 Because the equipment rental is needed for his course of study, Jefferson's equipment rental fee is a qualified expense. Review tax act 2010 Example 2. Review tax act 2010 Grace and William, both first-year students at College W, are required to have certain books and other reading materials to use in their mandatory first-year classes. Review tax act 2010 The college has no policy about how students should obtain these materials, but any student who purchases them from College W's bookstore will receive a bill directly from the college. Review tax act 2010 William bought his books from a friend; Grace bought hers at College W's bookstore. Review tax act 2010 Both are qualified education expenses for the American opportunity credit. Review tax act 2010 Example 3. Review tax act 2010 When Kelly enrolled at College X for her freshman year, she had to pay a separate student activity fee in addition to her tuition. Review tax act 2010 This activity fee is required of all students, and is used solely to fund on-campus organizations and activities run by students, such as the student newspaper and the student government. Review tax act 2010 No portion of the fee covers personal expenses. Review tax act 2010 Although labeled as a student activity fee, the fee is required for Kelly's enrollment and attendance at College X and is a qualified expense. Review tax act 2010 No Double Benefit Allowed You cannot do any of the following. Review tax act 2010 Deduct higher education expenses on your income tax return (as, for example, a business expense) and also claim an American opportunity credit based on those same expenses. Review tax act 2010 Claim an American opportunity credit in the same year that you are claiming a tuition and fees deduction for the same student. Review tax act 2010 Claim an American opportunity credit for any student and use any of that student's expenses in figuring your lifetime learning credit. Review tax act 2010 Figure the tax-free portion of a distribution from a Coverdell education savings account (ESA) or qualified tuition program (QTP) using the same expenses you used to figure the American opportunity credit. Review tax act 2010 See Coordination With American Opportunity and Lifetime Learning Credits in chapter 7, Coverdell Education Savings Account, and Coordination With American Opportunity and Lifetime Learning Credits in chapter 8, Qualified Tuition Program. Review tax act 2010 Claim a credit based on qualified education expenses paid with tax-free educational assistance, such as a scholarship, grant, or assistance provided by an employer. Review tax act 2010 See Adjustments to Qualified Education Expenses, next. Review tax act 2010 Adjustments to Qualified Education Expenses For each student, reduce the qualified education expenses paid by or on behalf of that student under the following rules. Review tax act 2010 The result is the amount of adjusted qualified education expenses for each student. Review tax act 2010 Tax-free educational assistance. Review tax act 2010   For tax-free educational assistance received in 2013, reduce the qualified educational expenses for each academic period by the amount of tax-free educational assistance allocable to that academic period. Review tax act 2010 See Academic period, earlier. Review tax act 2010   Some tax-free educational assistance received after 2013 may be treated as a refund of qualified education expenses paid in 2013. Review tax act 2010 This tax-free educational assistance is any tax-free educational assistance received by you or anyone else after 2013 for qualified education expenses paid on behalf of a student in 2013 (or attributable to enrollment at an eligible educational institution during 2013). Review tax act 2010   If this tax-free educational assistance is received after 2013 but before you file your 2013 income tax return, see Refunds received after 2013 but before your income tax return is filed, later. Review tax act 2010 If this tax-free educational assistance is received after 2013 and after you file your 2013 income tax return, see Refunds received after 2013 and after your income tax return is filed, later. Review tax act 2010   Tax-free educational assistance includes: The tax-free parts of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). Review tax act 2010 Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Review tax act 2010 Generally, any scholarship or fellowship is treated as tax free. Review tax act 2010 However, a scholarship or fellowship is not treated as tax free to the extent the student includes it in gross income (if the student is required to file a tax return for the year the scholarship or fellowship is received) and either of the following is true. Review tax act 2010 The scholarship or fellowship (or any part of it) must be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Review tax act 2010 The scholarship or fellowship (or any part of it) may be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Review tax act 2010 You may be able to increase the combined value of an education credit and certain educational assistance if the student includes some or all of the educational assistance in income in the year it is received. Review tax act 2010 For examples, see Coordination with Pell grants and other scholarships, later. Review tax act 2010 Refunds. Review tax act 2010   A refund of qualified education expenses may reduce adjusted qualified education expenses for the tax year or require repayment (recapture) of a credit claimed in an earlier year. Review tax act 2010 Some tax-free educational assistance received after 2013 may be treated as a refund. Review tax act 2010 See Tax-free educational assistance, earlier. Review tax act 2010 Refunds received in 2013. Review tax act 2010   For each student, figure the adjusted qualified education expenses for 2013 by adding all the qualified education expenses for 2013 and subtracting any refunds of those expenses received from the eligible educational institution during 2013. Review tax act 2010 Refunds received after 2013 but before your income tax return is filed. Review tax act 2010   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is paid before you file an income tax return for 2013, the amount of qualified education expenses for 2013 is reduced by the amount of the refund. Review tax act 2010 Refunds received after 2013 and after your income tax return is filed. Review tax act 2010   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is paid after you file an income tax return for 2013, you may need to repay some or all of the credit. Review tax act 2010 See Credit recapture, next. Review tax act 2010 Credit recapture. Review tax act 2010    If any tax-free educational assistance for the qualified education expenses paid in 2013, or any refund of your qualified education expenses paid in 2013, is received after you file your 2013 income tax return, you must recapture (repay) any excess credit. Review tax act 2010 You do this by refiguring the amount of your adjusted qualified education expenses for 2013 by reducing the expenses by the amount of the refund or tax-free educational assistance. Review tax act 2010 You then refigure your education credit(s) for 2013 and figure the amount by which your 2013 tax liability would have increased if you claimed the refigured credit(s). Review tax act 2010 Include that amount as an additional tax for the year the refund or tax-free assistance was received. Review tax act 2010 Example. Review tax act 2010   You paid $7,000 tuition and fees in August 2013, and your child began college in September 2013. Review tax act 2010 You filed your 2013 tax return on February 17, 2014, and claimed an American opportunity credit of $2,500. Review tax act 2010 After you filed your return, you received a refund of $4,000. Review tax act 2010 You must refigure your 2013 American opportunity credit using $3,000 of qualified education expenses instead of $7,000. Review tax act 2010 The refigured credit is $2,250. Review tax act 2010 The increase to your tax liability is also $250. Review tax act 2010 Include the difference of $250 as additional tax on your 2014 tax return. Review tax act 2010 See the instructions for your 2014 income tax return to determine where to include this tax. Review tax act 2010 If you pay qualified education expenses in 2014 for an academic period that begins in the first 3 months of 2014 and you receive tax-free educational assistance, or a refund, as described above, you may choose to reduce your qualified education expenses for 2014 instead of reducing your expenses for 2013. Review tax act 2010 Amounts that do not reduce qualified education expenses. Review tax act 2010   Do not reduce qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance, or A withdrawal from the student's personal savings. Review tax act 2010   Do not reduce the qualified education expenses by any scholarship or fellowship reported as income on the student's tax return in the following situations. Review tax act 2010 The use of the money is restricted, by the terms of the scholarship or fellowship, to costs of attendance (such as room and board) other than qualified education expenses as defined in Qualified education expenses in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Review tax act 2010 The use of the money is not restricted. Review tax act 2010 Example 1. Review tax act 2010 Joan paid $3,000 for tuition and $5,000 for room and board at University X. Review tax act 2010 The university did not require her to pay any fees in addition to her tuition in order to enroll in or attend classes. Review tax act 2010 To help pay these costs, she was awarded a $2,000 scholarship and a $4,000 student loan. Review tax act 2010 The terms of the scholarship state that it can be used to pay any of Joan's college expenses. Review tax act 2010 University X applies the $2,000 scholarship against Joan's $8,000 total bill, and Joan pays the $6,000 balance of her bill from University X with a combination of her student loan and her savings. Review tax act 2010 Joan does not report any portion of the scholarship as income on her tax return. Review tax act 2010 In figuring the amount of either education credit (American opportunity or lifetime learning), Joan must reduce her qualified education expenses by the amount of the scholarship ($2,000) because she excluded the entire scholarship from her income. Review tax act 2010 The student loan is not tax-free educational assistance, so she does not need to reduce her qualified expenses by any part of the loan proceeds. Review tax act 2010 Joan is treated as having paid $1,000 in qualified education expenses ($3,000 tuition – $2,000 scholarship). Review tax act 2010 Example 2. Review tax act 2010 The facts are the same as in Example 1, except that Joan reports her entire scholarship as income on her tax return. Review tax act 2010 Because Joan reported the entire $2,000 scholarship in her income, she does not need to reduce her qualified education expenses. Review tax act 2010 Joan is treated as having paid $3,000 in qualified education expenses. Review tax act 2010 Coordination with Pell grants and other scholarships. Review tax act 2010   In some cases, you may be able to reduce your tax liability by including scholarships in income. Review tax act 2010 If you are claiming an education credit for a claimed dependent who received a scholarship, you may be able to reduce your tax liability if the student includes the scholarship in income. Review tax act 2010 The scholarship must be one that may (by its terms) be applied to expenses (such as room and board) other than qualified education expenses. Review tax act 2010 Example 1—No scholarship. Review tax act 2010 Bill Pass, age 28 and unmarried, enrolled full-time in 2013 as a first-year student at a local college to earn a degree in law enforcement. Review tax act 2010 This was his first year of postsecondary education. Review tax act 2010 During 2013, he paid $5,600 for his qualified education expenses and $4,400 for his room and board for the fall 2013 semester. Review tax act 2010 He and the college meet all the requirements for the American opportunity credit. Review tax act 2010 Bill's AGI and his MAGI, for purposes of figuring his credit, are $30,000. Review tax act 2010 Bill takes the standard deduction of $5,950 and personal exemption of $3,800, reducing his AGI to taxable income of $20,250. Review tax act 2010 His income tax liability, before credits, is $2,599 and Bill claims no credits other than the American opportunity credit. Review tax act 2010 He figures his American opportunity credit based on qualified education expenses of $4,000, which results in a credit of $2,500 and tax after credits of $99. Review tax act 2010 Example 2—Scholarship excluded from income. Review tax act 2010 The facts are the same as in Example 1—No scholarship, except that Bill was awarded a $5,600 scholarship. Review tax act 2010 Under the terms of his scholarship, it may be used to pay any educational expenses, including room and board. Review tax act 2010 If Bill excludes the scholarship from income, he will be deemed (for purposes of computing his education credit) to have used the scholarship to pay for tuition, required fees, and course materials. Review tax act 2010 His adjusted qualified education expenses will be zero and he will not have an education credit. Review tax act 2010 Therefore, Bill's tax after credits would be $2,599. Review tax act 2010 Example 3—Scholarship partially included in income. Review tax act 2010 The facts are the same as in Example 2—Scholarship excluded from income. Review tax act 2010 If, unlike Example 2, Bill includes $4,000 of the scholarship in income, he will be deemed to have used that amount to pay for room and board. Review tax act 2010 The remaining $1,600 of the $5,600 scholarship will reduce his qualified education expenses and his adjusted qualified education expenses will be $4,000. Review tax act 2010 Bill's AGI will increase to $34,000, his taxable income will increase to $24,250, and his tax before credits will increase to $3,199. Review tax act 2010 Based on his adjusted qualified education expenses of $4,000, Bill would be able to claim an American opportunity tax credit of $2,500 and his tax after credits would be $699. Review tax act 2010 Expenses That Do Not Qualify Qualified education expenses do not include amounts paid for: Insurance, Medical expenses (including student health fees), Room and board, Transportation, or Similar personal, living, or family expenses. Review tax act 2010 This is true even if the amount must be paid to the institution as a condition of enrollment or attendance. Review tax act 2010 Sports, games, hobbies, and noncredit courses. Review tax act 2010   Qualified education expenses generally do not include expenses that relate to any course of instruction or other education that involves sports, games or hobbies, or any noncredit course. Review tax act 2010 However, if the course of instruction or other education is part of the student's degree program, these expenses can qualify. Review tax act 2010 Comprehensive or bundled fees. Review tax act 2010   Some eligible educational institutions combine all of their fees for an academic period into one amount. Review tax act 2010 If you do not receive or do not have access to an allocation showing how much you paid for qualified education expenses and how much you paid for personal expenses, such as those listed earlier, contact the institution. Review tax act 2010 The institution is required to make this allocation and provide you with the amount you paid (or were billed) for qualified education expenses on Form 1098-T, Tuition Statement. Review tax act 2010 See Figuring the Credit , later, for more information about Form 1098-T. Review tax act 2010 Who Is an Eligible Student To claim the American opportunity credit, the student for whom you pay qualified education expenses must be an eligible student. Review tax act 2010 This is a student who meets all of the following requirements. Review tax act 2010 The student did not have expenses that were used to figure an American opportunity credit in any 4 earlier tax years. Review tax act 2010 This includes any tax year(s) in which you claimed the Hope Scholarship Credit for the same student. Review tax act 2010 The student had not completed the first 4 years of postsecondary education (generally, the freshman, sophomore, junior, and senior years of college) before 2013. Review tax act 2010 For at least one academic period beginning in 2013, the student was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. Review tax act 2010 The student has not been convicted of any federal or state felony for possessing or distributing a controlled substance as of the end of 2013. Review tax act 2010 These requirements are also shown in Figure 2-2, Who is an Eligible Student for the American Opportunity Credit , later. Review tax act 2010 Completion of first 4 years. Review tax act 2010   A student has completed the first 4 years of postsecondary education if the institution at which the student is enrolled awards the student 4 years of academic credit at that institution for coursework completed by the student before 2013. Review tax act 2010 This student generally would not be an eligible student for purposes of the American opportunity credit. Review tax act 2010 Exception. Review tax act 2010   Any academic credit awarded solely on the basis of the student's performance on proficiency examinations is disregarded in determining whether the student has completed 4 years of postsecondary education. Review tax act 2010 Enrolled at least half-time. Review tax act 2010   A student was enrolled at least half-time if the student was taking at least half the normal full-time work load for his or her course of study. Review tax act 2010   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. Review tax act 2010 However, the standard may not be lower than any of those established by the U. Review tax act 2010 S. Review tax act 2010 Department of Education under the Higher Education Act of 1965. Review tax act 2010 Please click here for the text description of the image. Review tax act 2010 Figure 2-2 Example 1. Review tax act 2010 Mack graduated from high school in June 2012. Review tax act 2010 In September, he enrolled in an undergraduate degree program at College U, and attended full-time for both the 2012 fall and 2013 spring semesters. Review tax act 2010 For the 2013 fall semester, Mack was enrolled less than half-time. Review tax act 2010 Because Mack was enrolled in an undergraduate degree program on at least a half-time basis for at least one academic period that began during 2012 and at least one academic period that began during 2013, he is an eligible student for tax years 2012 and 2013 (including the 2013 fall semester when he enrolled at College U on less than a half-time basis). Review tax act 2010 Example 2. Review tax act 2010 After taking classes at College V on a part-time basis for a few years, Shelly became a full-time student for the 2013 spring semester. Review tax act 2010 College V classified Shelly as a second-semester senior (fourth year) for the 2013 spring semester and as a first-semester graduate student (fifth year) for the 2013 fall semester. Review tax act 2010 Because College V did not classify Shelly as having completed the first 4 years of postsecondary education as of the beginning of 2013, Shelly is an eligible student for tax year 2013. Review tax act 2010 Therefore, the qualified education expenses paid for the 2013 spring semester and the 2013 fall semester are taken into account in calculating the American opportunity credit for 2013. Review tax act 2010 Example 3. Review tax act 2010 During the 2012 fall semester, Larry was a high school student who took classes on a half-time basis at College X. Review tax act 2010 Larry was not enrolled as part of a degree program at College X because College X only admits students to a degree program if they have a high school diploma or equivalent. Review tax act 2010 Because Larry was not enrolled in a degree program at College X during 2012, Larry was not an eligible student for tax year 2012. Review tax act 2010 Example 4. Review tax act 2010 The facts are the same as in Example 3. Review tax act 2010 During the 2013 spring semester, Larry again attended College X but not as part of a degree program. Review tax act 2010 Larry graduated from high school in June 2013. Review tax act 2010 For the 2013 fall semester, Larry enrolled as a full-time student in College X as part of a degree program, and College X awarded Larry credit for his prior coursework at College X. Review tax act 2010 Because Larry was enrolled in a degree program at College X for the 2013 fall term on at least a half-time basis, Larry is an eligible student for all of tax year 2013. Review tax act 2010 Therefore, the qualified education expenses paid for classes taken at College X during both the 2013 spring semester (during which Larry was not enrolled in a degree program) and the 2013 fall semester are taken into account in computing any American opportunity credit. Review tax act 2010 Example 5. Review tax act 2010 Dee graduated from high school in June 2012. Review tax act 2010 In January 2013, Dee enrolled in a 1-year postsecondary certificate program on a full-time basis to obtain a certificate as a travel agent. Review tax act 2010 Dee completed the program in December 2013, and was awarded a certificate. Review tax act 2010 In January 2014, she enrolled in a 1-year postsecondary certificate program on a full-time basis to obtain a certificate as a computer programmer. Review tax act 2010 Dee is an eligible student for both tax years 2013 and 2014 because she meets the degree requirement, the work load requirement, and the year of study requirement for those years. Review tax act 2010 Who Can Claim a Dependent's Expenses If there are qualified education expenses for your dependent during a tax year, either you or your dependent, but not both of you, can claim an American opportunity credit for your dependent's expenses for that year. Review tax act 2010 For you to claim an American opportunity credit for your dependent's expenses, you must also claim an exemption for your dependent. Review tax act 2010 You do this by listing your dependent's name and other required information on Form 1040 (or Form 1040A), line 6c. Review tax act 2010 IF you. Review tax act 2010 . Review tax act 2010 . Review tax act 2010 THEN only. Review tax act 2010 . Review tax act 2010 . Review tax act 2010 claim an exemption on  your tax return for a  dependent who is an  eligible student you can claim the American opportunity credit based on that dependent's expenses. Review tax act 2010 The dependent cannot claim the credit. Review tax act 2010 do not claim an exemption on your tax return for a dependent who is an eligible student (even if entitled to the exemption) the dependent can claim the American opportunity credit. Review tax act 2010 You cannot claim the credit based on this dependent's expenses. Review tax act 2010 Expenses paid by dependent. Review tax act 2010   If you claim an exemption on your tax return for an eligible student who is your dependent, treat any expenses paid (or deemed paid) by your dependent as if you had paid them. Review tax act 2010 Include these expenses when figuring the amount of your American opportunity credit. Review tax act 2010    Qualified education expenses paid directly to an eligible educational institution for your dependent under a court-approved divorce decree are treated as paid by your dependent. Review tax act 2010 Expenses paid by you. Review tax act 2010   If you claim an exemption for a dependent who is an eligible student, only you can include any expenses you paid when figuring the amount of the American opportunity credit. Review tax act 2010 If neither you nor anyone else claims an exemption for the dependent, only the dependent can include any expenses you paid when figuring the American opportunity credit. Review tax act 2010 Expenses paid by others. Review tax act 2010   Someone other than you, your spouse, or your dependent (such as a relative or former spouse) may make a payment directly to an eligible educational institution to pay for an eligible student's qualified education expenses. Review tax act 2010 In this case, the student is treated as receiving the payment from the other person and, in turn, paying the institution. Review tax act 2010 If you claim an exemption on your tax return for the student, you are considered to have paid the expenses. Review tax act 2010 Example. Review tax act 2010 In 2013, Ms. Review tax act 2010 Allen makes a payment directly to an eligible educational institution for her grandson Todd's qualified education expenses. Review tax act 2010 For purposes of claiming an American opportunity credit, Todd is treated as receiving the money from his grandmother and, in turn, paying his qualified education expenses himself. Review tax act 2010 Unless an exemption for Todd is claimed on someone else's 2013 tax return, only Todd can use the payment to claim an American opportunity credit. Review tax act 2010 If anyone, such as Todd's parents, claims an exemption for Todd on his or her 2013 tax return, whoever claims the exemption may be able to use the expenses to claim an American opportunity credit. Review tax act 2010 If anyone else claims an exemption for Todd, Todd cannot claim an American opportunity credit. Review tax act 2010 Tuition reduction. Review tax act 2010    When an eligible educational institution provides a reduction in tuition to an employee of the institution (or spouse or dependent child of an employee), the amount of the reduction may or may not be taxable. Review tax act 2010 If it is taxable, the employee is treated as receiving a payment of that amount and, in turn, paying it to the educational institution on behalf of the student. Review tax act 2010 For more information on tuition reductions, see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Review tax act 2010 Figuring the Credit The amount of the American opportunity credit (per eligible student) is the sum of: 100% of the first $2,000 of qualified education expenses you paid for the eligible student, and 25% of the next $2,000 of qualified education expenses you paid for that student. Review tax act 2010 The maximum amount of American opportunity credit you can claim in 2013 is $2,500 multiplied by the number of eligible students. Review tax act 2010 You can claim the full $2,500 for each eligible student for whom you paid at least $4,000 of adjusted qualified education expenses. Review tax act 2010 However, the credit may be reduced based on your MAGI. Review tax act 2010 See Effect of the Amount of Your Income on the Amount of Your Credit , later. Review tax act 2010 Example. Review tax act 2010 Jack and Kay Ford are married and file a joint tax return. Review tax act 2010 For 2013, they claim an exemption for their dependent daughter on their tax return. Review tax act 2010 Their MAGI is $70,000. Review tax act 2010 Their daughter is in her junior (third) year of studies at the local university. Review tax act 2010 Jack and Kay paid qualified education expenses of $4,300 in 2013. Review tax act 2010 Jack and Kay, their daughter, and the local university meet all of the requirements for the American opportunity credit. Review tax act 2010 Jack and Kay can claim a $2,500 American opportunity credit in 2013. Review tax act 2010 This is 100% of the first $2,000 of qualified education expenses, plus 25% of the next $2,000. Review tax act 2010 Form 1098-T. Review tax act 2010   To help you figure your American opportunity credit, the student should receive Form 1098-T, Tuition Statement. Review tax act 2010 Generally, an eligible educational institution (such as a college or university) must send Form 1098-T (or acceptable substitute) to each enrolled student by January 31, 2014. Review tax act 2010 An institution may choose to report either payments received (box 1), or amounts billed (box 2), for qualified education expenses. Review tax act 2010 However, the amounts in boxes 1 and 2 of Form 1098-T might be different than what you paid. Review tax act 2010 When figuring the credit, use only the amounts you paid or are deemed to have paid in 2013 for qualified education expenses. Review tax act 2010   In addition, Form 1098-T should give other information for that institution, such as adjustments made for prior years, the amount of scholarships or grants, reimbursements or refunds, and whether the student was enrolled at least half-time or was a graduate student. Review tax act 2010    The eligible educational institution may ask for a completed Form W-9S, Request for Student's or Borrower's Taxpayer Identification Number and Certification, or similar statement to obtain the student's name, address, and taxpayer identification number. Review tax act 2010 Effect of the Amount of Your Income on the Amount of Your Credit The amount of your American opportunity credit is phased out (gradually reduced) if your MAGI is between $80,000 and $90,000 ($160,000 and $180,000 if you file a joint return). Review tax act 2010 You cannot claim an American opportunity credit if your MAGI is $90,000 or more ($180,000 or more if you file a joint return). Review tax act 2010 Modified adjusted gross income (MAGI). Review tax act 2010   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return. Review tax act 2010 MAGI when using Form 1040A. Review tax act 2010   If you file Form 1040A, your MAGI is the AGI on line 22 of that form. Review tax act 2010 MAGI when using Form 1040. Review tax act 2010   If you file Form 1040, your MAGI is the AGI on line 38 of that form, modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. Review tax act 2010 You can use Worksheet 2-1, next, to figure your MAGI. Review tax act 2010    Worksheet 2-1. Review tax act 2010 MAGI for the American Opportunity Credit 1. Review tax act 2010 Enter your adjusted gross income  (Form 1040, line 38)   1. Review tax act 2010   2. Review tax act 2010 Enter your foreign earned income exclusion and/or housing exclusion (Form 2555, line 45, or Form 2555-EZ, line 18)   2. Review tax act 2010       3. Review tax act 2010 Enter your foreign housing deduction (Form 2555, line 50)   3. Review tax act 2010       4. Review tax act 2010 Enter the amount of income from Puerto Rico you are excluding   4. Review tax act 2010       5. Review tax act 2010 Enter the amount of income from American Samoa you are excluding (Form 4563, line 15)   5. Review tax act 2010       6. Review tax act 2010 Add the amounts on lines 2, 3, 4, and 5   6. Review tax act 2010   7. Review tax act 2010 Add the amounts on lines 1 and 6. Review tax act 2010  This is your modified adjusted  gross income. Review tax act 2010 Enter here and  on Form 8863, line 3   7. Review tax act 2010   Phaseout. Review tax act 2010   If your MAGI is within the range of incomes where the credit must be reduced, you will figure your reduced credit using lines 2-7, of Form 8863, Part I. Review tax act 2010 The same method is shown in the following example. Review tax act 2010 Example. Review tax act 2010 You are filing a joint return and your MAGI is $165,000. Review tax act 2010 In 2013, you paid $5,000 of qualified education expenses. Review tax act 2010 You figure a tentative American opportunity credit of $2,500 (100% of the first $2,000 of qualified education expenses, plus 25% of the next $2,000 of qualified education expenses). Review tax act 2010 Because your MAGI is within the range of incomes where the credit must be reduced, you must multiply your tentative credit ($2,500) by a fraction. Review tax act 2010 The numerator of the fraction is $180,000 (the upper limit for those filing a joint return) minus your MAGI. Review tax act 2010 The denominator is $20,000, the range of incomes for the phaseout ($160,000 to $180,000). Review tax act 2010 The result is the amount of your phased out (reduced) American opportunity credit ($1,875). Review tax act 2010      $2,500 × $180,000 − $165,000  $20,000 = $1,875   Refundable Part of Credit Forty percent of the American opportunity credit is refundable for most taxpayers. Review tax act 2010 However, if you were under age 24 at the end of 2013 and the conditions listed below apply to you, you cannot claim any part of the American opportunity credit as a refundable credit on your tax return. Review tax act 2010 Instead, your allowed credit (figured on Form 8863, Part II) will be used to reduce your tax as a nonrefundable credit only. Review tax act 2010 You do not qualify for a refund if items 1 (a, b, or c), 2, and 3 below apply to you. Review tax act 2010 You were: Under age 18 at the end of 2013, or Age 18 at the end of 2013 and your earned income (defined below) was less than one-half of your support (defined below), or Over age 18 and under age 24 at the end of 2013 and a full-time student (defined below) and your earned income (defined below) was less than one-half of your support (defined below). Review tax act 2010 At least one of your parents was alive at the end of 2013. Review tax act 2010 You are filing a return as single, head of household, qualifying widow(er), or married filing separately for 2013. Review tax act 2010 Earned income. Review tax act 2010   Earned income includes wages, salaries, professional fees, and other payments received for personal services actually performed. Review tax act 2010 Earned income includes the part of any scholarship or fellowship that represents payment for teaching, research, or other services performed by the student that are required as a condition for receiving the scholarship or fellowship. Review tax act 2010 Earned income does not include that part of the compensation for personal services rendered to a corporation which represents a distribution of earnings or profits rather than a reasonable allowance as compensation for the personal services actually rendered. Review tax act 2010   If you are a sole proprietor or a partner in a trade or business in which both personal services and capital are material income-producing factors, earned income also includes a reasonable allowance for compensation for personal services, but not more than 30% of your share of the net profits from that trade or business (after subtracting the deduction for one-half of self-employment tax). Review tax act 2010 However, if capital is not an income-producing factor and your personal services produced the business income, the 30% limit does not apply. Review tax act 2010 Support. Review tax act 2010   Your support includes food, shelter, clothing, medical and dental care, education, and the like. Review tax act 2010 Generally, the amount of the item of support will be the amount of expenses incurred by the one furnishing such item. Review tax act 2010 If the item of support is in the form of property or lodging, measure the amount of such item of support by its fair market value. Review tax act 2010 However, a scholarship received by you is not considered support if you are a full-time student. Review tax act 2010 See Publication 501 for details. Review tax act 2010 Full-time student. Review tax act 2010   You are a full-time student for 2013 if during any part of any 5 calendar months during the year you were enrolled as a full-time student at an eligible educational institution (defined earlier), or took a full-time, on-farm training course given by such an institution or by a state, county, or local government agency. Review tax act 2010 Claiming the Credit You claim the American opportunity credit by completing Form 8863 and submitting it with your Form 1040 or 1040A. Review tax act 2010 Enter the nonrefundable part of the credit on Form 1040, line 49, or on Form 1040A, line 31. Review tax act 2010 Enter the refundable part of the credit on Form 1040, line 66, or on Form 1040A, line 40. Review tax act 2010 A filled-in Form 8863 is shown at the end of this publication. Review tax act 2010 Note. Review tax act 2010 In Appendix A. Review tax act 2010 at the end of this publication, there is an example illustrating the use of Form 8863 when both the American opportunity credit and the lifetime learning credit are claimed on the same tax return. Review tax act 2010 Prev  Up  Next   Home   More Online Publications
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SOI Tax Stats - Statistics by Form

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Find your specific topic by using these selected IRS form numbers and titles.


 

Form Number  

   Form Title

706

United States Estate (and Generation-Skipping Transfer) Tax Return 

706NA

United States Estate (and Generation-Skipping Transfer) Tax Return: Estate of Nonresident Not a Citizen of the United States

709

United States Gift (and Generation-Skipping Transfer) Tax Return

720

Quarterly Federal Excise Tax Return

940

Employer's Annual Federal Unemployment (FUTA) Tax Return

990

Return of Organization Exempt from Income Tax

990-PF

Return of Private Foundation

990-T

Exempt Organization Business Income Tax Return

1040

U.S. Individual Income Tax Return

1040, Schedule C

U.S. Individual Income Tax Return: Profit or Loss from Business

1040, Schedule F

U.S. Individual Income Tax Return: Profit or Loss from Farming

1041

U.S. Income Tax Return for Estates and Trusts

1042-S

Foreign Person's U.S. Source Income Subject to Withholding

1065

U.S. Partnership Return of Income

1116

Foreign Tax Credit: Individuals

1118

Foreign Tax Credit: Corporations

1120

U.S. Corporation Income Tax Return

1120-F

U.S. Income Tax Return of a Foreign Corporation

1120-FSC

U.S. Income Tax Return of a Foreign Sales Corporation

1120S

U.S. Income Tax Return for an S Corporation

2555

Foreign Earned Income: U.S. Citizens

3520

Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts

5227

Split-Interest Trust Information Return

5471

Information Return of U.S. Person with Respect to Certain Foreign Corporations

5472

Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business

5500

Annual Return / Report of Employee Benefits Plan

5713

International Boycott Report

5735

Possessions Corporation Tax Credit under Sections 936 and 30A

8038

Information Return for Tax-Exempt Private Activity Bond Issues

8805

Foreign Partner's Information Statement of Section 1446 Withholding Tax

  


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Page Last Reviewed or Updated: 29-Jan-2014

The Review Tax Act 2010

Review tax act 2010 Index A Administrative adjustment requests, Amended Returns and Administrative Adjustment Requests (AARs) Allocations Built-in gain or loss, Allocations to account for built-in gain or loss. Review tax act 2010 Installment sale, Installment reporting for sale of partnership interest. Review tax act 2010 Amended returns, Amended Returns and Administrative Adjustment Requests (AARs) Assistance (see Tax help) B Built-in gain or loss, Allocations to account for built-in gain or loss. Review tax act 2010 C C corporation, TEFRA, Small Partnerships and the Small Partnership Exception Capital interest, Capital interest. Review tax act 2010 , Capital interest. Review tax act 2010 Comments on publication, Comments and suggestions. Review tax act 2010 Contribution Basis of property, Basis of contributed property. Review tax act 2010 Built-in gain or loss, Allocations to account for built-in gain or loss. Review tax act 2010 Distribution of property, Distribution of contributed property to another partner. Review tax act 2010 Net precontribution gain, Net precontribution gain. Review tax act 2010 Property, Contribution of Property Services, Contribution of Services D Definition, partnership, Forming a Partnership Determining ownership, More than 50% ownership. Review tax act 2010 Distributions Gain or loss, Partner's Gain or Loss Partner's debt, Distribution of partner's debt. Review tax act 2010 Partnership, Partnership Distributions Distributive share Adjusted basis, Adjusted Basis Guaranteed payments, Guaranteed Payments E e-file, IRS e-file (Electronic Filing) Electronic filing, IRS e-file (Electronic Filing) F Family partnership, Family Partnership Form 8275, Form 8275 required. Review tax act 2010 8308, Information return required of partnership. Review tax act 2010 8832, Organizations formed after 1996. Review tax act 2010 8865, Contribution to foreign partnership. Review tax act 2010 G Guaranteed payments, Guaranteed Payments I Insurance, self-employed health, Self-employed health insurance premiums. Review tax act 2010 Inventory items, substantially appreciated, Substantially appreciated inventory items. Review tax act 2010 L Liability Assumption of, Assumption of liability. Review tax act 2010 Partner's assumed by partnership, Partner's liabilities assumed by partnership. Review tax act 2010 Partnership's, Effect of Partnership Liabilities Limited liability company, Limited liability company. Review tax act 2010 Liquidation Constructive, Constructive liquidation. Review tax act 2010 Partner's interest, Complete liquidation of partner's interest. Review tax act 2010 Partner's retirement or death, Liquidation at Partner's Retirement or Death Losses Sales or exchanges, Losses. Review tax act 2010 M Marketable securities, Marketable securities treated as money. Review tax act 2010 N Notice group, TEFRA, Notice group. Review tax act 2010 Notice partner, TEFRA, Notice partner. Review tax act 2010 P Partner's Basis Distributed property, Partner's Basis for Distributed Property Partnership interest, Basis of Partner's Interest Interest Acquired by gift, Interest acquired by gift, etc. Review tax act 2010 Alternative rule, adjusted basis, Alternative rule for figuring adjusted basis. Review tax act 2010 Basis, Basis of Partner's Interest Basis adjustments, Adjusted Basis Book value, Book value of partner's interest. Review tax act 2010 Liquidation of, Complete liquidation of partner's interest. Review tax act 2010 , Liquidation at Partner's Retirement or Death Mandatory basis adjustment, Mandatory adjustment. Review tax act 2010 Sale, exchange, transfer, Sale, Exchange, or Other Transfer Special basis adjustment, Special adjustment to basis. Review tax act 2010 Transactions with partnership, Transactions Between Partnership and Partners Partnership Abandoned or worthless interest, Abandoned or worthless partnership interest. Review tax act 2010 Agreement, Partnership Agreement Basis, contributed property, Basis of contributed property. Review tax act 2010 Capital interest, Capital interest. Review tax act 2010 Defined, Forming a Partnership Exclusion from rules, Exclusion From Partnership Rules Family, Family Partnership Forming, Forming a Partnership Liabilities, Effect of Partnership Liabilities Terminating, Terminating a Partnership Transactions with partner, Transactions Between Partnership and Partners Partnership item, TEFRA, Partnership Item. Review tax act 2010 Precontribution gain, Net precontribution gain. Review tax act 2010 Profits interest, Profits interest. Review tax act 2010 Publications (see Tax help) R Related person, Related person. Review tax act 2010 S Self-employed health insurance, Self-employed health insurance premiums. Review tax act 2010 Short period return, Short period return. Review tax act 2010 Small partnership exception to TEFRA, Small Partnerships and the Small Partnership Exception, Small Partnership TEFRA Election Statute of Limitations and TEFRA, Statute of Limitations and TEFRA Substantially appreciated inventory items, Substantially appreciated inventory items. Review tax act 2010 Suggestions for publication, Comments and suggestions. Review tax act 2010 T Tax help, How To Get Tax Help Tax matters partner, Role of Tax Matters Partner (TMP) in TEFRA Proceedings Tax withholding, foreign person or firm, Withholding on foreign partner or firm. Review tax act 2010 TEFRA, Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) Terminating a partnership, Terminating a Partnership TTY/TDD information, How To Get Tax Help U Uniform Limited Partnership ACT (ULPA), Role of Tax Matters Partner (TMP) in TEFRA Proceedings Unrealized receivables, Unrealized receivables. Review tax act 2010 Prev  Up     Home   More Online Publications