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Stateincometaxform

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Stateincometaxform 37. Stateincometaxform   Other Credits Table of Contents What's New Introduction Useful Items - You may want to see: Nonrefundable CreditsAdoption Credit Alternative Motor Vehicle Credit Alternative Fuel Vehicle Refueling Property Credit Credit to Holders of Tax Credit Bonds Foreign Tax Credit Mortgage Interest Credit Nonrefundable Credit for Prior Year Minimum Tax Plug-in Electric Drive Motor Vehicle Credit Residential Energy Credits Retirement Savings Contributions Credit (Saver's Credit) Refundable CreditsCredit for Tax on Undistributed Capital Gain Health Coverage Tax Credit Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld What's New Adoption credit. Stateincometaxform  The maximum adoption credit is $12,970 for 2013. Stateincometaxform See Adoption Credit . Stateincometaxform Plug-in electric vehicle credit. Stateincometaxform  This credit has expired. Stateincometaxform Credit for prior year minimum tax. Stateincometaxform  The refundable portion of the credit for prior year minimum tax has expired. Stateincometaxform Excess withholding of social security and railroad retirement tax. Stateincometaxform  Social security tax and tier 1 railroad retirement (RRTA) tax were both withheld during 2013 at a rate of 6. Stateincometaxform 2% of wages up to $113,700. Stateincometaxform If you worked for more than one employer and had too much social security or RRTA tax withheld during 2013, you may be entitled to a credit for the excess withholding. Stateincometaxform See Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld . Stateincometaxform Introduction This chapter discusses the following nonrefundable credits. Stateincometaxform Adoption credit. Stateincometaxform Alternative motor vehicle credit. Stateincometaxform Alternative fuel vehicle refueling property credit. Stateincometaxform Credit to holders of tax credit bonds. Stateincometaxform Foreign tax credit. Stateincometaxform Mortgage interest credit. Stateincometaxform Nonrefundable credit for prior year minimum tax. Stateincometaxform Plug-in electric drive motor vehicle credit. Stateincometaxform Residential energy credits. Stateincometaxform Retirement savings contributions credit. Stateincometaxform This chapter also discusses the following refundable credits. Stateincometaxform Credit for tax on undistributed capital gain. Stateincometaxform Health coverage tax credit. Stateincometaxform Credit for excess social security tax or railroad retirement tax withheld. Stateincometaxform Several other credits are discussed in other chapters in this publication. Stateincometaxform Child and dependent care credit (chapter 32). Stateincometaxform Credit for the elderly or the disabled (chapter 33). Stateincometaxform Child tax credit (chapter 34). Stateincometaxform Education credits (chapter 35). Stateincometaxform Earned income credit (chapter 36). Stateincometaxform Nonrefundable credits. Stateincometaxform   The first part of this chapter, Nonrefundable Credits , covers ten credits that you subtract from your tax. Stateincometaxform These credits may reduce your tax to zero. Stateincometaxform If these credits are more than your tax, the excess is not refunded to you. Stateincometaxform Refundable credits. Stateincometaxform   The second part of this chapter, Refundable Credits , covers three credits that are treated as payments and are refundable to you. Stateincometaxform These credits are added to the federal income tax withheld and any estimated tax payments you made. Stateincometaxform If this total is more than your total tax, the excess will be refunded to you. Stateincometaxform Useful Items - You may want to see: Publication 502 Medical and Dental Expenses 514 Foreign Tax Credit for  Individuals 530 Tax Information for Homeowners 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) 1116 Foreign Tax Credit 2439 Notice to Shareholder of Undistributed Long-Term Capital Gains 5695 Residential Energy Credits 8396 Mortgage Interest Credit 8801 Credit For Prior Year Minimum Tax — Individuals, Estates, and Trusts 8828 Recapture of Federal Mortgage Subsidy 8839 Qualified Adoption Expenses 8880 Credit for Qualified Retirement Savings Contributions 8885 Health Coverage Tax Credit 8910 Alternative Motor Vehicle Credit 8911 Alternative Fuel Vehicle Refueling Property Credit 8912 Credit to Holders of Tax Credit Bonds 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit Nonrefundable Credits The credits discussed in this part of the chapter can reduce your tax. Stateincometaxform However, if the total of these credits is more than your tax, the excess is not refunded to you. Stateincometaxform Adoption Credit You may be able to take a tax credit of up to $12,970 for qualified expenses paid to adopt an eligible child. Stateincometaxform The credit may be allowed for the adoption of a child with special needs even if you do not have any qualified expenses. Stateincometaxform If your modified adjusted gross income (AGI) is more than $194,580, your credit is reduced. Stateincometaxform If your modified AGI is $234,580 or more, you cannot take the credit. Stateincometaxform Qualified adoption expenses. Stateincometaxform   Qualified adoption expenses are reasonable and necessary expenses directly related to, and whose principal purpose is for, the legal adoption of an eligible child. Stateincometaxform These expenses include: Adoption fees, Court costs, Attorney fees, Travel expenses (including amounts spent for meals and lodging) while away from home, and Re-adoption expenses to adopt a foreign child. Stateincometaxform Nonqualified expenses. Stateincometaxform   Qualified adoption expenses do not include expenses: That violate state or federal law, For carrying out any surrogate parenting arrangement, For the adoption of your spouse's child, For which you received funds under any federal, state, or local program, Allowed as a credit or deduction under any other federal income tax rule, or Paid or reimbursed by your employer or any other person or organization. Stateincometaxform Eligible child. Stateincometaxform   The term “eligible child” means any individual: Under 18 years old, or Physically or mentally incapable of caring for himself or herself. Stateincometaxform Child with special needs. Stateincometaxform   An eligible child is a child with special needs if all three of the following apply. Stateincometaxform The child was a citizen or resident of the United States (including U. Stateincometaxform S. Stateincometaxform possessions) at the time the adoption process began. Stateincometaxform A state (including the District of Columbia) has determined that the child cannot or should not be returned to his or her parents' home. Stateincometaxform The state has determined that the child will not be adopted unless assistance is provided to the adoptive parents. Stateincometaxform Factors used by states to make this determination include: The child's ethnic background, The child's age, Whether the child is a member of a minority or sibling group, and Whether the child has a medical condition or a physical, mental, or emotional handicap. Stateincometaxform When to take the credit. Stateincometaxform   Generally, until the adoption becomes final, you take the credit in the year after your qualified expenses were paid or incurred. Stateincometaxform If the adoption becomes final, you take the credit in the year your expenses were paid or incurred. Stateincometaxform See the Instructions for Form 8839 for more specific information on when to take the credit. Stateincometaxform Foreign child. Stateincometaxform   If the child is not a U. Stateincometaxform S. Stateincometaxform citizen or resident at the time the adoption process began, you cannot take the credit unless the adoption becomes final. Stateincometaxform You treat all adoption expenses paid or incurred in years before the adoption becomes final as paid or incurred in the year it becomes final. Stateincometaxform How to take the credit. Stateincometaxform   Figure your 2013 nonrefundable credit and any carryforward to 2014 on Form 8839 and attach it to your Form 1040. Stateincometaxform Include the credit in your total for Form 1040, line 53. Stateincometaxform Check box c and enter “8839” on the line next to that box. Stateincometaxform More information. Stateincometaxform   For more information, see the Instructions for Form 8839. Stateincometaxform Alternative Motor Vehicle Credit You may be able to take this credit if you place a qualified fuel cell vehicle in service in 2013. Stateincometaxform Amount of credit. Stateincometaxform   Generally, you can rely on the manufacturer's certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and the amount of the credit for which it qualifies. Stateincometaxform In the case of a foreign manufacturer, you generally can rely on its domestic distributor's certification to the IRS. Stateincometaxform   Ordinarily the amount of the credit is 100% of the manufacturer's (or domestic distributor's) certification to the IRS of the maximum credit allowable. Stateincometaxform How to take the credit. Stateincometaxform   To take the credit, you must complete Form 8910 and attach it to your Form 1040. Stateincometaxform Include the credit in your total for Form 1040, line 53. Stateincometaxform Check box c and enter “8910” on the line next to that box. Stateincometaxform More information. Stateincometaxform   For more information on the credit, see the Instructions for Form 8910. Stateincometaxform Alternative Fuel Vehicle Refueling Property Credit You may be able to take a credit if you place qualified alternative fuel vehicle refueling property in service in 2013. Stateincometaxform Qualified alternative fuel vehicle refueling property. Stateincometaxform   Qualified alternative fuel vehicle refueling property is any property (other than a building or its structural components) used for either of the following. Stateincometaxform To store or dispense alternative fuel into the fuel tank of a motor vehicle propelled by the fuel, but only if the storage or dispensing is at the point where the fuel is delivered into that tank. Stateincometaxform To recharge an electric vehicle, but only if the recharging property is located at the point where the vehicle is recharged. Stateincometaxform   The following are alternative fuels. Stateincometaxform Any fuel at least 85% of the volume of which consists of one or more of the following: ethanol, natural gas, compressed natural gas, liquefied natural gas, liquefied petroleum gas, or hydrogen. Stateincometaxform Any mixture which consists of two or more of the following: biodiesel, diesel fuel, or kerosene, and at least 20% of the volume of which consists of biodiesel determined without regard to any kerosene. Stateincometaxform Electricity. Stateincometaxform Amount of the credit. Stateincometaxform   For personal use property, the credit is generally the smaller of 30% of the property's cost or $1,000. Stateincometaxform For business use property, the credit is generally the smaller of 30% of the property's cost or $30,000. Stateincometaxform How to take the credit. Stateincometaxform   To take the credit, you must complete Form 8911 and attach it to your Form 1040. Stateincometaxform Include the credit in your total for Form 1040, line 53. Stateincometaxform Check box c and enter “8911” on the line next to that box. Stateincometaxform More information. Stateincometaxform   For more information on the credit, see the Form 8911 instructions. Stateincometaxform Credit to Holders of Tax Credit Bonds Tax credit bonds are bonds in which the holder receives a tax credit in lieu of some or all of the interest on the bond. Stateincometaxform You may be able to take a credit if you are a holder of one of the following bonds. Stateincometaxform Clean renewable energy bonds (issued before 2010). Stateincometaxform New clean renewable energy bonds. Stateincometaxform Qualified energy conservation bonds. Stateincometaxform Qualified school construction bonds. Stateincometaxform Qualified zone academy bonds. Stateincometaxform Build America bonds. Stateincometaxform In some instances, an issuer may elect to receive a credit for interest paid on the bond. Stateincometaxform If the issuer makes this election, you cannot also claim a credit. Stateincometaxform Interest income. Stateincometaxform   The amount of any tax credit allowed (figured before applying tax liability limits) must be included as interest income on your tax return. Stateincometaxform How to take the credit. Stateincometaxform   Complete Form 8912 and attach it to your Form 1040. Stateincometaxform Include the credit in your total for Form 1040, line 53. Stateincometaxform Check box c and enter “8912” on the line next to that box. Stateincometaxform More information. Stateincometaxform   For more information, see the Instructions for Form 8912. Stateincometaxform Foreign Tax Credit You generally can choose to take income taxes you paid or accrued during the year to a foreign country or U. Stateincometaxform S. Stateincometaxform possession as a credit against your U. Stateincometaxform S. Stateincometaxform income tax. Stateincometaxform Or, you can deduct them as an itemized deduction (see chapter 22). Stateincometaxform You cannot take a credit (or deduction) for foreign income taxes paid on income that you exclude from U. Stateincometaxform S. Stateincometaxform tax under any of the following. Stateincometaxform Foreign earned income exclusion. Stateincometaxform Foreign housing exclusion. Stateincometaxform Income from Puerto Rico exempt from U. Stateincometaxform S. Stateincometaxform tax. Stateincometaxform Possession exclusion. Stateincometaxform Limit on the credit. Stateincometaxform   Unless you can elect not to file Form 1116 (see Exception , later), your foreign tax credit cannot be more than your U. Stateincometaxform S. Stateincometaxform tax liability (Form 1040, line 44), multiplied by a fraction. Stateincometaxform The numerator of the fraction is your taxable income from sources outside the United States. Stateincometaxform The denominator is your total taxable income from U. Stateincometaxform S. Stateincometaxform and foreign sources. Stateincometaxform See Publication 514 for more information. Stateincometaxform How to take the credit. Stateincometaxform   Complete Form 1116 and attach it to your Form 1040. Stateincometaxform Enter the credit on Form 1040, line 47. Stateincometaxform Exception. Stateincometaxform   You do not have to complete Form 1116 to take the credit if all of the following apply. Stateincometaxform All of your gross foreign source income was from interest and dividends and all of that income and the foreign tax paid on it were reported to you on Form 1099-INT, Form 1099-DIV, or Schedule K-1 (or substitute statement). Stateincometaxform If you had dividend income from shares of stock, you held those shares for at least 16 days. Stateincometaxform You are not filing Form 4563 or excluding income from sources within Puerto Rico. Stateincometaxform The total of your foreign taxes was not more than $300 (not more than $600 if married filing jointly). Stateincometaxform All of your foreign taxes were: Legally owed and not eligible for a refund, and Paid to countries that are recognized by the United States and do not support terrorism. Stateincometaxform More information. Stateincometaxform   For more information on the credit and these requirements, see the Instructions for Form 1116. Stateincometaxform Mortgage Interest Credit The mortgage interest credit is intended to help lower-income individuals own a home. Stateincometaxform If you qualify, you can take the credit each year for part of the home mortgage interest you pay. Stateincometaxform Who qualifies. Stateincometaxform   You may be eligible for the credit if you were issued a qualified mortgage credit certificate (MCC) from your state or local government. Stateincometaxform Generally, an MCC is issued only in connection with a new mortgage for the purchase of your main home. Stateincometaxform Amount of credit. Stateincometaxform   Figure your credit on Form 8396. Stateincometaxform If your mortgage loan amount is equal to (or smaller than) the certified indebtedness (loan) amount shown on your MCC, enter on Form 8396, line 1, all the interest you paid on your mortgage during the year. Stateincometaxform   If your mortgage loan amount is larger than the certified indebtedness amount shown on your MCC, you can figure the credit on only part of the interest you paid. Stateincometaxform To find the amount to enter on line 1, multiply the total interest you paid during the year on your mortgage by the following fraction. Stateincometaxform      Certified indebtedness amount on your MCC     Original amount of your mortgage   Limit based on credit rate. Stateincometaxform   If the certificate credit rate is more than 20%, the credit you are allowed cannot be more than $2,000. Stateincometaxform If two or more persons (other than a married couple filing a joint return) hold an interest in the home to which the MCC relates, this $2,000 limit must be divided based on the interest held by each person. Stateincometaxform See Publication 530 for more information. Stateincometaxform Carryforward. Stateincometaxform   Your credit (after applying the limit based on the credit rate) is also subject to a limit based on your tax that is figured using Form 8396. Stateincometaxform If your allowable credit is reduced because of this tax liability limit, you can carry forward the unused portion of the credit to the next 3 years or until used, whichever comes first. Stateincometaxform   If you are subject to the $2,000 limit because your certificate credit rate is more than 20%, you cannot carry forward any amount more than $2,000 (or your share of the $2,000 if you must divide the credit). Stateincometaxform How to take the credit. Stateincometaxform    Figure your 2013 credit and any carryforward to 2014 on Form 8396, and attach it to your Form 1040. Stateincometaxform Be sure to include any credit carryforward from 2010, 2011, and 2012. Stateincometaxform   Include the credit in your total for Form 1040, line 53. Stateincometaxform Check box c and enter “8396” on the line next to that box. Stateincometaxform Reduced home mortgage interest deduction. Stateincometaxform   If you itemize your deductions on Schedule A (Form 1040), you must reduce your home mortgage interest deduction by the amount of the mortgage interest credit shown on Form 8396, line 3. Stateincometaxform You must do this even if part of that amount is to be carried forward to 2014. Stateincometaxform For more information about the home mortgage interest deduction, see chapter 23. Stateincometaxform Recapture of federal mortgage subsidy. Stateincometaxform   If you received an MCC with your mortgage loan, you may have to recapture (pay back) all or part of the benefit you received from that program. Stateincometaxform The recapture may be required if you sell or dispose of your home at a gain during the first 9 years after the date you closed your mortgage loan. Stateincometaxform See the Instructions for Form 8828 and chapter 15 for more information. Stateincometaxform More information. Stateincometaxform   For more information on the credit, see the Form 8396 instructions. Stateincometaxform Nonrefundable Credit for Prior Year Minimum Tax The tax laws give special treatment to some kinds of income and allow special deductions and credits for some kinds of expenses. Stateincometaxform If you benefit from these laws, you may have to pay at least a minimum amount of tax in addition to any other tax on these items. Stateincometaxform This is called the alternative minimum tax. Stateincometaxform The special treatment of some items of income and expenses only allows you to postpone paying tax until a later year. Stateincometaxform If in prior years you paid alternative minimum tax because of these tax postponement items, you may be able to take a credit for prior year minimum tax against your current year's regular tax. Stateincometaxform You may be able to take a credit against your regular tax if for 2012 you had: An alternative minimum tax liability and adjustments or preferences other than exclusion items, A minimum tax credit that you are carrying forward to 2013, or An unallowed qualified electric vehicle credit. Stateincometaxform How to take the credit. Stateincometaxform    Figure your 2013 nonrefundable credit (if any), and any carryforward to 2014 on Form 8801, and attach it to your Form 1040. Stateincometaxform Include the credit in your total for Form 1040, line 53, and check box b. Stateincometaxform You can carry forward any unused credit for prior year minimum tax to later years until it is completely used. Stateincometaxform More information. Stateincometaxform   For more information on the credit, see the Instructions for Form 8801. Stateincometaxform Plug-in Electric Drive Motor Vehicle Credit You may be able to take this credit if you placed in service for business or personal use a qualified plug-in electric drive motor vehicle or a qualified two- or three-wheeled plug-in electric vehicle in 2013 and you meet some other requirements. Stateincometaxform Qualified plug-in electric drive motor vehicle. Stateincometaxform   This is a new vehicle with at least four wheels that: Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 4 kilowatt hours and is capable of being recharged from an external source of electricity, and Has a gross vehicle weight of less than 14,000 pounds. Stateincometaxform Qualified two- or three-wheeled plug-in electric vehicle. Stateincometaxform   This is a new vehicle with two or three wheels that: Is capable of achieving a speed of 45 miles per hour or greater, Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 2. Stateincometaxform 5 kilowatt hours and is capable of being recharged from an external source of electricity, and Has a gross vehicle weight of less than 14,000 pounds. Stateincometaxform Certification and other requirements. Stateincometaxform   Generally, you can rely on the manufacturer's (or, in the case of a foreign manufacturer, its domestic distributor's) certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and, if applicable, the amount of the credit for which it qualifies. Stateincometaxform However, if the IRS publishes an announcement that the certification for any specific make, model, and model year vehicle has been withdrawn, you cannot rely on the certification for such a vehicle purchased after the date of publication of the withdrawal announcement. Stateincometaxform   The following requirements must also be met to qualify for the credit. Stateincometaxform You are the owner of the vehicle. Stateincometaxform If the vehicle is leased, only the lessor, and not the lessee, is entitled to the credit. Stateincometaxform You placed the vehicle in service during 2013. Stateincometaxform The vehicle is manufactured primarily for use on public streets, roads, and highways. Stateincometaxform The original use of the vehicle began with you. Stateincometaxform You acquired the vehicle for your use or to lease to others, and not for resale. Stateincometaxform In the case of the qualified two- or three-wheeled plug-in electric vehicle, the vehicle is acquired after 2011 and before 2014. Stateincometaxform You use the vehicle primarily in the United States. Stateincometaxform How to take the credit. Stateincometaxform   To take the credit, you must complete Form 8936 and attach it to your Form 1040. Stateincometaxform Include the credit in your total for Form 1040, line 53. Stateincometaxform Check box c and enter “8936” on the line next to that box. Stateincometaxform More information. Stateincometaxform   For more information on the credit, see the Form 8936 instructions. Stateincometaxform Residential Energy Credits You may be able to take one or both of the following credits if you made energy saving improvements to your home located in the United States in 2013. Stateincometaxform Nonbusiness energy property credit. Stateincometaxform Residential energy efficient property credit. Stateincometaxform If you are a member of a condominium management association for a condominium you own or a tenant-stockholder in a cooperative housing corporation, you are treated as having paid your proportionate share of any costs of the association or corporation for purposes of these credits. Stateincometaxform Nonbusiness energy property credit. Stateincometaxform   You may be able to take a credit equal to the sum of: 10% of the amount paid or incurred for qualified energy efficiency improvements installed during 2013, and Any residential energy property costs paid or incurred in 2013. Stateincometaxform   There is a lifetime limit of $500 for all years after 2005, of which only $200 can be for windows; $50 for any advanced main air circulating fan; $150 for any qualified natural gas, propane, or oil furnace or hot water boiler; and $300 for any item of energy efficient building property. Stateincometaxform    If the total of nonbusiness energy property credits you have taken in previous years (after 2005) is more than $500, you cannot take this credit in 2013. Stateincometaxform   Qualified energy efficiency improvements are the following improvements that are new, can be expected to remain in use at least 5 years, and meet certain requirements for energy efficiency. Stateincometaxform Any insulation material or system that is specifically and primarily designed to reduce heat loss or gain of a home. Stateincometaxform Exterior window (including skylights). Stateincometaxform Exterior doors. Stateincometaxform Any metal or asphalt roof that has appropriate pigmented coatings or cooling granules specifically and primarily designed to reduce heat gain of the home. Stateincometaxform   Residential energy property is any of the following. Stateincometaxform Certain electric heat pump water heaters; electric heat pumps; central air conditioners; natural gas, propane, or oil water heater; and stoves that use biomass fuel. Stateincometaxform Qualified natural gas, propane, or oil furnaces; and qualified natural gas, propane, or oil hot water boilers. Stateincometaxform Certain advanced main air circulating fans used in natural gas, propane, or oil furnaces. Stateincometaxform Residential energy efficient property credit. Stateincometaxform   You may be able to take a credit of 30% of your costs of qualified solar electric property, solar water heating property, fuel cell property, small wind energy property, and geothermal heat pump property. Stateincometaxform The credit amount for costs paid for qualified fuel cell property is limited to $500 for each one-half kilowatt of capacity of the property. Stateincometaxform Basis reduction. Stateincometaxform   You must reduce the basis of your home by the amount of any credit allowed. Stateincometaxform How to take the credit. Stateincometaxform   Complete Form 5695 and attach it to your Form 1040. Stateincometaxform Enter the credit on Form 1040, line 52. Stateincometaxform More information. Stateincometaxform   For more information on these credits, see the Form 5695 instructions. Stateincometaxform Retirement Savings Contributions Credit (Saver's Credit) You may be able to take this credit if you, or your spouse if filing jointly, made: Contributions (other than rollover contributions) to a traditional or Roth IRA, Elective deferrals to a 401(k) or 403(b) plan (including designated Roth contributions) or to a governmental 457, SEP, or SIMPLE plan, Voluntary employee contributions to a qualified retirement plan (including the federal Thrift Savings Plan), or Contributions to a 501(c)(18)(D) plan. Stateincometaxform However, you cannot take the credit if either of the following applies. Stateincometaxform The amount on Form 1040, line 38, or Form 1040A, line 22, is more than $29,500 ($44,250 if head of household; $59,000 if married filing jointly). Stateincometaxform The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 1996, (b) is claimed as a dependent on someone else's 2013 tax return, or (c) was a student (defined next). Stateincometaxform Student. Stateincometaxform   You were a student if during any part of 5 calendar months of 2013 you: Were enrolled as a full-time student at a school, or Took a full-time, on-farm training course given by a school or a state, county, or local government agency. Stateincometaxform School. Stateincometaxform   A school includes a technical, trade, or mechanical school. Stateincometaxform It does not include an on-the-job training course, correspondence school, or school offering courses only through the Internet. Stateincometaxform How to take the credit. Stateincometaxform   Figure the credit on Form 8880. Stateincometaxform Enter the credit on your Form 1040, line 50, or your Form 1040A, line 32, and attach Form 8880 to your return. Stateincometaxform More information. Stateincometaxform   For more information on the credit, see the Form 8880 instructions. Stateincometaxform Refundable Credits The credits discussed in this part of the chapter are treated as payments of tax. Stateincometaxform If the total of these credits, withheld federal income tax, and estimated tax payments is more than your total tax, the excess can be refunded to you. Stateincometaxform Credit for Tax on Undistributed Capital Gain You must include in your income any amounts that regulated investment companies (commonly called mutual funds) or real estate investment trusts (REITs) allocated to you as capital gain distributions, even if you did not actually receive them. Stateincometaxform If the mutual fund or REIT paid a tax on the capital gain, you are allowed a credit for the tax since it is considered paid by you. Stateincometaxform The mutual fund or REIT will send you Form 2439 showing your share of the undistributed capital gains and the tax paid, if any. Stateincometaxform How to take the credit. Stateincometaxform   To take the credit, attach Copy B of Form 2439 to your Form 1040. Stateincometaxform Include the amount from box 2 of your Form 2439 in the total for Form 1040, line 71, and check box a. Stateincometaxform More information. Stateincometaxform   See Capital Gain Distributions in chapter 8 for more information on undistributed capital gains. Stateincometaxform Health Coverage Tax Credit You may be able to take this credit for any month in which all the following statements were true on the first day of the month. Stateincometaxform You were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment TAA (RTAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient (defined later); or you were a qualified family member of one of these individuals when the individual died or you finalized a divorce with one of these individuals. Stateincometaxform You and/or your family members were covered by a qualified health insurance plan for which you paid the entire premiums, or your portion of the premiums, directly to your health plan or to “U. Stateincometaxform S. Stateincometaxform Treasury–HCTC. Stateincometaxform ” You were not enrolled in Medicare Part A, B, or C, or you were enrolled in Medicare but your family member(s) qualified for the HCTC. Stateincometaxform You were not enrolled in Medicaid or the Children's Health Insurance Program (CHIP). Stateincometaxform You were not enrolled in the Federal Employees Health Benefits program (FEHBP) or eligible to receive benefits under the U. Stateincometaxform S. Stateincometaxform military health system (TRICARE). Stateincometaxform You were not imprisoned under federal, state, or local authority. Stateincometaxform Your employer did not pay 50% or more of the cost of coverage. Stateincometaxform You did not receive a 65% COBRA premium reduction from your former employer or COBRA administrator. Stateincometaxform But, you cannot take the credit if you can be claimed as a dependent on someone else's 2013 tax return. Stateincometaxform If you meet all of these conditions, you may be able to take a credit of up to 72. Stateincometaxform 5% of the amount you paid directly to a qualified health plan for you and any qualifying family members. Stateincometaxform You cannot take the credit for insurance premiums on coverage that was actually paid for with a National Emergency Grant. Stateincometaxform The amount you paid for qualified health insurance coverage must be reduced by any Archer MSA and health savings account distributions used to pay for the coverage. Stateincometaxform You can take this credit on your tax return or have it paid on your behalf in advance to your insurance company. Stateincometaxform If the credit is paid on your behalf in advance, that amount will reduce the amount of the credit you can take on your tax return. Stateincometaxform TAA recipient. Stateincometaxform   You were an eligible TAA recipient on the first day of the month if, for any day in that month or the prior month, you: Received a trade readjustment allowance, or Would have been entitled to receive such an allowance except that you had not exhausted all rights to any unemployment insurance (except additional compensation that is funded by a state and is not reimbursed from any federal funds) to which you were entitled (or would be entitled if you applied). Stateincometaxform Example. Stateincometaxform You received a trade adjustment allowance for January 2013. Stateincometaxform You were an eligible TAA recipient on the first day of January and February. Stateincometaxform Alternative TAA recipient. Stateincometaxform   You were an eligible alternative TAA recipient on the first day of the month if, for that month or the prior month, you received benefits under an alternative trade adjustment assistance program for older workers established by the Department of Labor. Stateincometaxform Example. Stateincometaxform You received benefits under an alternative trade adjustment assistance program for older workers for October 2013. Stateincometaxform The program was established by the Department of Labor. Stateincometaxform You were an eligible alternative TAA recipient on the first day of October and November. Stateincometaxform RTAA recipient. Stateincometaxform   You were an eligible RTAA recipient on the first day of the month if, for that month or the prior month, you received benefits under a reemployment trade adjustment assistance program for older workers established by the Department of Labor. Stateincometaxform PBGC pension recipient. Stateincometaxform   You were an eligible PBGC pension recipient on the first day of the month, if both of the following apply. Stateincometaxform You were age 55 or older on the first day of the month. Stateincometaxform You received a benefit for that month paid by the PBGC under title IV of the Employee Retirement Income Security Act of 1974 (ERISA). Stateincometaxform If you received a lump-sum payment from the PBGC after August 5, 2002, you meet item (2) above for any month that you would have received a PBGC benefit if you had not received the lump-sum payment. Stateincometaxform How to take the credit. Stateincometaxform   To take the credit, complete Form 8885 and attach it to your Form 1040. Stateincometaxform Include your credit in the total for Form 1040, line 71, and check box c. Stateincometaxform   You must attach health insurance bills (or COBRA payment coupons) and proof of payment for any amounts you include on Form 8885, line 2. Stateincometaxform For details, see Publication 502 or Form 8885. Stateincometaxform More information. Stateincometaxform   For definitions and special rules, including those relating to qualified health insurance plans, qualifying family members, the effect of certain life events, and employer-sponsored health insurance plans, see Publication 502 and the Form 8885 instructions. Stateincometaxform Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld Most employers must withhold social security tax from your wages. Stateincometaxform If you work for a railroad employer, that employer must withhold tier 1 railroad retirement (RRTA) tax and tier 2 RRTA tax. Stateincometaxform If you worked for two or more employers in 2013, you may have had too much social security tax withheld from your pay. Stateincometaxform If one or more of those employers was a railroad employer, too much tier 1 RRTA tax may also have been withheld at the 6. Stateincometaxform 2% rate. Stateincometaxform You can claim the excess social security or tier 1 RRTA tax as a credit against your income tax when you file your return. Stateincometaxform For the tier 1 RRTA tax, only use the portion of the tier 1 RRTA tax that was taxed at the 6. Stateincometaxform 2% rate when figuring if excess tier 1 RRTA tax was withheld; do not include any portion of the tier 1 RRTA tax that was withheld at the Medicare tax rate (1. Stateincometaxform 45%) or the Additional Medicare Tax rate (. Stateincometaxform 9%). Stateincometaxform The following table shows the maximum amount of wages subject to tax and the maximum amount of tax that should have been withheld for 2013. Stateincometaxform Type of tax Maximum  wages subject to tax Maximum tax that should have been withheld Social security or RRTA tier 1 $113,700 $7,049. Stateincometaxform 40 RRTA tier 2 $84,300 $3,709. Stateincometaxform 20 All wages are subject to Medicare tax withholding. Stateincometaxform   Use Form 843, Claim for Refund and Request for Abatement, to claim a refund of excess tier 2 RRTA tax. Stateincometaxform Be sure to attach a copy of all of your W-2 forms. Stateincometaxform Use Worksheet 3-3 in Publication 505, Tax Withholding and Estimated Tax, to help you figure the excess amount. Stateincometaxform Employer's error. Stateincometaxform   If any one employer withheld too much social security or tier 1 RRTA tax, you cannot take the excess as a credit against your income tax. Stateincometaxform The employer should adjust the tax for you. Stateincometaxform If the employer does not adjust the overcollection, you can file a claim for refund using Form 843. Stateincometaxform Joint return. Stateincometaxform   If you are filing a joint return, you cannot add the social security or tier 1 RRTA tax withheld from your spouse's wages to the amount withheld from your wages. Stateincometaxform Figure the withholding separately for you and your spouse to determine if either of you has excess withholding. Stateincometaxform How to figure the credit if you did not work for a railroad. Stateincometaxform   If you did not work for a railroad during 2013, figure the credit as follows: 1. Stateincometaxform Add all social security tax withheld (but not more than $7,049. Stateincometaxform 40 for each employer). Stateincometaxform Enter the total here   2. Stateincometaxform Enter any uncollected social security tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT”   3. Stateincometaxform Add lines 1 and 2. Stateincometaxform If $7,049. Stateincometaxform 40 or less, stop here. Stateincometaxform You cannot take  the credit   4. Stateincometaxform Social security tax limit 7,049. Stateincometaxform 40 5. Stateincometaxform Credit. Stateincometaxform Subtract line 4 from line 3. Stateincometaxform Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ Example. Stateincometaxform You are married and file a joint return with your spouse who had no gross income in 2013. Stateincometaxform During 2013, you worked for the Brown Technology Company and earned $60,000 in wages. Stateincometaxform Social security tax of $3,720 was withheld. Stateincometaxform You also worked for another employer in 2013 and earned $55,000 in wages. Stateincometaxform $3,410 of social security tax was withheld from these wages. Stateincometaxform Because you worked for more than one employer and your total wages were more than $113,700, you can take a credit of $80. Stateincometaxform 60 for the excess social security tax withheld. Stateincometaxform 1. Stateincometaxform Add all social security tax withheld (but not more than $7,049. Stateincometaxform 40 for each employer). Stateincometaxform Enter the total here $7,130. Stateincometaxform 00 2. Stateincometaxform Enter any uncollected social security tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT” -0- 3. Stateincometaxform Add lines 1 and 2. Stateincometaxform If $7,049. Stateincometaxform 40 or less, stop here. Stateincometaxform You cannot take the credit 7,130. Stateincometaxform 00 4. Stateincometaxform Social security tax limit 7,049. Stateincometaxform 40 5. Stateincometaxform Credit. Stateincometaxform Subtract line 4 from line 3. Stateincometaxform Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $80. Stateincometaxform 60 How to figure the credit if you worked for a railroad. Stateincometaxform   If you were a railroad employee at any time during 2013, figure the credit as follows: 1. Stateincometaxform Add all social security and tier 1 RRTA tax withheld at the 6. Stateincometaxform 2% rate (but not more than $7,049. Stateincometaxform 40 for each employer). Stateincometaxform Enter the total here   2. Stateincometaxform Enter any uncollected social security and tier 1 RRTA tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT”   3. Stateincometaxform Add lines 1 and 2. Stateincometaxform If $7,049. Stateincometaxform 40 or less, stop here. Stateincometaxform You cannot take  the credit   4. Stateincometaxform Social security and tier 1 RRTA  tax limit 7,049. Stateincometaxform 40 5. Stateincometaxform Credit. Stateincometaxform Subtract line 4 from line 3. Stateincometaxform Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ How to take the credit. Stateincometaxform   Enter the credit on Form 1040, line 69, or include it in the total for Form 1040A, line 41. Stateincometaxform More information. Stateincometaxform   For more information on the credit, see Publication 505. Stateincometaxform Prev  Up  Next   Home   More Online Publications
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