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Turbotax 1040ez

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Turbotax 1040ez

Turbotax 1040ez 4. Turbotax 1040ez   Reporting Gains and Losses Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Information Returns Schedule D and Form 8949Long and Short Term Net Gain or Loss Treatment of Capital Losses Capital Gains Tax Rates Form 4797Mark-to-market election. Turbotax 1040ez Introduction This chapter explains how to report capital gains and losses and ordinary gains and losses from sales, exchanges, and other dispositions of property. Turbotax 1040ez Although this discussion refers to Schedule D (Form 1040) and Form 8949, many of the rules discussed here also apply to taxpayers other than individuals. Turbotax 1040ez However, the rules for property held for personal use usually will not apply to taxpayers other than individuals. Turbotax 1040ez Topics - This chapter discusses: Information returns Schedule D (Form 1040) Form 4797 Form 8949 Useful Items - You may want to see: Publication 550 Investment Income and Expenses 537 Installment Sales Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 1099-B Proceeds From Broker and Barter Exchange Transactions 1099-S Proceeds From Real Estate Transactions 4684 Casualties and Thefts 4797 Sales of Business Property 6252 Installment Sale Income 6781 Gains and Losses from Section 1256 Contracts and Straddles 8824 Like-Kind Exchanges 8949 Sales and Other Dispositions of Capital Assets See chapter 5 for information about getting publications and forms. Turbotax 1040ez Information Returns If you sell or exchange certain assets, you should receive an information return showing the proceeds of the sale. Turbotax 1040ez This information is also provided to the IRS. Turbotax 1040ez Form 1099-B. Turbotax 1040ez   If you sold property, such as stocks, bonds, or certain commodities, through a broker, you should receive Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, or a substitute statement from the broker. Turbotax 1040ez Use the Form 1099-B or a substitute statement to complete Form 8949 and/or Schedule D. Turbotax 1040ez Whether or not you receive 1099-B, you must report all taxable sales of stock, bonds, commodities, etc. Turbotax 1040ez on Form 8949 and/or Schedule D, as applicable. Turbotax 1040ez For more information on figuring gains and losses from these transactions, see chapter 4 in Publication 550. Turbotax 1040ez For information on reporting the gains and losses, see the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040). Turbotax 1040ez Form 1099-S. Turbotax 1040ez   An information return must be provided on certain real estate transactions. Turbotax 1040ez Generally, the person responsible for closing the transaction (the “real estate reporting person”) must report on Form 1099-S sales or exchanges of the following types of property. Turbotax 1040ez Land (improved or unimproved), including air space. Turbotax 1040ez An inherently permanent structure, including any residential, commercial, or industrial building. Turbotax 1040ez A condominium unit and its related fixtures and common elements (including land). Turbotax 1040ez Stock in a cooperative housing corporation. Turbotax 1040ez If you sold or exchanged any of the above types of property, the “real estate reporting person” must give you a copy of Form 1099-S or a statement containing the same information as the Form 1099-S. Turbotax 1040ez The “real estate reporting person” could include the buyer's attorney, your attorney, the title or escrow company, a mortgage lender, your broker, the buyer's broker, or the person acquiring the biggest interest in the property. Turbotax 1040ez   For more information see chapter 4 in Publication 550. Turbotax 1040ez Also, see the Instructions for Form 8949. Turbotax 1040ez Schedule D and Form 8949 Form 8949. Turbotax 1040ez   Individuals, corporations, and partnerships, use Form 8949 to report the following. Turbotax 1040ez    Sales or exchanges of capital assets, including stocks, bonds, etc. Turbotax 1040ez , and real estate (if not reported on another form or schedule such as Form 4684, 4797, 6252, 6781, or 8824). Turbotax 1040ez Include these transactions even if you did not receive a Form 1099-B or 1099-S. Turbotax 1040ez Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit. Turbotax 1040ez Nonbusiness bad debts. Turbotax 1040ez   Individuals, If you are filing a joint return, complete as many copies of Form 8949 as you need to report all of your and your spouse's transactions. Turbotax 1040ez You and your spouse may list your transactions on separate forms or you may combine them. Turbotax 1040ez However, you must include on your Schedule D the totals from all Forms 8949 for both you and your spouse. Turbotax 1040ez    Corporations and electing large partnerships also use Form 8949 to report their share of gain or loss from a partnership, S Corporation, estate or trust. Turbotax 1040ez   Business entities meeting certain criteria, may have an exception to some of the normal requirements for completing Form 8949. Turbotax 1040ez See the Instructions for Form 8949. Turbotax 1040ez Schedule D. Turbotax 1040ez    Use Schedule D (Form 1040) to figure the overall gain or loss from transactions reported on Form 8949, and to report certain transactions you do not have to report on Form 8949. Turbotax 1040ez Before completing Schedule D, you may have to complete other forms as shown below. Turbotax 1040ez    Complete all applicable lines of Form 8949 before completing lines 1b, 2, 3, 8b, 9, or 10 of your applicable Schedule D. Turbotax 1040ez Enter on Schedule D the combined totals from all your Forms 8949. Turbotax 1040ez For a sale, exchange, or involuntary conversion of business property, complete Form 4797 (discussed later). Turbotax 1040ez For a like-kind exchange, complete Form 8824. Turbotax 1040ez See Reporting the exchange under Like-Kind Exchanges in chapter 1. Turbotax 1040ez For an installment sale, complete Form 6252. Turbotax 1040ez See Publication 537. Turbotax 1040ez For an involuntary conversion due to casualty or theft, complete Form 4684. Turbotax 1040ez See Publication 547, Casualties, Disasters, and Thefts. Turbotax 1040ez For a disposition of an interest in, or property used in, an activity to which the at-risk rules apply, complete Form 6198, At-Risk Limitations. Turbotax 1040ez See Publication 925, Passive Activity and At-Risk Rules. Turbotax 1040ez For a disposition of an interest in, or property used in, a passive activity, complete Form 8582, Passive Activity Loss Limitations. Turbotax 1040ez See Publication 925. Turbotax 1040ez For gains and losses from section 1256 contracts and straddles, complete Form 6781. Turbotax 1040ez See Publication 550. Turbotax 1040ez Personal-use property. Turbotax 1040ez   Report gain on the sale or exchange of property held for personal use (such as your home) on Form 8949 and Schedule D (Form 1040), as applicable. Turbotax 1040ez Loss from the sale or exchange of property held for personal use is not deductible. Turbotax 1040ez But if you had a loss from the sale or exchange of real estate held for personal use for which you received a Form 1099-S, report the transaction on Form 8949 and Schedule D, even though the loss is not deductible. Turbotax 1040ez See the Instructions for Schedule D (Form 1040) and the Instructions for Form 8949 for information on how to report the transaction. Turbotax 1040ez Long and Short Term Where you report a capital gain or loss depends on how long you own the asset before you sell or exchange it. Turbotax 1040ez The time you own an asset before disposing of it is the holding period. Turbotax 1040ez If you received a Form 1099-B, (or substitute statement) box 1c may help you determine whether the gain or loss is short-term or long-term. Turbotax 1040ez If you hold a capital asset 1 year or less, the gain or loss from its disposition is short term. Turbotax 1040ez Report it in Part I of Form 8949 and/or Schedule D, as applicable. Turbotax 1040ez If you hold a capital asset longer than 1 year, the gain or loss from its disposition is long term. Turbotax 1040ez Report it in Part II of Form 8949 and/or Schedule D, as applicable. Turbotax 1040ez   Table 4-1. Turbotax 1040ez Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. Turbotax 1040ez . Turbotax 1040ez . Turbotax 1040ez  THEN you have a. Turbotax 1040ez . Turbotax 1040ez . Turbotax 1040ez 1 year or less, Short-term capital gain or  loss. Turbotax 1040ez More than 1 year, Long-term capital gain or  loss. Turbotax 1040ez These distinctions are essential to correctly arrive at your net capital gain or loss. Turbotax 1040ez Capital losses are allowed in full against capital gains plus up to $3,000 of ordinary income. Turbotax 1040ez See Capital Gains Tax Rates, later. Turbotax 1040ez Holding period. Turbotax 1040ez   To figure if you held property longer than 1 year, start counting on the day following the day you acquired the property. Turbotax 1040ez The day you disposed of the property is part of your holding period. Turbotax 1040ez Example. Turbotax 1040ez If you bought an asset on June 19, 2012, you should start counting on June 20, 2012. Turbotax 1040ez If you sold the asset on June 19, 2013, your holding period is not longer than 1 year, but if you sold it on June 20, 2013, your holding period is longer than 1 year. Turbotax 1040ez Patent property. Turbotax 1040ez   If you dispose of patent property, you generally are considered to have held the property longer than 1 year, no matter how long you actually held it. Turbotax 1040ez For more information, see Patents in chapter 2. Turbotax 1040ez Inherited property. Turbotax 1040ez   If you inherit property, you are considered to have held the property longer than 1 year, regardless of how long you actually held it. Turbotax 1040ez Installment sale. Turbotax 1040ez   The gain from an installment sale of an asset qualifying for long-term capital gain treatment in the year of sale continues to be long term in later tax years. Turbotax 1040ez If it is short term in the year of sale, it continues to be short term when payments are received in later tax years. Turbotax 1040ez    The date the installment payment is received determines the capital gains rate that should be applied not the date the asset was sold under an installment contract. Turbotax 1040ez Nontaxable exchange. Turbotax 1040ez   If you acquire an asset in exchange for another asset and your basis for the new asset is figured, in whole or in part, by using your basis in the old property, the holding period of the new property includes the holding period of the old property. Turbotax 1040ez That is, it begins on the same day as your holding period for the old property. Turbotax 1040ez Example. Turbotax 1040ez You bought machinery on December 4, 2012. Turbotax 1040ez On June 4, 2013, you traded this machinery for other machinery in a nontaxable exchange. Turbotax 1040ez On December 5, 2013, you sold the machinery you got in the exchange. Turbotax 1040ez Your holding period for this machinery began on December 5, 2012. Turbotax 1040ez Therefore, you held it longer than 1 year. Turbotax 1040ez Corporate liquidation. Turbotax 1040ez   The holding period for property you receive in a liquidation generally starts on the day after you receive it if gain or loss is recognized. Turbotax 1040ez Profit-sharing plan. Turbotax 1040ez   The holding period of common stock withdrawn from a qualified contributory profit-sharing plan begins on the day following the day the plan trustee delivered the stock to the transfer agent with instructions to reissue the stock in your name. Turbotax 1040ez Gift. Turbotax 1040ez   If you receive a gift of property and your basis in it is figured using the donor's basis, your holding period includes the donor's holding period. Turbotax 1040ez For more information on basis, see Publication 551, Basis of Assets. Turbotax 1040ez Real property. Turbotax 1040ez   To figure how long you held real property, start counting on the day after you received title to it or, if earlier, the day after you took possession of it and assumed the burdens and privileges of ownership. Turbotax 1040ez   However, taking possession of real property under an option agreement is not enough to start the holding period. Turbotax 1040ez The holding period cannot start until there is an actual contract of sale. Turbotax 1040ez The holding period of the seller cannot end before that time. Turbotax 1040ez Repossession. Turbotax 1040ez   If you sell real property but keep a security interest in it and then later repossess it, your holding period for a later sale includes the period you held the property before the original sale, as well as the period after the repossession. Turbotax 1040ez Your holding period does not include the time between the original sale and the repossession. Turbotax 1040ez That is, it does not include the period during which the first buyer held the property. Turbotax 1040ez Nonbusiness bad debts. Turbotax 1040ez   Nonbusiness bad debts are short-term capital losses. Turbotax 1040ez For information on nonbusiness bad debts, see chapter 4 of Publication 550. Turbotax 1040ez    Net Gain or Loss The totals for short-term capital gains and losses and the totals for long-term capital gains and losses must be figured separately. Turbotax 1040ez Net short-term capital gain or loss. Turbotax 1040ez   Combine your short-term capital gains and losses, including your share of short-term capital gains or losses from partnerships, S corporations, and fiduciaries and any short-term capital loss carryover. Turbotax 1040ez Do this by adding all your short-term capital gains. Turbotax 1040ez Then add all your short-term capital losses. Turbotax 1040ez Subtract the lesser total from the other. Turbotax 1040ez The result is your net short-term capital gain or loss. Turbotax 1040ez Net long-term capital gain or loss. Turbotax 1040ez   Follow the same steps to combine your long-term capital gains and losses. Turbotax 1040ez Include the following items. Turbotax 1040ez Net section 1231 gain from Part I, Form 4797, after any adjustment for nonrecaptured section 1231 losses from prior tax years. Turbotax 1040ez Capital gain distributions from regulated investment companies (mutual funds) and real estate investment trusts. Turbotax 1040ez Your share of long-term capital gains or losses from partnerships, S corporations, and fiduciaries. Turbotax 1040ez Any long-term capital loss carryover. Turbotax 1040ez The result from combining these items with other long-term capital gains and losses is your net long-term capital gain or loss. Turbotax 1040ez Net gain. Turbotax 1040ez   If the total of your capital gains is more than the total of your capital losses, the difference is taxable. Turbotax 1040ez Different tax rates may apply to the part that is a net capital gain. Turbotax 1040ez See Capital Gains Tax Rates, later. Turbotax 1040ez Net loss. Turbotax 1040ez   If the total of your capital losses is more than the total of your capital gains, the difference is deductible. Turbotax 1040ez But there are limits on how much loss you can deduct and when you can deduct it. Turbotax 1040ez See Treatment of Capital Losses, next. Turbotax 1040ez    Treatment of Capital Losses If your capital losses are more than your capital gains, you can deduct the difference as a capital loss deduction even if you do not have ordinary income to offset it. Turbotax 1040ez The yearly limit on the amount of the capital loss you can deduct is $3,000 ($1,500 if you are married and file a separate return). Turbotax 1040ez Table 4-2. Turbotax 1040ez Holding Period for Different Types of Acquisitions Type of acquisition: When your holding period starts: Stocks and bonds bought on a securities market Day after trading date you bought security. Turbotax 1040ez Ends on trading date you sold security. Turbotax 1040ez U. Turbotax 1040ez S. Turbotax 1040ez Treasury notes and bonds If bought at auction, day after notification of bid acceptance. Turbotax 1040ez If bought through subscription, day after subscription was submitted. Turbotax 1040ez Nontaxable exchanges Day after date you acquired old property. Turbotax 1040ez Gift If your basis is giver's adjusted basis, same day as giver's holding period began. Turbotax 1040ez If your basis is FMV, day after date of gift. Turbotax 1040ez Real property bought Generally, day after date you received title to the property. Turbotax 1040ez Real property repossessed Day after date you originally received title to the property, but does not include time between the original sale and date of repossession. Turbotax 1040ez Capital loss carryover. Turbotax 1040ez   Generally, you have a capital loss carryover if either of the following situations applies to you. Turbotax 1040ez Your net loss is more than the yearly limit. Turbotax 1040ez Your taxable income without your deduction for exemptions is less than zero. Turbotax 1040ez If either of these situations applies to you for 2013, see Capital Losses under Reporting Capital Gains and Losses in chapter 4 of Publication 550 to figure the amount you can carryover to 2014. Turbotax 1040ez Example. Turbotax 1040ez Bob and Gloria Sampson sold property in 2013. Turbotax 1040ez The sale resulted in a capital loss of $7,000. Turbotax 1040ez The Sampsons had no other capital transactions. Turbotax 1040ez On their joint 2013 return, the Sampsons deduct $3,000, the yearly limit. Turbotax 1040ez They had taxable income of $2,000. Turbotax 1040ez The unused part of the loss, $4,000 ($7,000 − $3,000), is carried over to 2014. Turbotax 1040ez If the Sampsons' capital loss had been $2,000, it would not have been more than the yearly limit. Turbotax 1040ez Their capital loss deduction would have been $2,000. Turbotax 1040ez They would have no carryover to 2014. Turbotax 1040ez Short-term and long-term losses. Turbotax 1040ez   When you carry over a loss, it retains its original character as either long term or short term. Turbotax 1040ez A short-term loss you carry over to the next tax year is added to short-term losses occurring in that year. Turbotax 1040ez A long-term loss you carry over to the next tax year is added to long-term losses occurring in that year. Turbotax 1040ez A long-term capital loss you carry over to the next year reduces that year's long-term gains before its short-term gains. Turbotax 1040ez   If you have both short-term and long-term losses, your short-term losses are used first against your allowable capital loss deduction. Turbotax 1040ez If, after using your short-term losses, you have not reached the limit on the capital loss deduction, use your long-term losses until you reach the limit. Turbotax 1040ez To figure your capital loss carryover from 2013 to 2014 use the Capital Loss Carryover Worksheet in the 2013 Instructions for Schedule D (Form 1040). Turbotax 1040ez Joint and separate returns. Turbotax 1040ez   On a joint return, the capital gains and losses of spouses are figured as the gains and losses of an individual. Turbotax 1040ez If you are married and filing a separate return, your yearly capital loss deduction is limited to $1,500. Turbotax 1040ez Neither you nor your spouse can deduct any part of the other's loss. Turbotax 1040ez   If you and your spouse once filed separate returns and are now filing a joint return, combine your separate capital loss carryovers. Turbotax 1040ez However, if you and your spouse once filed jointly and are now filing separately, any capital loss carryover from the joint return can be deducted only on the return of the spouse who actually had the loss. Turbotax 1040ez Death of taxpayer. Turbotax 1040ez   Capital losses cannot be carried over after a taxpayer's death. Turbotax 1040ez They are deductible only on the final income tax return filed on the decedent's behalf. Turbotax 1040ez The yearly limit discussed earlier still applies in this situation. Turbotax 1040ez Even if the loss is greater than the limit, the decedent's estate cannot deduct the difference or carry it over to following years. Turbotax 1040ez Corporations. Turbotax 1040ez   A corporation can deduct capital losses only up to the amount of its capital gains. Turbotax 1040ez In other words, if a corporation has a net capital loss, it cannot be deducted in the current tax year. Turbotax 1040ez It must be carried to other tax years and deducted from capital gains occurring in those years. Turbotax 1040ez For more information, see Publication 542. Turbotax 1040ez Capital Gains Tax Rates The tax rates that apply to a net capital gain are generally lower than the tax rates that apply to other income. Turbotax 1040ez These lower rates are called the maximum capital gains rates. Turbotax 1040ez The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. Turbotax 1040ez For 2013, the maximum tax rates for individuals are 0%, 15%, 20%, 25%, and 28%. Turbotax 1040ez Also, individuals, use the Qualified Dividends and Capital Gain Worksheet in the Instructions for Form 1040, or the Schedule D Tax Computation Worksheet in the Instructions for Schedule D (Form 1040) (whichever applies) to figure your tax if you have qualified dividends or net capital gain. Turbotax 1040ez For more information, see chapter 4 of Publication 550. Turbotax 1040ez Also see the Instructions for Schedule D (Form 1040). Turbotax 1040ez Unrecaptured section 1250 gain. Turbotax 1040ez   Generally, this is the part of any long-term capital gain on section 1250 property (real property) that is due to depreciation. Turbotax 1040ez Unrecaptured section 1250 gain cannot be more than the net section 1231 gain or include any gain otherwise treated as ordinary income. Turbotax 1040ez Use the worksheet in the Schedule D instructions to figure your unrecaptured section 1250 gain. Turbotax 1040ez For more information about section 1250 property and net section 1231 gain, see chapter 3. Turbotax 1040ez Form 4797 Use Form 4797 to report: The sale or exchange of: Property used in your trade or business; Depreciable and amortizable property; Oil, gas, geothermal, or other mineral properties; and Section 126 property. Turbotax 1040ez The involuntary conversion (from other than casualty or theft) of property used in your trade or business and capital assets held in connection with a trade or business or a transaction entered into for profit. Turbotax 1040ez The disposition of noncapital assets (other than inventory or property held primarily for sale to customers in the ordinary course of your trade or business). Turbotax 1040ez The disposition of capital assets not reported on Schedule D. Turbotax 1040ez The gain or loss (including any related recapture) for partners and S corporation shareholders from certain section 179 property dispositions by partnerships (other than electing large partnerships) and S corporations. Turbotax 1040ez The computation of recapture amounts under sections 179 and 280F(b)(2) when the business use of section 179 or listed property decreases to 50% or less. Turbotax 1040ez Gains or losses treated as ordinary gains or losses, if you are a trader in securities or commodities and made a mark-to-market election under Internal Revenue Code section 475(f). Turbotax 1040ez You can use Form 4797 with Form 1040, 1065, 1120, or 1120S. Turbotax 1040ez Section 1231 gains and losses. Turbotax 1040ez   Show any section 1231 gains and losses in Part I. Turbotax 1040ez Carry a net gain to Schedule D (Form 1040) as a long-term capital gain. Turbotax 1040ez Carry a net loss to Part II of Form 4797 as an ordinary loss. Turbotax 1040ez   If you had any nonrecaptured net section 1231 losses from the preceding 5 tax years, reduce your net gain by those losses and report the amount of the reduction as an ordinary gain in Part II. Turbotax 1040ez Report any remaining gain on Schedule D (Form 1040). Turbotax 1040ez See Section 1231 Gains and Losses in chapter 3. Turbotax 1040ez Ordinary gains and losses. Turbotax 1040ez   Show any ordinary gains and losses in Part II. Turbotax 1040ez This includes a net loss or a recapture of losses from prior years figured in Part I of Form 4797. Turbotax 1040ez It also includes ordinary gain figured in Part III. Turbotax 1040ez Mark-to-market election. Turbotax 1040ez   If you made a mark-to-market election, you should report all gains and losses from trading as ordinary gains and losses in Part II of Form 4797, instead of as capital gains and losses on Form 8949 and Schedule D (Form 1040). Turbotax 1040ez See the Instructions for Form 4797. Turbotax 1040ez Also see Special Rules for Traders in Securities, in chapter 4 of Publication 550. Turbotax 1040ez Ordinary income from depreciation. Turbotax 1040ez   Figure the ordinary income from depreciation on personal property and additional depreciation on real property (as discussed in chapter 3) in Part III. Turbotax 1040ez Carry the ordinary income to Part II of Form 4797 as an ordinary gain. Turbotax 1040ez Carry any remaining gain to Part I as section 1231 gain, unless it is from a casualty or theft. Turbotax 1040ez Carry any remaining gain from a casualty or theft to Form 4684. Turbotax 1040ez Prev  Up  Next   Home   More Online Publications
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IRS Gives Colorado Flood Victims More Time To Decide When To Claim Losses

IR-2014-35, March 25, 2014  

WASHINGTON — The Internal Revenue Service today provided taxpayers an extension until Oct. 15, 2014, to decide when to claim disaster losses arising from last September’s flooding.

The extension means that eligible individuals and businesses will now have until Oct. 15 to decide whether to claim these losses on either their 2012 or 2013 returns. Without this extension, these taxpayers would have had to make this choice by the original due date for the 2013 return, usually April 15.

Depending upon various income factors, claiming losses on a 2012 return versus a 2013 return could result in greater tax savings for some taxpayers. The extra time is available, regardless of whether a taxpayer requests a tax-filing extension for either year.

Eligible taxpayers are those who suffered uninsured or unreimbursed losses resulting from severe storms, flooding, landslides and mudslides in the 20 federally-designated disaster area counties from Sept. 11 to Sept. 30, 2013. The disaster area counties are Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Crowley, Denver, El Paso, Fremont, Gilpin, Jefferson, Lake, Larimer, Lincoln, Logan, Morgan, Pueblo, Sedgwick, Washington and Weld.

Though taxpayers who miss the new Oct. 15 cut-off will lose the option of claiming their losses for 2012, they will still be able to claim them on an original or amended 2013 return. Further details are in Notice 2014-20, posted today on IRS.gov and also scheduled to be in Internal Revenue Bulletin 2014-15, dated April 7, 2014.

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Page Last Reviewed or Updated: 25-Mar-2014

The Turbotax 1040ez

Turbotax 1040ez Index Symbols 403(b) plans Defined, Tax-sheltered annuity plan. Turbotax 1040ez Loans from, without tax consequences, Exception for qualified plan, 403(b) plan, and government plan loans. Turbotax 1040ez Simplified Method to be used, Who must use the Simplified Method. Turbotax 1040ez 5% owners, 5% owners. Turbotax 1040ez A Age 70, Age 70½. Turbotax 1040ez Alimony (see Qualified domestic relations orders (QDROs)) Annuities 5% rate on early distributions, 5% rate on certain early distributions from deferred annuity contracts. Turbotax 1040ez Defined, Annuity. Turbotax 1040ez Fixed-period, Fixed-period annuities. Turbotax 1040ez , Fixed-period annuity. Turbotax 1040ez Guaranteed payments, Guaranteed payments. Turbotax 1040ez Joint and survivor annuities, Joint and survivor annuities. Turbotax 1040ez Minimum distributions from, Minimum distributions from an annuity plan. Turbotax 1040ez Payments under, Annuity payments. Turbotax 1040ez Qualified plan annuity starting before November 19, 1996, Qualified plan annuity starting before November 19, 1996. Turbotax 1040ez Rollovers, Annuity contracts. Turbotax 1040ez (see also Rollovers) Single-life, Annuities for a single life. Turbotax 1040ez , Single-life annuity. Turbotax 1040ez Starting date of, Annuity starting date defined. Turbotax 1040ez , Who must use the Simplified Method. Turbotax 1040ez , Annuity starting before November 19, 1996. Turbotax 1040ez , Annuity starting date. Turbotax 1040ez Before November 19, 1996, Annuity starting before November 19, 1996. Turbotax 1040ez Distribution on or after, Distribution On or After Annuity Starting Date Transfers of contracts, Transfers of Annuity Contracts Types of, Types of pensions and annuities. Turbotax 1040ez Variable annuities, Variable annuities. Turbotax 1040ez , Variable Annuities, Death benefits. Turbotax 1040ez Assistance (see Tax help) B Beneficiaries, Survivors and Beneficiaries C Capital gains Lump-sum distributions, Capital Gain Treatment Cash withdrawals (see Nonperiodic payments) Child support (see Qualified domestic relations orders (QDROs)) Corrective distributions of excess plan contributions, Corrective distributions of excess plan contributions. Turbotax 1040ez Costs Investment in the contract, Cost (Investment in the Contract) Lump-sum distribution, determination for, Cost. Turbotax 1040ez D Death benefits, Death benefits. Turbotax 1040ez Death of employee, Distributions after the employee's death. Turbotax 1040ez , Survivors of employees. Turbotax 1040ez Death of retiree, Survivors of retirees. Turbotax 1040ez Deductible voluntary employee contributions, Deductible voluntary employee contributions. Turbotax 1040ez Defined contribution plans, Defined contribution plan. Turbotax 1040ez Designated Roth accounts Costs, Designated Roth accounts. Turbotax 1040ez Defined, Designated Roth account. Turbotax 1040ez Qualified distributions, Designated Roth accounts. Turbotax 1040ez Rollovers, Designated Roth accounts. Turbotax 1040ez Disability pensions, Disability pensions. Turbotax 1040ez , Disability Pensions Distributions, Examples (see also Rollovers) Beginning date for, Required beginning date. Turbotax 1040ez Early distributions and penalty tax, Payment to you option. Turbotax 1040ez , Tax on Early Distributions Employer securities, Distributions of employer securities. Turbotax 1040ez Loans treated as, Loans Treated as Distributions Lump-sum, Distributions of employer securities. Turbotax 1040ez , Lump-Sum Distributions, Examples Minimum required, Recapture tax for changes in distribution method under equal payment exception. Turbotax 1040ez Nonperiodic, taxation of, Taxation of Nonperiodic Payments Periodic, taxation of, Taxation of Periodic Payments Public safety employees, Qualified public safety employees. Turbotax 1040ez Qualified reservist, Qualified reservist distributions. Turbotax 1040ez U. Turbotax 1040ez S. Turbotax 1040ez savings bonds, Distribution of U. Turbotax 1040ez S. Turbotax 1040ez savings bonds. Turbotax 1040ez Dividends, Taxation of Nonperiodic Payments E Early withdrawal from deferred interest account Penalty tax on, Payment to you option. Turbotax 1040ez , Tax on Early Distributions Employer securities, distributions of, Distributions of employer securities. Turbotax 1040ez Estate tax, Reduction for federal estate tax. Turbotax 1040ez Deduction, Estate tax deduction. Turbotax 1040ez Estimated tax, Estimated tax. Turbotax 1040ez Excess accumulation, tax on, Recapture tax for changes in distribution method under equal payment exception. Turbotax 1040ez Excess plan contributions, corrective distributions of, Corrective distributions of excess plan contributions. Turbotax 1040ez F Figuring taxable amount, Figuring the Taxable Amount, Distribution of U. Turbotax 1040ez S. Turbotax 1040ez savings bonds. Turbotax 1040ez Fixed-period annuities, Fixed-period annuities. Turbotax 1040ez , Fixed-period annuity. Turbotax 1040ez Foreign employment contributions, Foreign employment contributions. Turbotax 1040ez Form 4972, Lump-Sum Distributions W-4P, Choosing no withholding. Turbotax 1040ez Form 1040/1040A Rollovers, How to report. Turbotax 1040ez Form 1040X Changing your mind on lump-sum treatment, Changing your mind. Turbotax 1040ez Form 1099-INT U. Turbotax 1040ez S. Turbotax 1040ez savings bonds distributions, Distribution of U. Turbotax 1040ez S. Turbotax 1040ez savings bonds. Turbotax 1040ez Form 1099-R 10-year tax option for lump-sum distribution, 10-Year Tax Option Corrected form, Introduction Corrective distributions of excess plan contributions, Corrective distributions of excess plan contributions. Turbotax 1040ez Exceptions to tax, Exceptions to tax. Turbotax 1040ez Investment in the contract, Cost (Investment in the Contract) Loan treated as distribution from plan, Reporting by plan. Turbotax 1040ez Rollovers, How to report. Turbotax 1040ez Tax-free exchanges, Tax-free exchange reported on Form 1099-R. Turbotax 1040ez Form 4972 10-year tax option for lump-sum distribution, 10-Year Tax Option Lump-sum distributions, Lump-Sum Distributions, Electing optional lump-sum treatment. Turbotax 1040ez Form 5329 Recapture tax, Recapture tax for changes in distribution method under equal payment exception. Turbotax 1040ez Special additional taxes (penalty taxes), Special Additional Taxes, Exceptions to tax. Turbotax 1040ez Form RRB-1099-R, Form RRB-1099-R. Turbotax 1040ez Form W-4P Withholding from retirement plan payments, Choosing no withholding. Turbotax 1040ez , Nonperiodic distributions. Turbotax 1040ez Form W-4V Voluntary withholding request for social security or railroad retirement benefits, Withholding Tax and Estimated Tax Free tax services, Free help with your tax return. Turbotax 1040ez Frozen deposits, Frozen deposits. Turbotax 1040ez Fully taxable payments, Fully Taxable Payments G General Rule, Partly Taxable Payments, General Rule Death of retiree under, Survivors of retirees. Turbotax 1040ez Investment in the contract, determination of, Cost (Investment in the Contract) Guaranteed payments, Guaranteed payments. Turbotax 1040ez H Help (see Tax help) Home purchase Loans from qualified plans for, Exception for qualified plan, 403(b) plan, and government plan loans. Turbotax 1040ez I In-plan Roth rollovers, In-plan Roth rollovers. Turbotax 1040ez Individual retirement accounts Minimum distributions from, Minimum distributions from an individual account plan. Turbotax 1040ez Rollovers, Rollovers (see also Rollovers) Interest deduction Denial on loan from plan, Denial of interest deduction. Turbotax 1040ez J Joint and survivor annuities, Joint and survivor annuities. Turbotax 1040ez L Loans treated as distributions, Loans Treated as Distributions Local government employees Section 457 plans, Section 457 Deferred Compensation Plans Losses Lump-sum distribution, Losses. Turbotax 1040ez Lump-sum distributions, Distributions of employer securities. Turbotax 1040ez , Lump-Sum Distributions, Examples 10-year tax option, 10-Year Tax Option Capital gain treatment, Capital Gain Treatment Defined, Lump-Sum Distributions Election of, Changing your mind. Turbotax 1040ez Form 4972, Lump-Sum Distributions M Minimum required distributions, Recapture tax for changes in distribution method under equal payment exception. Turbotax 1040ez Missing children, photographs of, Reminders Multiple annuitants, Multiple annuitants. Turbotax 1040ez Multiple-lives annuities, Multiple-lives annuity. Turbotax 1040ez N Net Investment Income Tax, Net investment income tax. Turbotax 1040ez , Distribution Before Annuity Starting Date From a Nonqualified Plan Net unrealized appreciation (NUA), Net unrealized appreciation (NUA). Turbotax 1040ez Deferring tax on, Distributions of employer securities. Turbotax 1040ez Nonperiodic payments Loan treated as, Loans Treated as Distributions Taxation of, Taxation of Nonperiodic Payments Nonqualified plans Distribution before annuity start date, Distribution Before Annuity Starting Date From a Nonqualified Plan General Rule to be used, Who must use the General Rule. Turbotax 1040ez Loans treated as distributions from, Effect on investment in the contract. Turbotax 1040ez Nonresident aliens Railroad retirement, Nonresident aliens. Turbotax 1040ez P Partial rollovers, Partial rollovers. Turbotax 1040ez Partly taxable payments, Partly Taxable Payments Penalty taxes Early distributions, Tax on Early Distributions Excess accumulation, Tax on Excess Accumulation Pensions Defined, Pension. Turbotax 1040ez Disability pensions, Disability pensions. Turbotax 1040ez , Disability Pensions Types of, Types of pensions and annuities. Turbotax 1040ez Periodic payments Taxation of, Taxation of Periodic Payments Withholding tax, Periodic payments. Turbotax 1040ez Public safety officers insurance premiums, Insurance Premiums for Retired Public Safety Officers Public school employees Tax-sheltered annuity plans for (see 403(b) plans) Publications (see Tax help) Q Qualified domestic relations orders (QDROs), Qualified domestic relations order (QDRO). Turbotax 1040ez , Qualified domestic relations order (QDRO). Turbotax 1040ez Alternate payee under and lump-sum distribution, Alternate payee under qualified domestic relations order. Turbotax 1040ez Qualified employee annuities Defined, Qualified employee annuity. Turbotax 1040ez Simplified Method to be used, Who must use the Simplified Method. Turbotax 1040ez Qualified employee plans Defined, Qualified employee plan. Turbotax 1040ez Simplified Method to be used, Who must use the Simplified Method. Turbotax 1040ez Qualified plans, Who must use the General Rule. Turbotax 1040ez (see also specific type of plan ) Distribution before annuity starting date, Distribution Before Annuity Starting Date From a Qualified Plan General Rule, Who must use the General Rule. Turbotax 1040ez Loans from, without tax consequences, Exception for qualified plan, 403(b) plan, and government plan loans. Turbotax 1040ez Rollovers, Qualified retirement plan. Turbotax 1040ez Qualified settlement income Exxon Valdez litigation settlement, Qualified settlement income. Turbotax 1040ez R Railroad retirement benefits, Railroad Retirement Benefits, Repayment of benefits received in an earlier year. Turbotax 1040ez Taxability of, Withholding Tax and Estimated Tax Recapture tax Changes in distribution method, Recapture tax for changes in distribution method under equal payment exception. Turbotax 1040ez Reemployment, Reemployment. Turbotax 1040ez Related employers and related plans, Related employers and related plans. Turbotax 1040ez Repayment of loan within 5 years, Exception for qualified plan, 403(b) plan, and government plan loans. Turbotax 1040ez Required beginning date, Required beginning date. Turbotax 1040ez Required distributions, minimum, Recapture tax for changes in distribution method under equal payment exception. Turbotax 1040ez Retirement bonds, Retirement bonds. Turbotax 1040ez Rollovers, Rollovers, Choosing the right option. Turbotax 1040ez 20% tax rate on distribution, Eligible rollover distribution. Turbotax 1040ez Comparison of direct payment vs. Turbotax 1040ez direct rollover (Table 1), Choosing the right option. Turbotax 1040ez Direct rollover to another qualified plan, Eligible rollover distribution. Turbotax 1040ez , Direct rollover option. Turbotax 1040ez In-plan Roth, In-plan Roth rollovers. Turbotax 1040ez Nonspouse beneficiary, Rollovers by nonspouse beneficiary. Turbotax 1040ez Nontaxable amounts, Rollover of nontaxable amounts. Turbotax 1040ez Notice to recipients of eligible rollover distribution, Written explanation to recipients. Turbotax 1040ez Property and cash distributed, Property and cash distributed. Turbotax 1040ez Roth IRAs, Rollovers to Roth IRAs. Turbotax 1040ez Substitution of other property, Rollovers of property. Turbotax 1040ez Surviving spouse making, Rollover by surviving spouse. Turbotax 1040ez S Section 457 deferred compensation plans, Section 457 Deferred Compensation Plans Securities of employer, distributions of, Distributions of employer securities. Turbotax 1040ez Self-employed persons' rollovers, Rollovers Simplified Method, Partly Taxable Payments, Simplified Method Death of retiree under, Survivors of retirees. Turbotax 1040ez How to use, How to use the Simplified Method. Turbotax 1040ez Investment in the contract, determination of, Cost (Investment in the Contract) Not allowed, Who cannot use the Simplified Method. Turbotax 1040ez Single-sum in connection with start of payments, Single-sum in connection with the start of annuity payments. Turbotax 1040ez Single-life annuities, Annuities for a single life. Turbotax 1040ez , Single-life annuity. Turbotax 1040ez Social security, tax on, Withholding Tax and Estimated Tax State employees Section 457 plans, Section 457 Deferred Compensation Plans State insurer delinquency proceedings, State insurer delinquency proceedings. Turbotax 1040ez Surviving spouse Distribution rules for, Distributions after the employee's death. Turbotax 1040ez Rollovers by, Rollover by surviving spouse. Turbotax 1040ez T Tables Comparison of direct payment vs. Turbotax 1040ez direct rollover (Table 1), Choosing the right option. Turbotax 1040ez Tax help, How To Get Tax Help Tax-free exchanges, Tax-free exchange. Turbotax 1040ez Ten percent tax for early withdrawal, Payment to you option. Turbotax 1040ez , Tax on Early Distributions Ten-year tax option, 10-Year Tax Option Time for making rollover, Time for making rollover. Turbotax 1040ez Transfers of annuity contracts, Transfers of Annuity Contracts TTY/TDD information, How To Get Tax Help U U. Turbotax 1040ez S. Turbotax 1040ez savings bonds Distribution of, Distribution of U. Turbotax 1040ez S. Turbotax 1040ez savings bonds. Turbotax 1040ez V Variable annuities, Variable annuities. Turbotax 1040ez , Variable Annuities Voluntary employee contributions, Deductible voluntary employee contributions. Turbotax 1040ez W Withdrawals, Withdrawals. Turbotax 1040ez Employees withdrawing contributions, Plans that permitted withdrawal of employee contributions. Turbotax 1040ez Withholding, Withholding Tax and Estimated Tax 10% rate used, Nonperiodic distributions. Turbotax 1040ez 20% of eligible rollover, Withholding requirements. Turbotax 1040ez , Payment to you option. Turbotax 1040ez , 20% Mandatory withholding. Turbotax 1040ez Periodic payments, Periodic payments. Turbotax 1040ez Railroad retirement, Tax withholding. Turbotax 1040ez Worksheets Simplified Method, How to use the Simplified Method. Turbotax 1040ez Worksheet A, illustrated, Worksheet A. Turbotax 1040ez Simplified Method Worksheet for Bill Smith Worksheet A, Simplified Method, Worksheet A. Turbotax 1040ez Simplified Method Prev  Up     Home   More Online Publications