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Unemployed Tax Credit

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Unemployed Tax Credit

Unemployed tax credit 1. Unemployed tax credit   Investment Income Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: General InformationSSN for joint account. Unemployed tax credit Custodian account for your child. Unemployed tax credit Penalty for failure to supply SSN. Unemployed tax credit Certification. Unemployed tax credit Underreported interest and dividends. Unemployed tax credit How to stop backup withholding due to underreporting. Unemployed tax credit How to stop backup withholding due to an incorrect identification number. Unemployed tax credit Reporting backup withholding. Unemployed tax credit Nonresident aliens. Unemployed tax credit Penalties. Unemployed tax credit Savings account with parent as trustee. Unemployed tax credit Interest IncomeInterest not reported on Form 1099-INT. Unemployed tax credit Nominees. Unemployed tax credit Incorrect amount. Unemployed tax credit Information reporting requirement. Unemployed tax credit Taxable Interest — General Below-Market Loans U. Unemployed tax credit S. Unemployed tax credit Savings Bonds U. Unemployed tax credit S. Unemployed tax credit Treasury Bills, Notes, and Bonds Bonds Sold Between Interest Dates Insurance State or Local Government Obligations Discount on Debt InstrumentsOriginal Issue Discount (OID) Market Discount Bonds Discount on Short-Term Obligations Election To Report All Interest as OID When To Report Interest IncomeConstructive receipt. Unemployed tax credit How To Report Interest IncomeSchedule B (Form 1040A or 1040). Unemployed tax credit Worksheet for savings bonds distributed from a retirement or profit-sharing plan. Unemployed tax credit File Form 1099-INT with the IRS. Unemployed tax credit Dividends and Other DistributionsDividends not reported on Form 1099-DIV. Unemployed tax credit Nominees. Unemployed tax credit Ordinary Dividends Capital Gain Distributions Nondividend Distributions Liquidating Distributions Distributions of Stock and Stock Rights Other Distributions How To Report Dividend IncomeElection. Unemployed tax credit Independent contractor. Unemployed tax credit Investment interest deducted. Unemployed tax credit Exception 1. Unemployed tax credit Exception 2. Unemployed tax credit Undistributed capital gains. Unemployed tax credit File Form 1099-DIV with the IRS. Unemployed tax credit Stripped Preferred Stock REMICs, FASITs, and Other CDOsREMICs Collateralized Debt Obligations (CDOs) FASITs S CorporationsLimit on losses and deductions. Unemployed tax credit Passive activity losses. Unemployed tax credit Form 8582. Unemployed tax credit Investment ClubsInvestments in name of member. Unemployed tax credit Tax Treatment of the Club Topics - This chapter discusses: Interest Income , Discount on Debt Instruments , When To Report Interest Income , How To Report Interest Income , Dividends and Other Distributions , How To Report Dividend Income , Stripped Preferred Stock , Real estate mortgage investment conduits (REMICs), financial asset securitization investment trusts (FASITs), and other collateralized debt obligations (CDOs) , S Corporations , and Investment Clubs . Unemployed tax credit Useful Items - You may want to see: Publication 525 Taxable and Nontaxable Income 537 Installment Sales 590 Individual Retirement Arrangements (IRAs) 925 Passive Activity and At-Risk Rules 1212 Guide to Original Issue Discount (OID) Instruments Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends Schedule D (Form 1040) Capital Gains and Losses 1040 U. Unemployed tax credit S. Unemployed tax credit Individual Income Tax Return 1040A U. Unemployed tax credit S. Unemployed tax credit Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1099 General Instructions for Certain Information Returns 2439 Notice to Shareholder of Undistributed Long-Term Capital Gains 3115 Application for Change in Accounting Method 6251 Alternative Minimum Tax — Individuals 8582 Passive Activity Loss Limitations 8615 Tax for Certain Children Who Have Unearned Income 8814 Parents' Election To Report Child's Interest and Dividends 8815 Exclusion of Interest From Series EE and I U. Unemployed tax credit S. Unemployed tax credit Savings Bonds Issued After 1989 8818 Optional Form To Record Redemption of Series EE and I U. Unemployed tax credit S. Unemployed tax credit Savings Bonds Issued After 1989 8824 Like-Kind Exchanges 8949 Sales and Other Dispositions of Capital Assets 8960 Net Investment Income Tax—Individuals, Estates, and Trusts See chapter 5, How To Get Tax Help , for information about getting these publications and forms. Unemployed tax credit General Information A few items of general interest are covered here. Unemployed tax credit Recordkeeping. Unemployed tax credit You should keep a list showing sources and investment income amounts you receive during the year. Unemployed tax credit Also keep the forms you receive showing your investment income (Forms 1099-INT, Interest Income, and 1099-DIV, Dividends and Distributions, for example) as an important part of your records. Unemployed tax credit Net investment income tax (NIIT). Unemployed tax credit   Beginning in 2013, you may be subject to the NIIT. Unemployed tax credit The NIIT is a 3. Unemployed tax credit 8% tax on the lesser of your net investment income or the amount of your modified adjusted gross income (MAGI) that is over a threshold amount based on your filing status. Unemployed tax credit    Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household (with qualifying person) $200,000 Qualifying Widow(er) with dependent child $250,000    For more information, see Form 8960 and Instructions for Form 8960. Unemployed tax credit Tax on unearned income of certain children. Unemployed tax credit   Part of a child's 2013 unearned income may be taxed at the parent's tax rate. Unemployed tax credit This may happen if all of the following are true. Unemployed tax credit The child had more than $2,000 of unearned income. Unemployed tax credit The child is required to file a tax return. Unemployed tax credit The child was: Under age 18 at the end of 2013, Age 18 at the end of 2013 and did not have earned income that was more than half of the child's support, or A full-time student over age 18 and under age 24 at the end of 2013 and did not have earned income that was more than half of the child's support. Unemployed tax credit At least one of the child's parents was alive at the end of 2013. Unemployed tax credit The child does not file a joint return for 2013. Unemployed tax credit A child born on January 1, 1996, is considered to be age 18 at the end of 2013; a child born on January 1, 1995, is considered to be age 19 at the end of 2013; a child born on January 1, 1990, is considered to be age 24 at the end of 2013. Unemployed tax credit   If all of these statements are true, Form 8615 must be completed and attached to the child's tax return. Unemployed tax credit If any of these statements is not true, Form 8615 is not required and the child's income is taxed at his or her own tax rate. Unemployed tax credit    However, the parent can choose to include the child's interest and dividends on the parent's return if certain requirements are met. Unemployed tax credit Use Form 8814 for this purpose. Unemployed tax credit   For more information about the tax on unearned income of children and the parents' election, see Publication 929, Tax Rules for Children and Dependents. Unemployed tax credit Beneficiary of an estate or trust. Unemployed tax credit   Interest, dividends, and other investment income you receive as a beneficiary of an estate or trust is generally taxable income. Unemployed tax credit You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Unemployed tax credit , from the fiduciary. Unemployed tax credit Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. Unemployed tax credit Social security number (SSN). Unemployed tax credit   You must give your name and SSN or individual tax identification number (ITIN) to any person required by federal tax law to make a return, statement, or other document that relates to you. Unemployed tax credit This includes payers of interest and dividends. Unemployed tax credit If you do not give your SSN or ITIN to the payer of interest, you may have to pay a penalty. Unemployed tax credit SSN for joint account. Unemployed tax credit   If the funds in a joint account belong to one person, list that person's name first on the account and give that person's SSN to the payer. Unemployed tax credit (For information on who owns the funds in a joint account, see Joint accounts , later. Unemployed tax credit ) If the joint account contains combined funds, give the SSN of the person whose name is listed first on the account. Unemployed tax credit This is because only one name and SSN can be shown on Form 1099. Unemployed tax credit   These rules apply both to joint ownership by a married couple and to joint ownership by other individuals. Unemployed tax credit For example, if you open a joint savings account with your child using funds belonging to the child, list the child's name first on the account and give the child's SSN. Unemployed tax credit Custodian account for your child. Unemployed tax credit   If your child is the actual owner of an account that is recorded in your name as custodian for the child, give the child's SSN to the payer. Unemployed tax credit For example, you must give your child's SSN to the payer of dividends on stock owned by your child, even though the dividends are paid to you as custodian. Unemployed tax credit Penalty for failure to supply SSN. Unemployed tax credit   You will be subject to a penalty if, when required, you fail to: Include your SSN on any return, statement, or other document, Give your SSN to another person who must include it on any return, statement, or other document, or Include the SSN of another person on any return, statement, or other document. Unemployed tax credit The penalty is $50 for each failure up to a maximum penalty of $100,000 for any calendar year. Unemployed tax credit   You will not be subject to this penalty if you can show that your failure to provide the SSN was due to reasonable cause and not to willful neglect. Unemployed tax credit   If you fail to supply an SSN, you may also be subject to backup withholding. Unemployed tax credit Backup withholding. Unemployed tax credit   Your investment income is generally not subject to regular withholding. Unemployed tax credit However, it may be subject to backup withholding to ensure that income tax is collected on the income. Unemployed tax credit Under backup withholding, the bank, broker, or other payer of interest, original issue discount (OID), dividends, cash patronage dividends, or royalties must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. Unemployed tax credit   Backup withholding applies if: You do not give the payer your identification number (either a social security number or an employer identification number) in the required manner, The IRS notifies the payer that you gave an incorrect identification number, The IRS notifies the payer that you are subject to backup withholding on interest or dividends because you have underreported interest or dividends on your income tax return, or You are required, but fail, to certify that you are not subject to backup withholding for the reason described in (3). Unemployed tax credit Certification. Unemployed tax credit   For new accounts paying interest or dividends, you must certify under penalties of perjury that your SSN is correct and that you are not subject to backup withholding. Unemployed tax credit Your payer will give you a Form W-9, Request for Taxpayer Identification Number and Certification, or similar form, to make this certification. Unemployed tax credit If you fail to make this certification, backup withholding may begin immediately on your new account or investment. Unemployed tax credit Underreported interest and dividends. Unemployed tax credit   You will be considered to have underreported your interest and dividends if the IRS has determined for a tax year that: You failed to include any part of a reportable interest or dividend payment required to be shown on your return, or You were required to file a return and to include a reportable interest or dividend payment on that return, but you failed to file the return. Unemployed tax credit How to stop backup withholding due to underreporting. Unemployed tax credit   If you have been notified that you underreported interest or dividends, you can request a determination from the IRS to prevent backup withholding from starting or to stop backup withholding once it has begun. Unemployed tax credit You must show that at least one of the following situations applies. Unemployed tax credit No underreporting occurred. Unemployed tax credit You have a bona fide dispute with the IRS about whether underreporting occurred. Unemployed tax credit Backup withholding will cause or is causing an undue hardship, and it is unlikely that you will underreport interest and dividends in the future. Unemployed tax credit You have corrected the underreporting by filing a return if you did not previously file one and by paying all taxes, penalties, and interest due for any underreported interest or dividend payments. Unemployed tax credit   If the IRS determines that backup withholding should stop, it will provide you with a certification and will notify the payers who were sent notices earlier. Unemployed tax credit How to stop backup withholding due to an incorrect identification number. Unemployed tax credit   If you have been notified by a payer that you are subject to backup withholding because you have provided an incorrect SSN or employer identification number, you can stop it by following the instructions the payer gives you. Unemployed tax credit Reporting backup withholding. Unemployed tax credit   If backup withholding is deducted from your interest or dividend income or other reportable payment, the bank or other business must give you an information return for the year (for example, a Form 1099-INT) indicating the amount withheld. Unemployed tax credit The information return will show any backup withholding as “Federal income tax withheld. Unemployed tax credit ” Nonresident aliens. Unemployed tax credit    Generally, payments made to nonresident aliens are not subject to backup withholding. Unemployed tax credit You can use Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, to certify exempt status. Unemployed tax credit However, this does not exempt you from the 30% (or lower treaty) withholding rate that may apply to your investment income. Unemployed tax credit For information on the 30% rate, see Publication 519, U. Unemployed tax credit S. Unemployed tax credit Tax Guide for Aliens. Unemployed tax credit Penalties. Unemployed tax credit   There are civil and criminal penalties for giving false information to avoid backup withholding. Unemployed tax credit The civil penalty is $500. Unemployed tax credit The criminal penalty, upon conviction, is a fine of up to $1,000, or imprisonment of up to 1 year, or both. Unemployed tax credit Where to report investment income. Unemployed tax credit   Table 1-1 gives an overview of the forms and schedules to use to report some common types of investment income. Unemployed tax credit But see the rest of this publication for detailed information about reporting investment income. Unemployed tax credit Joint accounts. Unemployed tax credit   If two or more persons hold property (such as a savings account, bond, or stock) as joint tenants, tenants by the entirety, or tenants in common, each person's share of any interest or dividends from the property is determined by local law. Unemployed tax credit Community property states. Unemployed tax credit   If you are married and receive a distribution that is community income, one-half of the distribution is generally considered to be received by each spouse. Unemployed tax credit If you file separate returns, you must each report one-half of any taxable distribution. Unemployed tax credit See Publication 555, Community Property, for more information on community income. Unemployed tax credit   If the distribution is not considered community property and you and your spouse file separate returns, each of you must report your separate taxable distributions. Unemployed tax credit Example. Unemployed tax credit You and your spouse have a joint money market account. Unemployed tax credit Under state law, half the income from the account belongs to you, and half belongs to your spouse. Unemployed tax credit If you file separate returns, you each report half the income. Unemployed tax credit Income from property given to a child. Unemployed tax credit   Property you give as a parent to your child under the Model Gifts of Securities to Minors Act, the Uniform Gifts to Minors Act, or any similar law becomes the child's property. Unemployed tax credit   Income from the property is taxable to the child, except that any part used to satisfy a legal obligation to support the child is taxable to the parent or guardian having that legal obligation. Unemployed tax credit Savings account with parent as trustee. Unemployed tax credit   Interest income from a savings account opened for a minor child, but placed in the name and subject to the order of the parents as trustees, is taxable to the child if, under the law of the state in which the child resides, both of the following are true. Unemployed tax credit The savings account legally belongs to the child. Unemployed tax credit The parents are not legally permitted to use any of the funds to support the child. Unemployed tax credit Table 1-1. Unemployed tax credit Where To Report Common Types of Investment Income (For detailed information about reporting investment income, see the rest of this publication, especially How To Report Interest Income and How To Report Dividend Income in chapter 1. Unemployed tax credit ) Type of Income If you file Form 1040, report on . Unemployed tax credit . Unemployed tax credit . Unemployed tax credit If you can file Form 1040A, report on . Unemployed tax credit . Unemployed tax credit . Unemployed tax credit If you can file Form 1040EZ, report on . Unemployed tax credit . Unemployed tax credit . Unemployed tax credit Tax-exempt interest (Form 1099-INT, box 8) Line 8b Line 8b Space to the left of line 2 (enter “TEI” and the amount) Taxable interest that totals $1,500 or less Line 8a (You may need to file Schedule B as well. Unemployed tax credit ) Line 8a (You may need to file Schedule B as well. Unemployed tax credit ) Line 2 Taxable interest that totals more than $1,500 Line 8a; also use Schedule B, line 1 Line 8a; also use Schedule B, line 1   Savings bond interest you will exclude because of higher education expenses Schedule B; also use Form 8815 Schedule B; also use Form 8815   Ordinary dividends that total $1,500 or less Line 9a (You may need to file Schedule B as well. Unemployed tax credit ) Line 9a (You may need to file Schedule B as well. Unemployed tax credit )   Ordinary dividends that total more than $1,500 Line 9a; also use Schedule B, line 5 Line 9a; also use Schedule B, line 5   Qualified dividends (if you do not have to file Schedule D) Line 9b; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 2 Line 9b; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 2   Qualified dividends (if you have to file Schedule D) Line 9b; also use the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet, line 2 You cannot use Form 1040A    You cannot use Form 1040EZ Capital gain distributions (if you do not have to file Schedule D) Line 13; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 3 Line 10; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 3   Capital gain distributions (if you have to file Schedule D) Schedule D, line 13; also use the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet     Section 1250, 1202, or collectibles gain (Form 1099-DIV, box 2b, 2c, or 2d) Form 8949 and Schedule D     Nondividend distributions (Form 1099-DIV, box 3) Generally not reported*     Undistributed capital gains (Form 2439, boxes 1a - 1d) Schedule D     Gain or loss from sales of stocks or bonds Line 13; also use Form 8949, Schedule D, and the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet You cannot use Form 1040A   Gain or loss from exchanges of like-kind investment property Line 13; also use Schedule D, Form 8824, and the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet     *Report any amounts in excess of your basis in your mutual fund shares on Form 8949. Unemployed tax credit Use Part II if you held the shares more than 1 year. Unemployed tax credit Use Part I if you held your mutual fund shares 1 year or less. Unemployed tax credit For details on Form 8949, see Reporting Capital Gains and Losses in chapter 4, and the Instructions for Form 8949. Unemployed tax credit Accuracy-related penalty. Unemployed tax credit   An accuracy-related penalty of 20% can be charged for underpayments of tax due to negligence or disregard of rules or regulations or substantial understatement of tax. Unemployed tax credit For information on the penalty and any interest that applies, see Penalties in chapter 2. Unemployed tax credit Interest Income This section discusses the tax treatment of different types of interest income. Unemployed tax credit In general, any interest that you receive or that is credited to your account and can be withdrawn is taxable income. Unemployed tax credit (It does not have to be entered in your passbook. Unemployed tax credit ) Exceptions to this rule are discussed later. Unemployed tax credit Form 1099-INT. Unemployed tax credit   Interest income is generally reported to you on Form 1099-INT, or a similar statement, by banks, savings and loans, and other payers of interest. Unemployed tax credit This form shows you the interest you received during the year. Unemployed tax credit Keep this form for your records. Unemployed tax credit You do not have to attach it to your tax return. Unemployed tax credit   Report on your tax return the total interest income you receive for the tax year. Unemployed tax credit Interest not reported on Form 1099-INT. Unemployed tax credit   Even if you do not receive Form 1099-INT, you must still report all of your interest income. Unemployed tax credit For example, you may receive distributive shares of interest from partnerships or S corporations. Unemployed tax credit This interest is reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Unemployed tax credit , and Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. Unemployed tax credit Nominees. Unemployed tax credit   Generally, if someone receives interest as a nominee for you, that person must give you a Form 1099-INT showing the interest received on your behalf. Unemployed tax credit   If you receive a Form 1099-INT that includes amounts belonging to another person, see the discussion on Nominee distributions , later, under How To Report Interest Income. Unemployed tax credit Incorrect amount. Unemployed tax credit   If you receive a Form 1099-INT that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. Unemployed tax credit The new Form 1099-INT you receive will be marked “Corrected. Unemployed tax credit ” Form 1099-OID. Unemployed tax credit   Reportable interest income also may be shown on Form 1099-OID, Original Issue Discount. Unemployed tax credit For more information about amounts shown on this form, see Original Issue Discount (OID) , later in this chapter. Unemployed tax credit Exempt-interest dividends. Unemployed tax credit   Exempt-interest dividends you receive from a mutual fund or other regulated investment company, including those received from a qualified fund of funds in any tax year beginning after December 22, 2010, are not included in your taxable income. Unemployed tax credit (However, see Information reporting requirement , next. Unemployed tax credit ) Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. Unemployed tax credit You do not reduce your basis for distributions that are exempt-interest dividends. Unemployed tax credit Information reporting requirement. Unemployed tax credit   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file. Unemployed tax credit This is an information reporting requirement and does not change the exempt-interest dividends into taxable income. Unemployed tax credit See How To Report Interest Income , later. Unemployed tax credit Note. Unemployed tax credit Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. Unemployed tax credit The exempt-interest dividends subject to the alternative minimum tax are shown in box 11 of Form 1099-DIV. Unemployed tax credit See Form 6251 and its instructions for more information about this tax. Unemployed tax credit Private activity bonds are discussed later under State or Local Government Obligations. Unemployed tax credit Interest on VA dividends. Unemployed tax credit   Interest on insurance dividends left on deposit with the Department of Veterans Affairs (VA) is not taxable. Unemployed tax credit This includes interest paid on dividends on converted United States Government Life Insurance policies and on National Service Life Insurance policies. Unemployed tax credit Individual retirement arrangements (IRAs). Unemployed tax credit   Interest on a Roth IRA generally is not taxable. Unemployed tax credit Interest on a traditional IRA is tax deferred. Unemployed tax credit You generally do not include it in your income until you make withdrawals from the IRA. Unemployed tax credit See Publication 590 for more information. Unemployed tax credit Taxable Interest — General Taxable interest includes interest you receive from bank accounts, loans you make to others, and other sources. Unemployed tax credit The following are some sources of taxable interest. Unemployed tax credit Dividends that are actually interest. Unemployed tax credit   Certain distributions commonly called dividends are actually interest. Unemployed tax credit You must report as interest so-called “dividends” on deposits or on share accounts in: Cooperative banks, Credit unions, Domestic building and loan associations, Domestic savings and loan associations, Federal savings and loan associations, and Mutual savings banks. Unemployed tax credit  The “dividends” will be shown as interest income on Form 1099-INT. Unemployed tax credit Money market funds. Unemployed tax credit   Money market funds are offered by nonbank financial institutions such as mutual funds and stock brokerage houses, and pay dividends. Unemployed tax credit Generally, amounts you receive from money market funds should be reported as dividends, not as interest. Unemployed tax credit Certificates of deposit and other deferred interest accounts. Unemployed tax credit   If you open any of these accounts, interest may be paid at fixed intervals of 1 year or less during the term of the account. Unemployed tax credit You generally must include this interest in your income when you actually receive it or are entitled to receive it without paying a substantial penalty. Unemployed tax credit The same is true for accounts that mature in 1 year or less and pay interest in a single payment at maturity. Unemployed tax credit If interest is deferred for more than 1 year, see Original Issue Discount (OID) , later. Unemployed tax credit Interest subject to penalty for early withdrawal. Unemployed tax credit   If you withdraw funds from a deferred interest account before maturity, you may have to pay a penalty. Unemployed tax credit You must report the total amount of interest paid or credited to your account during the year, without subtracting the penalty. Unemployed tax credit See Penalty on early withdrawal of savings under How To Report Interest Income, later, for more information on how to report the interest and deduct the penalty. Unemployed tax credit Money borrowed to invest in certificate of deposit. Unemployed tax credit   The interest you pay on money borrowed from a bank or savings institution to meet the minimum deposit required for a certificate of deposit from the institution and the interest you earn on the certificate are two separate items. Unemployed tax credit You must report the total interest you earn on the certificate in your income. Unemployed tax credit If you itemize deductions, you can deduct the interest you pay as investment interest, up to the amount of your net investment income. Unemployed tax credit See Interest Expenses in chapter 3. Unemployed tax credit Example. Unemployed tax credit You deposited $5,000 with a bank and borrowed $5,000 from the bank to make up the $10,000 minimum deposit required to buy a 6-month certificate of deposit. Unemployed tax credit The certificate earned $575 at maturity in 2013, but you received only $265, which represented the $575 you earned minus $310 interest charged on your $5,000 loan. Unemployed tax credit The bank gives you a Form 1099-INT for 2013 showing the $575 interest you earned. Unemployed tax credit The bank also gives you a statement showing that you paid $310 interest for 2013. Unemployed tax credit You must include the $575 in your income. Unemployed tax credit If you itemize your deductions on Schedule A (Form 1040), Itemized Deductions, you can deduct $310, subject to the net investment income limit. Unemployed tax credit Gift for opening account. Unemployed tax credit   If you receive noncash gifts or services for making deposits or for opening an account in a savings institution, you may have to report the value as interest. Unemployed tax credit   For deposits of less than $5,000, gifts or services valued at more than $10 must be reported as interest. Unemployed tax credit For deposits of $5,000 or more, gifts or services valued at more than $20 must be reported as interest. Unemployed tax credit The value is determined by the cost to the financial institution. Unemployed tax credit Example. Unemployed tax credit You open a savings account at your local bank and deposit $800. Unemployed tax credit The account earns $20 interest. Unemployed tax credit You also receive a $15 calculator. Unemployed tax credit If no other interest is credited to your account during the year, the Form 1099-INT you receive will show $35 interest for the year. Unemployed tax credit You must report $35 interest income on your tax return. Unemployed tax credit Interest on insurance dividends. Unemployed tax credit   Interest on insurance dividends left on deposit with an insurance company that can be withdrawn annually is taxable to you in the year it is credited to your account. Unemployed tax credit However, if you can withdraw it only on the anniversary date of the policy (or other specified date), the interest is taxable in the year that date occurs. Unemployed tax credit Prepaid insurance premiums. Unemployed tax credit   Any increase in the value of prepaid insurance premiums, advance premiums, or premium deposit funds is interest if it is applied to the payment of premiums due on insurance policies or made available for you to withdraw. Unemployed tax credit U. Unemployed tax credit S. Unemployed tax credit obligations. Unemployed tax credit   Interest on U. Unemployed tax credit S. Unemployed tax credit obligations, such as U. Unemployed tax credit S. Unemployed tax credit Treasury bills, notes, and bonds, issued by any agency or instrumentality of the United States is taxable for federal income tax purposes. Unemployed tax credit Interest on tax refunds. Unemployed tax credit   Interest you receive on tax refunds is taxable income. Unemployed tax credit Interest on condemnation award. Unemployed tax credit   If the condemning authority pays you interest to compensate you for a delay in payment of an award, the interest is taxable. Unemployed tax credit Installment sale payments. Unemployed tax credit   If a contract for the sale or exchange of property provides for deferred payments, it also usually provides for interest payable with the deferred payments. Unemployed tax credit That interest is taxable when you receive it. Unemployed tax credit If little or no interest is provided for in a deferred payment contract, part of each payment may be treated as interest. Unemployed tax credit See Unstated Interest and Original Issue Discount (OID) in Publication 537. Unemployed tax credit Interest on annuity contract. Unemployed tax credit   Accumulated interest on an annuity contract you sell before its maturity date is taxable. Unemployed tax credit Usurious interest. Unemployed tax credit   Usurious interest is interest charged at an illegal rate. Unemployed tax credit This is taxable as interest unless state law automatically changes it to a payment on the principal. Unemployed tax credit Interest income on frozen deposits. Unemployed tax credit   Exclude from your gross income interest on frozen deposits. Unemployed tax credit A deposit is frozen if, at the end of the year, you cannot withdraw any part of the deposit because: The financial institution is bankrupt or insolvent, or The state in which the institution is located has placed limits on withdrawals because other financial institutions in the state are bankrupt or insolvent. Unemployed tax credit   The amount of interest you must exclude is the interest that was credited on the frozen deposits minus the sum of: The net amount you withdrew from these deposits during the year, and The amount you could have withdrawn as of the end of the year (not reduced by any penalty for premature withdrawals of a time deposit). Unemployed tax credit If you receive a Form 1099-INT for interest income on deposits that were frozen at the end of 2013, see Frozen deposits under How To Report Interest Income for information about reporting this interest income exclusion on your tax return. Unemployed tax credit   The interest you exclude is treated as credited to your account in the following year. Unemployed tax credit You must include it in income in the year you can withdraw it. Unemployed tax credit Example. Unemployed tax credit $100 of interest was credited on your frozen deposit during the year. Unemployed tax credit You withdrew $80 but could not withdraw any more as of the end of the year. Unemployed tax credit You must include $80 in your income and exclude $20 from your income for the year. Unemployed tax credit You must include the $20 in your income for the year you can withdraw it. Unemployed tax credit Bonds traded flat. Unemployed tax credit    If you buy a bond at a discount when interest has been defaulted or when the interest has accrued but has not been paid, the transaction is described as trading a bond flat. Unemployed tax credit The defaulted or unpaid interest is not income and is not taxable as interest if paid later. Unemployed tax credit When you receive a payment of that interest, it is a return of capital that reduces the remaining cost basis of your bond. Unemployed tax credit Interest that accrues after the date of purchase, however, is taxable interest income for the year received or accrued. Unemployed tax credit See Bonds Sold Between Interest Dates , later in this chapter. Unemployed tax credit Below-Market Loans If you make a below-market gift or demand loan, you must report as interest income any forgone interest (defined later) from that loan. Unemployed tax credit The below-market loan rules and exceptions are described in this section. Unemployed tax credit For more information, see section 7872 of the Internal Revenue Code and its regulations. Unemployed tax credit If you receive a below-market loan, you may be able to deduct the forgone interest as well as any interest you actually paid, but not if it is personal interest. Unemployed tax credit Loans subject to the rules. Unemployed tax credit   The rules for below-market loans apply to: Gift loans, Pay-related loans, Corporation-shareholder loans, Tax avoidance loans, and Certain loans made to qualified continuing care facilities under a continuing care contract. Unemployed tax credit A pay-related loan is any below-market loan between an employer and an employee or between an independent contractor and a person for whom the contractor provides services. Unemployed tax credit A tax avoidance loan is any below-market loan where the avoidance of federal tax is one of the main purposes of the interest arrangement. Unemployed tax credit Forgone interest. Unemployed tax credit   For any period, forgone interest is: The amount of interest that would be payable for that period if interest accrued on the loan at the applicable federal rate and was payable annually on December 31, minus Any interest actually payable on the loan for the period. Unemployed tax credit Applicable federal rate. Unemployed tax credit   Applicable federal rates are published by the IRS each month in the Internal Revenue Bulletin. Unemployed tax credit Some IRS offices have these bulletins available for research. Unemployed tax credit See chapter 5, How To Get Tax Help , for other ways to get this information. Unemployed tax credit Rules for below-market loans. Unemployed tax credit   The rules that apply to a below-market loan depend on whether the loan is a gift loan, demand loan, or term loan. Unemployed tax credit Gift and demand loans. Unemployed tax credit   A gift loan is any below-market loan where the forgone interest is in the nature of a gift. Unemployed tax credit   A demand loan is a loan payable in full at any time upon demand by the lender. Unemployed tax credit A demand loan is a below-market loan if no interest is charged or if interest is charged at a rate below the applicable federal rate. Unemployed tax credit   A demand loan or gift loan that is a below-market loan is generally treated as an arm's-length transaction in which the lender is treated as having made: A loan to the borrower in exchange for a note that requires the payment of interest at the applicable federal rate, and An additional payment to the borrower in an amount equal to the forgone interest. Unemployed tax credit The borrower is generally treated as transferring the additional payment back to the lender as interest. Unemployed tax credit The lender must report that amount as interest income. Unemployed tax credit   The lender's additional payment to the borrower is treated as a gift, dividend, contribution to capital, pay for services, or other payment, depending on the substance of the transaction. Unemployed tax credit The borrower may have to report this payment as taxable income, depending on its classification. Unemployed tax credit These transfers are considered to occur annually, generally on December 31. Unemployed tax credit Term loans. Unemployed tax credit   A term loan is any loan that is not a demand loan. Unemployed tax credit A term loan is a below-market loan if the amount of the loan is more than the present value of all payments due under the loan. Unemployed tax credit   A lender who makes a below-market term loan other than a gift loan is treated as transferring an additional lump-sum cash payment to the borrower (as a dividend, contribution to capital, etc. Unemployed tax credit ) on the date the loan is made. Unemployed tax credit The amount of this payment is the amount of the loan minus the present value, at the applicable federal rate, of all payments due under the loan. Unemployed tax credit An equal amount is treated as original issue discount (OID). Unemployed tax credit The lender must report the annual part of the OID as interest income. Unemployed tax credit The borrower may be able to deduct the OID as interest expense. Unemployed tax credit See Original Issue Discount (OID) , later. Unemployed tax credit Exceptions to the below-market loan rules. Unemployed tax credit   Exceptions to the below-market loan rules are discussed here. Unemployed tax credit Exception for loans of $10,000 or less. Unemployed tax credit   The rules for below-market loans do not apply to any day on which the total outstanding amount of loans between the borrower and lender is $10,000 or less. Unemployed tax credit This exception applies only to: Gift loans between individuals if the gift loan is not directly used to buy or carry income-producing assets, and Pay-related loans or corporation-shareholder loans if the avoidance of federal tax is not a principal purpose of the interest arrangement. Unemployed tax credit This exception does not apply to a term loan described in (2) earlier that previously has been subject to the below-market loan rules. Unemployed tax credit Those rules will continue to apply even if the outstanding balance is reduced to $10,000 or less. Unemployed tax credit Exception for loans to continuing care facilities. Unemployed tax credit   Loans to qualified continuing care facilities under continuing care contracts are not subject to the rules for below-market loans for the calendar year if the lender or the lender's spouse is age 62 or older at the end of the year. Unemployed tax credit For the definitions of qualified continuing care facility and continuing care contract, see Internal Revenue Code section 7872(h). Unemployed tax credit Exception for loans without significant tax effect. Unemployed tax credit   Loans are excluded from the below-market loan rules if their interest arrangements do not have a significant effect on the federal tax liability of the borrower or the lender. Unemployed tax credit These loans include: Loans made available by the lender to the general public on the same terms and conditions that are consistent with the lender's customary business practice; Loans subsidized by a federal, state, or municipal government that are made available under a program of general application to the public; Certain employee-relocation loans; Certain loans from a foreign person, unless the interest income would be effectively connected with the conduct of a U. Unemployed tax credit S. Unemployed tax credit trade or business and would not be exempt from U. Unemployed tax credit S. Unemployed tax credit tax under an income tax treaty; Gift loans to a charitable organization, contributions to which are deductible, if the total outstanding amount of loans between the organization and lender is $250,000 or less at all times during the tax year; and Other loans on which the interest arrangement can be shown to have no significant effect on the federal tax liability of the lender or the borrower. Unemployed tax credit For a loan described in (6) above, all the facts and circumstances are used to determine if the interest arrangement has a significant effect on the federal tax liability of the lender or borrower. Unemployed tax credit Some factors to be considered are: Whether items of income and deduction generated by the loan offset each other; The amount of these items; The cost to you of complying with the below-market loan rules, if they were to apply; and Any reasons other than taxes for structuring the transaction as a below-market loan. Unemployed tax credit If you structure a transaction to meet this exception and one of the principal purposes of that structure is the avoidance of federal tax, the loan will be considered a tax-avoidance loan, and this exception will not apply. Unemployed tax credit Limit on forgone interest for gift loans of $100,000 or less. Unemployed tax credit   For gift loans between individuals, if the outstanding loans between the lender and borrower total $100,000 or less, the forgone interest to be included in income by the lender and deducted by the borrower is limited to the amount of the borrower's net investment income for the year. Unemployed tax credit If the borrower's net investment income is $1,000 or less, it is treated as zero. Unemployed tax credit This limit does not apply to a loan if the avoidance of federal tax is one of the main purposes of the interest arrangement. Unemployed tax credit Effective dates. Unemployed tax credit    These rules apply to term loans made after June 6, 1984, and to demand loans outstanding after that date. Unemployed tax credit U. Unemployed tax credit S. Unemployed tax credit Savings Bonds This section provides tax information on U. Unemployed tax credit S. Unemployed tax credit savings bonds. Unemployed tax credit It explains how to report the interest income on these bonds and how to treat transfers of these bonds. Unemployed tax credit U. Unemployed tax credit S. Unemployed tax credit savings bonds currently offered to individuals include Series EE bonds and Series I bonds. Unemployed tax credit For other information on U. Unemployed tax credit S. Unemployed tax credit savings bonds, write to:  For Series HH/H: Bureau of the Fiscal Service Division of Customer Assistance P. Unemployed tax credit O. Unemployed tax credit Box 2186 Parkersburg, WV 26106-2186  For Series EE and I paper savings bonds: Bureau of the Fiscal Service Division of Customer Assistance P. Unemployed tax credit O. Unemployed tax credit Box 7012 Parkersburg, WV 26106-7012  For Series EE and I electronic bonds: Bureau of the Fiscal Service  Division of Customer Assistance P. Unemployed tax credit O. Unemployed tax credit Box 7015 Parkersburg, WV 26106-7015 Or, on the Internet, visit: www. Unemployed tax credit treasurydirect. Unemployed tax credit gov/indiv/indiv. Unemployed tax credit htm. Unemployed tax credit Accrual method taxpayers. Unemployed tax credit   If you use an accrual method of accounting, you must report interest on U. Unemployed tax credit S. Unemployed tax credit savings bonds each year as it accrues. Unemployed tax credit You cannot postpone reporting interest until you receive it or until the bonds mature. Unemployed tax credit Cash method taxpayers. Unemployed tax credit   If you use the cash method of accounting, as most individual taxpayers do, you generally report the interest on U. Unemployed tax credit S. Unemployed tax credit savings bonds when you receive it. Unemployed tax credit But see Reporting options for cash method taxpayers , later. Unemployed tax credit Series HH bonds. Unemployed tax credit   These bonds were issued at face value. Unemployed tax credit Interest is paid twice a year by direct deposit to your bank account. Unemployed tax credit If you are a cash method taxpayer, you must report interest on these bonds as income in the year you receive it. Unemployed tax credit   Series HH bonds were first offered in 1980 and last offered in August 2004. Unemployed tax credit Before 1980, series H bonds were issued. Unemployed tax credit Series H bonds are treated the same as series HH bonds. Unemployed tax credit If you are a cash method taxpayer, you must report the interest when you receive it. Unemployed tax credit   Series H bonds have a maturity period of 30 years. Unemployed tax credit Series HH bonds mature in 20 years. Unemployed tax credit The last series H bonds matured in 2009. Unemployed tax credit The last series HH bonds will mature in 2024. Unemployed tax credit Series EE and series I bonds. Unemployed tax credit   Interest on these bonds is payable when you redeem the bonds. Unemployed tax credit The difference between the purchase price and the redemption value is taxable interest. Unemployed tax credit Series EE bonds. Unemployed tax credit   Series EE bonds were first offered in January 1980 and have a maturity period of 30 years. Unemployed tax credit Before July 1980, series E bonds were issued. Unemployed tax credit The original 10-year maturity period of series E bonds has been extended to 40 years for bonds issued before December 1965 and 30 years for bonds issued after November 1965. Unemployed tax credit Paper series EE and series E bonds are issued at a discount. Unemployed tax credit The face value is payable to you at maturity. Unemployed tax credit Electronic series EE bonds are issued at their face value. Unemployed tax credit The face value plus accrued interest is payable to you at maturity. Unemployed tax credit As of January 1, 2012, paper savings bonds were no longer sold at financial institutions. Unemployed tax credit    Owners of paper series EE bonds can convert them to electronic bonds. Unemployed tax credit These converted bonds do not retain the denomination listed on the paper certificate but are posted at their purchase price (with accrued interest). Unemployed tax credit Series I bonds. Unemployed tax credit   Series I bonds were first offered in 1998. Unemployed tax credit These are inflation-indexed bonds issued at their face amount with a maturity period of 30 years. Unemployed tax credit The face value plus all accrued interest is payable to you at maturity. Unemployed tax credit Reporting options for cash method taxpayers. Unemployed tax credit   If you use the cash method of reporting income, you can report the interest on series EE, series E, and series I bonds in either of the following ways. Unemployed tax credit Method 1. Unemployed tax credit Postpone reporting the interest until the earlier of the year you cash or dispose of the bonds or the year in which they mature. Unemployed tax credit (However, see Savings bonds traded , later. Unemployed tax credit )  Note. Unemployed tax credit Series EE bonds issued in 1983 matured in 2013. Unemployed tax credit If you have used method 1, you generally must report the interest on these bonds on your 2013 return. Unemployed tax credit The last series E bonds were issued in 1980 and matured in 2010. Unemployed tax credit If you used method 1, you generally should have reported the interest on these bonds on your 2010 return. Unemployed tax credit Method 2. Unemployed tax credit Choose to report the increase in redemption value as interest each year. Unemployed tax credit  You must use the same method for all series EE, series E, and series I bonds you own. Unemployed tax credit If you do not choose method 2 by reporting the increase in redemption value as interest each year, you must use method 1. Unemployed tax credit If you plan to cash your bonds in the same year you will pay for higher educational expenses, you may want to use method 1 because you may be able to exclude the interest from your income. Unemployed tax credit To learn how, see Education Savings Bond Program, later. Unemployed tax credit Change from method 1. Unemployed tax credit   If you want to change your method of reporting the interest from method 1 to method 2, you can do so without permission from the IRS. Unemployed tax credit In the year of change, you must report all interest accrued to date and not previously reported for all your bonds. Unemployed tax credit   Once you choose to report the interest each year, you must continue to do so for all series EE, series E, and series I bonds you own and for any you get later, unless you request permission to change, as explained next. Unemployed tax credit Change from method 2. Unemployed tax credit   To change from method 2 to method 1, you must request permission from the IRS. Unemployed tax credit Permission for the change is automatically granted if you send the IRS a statement that meets all the following requirements. Unemployed tax credit You have typed or printed the following number at the top: “131. Unemployed tax credit ” It includes your name and social security number under “131. Unemployed tax credit ” It includes the year of change (both the beginning and ending dates). Unemployed tax credit It identifies the savings bonds for which you are requesting this change. Unemployed tax credit It includes your agreement to: Report all interest on any bonds acquired during or after the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest; and Report all interest on the bonds acquired before the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, with the exception of the interest reported in prior tax years. Unemployed tax credit   You must attach this statement to your tax return for the year of change, which you must file by the due date (including extensions). Unemployed tax credit   You can have an automatic extension of 6 months from the due date of your return for the year of change (excluding extensions) to file the statement with an amended return. Unemployed tax credit On the statement, type or print “Filed pursuant to section 301. Unemployed tax credit 9100-2. Unemployed tax credit ” To get this extension, you must have filed your original return for the year of the change by the due date (including extensions). Unemployed tax credit    By the date you file the original statement with your return, you must also send a signed copy to the address below. Unemployed tax credit    Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) P. Unemployed tax credit O. Unemployed tax credit Box 7604 Benjamin Franklin Station Washington, DC 20044   If you use a private delivery service, send the signed copy to the address below. Unemployed tax credit Internal Revenue Service Attention: CC:IT&A  (Automatic Rulings Branch) Room 5336 1111 Constitution Avenue, NW Washington, DC 20224    Instead of filing this statement, you can request permission to change from method 2 to method 1 by filing Form 3115. Unemployed tax credit In that case, follow the form instructions for an automatic change. Unemployed tax credit No user fee is required. Unemployed tax credit Co-owners. Unemployed tax credit   If a U. Unemployed tax credit S. Unemployed tax credit savings bond is issued in the names of co-owners, such as you and your child or you and your spouse, interest on the bond is generally taxable to the co-owner who bought the bond. Unemployed tax credit One co-owner's funds used. Unemployed tax credit   If you used your funds to buy the bond, you must pay the tax on the interest. Unemployed tax credit This is true even if you let the other co-owner redeem the bond and keep all the proceeds. Unemployed tax credit Under these circumstances, the co-owner who redeemed the bond will receive a Form 1099-INT at the time of redemption and must provide you with another Form 1099-INT showing the amount of interest from the bond taxable to you. Unemployed tax credit The co-owner who redeemed the bond is a “nominee. Unemployed tax credit ” See Nominee distributions under How To Report Interest Income, later, for more information about how a person who is a nominee reports interest income belonging to another person. Unemployed tax credit Both co-owners' funds used. Unemployed tax credit   If you and the other co-owner each contribute part of the bond's purchase price, the interest is generally taxable to each of you, in proportion to the amount each of you paid. Unemployed tax credit Community property. Unemployed tax credit   If you and your spouse live in a community property state and hold bonds as community property, one-half of the interest is considered received by each of you. Unemployed tax credit If you file separate returns, each of you generally must report one-half of the bond interest. Unemployed tax credit For more information about community property, see Publication 555. Unemployed tax credit Table 1-2. Unemployed tax credit   These rules are also shown in Table 1-2. Unemployed tax credit Child as only owner. Unemployed tax credit   Interest on U. Unemployed tax credit S. Unemployed tax credit savings bonds bought for and registered only in the name of your child is income to your child, even if you paid for the bonds and are named as beneficiary. Unemployed tax credit If the bonds are series EE, series E, or series I bonds, the interest on the bonds is income to your child in the earlier of the year the bonds are cashed or disposed of or the year the bonds mature, unless your child chooses to report the interest income each year. Unemployed tax credit Choice to report interest each year. Unemployed tax credit   The choice to report the accrued interest each year can be made either by your child or by you for your child. Unemployed tax credit This choice is made by filing an income tax return that shows all the interest earned to date, and by stating on the return that your child chooses to report the interest each year. Unemployed tax credit Either you or your child should keep a copy of this return. Unemployed tax credit   Unless your child is otherwise required to file a tax return for any year after making this choice, your child does not have to file a return only to report the annual accrual of U. Unemployed tax credit S. Unemployed tax credit savings bond interest under this choice. Unemployed tax credit However, see Tax on unearned income of certain children , earlier, under General Information. Unemployed tax credit Neither you nor your child can change the way you report the interest unless you request permission from the IRS, as discussed earlier under Change from method 2 . Unemployed tax credit Ownership transferred. Unemployed tax credit   If you bought series E, series EE, or series I bonds entirely with your own funds and had them reissued in your co-owner's name or beneficiary's name alone, you must include in your gross income for the year of reissue all interest that you earned on these bonds and have not previously reported. Unemployed tax credit But, if the bonds were reissued in your name alone, you do not have to report the interest accrued at that time. Unemployed tax credit   This same rule applies when bonds (other than bonds held as community property) are transferred between spouses or incident to divorce. Unemployed tax credit Example. Unemployed tax credit You bought series EE bonds entirely with your own funds. Unemployed tax credit You did not choose to report the accrued interest each year. Unemployed tax credit Later, you transfer the bonds to your former spouse under a divorce agreement. Unemployed tax credit You must include the deferred accrued interest, from the date of the original issue of the bonds to the date of transfer, in your income in the year of transfer. Unemployed tax credit Your former spouse includes in income the interest on the bonds from the date of transfer to the date of redemption. Unemployed tax credit Table 1-2. Unemployed tax credit Who Pays the Tax on U. Unemployed tax credit S. Unemployed tax credit Savings Bond Interest IF . Unemployed tax credit . Unemployed tax credit . Unemployed tax credit THEN the interest must be reported by . Unemployed tax credit . Unemployed tax credit . Unemployed tax credit you buy a bond in your name and the name of another person as co-owners, using only your own funds you. Unemployed tax credit you buy a bond in the name of another person, who is the sole owner of the bond the person for whom you bought the bond. Unemployed tax credit you and another person buy a bond as co-owners, each contributing part of the purchase price both you and the other co-owner, in proportion to the amount each paid for the bond. Unemployed tax credit you and your spouse, who live in a community property state, buy a bond that is community property you and your spouse. Unemployed tax credit If you file separate returns, both you and your spouse generally report one-half of the interest. Unemployed tax credit Purchased jointly. Unemployed tax credit   If you and a co-owner each contributed funds to buy series E, series EE, or series I bonds jointly and later have the bonds reissued in the co-owner's name alone, you must include in your gross income for the year of reissue your share of all the interest earned on the bonds that you have not previously reported. Unemployed tax credit The former co-owner does not have to include in gross income at the time of reissue his or her share of the interest earned that was not reported before the transfer. Unemployed tax credit This interest, however, as well as all interest earned after the reissue, is income to the former co-owner. Unemployed tax credit   This income-reporting rule also applies when the bonds are reissued in the name of your former co-owner and a new co-owner. Unemployed tax credit But the new co-owner will report only his or her share of the interest earned after the transfer. Unemployed tax credit   If bonds that you and a co-owner bought jointly are reissued to each of you separately in the same proportion as your contribution to the purchase price, neither you nor your co-owner has to report at that time the interest earned before the bonds were reissued. Unemployed tax credit Example 1. Unemployed tax credit You and your spouse each spent an equal amount to buy a $1,000 series EE savings bond. Unemployed tax credit The bond was issued to you and your spouse as co-owners. Unemployed tax credit You both postpone reporting interest on the bond. Unemployed tax credit You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Unemployed tax credit At that time neither you nor your spouse has to report the interest earned to the date of reissue. Unemployed tax credit Example 2. Unemployed tax credit You bought a $1,000 series EE savings bond entirely with your own funds. Unemployed tax credit The bond was issued to you and your spouse as co-owners. Unemployed tax credit You both postponed reporting interest on the bond. Unemployed tax credit You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Unemployed tax credit You must report half the interest earned to the date of reissue. Unemployed tax credit Transfer to a trust. Unemployed tax credit   If you own series E, series EE, or series I bonds and transfer them to a trust, giving up all rights of ownership, you must include in your income for that year the interest earned to the date of transfer if you have not already reported it. Unemployed tax credit However, if you are considered the owner of the trust and if the increase in value both before and after the transfer continues to be taxable to you, you can continue to defer reporting the interest earned each year. Unemployed tax credit You must include the total interest in your income in the year you cash or dispose of the bonds or the year the bonds finally mature, whichever is earlier. Unemployed tax credit   The same rules apply to previously unreported interest on series EE or series E bonds if the transfer to a trust consisted of series HH or series H bonds you acquired in a trade for the series EE or series E bonds. Unemployed tax credit See Savings bonds traded , later. Unemployed tax credit Decedents. Unemployed tax credit   The manner of reporting interest income on series E, series EE, or series I bonds, after the death of the owner (decedent), depends on the accounting and income-reporting methods previously used by the decedent. Unemployed tax credit Decedent who reported interest each year. Unemployed tax credit   If the bonds transferred because of death were owned by a person who used an accrual method, or who used the cash method and had chosen to report the interest each year, the interest earned in the year of death up to the date of death must be reported on that person's final return. Unemployed tax credit The person who acquires the bonds includes in income only interest earned after the date of death. Unemployed tax credit Decedent who postponed reporting interest. Unemployed tax credit   If the transferred bonds were owned by a decedent who had used the cash method and had not chosen to report the interest each year, and who had bought the bonds entirely with his or her own funds, all interest earned before death must be reported in one of the following ways. Unemployed tax credit The surviving spouse or personal representative (executor, administrator, etc. Unemployed tax credit ) who files the final income tax return of the decedent can choose to include on that return all interest earned on the bonds before the decedent's death. Unemployed tax credit The person who acquires the bonds then includes in income only interest earned after the date of death. Unemployed tax credit If the choice in (1) is not made, the interest earned up to the date of death is income in respect of the decedent and should not be included in the decedent's final return. Unemployed tax credit All interest earned both before and after the decedent's death (except any part reported by the estate on its income tax return) is income to the person who acquires the bonds. Unemployed tax credit If that person uses the cash method and does not choose to report the interest each year, he or she can postpone reporting it until the year the bonds are cashed or disposed of or the year they mature, whichever is earlier. Unemployed tax credit In the year that person reports the interest, he or she can claim a deduction for any federal estate tax paid on the part of the interest included in the decedent's estate. Unemployed tax credit For more information on income in respect of a decedent, see Publication 559, Survivors, Executors, and Administrators. Unemployed tax credit Example 1. Unemployed tax credit Your uncle, a cash method taxpayer, died and left you a $1,000 series EE bond. Unemployed tax credit He had bought the bond for $500 and had not chosen to report the interest each year. Unemployed tax credit At the date of death, interest of $200 had accrued on the bond, and its value of $700 was included in your uncle's estate. Unemployed tax credit Your uncle's executor chose not to include the $200 accrued interest in your uncle's final income tax return. Unemployed tax credit The $200 is income in respect of the decedent. Unemployed tax credit You are a cash method taxpayer and do not choose to report the interest each year as it is earned. Unemployed tax credit If you cash the bond when it reaches maturity value of $1,000, you report $500 interest income—the difference between maturity value of $1,000 and the original cost of $500. Unemployed tax credit For that year, you can deduct (as a miscellaneous itemized deduction not subject to the 2%-of-adjusted-gross-income limit) any federal estate tax paid because the $200 interest was included in your uncle's estate. Unemployed tax credit Example 2. Unemployed tax credit If, in Example 1 , the executor had chosen to include the $200 accrued interest in your uncle's final return, you would report only $300 as interest when you cashed the bond at maturity. Unemployed tax credit $300 is the interest earned after your uncle's death. Unemployed tax credit Example 3. Unemployed tax credit If, in Example 1 , you make or have made the choice to report the increase in redemption value as interest each year, you include in gross income for the year you acquire the bond all of the unreported increase in value of all series E, series EE, and series I bonds you hold, including the $200 on the bond you inherited from your uncle. Unemployed tax credit Example 4. Unemployed tax credit When your aunt died, she owned series HH bonds that she had acquired in a trade for series EE bonds. Unemployed tax credit You were the beneficiary of these bonds. Unemployed tax credit Your aunt used the cash method and did not choose to report the interest on the series EE bonds each year as it accrued. Unemployed tax credit Your aunt's executor chose not to include any interest earned before your aunt's death on her final return. Unemployed tax credit The income in respect of the decedent is the sum of the unreported interest on the series EE bonds and the interest, if any, payable on the series HH bonds but not received as of the date of your aunt's death. Unemployed tax credit You must report any interest received during the year as income on your return. Unemployed tax credit The part of the interest payable but not received before your aunt's death is income in respect of the decedent and may qualify for the estate tax deduction. Unemployed tax credit For information on when to report the interest on the series EE bonds traded, see Savings bonds traded , later. Unemployed tax credit Savings bonds distributed from a retirement or profit-sharing plan. Unemployed tax credit   If you acquire a U. Unemployed tax credit S. Unemployed tax credit savings bond in a taxable distribution from a retirement or profit-sharing plan, your income for the year of distribution includes the bond's redemption value (its cost plus the interest accrued before the distribution). Unemployed tax credit When you redeem the bond (whether in the year of distribution or later), your interest income includes only the interest accrued after the bond was distributed. Unemployed tax credit To figure the interest reported as a taxable distribution and your interest income when you redeem the bond, see Worksheet for savings bonds distributed from a retirement or profit-sharing plan under How To Report Interest Income, later. Unemployed tax credit Savings bonds traded. Unemployed tax credit   If you postponed reporting the interest on your series EE or series E bonds, you did not recognize taxable income when you traded the bonds for series HH or series H bonds, unless you received cash in the trade. Unemployed tax credit (You cannot trade series I bonds for series HH bonds. Unemployed tax credit After August 31, 2004, you cannot trade any other series of bonds for series HH bonds. Unemployed tax credit ) Any cash you received is income up to the amount of the interest earned on the bonds traded. Unemployed tax credit When your series HH or series H bonds mature, or if you dispose of them before maturity, you report as interest the difference between their redemption value and your cost. Unemployed tax credit Your cost is the sum of the amount you paid for the traded series EE or series E bonds plus any amount you had to pay at the time of the trade. Unemployed tax credit Example. Unemployed tax credit You traded series EE bonds (on which you postponed reporting the interest) for $2,500 in series HH bonds and $223 in cash. Unemployed tax credit You reported the $223 as taxable income on your tax return. Unemployed tax credit At the time of the trade, the series EE bonds had accrued interest of $523 and a redemption value of $2,723. Unemployed tax credit You hold the series HH bonds until maturity, when you receive $2,500. Unemployed tax credit You must report $300 as interest income in the year of maturity. Unemployed tax credit This is the difference between their redemption value, $2,500, and your cost, $2,200 (the amount you paid for the series EE bonds). Unemployed tax credit (It is also the difference between the accrued interest of $523 on the series EE bonds and the $223 cash received on the trade. Unemployed tax credit ) Choice to report interest in year of trade. Unemployed tax credit   You could have chosen to treat all of the previously unreported accrued interest on series EE or series E bonds traded for series HH bonds as income in the year of the trade. Unemployed tax credit If you made this choice, it is treated as a change from method 1. Unemployed tax credit See Change from method 1 under Series EE and series I bonds, earlier. Unemployed tax credit Form 1099-INT for U. Unemployed tax credit S. Unemployed tax credit savings bond interest. Unemployed tax credit   When you cash a bond, the bank or other payer that redeems it must give you a Form 1099-INT if the interest part of the payment you receive is $10 or more. Unemployed tax credit Box 3 of your Form 1099-INT should show the interest as the difference between the amount you received and the amount paid for the bond. Unemployed tax credit However, your Form 1099-INT may show more interest than you have to include on your income tax return. Unemployed tax credit For example, this may happen if any of the following are true. Unemployed tax credit You chose to report the increase in the redemption value of the bond each year. Unemployed tax credit The interest shown on your Form 1099-INT will not be reduced by amounts previously included in income. Unemployed tax credit You received the bond from a decedent. Unemployed tax credit The interest shown on your Form 1099-INT will not be reduced by any interest reported by the decedent before death, or on the decedent's final return, or by the estate on the estate's income tax return. Unemployed tax credit Ownership of the bond was transferred. Unemployed tax credit The interest shown on your Form 1099-INT will not be reduced by interest that accrued before the transfer. Unemployed tax credit You were named as a co-owner, and the other co-owner contributed funds to buy the bond. Unemployed tax credit The interest shown on your Form 1099-INT will not be reduced by the amount you received as nominee for the other co-owner. Unemployed tax credit (See Co-owners , earlier in this section, for more information about the reporting requirements. Unemployed tax credit ) You received the bond in a taxable distribution from a retirement or profit-sharing plan. Unemployed tax credit The interest shown on your Form 1099-INT will not be reduced by the interest portion of the amount taxable as a distribution from the plan and not taxable as interest. Unemployed tax credit (This amount is generally shown on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Unemployed tax credit , for the year of distribution. Unemployed tax credit )   For more information on including the correct amount of interest on your return, see U. Unemployed tax credit S. Unemployed tax credit savings bond interest previously reported or Nominee distributions under How To Report Interest Income, later. Unemployed tax credit    Interest on U. Unemployed tax credit S. Unemployed tax credit savings bonds is exempt from state and local taxes. Unemployed tax credit The Form 1099-INT you receive will indicate the amount that is for U. Unemployed tax credit S. Unemployed tax credit savings bonds interest in box 3. Unemployed tax credit Do not include this income on your state or local income tax return. Unemployed tax credit Education Savings Bond Program You may be able to exclude from income all or part of the interest you receive on the redemption of qualified U. Unemployed tax credit S. Unemployed tax credit savings bonds during the year if you pay qualified higher educational expenses during the same year. Unemployed tax credit This exclusion is known as the Education Savings Bond Program. Unemployed tax credit You do not qualify for this exclusion if your filing status is married filing separately. Unemployed tax credit Form 8815. Unemployed tax credit   Use Form 8815 to figure your exclusion. Unemployed tax credit Attach the form to your Form 1040 or Form 1040A. Unemployed tax credit Qualified U. Unemployed tax credit S. Unemployed tax credit savings bonds. Unemployed tax credit   A qualified U. Unemployed tax credit S. Unemployed tax credit savings bond is a series EE bond issued after 1989 or a series I bond. Unemployed tax credit The bond must be issued either in your name (sole owner) or in your and your spouse's names (co-owners). Unemployed tax credit You must be at least 24 years old before the bond's issue date. Unemployed tax credit For example, a bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child. Unemployed tax credit    The issue date of a bond may be earlier than the date the bond is purchased because the issue date assigned to a bond is the first day of the month in which it is purchased. Unemployed tax credit Beneficiary. Unemployed tax credit   You can designate any individual (including a child) as a beneficiary of the bond. Unemployed tax credit Verification by IRS. Unemployed tax credit   If you claim the exclusion, the IRS will check it by using bond redemption information from the Department of Treasury. Unemployed tax credit Qualified expenses. Unemployed tax credit   Qualified higher educational expenses are tuition and fees required for you, your spouse, or your dependent (for whom you claim an exemption) to attend an eligible educational institution. Unemployed tax credit   Qualified expenses include any contribution you make to a qualified tuition program or to a Coverdell education savings account. Unemployed tax credit For information about these programs, see Publication 970, Tax Benefits for Education. Unemployed tax credit   Qualified expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Unemployed tax credit Eligible educational institutions. Unemployed tax credit   These institutions include most public, private, and nonprofit universities, colleges, and vocational schools that are accredited and eligible to participate in student aid programs run by the Department of Education. Unemployed tax credit Reduction for certain benefits. Unemployed tax credit   You must reduce your qualified higher educational expenses by all of the following tax-free benefits. Unemployed tax credit Tax-free part of scholarships and fellowships. Unemployed tax credit Expenses used to figure the tax-free portion of distributions from a Coverdell ESA. Unemployed tax credit Expenses used to figure the tax-free portion of distributions from a qualified tuition program. Unemployed tax credit Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits, Qualified tuition reductions, or Employer-provided educational assistance. Unemployed tax credit Any expense used in figuring the American Opportunity and lifetime learning credits. Unemployed tax credit For information about these benefits, see Publication 970. Unemployed tax credit Amount excludable. Unemployed tax credit   If the total proceeds (interest and principal) from the qualified U. Unemployed tax credit S. Unemployed tax credit savings bonds you redeem during the year are not more than your adjusted qualified higher educational expenses for the year, you may be able to exclude all of the interest. Unemployed tax credit If the proceeds are more than the expenses, you may be able to exclude only part of the interest. Unemployed tax credit   To determine the excludable amount, multiply the interest part of the proceeds by a fraction. Unemployed tax credit The numer
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Forms and Schedules for Form 1040

Schedule A (Form 1040), Itemized Deductions
Use Schedule A (Form 1040) to figure your itemized deductions. In most cases, your federal income tax will be less if you take the larger of your itemized deductions or your standard deduction.

Schedule B (Form 1040), Interest and Ordinary Dividends
Use Schedule B to report your taxable interest or ordinary dividends.

Schedule C (Form 1040), Profit or Loss From Business
Use this schedule to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and regularity.

Schedule C-EZ (Form 1040), Net Profit From Business
You can use Schedule C-EZ instead of Schedule C if you operated a business or practiced a profession as a sole proprietorship or qualified joint venture, or you were a statutory employee and you have met all the requirements listed in Schedule C-EZ, Part I.

Schedule D (Form 1040), Capital Gains and Losses
Use Schedule D (Form 1040) to report the sale or exchange of capital assets, gains from involuntary conversions of capital assets, capital gain distributions and nonbusiness bad debts.

Schedule E (Form 1040), Supplemental Income and Loss
Use Schedule E (Form 1040) to report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in REMICs.

Schedule EIC (Form 1040A or 1040), Earned Income Credit
After you have figured your earned income credit (EIC), use this schedule to give the IRS information about your qualifying child(ren).

Schedule F (Form 1040), Profit or Loss From Farming
Use Schedule F (Form 1040) to report farm income and expenses.

Schedule H (Form 1040), Household Employment Taxes
Use this schedule to report household employment taxes if you paid any one household employee cash wages of $1,800 or more during the calendar year, withheld federal income tax during the calendar year for any household employee, or paid total cash wages of $1,000 or more in any calendar quarter of the year or previous year to all household employees.

Schedule J (Form 1040), Income Averaging for Farmers and Fishermen
Use Schedule J (Form 1040) to elect to figure your income tax by averaging, over the previous 3 years (base years), all or part of your taxable income from your trade or business of farming or fishing.

Schedule R (Form 1040A or 1040), Credit for the Elderly or the Disabled
Use this schedule to figure the credit for the elderly or the disabled.

Schedule SE (Form 1040), Self-Employment Tax
Use this schedule to figure the tax due on net earnings from self-employment.

Form 1040-V, Payment Voucher for Form 1040
This form is a statement you send with your check or money order for any balance due on the “Amount you owe” line of your Form 1040, Form 1040A, or Form 1040EZ.

Form 1040X, Amended U.S. Individual Income Tax Return
Used by individual taxpayers to amend prior year tax returns.

Form 2106, Employee Business Expenses
Use this form if you are an employee deducting ordinary and necessary expenses for your job.

Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts
Use this form to see if you owe a penalty for underpaying your estimated tax and, if you do, to figure the amount of the penalty.

Form 2441, Child and Dependent Care Expenses
If you paid someone to care for your child (under age 13) or other qualifying person so you (and your spouse if filing jointly) could work or look for work, you may be able to take the credit for child and dependent care expenses.

Form 2848, Power of Attorney and Declaration of Representative
Use Form 2848 to authorize an individual to represent you before the IRS. The individual you authorize must be a person eligible to practice before the IRS.

Form 3903, Moving Expenses
Use Form 3903 to figure your moving expense deduction for a move related to the start of work at a new principal place of work (workplace). If the new workplace is outside the United States or its possessions, you must be a U.S. citizen or resident alien to deduct your expenses.

Form 4562, Depreciation and Amortization
Use Form 4562 to claim your deduction for depreciation and amortization, make the election under section 179 to expense certain property, and provide information on the business/investment use of automobiles and other listed property.

Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return
A U.S. citizen or resident files this form to request an automatic extension of time to file a U.S. individual income tax return.

Form 4952, Investment Interest Expense Deduction
Use this form to figure the amount of investment interest expense you can deduct for the current year and the amount you can carry forward to future years.

Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts
Use Form 5329 to report additional taxes on IRAs, other qualified retirement plans, modified endowment contracts, Coverdell ESAs, QTPs, Archer MSAs, or HSAs.

Form 6251, Alternative Minimum Tax - Individuals
Use this form to figure the amount, if any, of your alternative minimum tax (AMT).

Form 8283, Noncash Charitable Contributions
Individuals, partnerships, and corporations file this form to report information about noncash charitable contributions when the amount of their deduction for all noncash gifts is more than $500.

Form 8582, Passive Activity Loss Limitations
Noncorporate taxpayers use this form to figure the amount of any passive activity loss (PAL) for the current tax year.

Form 8606, Nondeductible IRAs
Use this form to report nondeductible contributions you made to traditional IRAs; distributions from traditional, SEP, or SIMPLE IRAs, if you have ever made nondeductible contributions to traditional IRAs; conversions from traditional, SEP, or SIMPLE IRAs to Roth IRAs; and distributions from Roth IRAs

Schedule 8812 (Form 1040A or 1040), Child Tax Credit
Use Part I of this schedule to document that any child for whom you entered an ITIN and for whom you also checked the "if qualifying child for child tax credit" box, is a resident of the United States because the child meets the substantial presence test and is not otherwise treated as a nonresident alien. Use Parts II–IV of Schedule 8812 to figure the additional child tax credit.

Form 8822, Change of Address
Use this form to notify the Internal Revenue Service of a change to your home mailing address.

Form 8829, Expenses for Business Use of Your Home
Use this form to figure the allowable expenses for business use of your home on Schedule C (Form 1040) and any carryover to next year of amounts not deductible this year.

Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits)
Use this form to figure and claim your education credits, which are based on qualified education expenses paid to an eligible postsecondary educational institution.

Form 8949, Sales and Other Dispositions of Capital Assets
Use this form to reconcile amounts that were reported to you and the IRS on Form 1099-B or 1099-S (or substitute statement) with the amounts you report on your return.

Form 9465, Installment Agreement Request
Use form to request a monthly installment plan if you cannot pay the full amount you owe shown on your tax return (or on a notice we sent you).

Page Last Reviewed or Updated: 20-Feb-2014

The Unemployed Tax Credit

Unemployed tax credit 7. Unemployed tax credit   How To Get Tax Help Table of Contents Outside the U. Unemployed tax credit S. Unemployed tax credit Low Income Taxpayer Clinics Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Unemployed tax credit Free help with your tax return. Unemployed tax credit   You can get free help preparing your return nationwide from IRS-certified volunteers. Unemployed tax credit The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Unemployed tax credit The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Unemployed tax credit Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Unemployed tax credit In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Unemployed tax credit To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Unemployed tax credit gov, download the IRS2Go app, or call 1-800-906-9887. Unemployed tax credit   As part of the TCE program, AARP offers the Tax-Aide counseling program. Unemployed tax credit To find the nearest AARP Tax-Aide site, visit AARP's website at www. Unemployed tax credit aarp. Unemployed tax credit org/money/taxaide or call 1-888-227-7669. Unemployed tax credit For more information on these programs, go to IRS. Unemployed tax credit gov and enter “VITA” in the search box. Unemployed tax credit Internet. Unemployed tax credit    IRS. Unemployed tax credit gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Unemployed tax credit Download the free IRS2Go app from the iTunes app store or from Google Play. Unemployed tax credit Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Unemployed tax credit Check the status of your 2013 refund with the Where's My Refund? application on IRS. Unemployed tax credit gov or download the IRS2Go app and select the Refund Status option. Unemployed tax credit The IRS issues more than 9 out of 10 refunds in less than 21 days. Unemployed tax credit Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Unemployed tax credit You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Unemployed tax credit The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Unemployed tax credit Use the Interactive Tax Assistant (ITA) to research your tax questions. Unemployed tax credit No need to wait on the phone or stand in line. Unemployed tax credit The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Unemployed tax credit When you reach the response screen, you can print the entire interview and the final response for your records. Unemployed tax credit New subject areas are added on a regular basis. Unemployed tax credit  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Unemployed tax credit gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Unemployed tax credit You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Unemployed tax credit The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Unemployed tax credit When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Unemployed tax credit Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Unemployed tax credit You can also ask the IRS to mail a return or an account transcript to you. Unemployed tax credit Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Unemployed tax credit gov or by calling 1-800-908-9946. Unemployed tax credit Tax return and tax account transcripts are generally available for the current year and the past three years. Unemployed tax credit Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Unemployed tax credit Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Unemployed tax credit If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Unemployed tax credit Check the status of your amended return using Where's My Amended Return? Go to IRS. Unemployed tax credit gov and enter Where's My Amended Return? in the search box. Unemployed tax credit You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Unemployed tax credit It can take up to 3 weeks from the date you mailed it to show up in our system. Unemployed tax credit Make a payment using one of several safe and convenient electronic payment options available on IRS. Unemployed tax credit gov. Unemployed tax credit Select the Payment tab on the front page of IRS. Unemployed tax credit gov for more information. Unemployed tax credit Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Unemployed tax credit Figure your income tax withholding with the IRS Withholding Calculator on IRS. Unemployed tax credit gov. Unemployed tax credit Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Unemployed tax credit Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Unemployed tax credit gov. Unemployed tax credit Request an Electronic Filing PIN by going to IRS. Unemployed tax credit gov and entering Electronic Filing PIN in the search box. Unemployed tax credit Download forms, instructions and publications, including accessible versions for people with disabilities. Unemployed tax credit Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Unemployed tax credit gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Unemployed tax credit An employee can answer questions about your tax account or help you set up a payment plan. Unemployed tax credit Before you visit, check the Office Locator on IRS. Unemployed tax credit gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Unemployed tax credit If you have a special need, such as a disability, you can request an appointment. Unemployed tax credit Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Unemployed tax credit Apply for an Employer Identification Number (EIN). Unemployed tax credit Go to IRS. Unemployed tax credit gov and enter Apply for an EIN in the search box. Unemployed tax credit Read the Internal Revenue Code, regulations, or other official guidance. Unemployed tax credit Read Internal Revenue Bulletins. Unemployed tax credit Sign up to receive local and national tax news and more by email. Unemployed tax credit Just click on “subscriptions” above the search box on IRS. Unemployed tax credit gov and choose from a variety of options. Unemployed tax credit Phone. Unemployed tax credit    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Unemployed tax credit Download the free IRS2Go app from the iTunes app store or from Google Play. Unemployed tax credit Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Unemployed tax credit gov, or download the IRS2Go app. Unemployed tax credit Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Unemployed tax credit The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Unemployed tax credit Most VITA and TCE sites offer free electronic filing. Unemployed tax credit Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Unemployed tax credit Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Unemployed tax credit Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Unemployed tax credit If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Unemployed tax credit The IRS issues more than 9 out of 10 refunds in less than 21 days. Unemployed tax credit Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Unemployed tax credit Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Unemployed tax credit The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Unemployed tax credit Note, the above information is for our automated hotline. Unemployed tax credit Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Unemployed tax credit Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Unemployed tax credit You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Unemployed tax credit It can take up to 3 weeks from the date you mailed it to show up in our system. Unemployed tax credit Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Unemployed tax credit You should receive your order within 10 business days. Unemployed tax credit Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Unemployed tax credit If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Unemployed tax credit Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Unemployed tax credit The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Unemployed tax credit These individuals can also contact the IRS through relay services such as the Federal Relay Service. Unemployed tax credit    Outside the U. Unemployed tax credit S. Unemployed tax credit If you are outside the United States, taxpayer assistance is available by calling the following U. Unemployed tax credit S Embassies or consulates. Unemployed tax credit    Beijing, China (86) (10) 8531-3983 Frankfurt, Germany (49) (69) 7535-3823 London, England (44) (20) 7894-0477 Paris, France (33) (1) 4312-2555   If you cannot contact one of these offices, taxpayer assistance is also available at (267) 941-1000 (not a toll free call). Unemployed tax credit   If you are in a U. Unemployed tax credit S. Unemployed tax credit territory (American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and U. Unemployed tax credit S. Unemployed tax credit Virgin Islands) and have a tax question, you can call 1-800-829-1040. Unemployed tax credit Walk-in. Unemployed tax credit   You can find a selection of forms, publications and services — in-person. Unemployed tax credit Products. Unemployed tax credit You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Unemployed tax credit Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Unemployed tax credit Services. Unemployed tax credit You can walk in to your local TAC for face-to-face tax help. Unemployed tax credit An employee can answer questions about your tax account or help you set up a payment plan. Unemployed tax credit Before visiting, use the Office Locator tool on IRS. Unemployed tax credit gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Unemployed tax credit    Outside the U. Unemployed tax credit S. Unemployed tax credit If you are outside the United States during the filing period (January to mid-June), you can get the necessary federal tax forms and publications from most U. Unemployed tax credit S. Unemployed tax credit Embassies and consulates. Unemployed tax credit   Walk-in taxpayer assistance is available at the following U. Unemployed tax credit S. Unemployed tax credit Embassies or consulates. Unemployed tax credit    Beijing, China (86) (10) 8531-3983 Frankfurt, Germany (49) (69) 7535-3811 London, England (44) (20) 7894-0477 Paris, France (33) (1) 4312-2555   Please contact the office for times when assistance will be available. Unemployed tax credit Mail. Unemployed tax credit   You can send your order for forms, instructions, and publications to the address below. Unemployed tax credit You should receive a response within 10 business days after your request is received. Unemployed tax credit Internal Revenue Service 1201 N. Unemployed tax credit Mitsubishi Motorway Bloomington, IL 61705-6613      Outside the U. Unemployed tax credit S. Unemployed tax credit If you are outside the United States, you can get tax assistance by writing to the address below. Unemployed tax credit  Internal Revenue Service International Accounts Philadelphia, PA 19255-0725 Taxpayer Advocate Service. Unemployed tax credit   The Taxpayer Advocate Service Is Here to Help You. Unemployed tax credit The Taxpayer Advocate Service (TAS) is your voice at the IRS. Unemployed tax credit Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Unemployed tax credit   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Unemployed tax credit We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Unemployed tax credit You face (or your business is facing) an immediate threat of adverse action. Unemployed tax credit You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Unemployed tax credit   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Unemployed tax credit Here's why we can help: TAS is an independent organization within the IRS. Unemployed tax credit Our advocates know how to work with the IRS. Unemployed tax credit Our services are free and tailored to meet your needs. Unemployed tax credit We have offices in every state, the District of Columbia, and Puerto Rico. Unemployed tax credit   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Unemployed tax credit  How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Unemployed tax credit If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Unemployed tax credit Outside the U. Unemployed tax credit S. Unemployed tax credit   If you live outside of the United States, you can call the Taxpayer Advocate at (787) 522-8601 in English or (787) 522-8600 in Spanish. Unemployed tax credit You can contact the Taxpayer Advocate at: Internal Revenue Service Taxpayer Advocate Service City View Plaza, 48 Carr 165, Guaynabo, P. Unemployed tax credit R. Unemployed tax credit 00968-8000 Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Unemployed tax credit Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Unemployed tax credit Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Unemployed tax credit Prev  Up  Next   Home   More Online Publications