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Website Efile Past Year Tax Returns

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Website Efile Past Year Tax Returns

Website efile past year tax returns 7. Website efile past year tax returns   Coverdell Education Savings Account (ESA) Table of Contents Introduction What Is a Coverdell ESAQualified Education Expenses ContributionsContribution Limits Additional Tax on Excess Contributions Rollovers and Other TransfersRollovers Changing the Designated Beneficiary Transfer Because of Divorce DistributionsTax-Free Distributions Taxable Distributions When Assets Must Be Distributed Introduction If your modified adjusted gross income (MAGI) is less than $110,000 ($220,000 if filing a joint return), you may be able to establish a Coverdell ESA to finance the qualified education expenses of a designated beneficiary. Website efile past year tax returns For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return. Website efile past year tax returns There is no limit on the number of separate Coverdell ESAs that can be established for a designated beneficiary. Website efile past year tax returns However, total contributions for the beneficiary in any year cannot be more than $2,000, no matter how many accounts have been established. Website efile past year tax returns See Contributions , later. Website efile past year tax returns This benefit applies not only to higher education expenses, but also to elementary and secondary education expenses. Website efile past year tax returns What is the tax benefit of the Coverdell ESA. Website efile past year tax returns   Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed. Website efile past year tax returns   If, for a year, distributions from an account are not more than a designated beneficiary's qualified education expenses at an eligible educational institution, the beneficiary will not owe tax on the distributions. Website efile past year tax returns See Tax-Free Distributions , later. Website efile past year tax returns    Table 7-1 summarizes the main features of the Coverdell ESA. Website efile past year tax returns Table 7-1. Website efile past year tax returns Coverdell ESA at a Glance Do not rely on this table alone. Website efile past year tax returns It provides only general highlights. Website efile past year tax returns See the text for definitions of terms in bold type and for more complete explanations. Website efile past year tax returns Question Answer What is a Coverdell ESA? A savings account that is set up to pay the qualified education expenses of a designated beneficiary. Website efile past year tax returns Where can it be established? It can be opened in the United States at any bank or other IRS-approved entity that offers Coverdell ESAs. Website efile past year tax returns Who can have a Coverdell ESA? Any beneficiary who is under age 18 or is a special needs beneficiary. Website efile past year tax returns Who can contribute to a Coverdell ESA? Generally, any individual (including the beneficiary) whose modified adjusted gross income for the year is less than $110,000 ($220,000 in the case of a joint return). Website efile past year tax returns Are distributions tax free? Yes, if the distributions are not more than the beneficiary's adjusted qualified education expenses for the year. Website efile past year tax returns What Is a Coverdell ESA A Coverdell ESA is a trust or custodial account created or organized in the United States only for the purpose of paying the qualified education expenses of the Designated beneficiary (defined later) of the account. Website efile past year tax returns When the account is established, the designated beneficiary must be under age 18 or a special needs beneficiary. Website efile past year tax returns To be treated as a Coverdell ESA, the account must be designated as a Coverdell ESA when it is created. Website efile past year tax returns The document creating and governing the account must be in writing and must satisfy the following requirements. Website efile past year tax returns The trustee or custodian must be a bank or an entity approved by the IRS. Website efile past year tax returns The document must provide that the trustee or custodian can only accept a contribution that meets all of the following conditions. Website efile past year tax returns The contribution is in cash. Website efile past year tax returns The contribution is made before the beneficiary reaches age 18, unless the beneficiary is a special needs beneficiary. Website efile past year tax returns The contribution would not result in total contributions for the year (not including rollover contributions) being more than $2,000. Website efile past year tax returns Money in the account cannot be invested in life insurance contracts. Website efile past year tax returns Money in the account cannot be combined with other property except in a common trust fund or common investment fund. Website efile past year tax returns The balance in the account generally must be distributed within 30 days after the earlier of the following events. Website efile past year tax returns The beneficiary reaches age 30, unless the beneficiary is a special needs beneficiary. Website efile past year tax returns The beneficiary's death. Website efile past year tax returns Qualified Education Expenses Generally, these are expenses required for the enrollment or attendance of the designated beneficiary at an eligible educational institution. Website efile past year tax returns For purposes of Coverdell ESAs, the expenses can be either qualified higher education expenses or qualified elementary and secondary education expenses. Website efile past year tax returns Designated beneficiary. Website efile past year tax returns   This is the individual named in the document creating the trust or custodial account to receive the benefit of the funds in the account. Website efile past year tax returns Contributions to a qualified tuition program (QTP). Website efile past year tax returns   A contribution to a QTP is a qualified education expense if the contribution is on behalf of the designated beneficiary of the Coverdell ESA. Website efile past year tax returns In the case of a change in beneficiary, this is a qualified expense only if the new beneficiary is a family member of that designated beneficiary. Website efile past year tax returns See chapter 8, Qualified Tuition Program . Website efile past year tax returns Eligible Educational Institution For purposes of Coverdell ESAs, an eligible educational institution can be either an eligible postsecondary school or an eligible elementary or secondary school. Website efile past year tax returns Eligible postsecondary school. Website efile past year tax returns   This is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Website efile past year tax returns S. Website efile past year tax returns Department of Education. Website efile past year tax returns It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Website efile past year tax returns The educational institution should be able to tell you if it is an eligible educational institution. Website efile past year tax returns   Certain educational institutions located outside the United States also participate in the U. Website efile past year tax returns S. Website efile past year tax returns Department of Education's Federal Student Aid (FSA) programs. Website efile past year tax returns Eligible elementary or secondary school. Website efile past year tax returns   This is any public, private, or religious school that provides elementary or secondary education (kindergarten through grade 12), as determined under state law. Website efile past year tax returns Qualified Higher Education Expenses These are expenses related to enrollment or attendance at an eligible postsecondary school. Website efile past year tax returns As shown in the following list, to be qualified, some of the expenses must be required by the school and some must be incurred by students who are enrolled at least half-time. Website efile past year tax returns The following expenses must be required for enrollment or attendance of a designated beneficiary at an eligible postsecondary school. Website efile past year tax returns Tuition and fees. Website efile past year tax returns Books, supplies, and equipment. Website efile past year tax returns Expenses for special needs services needed by a special needs beneficiary must be incurred in connection with enrollment or attendance at an eligible postsecondary school. Website efile past year tax returns Expenses for room and board must be incurred by students who are enrolled at least half-time (defined below). Website efile past year tax returns The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Website efile past year tax returns The allowance for room and board, as determined by the school, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. Website efile past year tax returns The actual amount charged if the student is residing in housing owned or operated by the school. Website efile past year tax returns Half-time student. Website efile past year tax returns   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing, as determined under the standards of the school where the student is enrolled. Website efile past year tax returns Qualified Elementary and Secondary Education Expenses These are expenses related to enrollment or attendance at an eligible elementary or secondary school. Website efile past year tax returns As shown in the following list, to be qualified, some of the expenses must be required or provided by the school. Website efile past year tax returns There are special rules for computer-related expenses. Website efile past year tax returns The following expenses must be incurred by a designated beneficiary in connection with enrollment or attendance at an eligible elementary or secondary school. Website efile past year tax returns Tuition and fees. Website efile past year tax returns Books, supplies, and equipment. Website efile past year tax returns Academic tutoring. Website efile past year tax returns Special needs services for a special needs beneficiary. Website efile past year tax returns The following expenses must be required or provided by an eligible elementary or secondary school in connection with attendance or enrollment at the school. Website efile past year tax returns Room and board. Website efile past year tax returns Uniforms. Website efile past year tax returns Transportation. Website efile past year tax returns Supplementary items and services (including extended day programs). Website efile past year tax returns The purchase of computer technology, equipment, or Internet access and related services is a qualified elementary and secondary education expense if it is to be used by the beneficiary and the beneficiary's family during any of the years the beneficiary is in elementary or secondary school. Website efile past year tax returns (This does not include expenses for computer software designed for sports, games, or hobbies unless the software is predominantly educational in nature. Website efile past year tax returns ) Contributions Any individual (including the designated beneficiary) can contribute to a Coverdell ESA if the individual's MAGI (defined later under Contribution Limits ) for the year is less than $110,000. Website efile past year tax returns For individuals filing joint returns, that amount is $220,000. Website efile past year tax returns Organizations, such as corporations and trusts, can also contribute to Coverdell ESAs. Website efile past year tax returns There is no requirement that an organization's income be below a certain level. Website efile past year tax returns Contributions must meet all of the following requirements. Website efile past year tax returns They must be in cash. Website efile past year tax returns They cannot be made after the beneficiary reaches age 18, unless the beneficiary is a special needs beneficiary. Website efile past year tax returns They must be made by the due date of the contributor's tax return (not including extensions). Website efile past year tax returns Contributions can be made to one or several Coverdell ESAs for the same designated beneficiary provided that the total contributions are not more than the contribution limits (defined later) for a year. Website efile past year tax returns Contributions can be made, without penalty, to both a Coverdell ESA and a QTP in the same year for the same beneficiary. Website efile past year tax returns Table 7-2 summarizes many of the features of contributing to a Coverdell ESA. Website efile past year tax returns When contributions considered made. Website efile past year tax returns   Contributions made to a Coverdell ESA for the preceding tax year are considered to have been made on the last day of the preceding year. Website efile past year tax returns They must be made by the due date (not including extensions) for filing your return for the preceding year. Website efile past year tax returns   For example, if you make a contribution to a Coverdell ESA in February 2014, and you designate it as a contribution for 2013, you are considered to have made that contribution on December 31, 2013. Website efile past year tax returns Contribution Limits There are two yearly limits: One on the total amount that can be contributed for each designated beneficiary in any year, and One on the amount that any individual can contribute for any one designated beneficiary for a year. Website efile past year tax returns Limit for each designated beneficiary. Website efile past year tax returns   For 2013, the total of all contributions to all Coverdell ESAs set up for the benefit of any one designated beneficiary cannot be more than $2,000. Website efile past year tax returns This includes contributions (other than rollovers) to all the beneficiary's Coverdell ESAs from all sources. Website efile past year tax returns Rollovers are discussed under Rollovers and Other Transfers , later. Website efile past year tax returns Example. Website efile past year tax returns When Maria Luna was born in 2012, three separate Coverdell ESAs were set up for her, one by her parents, one by her grandfather, and one by her aunt. Website efile past year tax returns In 2013, the total of all contributions to Maria's three Coverdell ESAs cannot be more than $2,000. Website efile past year tax returns For example, if her grandfather contributed $2,000 to one of her Coverdell ESAs, no one else could contribute to any of her three accounts. Website efile past year tax returns Or, if her parents contributed $1,000 and her aunt $600, her grandfather or someone else could contribute no more than $400. Website efile past year tax returns These contributions could be put into any of Maria's Coverdell ESA accounts. Website efile past year tax returns Limit for each contributor. Website efile past year tax returns   Generally, you can contribute up to $2,000 for each designated beneficiary for 2013. Website efile past year tax returns This is the most you can contribute for the benefit of any one beneficiary for the year, regardless of the number of Coverdell ESAs set up for the beneficiary. Website efile past year tax returns Example. Website efile past year tax returns The facts are the same as in the previous example except that Maria Luna's older brother, Edgar, also has a Coverdell ESA. Website efile past year tax returns If their grandfather contributed $2,000 to Maria's Coverdell ESA in 2013, he could also contribute $2,000 to Edgar's Coverdell ESA. Website efile past year tax returns Reduced limit. Website efile past year tax returns   Your contribution limit may be reduced. Website efile past year tax returns If your MAGI (defined on this page) is between $95,000 and $110,000 (between $190,000 and $220,000 if filing a joint return), the $2,000 limit for each designated beneficiary is gradually reduced (see Figuring the limit , later). Website efile past year tax returns If your MAGI is $110,000 or more ($220,000 or more if filing a joint return), you cannot contribute to anyone's Coverdell ESA. Website efile past year tax returns Table 7-2. Website efile past year tax returns Coverdell ESA Contributions at a Glance Do not rely on this table alone. Website efile past year tax returns It provides only general highlights. Website efile past year tax returns See the text for more complete explanations. Website efile past year tax returns Question Answer Are contributions deductible? No. Website efile past year tax returns What is the annual contribution limit per designated beneficiary? $2,000 for each designated beneficiary. Website efile past year tax returns What if more than one Coverdell ESA has been opened for the same designated beneficiary? The annual contribution limit is $2,000 for each beneficiary, no matter how many Coverdell ESAs are set up for that beneficiary. Website efile past year tax returns What if more than one individual makes contributions for the same designated beneficiary? The annual contribution limit is $2,000 per beneficiary, no matter how many individuals contribute. Website efile past year tax returns Can contributions other than cash be made to a Coverdell ESA? No. Website efile past year tax returns When must contributions stop? No contributions can be made to a beneficiary's Coverdell ESA after he or she reaches age 18, unless the beneficiary is a special needs beneficiary. Website efile past year tax returns Modified adjusted gross income (MAGI). Website efile past year tax returns   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return. Website efile past year tax returns MAGI when using Form 1040A. Website efile past year tax returns   If you file Form 1040A, your MAGI is the AGI on line 22 of that form. Website efile past year tax returns MAGI when using Form 1040. Website efile past year tax returns   If you file Form 1040, your MAGI is the AGI on line 38 of that form, modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. Website efile past year tax returns MAGI when using Form 1040NR. Website efile past year tax returns   If you file Form 1040NR, your MAGI is the AGI on line 36 of that form. Website efile past year tax returns MAGI when using Form 1040NR-EZ. Website efile past year tax returns   If you file Form 1040NR-EZ, your MAGI is the AGI on line 10 of that form. Website efile past year tax returns   If you have any of these adjustments, you can use Worksheet 7-1. Website efile past year tax returns MAGI for a Coverdell ESA , later, to figure your MAGI for Form 1040. Website efile past year tax returns Worksheet 7-1. Website efile past year tax returns MAGI for a Coverdell ESA 1. Website efile past year tax returns Enter your adjusted gross income  (Form 1040, line 38)   1. Website efile past year tax returns   2. Website efile past year tax returns Enter your foreign earned income exclusion and/or housing exclusion (Form 2555, line 45, or Form 2555-EZ, line 18)   2. Website efile past year tax returns       3. Website efile past year tax returns Enter your foreign housing deduction (Form 2555, line 50)   3. Website efile past year tax returns         4. Website efile past year tax returns Enter the amount of income from Puerto Rico you are excluding   4. Website efile past year tax returns       5. Website efile past year tax returns Enter the amount of income from American Samoa you are excluding (Form 4563, line 15)   5. Website efile past year tax returns       6. Website efile past year tax returns Add lines 2, 3, 4, and 5   6. Website efile past year tax returns   7. Website efile past year tax returns Add lines 1 and 6. Website efile past year tax returns This is your  modified adjusted gross income   7. Website efile past year tax returns   Figuring the limit. Website efile past year tax returns    To figure the limit on the amount you can contribute for each designated beneficiary, multiply $2,000 by a fraction. Website efile past year tax returns The numerator (top number) is your MAGI minus $95,000 ($190,000 if filing a joint return). Website efile past year tax returns The denominator (bottom number) is $15,000 ($30,000 if filing a joint return). Website efile past year tax returns Subtract the result from $2,000. Website efile past year tax returns This is the amount you can contribute for each beneficiary. Website efile past year tax returns You can use Worksheet 7-2. Website efile past year tax returns Coverdell ESA Contribution Limit to figure the limit on contributions. Website efile past year tax returns    Worksheet 7-2. Website efile past year tax returns Coverdell ESA Contribution Limit 1. Website efile past year tax returns Maximum contribution   1. Website efile past year tax returns $2,000 2. Website efile past year tax returns Enter your modified adjusted gross income (MAGI) for purposes of figuring the contribution limit to a Coverdell ESA (see definition or Worksheet 7-1, earlier)   2. Website efile past year tax returns   3. Website efile past year tax returns Enter $190,000 if married filing jointly; $95,000 for all other filers   3. Website efile past year tax returns   4. Website efile past year tax returns Subtract line 3 from line 2. Website efile past year tax returns If zero or less, enter -0- on line 4, skip lines 5 through 7, and enter $2,000 on line 8   4. Website efile past year tax returns   5. Website efile past year tax returns Enter $30,000 if married filing jointly; $15,000 for all other filers   5. Website efile past year tax returns     Note. Website efile past year tax returns If the amount on line 4 is greater than or equal to the amount on line 5, stop here. Website efile past year tax returns You are not allowed to contribute to a Coverdell ESA for 2013. Website efile past year tax returns       6. Website efile past year tax returns Divide line 4 by line 5 and enter the result as a decimal (rounded to at least 3 places)   6. Website efile past year tax returns . Website efile past year tax returns 7. Website efile past year tax returns Multiply line 1 by line 6   7. Website efile past year tax returns   8. Website efile past year tax returns Subtract line 7 from line 1   8. Website efile past year tax returns   Note: The total Coverdell ESA contributions from all sources for the designated beneficiary during the tax year may not exceed $2,000. Website efile past year tax returns Example. Website efile past year tax returns Paul, who is single, had a MAGI of $96,500 for 2013. Website efile past year tax returns Paul can contribute up to $1,800 in 2013 for each beneficiary, as shown in the illustrated Worksheet 7-2, Coverdell ESA Contribution Limit–Illustrated. Website efile past year tax returns Worksheet 7-2. Website efile past year tax returns Coverdell ESA Contribution Limit—Illustrated 1. Website efile past year tax returns Maximum contribution   1. Website efile past year tax returns $2,000 2. Website efile past year tax returns Enter your modified adjusted gross  income (MAGI) for purposes of figuring the contribution limit to a Coverdell ESA (see definition or Worksheet 7-1, earlier)   2. Website efile past year tax returns 96,500 3. Website efile past year tax returns Enter $190,000 if married filing jointly; $95,000 for all other filers   3. Website efile past year tax returns 95,000 4. Website efile past year tax returns Subtract line 3 from line 2. Website efile past year tax returns If zero or less, enter -0- on line 4, skip lines 5 through 7, and enter $2,000 on line 8   4. Website efile past year tax returns 1,500 5. Website efile past year tax returns Enter $30,000 if married filing jointly; $15,000 for all other filers   5. Website efile past year tax returns 15,000   Note. Website efile past year tax returns If the amount on line 4 is greater than or equal to the amount on line 5,  stop here. Website efile past year tax returns You are not allowed to  contribute to a Coverdell ESA for 2013. Website efile past year tax returns       6. Website efile past year tax returns Divide line 4 by line 5 and enter the result as a decimal (rounded to at least 3 places)   6. Website efile past year tax returns . Website efile past year tax returns 100 7. Website efile past year tax returns Multiply line 1 by line 6   7. Website efile past year tax returns 200 8. Website efile past year tax returns Subtract line 7 from line 1   8. Website efile past year tax returns 1,800 Note: The total Coverdell ESA contributions from all sources for the designated beneficiary during the tax year may not exceed $2,000. Website efile past year tax returns Additional Tax on Excess Contributions The beneficiary must pay a 6% excise tax each year on excess contributions that are in a Coverdell ESA at the end of the year. Website efile past year tax returns Excess contributions are the total of the following two amounts. Website efile past year tax returns Contributions to any designated beneficiary's Coverdell ESA for the year that are more than $2,000 (or, if less, the total of each contributor's limit for the year, as discussed earlier). Website efile past year tax returns Excess contributions for the preceding year, reduced by the total of the following two amounts: Distributions (other than those rolled over as discussed later) during the year, and The contribution limit for the current year minus the amount contributed for the current year. Website efile past year tax returns Exceptions. Website efile past year tax returns   The excise tax does not apply if excess contributions made during 2013 (and any earnings on them) are distributed before the first day of the sixth month of the following tax year (June 1, 2014, for a calendar year taxpayer). Website efile past year tax returns   However, you must include the distributed earnings in gross income for the year in which the excess contribution was made. Website efile past year tax returns You should receive Form 1099-Q, Payments From Qualified Education Programs, from each institution from which excess contributions were distributed. Website efile past year tax returns Box 2 of that form will show the amount of earnings on your excess contributions. Website efile past year tax returns Code “2” or “3” entered in the blank box below boxes 5 and 6 indicate the year in which the earnings are taxable. Website efile past year tax returns See Instructions for Recipient on the back of copy B of your Form 1099-Q. Website efile past year tax returns Enter the amount of earnings on line 21 of Form 1040 (or Form 1040NR) for the applicable tax year. Website efile past year tax returns For more information, see Taxable Distributions , later. Website efile past year tax returns   The excise tax does not apply to any rollover contribution. Website efile past year tax returns Note. Website efile past year tax returns Contributions made in one year for the preceding tax year are considered to have been made on the last day of the preceding year. Website efile past year tax returns Example. Website efile past year tax returns In 2012, Greta's parents and grandparents contributed a total of $2,300 to Greta's Coverdell ESA— an excess contribution of $300. Website efile past year tax returns Because Greta did not withdraw the excess before June 1, 2013, she had to pay an additional tax of $18 (6% × $300) when she filed her 2012 tax return. Website efile past year tax returns In 2013, excess contributions of $500 were made to Greta's account, however, she withdrew $250 from that account to use for qualified education expenses. Website efile past year tax returns Using the steps shown earlier under Additional Tax on Excess Contributions , Greta figures the excess contribution in her account at the end of 2013 as follows. Website efile past year tax returns (1)   $500 excess contributions made in 2013     + (2)   $300 excess contributions in ESA at end of 2012     − (2a)   $250 distribution during 2013         $550 excess at end of 2013   × 6%=$33           If Greta limits 2014 contributions to $1,450 ($2,000 maximum allowed − $550 excess contributions from 2013), she will not owe any additional tax in 2014 for excess contributions. Website efile past year tax returns Figuring and reporting the additional tax. Website efile past year tax returns   You figure this excise tax in Part V of Form 5329. Website efile past year tax returns Report the additional tax on Form 1040, line 58 (or Form 1040NR, line 56). Website efile past year tax returns Rollovers and Other Transfers Assets can be rolled over from one Coverdell ESA to another or the designated beneficiary can be changed. Website efile past year tax returns The beneficiary's interest can be transferred to a spouse or former spouse because of divorce. Website efile past year tax returns Rollovers Any amount distributed from a Coverdell ESA is not taxable if it is rolled over to another Coverdell ESA for the benefit of the same beneficiary or a member of the beneficiary's family (including the beneficiary's spouse) who is under age 30. Website efile past year tax returns This age limitation does not apply if the new beneficiary is a special needs beneficiary. Website efile past year tax returns An amount is rolled over if it is paid to another Coverdell ESA within 60 days after the date of the distribution. Website efile past year tax returns Do not report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040 or 1040NR. Website efile past year tax returns These are not taxable distributions. Website efile past year tax returns Members of the beneficiary's family. Website efile past year tax returns   For these purposes, the beneficiary's family includes the beneficiary's spouse and the following other relatives of the beneficiary. Website efile past year tax returns Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. Website efile past year tax returns Brother, sister, stepbrother, or stepsister. Website efile past year tax returns Father or mother or ancestor of either. Website efile past year tax returns Stepfather or stepmother. Website efile past year tax returns Son or daughter of a brother or sister. Website efile past year tax returns Brother or sister of father or mother. Website efile past year tax returns Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. Website efile past year tax returns The spouse of any individual listed above. Website efile past year tax returns First cousin. Website efile past year tax returns Example. Website efile past year tax returns When Aaron graduated from college last year he had $5,000 left in his Coverdell ESA. Website efile past year tax returns He wanted to give this money to his younger sister, who was still in high school. Website efile past year tax returns In order to avoid paying tax on the distribution of the amount remaining in his account, Aaron contributed the same amount to his sister's Coverdell ESA within 60 days of the distribution. Website efile past year tax returns Only one rollover per Coverdell ESA is allowed during the 12-month period ending on the date of the payment or distribution. Website efile past year tax returns This rule does not apply to the rollover of a military death gratuity or payment from Servicemembers' Group Life Insurance (SGLI). Website efile past year tax returns Military death gratuity. Website efile past year tax returns   If you received a military death gratuity or a payment from Servicemembers' Group Life Insurance (SGLI), you may roll over all or part of the amount received to one or more Coverdell ESAs for the benefit of members of the beneficiary's family (see Members of the beneficiary's family , earlier). Website efile past year tax returns Such payments are made to an eligible survivor upon the death of a member of the armed forces. Website efile past year tax returns The contribution to a Coverdell ESA from survivor benefits received cannot be made later than 1 year after the date on which you receive the gratuity or SGLI payment. Website efile past year tax returns   This rollover contribution is not subject to (but is in addition to) the contribution limits discussed earlier under Contribution Limits . Website efile past year tax returns The amount you roll over cannot exceed the total survivor benefits you received, reduced by contributions from these benefits to a Roth IRA or other Coverdell ESAs. Website efile past year tax returns   The amount contributed from the survivor benefits is treated as part of your basis (cost) in the Coverdell ESA, and will not be taxed when distributed. Website efile past year tax returns See Distributions , later. Website efile past year tax returns The limit of one rollover per Coverdell ESA during a 12-month period does not apply to a military death gratuity or SGLI payment. Website efile past year tax returns Changing the Designated Beneficiary The designated beneficiary can be changed. Website efile past year tax returns See Members of the beneficiary's family , earlier. Website efile past year tax returns There are no tax consequences if, at the time of the change, the new beneficiary is under age 30 or is a special needs beneficiary. Website efile past year tax returns Example. Website efile past year tax returns Assume the same situation for Aaron as in the last example (see Rollovers , earlier). Website efile past year tax returns Instead of closing his Coverdell ESA and paying the distribution into his sister's Coverdell ESA, Aaron could have instructed the trustee of his account to simply change the name of the beneficiary on his account to that of his sister. Website efile past year tax returns Transfer Because of Divorce If a spouse or former spouse receives a Coverdell ESA under a divorce or separation instrument, it is not a taxable transfer. Website efile past year tax returns After the transfer, the spouse or former spouse treats the Coverdell ESA as his or her own. Website efile past year tax returns Example. Website efile past year tax returns In their divorce settlement, Peg received her ex-husband's Coverdell ESA. Website efile past year tax returns In this process, the account was transferred into her name. Website efile past year tax returns Peg now treats the funds in this Coverdell ESA as if she were the original owner. Website efile past year tax returns Distributions The designated beneficiary of a Coverdell ESA can take a distribution at any time. Website efile past year tax returns Whether the distributions are tax free depends, in part, on whether the distributions are equal to or less than the amount of Adjusted qualified education expenses (defined later) that the beneficiary has in the same tax year. Website efile past year tax returns See Table 7-3, Coverdell ESA Distributions at a Glance, for highlights. Website efile past year tax returns Table 7-3. Website efile past year tax returns Coverdell ESA Distributions at a Glance Do not rely on this table alone. Website efile past year tax returns It provides only general highlights. Website efile past year tax returns See the text for definitions of terms in bold type and for more complete explanations. Website efile past year tax returns Question Answer Is a distribution from a Coverdell ESA to pay for a designated beneficiary's qualified education expenses tax free? Generally, yes, to the extent the amount of the distribution is not more than the designated beneficiary's adjusted qualified education expenses. Website efile past year tax returns After the designated beneficiary completes his or her education at an eligible educational institution, can amounts remaining in the Coverdell ESA be distributed? Yes. Website efile past year tax returns Amounts must be distributed when the designated beneficiary reaches age 30, unless he or she is a special needs beneficiary. Website efile past year tax returns Also, certain transfers to members of the beneficiary's family are permitted. Website efile past year tax returns Does the designated beneficiary need to be enrolled for a minimum number of courses to take a tax-free distribution? No. Website efile past year tax returns Adjusted qualified education expenses. Website efile past year tax returns   To determine if total distributions for the year are more than the amount of qualified education expenses, reduce total qualified education expenses by any tax-free educational assistance. Website efile past year tax returns Tax-free educational assistance includes: The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Website efile past year tax returns The amount you get by subtracting tax-free educational assistance from your total qualified education expenses is your adjusted qualified education expenses. Website efile past year tax returns Tax-Free Distributions Generally, distributions are tax free if they are not more than the beneficiary's adjusted qualified education expenses for the year. Website efile past year tax returns Do not report tax-free distributions (including qualifying rollovers) on your tax return. Website efile past year tax returns Taxable Distributions A portion of the distributions is generally taxable to the beneficiary if the total distributions are more than the beneficiary's adjusted qualified education expenses for the year. Website efile past year tax returns Excess distribution. Website efile past year tax returns   This is the part of the total distribution that is more than the beneficiary's adjusted qualified education expenses for the year. Website efile past year tax returns Earnings and basis. Website efile past year tax returns   You will receive a Form 1099-Q for each of the Coverdell ESAs from which money was distributed in 2013. Website efile past year tax returns The amount of your gross distribution will be shown in box 1. Website efile past year tax returns For 2013, instead of dividing the gross distribution between your earnings (box 2) and your basis (already-taxed amount) (box 3), the payer or trustee may report the fair market value (account balance) of the Coverdell ESA as of December 31, 2013. Website efile past year tax returns This will be shown in the blank box below boxes 5 and 6. Website efile past year tax returns   The amount contributed from survivor benefits (see Military death gratuity , earlier) is treated as part of your basis and will not be taxed when distributed. Website efile past year tax returns Figuring the Taxable Portion of a Distribution The taxable portion is the amount of the excess distribution that represents earnings that have accumulated tax free in the account. Website efile past year tax returns Figure the taxable portion for 2013 as shown in the following steps. Website efile past year tax returns Multiply the total amount distributed by a fraction. Website efile past year tax returns The numerator is the basis (contributions not previously distributed) at the end of 2012 plus total contributions for 2013 and the denominator is the value (balance) of the account at the end of 2013 plus the amount distributed during 2013. Website efile past year tax returns Subtract the amount figured in (1) from the total amount distributed during 2013. Website efile past year tax returns The result is the amount of earnings included in the distribution(s). Website efile past year tax returns Multiply the amount of earnings figured in (2) by a fraction. Website efile past year tax returns The numerator is the adjusted qualified education expenses paid during 2013 and the denominator is the total amount distributed during 2013. Website efile past year tax returns Subtract the amount figured in (3) from the amount figured in (2). Website efile past year tax returns The result is the amount the beneficiary must include in income. Website efile past year tax returns The taxable amount must be reported on Form 1040 or Form 1040NR, line 21. Website efile past year tax returns Example. Website efile past year tax returns You received an $850 distribution from your Coverdell ESA, to which $1,500 had been contributed before 2013. Website efile past year tax returns There were no contributions in 2013. Website efile past year tax returns This is your first distribution from the account, so your basis in the account on December 31, 2012, was $1,500. Website efile past year tax returns The value (balance) of your account on December 31, 2013, was $950. Website efile past year tax returns You had $700 of adjusted qualified education expenses (AQEE) for the year. Website efile past year tax returns Using the steps in Figuring the Taxable Portion of a Distribution , earlier, figure the taxable portion of your distribution as follows. Website efile past year tax returns   1. Website efile past year tax returns $850 (distribution) × $1,500 basis + $0 contributions  $950 value + $850 distribution       =$708 (basis portion of distribution)     2. Website efile past year tax returns $850 (distribution)−$708 (basis portion of distribution)     =$142 (earnings included in distribution)   3. Website efile past year tax returns $142 (earnings) × $700 AQEE  $850 distribution           =$117 (tax-free earnings)     4. Website efile past year tax returns $142 (earnings)−$117 (tax-free earnings)=$25 (taxable earnings)                 You must include $25 in income as distributed earnings not used for qualified education expenses. Website efile past year tax returns Report this amount on Form 1040, line 21, listing the type and amount of income on the dotted line. Website efile past year tax returns Worksheet 7-3, Coverdell ESA–Taxable Distributions and Basis , at the end of this chapter, can help you figure your adjusted qualified education expenses, how much of your distribution must be included in income, and the remaining basis in your Coverdell ESA(s). Website efile past year tax returns Coordination With American Opportunity and Lifetime Learning Credits The American opportunity or lifetime learning credit can be claimed in the same year the beneficiary takes a tax-free distribution from a Coverdell ESA, as long as the same expenses are not used for both benefits. Website efile past year tax returns This means the beneficiary must reduce qualified higher education expenses by tax-free educational assistance, and then further reduce them by any expenses taken into account in determining an American opportunity or lifetime learning credit. Website efile past year tax returns Example. Website efile past year tax returns Derek Green had $5,800 of qualified higher education expenses for 2013, his first year in college. Website efile past year tax returns He paid his college expenses from the following sources. Website efile past year tax returns     Partial tuition scholarship (tax free) $1,500     Coverdell ESA distribution 1,000     Gift from parents 2,100     Earnings from part-time job 1,200           Of his $5,800 of qualified higher education expenses, $4,000 was tuition and related expenses that also qualified for an American opportunity credit. Website efile past year tax returns Derek's parents claimed a $2,500 American opportunity credit (based on $4,000 expenses) on their tax return. Website efile past year tax returns Before Derek can determine the taxable portion of his Coverdell ESA distribution, he must reduce his total qualified higher education expenses. Website efile past year tax returns     Total qualified higher education expenses $5,800     Minus: Tax-free educational assistance −1,500     Minus: Expenses taken into account in  figuring American opportunity credit − 4,000     Equals: Adjusted qualified higher education  expenses (AQHEE) $ 300           Since the adjusted qualified higher education expenses ($300) are less than the Coverdell ESA distribution ($1,000), part of the distribution will be taxable. Website efile past year tax returns The balance in Derek's account was $1,800 on December 31, 2013. Website efile past year tax returns Prior to 2013, $2,100 had been contributed to this account. Website efile past year tax returns Contributions for 2013 totaled $400. Website efile past year tax returns Using the four steps outlined earlier, Derek figures the taxable portion of his distribution as shown below. Website efile past year tax returns   1. Website efile past year tax returns $1,000 (distribution) × $2,100 basis + $400 contributions  $1,800 value + $1,000 distribution           =$893 (basis portion of distribution)     2. Website efile past year tax returns $1,000 (distribution)−$893 (basis portion of distribution)     = $107 (earnings included in distribution)   3. Website efile past year tax returns $107 (earnings) × $300 AQHEE  $1,000 distribution       =$32 (tax-free earnings)     4. Website efile past year tax returns $107 (earnings)−$32 (tax-free earnings)=$75 (taxable earnings)                 Derek must include $75 in income (Form 1040, line 21). Website efile past year tax returns This is the amount of distributed earnings not used for adjusted qualified higher education expenses. Website efile past year tax returns Coordination With Qualified Tuition Program (QTP) Distributions If a designated beneficiary receives distributions from both a Coverdell ESA and a QTP in the same year, and the total distribution is more than the beneficiary's adjusted qualified higher education expenses, those expenses must be allocated between the distribution from the Coverdell ESA and the distribution from the QTP before figuring how much of each distribution is taxable. Website efile past year tax returns The following two examples illustrate possible allocations. Website efile past year tax returns Example 1. Website efile past year tax returns In 2013, Beatrice graduated from high school and began her first semester of college. Website efile past year tax returns That year, she had $1,000 of qualified elementary and secondary education expenses (QESEE) for high school and $3,000 of qualified higher education expenses (QHEE) for college. Website efile past year tax returns To pay these expenses, Beatrice withdrew $800 from her Coverdell ESA and $4,200 from her QTP. Website efile past year tax returns No one claimed Beatrice as a dependent, nor was she eligible for an education credit. Website efile past year tax returns She did not receive any tax-free educational assistance in 2013. Website efile past year tax returns Beatrice must allocate her total qualified education expenses between the two distributions. Website efile past year tax returns Beatrice knows that tax-free treatment will be available if she applies her $800 Coverdell ESA distribution toward her $1,000 of qualified education expenses for high school. Website efile past year tax returns The qualified expenses are greater than the distribution, making the $800 Coverdell ESA distribution tax free. Website efile past year tax returns Next, Beatrice matches her $4,200 QTP distribution to her $3,000 of QHEE, and finds she has an excess QTP distribution of $1,200 ($4,200 QTP − $3,000 QHEE). Website efile past year tax returns She cannot use the extra $200 of high school expenses (from (1) above) against the QTP distribution because those expenses do not qualify a QTP for tax-free treatment. Website efile past year tax returns Finally, Beatrice figures the taxable and tax-free portions of her QTP distribution based on her $3,000 of QHEE. Website efile past year tax returns (See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program for more information. Website efile past year tax returns ) Example 2. Website efile past year tax returns Assume the same facts as in Example 1 , except that Beatrice withdrew $1,800 from her Coverdell ESA and $3,200 from her QTP. Website efile past year tax returns In this case, she allocates her qualified education expenses as follows. Website efile past year tax returns Using the same reasoning as in Example 1, Beatrice matches $1,000 of her Coverdell ESA distribution to her $1,000 of QESEE—she has $800 of her distribution remaining. Website efile past year tax returns Because higher education expenses can also qualify a Coverdell ESA distribution for tax-free treatment, Beatrice allocates her $3,000 of QHEE between the remaining $800 Coverdell ESA and the $3,200 QTP distributions ($4,000 total). Website efile past year tax returns   $3,000 QHEE × $800 ESA distribution  $4,000 total distribution = $600 QHEE (ESA)     $3,000 QHEE × $3,200 QTP distribution  $4,000 total distribution = $2,400 QHEE (QTP)   Beatrice then figures the taxable part of her: Coverdell ESA distribution based on qualified education expenses of $1,600 ($1,000 QESEE + $600 QHEE). Website efile past year tax returns See Figuring the Taxable Portion of a Distribution , earlier, in this chapter. Website efile past year tax returns   QTP distribution based on her $2,400 of QHEE (see Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program). Website efile past year tax returns The above examples show two types of allocation between distributions from a Coverdell ESA and a QTP. Website efile past year tax returns However, you do not have to allocate your expenses in the same way. Website efile past year tax returns You can use any reasonable method. Website efile past year tax returns Losses on Coverdell ESA Investments If you have a loss on your investment in a Coverdell ESA, you may be able to deduct the loss on your income tax return. Website efile past year tax returns You can deduct the loss only when all amounts from that account have been distributed and the total distributions are less than your unrecovered basis. Website efile past year tax returns Your basis is the total amount of contributions to that Coverdell ESA. Website efile past year tax returns You claim the loss as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23 (Schedule A (Form 1040NR), line 9), subject to the 2%-of-adjusted-gross-income limit. Website efile past year tax returns If you have distributions from more than one Coverdell ESA account during a year, you must combine the information (amount of distribution, basis, etc. Website efile past year tax returns ) from all such accounts in order to determine your taxable earnings for the year. Website efile past year tax returns By doing this, the loss from one ESA account reduces the distributed earnings (if any) from any other ESA account. Website efile past year tax returns For examples of the calculation, see Losses on QTP Investments in chapter 8, Qualified Tuition Program. Website efile past year tax returns Additional Tax on Taxable Distributions Generally, if you receive a taxable distribution, you also must pay a 10% additional tax on the amount included in income. Website efile past year tax returns Exceptions. Website efile past year tax returns   The 10% additional tax does not apply to distributions: Paid to a beneficiary (or to the estate of the designated beneficiary) on or after the death of the designated beneficiary. Website efile past year tax returns Made because the designated beneficiary is disabled. Website efile past year tax returns A person is considered to be disabled if he or she shows proof that he or she cannot do any substantial gainful activity because of his or her physical or mental condition. Website efile past year tax returns A physician must determine that his or her condition can be expected to result in death or to be of long-continued and indefinite duration. Website efile past year tax returns Included in income because the designated beneficiary received: A tax-free scholarship or fellowship (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), or Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Website efile past year tax returns Made on account of the attendance of the designated beneficiary at a U. Website efile past year tax returns S. Website efile past year tax returns military academy (such as the USMA at West Point). Website efile past year tax returns This exception applies only to the extent that the amount of the distribution does not exceed the costs of advanced education (as defined in section 2005(d)(3) of title 10 of the U. Website efile past year tax returns S. Website efile past year tax returns Code) attributable to such attendance. Website efile past year tax returns Included in income only because the qualified education expenses were taken into account in determining the American opportunity or lifetime learning credit (see Coordination With American Opportunity and Lifetime Learning Credits , earlier). Website efile past year tax returns Made before June 1, 2014, of an excess 2013 contribution (and any earnings on it). Website efile past year tax returns The distributed earnings must be included in gross income for the year in which the excess contribution was made. Website efile past year tax returns Exception (3) applies only to the extent the distribution is not more than the scholarship, allowance, or payment. Website efile past year tax returns Figuring the additional tax. Website efile past year tax returns    Use Part II of Form 5329, to figure any additional tax. Website efile past year tax returns Report the amount on Form 1040, line 58, or Form 1040NR, line 56. Website efile past year tax returns When Assets Must Be Distributed Any assets remaining in a Coverdell ESA must be distributed when either one of the following two events occurs. Website efile past year tax returns The designated beneficiary reaches age 30. Website efile past year tax returns In this case, the remaining assets must be distributed within 30 days after the beneficiary reaches age 30. Website efile past year tax returns However, this rule does not apply if the beneficiary is a special needs beneficiary. Website efile past year tax returns The designated beneficiary dies before reaching age 30. Website efile past year tax returns In this case, the remaining assets must generally be distributed within 30 days after the date of death. Website efile past year tax returns Exception for Transfer to Surviving Spouse or Family Member If a Coverdell ESA is transferred to a surviving spouse or other family member as the result of the death of the designated beneficiary, the Coverdell ESA retains its status. Website efile past year tax returns (“Family member” was defined earlier under Rollovers . Website efile past year tax returns ) This means the spouse or other family member can treat the Coverdell ESA as his or her own and does not need to withdraw the assets until he or she reaches age 30. Website efile past year tax returns This age limitation does not apply if the new beneficiary is a special needs beneficiary. Website efile past year tax returns There are no tax consequences as a result of the transfer. Website efile past year tax returns How To Figure the Taxable Earnings When a total distribution is made because the designated beneficiary either reached age 30 or died, the earnings that accumulated tax free in the account must be included in taxable income. Website efile past year tax returns You determine these earnings as shown in the following two steps. Website efile past year tax returns Multiply the amount distributed by a fraction. Website efile past year tax returns The numerator is the basis (contributions not previously distributed) at the end of 2012 plus total contributions for 2013 and the denominator is the balance in the account at the end of 2013 plus the amount distributed during 2013. Website efile past year tax returns Subtract the amount figured in (1) from the total amount distributed during 2013. Website efile past year tax returns The result is the amount of earnings included in the distribution. Website efile past year tax returns For an example, see steps (1) and (2) of the Example under Figuring the Taxable Portion of a Distribution, earlier. Website efile past year tax returns The beneficiary or other person receiving the distribution must report this amount on Form 1040, line 21, or Form 1040NR, line 21, listing the type and amount of income on the dotted line. Website efile past year tax returns Worksheet 7-3 Instructions. Website efile past year tax returns Coverdell ESA—Taxable Distributions and Basis Line G. Website efile past year tax returns Enter the total distributions received from all Coverdell ESAs during 2013. Website efile past year tax returns Do not include amounts rolled over to another ESA within 60 days (only one rollover is allowed during any 12-month period). Website efile past year tax returns Also, do not include excess contributions that were distributed with the related earnings (or less any loss) before the first day of the sixth month of the tax year following the year for which the contributions were made. Website efile past year tax returns Line 2. Website efile past year tax returns Your basis (amount already taxed) in this Coverdell ESA as of December 31, 2012, is the total of:   •All contributions to this Coverdell ESA before 2013 •Minus the tax-free portion of any distributions from this Coverdell ESA before 2013. Website efile past year tax returns   If your last distribution from this Coverdell ESA was before 2013, you must start with the basis in your account as of the end of the last year in which you took a distribution. Website efile past year tax returns For years before 2002, you can find that amount on the last line of the worksheet in the Instructions for Form 8606, Nondeductible IRAs, that you completed for that year. Website efile past year tax returns For years after 2001, you can find that amount by using the ending basis from the worksheet in Publication 970 for that year. Website efile past year tax returns You can determine your basis in this Coverdell ESA as of December 31, 2012, by adding to the basis as of the end of that year any contributions made to that account after the year of the distribution and before 2013. Website efile past year tax returns Line 4. Website efile past year tax returns Enter the total distributions received from this Coverdell ESA in 2013. Website efile past year tax returns Do not include amounts rolled over to another Coverdell ESA within 60 days (only one rollover is allowed during any 12-month period). Website efile past year tax returns   Also, do not include excess contributions that were distributed with the related earnings (or less any loss) before the first day of the sixth month of the tax year following the year of the contributions. Website efile past year tax returns Line 7. Website efile past year tax returns Enter the total value of this Coverdell ESA as of December 31, 2013, plus any outstanding rollovers contributed to the account after 2012, but before the end of the 60-day rollover period. Website efile past year tax returns A statement should be sent to you by January 31, 2014, for this Coverdell ESA showing the value on December 31, 2013. Website efile past year tax returns   A rollover is a tax-free withdrawal from one Coverdell ESA that is contributed to another Coverdell ESA. Website efile past year tax returns An outstanding rollover is any amount withdrawn within 60 days before the end of 2013 (November 2 through December 31) that was rolled over after December 31, 2013, but within the 60-day rollover period. Website efile past year tax returns Worksheet 7-3. Website efile past year tax returns Coverdell ESA—Taxable Distributions and Basis How to complete this worksheet. Website efile past year tax returns • • • Complete Part I, lines A through H, on only one worksheet. Website efile past year tax returns  Complete a separate Part II, lines 1 through 15, for each of your Coverdell ESAs. Website efile past year tax returns  Complete Part III, the Summary (line 16), on only one worksheet. Website efile past year tax returns Part I. Website efile past year tax returns Qualified Education Expenses (Complete for total expenses)       A. Website efile past year tax returns Enter your total qualified education expenses for 2013   A. Website efile past year tax returns   B. Website efile past year tax returns Enter those qualified education expenses paid for with tax-free educational assistance (for example, tax-free scholarships, veterans' educational benefits, Pell grants, employer-provided educational assistance)   B. Website efile past year tax returns         C. Website efile past year tax returns Enter those qualified higher education expenses deducted on Schedule C or C-EZ (Form 1040). Website efile past year tax returns Schedule F (Form 1040), or as a miscellaneous itemized deduction on Schedule A (Form 1040 or 1040NR)   C. Website efile past year tax returns         D. Website efile past year tax returns Enter those qualified higher education expenses on which  an American opportunity or lifetime learning credit was based   D. Website efile past year tax returns         E. Website efile past year tax returns Add lines B, C, and D   D. Website efile past year tax returns   F. Website efile past year tax returns Subtract line E from line A. Website efile past year tax returns This is your adjusted qualified education expense for 2013   E. Website efile past year tax returns   G. Website efile past year tax returns Enter your total distributions from all Coverdell ESAs during 2013. Website efile past year tax returns Do not include rollovers  or the return of excess contributions (see instructions)   F. Website efile past year tax returns   H. Website efile past year tax returns Divide line F by line G. Website efile past year tax returns Enter the result as a decimal (rounded to at least 3 places). Website efile past year tax returns If the  result is 1. Website efile past year tax returns 000 or more, enter 1. Website efile past year tax returns 000   G. Website efile past year tax returns . Website efile past year tax returns Part II. Website efile past year tax returns Taxable Distributions and Basis (Complete separately for each account) 1. Website efile past year tax returns Enter the amount contributed to this Coverdell ESA for 2013, including contributions made for 2013 from January 1, 2014, through April 15, 2014. Website efile past year tax returns Do not include rollovers or the return of excess contributions   1. Website efile past year tax returns   2. Website efile past year tax returns Enter your basis in this Coverdell ESA as of December 31, 2012 (see instructions)   2. Website efile past year tax returns   3. Website efile past year tax returns Add lines 1 and 2   3. Website efile past year tax returns   4. Website efile past year tax returns Enter the total distributions from this Coverdell ESA during 2013. Website efile past year tax returns Do not include rollovers  or the return of excess contributions (see instructions)   4. Website efile past year tax returns   5. Website efile past year tax returns Multiply line 4 by line H. Website efile past year tax returns This is the amount of adjusted qualified  education expense attributable to this Coverdell ESA   5. Website efile past year tax returns         6. Website efile past year tax returns Subtract line 5 from line 4   6. Website efile past year tax returns         7. Website efile past year tax returns Enter the total value of this Coverdell ESA as of December 31, 2013,  plus any outstanding rollovers (see instructions)   7. Website efile past year tax returns         8. Website efile past year tax returns Add lines 4 and 7   8. Website efile past year tax returns         9. Website efile past year tax returns Divide line 3 by line 8. Website efile past year tax returns Enter the result as a decimal (rounded to  at least 3 places). Website efile past year tax returns If the result is 1. Website efile past year tax returns 000 or more, enter 1. Website efile past year tax returns 000   9. Website efile past year tax returns . Website efile past year tax returns       10. Website efile past year tax returns Multiply line 4 by line 9. Website efile past year tax returns This is the amount of basis allocated to your  distributions, and is tax free   10. Website efile past year tax returns     Note. Website efile past year tax returns If line 6 is zero, skip lines 11 through 13, enter -0- on line 14, and go to line 15. Website efile past year tax returns       11. Website efile past year tax returns Subtract line 10 from line 4   11. Website efile past year tax returns   12. Website efile past year tax returns Divide line 5 by line 4. Website efile past year tax returns Enter the result as a decimal (rounded to  at least 3 places). Website efile past year tax returns If the result is 1. Website efile past year tax returns 000 or more, enter 1. Website efile past year tax returns 000   12. Website efile past year tax returns . Website efile past year tax returns       13. Website efile past year tax returns Multiply line 11 by line 12. Website efile past year tax returns This is the amount of qualified education  expenses allocated to your distributions, and is tax free   13. Website efile past year tax returns   14. Website efile past year tax returns Subtract line 13 from line 11. Website efile past year tax returns This is the portion of the distributions from this  Coverdell ESA in 2013 that you must include in income   14. Website efile past year tax returns   15. Website efile past year tax returns Subtract line 10 from line 3. Website efile past year tax returns This is your basis in this Coverdell ESA as of December 31, 2013   15. Website efile past year tax returns   Part III. Website efile past year tax returns Summary (Complete only once)       16. Website efile past year tax returns Taxable amount. Website efile past year tax returns Add together all amounts on line 14 for all your Coverdell ESAs. Website efile past year tax returns Enter here  and include on Form 1040, line 21, or Form 1040NR, line 21, listing the type and amount of income on the dotted line   16. Website efile past year tax returns   Prev  Up  Next   Home   More Online Publications
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Website efile past year tax returns Index A Accounting method Accrual, Accrual Method, Accrual method. Website efile past year tax returns Automatic procedures, Automatic change procedures. Website efile past year tax returns Cash, Cash Method, Cash method. Website efile past year tax returns Change in, Change in Accounting Method Combination, Combination Method Special, Special Methods Accounting periods, Accounting Periods Accrual method Income - general rule, Income—General Rule Income - special rules, Income—Special Rules Of accounting, Accrual Method Adjusted basis, Adjusted basis. Website efile past year tax returns Administrator, Executor or administrator. Website efile past year tax returns Alternative fuel vehicle refueling property credit, Alternative fuel vehicle refueling property credit (Form 8911). Website efile past year tax returns Alternative motor vehicle credit, Alternative motor vehicle credit (Form 8910). Website efile past year tax returns Appeal rights, Appeals. Website efile past year tax returns Appreciation, Appreciation. Website efile past year tax returns Audits, Examinations (audits). Website efile past year tax returns Automobile (see Car expenses) B Bad debts, Bad Debts Barter income, Bartering for Property or Services Basis of property, Basis. Website efile past year tax returns Bribes, Expenses You Cannot Deduct Business expenses, Business Expenses Business income, Business Income Business use of your home, Business Use of Your Home C Canceled debt, Canceled Debt Cancellation of qualified real property business debt, Cancellation of qualified real property business debt. Website efile past year tax returns Capital gain or loss, Is My Gain or Loss Ordinary or Capital? Car expenses, Car and Truck Expenses, Methods for Deducting Car and Truck Expenses Carbon dioxide sequestration credit, Carbon dioxide sequestration credit (Form 8933). Website efile past year tax returns Cash discount, Cash discounts. Website efile past year tax returns , Cash discounts. Website efile past year tax returns Cash method Expenses, Expenses Income, Income Changing accounting method, Changing accounting method. Website efile past year tax returns Charitable contributions, Expenses You Cannot Deduct Child employed by parent, Child employed by parent. Website efile past year tax returns Claim for refund, Refunds. Website efile past year tax returns Collection of tax, Collections. Website efile past year tax returns Combination method of accounting, Combination Method Comments on publication, Comments and suggestions. Website efile past year tax returns Condemned property, Condemned property. Website efile past year tax returns Consignments, Consignments. Website efile past year tax returns Construction allowances, Construction allowances. Website efile past year tax returns Cost of goods sold, How To Figure Cost of Goods Sold Credit Alternative fuel vehicle refueling property, Alternative fuel vehicle refueling property credit (Form 8911). Website efile past year tax returns Alternative motor vehicle, Alternative motor vehicle credit (Form 8910). Website efile past year tax returns Carbon dioxide sequestration, Carbon dioxide sequestration credit (Form 8933). Website efile past year tax returns Disabled access, Disabled access credit (Form 8826). Website efile past year tax returns Distilled spirits, Distilled spirits credit (Form 8906). Website efile past year tax returns Employer-provided childcare, Credit for employer-provided childcare facilities and services (Form 8882). Website efile past year tax returns How to claim, How To Claim the Credit Indian coal, Renewable electricity, refined coal, and Indian coal production credit (Form 8835). Website efile past year tax returns Investment, Investment credit (Form 3468). Website efile past year tax returns Low sulfur diesel fuel production, Low sulfur diesel fuel production credit (Form 8896). Website efile past year tax returns Low-income housing, Low-income housing credit (Form 8586). Website efile past year tax returns New markets, New markets credit (Form 8874). Website efile past year tax returns Nonconventional source fuel, Nonconventional source fuel credit (Form 8907). Website efile past year tax returns Orphan drug, Orphan drug credit (Form 8820). Website efile past year tax returns Qualified plug-in electric drive motor vehicle, Qualified plug-in electric drive motor vehicle credit (Form 8936). Website efile past year tax returns Refined coal, Renewable electricity, refined coal, and Indian coal production credit (Form 8835). Website efile past year tax returns Renewable electricity, Renewable electricity, refined coal, and Indian coal production credit (Form 8835). Website efile past year tax returns Small employer health insurance premiums, Credit for small employer health insurance premiums (Form 8941). Website efile past year tax returns Small employer pension plan startup costs, Credit for small employer pension plan startup costs (Form 8881). Website efile past year tax returns Taxes paid on certain employee tips, Credit for employer social security and Medicare taxes paid on certain employee tips (Form 8846). Website efile past year tax returns Work opportunity, Work opportunity credit (Form 5884). Website efile past year tax returns D Damages, Damages. Website efile past year tax returns Debt Bad, Bad Debts Canceled, Canceled Debt Qualified real property business, Qualified real property business debt. Website efile past year tax returns Refund offset against, Offset against debts. Website efile past year tax returns Definitions Accounting methods, Accounting Methods Accounting periods, Accounting Periods Barter, Bartering for Property or Services Basis, Basis. Website efile past year tax returns Business bad debt, Business bad debt. Website efile past year tax returns Calendar tax year, Calendar tax year. Website efile past year tax returns Cash discount, Cash discounts. Website efile past year tax returns , Cash discounts. Website efile past year tax returns Disposition of property, What Is a Disposition of Property? Drawing account, Merchandise withdrawn from sale. Website efile past year tax returns Entertainment expenses, Entertainment expenses. Website efile past year tax returns Fair market value, Fair market value. Website efile past year tax returns Fiscal tax year, Fiscal tax year. Website efile past year tax returns Fringe benefit, Fringe benefits. Website efile past year tax returns Local transportation expenses, Local transportation expenses. Website efile past year tax returns Necessary expense, Introduction Net operating loss, Net Operating Losses (NOLs) Nonbusiness bad debt, Nonbusiness bad debts. Website efile past year tax returns Ordinary expense, Introduction Principal place of business, Principal place of business. Website efile past year tax returns Qualified long-term real property, Qualified long-term real property. Website efile past year tax returns Qualified real property business debt, Cancellation of qualified real property business debt. Website efile past year tax returns Rent, Rent Expense Restricted property, Other Income Retail space, Retail space. Website efile past year tax returns Self-employment (SE) tax, Self-Employment (SE) Tax Sole proprietor, Sole proprietor. Website efile past year tax returns Tax home, Local transportation expenses. Website efile past year tax returns Trade discount, Trade discounts. Website efile past year tax returns , Cash discounts. Website efile past year tax returns Travel expenses, Travel, Meals, and Entertainment Depreciation Deduction, Depreciation Listed property, Listed property. Website efile past year tax returns Depreciation, recapture, Recapture of depreciation. Website efile past year tax returns Direct seller, Direct seller. Website efile past year tax returns , Real estate agent or direct seller. Website efile past year tax returns Disabled access credit, Disabled access credit (Form 8826). Website efile past year tax returns Disposition of property Business property, Introduction Installment sale, Installment sales. Website efile past year tax returns , Installment sales. Website efile past year tax returns Like-kind exchange, Like-kind exchanges. Website efile past year tax returns , Like-kind exchanges. Website efile past year tax returns , Exchange of like-kind property. Website efile past year tax returns Nontaxable exchange, Nontaxable exchanges. Website efile past year tax returns Sale of a business, Sale of a business. Website efile past year tax returns Distilled spirits credit, Distilled spirits credit (Form 8906). Website efile past year tax returns Dividend income, Interest and Dividend Income Donation of inventory, Donation of inventory. Website efile past year tax returns Drawing account, Merchandise withdrawn from sale. Website efile past year tax returns Due date of return, When Is My Tax Return Due? E e-file, IRS e-file (Electronic Filing) Economic injury, Economic injury. Website efile past year tax returns EFTPS, EFTPS Electronic filing, IRS e-file (Electronic Filing) Employee, Employee. Website efile past year tax returns Employee benefit programs, Fringe benefits. Website efile past year tax returns Employees' pay, Employees' Pay Employer identification number (EIN), Employer identification number (EIN). Website efile past year tax returns Employment taxes About, Employment Taxes Deduction for, Employment taxes. Website efile past year tax returns Entertainment expenses, Entertainment expenses. Website efile past year tax returns (see Travel expenses) Escrow, payments placed in, Payment placed in escrow. Website efile past year tax returns Estimated tax, How Do I Pay Income Tax? Examinations (audits), Examinations (audits). Website efile past year tax returns Excise taxes About, Excise Taxes Deduction for, Excise taxes. Website efile past year tax returns Executor, Executor or administrator. Website efile past year tax returns Expenses, Business Expenses Bad debts, Bad Debts Car, Car and Truck Expenses Depreciation, Depreciation Employees' pay, Employees' Pay Entertainment, Travel, Meals, and Entertainment Home, business use, Business Use of Your Home Insurance, Insurance Interest, Interest Legal and professional fees, Legal and Professional Fees Meals, Travel, Meals, and Entertainment Nondeductible, Expenses You Cannot Deduct Other, Other Expenses You Can Deduct Pension plans, Pension Plans Rent, Rent Expense Taxes, Taxes Travel, Travel, Meals, and Entertainment Truck, Car and Truck Expenses F Fair market value, Fair market value. Website efile past year tax returns Filing business taxes, Filing and Paying Business Taxes Fishing crew member, Fishing crew member. Website efile past year tax returns , Fishing crew member. Website efile past year tax returns Form 1040 (tax return), How Do I File? 1040-ES (estimated tax), How Do I Pay Income Tax? 1040-V (voucher), Balance due. Website efile past year tax returns 1099-B (barter), Information returns. Website efile past year tax returns 1099-MISC (miscellaneous), Form 1099-MISC. Website efile past year tax returns , Information returns. Website efile past year tax returns 1128 (change tax year), Change in tax year. Website efile past year tax returns 2210 (underpayment of estimated tax), Penalty for underpayment of tax. Website efile past year tax returns 2290 (excise tax for heavy trucks), Form 2290. Website efile past year tax returns 3115 (change accounting method), Change in Accounting Method 3468 (investment credit), Investment credit (Form 3468). Website efile past year tax returns 3800 (general business credit), Useful Items - You may want to see: 4562 (depreciation), Form 4562. Website efile past year tax returns 4684 (casualty and theft), Casualties and thefts. Website efile past year tax returns 4797 (sale of business property), Dispositions of business property and depreciable property. Website efile past year tax returns , Condemned property. Website efile past year tax returns , Listed property. Website efile past year tax returns 4868 (extension), When Is My Tax Return Due? 5884 (work opportunity credit), Work opportunity credit (Form 5884). Website efile past year tax returns 6251 (alternative minimum tax), Useful Items - You may want to see: 6252 (installment sale), Installment sales. Website efile past year tax returns 720 (excise tax return), Form 720. Website efile past year tax returns 8300 (cash payments over $10,000), Form 8300. Website efile past year tax returns 8586 (low-income housing), Low-income housing credit (Form 8586). Website efile past year tax returns 8594 (asset acquisition), Sale of a business. Website efile past year tax returns 8820 (orphan drug credit), Orphan drug credit (Form 8820). Website efile past year tax returns 8824 (like-kind exchange), Like-kind exchanges. Website efile past year tax returns , Like-kind exchanges. Website efile past year tax returns 8826 (disabled access credit), Disabled access credit (Form 8826). Website efile past year tax returns 8829 (business in home), Deduction limit. Website efile past year tax returns 8835 (renewable electricity, coal credit), Renewable electricity, refined coal, and Indian coal production credit (Form 8835). Website efile past year tax returns 8846 (credit for social security on tip income), Credit for employer social security and Medicare taxes paid on certain employee tips (Form 8846). Website efile past year tax returns 8857 (innocent spouse), Innocent spouse relief. Website efile past year tax returns 8874 (new markets credit), New markets credit (Form 8874). Website efile past year tax returns 8879 (self-selected PIN), Using an Authorized IRS e-file Provider 8881 (pension plan startup costs credit), Credit for small employer pension plan startup costs (Form 8881). Website efile past year tax returns 8882 (employer-provided childcare credit), Credit for employer-provided childcare facilities and services (Form 8882). Website efile past year tax returns 8886 (transaction statement), Reminders 8896 (low sulfur diesel fuel production credit), Low sulfur diesel fuel production credit (Form 8896). Website efile past year tax returns 8906 (distilled spirits credit), Distilled spirits credit (Form 8906). Website efile past year tax returns 8907 (nonconventional fuel credit), Nonconventional source fuel credit (Form 8907). Website efile past year tax returns 8910 (alternative vehicle credit), Alternative motor vehicle credit (Form 8910). Website efile past year tax returns , Car and Truck Expenses 8911 (alternative fuel refueling property credit), Alternative fuel vehicle refueling property credit (Form 8911). Website efile past year tax returns 8933 (carbon dioxide sequestration credit), Carbon dioxide sequestration credit (Form 8933). Website efile past year tax returns 8936 (qualified plug-in electric drive motor vehicle), Qualified plug-in electric drive motor vehicle credit (Form 8936). Website efile past year tax returns 8941 (small employer health insurance premiums), Credit for small employer health insurance premiums (Form 8941). Website efile past year tax returns 982 (discharge of indebtedness), Exclusions Schedule C (sole proprietor), How Do I File? Schedule C-EZ (sole proprietor), How Do I File? Schedule SE (self-employment tax), Who must pay self-employment tax. Website efile past year tax returns SS-4 (application for EIN), Employer identification number (EIN). Website efile past year tax returns SS-5 (application for SSN), Social security number (SSN). Website efile past year tax returns W-2 (report wages), Form W-2. Website efile past year tax returns W-4 (employee withholding), Employee. Website efile past year tax returns W-7 (application for ITIN), Individual taxpayer identification number (ITIN). Website efile past year tax returns W-9 (request for TIN), Other payee. Website efile past year tax returns Fringe benefits, Fringe benefits. Website efile past year tax returns Fuel taxes, Fuel taxes. Website efile past year tax returns G Gains and losses, Gains and losses. Website efile past year tax returns General business credits, General Business Credits, Business Credits Gross profit Accuracy, Testing Gross Profit Accuracy Additions to, Additions to Gross Profit Guidelines for selected occupations, Guidelines for Selected Occupations (see also Occupations, selected) H Health insurance, deduction for self-employed, Self-employed health insurance deduction. Website efile past year tax returns Home, business use of, Business Use of Your Home Hotels, boarding houses, and apartments, Hotels, boarding houses, and apartments. Website efile past year tax returns Husband and wife business, Business owned and operated by spouses. Website efile past year tax returns I Identification numbers, Identification Numbers Income, Items That Are Not Income (see also Not income) Accounting for your, Accounting for Your Income Barter, Bartering for Property or Services Business, Business Income Damages, Damages. Website efile past year tax returns Gains and losses, Gains and losses. Website efile past year tax returns Kickbacks, Kickbacks. Website efile past year tax returns Kinds of income, Kinds of Income Lost income payments, Lost income payments. Website efile past year tax returns Other, Other Income Paid to a third party, Income paid to a third party. Website efile past year tax returns Personal property rent, Personal Property Rents Promissory notes, Promissory notes. Website efile past year tax returns Recapture of depreciation, Recapture of depreciation. Website efile past year tax returns Recovery of items previously deducted, Recovery of items previously deducted. Website efile past year tax returns Rental, Real Estate Rents, Personal Property Rents Restricted property, Restricted property. Website efile past year tax returns Income tax About, Income Tax Deduction for, Income taxes. Website efile past year tax returns How to pay, How Do I Pay Income Tax? Underpayment penalty, Penalty for underpayment of tax. Website efile past year tax returns Income tax return, who must file, Do I Have To File an Income Tax Return? Independent contractor, Independent contractor. Website efile past year tax returns , Employment Taxes, Sole proprietor or independent contractor. Website efile past year tax returns Individual taxpayer identification number (ITIN), Individual taxpayer identification number (ITIN). Website efile past year tax returns Information returns, Information Returns Information, How to get more, How To Get More Information Innocent spouse relief, Innocent spouse relief. Website efile past year tax returns Installment sales, Installment sales. Website efile past year tax returns Insurance Expense, Insurance Nondeductible premiums, Nondeductible premiums. Website efile past year tax returns Prepayment, Prepayment. Website efile past year tax returns Proceeds, Insurance proceeds. Website efile past year tax returns Self-employed health, Self-employed health insurance deduction. Website efile past year tax returns Insurance agent Former, Insurance agent, former. Website efile past year tax returns Retired, Insurance agent, retired. Website efile past year tax returns Interest Expenses, Interest Income, Interest and Dividend Income Inventories, Inventories Investment credit, Investment credit (Form 3468). Website efile past year tax returns K Kickbacks, Kickbacks. Website efile past year tax returns , Expenses You Cannot Deduct L Lease bonus, Lease bonus. Website efile past year tax returns Lease cancellation payments, Lease cancellation payments. Website efile past year tax returns Legal fees, Legal and Professional Fees Like-kind exchanges, Like-kind exchanges. Website efile past year tax returns , Exchange of like-kind property. Website efile past year tax returns Limited liability company, Limited liability company (LLC). Website efile past year tax returns Listed property, Listed property. Website efile past year tax returns Lobbying expense, Expenses You Cannot Deduct Local transportation expenses, Local transportation expenses. Website efile past year tax returns Lodging, Meals and lodging. Website efile past year tax returns Long-term capital gain or loss, Is My Capital Gain or Loss Short Term or Long Term? Lost income payments, Lost income payments. Website efile past year tax returns Low sulfur diesel fuel production credit, Low sulfur diesel fuel production credit (Form 8896). Website efile past year tax returns Low-income housing credit, Low-income housing credit (Form 8586). Website efile past year tax returns M Meals, Meals and lodging. Website efile past year tax returns (see Travel expenses) Methods for figuring net earnings, Methods for Figuring Net Earnings Mileage rate for vehicles, Standard mileage rate. Website efile past year tax returns Motor vehicle, alternative credit, Alternative motor vehicle credit (Form 8910). Website efile past year tax returns N Net operating losses, Net Operating Losses (NOLs) Net profit or loss, Introduction New markets credit, New markets credit (Form 8874). Website efile past year tax returns Newspaper carrier or distributor, Newspaper carrier or distributor. Website efile past year tax returns Newspaper or magazine vendor, Newspaper or magazine vendor. Website efile past year tax returns Nonbusiness bad debt, Nonbusiness bad debts. Website efile past year tax returns Nonconventional source fuel credit, Nonconventional source fuel credit (Form 8907). Website efile past year tax returns Nondeductible insurance premiums, Nondeductible premiums. Website efile past year tax returns Nonemployee compensation, Introduction Nontaxable exchanges, Nontaxable exchanges. Website efile past year tax returns Not income Appreciation, Appreciation. Website efile past year tax returns Consignments, Consignments. Website efile past year tax returns Constructions allowances, Construction allowances. Website efile past year tax returns Exchange of like-kind property, Exchange of like-kind property. Website efile past year tax returns Leasehold improvements, Leasehold improvements. Website efile past year tax returns Loans, Loans. Website efile past year tax returns Sales tax, Sales tax. Website efile past year tax returns Not-for-profit activities, Not-for-Profit Activities Notary public, Notary public. Website efile past year tax returns , Notary public. Website efile past year tax returns O Occupations, selected Administrator, Executor or administrator. Website efile past year tax returns Direct seller, Direct seller. Website efile past year tax returns , Real estate agent or direct seller. Website efile past year tax returns Executor, Executor or administrator. Website efile past year tax returns Fishing crew member, Fishing crew member. Website efile past year tax returns Insurance agent, former, Insurance agent, former. Website efile past year tax returns Insurance agent, retired, Insurance agent, retired. Website efile past year tax returns Newspaper carrier or distributor, Newspaper carrier or distributor. Website efile past year tax returns Newspaper or magazine vendor, Newspaper or magazine vendor. Website efile past year tax returns Notary public, Notary public. Website efile past year tax returns Public official, Public official. Website efile past year tax returns Real estate agent, Real estate agent or direct seller. Website efile past year tax returns Securities dealer, Securities dealer. Website efile past year tax returns Securities trader, Securities trader. Website efile past year tax returns Office in the home, Office in the home. Website efile past year tax returns (see also Business use of your home) Optional methods, using both, Using Both Optional Methods Ordinary gain or loss, Is My Gain or Loss Ordinary or Capital? Orphan drug credit, Orphan drug credit (Form 8820). Website efile past year tax returns P Parking fees, Parking fees and tolls. Website efile past year tax returns Partners, husband and wife, Business owned and operated by spouses. Website efile past year tax returns Pay, kinds of, Kinds of pay. Website efile past year tax returns Paying Business taxes, Filing and Paying Business Taxes Income tax, How Do I Pay Income Tax? Payments to third parties, Payments to third parties. Website efile past year tax returns Penalties and fines, Expenses You Cannot Deduct Penalty Failure to file Form 8300, Penalties. Website efile past year tax returns Failure to file information returns, Penalties. Website efile past year tax returns Failure to furnish correct payee statements, Penalties. Website efile past year tax returns Underpayment of tax, Penalty for underpayment of tax. Website efile past year tax returns Waiver of, Waiver of penalties. Website efile past year tax returns Pension plans, Pension Plans Personal property tax, Personal property tax. Website efile past year tax returns Prepaid expense Extends useful life, Prepayment. Website efile past year tax returns Rent, Rent paid in advance. Website efile past year tax returns Professional fees, Legal and Professional Fees Promissory notes, Promissory notes. Website efile past year tax returns Public official, Public official. Website efile past year tax returns Punitive damages, Punitive damages. Website efile past year tax returns Q Qualified plug-in electric drive motor vehicle credit, Qualified plug-in electric drive motor vehicle credit (Form 8936). Website efile past year tax returns Qualified real property business debt, Qualified real property business debt. Website efile past year tax returns R Real estate Agent, Real estate agent or direct seller. Website efile past year tax returns Dealer, Real estate dealer. Website efile past year tax returns Rent, Real Estate Rents Taxes, Real estate taxes. Website efile past year tax returns Recovery of items previously deducted, Recovery of items previously deducted. Website efile past year tax returns Refund Inquiries, Refund inquiries. Website efile past year tax returns Offsets against debts, Offset against debts. Website efile past year tax returns Related persons Unreasonable rent, Unreasonable rent. Website efile past year tax returns Renewable electricity, refined coal, and Indian coal production credit, Renewable electricity, refined coal, and Indian coal production credit (Form 8835). Website efile past year tax returns Rent expense, Rent Expense Rental income, Real Estate Rents Repayment of income, Repayment of income. Website efile past year tax returns Reportable transaction disclosure statement, Reminders Reporting self-employment tax, Reporting Self-Employment Tax Restricted property, Restricted property. Website efile past year tax returns Retirement plans (see Pension plans) S Salaries, Employees' Pay Sale of a business, Sale of a business. Website efile past year tax returns Sale of property, What Is a Disposition of Property? (see also Disposition of property) Sales of assets, Introduction Sales tax, Sales tax. Website efile past year tax returns Schedule C, How Do I File? Schedule C-EZ, How Do I File? Schedule SE (Form 1040), Who must pay self-employment tax. Website efile past year tax returns Schedule SE, filing requirement, Reporting Self-Employment Tax SE tax About, Self-Employment (SE) Tax Aliens, Aliens. Website efile past year tax returns Child employed by parent, Child employed by parent. Website efile past year tax returns Church employee, Church employee. Website efile past year tax returns Community property income, Community Property Income Deduction for, Self-employment tax. Website efile past year tax returns Earning credits, Earning credits in 2013 and 2014. Website efile past year tax returns Effects of using an optional method, Effects of using an optional method. Website efile past year tax returns Farm optional method, Farm Optional Method Fiscal year filer, Fiscal Year Filer Fishing crew member, Fishing crew member. Website efile past year tax returns Gain or loss, Gain or Loss Government employee, State or local government employee. Website efile past year tax returns , Foreign government or international organization employee. Website efile past year tax returns Joint return, Joint return. Website efile past year tax returns Lost income payments, Lost Income Payments Maximum earnings For 2011, What's New for 2013, Maximum earnings subject to SE tax. Website efile past year tax returns Subject to, Maximum earnings subject to self-employment tax. Website efile past year tax returns Methods for figuring net earnings, Methods for Figuring Net Earnings More than one business, More Than One Business, More than one business. Website efile past year tax returns Nonfarm optional method, Nonfarm Optional Method Notary public, Notary public. Website efile past year tax returns Optional methods Farm, Farm Optional Method Nonfarm, Nonfarm Optional Method Rate, SE tax rate. Website efile past year tax returns Regular method, Regular Method Residing abroad, U. Website efile past year tax returns S. Website efile past year tax returns citizen or resident alien residing abroad. Website efile past year tax returns Special rules and exceptions, Special Rules and Exceptions Tax rate, SE tax rate. Website efile past year tax returns Time limit for posting income, The Social Security Administration (SSA) time limit for posting self-employment income. Website efile past year tax returns Who must pay, Who Must Pay SE Tax? Why use an optional method, Why use an optional method? Section 179 Deduction, Section 179 deduction. Website efile past year tax returns Property, Section 179 property. Website efile past year tax returns Securities Dealer, Securities dealer. Website efile past year tax returns Trader, Securities trader. Website efile past year tax returns Self-employed health insurance deduction, Self-employed health insurance deduction. Website efile past year tax returns Self-employment tax (see SE tax) Settlement payments, Settlement payments. Website efile past year tax returns Short-term capital gain or loss, Is My Capital Gain or Loss Short Term or Long Term? Signature, electronic, Electronic signatures. Website efile past year tax returns Small Business Administration, Small Business Administration Small employer health insurance premiums credit, Credit for small employer health insurance premiums (Form 8941). Website efile past year tax returns Social security coverage, Social security coverage. Website efile past year tax returns Social security number (SSN), Social security number (SSN). Website efile past year tax returns Sole proprietor, Sole proprietor. Website efile past year tax returns , Sole proprietor or independent contractor. Website efile past year tax returns Sport utility vehicle, Section 179 deduction. Website efile past year tax returns Standard mileage rate, Standard mileage rate. Website efile past year tax returns For 2011, What's New for 2013 Statutory employee, Statutory employee. Website efile past year tax returns Suggestions for publication, Comments and suggestions. Website efile past year tax returns SUV, Section 179 deduction. Website efile past year tax returns T Tax home, Local transportation expenses. Website efile past year tax returns , Travel expenses. Website efile past year tax returns Tax preparation fees, Tax preparation fees. Website efile past year tax returns Tax refund Claim for, Refunds. Website efile past year tax returns Offset against debts, Offset against debts. Website efile past year tax returns Tax return How to file, How Do I File? Who must file, Do I Have To File an Income Tax Return? Tax year, Accounting Periods Calendar, Calendar tax year. Website efile past year tax returns Change in, Change in tax year. Website efile past year tax returns Fiscal, Fiscal tax year. Website efile past year tax returns Taxes Deduction for, Taxes Employment, Employment Taxes, Employment taxes. Website efile past year tax returns Excise, Excise Taxes, Excise taxes. Website efile past year tax returns Fuel, Fuel taxes. Website efile past year tax returns Income, Income Tax, Income taxes. Website efile past year tax returns Paid on certain employee tips, Credit for employer social security and Medicare taxes paid on certain employee tips (Form 8846). Website efile past year tax returns Personal property, Personal property tax. Website efile past year tax returns Real estate, Real estate taxes. Website efile past year tax returns Sales, Sales tax. Website efile past year tax returns Self-employment, Self-Employment (SE) Tax, Self-employment tax. Website efile past year tax returns Taxpayer rights, Declaration of Taxpayer Rights Third parties, Payments to, Payments to third parties. Website efile past year tax returns Tolls, Parking fees and tolls. Website efile past year tax returns Trade discount, Trade discounts. Website efile past year tax returns , Trade discounts. Website efile past year tax returns Trade or business, Trade or business. Website efile past year tax returns Trailer park owner, Trailer park owner. Website efile past year tax returns Transportation expenses, Local transportation expenses. Website efile past year tax returns Travel expenses, Travel expenses. Website efile past year tax returns U Underpayment of tax penalty, Penalty for underpayment of tax. Website efile past year tax returns Uniform capitalization rules, Uniform Capitalization Rules W Wages, Employees' Pay Work opportunity credit, Work opportunity credit (Form 5884). Website efile past year tax returns Prev  Up     Home   More Online Publications