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When Is The Deadline To File Taxes

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When Is The Deadline To File Taxes

When is the deadline to file taxes 25. When is the deadline to file taxes   Nonbusiness Casualty and Theft Losses Table of Contents What's New Introduction Useful Items - You may want to see: CasualtyFamily pet. When is the deadline to file taxes Progressive deterioration. When is the deadline to file taxes Damage from corrosive drywall. When is the deadline to file taxes Theft Loss on Deposits Proof of Loss Figuring a LossDecrease in Fair Market Value Adjusted Basis Insurance and Other Reimbursements Single Casualty on Multiple Properties Deduction Limits$100 Rule 10% Rule When To Report Gains and LossesDisaster Area Loss How To Report Gains and Losses What's New New Section C of Form 4684 for Ponzi-type investment schemes. When is the deadline to file taxes  Section C of Form 4684 is new for 2013. When is the deadline to file taxes You must complete Section C if you are claiming a theft loss deduction due to a Ponzi-type investment scheme and are using Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58. When is the deadline to file taxes Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. When is the deadline to file taxes You do not need to complete Appendix A. When is the deadline to file taxes For details, see Losses from Ponzi-type investment schemes , in this chapter. When is the deadline to file taxes Introduction This chapter explains the tax treatment of personal (not business or investment related) casualty losses, theft losses, and losses on deposits. When is the deadline to file taxes The chapter also explains the following  topics. When is the deadline to file taxes How to figure the amount of your loss. When is the deadline to file taxes How to treat insurance and other reimbursements you receive. When is the deadline to file taxes The deduction limits. When is the deadline to file taxes When and how to report a casualty or theft. When is the deadline to file taxes Forms to file. When is the deadline to file taxes    When you have a casualty or theft, you have to file Form 4684. When is the deadline to file taxes You will also have to file one or more of the following forms. When is the deadline to file taxes Schedule A (Form 1040), Itemized Deductions Schedule D (Form 1040), Capital Gains and Losses Condemnations. When is the deadline to file taxes   For information on condemnations of property, see Involuntary Conversions in chapter 1 of Publication 544, Sales and Other Disposition of Assets. When is the deadline to file taxes Workbook for casualties and thefts. When is the deadline to file taxes    Publication 584 is available to help you make a list of your stolen or damaged personal-use property and figure your loss. When is the deadline to file taxes It includes schedules to help you figure the loss on your home, its contents, and your motor vehicles. When is the deadline to file taxes Business or investment-related losses. When is the deadline to file taxes   For information on a casualty or theft loss of business or income-producing property, see Publication 547, Casualties, Disasters, and Thefts. When is the deadline to file taxes Useful Items - You may want to see: Publication 544 Sales and Other Dispositions  of Assets 547 Casualties, Disasters, and   Thefts 584 Casualty, Disaster, and Theft   Loss Workbook (Personal-Use  Property) Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Schedule D (Form 1040) Capital Gains and Losses 4684 Casualties and Thefts Casualty A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. When is the deadline to file taxes A sudden event is one that is swift, not gradual or progressive. When is the deadline to file taxes An unexpected event is one that is ordinarily unanticipated and unintended. When is the deadline to file taxes An unusual event is one that is not a day-to-day occurrence and that is not typical of the activity in which you were engaged. When is the deadline to file taxes Deductible losses. When is the deadline to file taxes   Deductible casualty losses can result from a number of different causes, including the following. When is the deadline to file taxes Car accidents (but see Nondeductible losses , next, for exceptions). When is the deadline to file taxes Earthquakes. When is the deadline to file taxes Fires (but see Nondeductible losses , next, for exceptions). When is the deadline to file taxes Floods. When is the deadline to file taxes Government-ordered demolition or relocation of a home that is unsafe to use because of a disaster as discussed under Disaster Area Losses in Publication 547. When is the deadline to file taxes Mine cave-ins. When is the deadline to file taxes Shipwrecks. When is the deadline to file taxes Sonic booms. When is the deadline to file taxes Storms, including hurricanes and tornadoes. When is the deadline to file taxes Terrorist attacks. When is the deadline to file taxes Vandalism. When is the deadline to file taxes Volcanic eruptions. When is the deadline to file taxes Nondeductible losses. When is the deadline to file taxes   A casualty loss is not deductible if the damage or destruction is caused by the following. When is the deadline to file taxes Accidentally breaking articles such as glassware or china under normal conditions. When is the deadline to file taxes A family pet (explained below). When is the deadline to file taxes A fire if you willfully set it or pay someone else to set it. When is the deadline to file taxes A car accident if your willful negligence or willful act caused it. When is the deadline to file taxes The same is true if the willful act or willful negligence of someone acting for you caused the accident. When is the deadline to file taxes Progressive deterioration (explained later). When is the deadline to file taxes Family pet. When is the deadline to file taxes   Loss of property due to damage by a family pet is not deductible as a casualty loss unless the requirements discussed earlier under Casualty are met. When is the deadline to file taxes Example. When is the deadline to file taxes Your antique oriental rug was damaged by your new puppy before it was housebroken. When is the deadline to file taxes Because the damage was not unexpected and unusual, the loss is not deductible as a casualty loss. When is the deadline to file taxes Progressive deterioration. When is the deadline to file taxes    Loss of property due to progressive deterioration is not deductible as a casualty loss. When is the deadline to file taxes This is because the damage results from a steadily operating cause or a normal process, rather than from a sudden event. When is the deadline to file taxes The following are examples of damage due to progressive deterioration. When is the deadline to file taxes The steady weakening of a building due to normal wind and weather conditions. When is the deadline to file taxes The deterioration and damage to a water heater that bursts. When is the deadline to file taxes However, the rust and water damage to rugs and drapes caused by the bursting of a water heater does qualify as a casualty. When is the deadline to file taxes Most losses of property caused by droughts. When is the deadline to file taxes To be deductible, a drought-related loss generally must be incurred in a trade or business or in a transaction entered into for profit. When is the deadline to file taxes Termite or moth damage. When is the deadline to file taxes The damage or destruction of trees, shrubs, or other plants by a fungus, disease, insects, worms, or similar pests. When is the deadline to file taxes However, a sudden destruction due to an unexpected or unusual infestation of beetles or other insects may result in a casualty loss. When is the deadline to file taxes Damage from corrosive drywall. When is the deadline to file taxes   Under a special procedure, you may be able to claim a casualty loss deduction for amounts you paid to repair damage to your home and household appliances that resulted from corrosive drywall. When is the deadline to file taxes For details, see Publication 547. When is the deadline to file taxes Theft A theft is the taking and removing of money or property with the intent to deprive the owner of it. When is the deadline to file taxes The taking of property must be illegal under the laws of the state where it occurred and it must have been done with criminal intent. When is the deadline to file taxes You do not need to show a conviction for theft. When is the deadline to file taxes Theft includes the taking of money or property by the following means. When is the deadline to file taxes Blackmail. When is the deadline to file taxes Burglary. When is the deadline to file taxes Embezzlement. When is the deadline to file taxes Extortion. When is the deadline to file taxes Kidnapping for ransom. When is the deadline to file taxes Larceny. When is the deadline to file taxes Robbery. When is the deadline to file taxes The taking of money or property through fraud or misrepresentation is theft if it is illegal under state or local law. When is the deadline to file taxes Decline in market value of stock. When is the deadline to file taxes   You cannot deduct as a theft loss the decline in market value of stock acquired on the open market for investment if the decline is caused by disclosure of accounting fraud or other illegal misconduct by the officers or directors of the corporation that issued the stock. When is the deadline to file taxes However, you can deduct as a capital loss the loss you sustain when you sell or exchange the stock or the stock becomes completely worthless. When is the deadline to file taxes You report a capital loss on Schedule D (Form 1040). When is the deadline to file taxes For more information about stock sales, worthless stock, and capital losses, see chapter 4 of Publication 550. When is the deadline to file taxes Mislaid or lost property. When is the deadline to file taxes   The simple disappearance of money or property is not a theft. When is the deadline to file taxes However, an accidental loss or disappearance of property can qualify as a casualty if it results from an identifiable event that is sudden, unexpected, or unusual. When is the deadline to file taxes Sudden, unexpected, and unusual events are defined earlier. When is the deadline to file taxes Example. When is the deadline to file taxes A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. When is the deadline to file taxes The diamond falls from the ring and is never found. When is the deadline to file taxes The loss of the diamond is a casualty. When is the deadline to file taxes Losses from Ponzi-type investment schemes. When is the deadline to file taxes   If you had a loss from a Ponzi-type investment scheme, see: Revenue Ruling 2009-9, 2009-14 I. When is the deadline to file taxes R. When is the deadline to file taxes B. When is the deadline to file taxes 735 (available at www. When is the deadline to file taxes irs. When is the deadline to file taxes gov/irb/2009-14_IRB/ar07. When is the deadline to file taxes html). When is the deadline to file taxes Revenue Procedure 2009-20, 2009-14 I. When is the deadline to file taxes R. When is the deadline to file taxes B. When is the deadline to file taxes 749 (available at www. When is the deadline to file taxes irs. When is the deadline to file taxes gov/irb/2009-14_IRB/ar11. When is the deadline to file taxes html). When is the deadline to file taxes Revenue Procedure 2011-58, 2011-50 I. When is the deadline to file taxes R. When is the deadline to file taxes B. When is the deadline to file taxes 849 (available at www. When is the deadline to file taxes irs. When is the deadline to file taxes gov/irb/2011-50_IRB/ar11. When is the deadline to file taxes html). When is the deadline to file taxes If you qualify to use Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58, and you choose to follow the procedures in the guidance, first fill out Section C of Form 4684 to determine the amount to enter on Section B, line 28. When is the deadline to file taxes Skip lines 19 to 27. When is the deadline to file taxes Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. When is the deadline to file taxes You do not need to complete Appendix A. When is the deadline to file taxes For more information, see the above revenue ruling and revenue procedures, and the Instructions for Form 4684. When is the deadline to file taxes   If you choose not to use the procedures in Revenue Procedure 2009-20, you may claim your theft loss by filling out Section B, lines 19 to 39, as appropriate. When is the deadline to file taxes Loss on Deposits A loss on deposits can occur when a bank, credit union, or other financial institution becomes insolvent or bankrupt. When is the deadline to file taxes If you incurred this type of loss, you can choose one of the following ways to deduct the loss. When is the deadline to file taxes As a casualty loss. When is the deadline to file taxes As an ordinary loss. When is the deadline to file taxes As a nonbusiness bad debt. When is the deadline to file taxes Casualty loss or ordinary loss. When is the deadline to file taxes   You can choose to deduct a loss on deposits as a casualty loss or as an ordinary loss for any year in which you can reasonably estimate how much of your deposits you have lost in an insolvent or bankrupt financial institution. When is the deadline to file taxes The choice is generally made on the return you file for that year and applies to all your losses on deposits for the year in that particular financial institution. When is the deadline to file taxes If you treat the loss as a casualty or ordinary loss, you cannot treat the same amount of the loss as a nonbusiness bad debt when it actually becomes worthless. When is the deadline to file taxes However, you can take a nonbusiness bad debt deduction for any amount of loss that is more than the estimated amount you deducted as a casualty or ordinary loss. When is the deadline to file taxes Once you make this choice, you cannot change it without permission from the Internal Revenue Service. When is the deadline to file taxes   If you claim an ordinary loss, report it as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23. When is the deadline to file taxes The maximum amount you can claim is $20,000 ($10,000 if you are married filing separately) reduced by any expected state insurance proceeds. When is the deadline to file taxes Your loss is subject to the 2%-of-adjusted-gross-income limit. When is the deadline to file taxes You cannot choose to claim an ordinary loss if any part of the deposit is federally insured. When is the deadline to file taxes Nonbusiness bad debt. When is the deadline to file taxes   If you do not choose to deduct the loss as a casualty loss or as an ordinary loss, you must wait until the year the actual loss is determined and deduct the loss as a nonbusiness bad debt in that year. When is the deadline to file taxes How to report. When is the deadline to file taxes   The kind of deduction you choose for your loss on deposits determines how you report your loss. When is the deadline to file taxes If you choose: Casualty loss — report it on Form 4684 first and then on Schedule A (Form 1040). When is the deadline to file taxes Ordinary loss — report it on Schedule A (Form 1040) as a miscellaneous itemized deduction. When is the deadline to file taxes Nonbusiness bad debt — report it on Form 8949 first and then on Schedule D (Form 1040). When is the deadline to file taxes More information. When is the deadline to file taxes   For more information, see Special Treatment for Losses on Deposits in Insolvent or Bankrupt Financial Institutions in the Instructions for Form 4684 or Deposit in Insolvent or Bankrupt Financial Institution in Publication 550. When is the deadline to file taxes Proof of Loss To deduct a casualty or theft loss, you must be able to prove that you had a casualty or theft. When is the deadline to file taxes You also must be able to support the amount you take as a deduction. When is the deadline to file taxes Casualty loss proof. When is the deadline to file taxes   For a casualty loss, your records should show all the following. When is the deadline to file taxes The type of casualty (car accident, fire, storm, etc. When is the deadline to file taxes ) and when it occurred. When is the deadline to file taxes That the loss was a direct result of the casualty. When is the deadline to file taxes That you were the owner of the property or, if you leased the property from someone else, that you were contractually liable to the owner for the damage. When is the deadline to file taxes Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. When is the deadline to file taxes Theft loss proof. When is the deadline to file taxes   For a theft loss, your records should show all the following. When is the deadline to file taxes When you discovered that your property was missing. When is the deadline to file taxes That your property was stolen. When is the deadline to file taxes That you were the owner of the property. When is the deadline to file taxes Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. When is the deadline to file taxes It is important that you have records that will prove your deduction. When is the deadline to file taxes If you do not have the actual records to support your deduction, you can use other satisfactory evidence to support it. When is the deadline to file taxes Figuring a Loss Figure the amount of your loss using the following steps. When is the deadline to file taxes Determine your adjusted basis in the property before the casualty or theft. When is the deadline to file taxes Determine the decrease in fair market value of the property as a result of the casualty or theft. When is the deadline to file taxes From the smaller of the amounts you determined in (1) and (2), subtract any insurance or other reimbursement you received or expect to receive. When is the deadline to file taxes For personal-use property and property used in performing services as an employee, apply the deduction limits, discussed later, to determine the amount of your deductible loss. When is the deadline to file taxes Gain from reimbursement. When is the deadline to file taxes   If your reimbursement is more than your adjusted basis in the property, you have a gain. When is the deadline to file taxes This is true even if the decrease in the FMV of the property is smaller than your adjusted basis. When is the deadline to file taxes If you have a gain, you may have to pay tax on it, or you may be able to postpone reporting the gain. When is the deadline to file taxes See Publication 547 for more information on how to treat a gain from a reimbursement for a casualty or theft. When is the deadline to file taxes Leased property. When is the deadline to file taxes   If you are liable for casualty damage to property you lease, your loss is the amount you must pay to repair the property minus any insurance or other reimbursement you receive or expect to receive. When is the deadline to file taxes Decrease in Fair Market Value Fair market value (FMV) is the price for which you could sell your property to a willing buyer when neither of you has to sell or buy and both of you know all the relevant facts. When is the deadline to file taxes The decrease in FMV used to figure the amount of a casualty or theft loss is the difference between the property's fair market value immediately before and immediately after the casualty or theft. When is the deadline to file taxes FMV of stolen property. When is the deadline to file taxes   The FMV of property immediately after a theft is considered to be zero, since you no longer have the property. When is the deadline to file taxes Example. When is the deadline to file taxes Several years ago, you purchased silver dollars at face value for $150. When is the deadline to file taxes This is your adjusted basis in the property. When is the deadline to file taxes Your silver dollars were stolen this year. When is the deadline to file taxes The FMV of the coins was $1,000 just before they were stolen, and insurance did not cover them. When is the deadline to file taxes Your theft loss is $150. When is the deadline to file taxes Recovered stolen property. When is the deadline to file taxes   Recovered stolen property is your property that was stolen and later returned to you. When is the deadline to file taxes If you recovered property after you had already taken a theft loss deduction, you must refigure your loss using the smaller of the property's adjusted basis (explained later) or the decrease in FMV from the time just before it was stolen until the time it was recovered. When is the deadline to file taxes Use this amount to refigure your total loss for the year in which the loss was deducted. When is the deadline to file taxes   If your refigured loss is less than the loss you deducted, you generally have to report the difference as income in the recovery year. When is the deadline to file taxes But report the difference only up to the amount of the loss that reduced your tax. When is the deadline to file taxes For more information on the amount to report, see Recoveries in chapter 12. When is the deadline to file taxes Figuring Decrease in FMV— Items To Consider To figure the decrease in FMV because of a casualty or theft, you generally need a competent appraisal. When is the deadline to file taxes However, other measures can also be used to establish certain decreases. When is the deadline to file taxes Appraisal. When is the deadline to file taxes   An appraisal to determine the difference between the FMV of the property immediately before a casualty or theft and immediately afterward should be made by a competent appraiser. When is the deadline to file taxes The appraiser must recognize the effects of any general market decline that may occur along with the casualty. When is the deadline to file taxes This information is needed to limit any deduction to the actual loss resulting from damage to the property. When is the deadline to file taxes   Several factors are important in evaluating the accuracy of an appraisal, including the following. When is the deadline to file taxes The appraiser's familiarity with your property before and after the casualty or theft. When is the deadline to file taxes The appraiser's knowledge of sales of comparable property in the area. When is the deadline to file taxes The appraiser's knowledge of conditions in the area of the casualty. When is the deadline to file taxes The appraiser's method of appraisal. When is the deadline to file taxes    You may be able to use an appraisal that you used to get a federal loan (or a federal loan guarantee) as the result of a federally declared disaster to establish the amount of your disaster loss. When is the deadline to file taxes For more information on disasters, see Disaster Area Losses, in Pub. When is the deadline to file taxes 547. When is the deadline to file taxes Cost of cleaning up or making repairs. When is the deadline to file taxes   The cost of repairing damaged property is not part of a casualty loss. When is the deadline to file taxes Neither is the cost of cleaning up after a casualty. When is the deadline to file taxes But you can use the cost of cleaning up or making repairs after a casualty as a measure of the decrease in FMV if you meet all the following conditions. When is the deadline to file taxes The repairs are actually made. When is the deadline to file taxes The repairs are necessary to bring the property back to its condition before the casualty. When is the deadline to file taxes The amount spent for repairs is not excessive. When is the deadline to file taxes The repairs take care of the damage only. When is the deadline to file taxes The value of the property after the repairs is not, due to the repairs, more than the value of the property before the casualty. When is the deadline to file taxes Landscaping. When is the deadline to file taxes   The cost of restoring landscaping to its original condition after a casualty may indicate the decrease in FMV. When is the deadline to file taxes You may be able to measure your loss by what you spend on the following. When is the deadline to file taxes Removing destroyed or damaged trees and shrubs minus any salvage you receive. When is the deadline to file taxes Pruning and other measures taken to preserve damaged trees and shrubs. When is the deadline to file taxes Replanting necessary to restore the property to its approximate value before the casualty. When is the deadline to file taxes Car value. When is the deadline to file taxes    Books issued by various automobile organizations that list your car may be useful in figuring the value of your car. When is the deadline to file taxes You can use the book's retail values and modify them by such factors as mileage and the condition of your car to figure its value. When is the deadline to file taxes The prices are not official, but they may be useful in determining value and suggesting relative prices for comparison with current sales and offerings in your area. When is the deadline to file taxes If your car is not listed in the books, determine its value from other sources. When is the deadline to file taxes A dealer's offer for your car as a trade-in on a new car is not usually a measure of its true value. When is the deadline to file taxes Figuring Decrease in FMV— Items Not To Consider You generally should not consider the following items when attempting to establish the decrease in FMV of your property. When is the deadline to file taxes Cost of protection. When is the deadline to file taxes   The cost of protecting your property against a casualty or theft is not part of a casualty or theft loss. When is the deadline to file taxes The amount you spend on insurance or to board up your house against a storm is not part of your loss. When is the deadline to file taxes   If you make permanent improvements to your property to protect it against a casualty or theft, add the cost of these improvements to your basis in the property. When is the deadline to file taxes An example would be the cost of a dike to prevent flooding. When is the deadline to file taxes Exception. When is the deadline to file taxes   You cannot increase your basis in the property by, or deduct as a business expense, any expenditures you made with respect to qualified disaster mitigation payments. When is the deadline to file taxes See Disaster Area Losses in Publication 547. When is the deadline to file taxes Incidental expenses. When is the deadline to file taxes   Any incidental expenses you have due to a casualty or theft, such as expenses for the treatment of personal injuries, for temporary housing, or for a rental car, are not part of your casualty or theft loss. When is the deadline to file taxes Replacement cost. When is the deadline to file taxes   The cost of replacing stolen or destroyed property is not part of a casualty or theft loss. When is the deadline to file taxes Sentimental value. When is the deadline to file taxes   Do not consider sentimental value when determining your loss. When is the deadline to file taxes If a family portrait, heirloom, or keepsake is damaged, destroyed, or stolen, you must base your loss on its FMV, as limited by your adjusted basis in the property. When is the deadline to file taxes Decline in market value of property in or near casualty area. When is the deadline to file taxes   A decrease in the value of your property because it is in or near an area that suffered a casualty, or that might again suffer a casualty, is not to be taken into consideration. When is the deadline to file taxes You have a loss only for actual casualty damage to your property. When is the deadline to file taxes However, if your home is in a federally declared disaster area, see Disaster Area Losses in Publication 547. When is the deadline to file taxes Costs of photographs and appraisals. When is the deadline to file taxes    Photographs taken after a casualty will be helpful in establishing the condition and value of the property after it was damaged. When is the deadline to file taxes Photographs showing the condition of the property after it was repaired, restored, or replaced may also be helpful. When is the deadline to file taxes    Appraisals are used to figure the decrease in FMV because of a casualty or theft. When is the deadline to file taxes See Appraisal , earlier, under Figuring Decrease in FMV — Items To Consider, for information about appraisals. When is the deadline to file taxes   The costs of photographs and appraisals used as evidence of the value and condition of property damaged as a result of a casualty are not a part of the loss. When is the deadline to file taxes You can claim these costs as a miscellaneous itemized deduction subject to the 2%-of-adjusted-gross-income limit on Schedule A (Form 1040). When is the deadline to file taxes For information about miscellaneous deductions, see chapter 28. When is the deadline to file taxes Adjusted Basis Adjusted basis is your basis in the property (usually cost) increased or decreased by various events, such as improvements and casualty losses. When is the deadline to file taxes For more information, see chapter 13. When is the deadline to file taxes Insurance and Other Reimbursements If you receive an insurance payment or other type of reimbursement, you must subtract the reimbursement when you figure your loss. When is the deadline to file taxes You do not have a casualty or theft loss to the extent you are reimbursed. When is the deadline to file taxes If you expect to be reimbursed for part or all of your loss, you must subtract the expected reimbursement when you figure your loss. When is the deadline to file taxes You must reduce your loss even if you do not receive payment until a later tax year. When is the deadline to file taxes See Reimbursement Received After Deducting Loss , later. When is the deadline to file taxes Failure to file a claim for reimbursement. When is the deadline to file taxes   If your property is covered by insurance, you must file a timely insurance claim for reimbursement of your loss. When is the deadline to file taxes Otherwise, you cannot deduct this loss as a casualty or theft loss. When is the deadline to file taxes However, this rule does not apply to the portion of the loss not covered by insurance (for example, a deductible). When is the deadline to file taxes Example. When is the deadline to file taxes You have a car insurance policy with a $1,000 deductible. When is the deadline to file taxes Because your insurance did not cover the first $1,000 of an auto collision, the $1,000 would be deductible (subject to the deduction limits discussed later). When is the deadline to file taxes This is true even if you do not file an insurance claim, because your insurance policy would never have reimbursed you for the deductible. When is the deadline to file taxes Types of Reimbursements The most common type of reimbursement is an insurance payment for your stolen or damaged property. When is the deadline to file taxes Other types of reimbursements are discussed next. When is the deadline to file taxes Also see the Instructions for Form 4684. When is the deadline to file taxes Employer's emergency disaster fund. When is the deadline to file taxes   If you receive money from your employer's emergency disaster fund and you must use that money to rehabilitate or replace property on which you are claiming a casualty loss deduction, you must take that money into consideration in computing the casualty loss deduction. When is the deadline to file taxes Take into consideration only the amount you used to replace your destroyed or damaged property. When is the deadline to file taxes Example. When is the deadline to file taxes Your home was extensively damaged by a tornado. When is the deadline to file taxes Your loss after reimbursement from your insurance company was $10,000. When is the deadline to file taxes Your employer set up a disaster relief fund for its employees. When is the deadline to file taxes Employees receiving money from the fund had to use it to rehabilitate or replace their damaged or destroyed property. When is the deadline to file taxes You received $4,000 from the fund and spent the entire amount on repairs to your home. When is the deadline to file taxes In figuring your casualty loss, you must reduce your unreimbursed loss ($10,000) by the $4,000 you received from your employer's fund. When is the deadline to file taxes Your casualty loss before applying the deduction limits discussed later is $6,000. When is the deadline to file taxes Cash gifts. When is the deadline to file taxes   If you receive excludable cash gifts as a disaster victim and there are no limits on how you can use the money, you do not reduce your casualty loss by these excludable cash gifts. When is the deadline to file taxes This applies even if you use the money to pay for repairs to property damaged in the disaster. When is the deadline to file taxes Example. When is the deadline to file taxes Your home was damaged by a hurricane. When is the deadline to file taxes Relatives and neighbors made cash gifts to you that were excludable from your income. When is the deadline to file taxes You used part of the cash gifts to pay for repairs to your home. When is the deadline to file taxes There were no limits or restrictions on how you could use the cash gifts. When is the deadline to file taxes Because it was an excludable gift, the money you received and used to pay for repairs to your home does not reduce your casualty loss on the damaged home. When is the deadline to file taxes Insurance payments for living expenses. When is the deadline to file taxes   You do not reduce your casualty loss by insurance payments you receive to cover living expenses in either of the following situations. When is the deadline to file taxes You lose the use of your main home because of a casualty. When is the deadline to file taxes Government authorities do not allow you access to your main home because of a casualty or threat of one. When is the deadline to file taxes Inclusion in income. When is the deadline to file taxes   If these insurance payments are more than the temporary increase in your living expenses, you must include the excess in your income. When is the deadline to file taxes Report this amount on Form 1040, line 21. When is the deadline to file taxes However, if the casualty occurs in a federally declared disaster area, none of the insurance payments are taxable. When is the deadline to file taxes See Qualified disaster relief payments, under Disaster Area Losses in Publication 547. When is the deadline to file taxes   A temporary increase in your living expenses is the difference between the actual living expenses you and your family incurred during the period you could not use your home and your normal living expenses for that period. When is the deadline to file taxes Actual living expenses are the reasonable and necessary expenses incurred because of the loss of your main home. When is the deadline to file taxes Generally, these expenses include the amounts you pay for the following. When is the deadline to file taxes Rent for suitable housing. When is the deadline to file taxes Transportation. When is the deadline to file taxes Food. When is the deadline to file taxes Utilities. When is the deadline to file taxes Miscellaneous services. When is the deadline to file taxes Normal living expenses consist of these same expenses that you would have incurred but did not because of the casualty or the threat of one. When is the deadline to file taxes Example. When is the deadline to file taxes As a result of a fire, you vacated your apartment for a month and moved to a motel. When is the deadline to file taxes You normally pay $525 a month for rent. When is the deadline to file taxes None was charged for the month the apartment was vacated. When is the deadline to file taxes Your motel rent for this month was $1,200. When is the deadline to file taxes You normally pay $200 a month for food. When is the deadline to file taxes Your food expenses for the month you lived in the motel were $400. When is the deadline to file taxes You received $1,100 from your insurance company to cover your living expenses. When is the deadline to file taxes You determine the payment you must include in income as follows. When is the deadline to file taxes 1) Insurance payment for living expenses $1,100 2) Actual expenses during the month you are unable to use your home because of fire 1,600   3) Normal living expenses 725   4) Temporary increase in living  expenses: Subtract line 3 from line 2 875 5) Amount of payment includible  in income: Subtract line 4  from line 1 $ 225 Tax year of inclusion. When is the deadline to file taxes   You include the taxable part of the insurance payment in income for the year you regain the use of your main home or, if later, for the year you receive the taxable part of the insurance payment. When is the deadline to file taxes Example. When is the deadline to file taxes Your main home was destroyed by a tornado in August 2011. When is the deadline to file taxes You regained use of your home in November 2012. When is the deadline to file taxes The insurance payments you received in 2011 and 2012 were $1,500 more than the temporary increase in your living expenses during those years. When is the deadline to file taxes You include this amount in income on your 2012 Form 1040. When is the deadline to file taxes If, in 2013, you receive further payments to cover the living expenses you had in 2011 and 2012, you must include those payments in income on your 2013 Form 1040. When is the deadline to file taxes Disaster relief. When is the deadline to file taxes   Food, medical supplies, and other forms of assistance you receive do not reduce your casualty loss unless they are replacements for lost or destroyed property. When is the deadline to file taxes Qualified disaster relief payments you receive for expenses you incurred as a result of a federally declared disaster are not taxable income to you. When is the deadline to file taxes For more information, see Disaster Area Losses in Publication 547. When is the deadline to file taxes Disaster unemployment assistance payments are unemployment benefits that are taxable. When is the deadline to file taxes Generally, disaster relief grants and qualified disaster mitigation payments made under the Robert T. When is the deadline to file taxes Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act (as in effect on April 15, 2005) are not includible in your income. When is the deadline to file taxes See Disaster Area Losses in Publication 547. When is the deadline to file taxes Reimbursement Received After Deducting Loss If you figured your casualty or theft loss using your expected reimbursement, you may have to adjust your tax return for the tax year in which you receive your actual reimbursement. When is the deadline to file taxes This section explains the adjustment you may have to make. When is the deadline to file taxes Actual reimbursement less than expected. When is the deadline to file taxes   If you later receive less reimbursement than you expected, include that difference as a loss with your other losses (if any) on your return for the year in which you can reasonably expect no more reimbursement. When is the deadline to file taxes Example. When is the deadline to file taxes Your personal car had an FMV of $2,000 when it was destroyed in a collision with another car in 2012. When is the deadline to file taxes The accident was due to the negligence of the other driver. When is the deadline to file taxes At the end of 2012, there was a reasonable prospect that the owner of the other car would reimburse you in full. When is the deadline to file taxes You did not have a deductible loss in 2012. When is the deadline to file taxes In January 2013, the court awarded you a judgment of $2,000. When is the deadline to file taxes However, in July it became apparent that you will be unable to collect any amount from the other driver. When is the deadline to file taxes You can deduct the loss in 2013 subject to the limits discussed later. When is the deadline to file taxes Actual reimbursement more than expected. When is the deadline to file taxes   If you later receive more reimbursement than you expected after you claimed a deduction for the loss, you may have to include the extra reimbursement in your income for the year you receive it. When is the deadline to file taxes However, if any part of the original deduction did not reduce your tax for the earlier year, do not include that part of the reimbursement in your income. When is the deadline to file taxes You do not refigure your tax for the year you claimed the deduction. When is the deadline to file taxes For more information, see Recoveries in chapter 12. When is the deadline to file taxes If the total of all the reimbursements you receive is more than your adjusted basis in the destroyed or stolen property, you will have a gain on the casualty or theft. When is the deadline to file taxes If you have already taken a deduction for a loss and you receive the reimbursement in a later year, you may have to include the gain in your income for the later year. When is the deadline to file taxes Include the gain as ordinary income up to the amount of your deduction that reduced your tax for the earlier year. When is the deadline to file taxes See Figuring a Gain in Publication 547 for more information on how to treat a gain from the reimbursement of a casualty or theft. When is the deadline to file taxes Actual reimbursement same as expected. When is the deadline to file taxes   If you receive exactly the reimbursement you expected to receive, you do not have to include any of the reimbursement in your income and you cannot deduct any additional loss. When is the deadline to file taxes Example. When is the deadline to file taxes In December 2013, you had a collision while driving your personal car. When is the deadline to file taxes Repairs to the car cost $950. When is the deadline to file taxes You had $100 deductible collision insurance. When is the deadline to file taxes Your insurance company agreed to reimburse you for the rest of the damage. When is the deadline to file taxes Because you expected a reimbursement from the insurance company, you did not have a casualty loss deduction in 2013. When is the deadline to file taxes Due to the $100 rule (discussed later under Deduction Limits ), you cannot deduct the $100 you paid as the deductible. When is the deadline to file taxes When you receive the $850 from the insurance company in 2014, do not report it as income. When is the deadline to file taxes Single Casualty on Multiple Properties Personal property. When is the deadline to file taxes   Personal property is any property that is not real property. When is the deadline to file taxes If your personal property is stolen or is damaged or destroyed by a casualty, you must figure your loss separately for each item of property. When is the deadline to file taxes Then combine these separate losses to figure the total loss from that casualty or theft. When is the deadline to file taxes Example. When is the deadline to file taxes A fire in your home destroyed an upholstered chair, an oriental rug, and an antique table. When is the deadline to file taxes You did not have fire insurance to cover your loss. When is the deadline to file taxes (This was the only casualty or theft you had during the year. When is the deadline to file taxes ) You paid $750 for the chair and you established that it had an FMV of $500 just before the fire. When is the deadline to file taxes The rug cost $3,000 and had an FMV of $2,500 just before the fire. When is the deadline to file taxes You bought the table at an auction for $100 before discovering it was an antique. When is the deadline to file taxes It had been appraised at $900 before the fire. When is the deadline to file taxes You figure your loss on each of these items as follows:     Chair Rug Table 1) Basis (cost) $750 $3,000 $100 2) FMV before fire $500 $2,500 $900 3) FMV after fire –0– –0– –0– 4) Decrease in FMV $500 $2,500 $900 5) Loss (smaller of (1) or  (4)) $500 $2,500 $100           6) Total loss     $3,100 Real property. When is the deadline to file taxes   In figuring a casualty loss on personal-use real property, treat the entire property (including any improvements, such as buildings, trees, and shrubs) as one item. When is the deadline to file taxes Figure the loss using the smaller of the adjusted basis or the decrease in FMV of the entire property. When is the deadline to file taxes Example. When is the deadline to file taxes You bought your home a few years ago. When is the deadline to file taxes You paid $160,000 ($20,000 for the land and $140,000 for the house). When is the deadline to file taxes You also spent $2,000 for landscaping. When is the deadline to file taxes This year a fire destroyed your home. When is the deadline to file taxes The fire also damaged the shrubbery and trees in your yard. When is the deadline to file taxes The fire was your only casualty or theft loss this year. When is the deadline to file taxes Competent appraisers valued the property as a whole at $200,000 before the fire, but only $30,000 after the fire. When is the deadline to file taxes (The loss to your household furnishings is not shown in this example. When is the deadline to file taxes It would be figured separately on each item, as explained earlier under Personal property . When is the deadline to file taxes ) Shortly after the fire, the insurance company paid you $155,000 for the loss. When is the deadline to file taxes You figure your casualty loss as follows: 1) Adjusted basis of the entire property (land, building, and landscaping) $162,000 2) FMV of entire property before fire $200,000 3) FMV of entire property after fire 30,000 4) Decrease in FMV of entire  property $170,000 5) Loss (smaller of (1) or (4)) $162,000 6) Subtract insurance 155,000 7) Amount of loss after reimbursement $7,000 Deduction Limits After you have figured your casualty or theft loss, you must figure how much of the loss you can deduct. When is the deadline to file taxes If the loss was to property for your personal use or your family's use, there are two limits on the amount you can deduct for your casualty or theft loss. When is the deadline to file taxes You must reduce each casualty or theft loss by $100 ($100 rule). When is the deadline to file taxes You must further reduce the total of all your casualty or theft losses by 10% of your adjusted gross income (10% rule). When is the deadline to file taxes You make these reductions on Form 4684. When is the deadline to file taxes These rules are explained next and Table 25-1 summarizes how to apply the $100 rule and the 10% rule in various situations. When is the deadline to file taxes For more detailed explanations and examples, see Publication 547. When is the deadline to file taxes Table 25-1. When is the deadline to file taxes How To Apply the Deduction Limits for Personal-Use Property   $100 Rule 10% Rule General Application You must reduce each casualty or theft loss by $100 when figuring your deduction. When is the deadline to file taxes Apply this rule after you have figured the amount of your loss. When is the deadline to file taxes You must reduce your total casualty or theft loss by 10% of your adjusted gross income. When is the deadline to file taxes Apply this rule after you reduce each loss by $100 (the $100 rule). When is the deadline to file taxes Single Event Apply this rule only once, even if many pieces of property are affected. When is the deadline to file taxes Apply this rule only once, even if many pieces of property are affected. When is the deadline to file taxes More Than One Event Apply to the loss from each event. When is the deadline to file taxes Apply to the total of all your losses from all events. When is the deadline to file taxes More Than One Person— With Loss From the Same Event (other than a married couple filing jointly) Apply separately to each person. When is the deadline to file taxes Apply separately to each person. When is the deadline to file taxes Married Couple—With Loss From the Same Event Filing Jointly Apply as if you were one person. When is the deadline to file taxes Apply as if you were one person. When is the deadline to file taxes Filing Separately Apply separately to each spouse. When is the deadline to file taxes Apply separately to each spouse. When is the deadline to file taxes More Than One Owner (other than a married couple filing jointly) Apply separately to each owner of jointly owned property. When is the deadline to file taxes Apply separately to each owner of jointly owned property. When is the deadline to file taxes Property used partly for business and partly for personal purposes. When is the deadline to file taxes   When property is used partly for personal purposes and partly for business or income-producing purposes, the casualty or theft loss deduction must be figured separately for the personal-use part and for the business or income-producing part. When is the deadline to file taxes You must figure each loss separately because the $100 rule and the 10% rule apply only to the loss on the personal-use part of the property. When is the deadline to file taxes $100 Rule After you have figured your casualty or theft loss on personal-use property, you must reduce that loss by $100. When is the deadline to file taxes This reduction applies to each total casualty or theft loss. When is the deadline to file taxes It does not matter how many pieces of property are involved in an event. When is the deadline to file taxes Only a single $100 reduction applies. When is the deadline to file taxes Example. When is the deadline to file taxes A hailstorm damages your home and your car. When is the deadline to file taxes Determine the amount of loss, as discussed earlier, for each of these items. When is the deadline to file taxes Since the losses are due to a single event, you combine the losses and reduce the combined amount by $100. When is the deadline to file taxes Single event. When is the deadline to file taxes   Generally, events closely related in origin cause a single casualty. When is the deadline to file taxes It is a single casualty when the damage is from two or more closely related causes, such as wind and flood damage caused by the same storm. When is the deadline to file taxes 10% Rule You must reduce the total of all your casualty or theft losses on personal-use property by 10% of your adjusted gross income. When is the deadline to file taxes Apply this rule after you reduce each loss by $100. When is the deadline to file taxes For more information, see the Form 4684 instructions. When is the deadline to file taxes If you have both gains and losses from casualties or thefts, see Gains and losses , later in this discussion. When is the deadline to file taxes Example 1. When is the deadline to file taxes In June, you discovered that your house had been burglarized. When is the deadline to file taxes Your loss after insurance reimbursement was $2,000. When is the deadline to file taxes Your adjusted gross income for the year you discovered the theft is $29,500. When is the deadline to file taxes You first apply the $100 rule and then the 10% rule. When is the deadline to file taxes Figure your theft loss deduction as follows. When is the deadline to file taxes 1) Loss after insurance $2,000 2) Subtract $100 100 3) Loss after $100 rule $1,900 4) Subtract 10% × $29,500 AGI 2,950 5) Theft loss deduction –0– You do not have a theft loss deduction because your loss after you apply the $100 rule ($1,900) is less than 10% of your adjusted gross income ($2,950). When is the deadline to file taxes Example 2. When is the deadline to file taxes In March, you had a car accident that totally destroyed your car. When is the deadline to file taxes You did not have collision insurance on your car, so you did not receive any insurance reimbursement. When is the deadline to file taxes Your loss on the car was $1,800. When is the deadline to file taxes In November, a fire damaged your basement and totally destroyed the furniture, washer, dryer, and other items stored there. When is the deadline to file taxes Your loss on the basement items after reimbursement was $2,100. When is the deadline to file taxes Your adjusted gross income for the year that the accident and fire occurred is $25,000. When is the deadline to file taxes You figure your casualty loss deduction as follows. When is the deadline to file taxes       Base-     Car ment 1) Loss $1,800 $2,100 2) Subtract $100 per incident 100 100 3) Loss after $100 rule $1,700 $2,000 4) Total loss $3,700 5) Subtract 10% × $25,000 AGI 2,500 6) Casualty loss deduction $1,200 Gains and losses. When is the deadline to file taxes   If you had both gains and losses from casualties or thefts to personal-use property, you must compare your total gains to your total losses. When is the deadline to file taxes Do this after you have reduced each loss by any reimbursements and by $100, but before you have reduced the losses by 10% of your adjusted gross income. When is the deadline to file taxes Casualty or theft gains do not include gains you choose to postpone. When is the deadline to file taxes See Publication 547 for information on the postponement of gain. When is the deadline to file taxes Losses more than gains. When is the deadline to file taxes   If your losses are more than your recognized gains, subtract your gains from your losses and reduce the result by 10% of your adjusted gross income. When is the deadline to file taxes The rest, if any, is your deductible loss from personal-use property. When is the deadline to file taxes Gains more than losses. When is the deadline to file taxes   If your recognized gains are more than your losses, subtract your losses from your gains. When is the deadline to file taxes The difference is treated as capital gain and must be reported on Schedule D (Form 1040). When is the deadline to file taxes The 10% rule does not apply to your gains. When is the deadline to file taxes When To Report Gains and Losses Gains. When is the deadline to file taxes   If you receive an insurance or other reimbursement that is more than your adjusted basis in the destroyed or stolen property, you have a gain from the casualty or theft. When is the deadline to file taxes You must include this gain in your income in the year you receive the reimbursement, unless you choose to postpone reporting the gain as explained in Publication 547. When is the deadline to file taxes If you have a loss, see Table 25-2 . When is the deadline to file taxes Table 25-2. When is the deadline to file taxes When To Deduct a Loss IF you have a loss. When is the deadline to file taxes . When is the deadline to file taxes . When is the deadline to file taxes THEN deduct it in the year. When is the deadline to file taxes . When is the deadline to file taxes . When is the deadline to file taxes from a casualty, the loss occurred. When is the deadline to file taxes in a federally declared disaster area, the disaster occurred or the year immediately before the disaster. When is the deadline to file taxes from a theft, the theft was discovered. When is the deadline to file taxes on a deposit treated as a:   • casualty or any ordinary loss, a reasonable estimate can be made. When is the deadline to file taxes • bad debt, deposits are totally worthless. When is the deadline to file taxes Losses. When is the deadline to file taxes   Generally, you can deduct a casualty loss that is not reimbursable only in the tax year in which the casualty occurred. When is the deadline to file taxes This is true even if you do not repair or replace the damaged property until a later year. When is the deadline to file taxes   You can deduct theft losses that are not reimbursable only in the year you discover your property was stolen. When is the deadline to file taxes   If you are not sure whether part of your casualty or theft loss will be reimbursed, do not deduct that part until the tax year when you become reasonably certain that it will not be reimbursed. When is the deadline to file taxes Loss on deposits. When is the deadline to file taxes   If your loss is a loss on deposits in an insolvent or bankrupt financial institution, see Loss on Deposits , earlier. When is the deadline to file taxes Disaster Area Loss You generally must deduct a casualty loss in the year it occurred. When is the deadline to file taxes However, if you have a casualty loss from a federally declared disaster that occurred in an area warranting public or individual assistance (or both), you can choose to deduct the loss on your tax return or amended return for either of the following years. When is the deadline to file taxes The year the disaster occurred. When is the deadline to file taxes The year immediately preceding the year the disaster occurred. When is the deadline to file taxes Gains. When is the deadline to file taxes    Special rules apply if you choose to postpone reporting gain on property damaged or destroyed in a federally declared disaster area. When is the deadline to file taxes For those special rules, see Publication 547. When is the deadline to file taxes Postponed tax deadlines. When is the deadline to file taxes   The IRS may postpone for up to 1 year certain tax deadlines of taxpayers who are affected by a federally declared disaster. When is the deadline to file taxes The tax deadlines the IRS may postpone include those for filing income and employment tax returns, paying income and employment taxes, and making contributions to a traditional IRA or Roth IRA. When is the deadline to file taxes   If any tax deadline is postponed, the IRS will publicize the postponement in your area by publishing a news release, revenue ruling, revenue procedure, notice, announcement, or other guidance in the Internal Revenue Bulletin (IRB). When is the deadline to file taxes Go to www. When is the deadline to file taxes irs. When is the deadline to file taxes gov/uac/Tax-Relief-in-Disaster-Situations to find out if a tax deadline has been postponed for your area. When is the deadline to file taxes Who is eligible. When is the deadline to file taxes   If the IRS postpones a tax deadline, the following taxpayers are eligible for the postponement. When is the deadline to file taxes Any individual whose main home is located in a covered disaster area (defined next). When is the deadline to file taxes Any business entity or sole proprietor whose principal place of business is located in a covered disaster area. When is the deadline to file taxes Any individual who is a relief worker affiliated with a recognized government or philanthropic organization who is assisting in a covered disaster area. When is the deadline to file taxes Any individual, business entity, or sole proprietorship whose records are needed to meet a postponed tax deadline, provided those records are maintained in a covered disaster area. When is the deadline to file taxes The main home or principal place of business does not have to be located in the covered disaster area. When is the deadline to file taxes Any estate or trust that has tax records necessary to meet a postponed tax deadline, provided those records are maintained in a covered disaster area. When is the deadline to file taxes The spouse on a joint return with a taxpayer who is eligible for postponements. When is the deadline to file taxes Any individual, business entity, or sole proprietorship not located in a covered disaster area, but whose records necessary to meet a postponed tax deadline are located in the covered disaster area. When is the deadline to file taxes Any individual visiting the covered disaster area who was killed or injured as a result of the disaster. When is the deadline to file taxes Any other person determined by the IRS to be affected by a federally declared disaster. When is the deadline to file taxes Covered disaster area. When is the deadline to file taxes   This is an area of a federally declared disaster in which the IRS has decided to postpone tax deadlines for up to 1 year. When is the deadline to file taxes Abatement of interest and penalties. When is the deadline to file taxes   The IRS may abate the interest and penalties on underpaid income tax for the length of any postponement of tax deadlines. When is the deadline to file taxes More information. When is the deadline to file taxes   For more information, see Disaster Area Losses in Publication 547. When is the deadline to file taxes How To Report Gains and Losses Use Form 4684 to report a gain or a deductible loss from a casualty or theft. When is the deadline to file taxes If you have more than one casualty or theft, use a separate Form 4684 to determine your gain or loss for each event. When is the deadline to file taxes Combine the gains and losses on one Form 4684. When is the deadline to file taxes Follow the form instructions as to which lines to fill out. When is the deadline to file taxes In addition, you must use the appropriate schedule to report a gain or loss. When is the deadline to file taxes The schedule you use depends on whether you have a gain or loss. When is the deadline to file taxes If you have a: Report it on: Gain Schedule D (Form 1040) Loss Schedule A (Form 1040) Adjustments to basis. When is the deadline to file taxes   If you have a casualty or theft loss, you must decrease your basis in the property by any insurance or other reimbursement you receive, and by any deductible loss. When is the deadline to file taxes Amounts you spend to restore your property after a casualty increase your adjusted basis. When is the deadline to file taxes See Adjusted Basis in chapter 13 for more information. When is the deadline to file taxes Net operating loss (NOL). When is the deadline to file taxes    If your casualty or theft loss deduction causes your deductions for the year to be more than your income for the year, you may have an NOL. When is the deadline to file taxes You can use an NOL to lower your tax in an earlier year, allowing you to get a refund for tax you have already paid. When is the deadline to file taxes Or, you can use it to lower your tax in a later year. When is the deadline to file taxes You do not have to be in business to have an NOL from a casualty or theft loss. When is the deadline to file taxes For more information, see Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts. When is the deadline to file taxes Prev  Up  Next   Home   More Online Publications
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Can I Deduct My Mortgage Related Expenses?

This application will determine if you are able to deduct amounts you paid for Mortgage interest, Points, Mortgage Insurance Premiums and other Mortgage Related Expenses.

Information You Will Need:

  • Your and your spouse's filing status
  • Basic income information including amounts of your income
  • An estimated total (if applicable) of the amounts paid for mortgage interest, points and/or mortgage insurance premiums (normally reported to you on Form 1099-G)

Estimated Completion Time: 12 minutes. However: 5 minutes of inactivity will end the interview and you will be forced to start over.

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The When Is The Deadline To File Taxes

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