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2012 Federal Tax Amendment

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2012 Federal Tax Amendment

2012 federal tax amendment Part Six -   Figuring Your Taxes and Credits The eight chapters in this part explain how to figure your tax and how to figure the tax of certain children who have more than $2,000 of unearned income. 2012 federal tax amendment They also discuss tax credits that, unlike deductions, are subtracted directly from your tax and reduce your tax dollar for dollar. 2012 federal tax amendment Chapter 36 discusses the earned income credit. 2012 federal tax amendment Chapter 37 discusses a wide variety of other credits, such as the adoption credit. 2012 federal tax amendment Table of Contents 30. 2012 federal tax amendment   How To Figure Your TaxIntroduction Figuring Your Tax Alternative Minimum Tax (AMT) Tax Figured by IRSFiling the Return 31. 2012 federal tax amendment   Tax on Unearned Income of Certain ChildrenWhat's New Introduction Useful Items - You may want to see: Which Parent's Return To UseParents Who Do Not File a Joint Return Parent's Election To Report Child's Interest and DividendsEffect of Making the Election Figuring Child's Income Figuring Additional Tax Tax for Certain Children Who Have Unearned IncomeProviding Parental Information (Form 8615, lines A–C) Step 1. 2012 federal tax amendment Figuring the Child's Net Unearned Income (Form 8615, Part I) Step 2. 2012 federal tax amendment Figuring Tentative Tax at the Parent's Tax Rate (Form 8615, Part II) Step 3. 2012 federal tax amendment Figuring the Child's Tax (Form 8615, Part III) 32. 2012 federal tax amendment   Child and Dependent Care CreditReminders Introduction Useful Items - You may want to see: Tests To Claim the CreditQualifying Person Test Earned Income Test Work-Related Expense Test Joint Return Test Provider Identification Test How To Figure the CreditFiguring Total Work-Related Expenses Earned Income Limit Dollar Limit Amount of Credit How To Claim the CreditTax credit not refundable. 2012 federal tax amendment Employment Taxes for Household Employers 33. 2012 federal tax amendment   Credit for the Elderly or the DisabledIntroduction Useful Items - You may want to see: Are You Eligible for the Credit?Qualified Individual Income Limits How to Claim the CreditCredit Figured for You Credit Figured by You 34. 2012 federal tax amendment   Child Tax CreditIntroduction Useful Items - You may want to see: Qualifying Child Amount of CreditLimits on the Credit Claiming the Credit Additional Child Tax Credit Completing Schedule 8812 (Form 1040A or 1040)Part I Parts II–IV 35. 2012 federal tax amendment   Education CreditsIntroduction Useful Items - You may want to see: Who Can Claim an Education Credit Qualified Education ExpensesNo Double Benefit Allowed Adjustments to Qualified Education Expenses 36. 2012 federal tax amendment   Earned Income Credit (EIC)What's New Reminders Introduction Useful Items - You may want to see: Do You Qualify for the Credit?If Improper Claim Made in Prior Year Part A. 2012 federal tax amendment Rules for EveryoneRule 1. 2012 federal tax amendment Your AGI Must Be Less Than: Rule 2. 2012 federal tax amendment You Must Have a Valid Social Security Number (SSN) Rule 3. 2012 federal tax amendment Your Filing Status Cannot Be Married Filing Separately Rule 4. 2012 federal tax amendment You Must Be a U. 2012 federal tax amendment S. 2012 federal tax amendment Citizen or Resident Alien All Year Rule 5. 2012 federal tax amendment You Cannot File Form 2555 or Form 2555-EZ Rule 6. 2012 federal tax amendment Your Investment Income Must Be $3,300 or Less Rule 7. 2012 federal tax amendment You Must Have Earned Income Part B. 2012 federal tax amendment Rules If You Have a Qualifying ChildRule 8. 2012 federal tax amendment Your Child Must Meet the Relationship, Age, Residency, and Joint Return Tests Rule 9. 2012 federal tax amendment Your Qualifying Child Cannot Be Used By More Than One Person To Claim the EIC Rule 10. 2012 federal tax amendment You Cannot Be a Qualifying Child of Another Taxpayer Part C. 2012 federal tax amendment Rules If You Do Not Have a Qualifying ChildRule 11. 2012 federal tax amendment You Must Be at Least Age 25 but Under Age 65 Rule 12. 2012 federal tax amendment You Cannot Be the Dependent of Another Person Rule 13. 2012 federal tax amendment You Cannot Be a Qualifying Child of Another Taxpayer Rule 14. 2012 federal tax amendment You Must Have Lived in the United States More Than Half of the Year Part D. 2012 federal tax amendment Figuring and Claiming the EICRule 15. 2012 federal tax amendment Your Earned Income Must Be Less Than: IRS Will Figure the EIC for You How To Figure the EIC Yourself ExamplesExample 1. 2012 federal tax amendment John and Janet Smith (Form 1040A) Example 2. 2012 federal tax amendment Kelly Green (Form 1040EZ) 37. 2012 federal tax amendment   Other CreditsWhat'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 Prev  Up  Next   Home   More Online Publications
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The 2012 Federal Tax Amendment

2012 federal tax amendment Publication 4681 - Introductory Material Table of Contents Reminder IntroductionOrdering forms and publications. 2012 federal tax amendment Tax questions. 2012 federal tax amendment Useful Items - You may want to see: Common Situations Covered In This Publication Reminder Future Developments. 2012 federal tax amendment  Information about any future developments affecting Publication 4681 (such as legislation enacted after we release it) will be posted at www. 2012 federal tax amendment irs. 2012 federal tax amendment gov/pub4681. 2012 federal tax amendment Photographs of missing children. 2012 federal tax amendment   The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 2012 federal tax amendment Photographs of missing children selected by the Center may appear in this publication on pages that otherwise would be blank. 2012 federal tax amendment You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 2012 federal tax amendment Introduction This publication explains the federal tax treatment of canceled debts, foreclosures, repossessions, and abandonments. 2012 federal tax amendment Generally, if you owe a debt to someone else and they cancel or forgive that debt for less than its full amount, you are treated for income tax purposes as having income and may have to pay tax on this income. 2012 federal tax amendment Note. 2012 federal tax amendment This publication generally refers to debt that is canceled, forgiven, or discharged for less than the full amount of the debt as “canceled debt. 2012 federal tax amendment ” Sometimes a debt, or part of a debt, that you do not have to pay is not considered canceled debt. 2012 federal tax amendment These exceptions are discussed later under Exceptions . 2012 federal tax amendment Sometimes a canceled debt may be excluded from your income. 2012 federal tax amendment But if you do exclude canceled debt from income, you may be required to reduce your “tax attributes. 2012 federal tax amendment ” These exclusions and the reduction of tax attributes associated with them are discussed later under Exclusions . 2012 federal tax amendment Foreclosure and repossession are remedies that your lender may exercise if you fail to make payments on your loan and you have previously granted that lender a mortgage or other security interest in some of your property. 2012 federal tax amendment These remedies allow the lender to seize or sell the property securing the loan. 2012 federal tax amendment When your property is foreclosed upon or repossessed and sold, you are treated as having sold the property and you may recognize taxable gain. 2012 federal tax amendment Whether you also recognize income from canceled debt depends in part on whether you are personally liable for the debt and in part on whether the outstanding loan balance is more than the fair market value (FMV) of the property. 2012 federal tax amendment Figuring your gain or loss and income from canceled debt arising from a foreclosure or repossession is discussed later under Foreclosures and Repossessions . 2012 federal tax amendment Generally, you abandon property when you voluntarily and permanently give up possession and use of property you own with the intention of ending your ownership but without passing it on to anyone else. 2012 federal tax amendment Figuring your gain or loss and income from canceled debt arising from an abandonment is discussed later under Abandonments . 2012 federal tax amendment This publication also includes detailed examples with filled-in forms. 2012 federal tax amendment Comments and suggestions. 2012 federal tax amendment    We welcome your comments about this publication and your suggestions for future editions. 2012 federal tax amendment   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 2012 federal tax amendment NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 2012 federal tax amendment Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 2012 federal tax amendment   You can send your comments from www. 2012 federal tax amendment irs. 2012 federal tax amendment gov/formspubs. 2012 federal tax amendment Click on “More Information” and then on “Comment on Tax Forms and Publications”. 2012 federal tax amendment   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 2012 federal tax amendment Ordering forms and publications. 2012 federal tax amendment    Visit www. 2012 federal tax amendment irs. 2012 federal tax amendment gov/formspubs to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 2012 federal tax amendment Internal Revenue Service 1201 N. 2012 federal tax amendment Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 2012 federal tax amendment    If you have a tax question, check the information available on IRS. 2012 federal tax amendment gov or call 1-800-829-1040. 2012 federal tax amendment We cannot answer tax questions sent to either of the above addresses. 2012 federal tax amendment Useful Items - You may want to see: Publication 225 Farmer's Tax Guide 334 Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 523 Selling Your Home 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 542 Corporations 544 Sales and Other Dispositions of Assets 551 Basis of Assets 908 Bankruptcy Tax Guide Form (and Instructions) 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) 1099-C Cancellation of Debt 1099-DIV Dividends and Distributions 3800 General Business Credit Common Situations Covered In This Publication The sections of this publication that apply to you depend on the type of debt canceled, the tax attributes you have, and whether or not you continue to own the property that was subject to the debt. 2012 federal tax amendment Some examples of common circumstances are provided in the following paragraphs to help guide you through this publication. 2012 federal tax amendment These examples do not cover every situation but are intended to provide general guidance for the most common situations. 2012 federal tax amendment Nonbusiness credit card debt cancellation. 2012 federal tax amendment    If you had a nonbusiness credit card debt canceled, you may be able to exclude the canceled debt from income if the cancellation occurred in a title 11 bankruptcy case or you were insolvent immediately before the cancellation. 2012 federal tax amendment You should read Bankruptcy or Insolvency under Exclusions in chapter 1 to see if you can exclude the canceled debt from income under one of those provisions. 2012 federal tax amendment If you can exclude part or all of the canceled debt from income, you should also read Bankruptcy and Insolvency under Reduction of Tax Attributes in chapter 1. 2012 federal tax amendment Personal vehicle repossession. 2012 federal tax amendment    If you had a personal vehicle repossessed and disposed of by the lender during the year, you will need to determine your gain or nondeductible loss on the disposition. 2012 federal tax amendment This is explained in chapter 2 . 2012 federal tax amendment If the lender also canceled all or part of the remaining amount of the loan, you may be able to exclude the canceled debt from income if the cancellation occurred in a title 11 bankruptcy case or you were insolvent immediately before the cancellation. 2012 federal tax amendment You should read Bankruptcy or Insolvency under Exclusions in chapter 1 to see if you can exclude the canceled debt from income under one of those provisions. 2012 federal tax amendment If you can exclude part or all of the canceled debt from income, you should also read Bankruptcy and Insolvency under Reduction of Tax Attributes in chapter 1. 2012 federal tax amendment Main home foreclosure or abandonment. 2012 federal tax amendment    If a lender foreclosed on your main home during the year, you will need to determine your gain or loss on the foreclosure. 2012 federal tax amendment Foreclosures are explained in chapter 2 and abandonments are explained in chapter 3. 2012 federal tax amendment If the lender also canceled all or part of the remaining amount on the mortgage loan and you were personally liable for the debt, you should also read Qualified Principal Residence Indebtedness under Exclusions in chapter 1 to see if you can exclude part or all of the canceled debt from income. 2012 federal tax amendment Detailed Example 2 and Example 3 in chapter 4 use filled-in forms to help explain these provisions. 2012 federal tax amendment Main home loan modification (workout agreement). 2012 federal tax amendment    If a lender agrees to a mortgage loan modification (a “workout”) that includes a reduction in the principal balance of the loan, you should read Qualified Principal Residence Indebtedness under Exclusions in chapter 1 to see if you can exclude part or all of the canceled debt from income. 2012 federal tax amendment If you can exclude part or all of the canceled debt from income, you should also read Qualified Principal Residence Indebtedness under Reduction of Tax Attributes in chapter 1. 2012 federal tax amendment Detailed Example 1 in chapter 4 uses filled-in forms to help explain the tax implications of a mortgage workout scenario. 2012 federal tax amendment Prev  Up  Next   Home   More Online Publications