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Free tax returns 4. Free tax returns   Interest Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Allocation of InterestOrder of funds spent. Free tax returns Payments from checking accounts. Free tax returns Amounts paid within 30 days. Free tax returns Optional method for determining date of reallocation. Free tax returns Interest on a segregated account. Free tax returns How to report. Free tax returns Interest You Can DeductStatement. Free tax returns Expenses paid to obtain a mortgage. Free tax returns Prepayment penalty. Free tax returns De minimis OID. Free tax returns Constant-yield method. Free tax returns Loan or mortgage ends. Free tax returns Interest You Cannot DeductPenalties. Free tax returns Who is a key person? Exceptions for pre-June 1997 contracts. Free tax returns Interest allocated to unborrowed policy cash value. Free tax returns Capitalization of Interest When To Deduct InterestPrepaid interest. Free tax returns Discounted loan. Free tax returns Refunds of interest. Free tax returns Prepaid interest. Free tax returns Discounted loan. Free tax returns Tax deficiency. Free tax returns Related person. Free tax returns Below-Market LoansLimit on forgone interest for gift loans of $100,000 or less. Free tax returns Introduction This chapter discusses the tax treatment of business interest expense. Free tax returns Business interest expense is an amount charged for the use of money you borrowed for business activities. Free tax returns Topics - This chapter discusses: Allocation of interest Interest you can deduct Interest you cannot deduct Capitalization of interest When to deduct interest Below-market loans Useful Items - You may want to see: Publication 537 Installment Sales 550 Investment Income and Expenses 936 Home Mortgage Interest Deduction Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch E (Form 1040) Supplemental Income and Loss Sch K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. Free tax returns Sch K-1 (Form 1120S) Shareholder's Share of Income, Deductions, Credits, etc. Free tax returns 1098 Mortgage Interest Statement 3115 Application for Change in Accounting Method 4952 Investment Interest Expense Deduction 8582 Passive Activity Loss Limitations See chapter 12 for information about getting publications and forms. Free tax returns Allocation of Interest The rules for deducting interest vary, depending on whether the loan proceeds are used for business, personal, or investment activities. Free tax returns If you use the proceeds of a loan for more than one type of expense, you must allocate the interest based on the use of the loan's proceeds. Free tax returns Allocate your interest expense to the following categories. Free tax returns Nonpassive trade or business activity interest Passive trade or business activity interest Investment interest Portfolio interest Personal interest In general, you allocate interest on a loan the same way you allocate the loan proceeds. Free tax returns You allocate loan proceeds by tracing disbursements to specific uses. Free tax returns The easiest way to trace disbursements to specific uses is to keep the proceeds of a particular loan separate from any other funds. Free tax returns Secured loan. Free tax returns   The allocation of loan proceeds and the related interest is not generally affected by the use of property that secures the loan. Free tax returns Example. Free tax returns You secure a loan with property used in your business. Free tax returns You use the loan proceeds to buy an automobile for personal use. Free tax returns You must allocate interest expense on the loan to personal use (purchase of the automobile) even though the loan is secured by business property. Free tax returns    If the property that secures the loan is your home, you generally do not allocate the loan proceeds or the related interest. Free tax returns The interest is usually deductible as qualified home mortgage interest, regardless of how the loan proceeds are used. Free tax returns For more information, see Publication 936. Free tax returns Allocation period. Free tax returns   The period for which a loan is allocated to a particular use begins on the date the proceeds are used and ends on the earlier of the following dates. Free tax returns The date the loan is repaid. Free tax returns The date the loan is reallocated to another use. Free tax returns Proceeds not disbursed to borrower. Free tax returns   Even if the lender disburses the loan proceeds to a third party, the allocation of the loan is still based on your use of the funds. Free tax returns This applies whether you pay for property, services, or anything else by incurring a loan, or you take property subject to a debt. Free tax returns Proceeds deposited in borrower's account. Free tax returns   Treat loan proceeds deposited in an account as property held for investment. Free tax returns It does not matter whether the account pays interest. Free tax returns Any interest you pay on the loan is investment interest expense. Free tax returns If you withdraw the proceeds of the loan, you must reallocate the loan based on the use of the funds. Free tax returns Example. Free tax returns Celina, a calendar-year taxpayer, borrows $100,000 on January 4 and immediately uses the proceeds to open a checking account. Free tax returns No other amounts are deposited in the account during the year and no part of the loan principal is repaid during the year. Free tax returns On April 2, Celina uses $20,000 from the checking account for a passive activity expenditure. Free tax returns On September 4, Celina uses an additional $40,000 from the account for personal purposes. Free tax returns Under the interest allocation rules, the entire $100,000 loan is treated as property held for investment for the period from January 4 through April 1. Free tax returns From April 2 through September 3, Celina must treat $20,000 of the loan as used in the passive activity and $80,000 of the loan as property held for investment. Free tax returns From September 4 through December 31, she must treat $40,000 of the loan as used for personal purposes, $20,000 as used in the passive activity, and $40,000 as property held for investment. Free tax returns Order of funds spent. Free tax returns   Generally, you treat loan proceeds deposited in an account as used (spent) before either of the following amounts. Free tax returns Any unborrowed amounts held in the same account. Free tax returns Any amounts deposited after these loan proceeds. Free tax returns Example. Free tax returns On January 9, Olena opened a checking account, depositing $500 of the proceeds of Loan A and $1,000 of unborrowed funds. Free tax returns The following table shows the transactions in her account during the tax year. Free tax returns Date Transaction January 9 $500 proceeds of Loan A and $1,000 unborrowed funds deposited January 14 $500 proceeds of Loan B  deposited February 19 $800 used for personal purposes February 27 $700 used for passive activity June 19 $1,000 proceeds of Loan C  deposited November 20 $800 used for an investment December 18 $600 used for personal purposes Olena treats the $800 used for personal purposes as made from the $500 proceeds of Loan A and $300 of the proceeds of Loan B. Free tax returns She treats the $700 used for a passive activity as made from the remaining $200 proceeds of Loan B and $500 of unborrowed funds. Free tax returns She treats the $800 used for an investment as made entirely from the proceeds of Loan C. Free tax returns She treats the $600 used for personal purposes as made from the remaining $200 proceeds of Loan C and $400 of unborrowed funds. Free tax returns For the periods during which loan proceeds are held in the account, Olena treats them as property held for investment. Free tax returns Payments from checking accounts. Free tax returns   Generally, you treat a payment from a checking or similar account as made at the time the check is written if you mail or deliver it to the payee within a reasonable period after you write it. Free tax returns You can treat checks written on the same day as written in any order. Free tax returns Amounts paid within 30 days. Free tax returns   If you receive loan proceeds in cash or if the loan proceeds are deposited in an account, you can treat any payment (up to the amount of the proceeds) made from any account you own, or from cash, as made from those proceeds. Free tax returns This applies to any payment made within 30 days before or after the proceeds are received in cash or deposited in your account. Free tax returns   If the loan proceeds are deposited in an account, you can apply this rule even if the rules stated earlier under Order of funds spent would otherwise require you to treat the proceeds as used for other purposes. Free tax returns If you apply this rule to any payments, disregard those payments (and the proceeds from which they are made) when applying the rules stated under Order of funds spent. Free tax returns   If you received the loan proceeds in cash, you can treat the payment as made on the date you received the cash instead of the date you actually made the payment. Free tax returns Example. Free tax returns Giovanni gets a loan of $1,000 on August 4 and receives the proceeds in cash. Free tax returns Giovanni deposits $1,500 in an account on August 18 and on August 28 writes a check on the account for a passive activity expense. Free tax returns Also, Giovanni deposits his paycheck, deposits other loan proceeds, and pays his bills during the same period. Free tax returns Regardless of these other transactions, Giovanni can treat $1,000 of the deposit he made on August 18 as being paid on August 4 from the loan proceeds. Free tax returns In addition, Giovanni can treat the passive activity expense he paid on August 28 as made from the $1,000 loan proceeds treated as deposited in the account. Free tax returns Optional method for determining date of reallocation. Free tax returns   You can use the following method to determine the date loan proceeds are reallocated to another use. Free tax returns You can treat all payments from loan proceeds in the account during any month as taking place on the later of the following dates. Free tax returns The first day of that month. Free tax returns The date the loan proceeds are deposited in the account. Free tax returns However, you can use this optional method only if you treat all payments from the account during the same calendar month in the same way. Free tax returns Interest on a segregated account. Free tax returns   If you have an account that contains only loan proceeds and interest earned on the account, you can treat any payment from that account as being made first from the interest. Free tax returns When the interest earned is used up, any remaining payments are from loan proceeds. Free tax returns Example. Free tax returns You borrowed $20,000 and used the proceeds of this loan to open a new savings account. Free tax returns When the account had earned interest of $867, you withdrew $20,000 for personal purposes. Free tax returns You can treat the withdrawal as coming first from the interest earned on the account, $867, and then from the loan proceeds, $19,133 ($20,000 − $867). Free tax returns All the interest charged on the loan from the time it was deposited in the account until the time of the withdrawal is investment interest expense. Free tax returns The interest charged on the part of the proceeds used for personal purposes ($19,133) from the time you withdrew it until you either repay it or reallocate it to another use is personal interest expense. Free tax returns The interest charged on the loan proceeds you left in the account ($867) continues to be investment interest expense until you either repay it or reallocate it to another use. Free tax returns Loan repayment. Free tax returns   When you repay any part of a loan allocated to more than one use, treat it as being repaid in the following order. Free tax returns Personal use. Free tax returns Investments and passive activities (other than those included in (3)). Free tax returns Passive activities in connection with a rental real estate activity in which you actively participate. Free tax returns Former passive activities. Free tax returns Trade or business use and expenses for certain low-income housing projects. Free tax returns Line of credit (continuous borrowings). Free tax returns   The following rules apply if you have a line of credit or similar arrangement. Free tax returns Treat all borrowed funds on which interest accrues at the same fixed or variable rate as a single loan. Free tax returns Treat borrowed funds or parts of borrowed funds on which interest accrues at different fixed or variable rates as different loans. Free tax returns Treat these loans as repaid in the order shown on the loan agreement. Free tax returns Loan refinancing. Free tax returns   Allocate the replacement loan to the same uses to which the repaid loan was allocated. Free tax returns Make the allocation only to the extent you use the proceeds of the new loan to repay any part of the original loan. Free tax returns Debt-financed distribution. Free tax returns   A debt-financed distribution occurs when a partnership or S corporation borrows funds and allocates those funds to distributions made to partners or shareholders. Free tax returns The manner in which you report the interest expense associated with the distributed debt proceeds depends on your use of those proceeds. Free tax returns How to report. Free tax returns   If the proceeds were used in a nonpassive trade or business activity, report the interest on Schedule E (Form 1040), line 28; enter “interest expense” and the name of the partnership or S corporation in column (a) and the amount in column (h). Free tax returns If the proceeds were used in a passive activity, follow the Instructions for Form 8582, Passive Activity Loss Limitations, to determine the amount of interest expense that can be reported on Schedule E (Form 1040), line 28; enter “interest expense” and the name of the partnership in column (a) and the amount in column (f). Free tax returns If the proceeds were used in an investment activity, enter the interest on Form 4952. Free tax returns If the proceeds are used for personal purposes, the interest is generally not deductible. Free tax returns Interest You Can Deduct You can generally deduct as a business expense all interest you pay or accrue during the tax year on debts related to your trade or business. Free tax returns Interest relates to your trade or business if you use the proceeds of the loan for a trade or business expense. Free tax returns It does not matter what type of property secures the loan. Free tax returns You can deduct interest on a debt only if you meet all the following requirements. Free tax returns You are legally liable for that debt. Free tax returns Both you and the lender intend that the debt be repaid. Free tax returns You and the lender have a true debtor-creditor relationship. Free tax returns Partial liability. Free tax returns   If you are liable for part of a business debt, you can deduct only your share of the total interest paid or accrued. Free tax returns Example. Free tax returns You and your brother borrow money. Free tax returns You are liable for 50% of the note. Free tax returns You use your half of the loan in your business, and you make one-half of the loan payments. Free tax returns You can deduct your half of the total interest payments as a business deduction. Free tax returns Mortgage. Free tax returns   Generally, mortgage interest paid or accrued on real estate you own legally or equitably is deductible. Free tax returns However, rather than deducting the interest currently, you may have to add it to the cost basis of the property as explained later under Capitalization of Interest. Free tax returns Statement. Free tax returns   If you paid $600 or more of mortgage interest (including certain points) during the year on any one mortgage, you generally will receive a Form 1098 or a similar statement. Free tax returns You will receive the statement if you pay interest to a person (including a financial institution or a cooperative housing corporation) in the course of that person's trade or business. Free tax returns A governmental unit is a person for purposes of furnishing the statement. Free tax returns   If you receive a refund of interest you overpaid in an earlier year, this amount will be reported in box 3 of Form 1098. Free tax returns You cannot deduct this amount. Free tax returns For information on how to report this refund, see Refunds of interest, later in this chapter. Free tax returns Expenses paid to obtain a mortgage. Free tax returns   Certain expenses you pay to obtain a mortgage cannot be deducted as interest. Free tax returns These expenses, which include mortgage commissions, abstract fees, and recording fees, are capital expenses. Free tax returns If the property mortgaged is business or income-producing property, you can amortize the costs over the life of the mortgage. Free tax returns Prepayment penalty. Free tax returns   If you pay off your mortgage early and pay the lender a penalty for doing this, you can deduct the penalty as interest. Free tax returns Interest on employment tax deficiency. Free tax returns   Interest charged on employment taxes assessed on your business is deductible. Free tax returns Original issue discount (OID). Free tax returns   OID is a form of interest. Free tax returns A loan (mortgage or other debt) generally has OID when its proceeds are less than its principal amount. Free tax returns The OID is the difference between the stated redemption price at maturity and the issue price of the loan. Free tax returns   A loan's stated redemption price at maturity is the sum of all amounts (principal and interest) payable on it other than qualified stated interest. Free tax returns Qualified stated interest is stated interest that is unconditionally payable in cash or property (other than another loan of the issuer) at least annually over the term of the loan at a single fixed rate. Free tax returns You generally deduct OID over the term of the loan. Free tax returns Figure the amount to deduct each year using the constant-yield method, unless the OID on the loan is de minimis. Free tax returns De minimis OID. Free tax returns   The OID is de minimis if it is less than one-fourth of 1% (. Free tax returns 0025) of the stated redemption price of the loan at maturity multiplied by the number of full years from the date of original issue to maturity (the term of the loan). Free tax returns   If the OID is de minimis, you can choose one of the following ways to figure the amount you can deduct each year. Free tax returns On a constant-yield basis over the term of the loan. Free tax returns On a straight-line basis over the term of the loan. Free tax returns In proportion to stated interest payments. Free tax returns In its entirety at maturity of the loan. Free tax returns You make this choice by deducting the OID in a manner consistent with the method chosen on your timely filed tax return for the tax year in which the loan is issued. Free tax returns Example. Free tax returns On January 1, 2013, you took out a $100,000 discounted loan and received $98,500 in proceeds. Free tax returns The loan will mature on January 1, 2023 (a 10-year term), and the $100,000 principal is payable on that date. Free tax returns Interest of $10,000 is payable on January 1 of each year, beginning January 1, 2014. Free tax returns The $1,500 OID on the loan is de minimis because it is less than $2,500 ($100,000 × . Free tax returns 0025 × 10). Free tax returns You choose to deduct the OID on a straight-line basis over the term of the loan. Free tax returns Beginning in 2013, you can deduct $150 each year for 10 years. Free tax returns Constant-yield method. Free tax returns   If the OID is not de minimis, you must use the constant-yield method to figure how much you can deduct each year. Free tax returns You figure your deduction for the first year using the following steps. Free tax returns Determine the issue price of the loan. Free tax returns Generally, this equals the proceeds of the loan. Free tax returns If you paid points on the loan (as discussed later), the issue price generally is the difference between the proceeds and the points. Free tax returns Multiply the result in (1) by the yield to maturity. Free tax returns Subtract any qualified stated interest payments from the result in (2). Free tax returns This is the OID you can deduct in the first year. Free tax returns   To figure your deduction in any subsequent year, follow the above steps, except determine the adjusted issue price in step (1). Free tax returns To get the adjusted issue price, add to the issue price any OID previously deducted. Free tax returns Then follow steps (2) and (3) above. Free tax returns   The yield to maturity is generally shown in the literature you receive from your lender. Free tax returns If you do not have this information, consult your lender or tax advisor. Free tax returns In general, the yield to maturity is the discount rate that, when used in computing the present value of all principal and interest payments, produces an amount equal to the principal amount of the loan. Free tax returns Example. Free tax returns The facts are the same as in the previous example, except that you deduct the OID on a constant yield basis over the term of the loan. Free tax returns The yield to maturity on your loan is 10. Free tax returns 2467%, compounded annually. Free tax returns For 2013, you can deduct $93 [($98,500 × . Free tax returns 102467) − $10,000]. Free tax returns For 2014, you can deduct $103 [($98,593 × . Free tax returns 102467) − $10,000]. Free tax returns Loan or mortgage ends. Free tax returns   If your loan or mortgage ends, you may be able to deduct any remaining OID in the tax year in which the loan or mortgage ends. Free tax returns A loan or mortgage may end due to a refinancing, prepayment, foreclosure, or similar event. Free tax returns If you refinance with the original lender, you generally cannot deduct the remaining OID in the year in which the refinancing occurs, but you may be able to deduct it over the term of the new mortgage or loan. Free tax returns See Interest paid with funds borrowed from original lender under Interest You Cannot Deduct, later. Free tax returns Points. Free tax returns   The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a loan or a mortgage. Free tax returns These charges are also called loan origination fees, maximum loan charges, discount points, or premium charges. Free tax returns If any of these charges (points) are solely for the use of money, they are interest. Free tax returns   Because points are prepaid interest, you generally cannot deduct the full amount in the year paid. Free tax returns However, you can choose to fully deduct points in the year paid if you meet certain tests. Free tax returns For exceptions to the general rule, see Publication 936. Free tax returns The points reduce the issue price of the loan and result in original issue discount (OID), deductible as explained in the preceding discussion. Free tax returns Partial payments on a nontax debt. Free tax returns   If you make partial payments on a debt (other than a debt owed the IRS), the payments are applied, in general, first to interest and any remainder to principal. Free tax returns You can deduct only the interest. Free tax returns This rule does not apply when it can be inferred that the borrower and lender understood that a different allocation of the payments would be made. Free tax returns Installment purchase. Free tax returns   If you make an installment purchase of business property, the contract between you and the seller generally provides for the payment of interest. Free tax returns If no interest or a low rate of interest is charged under the contract, a portion of the stated principal amount payable under the contract may be recharacterized as interest (unstated interest). Free tax returns The amount recharacterized as interest reduces your basis in the property and increases your interest expense. Free tax returns For more information on installment sales and unstated interest, see Publication 537. Free tax returns Interest You Cannot Deduct Certain interest payments cannot be deducted. Free tax returns In addition, certain other expenses that may seem to be interest but are not, cannot be deducted as interest. Free tax returns You cannot currently deduct interest that must be capitalized, and you generally cannot deduct personal interest. Free tax returns Interest paid with funds borrowed from original lender. Free tax returns   If you use the cash method of accounting, you cannot deduct interest you pay with funds borrowed from the original lender through a second loan, an advance, or any other arrangement similar to a loan. Free tax returns You can deduct the interest expense once you start making payments on the new loan. Free tax returns   When you make a payment on the new loan, you first apply the payment to interest and then to the principal. Free tax returns All amounts you apply to the interest on the first loan are deductible, along with any interest you pay on the second loan, subject to any limits that apply. Free tax returns Capitalized interest. Free tax returns   You cannot currently deduct interest you are required to capitalize under the uniform capitalization rules. Free tax returns See Capitalization of Interest, later. Free tax returns In addition, if you buy property and pay interest owed by the seller (for example, by assuming the debt and any interest accrued on the property), you cannot deduct the interest. Free tax returns Add this interest to the basis of the property. Free tax returns Commitment fees or standby charges. Free tax returns   Fees you incur to have business funds available on a standby basis, but not for the actual use of the funds, are not deductible as interest payments. Free tax returns You may be able to deduct them as business expenses. Free tax returns   If the funds are for inventory or certain property used in your business, the fees are indirect costs and you generally must capitalize them under the uniform capitalization rules. Free tax returns See Capitalization of Interest, later. Free tax returns Interest on income tax. Free tax returns   Interest charged on income tax assessed on your individual income tax return is not a business deduction even though the tax due is related to income from your trade or business. Free tax returns Treat this interest as a business deduction only in figuring a net operating loss deduction. Free tax returns Penalties. Free tax returns   Penalties on underpaid deficiencies and underpaid estimated tax are not interest. Free tax returns You cannot deduct them. Free tax returns Generally, you cannot deduct any fines or penalties. Free tax returns Interest on loans with respect to life insurance policies. Free tax returns   You generally cannot deduct interest on a debt incurred with respect to any life insurance, annuity, or endowment contract that covers any individual unless that individual is a key person. Free tax returns   If the policy or contract covers a key person, you can deduct the interest on up to $50,000 of debt for that person. Free tax returns However, the deduction for any month cannot be more than the interest figured using Moody's Composite Yield on Seasoned Corporate Bonds (formerly known as Moody's Corporate Bond Yield Average-Monthly Average Corporates) (Moody's rate) for that month. Free tax returns Who is a key person?   A key person is an officer or 20% owner. Free tax returns However, the number of individuals you can treat as key persons is limited to the greater of the following. Free tax returns Five individuals. Free tax returns The lesser of 5% of the total officers and employees of the company or 20 individuals. Free tax returns Exceptions for pre-June 1997 contracts. Free tax returns   You can generally deduct the interest if the contract was issued before June 9, 1997, and the covered individual is someone other than an employee, officer, or someone financially interested in your business. Free tax returns If the contract was purchased before June 21, 1986, you can generally deduct the interest no matter who is covered by the contract. Free tax returns Interest allocated to unborrowed policy cash value. Free tax returns   Corporations and partnerships generally cannot deduct any interest expense allocable to unborrowed cash values of life insurance, annuity, or endowment contracts. Free tax returns This rule applies to contracts issued after June 8, 1997, that cover someone other than an officer, director, employee, or 20% owner. Free tax returns For more information, see section 264(f) of the Internal Revenue Code. Free tax returns Capitalization of Interest Under the uniform capitalization rules, you generally must capitalize interest on debt equal to your expenditures to produce real property or certain tangible personal property. Free tax returns The property must be produced by you for use in your trade or business or for sale to customers. Free tax returns You cannot capitalize interest related to property that you acquire in any other manner. Free tax returns Interest you paid or incurred during the production period must be capitalized if the property produced is designated property. Free tax returns Designated property is any of the following. Free tax returns Real property. Free tax returns Tangible personal property with a class life of 20 years or more. Free tax returns Tangible personal property with an estimated production period of more than 2 years. Free tax returns Tangible personal property with an estimated production period of more than 1 year if the estimated cost of production is more than $1 million. Free tax returns Property you produce. Free tax returns   You produce property if you construct, build, install, manufacture, develop, improve, create, raise, or grow it. Free tax returns Treat property produced for you under a contract as produced by you up to the amount you pay or incur for the property. Free tax returns Carrying charges. Free tax returns   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. Free tax returns You can choose to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. Free tax returns For more information, see chapter 7. Free tax returns Capitalized interest. Free tax returns   Treat capitalized interest as a cost of the property produced. Free tax returns You recover your interest when you sell or use the property. Free tax returns If the property is inventory, recover capitalized interest through cost of goods sold. Free tax returns If the property is used in your trade or business, recover capitalized interest through an adjustment to basis, depreciation, amortization, or other method. Free tax returns Partnerships and S corporations. Free tax returns   The interest capitalization rules are applied first at the partnership or S corporation level. Free tax returns The rules are then applied at the partners' or shareholders' level to the extent the partnership or S corporation has insufficient debt to support the production or construction costs. Free tax returns   If you are a partner or a shareholder, you may have to capitalize interest you incur during the tax year for the production costs of the partnership or S corporation. Free tax returns You may also have to capitalize interest incurred by the partnership or S corporation for your own production costs. Free tax returns To properly capitalize interest under these rules, you must be given the required information in an attachment to the Schedule K-1 you receive from the partnership or S corporation. Free tax returns Additional information. Free tax returns   The procedures for applying the uniform capitalization rules are beyond the scope of this publication. Free tax returns For more information, see sections 1. Free tax returns 263A-8 through 1. Free tax returns 263A-15 of the regulations and Notice 88-99. Free tax returns Notice 88-99 is in Cumulative Bulletin 1988-2. Free tax returns When To Deduct Interest If the uniform capitalization rules, discussed under Capitalization of Interest, earlier, do not apply to you, deduct interest as follows. Free tax returns Cash method. Free tax returns   Under the cash method, you can generally deduct only the interest you actually paid during the tax year. Free tax returns You cannot deduct a promissory note you gave as payment because it is a promise to pay and not an actual payment. Free tax returns Prepaid interest. Free tax returns   You generally cannot deduct any interest paid before the year it is due. Free tax returns Interest paid in advance can be deducted only in the tax year in which it is due. Free tax returns Discounted loan. Free tax returns   If interest or a discount is subtracted from your loan proceeds, it is not a payment of interest and you cannot deduct it when you get the loan. Free tax returns For more information, see Original issue discount (OID) under Interest You Can Deduct, earlier. Free tax returns Refunds of interest. Free tax returns   If you pay interest and then receive a refund in the same tax year of any part of the interest, reduce your interest deduction by the refund. Free tax returns If you receive the refund in a later tax year, include the refund in your income to the extent the deduction for the interest reduced your tax. Free tax returns Accrual method. Free tax returns   Under an accrual method, you can deduct only interest that has accrued during the tax year. Free tax returns Prepaid interest. Free tax returns   See Prepaid interest, earlier. Free tax returns Discounted loan. Free tax returns   See Discounted loan, earlier. Free tax returns Tax deficiency. Free tax returns   If you contest a federal income tax deficiency, interest does not accrue until the tax year the final determination of liability is made. Free tax returns If you do not contest the deficiency, then the interest accrues in the year the tax was asserted and agreed to by you. Free tax returns   However, if you contest but pay the proposed tax deficiency and interest, and you do not designate the payment as a cash bond, then the interest is deductible in the year paid. Free tax returns Related person. Free tax returns   If you use an accrual method, you cannot deduct interest owed to a related person who uses the cash method until payment is made and the interest is includible in the gross income of that person. Free tax returns The relationship is determined as of the end of the tax year for which the interest would otherwise be deductible. Free tax returns See section 267 of the Internal Revenue Code for more information. Free tax returns Below-Market Loans If you receive a below-market gift or demand loan and use the proceeds in your trade or business, you may be able to deduct the forgone interest. Free tax returns See Treatment of gift and demand loans, later, in this discussion. Free tax returns A below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Free tax returns A gift or demand loan that is a below-market loan generally is considered an arm's-length transaction in which you, the borrower, are considered as having received both the following. Free tax returns A loan in exchange for a note that requires the payment of interest at the applicable federal rate. Free tax returns An additional payment in an amount equal to the forgone interest. Free tax returns The additional payment is treated as a gift, dividend, contribution to capital, payment of compensation, or other payment, depending on the substance of the transaction. Free tax returns Forgone interest. Free tax returns   For any period, forgone interest is The interest that would be payable for that period if interest accrued on the loan at the applicable federal rate and was payable annually on December 31, minus Any interest actually payable on the loan for the period. Free tax returns Applicable federal rates are published by the IRS each month in the Internal Revenue Bulletin. Free tax returns Internal Revenue Bulletins are available on the IRS web site at www. Free tax returns irs. Free tax returns gov/irb. Free tax returns You can also contact an IRS office to get these rates. Free tax returns Loans subject to the rules. Free tax returns   The rules for below-market loans apply to the following. Free tax returns Gift loans (below-market loans where the forgone interest is in the nature of a gift). Free tax returns Compensation-related loans (below-market loans between an employer and an employee or between an independent contractor and a person for whom the contractor provides services). Free tax returns Corporation-shareholder loans. Free tax returns Tax avoidance loans (below-market loans where the avoidance of federal tax is one of the main purposes of the interest arrangement). Free tax returns Loans to qualified continuing care facilities under a continuing care contract (made after October 11, 1985). Free tax returns   Except as noted in (5) above, these rules apply to demand loans (loans payable in full at any time upon the lender's demand) outstanding after June 6, 1984, and to term loans (loans that are not demand loans) made after that date. Free tax returns Treatment of gift and demand loans. Free tax returns   If you receive a below-market gift loan or demand loan, you are treated as receiving an additional payment (as a gift, dividend, etc. Free tax returns ) equal to the forgone interest on the loan. Free tax returns You are then treated as transferring this amount back to the lender as interest. Free tax returns These transfers are considered to occur annually, generally on December 31. Free tax returns If you use the loan proceeds in your trade or business, you can deduct the forgone interest each year as a business interest expense. Free tax returns The lender must report it as interest income. Free tax returns Limit on forgone interest for gift loans of $100,000 or less. Free tax returns   For gift loans between individuals, forgone interest treated as transferred back to the lender is limited to the borrower's net investment income for the year. Free tax returns This limit applies if the outstanding loans between the lender and borrower total $100,000 or less. Free tax returns If the borrower's net investment income is $1,000 or less, it is treated as zero. Free tax returns This limit does not apply to a loan if the avoidance of any federal tax is one of the main purposes of the interest arrangement. Free tax returns Treatment of term loans. Free tax returns   If you receive a below-market term loan other than a gift or demand loan, you are treated as receiving an additional cash payment (as a dividend, etc. Free tax returns ) on the date the loan is made. Free tax returns This payment is equal to the loan amount minus the present value, at the applicable federal rate, of all payments due under the loan. Free tax returns The same amount is treated as original issue discount on the loan. Free tax returns See Original issue discount (OID) under Interest You Can Deduct, earlier. Free tax returns Exceptions for loans of $10,000 or less. Free tax returns   The rules for below-market loans do not apply to any day on which the total outstanding loans between the borrower and lender is $10,000 or less. Free tax returns This exception applies only to the following. Free tax returns Gift loans between individuals if the loan is not directly used to buy or carry income-producing assets. Free tax returns Compensation-related loans or corporation-shareholder loans if the avoidance of any federal tax is not a principal purpose of the interest arrangement. Free tax returns This exception does not apply to a term loan described in (2) above that was previously subject to the below-market loan rules. Free tax returns Those rules will continue to apply even if the outstanding balance is reduced to $10,000 or less. Free tax returns Exceptions for loans without significant tax effect. Free tax returns   The following loans are specifically exempted from the rules for below-market loans because their interest arrangements do not have a significant effect on the federal tax liability of the borrower or the lender. Free tax returns Loans made available by lenders to the general public on the same terms and conditions that are consistent with the lender's customary business practices. Free tax returns Loans subsidized by a federal, state, or municipal government that are made available under a program of general application to the public. Free tax returns Certain employee-relocation loans. Free tax returns Certain loans to or from a foreign person, unless the interest income would be effectively connected with the conduct of a U. Free tax returns S. Free tax returns trade or business and not exempt from U. Free tax returns S. Free tax returns tax under an income tax treaty. Free tax returns Any other loan if the taxpayer can show that the interest arrangement has no significant effect on the federal tax liability of the lender or the borrower. Free tax returns Whether an interest arrangement has a significant effect on the federal tax liability of the lender or the borrower will be determined by all the facts and circumstances. Free tax returns Consider all the following factors. Free tax returns Whether items of income and deduction generated by the loan offset each other. Free tax returns The amount of the items. Free tax returns The cost of complying with the below-market loan provisions if they were to apply. Free tax returns Any reasons, other than taxes, for structuring the transaction as a below-market loan. Free tax returns Exception for loans to qualified continuing care facilities. Free tax returns   The below-market interest rules do not apply to a loan owed by a qualified continuing care facility under a continuing care contract if the lender or lender's spouse is age 62 or older by the end of the calendar year. Free tax returns A qualified continuing care facility is one or more facilities (excluding nursing homes) meeting the requirements listed below. Free tax returns Designed to provide services under continuing care contracts (defined below). Free tax returns Includes an independent living unit, and either an assisted living or nursing facility, or both. Free tax returns Substantially all of the independent living unit residents are covered by continuing care contracts. Free tax returns A continuing care contract is a written contract between an individual and a qualified continuing care facility that includes all of the following conditions. Free tax returns The individual or individual's spouse must be entitled to use the facility for the rest of their life or lives. Free tax returns The individual or individual's spouse will be provided with housing, as appropriate for the health of the individual or individual's spouse in an: independent living unit (which has additional available facilities outside the unit for the provision of meals and other personal care), and assisted living or nursing facility available in the continuing care facility. Free tax returns The individual or individual's spouse will be provided with assisted living or nursing care available in the continuing care facility, as required for the health of the individual or the individual's spouse. Free tax returns For more information, see section 7872(h) of the Internal Revenue Code. Free tax returns Sale or exchange of property. Free tax returns   Different rules generally apply to a loan connected with the sale or exchange of property. Free tax returns If the loan does not provide adequate stated interest, part of the principal payment may be considered interest. Free tax returns However, there are exceptions that may require you to apply the below-market interest rate rules to these loans. Free tax returns See Unstated Interest and Original Issue Discount (OID) in Publication 537. Free tax returns More information. Free tax returns   For more information on below-market loans, see section 7872 of the Internal Revenue Code and section 1. Free tax returns 7872-5 of the regulations. Free tax returns Prev  Up  Next   Home   More Online Publications
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SOI Tax Stats - Domestic Private Foundation and Charitable Trust Statistics

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Snapshot of Private Foundation Statistics

Private foundations organized for charitable purposes are exempt from income taxes. They are differentiated from tax-exempt public charities by their narrow bases of control and financial support. Statistics on private foundations are compiled from Form 990-PF, an annual information return that includes data on excise tax liability, charitable distributions, administrative expenditures, as well as income statement and balance sheet information. Data are available for the following types of organizations:

  • Operating Foundations—Generally conduct their own charitable activities, e.g., museums
  • Nonoperating Foundations—Generally provide charitable support through grants and other financial means to charitable organizations; the majority of foundations are nonoperating
  • Section 4947(a)(1) Nonexempt Charitable Trusts—Charitable trusts treated as private foundations for tax purposes; may be operating or nonoperating

Statistical Tables   Publications and Papers   Microdata   Other IRS Data
 

For information about selected terms and concepts, a description of the data sources and limitations, and links to recent revisions of Form 990-PF, please visit the Private Foundations Study Metadata page.


Statistical Tables

The following tables are available as Microsoft Excel® files. A free Excel viewer is available for download, if needed.

NOTE: Statistics for the years denoted by an asterisk (*) include information reported by both domestic and foreign foundations and charitable trusts.

Domestic Private Foundations:
     Number and Selected Financial Data
      Classified by: Type of Foundation and Size of End-of-Year Fair Market Value of Total Assets
      Tax Years: 2010  2009  2008  2007  2006  2005  2004  2003  2002  2001  2000  1999  1998  1997  1996  1995  1994  1993  1992  1991  1990  1989  1988  1987  1986  1985
 
     Income Statements and Balance Sheets
      Classified by: Size of End-of-Year Fair Market Value of Total Assets
      Tax Years: 2010  2009  2008  2007  2006  2005  2004  2003  2002  2001  2000  1999  1998  1997  1996  1996*  1995*  1994*  1993*  1992*  1991*
    Selected Data Items in Current Dollars
      Classified by: Asset Size
      Tax Years: 1993–2002

 
Domestic Nonoperating Private Foundations:
     Disbursements for Charitable Purposes—in Constant Dollars
      Tax Years: 1985–2010
 
     Disbursements for Charitable Purposes—in Current Dollars
      Tax Years: 1985–2010
 
     Noncharitable-Use Assets and Qualifying Distributions
      Tax Years: 1985–2010
 
     Largest 100 Nonoperating Private Foundations—Selected Financial Data
      Tax Years: Panel Study, 1985–1997
 
     Selected Data Items by Asset Size—in Current Dollars
      Tax Years: 1993–2002

 
Domestic IRC Section 4947(a)(1) Charitable Trusts Treated as Foundations:
     Number and Selected Financial Data
      Classified by: Type of Charitable Trust and Size of End-of-Year Fair Market Value of Assets
      Tax Years: 2010  2009  2008  2007  2006  2005  2004  2003  2002  2001  2000  1999  1998  1997  1996  1996*  1995*  1994*  1993*  1992*  1991*
 
     Income Statements and Balance Sheets
      Classified by: Size of End-of-Year Fair Market Value of Assets
      Tax Years: 2010  2009  2008  2007  2006  2005  2004  2003  2002  2001  2000  1999  1998  1997  1996  1996*  1995*  1994*  1993*  1992*  1991*

 
Excise Taxes Reported by Charities, Private Foundations, and Split-Interest Trusts on Form 4720
      Classified by: Type of Excise Tax
      Calendar Years: 2011  2010  2009  2008  2007  2006  2005  2004  2003

 
To make customized tables using these data, please visit the Statistics of Income Tax Stats Table Wizard

 
Historical Table:
Table 16—Nonprofit Charitable Organization and Domestic Private Foundation Information Returns, and Tax-Exempt Organization Business Income Tax Returns: Selected Financial Data, Expanded
      Published as: SOI Bulletin Historical Table 16

 
Projections
For selected tax returns, including the Form 990-PF, IRS's Office of Research produces annual forecasts of the number of returns that will be filed in future years.
     Projections of Returns to be Filed in Future Calendar Years
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Publications and Papers

The following are available as PDF files. A free Adobe® reader is available for download, if needed.

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Other SOI Data on Trusts

Form 5227 is an information return filed by split-interest trusts, those who make distributions to both charitable and noncharitable beneficiaries, while providing tax benefits to their donor. Form 1041 is the income tax return filed by fiduciaries to report income, distributions, and tax liability of estates and trusts.

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Microdata Files

Microdata are individual organization-level data that can be used for research purposes.

The data are contained in XML, ASCII flat files, Microsoft Excel spreadsheets and Adobe Acrobat PDF. Documentation to assist with the files is included. (Free Adobe Acrobat reader, WinZip utility, and Microsoft Excel viewer software is available for download, if needed.)
 

SOI Sample Data Files

This section contains microdata files for all Forms 990-PF sampled for the annual SOI studies of private foundations. The data for each of the annual studies are included in a comprehensive, "harmonized" dataset, with standardized variable names and codes based on the form revision of the latest available Tax Year.

The sample include returns filed by private foundations, exempt under Internal Revenue Code section 501(c)(3), and section 4947(a)(1) nonexempt charitable trusts. The stratified random samples are based on asset size and represent approximately 10 percent of Forms 990-PF filed; sampling rates of 100 percent are applied to large-asset classes. Microdata records contain most financial information from Forms 990-PF, as well as weights (to estimate the population), for each organization.

Available Data:  Tax Years 1985-2010 

Data Element Reference List

Click on one of the following links to access a page with links to data in the desired format.

         ASCII text     XML     

To make customized tables using these data, please visit the Statistics of Income Tax Stats Table Wizard.  
 

IRS Population Data

This page contains microdata files for all Forms 990, 990-EZ, and 990-PF returns filed by active organizations.  Data are from the IRS Exempt Organization Master File.

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Other IRS Data and Related Links

For tax administration data on this topic, as well as other types of taxes, choose from the links below.

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Return to Tax Stats home page .

Page Last Reviewed or Updated: 14-Jan-2014

The Free Tax Returns

Free tax returns Index A Adopted child, Adopted child. Free tax returns Adoption taxpayer identification number (ATIN), Married child. Free tax returns Age test (see Qualifying child) Alaska Permanent Fund dividends, Rule 6—Your Investment Income Must Be $3,300 or Less Alimony, Income That Is Not Earned Income Annuities, Income That Is Not Earned Income Armed forces, Nontaxable military pay. Free tax returns , Military personnel stationed outside the United States. Free tax returns , Temporary absences. Free tax returns , Joint Return Test, Military personnel stationed outside the United States. Free tax returns , Nontaxable combat pay. Free tax returns Assistance (see Tax help) B Basic Allowance for Housing (BAH), Nontaxable military pay. Free tax returns Basic Allowance for Subsistence (BAS), Nontaxable military pay. Free tax returns C Child Adopted child, Adopted child. Free tax returns Birth or death of, Birth or death of child. Free tax returns Foster child, Relationship Test, Foster child. Free tax returns , Rule 10—You Cannot Be a Qualifying Child of Another Taxpayer, Kidnapped child, Kidnapped child. Free tax returns Married child, Married child. Free tax returns Child support, Income That Is Not Earned Income Clergy, Clergy. Free tax returns Combat zone pay, Nontaxable combat pay. Free tax returns Community property, Community property. Free tax returns , Community property. Free tax returns D Detailed examples, Chapter 6—Detailed Examples Disability benefits, Disability Benefits Disallowance of the EIC, Chapter 5—Disallowance of the EIC Dividend income, Income That Is Not Earned Income Divorced parents, special rule, Special rule for divorced or separated parents (or parents who live apart). Free tax returns Domestic partner, Nevada, Washington, and California domestic partners. Free tax returns E Earned income, Rule 7—You Must Have Earned Income, Earned Income Earned income credit (EIC), EIC Table EITC Assistant, Is There Help Online? Extended active duty, Extended active duty. Free tax returns , Military personnel stationed outside the United States. Free tax returns F Figuring EIC yourself, Chapter 4—Figuring and Claiming the EIC, How To Figure the EIC Yourself Filing status: Head of household, Rule 3—Your Filing Status Cannot Be Married Filing Separately Married filing separately, Rule 3—Your Filing Status Cannot Be Married Filing Separately Forms: 1040, Do I Need This Publication?, Adjusted gross income (AGI). Free tax returns , No SSN. Free tax returns , Form 1040. Free tax returns 1040A, Adjusted gross income (AGI). Free tax returns , No SSN. Free tax returns , Form 1040A. Free tax returns 1040EZ, Adjusted gross income (AGI). Free tax returns , No SSN. Free tax returns , Form 1040EZ. Free tax returns 1040X, Rule 2—You Must Have a Valid Social Security Number (SSN), Filing deadline approaching and still no SSN. Free tax returns 2555, Rule 5—You Cannot File Form 2555 or Form 2555-EZ 2555–EZ, Rule 5—You Cannot File Form 2555 or Form 2555-EZ 4029, Minister's housing. Free tax returns , Approved Form 4361 or Form 4029, Form 4029. Free tax returns 4361, Minister's housing. Free tax returns , Approved Form 4361 or Form 4029, Form 4361. Free tax returns 4797, Do I Need This Publication? 4868, Filing deadline approaching and still no SSN. Free tax returns 8814, Do I Need This Publication? 8862, Chapter 5—Disallowance of the EIC, Form 8862 Foster care payments, Income That Is Not Earned Income Foster child, Relationship Test, Foster child. Free tax returns , Rule 10—You Cannot Be a Qualifying Child of Another Taxpayer, Fraud, Exception 2. Free tax returns , Are You Prohibited From Claiming the EIC for a Period of Years? Free tax services, Free help with your tax return. Free tax returns H Head of household, Community property. Free tax returns , Spouse did not live with you. Free tax returns , Community property. Free tax returns , Rule 9—Your Qualifying Child Cannot Be Used by More Than One Person To Claim the EIC, Applying Rule 9 to divorced or separated parents (or parents who live apart). Free tax returns Help (see Tax help) Home Homeless shelter, Rule 14—You Must Have Lived in the United States More Than Half of the Year Military, Rule 14—You Must Have Lived in the United States More Than Half of the Year United States, Rule 14—You Must Have Lived in the United States More Than Half of the Year Homeless, Homeless shelter. Free tax returns , Homeless shelter. Free tax returns I Income that is not earned income, Income That Is Not Earned Income Individual taxpayer identification number (ITIN), Other taxpayer identification number. Free tax returns , Married child. Free tax returns Inmate, Earnings while an inmate. Free tax returns , Figuring earned income. Free tax returns Interest, Income That Is Not Earned Income Investment income, Rule 6—Your Investment Income Must Be $3,300 or Less IRS can figure EIC for you, IRS Will Figure the EIC for You J Joint return test (see Qualifying child) K Kidnapped child, Kidnapped child. Free tax returns M Married child, Married child. Free tax returns Married filing a joint return, Rule 4—You Must Be a U. Free tax returns S. Free tax returns Citizen or Resident Alien All Year Married filing separately, Spouse did not live with you. Free tax returns Military Combat pay, Nontaxable military pay. Free tax returns Nontaxable pay, Nontaxable military pay. Free tax returns Outside U. Free tax returns S. Free tax returns , Military personnel stationed outside the United States. Free tax returns Minister, Net earnings from self-employment. Free tax returns , Minister's housing. Free tax returns , Church employees. Free tax returns N Net earnings, self-employment, Net earnings from self-employment. Free tax returns Nonresident alien, Rule 4—You Must Be a U. Free tax returns S. Free tax returns Citizen or Resident Alien All Year, Step 1. Free tax returns O Online help EITC Assistant, Is There Help Online? P Parents, divorced or separated, Married child. Free tax returns , Examples. Free tax returns , Special rule for divorced or separated parents (or parents who live apart). Free tax returns Passive activity, Worksheet 1. Free tax returns Investment Income If You Are Filing Form 1040 Pensions, Income That Is Not Earned Income Permanently and totally disabled, Permanently and totally disabled. Free tax returns Prisoner, Figuring earned income. Free tax returns Publications (see Tax help) Q Qualifying child, Can I Claim the EIC?, Do I Have To Have A Child To Qualify For The EIC?, Chapter 2—Rules If You Have a Qualifying Child Age test, Rule 8—Your Child Must Meet the Relationship, Age, Residency, and Joint Return Tests, Age Test Home, Residency Test Joint return test, Rule 8—Your Child Must Meet the Relationship, Age, Residency, and Joint Return Tests Permanently and totally disabled, Permanently and totally disabled. Free tax returns Relationship test, Rule 8—Your Child Must Meet the Relationship, Age, Residency, and Joint Return Tests Residency test, Residency Test United States, Residency Test R Railroad retirement benefits, Income That Is Not Earned Income Registered domestic partner, Nevada, Washington, and California domestic partners. Free tax returns Relationship test (see Qualifying child) Reminders, Reminders Residency test (see Qualifying child) S Salaries, wages, and tips, Earned Income, Wages, salaries, and tips. Free tax returns , Earned Income Schedules: C, EIC Worksheet A. Free tax returns , EIC Worksheet B. Free tax returns C-EZ, EIC Worksheet A. Free tax returns , EIC Worksheet B. Free tax returns EIC, Chapter 2—Rules If You Have a Qualifying Child, Kidnapped child. Free tax returns , Figuring earned income. Free tax returns , Nontaxable combat pay. Free tax returns , How To Figure the EIC Yourself, When to use the optional methods of figuring net earnings. Free tax returns , Schedule EIC SE, Figuring earned income. Free tax returns , Clergy. Free tax returns , Church employees. Free tax returns , EIC Worksheet A. Free tax returns , EIC Worksheet B. Free tax returns , Net earnings from self-employment $400 or more. Free tax returns , When to use the optional methods of figuring net earnings. Free tax returns , When both spouses have self-employment income. Free tax returns School, School defined. Free tax returns Self-employed persons, Rule 7—You Must Have Earned Income, Figuring earned income. Free tax returns , EIC Worksheet B. Free tax returns Self-employment income, Earned Income Self-employment tax, Net earnings from self-employment $400 or more. Free tax returns Separated parents, special rule, Married child. Free tax returns Social security benefits, Income That Is Not Earned Income Social security number (SSN), Rule 2—You Must Have a Valid Social Security Number (SSN), Valid for work only with INS authorization or DHS authorization. Free tax returns , No SSN. Free tax returns , Getting an SSN. Free tax returns , Married child. Free tax returns , Exception for math or clerical errors. Free tax returns Statutory employee, Statutory employee. Free tax returns , Figuring earned income. Free tax returns , EIC Worksheet A. Free tax returns , Statutory employees. Free tax returns Strike benefits, Strike benefits. Free tax returns Student, Student defined. Free tax returns T Tax help, How To Get Tax Help Taxpayer identification number Adoption identification number (ATIN), Married child. Free tax returns Individual taxpayer identification number (ITIN), Other taxpayer identification number. Free tax returns Social security number (SSN), Other taxpayer identification number. Free tax returns Tiebreaker rules, Tiebreaker rules. Free tax returns Tips, wages, and salaries, Earned Income, Wages, salaries, and tips. Free tax returns , Earned Income TTY/TDD information, How To Get Tax Help U Unemployment compensation, Income That Is Not Earned Income United States, United States. Free tax returns V Veterans' benefits, Income That Is Not Earned Income W Wages, salaries, and tips, Earned Income, Wages, salaries, and tips. Free tax returns , Earned Income Welfare benefits, Income That Is Not Earned Income Workers' compensation benefits, Income That Is Not Earned Income Workfare payments, Workfare payments. Free tax returns Worksheet 1, Worksheet 1. Free tax returns Investment Income If You Are Filing Form 1040 Worksheet 2, Worksheet 2. Free tax returns Worksheet for Line 4 of Worksheet 1 Prev  Up     Home   More Online Publications