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H&r block state tax coupon Publication 584SP - Main Content Table of Contents Cómo Utilizar Este Registro PérdidasCosto u otra base. H&r block state tax coupon Valor justo de mercado. H&r block state tax coupon Excepción en el caso de propiedad inmueble de uso personal. H&r block state tax coupon Más información. H&r block state tax coupon Para pedir formularios y publicaciones. H&r block state tax coupon Preguntas sobre los impuestos. H&r block state tax coupon Cómo Obtener Ayuda con los ImpuestosTalleres para Contribuyentes de Ingresos Bajos (LITC por sus siglas en inglés). H&r block state tax coupon Cómo Utilizar Este Registro Puede utilizar este registro siguiendo estos cinco pasos. H&r block state tax coupon Lea la Publicación 547(SP) para saber más sobre las leyes tributarias relacionadas con hechos fortuitos, desastres y robos. H&r block state tax coupon Familiarícese con las definiciones de costo u otra base y valor justo de mercado, las cuales se explican más adelante. H&r block state tax coupon Llene los Anexos 1 al 20. H&r block state tax coupon Lea las instrucciones del Formulario 4684, en inglés. H&r block state tax coupon Llene el Formulario 4684, en inglés, utilizando la información que usted escribió en los Anexos 1 al 20. H&r block state tax coupon Utilice la tabla que se encuentra a continuación para saber cómo hacer uso de los Anexos 1 al 19 a fin de llenar el Formulario 4684, en inglés. H&r block state tax coupon Utilice lo que se halla en la. H&r block state tax coupon . H&r block state tax coupon . H&r block state tax coupon Y anótelo en el Formulario 4684. H&r block state tax coupon . H&r block state tax coupon . H&r block state tax coupon Columna 1 Línea 1 Columna 2 Línea 2 Columna 3 Línea 3 Columna 4 Línea 4 Columna 5 Línea 5 Columna 6 Línea 6 Columna 7 Línea 7 Columna 8 Línea 8 Columna 9 Línea 9 Pérdidas Generalmente, tiene el derecho de deducir en su declaración de impuesto federal las pérdidas sufridas en su domicilio, sus enseres domésticos y vehículos motorizados. H&r block state tax coupon Sin embargo, no puede deducir una pérdida por hecho fortuito o robo que esté cubierta por seguro a menos que haya presentado oportunamente una reclamación de reembolso al seguro. H&r block state tax coupon Todo reembolso que usted reciba reducirá la cantidad de la pérdida. H&r block state tax coupon Si no presentó una reclamación de reembolso al seguro, puede deducir únicamente la porción de la pérdida que no haya sido protegida por dicho seguro. H&r block state tax coupon Cantidad de la pérdida. H&r block state tax coupon   Calcule la cantidad de su pérdida de la siguiente forma: Determine su costo u otra base en la propiedad antes del hecho fortuito o robo. H&r block state tax coupon Determine la disminución en el valor justo de mercado de la propiedad como resultado del hecho fortuito o robo. H&r block state tax coupon (La disminución del valor justo de mercado es la diferencia entre el valor de la propiedad inmediatamente antes e inmediatamente después del hecho fortuito o robo). H&r block state tax coupon De la cantidad menor de los puntos anteriores (1) y (2), reste todo reembolso del seguro o de otra fuente que usted haya recibido o espere recibir. H&r block state tax coupon   Aplique los límites a la deducción, explicados más adelante, para determinar la cantidad de su pérdida deducible. H&r block state tax coupon Costo u otra base. H&r block state tax coupon   El costo u otra base significa generalmente el costo original más toda mejora realizada a la propiedad. H&r block state tax coupon Si no adquirió la propiedad por medio de una compra, su base se determina según se explica en la Publicación 551, Basis of Assets (Base de los Bienes), en inglés. H&r block state tax coupon Si usted heredó propiedad de alguien que falleció en 2010 y el albacea del caudal hereditario eligió presentar el Formulario 8939, favor de referirse a la información proporcionada por el albacea, o vea la Publicación 4895, Tax Treatment of Property Acquired from a Decedent Dying in 2010 (Trato tributario de la propiedad adquirida de un difunto que falleció en 2010), en inglés. H&r block state tax coupon Valor justo de mercado. H&r block state tax coupon   El valor justo de mercado (FMV, por sus siglas en inglés) es el precio por el cual podría vender su propiedad a una persona dispuesta a comprarla, cuando ninguno de los dos tiene que vender o comprar y ambos están informados de todos los hechos pertinentes. H&r block state tax coupon Al llenar los Anexos 1 al 20, se necesita saber el valor justo de mercado de la propiedad inmediatamente antes e inmediatamente después del desastre, hecho fortuito o robo. H&r block state tax coupon Cálculos separados. H&r block state tax coupon   Generalmente, si un solo hecho fortuito o robo involucra más de un artículo de propiedad, usted tiene que calcular la pérdida de cada artículo por separado. H&r block state tax coupon Luego, sume las pérdidas para determinar la pérdida total de ese hecho fortuito o robo. H&r block state tax coupon Excepción en el caso de propiedad inmueble de uso personal. H&r block state tax coupon   Para calcular una pérdida de bienes inmuebles (bienes raíces) de uso personal, la propiedad entera (incluidas todas las mejoras como edificios, árboles y arbustos) se considera una unidad. H&r block state tax coupon Calcule la pérdida utilizando la menor de las siguientes cantidades: La disminución en el valor justo de mercado de toda la propiedad. H&r block state tax coupon La base ajustada de toda la propiedad. H&r block state tax coupon Límites de la deducción. H&r block state tax coupon   Después de calcular la cantidad de su pérdida según la explicación anterior, tiene que calcular qué cantidad de la pérdida puede deducir. H&r block state tax coupon Esto se hace en la sección A del Formulario 4684, en inglés. H&r block state tax coupon Si la pérdida fue de bienes de uso personal o de su familia, existen dos límites sobre la cantidad que puede deducir como pérdida por hecho fortuito o robo: Tiene que reducir cada pérdida por hecho fortuito o robo por $100 (la regla de $100). H&r block state tax coupon Tiene que reducir además el total de todas sus pérdidas por 10% de su ingreso bruto ajustado (la regla del 10%). H&r block state tax coupon Más información. H&r block state tax coupon   Vea la Publicación 547(SP) para más información sobre los límites de esta deducción. H&r block state tax coupon Cuándo su pérdida es deducible. H&r block state tax coupon   Normalmente, puede deducir una pérdida por hecho fortuito, o aquélla sufrida en una zona de desastre, sólo en el año tributario en el que aconteció el hecho fortuito o desastre. H&r block state tax coupon Normalmente puede deducir una pérdida por robo de propiedad sólo en el año en el que descubrió dicho robo. H&r block state tax coupon No obstante, tiene la opción de deducir las pérdidas sufridas en una zona de desastre en la declaración del año inmediatamente antes del año del desastre si el Presidente de los Estados Unidos ha declarado dicha área como zona de desastre federal. H&r block state tax coupon Para más información, vea el tema Pérdidas en Zonas de Desastre en la Publicación 547(SP). H&r block state tax coupon Comentarios y sugerencias. 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H&r block state tax coupon gov/formspubs, en inglés, seleccionando “Comment on Tax Forms and Publications” (Enviar comentarios sobre los formularios y publicaciones de impuestos), bajo la sección “Information About” (Información sobre). H&r block state tax coupon Aunque no podemos contestar individualmente cada comentario, agradecemos sus comentarios y sugerencias y los tendremos en cuenta para ediciones futuras de nuestros productos tributarios. H&r block state tax coupon Para pedir formularios y publicaciones. H&r block state tax coupon   Visite www. H&r block state tax coupon irs. H&r block state tax coupon gov/formspubs para descargar formularios y publicaciones, llame al 1-800-829-3676 para pedir formulario y publicaciones o escriba a la dirección a continuación para recibir una respuesta dentro de los 10 días después de recibir su solicitud. H&r block state tax coupon  Internal Revenue Service 1201 N. 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H&r block state tax coupon gov/espanol las 24 horas del día, 7 días a la semana para: Revisar el estado de su reembolso para el año 2011. H&r block state tax coupon Visite www. H&r block state tax coupon irs. H&r block state tax coupon gov/espanol y pulse sobre el enlace “¿Dónde Está mi Reembolso?” . H&r block state tax coupon Asegúrese de esperar por lo menos 72 horas después de que el IRS acuse recibo de su declaración presentada por vía electrónica o 3 a 4 semanas después de enviar una declaración en papel. H&r block state tax coupon Si presentó el Formulario 8379 junto con su declaración, espere 14 semanas (11 semanas si la presentó electrónicamente). H&r block state tax coupon Tenga a mano su declaración de impuestos del año 2011 para poder facilitar su número de Seguro Social, su estado civil para efectos de la declaración y la cantidad exacta en dólares enteros de su reembolso. H&r block state tax coupon Presentar la declaración por medio del sistema electrónico e-file. 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H&r block state tax coupon irs. H&r block state tax coupon gov/Home/Spanish le puede ayudar a entender estos derechos. H&r block state tax coupon   Si usted cree que el TAS posiblemente le puede ayudar, llame al defensor local, cuyo número de teléfono se halla en el directorio del teléfono, y también en nuestra página Web, en www. H&r block state tax coupon irs. H&r block state tax coupon gov/advocate. H&r block state tax coupon Usted también podría llamarnos gratis al 1-877-777-4778. H&r block state tax coupon   El TAS se ocupa de resolver problemas de gran escala o problemas sistémicos que afectan a muchos contribuyentes. H&r block state tax coupon Si usted conoce alguno de estos asuntos, favor de informarnos del mismo utilizando el Systemic Advocacy Management System (Sistema de administración de la defensa sistémica), en inglés, en el sitio www. H&r block state tax coupon irs. H&r block state tax coupon gov/advocate. H&r block state tax coupon Talleres para Contribuyentes de Ingresos Bajos (LITC por sus siglas en inglés). H&r block state tax coupon   Los Talleres para Contribuyentes de Ingresos Bajos (LITC) son independientes del IRS. H&r block state tax coupon Algunos Talleres sirven a las personas cuyos ingresos estén por debajo de cierto nivel, y quienes necesitan resolver un problema tributaria. H&r block state tax coupon Estos talleres proporcionan gratis, o por una cuota pequeña, representación profesional ante el IRS, en la corte durante auditorias, apelaciones, disputas de cobro de impuestos, y en otros asuntos. H&r block state tax coupon Para esas personas que hablan inglés como segundo idioma, algunos Talleres pueden proveer información en muchos idiomas diferentes sobre los derechos y responsabilidades del contribuyente. H&r block state tax coupon Para más información y para hallar un Taller cerca de usted, vea la página Web de los LITC en www. H&r block state tax coupon irs. H&r block state tax coupon gov/espanol/article/0,,id=219303,00. H&r block state tax coupon html o en la Publicación 4134SP, Lista de Talleres para Contribuyentes de Bajos Ingresos. H&r block state tax coupon Esta publicación también le está disponible en la oficina local del IRS o llamando al 1-800-829-3676. H&r block state tax coupon Servicios Tributarios Gratuitos. H&r block state tax coupon   La Publicación 910, IRS Guide to Free Tax Services, (Guía de servicios gratuitos del IRS, en inglés), es su guía para los servicios y recursos proporcionados por el IRS. H&r block state tax coupon Con ella puede aprender más sobre la información tributaria que el IRS le proporciona gratis, inclusive publicaciones, servicios, y programas de educación y ayuda. H&r block state tax coupon La publicación le brinda también una índice de más de 100 temas tributarios TeleTax (información tributaria grabada) que usted puede escuchar por teléfono. H&r block state tax coupon La mayoría de la información y los servicios enumerados en esta publicación se le proporcionan sin costo a usted. H&r block state tax coupon Si hay una cuota asociada con algún recurso o servicio, esta se indica en la publicación. H&r block state tax coupon   Versiones accesibles de los productos publicadas por el IRS se la hacen disponibles a personas discapacitadas en varios formatos, si ellos las piden. H&r block state tax coupon Discos DVD para productos tributarios. H&r block state tax coupon Usted puede solicitar la Publicación 1796, IRS Tax Products DVD (DVD de productos tributarios del IRS), en inglés, y obtener: Formularios, instrucciones y publicaciones de impuestos del año en curso. H&r block state tax coupon Formularios, instrucciones y publicaciones de impuestos de años anteriores. H&r block state tax coupon Mapa Tributario: una herramienta de búsqueda electrónica y de ayuda. H&r block state tax coupon Preguntas sobre leyes tributarias hechas con frecuencia. H&r block state tax coupon Tax Topics (Temas Tributarios) del sistema telefónico de respuestas del IRS. H&r block state tax coupon Código de Impuestos Internos —Título 26 del Código de los Estados Unidos. H&r block state tax coupon Opciones para completar, imprimir y guardar la mayoría de los formularios de impuestos. H&r block state tax coupon Internal Revenue Bulletins (Boletines del IRS). H&r block state tax coupon Apoyo técnico telefónico gratuito y por correo electrónico. H&r block state tax coupon El CD que se expide dos veces al año. H&r block state tax coupon  — La primera entrega se envía a principios de enero del año 2012. H&r block state tax coupon  — La última entrega se envía a principios de marzo del año 2012. H&r block state tax coupon Compre el DVD del National Technical Information Service (NTIS, por sus siglas en inglés) en la página web www. H&r block state tax coupon irs. H&r block state tax coupon gov/cdorders por $30 (sin costo de tramitación) o llame gratuitamente al 1-877-233-6767 para comprar el DVD por $30 (más un cargo de tramitación de $6). H&r block state tax coupon Prev  Up  Next   Home   More Online Publications
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IRS Releases FY 2013 Data Book

 

IR-2014-34, March 21, 2014

WASHINGTON — The Internal Revenue Service today released the 2013 IRS Data Book, a snapshot of agency activities for the fiscal year.

The report describes activities conducted by the IRS from Oct. 1, 2012, to Sept. 30, 2013, and includes information about returns filed, taxes collected, enforcement, taxpayer assistance and the IRS budget and workforce, among others.

During fiscal year 2013, the IRS collected almost $2.9 trillion in federal revenue and processed 240 million returns, of which 151 million were filed electronically. Out of the 146 million individual income tax returns filed, almost 83 percent were e-filed. More than 118 million individual income tax return filers received a tax refund, which totaled almost $312.8 billion. On average, the IRS spent 41 cents to collect $100 in tax revenue during the fiscal year, matching low-cost results for 2008 and 2001.

The IRS examined just under one percent of all tax returns filed and about one percent of all individual income tax returns during fiscal year 2013. Of the 1.4 million individual tax returns examined, over 39,000 resulted in additional refunds. The IRS provided taxpayer assistance through 456 million visits to IRS.gov and assisted almost 91 million taxpayers through its toll-free telephone helpline or at walk-in sites.

An electronic version of the 2013 Data Book can be found on the Tax Stats page of IRS.gov.

Printed copies of the IRS Data Book, Publication 55B, will be available by mid-April 2014 from the U.S. Government Printing Office. To obtain a copy, write to the Superintendent of Documents, P.O. Box 371954, Pittsburgh, PA 15250-7954, or call (202) 512-1800 for voicemail, or fax a request to (202) 512-2250.

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Page Last Reviewed or Updated: 21-Mar-2014

The H&r Block State Tax Coupon

H&r block state tax coupon 7. H&r block state tax coupon   Coverdell Education Savings Account (ESA) Table of Contents Introduction What Is a Coverdell ESAQualified Education Expenses ContributionsContribution Limits Additional Tax on Excess Contributions Rollovers and Other TransfersRollovers Changing the Designated Beneficiary Transfer Because of Divorce DistributionsTax-Free Distributions Taxable Distributions When Assets Must Be Distributed Introduction If your modified adjusted gross income (MAGI) is less than $110,000 ($220,000 if filing a joint return), you may be able to establish a Coverdell ESA to finance the qualified education expenses of a designated beneficiary. H&r block state tax coupon For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return. H&r block state tax coupon There is no limit on the number of separate Coverdell ESAs that can be established for a designated beneficiary. H&r block state tax coupon However, total contributions for the beneficiary in any year cannot be more than $2,000, no matter how many accounts have been established. H&r block state tax coupon See Contributions , later. H&r block state tax coupon This benefit applies not only to higher education expenses, but also to elementary and secondary education expenses. H&r block state tax coupon What is the tax benefit of the Coverdell ESA. H&r block state tax coupon   Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed. H&r block state tax coupon   If, for a year, distributions from an account are not more than a designated beneficiary's qualified education expenses at an eligible educational institution, the beneficiary will not owe tax on the distributions. H&r block state tax coupon See Tax-Free Distributions , later. H&r block state tax coupon    Table 7-1 summarizes the main features of the Coverdell ESA. H&r block state tax coupon Table 7-1. H&r block state tax coupon Coverdell ESA at a Glance Do not rely on this table alone. H&r block state tax coupon It provides only general highlights. H&r block state tax coupon See the text for definitions of terms in bold type and for more complete explanations. H&r block state tax coupon Question Answer What is a Coverdell ESA? A savings account that is set up to pay the qualified education expenses of a designated beneficiary. H&r block state tax coupon Where can it be established? It can be opened in the United States at any bank or other IRS-approved entity that offers Coverdell ESAs. H&r block state tax coupon Who can have a Coverdell ESA? Any beneficiary who is under age 18 or is a special needs beneficiary. H&r block state tax coupon Who can contribute to a Coverdell ESA? Generally, any individual (including the beneficiary) whose modified adjusted gross income for the year is less than $110,000 ($220,000 in the case of a joint return). H&r block state tax coupon Are distributions tax free? Yes, if the distributions are not more than the beneficiary's adjusted qualified education expenses for the year. H&r block state tax coupon What Is a Coverdell ESA A Coverdell ESA is a trust or custodial account created or organized in the United States only for the purpose of paying the qualified education expenses of the Designated beneficiary (defined later) of the account. H&r block state tax coupon When the account is established, the designated beneficiary must be under age 18 or a special needs beneficiary. H&r block state tax coupon To be treated as a Coverdell ESA, the account must be designated as a Coverdell ESA when it is created. H&r block state tax coupon The document creating and governing the account must be in writing and must satisfy the following requirements. H&r block state tax coupon The trustee or custodian must be a bank or an entity approved by the IRS. H&r block state tax coupon The document must provide that the trustee or custodian can only accept a contribution that meets all of the following conditions. H&r block state tax coupon The contribution is in cash. H&r block state tax coupon The contribution is made before the beneficiary reaches age 18, unless the beneficiary is a special needs beneficiary. H&r block state tax coupon The contribution would not result in total contributions for the year (not including rollover contributions) being more than $2,000. H&r block state tax coupon Money in the account cannot be invested in life insurance contracts. H&r block state tax coupon Money in the account cannot be combined with other property except in a common trust fund or common investment fund. H&r block state tax coupon The balance in the account generally must be distributed within 30 days after the earlier of the following events. H&r block state tax coupon The beneficiary reaches age 30, unless the beneficiary is a special needs beneficiary. H&r block state tax coupon The beneficiary's death. H&r block state tax coupon Qualified Education Expenses Generally, these are expenses required for the enrollment or attendance of the designated beneficiary at an eligible educational institution. H&r block state tax coupon For purposes of Coverdell ESAs, the expenses can be either qualified higher education expenses or qualified elementary and secondary education expenses. H&r block state tax coupon Designated beneficiary. H&r block state tax coupon   This is the individual named in the document creating the trust or custodial account to receive the benefit of the funds in the account. H&r block state tax coupon Contributions to a qualified tuition program (QTP). H&r block state tax coupon   A contribution to a QTP is a qualified education expense if the contribution is on behalf of the designated beneficiary of the Coverdell ESA. H&r block state tax coupon In the case of a change in beneficiary, this is a qualified expense only if the new beneficiary is a family member of that designated beneficiary. H&r block state tax coupon See chapter 8, Qualified Tuition Program . H&r block state tax coupon Eligible Educational Institution For purposes of Coverdell ESAs, an eligible educational institution can be either an eligible postsecondary school or an eligible elementary or secondary school. H&r block state tax coupon Eligible postsecondary school. H&r block state tax coupon   This is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. H&r block state tax coupon S. H&r block state tax coupon Department of Education. H&r block state tax coupon It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. H&r block state tax coupon The educational institution should be able to tell you if it is an eligible educational institution. H&r block state tax coupon   Certain educational institutions located outside the United States also participate in the U. H&r block state tax coupon S. H&r block state tax coupon Department of Education's Federal Student Aid (FSA) programs. H&r block state tax coupon Eligible elementary or secondary school. H&r block state tax coupon   This is any public, private, or religious school that provides elementary or secondary education (kindergarten through grade 12), as determined under state law. H&r block state tax coupon Qualified Higher Education Expenses These are expenses related to enrollment or attendance at an eligible postsecondary school. H&r block state tax coupon As shown in the following list, to be qualified, some of the expenses must be required by the school and some must be incurred by students who are enrolled at least half-time. H&r block state tax coupon The following expenses must be required for enrollment or attendance of a designated beneficiary at an eligible postsecondary school. H&r block state tax coupon Tuition and fees. H&r block state tax coupon Books, supplies, and equipment. H&r block state tax coupon Expenses for special needs services needed by a special needs beneficiary must be incurred in connection with enrollment or attendance at an eligible postsecondary school. H&r block state tax coupon Expenses for room and board must be incurred by students who are enrolled at least half-time (defined below). H&r block state tax coupon The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. H&r block state tax coupon The allowance for room and board, as determined by the school, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. H&r block state tax coupon The actual amount charged if the student is residing in housing owned or operated by the school. H&r block state tax coupon Half-time student. H&r block state tax coupon   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing, as determined under the standards of the school where the student is enrolled. H&r block state tax coupon Qualified Elementary and Secondary Education Expenses These are expenses related to enrollment or attendance at an eligible elementary or secondary school. H&r block state tax coupon As shown in the following list, to be qualified, some of the expenses must be required or provided by the school. H&r block state tax coupon There are special rules for computer-related expenses. H&r block state tax coupon The following expenses must be incurred by a designated beneficiary in connection with enrollment or attendance at an eligible elementary or secondary school. H&r block state tax coupon Tuition and fees. H&r block state tax coupon Books, supplies, and equipment. H&r block state tax coupon Academic tutoring. H&r block state tax coupon Special needs services for a special needs beneficiary. H&r block state tax coupon The following expenses must be required or provided by an eligible elementary or secondary school in connection with attendance or enrollment at the school. H&r block state tax coupon Room and board. H&r block state tax coupon Uniforms. H&r block state tax coupon Transportation. H&r block state tax coupon Supplementary items and services (including extended day programs). H&r block state tax coupon The purchase of computer technology, equipment, or Internet access and related services is a qualified elementary and secondary education expense if it is to be used by the beneficiary and the beneficiary's family during any of the years the beneficiary is in elementary or secondary school. H&r block state tax coupon (This does not include expenses for computer software designed for sports, games, or hobbies unless the software is predominantly educational in nature. H&r block state tax coupon ) Contributions Any individual (including the designated beneficiary) can contribute to a Coverdell ESA if the individual's MAGI (defined later under Contribution Limits ) for the year is less than $110,000. H&r block state tax coupon For individuals filing joint returns, that amount is $220,000. H&r block state tax coupon Organizations, such as corporations and trusts, can also contribute to Coverdell ESAs. H&r block state tax coupon There is no requirement that an organization's income be below a certain level. H&r block state tax coupon Contributions must meet all of the following requirements. H&r block state tax coupon They must be in cash. H&r block state tax coupon They cannot be made after the beneficiary reaches age 18, unless the beneficiary is a special needs beneficiary. H&r block state tax coupon They must be made by the due date of the contributor's tax return (not including extensions). H&r block state tax coupon Contributions can be made to one or several Coverdell ESAs for the same designated beneficiary provided that the total contributions are not more than the contribution limits (defined later) for a year. H&r block state tax coupon Contributions can be made, without penalty, to both a Coverdell ESA and a QTP in the same year for the same beneficiary. H&r block state tax coupon Table 7-2 summarizes many of the features of contributing to a Coverdell ESA. H&r block state tax coupon When contributions considered made. H&r block state tax coupon   Contributions made to a Coverdell ESA for the preceding tax year are considered to have been made on the last day of the preceding year. H&r block state tax coupon They must be made by the due date (not including extensions) for filing your return for the preceding year. H&r block state tax coupon   For example, if you make a contribution to a Coverdell ESA in February 2014, and you designate it as a contribution for 2013, you are considered to have made that contribution on December 31, 2013. H&r block state tax coupon Contribution Limits There are two yearly limits: One on the total amount that can be contributed for each designated beneficiary in any year, and One on the amount that any individual can contribute for any one designated beneficiary for a year. H&r block state tax coupon Limit for each designated beneficiary. H&r block state tax coupon   For 2013, the total of all contributions to all Coverdell ESAs set up for the benefit of any one designated beneficiary cannot be more than $2,000. H&r block state tax coupon This includes contributions (other than rollovers) to all the beneficiary's Coverdell ESAs from all sources. H&r block state tax coupon Rollovers are discussed under Rollovers and Other Transfers , later. H&r block state tax coupon Example. H&r block state tax coupon When Maria Luna was born in 2012, three separate Coverdell ESAs were set up for her, one by her parents, one by her grandfather, and one by her aunt. H&r block state tax coupon In 2013, the total of all contributions to Maria's three Coverdell ESAs cannot be more than $2,000. H&r block state tax coupon For example, if her grandfather contributed $2,000 to one of her Coverdell ESAs, no one else could contribute to any of her three accounts. H&r block state tax coupon Or, if her parents contributed $1,000 and her aunt $600, her grandfather or someone else could contribute no more than $400. H&r block state tax coupon These contributions could be put into any of Maria's Coverdell ESA accounts. H&r block state tax coupon Limit for each contributor. H&r block state tax coupon   Generally, you can contribute up to $2,000 for each designated beneficiary for 2013. H&r block state tax coupon This is the most you can contribute for the benefit of any one beneficiary for the year, regardless of the number of Coverdell ESAs set up for the beneficiary. H&r block state tax coupon Example. H&r block state tax coupon The facts are the same as in the previous example except that Maria Luna's older brother, Edgar, also has a Coverdell ESA. H&r block state tax coupon If their grandfather contributed $2,000 to Maria's Coverdell ESA in 2013, he could also contribute $2,000 to Edgar's Coverdell ESA. H&r block state tax coupon Reduced limit. H&r block state tax coupon   Your contribution limit may be reduced. H&r block state tax coupon If your MAGI (defined on this page) is between $95,000 and $110,000 (between $190,000 and $220,000 if filing a joint return), the $2,000 limit for each designated beneficiary is gradually reduced (see Figuring the limit , later). H&r block state tax coupon If your MAGI is $110,000 or more ($220,000 or more if filing a joint return), you cannot contribute to anyone's Coverdell ESA. H&r block state tax coupon Table 7-2. H&r block state tax coupon Coverdell ESA Contributions at a Glance Do not rely on this table alone. H&r block state tax coupon It provides only general highlights. H&r block state tax coupon See the text for more complete explanations. H&r block state tax coupon Question Answer Are contributions deductible? No. H&r block state tax coupon What is the annual contribution limit per designated beneficiary? $2,000 for each designated beneficiary. H&r block state tax coupon What if more than one Coverdell ESA has been opened for the same designated beneficiary? The annual contribution limit is $2,000 for each beneficiary, no matter how many Coverdell ESAs are set up for that beneficiary. H&r block state tax coupon What if more than one individual makes contributions for the same designated beneficiary? The annual contribution limit is $2,000 per beneficiary, no matter how many individuals contribute. H&r block state tax coupon Can contributions other than cash be made to a Coverdell ESA? No. H&r block state tax coupon When must contributions stop? No contributions can be made to a beneficiary's Coverdell ESA after he or she reaches age 18, unless the beneficiary is a special needs beneficiary. H&r block state tax coupon Modified adjusted gross income (MAGI). H&r block state tax coupon   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return. H&r block state tax coupon MAGI when using Form 1040A. H&r block state tax coupon   If you file Form 1040A, your MAGI is the AGI on line 22 of that form. H&r block state tax coupon MAGI when using Form 1040. H&r block state tax coupon   If you file Form 1040, your MAGI is the AGI on line 38 of that form, modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. H&r block state tax coupon MAGI when using Form 1040NR. H&r block state tax coupon   If you file Form 1040NR, your MAGI is the AGI on line 36 of that form. H&r block state tax coupon MAGI when using Form 1040NR-EZ. H&r block state tax coupon   If you file Form 1040NR-EZ, your MAGI is the AGI on line 10 of that form. H&r block state tax coupon   If you have any of these adjustments, you can use Worksheet 7-1. H&r block state tax coupon MAGI for a Coverdell ESA , later, to figure your MAGI for Form 1040. H&r block state tax coupon Worksheet 7-1. H&r block state tax coupon MAGI for a Coverdell ESA 1. H&r block state tax coupon Enter your adjusted gross income  (Form 1040, line 38)   1. H&r block state tax coupon   2. H&r block state tax coupon Enter your foreign earned income exclusion and/or housing exclusion (Form 2555, line 45, or Form 2555-EZ, line 18)   2. H&r block state tax coupon       3. H&r block state tax coupon Enter your foreign housing deduction (Form 2555, line 50)   3. H&r block state tax coupon         4. H&r block state tax coupon Enter the amount of income from Puerto Rico you are excluding   4. H&r block state tax coupon       5. H&r block state tax coupon Enter the amount of income from American Samoa you are excluding (Form 4563, line 15)   5. H&r block state tax coupon       6. H&r block state tax coupon Add lines 2, 3, 4, and 5   6. H&r block state tax coupon   7. H&r block state tax coupon Add lines 1 and 6. H&r block state tax coupon This is your  modified adjusted gross income   7. H&r block state tax coupon   Figuring the limit. H&r block state tax coupon    To figure the limit on the amount you can contribute for each designated beneficiary, multiply $2,000 by a fraction. H&r block state tax coupon The numerator (top number) is your MAGI minus $95,000 ($190,000 if filing a joint return). H&r block state tax coupon The denominator (bottom number) is $15,000 ($30,000 if filing a joint return). H&r block state tax coupon Subtract the result from $2,000. H&r block state tax coupon This is the amount you can contribute for each beneficiary. H&r block state tax coupon You can use Worksheet 7-2. H&r block state tax coupon Coverdell ESA Contribution Limit to figure the limit on contributions. H&r block state tax coupon    Worksheet 7-2. H&r block state tax coupon Coverdell ESA Contribution Limit 1. H&r block state tax coupon Maximum contribution   1. H&r block state tax coupon $2,000 2. H&r block state tax coupon Enter your modified adjusted gross income (MAGI) for purposes of figuring the contribution limit to a Coverdell ESA (see definition or Worksheet 7-1, earlier)   2. H&r block state tax coupon   3. H&r block state tax coupon Enter $190,000 if married filing jointly; $95,000 for all other filers   3. H&r block state tax coupon   4. H&r block state tax coupon Subtract line 3 from line 2. H&r block state tax coupon If zero or less, enter -0- on line 4, skip lines 5 through 7, and enter $2,000 on line 8   4. H&r block state tax coupon   5. H&r block state tax coupon Enter $30,000 if married filing jointly; $15,000 for all other filers   5. H&r block state tax coupon     Note. H&r block state tax coupon If the amount on line 4 is greater than or equal to the amount on line 5, stop here. H&r block state tax coupon You are not allowed to contribute to a Coverdell ESA for 2013. H&r block state tax coupon       6. H&r block state tax coupon Divide line 4 by line 5 and enter the result as a decimal (rounded to at least 3 places)   6. H&r block state tax coupon . H&r block state tax coupon 7. H&r block state tax coupon Multiply line 1 by line 6   7. H&r block state tax coupon   8. H&r block state tax coupon Subtract line 7 from line 1   8. H&r block state tax coupon   Note: The total Coverdell ESA contributions from all sources for the designated beneficiary during the tax year may not exceed $2,000. H&r block state tax coupon Example. H&r block state tax coupon Paul, who is single, had a MAGI of $96,500 for 2013. H&r block state tax coupon Paul can contribute up to $1,800 in 2013 for each beneficiary, as shown in the illustrated Worksheet 7-2, Coverdell ESA Contribution Limit–Illustrated. H&r block state tax coupon Worksheet 7-2. H&r block state tax coupon Coverdell ESA Contribution Limit—Illustrated 1. H&r block state tax coupon Maximum contribution   1. H&r block state tax coupon $2,000 2. H&r block state tax coupon Enter your modified adjusted gross  income (MAGI) for purposes of figuring the contribution limit to a Coverdell ESA (see definition or Worksheet 7-1, earlier)   2. H&r block state tax coupon 96,500 3. H&r block state tax coupon Enter $190,000 if married filing jointly; $95,000 for all other filers   3. H&r block state tax coupon 95,000 4. H&r block state tax coupon Subtract line 3 from line 2. H&r block state tax coupon If zero or less, enter -0- on line 4, skip lines 5 through 7, and enter $2,000 on line 8   4. H&r block state tax coupon 1,500 5. H&r block state tax coupon Enter $30,000 if married filing jointly; $15,000 for all other filers   5. H&r block state tax coupon 15,000   Note. H&r block state tax coupon If the amount on line 4 is greater than or equal to the amount on line 5,  stop here. H&r block state tax coupon You are not allowed to  contribute to a Coverdell ESA for 2013. H&r block state tax coupon       6. H&r block state tax coupon Divide line 4 by line 5 and enter the result as a decimal (rounded to at least 3 places)   6. H&r block state tax coupon . H&r block state tax coupon 100 7. H&r block state tax coupon Multiply line 1 by line 6   7. H&r block state tax coupon 200 8. H&r block state tax coupon Subtract line 7 from line 1   8. H&r block state tax coupon 1,800 Note: The total Coverdell ESA contributions from all sources for the designated beneficiary during the tax year may not exceed $2,000. H&r block state tax coupon Additional Tax on Excess Contributions The beneficiary must pay a 6% excise tax each year on excess contributions that are in a Coverdell ESA at the end of the year. H&r block state tax coupon Excess contributions are the total of the following two amounts. H&r block state tax coupon Contributions to any designated beneficiary's Coverdell ESA for the year that are more than $2,000 (or, if less, the total of each contributor's limit for the year, as discussed earlier). H&r block state tax coupon Excess contributions for the preceding year, reduced by the total of the following two amounts: Distributions (other than those rolled over as discussed later) during the year, and The contribution limit for the current year minus the amount contributed for the current year. H&r block state tax coupon Exceptions. H&r block state tax coupon   The excise tax does not apply if excess contributions made during 2013 (and any earnings on them) are distributed before the first day of the sixth month of the following tax year (June 1, 2014, for a calendar year taxpayer). H&r block state tax coupon   However, you must include the distributed earnings in gross income for the year in which the excess contribution was made. H&r block state tax coupon You should receive Form 1099-Q, Payments From Qualified Education Programs, from each institution from which excess contributions were distributed. H&r block state tax coupon Box 2 of that form will show the amount of earnings on your excess contributions. H&r block state tax coupon Code “2” or “3” entered in the blank box below boxes 5 and 6 indicate the year in which the earnings are taxable. H&r block state tax coupon See Instructions for Recipient on the back of copy B of your Form 1099-Q. H&r block state tax coupon Enter the amount of earnings on line 21 of Form 1040 (or Form 1040NR) for the applicable tax year. H&r block state tax coupon For more information, see Taxable Distributions , later. H&r block state tax coupon   The excise tax does not apply to any rollover contribution. H&r block state tax coupon Note. H&r block state tax coupon Contributions made in one year for the preceding tax year are considered to have been made on the last day of the preceding year. H&r block state tax coupon Example. H&r block state tax coupon In 2012, Greta's parents and grandparents contributed a total of $2,300 to Greta's Coverdell ESA— an excess contribution of $300. H&r block state tax coupon Because Greta did not withdraw the excess before June 1, 2013, she had to pay an additional tax of $18 (6% × $300) when she filed her 2012 tax return. H&r block state tax coupon In 2013, excess contributions of $500 were made to Greta's account, however, she withdrew $250 from that account to use for qualified education expenses. H&r block state tax coupon Using the steps shown earlier under Additional Tax on Excess Contributions , Greta figures the excess contribution in her account at the end of 2013 as follows. H&r block state tax coupon (1)   $500 excess contributions made in 2013     + (2)   $300 excess contributions in ESA at end of 2012     − (2a)   $250 distribution during 2013         $550 excess at end of 2013   × 6%=$33           If Greta limits 2014 contributions to $1,450 ($2,000 maximum allowed − $550 excess contributions from 2013), she will not owe any additional tax in 2014 for excess contributions. H&r block state tax coupon Figuring and reporting the additional tax. H&r block state tax coupon   You figure this excise tax in Part V of Form 5329. H&r block state tax coupon Report the additional tax on Form 1040, line 58 (or Form 1040NR, line 56). H&r block state tax coupon Rollovers and Other Transfers Assets can be rolled over from one Coverdell ESA to another or the designated beneficiary can be changed. H&r block state tax coupon The beneficiary's interest can be transferred to a spouse or former spouse because of divorce. H&r block state tax coupon Rollovers Any amount distributed from a Coverdell ESA is not taxable if it is rolled over to another Coverdell ESA for the benefit of the same beneficiary or a member of the beneficiary's family (including the beneficiary's spouse) who is under age 30. H&r block state tax coupon This age limitation does not apply if the new beneficiary is a special needs beneficiary. H&r block state tax coupon An amount is rolled over if it is paid to another Coverdell ESA within 60 days after the date of the distribution. H&r block state tax coupon Do not report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040 or 1040NR. H&r block state tax coupon These are not taxable distributions. H&r block state tax coupon Members of the beneficiary's family. H&r block state tax coupon   For these purposes, the beneficiary's family includes the beneficiary's spouse and the following other relatives of the beneficiary. H&r block state tax coupon Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. H&r block state tax coupon Brother, sister, stepbrother, or stepsister. H&r block state tax coupon Father or mother or ancestor of either. H&r block state tax coupon Stepfather or stepmother. H&r block state tax coupon Son or daughter of a brother or sister. H&r block state tax coupon Brother or sister of father or mother. H&r block state tax coupon Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. H&r block state tax coupon The spouse of any individual listed above. H&r block state tax coupon First cousin. H&r block state tax coupon Example. H&r block state tax coupon When Aaron graduated from college last year he had $5,000 left in his Coverdell ESA. H&r block state tax coupon He wanted to give this money to his younger sister, who was still in high school. H&r block state tax coupon In order to avoid paying tax on the distribution of the amount remaining in his account, Aaron contributed the same amount to his sister's Coverdell ESA within 60 days of the distribution. H&r block state tax coupon Only one rollover per Coverdell ESA is allowed during the 12-month period ending on the date of the payment or distribution. H&r block state tax coupon This rule does not apply to the rollover of a military death gratuity or payment from Servicemembers' Group Life Insurance (SGLI). H&r block state tax coupon Military death gratuity. H&r block state tax coupon   If you received a military death gratuity or a payment from Servicemembers' Group Life Insurance (SGLI), you may roll over all or part of the amount received to one or more Coverdell ESAs for the benefit of members of the beneficiary's family (see Members of the beneficiary's family , earlier). H&r block state tax coupon Such payments are made to an eligible survivor upon the death of a member of the armed forces. H&r block state tax coupon The contribution to a Coverdell ESA from survivor benefits received cannot be made later than 1 year after the date on which you receive the gratuity or SGLI payment. H&r block state tax coupon   This rollover contribution is not subject to (but is in addition to) the contribution limits discussed earlier under Contribution Limits . H&r block state tax coupon The amount you roll over cannot exceed the total survivor benefits you received, reduced by contributions from these benefits to a Roth IRA or other Coverdell ESAs. H&r block state tax coupon   The amount contributed from the survivor benefits is treated as part of your basis (cost) in the Coverdell ESA, and will not be taxed when distributed. H&r block state tax coupon See Distributions , later. H&r block state tax coupon The limit of one rollover per Coverdell ESA during a 12-month period does not apply to a military death gratuity or SGLI payment. H&r block state tax coupon Changing the Designated Beneficiary The designated beneficiary can be changed. H&r block state tax coupon See Members of the beneficiary's family , earlier. H&r block state tax coupon There are no tax consequences if, at the time of the change, the new beneficiary is under age 30 or is a special needs beneficiary. H&r block state tax coupon Example. H&r block state tax coupon Assume the same situation for Aaron as in the last example (see Rollovers , earlier). H&r block state tax coupon Instead of closing his Coverdell ESA and paying the distribution into his sister's Coverdell ESA, Aaron could have instructed the trustee of his account to simply change the name of the beneficiary on his account to that of his sister. H&r block state tax coupon Transfer Because of Divorce If a spouse or former spouse receives a Coverdell ESA under a divorce or separation instrument, it is not a taxable transfer. H&r block state tax coupon After the transfer, the spouse or former spouse treats the Coverdell ESA as his or her own. H&r block state tax coupon Example. H&r block state tax coupon In their divorce settlement, Peg received her ex-husband's Coverdell ESA. H&r block state tax coupon In this process, the account was transferred into her name. H&r block state tax coupon Peg now treats the funds in this Coverdell ESA as if she were the original owner. H&r block state tax coupon Distributions The designated beneficiary of a Coverdell ESA can take a distribution at any time. H&r block state tax coupon Whether the distributions are tax free depends, in part, on whether the distributions are equal to or less than the amount of Adjusted qualified education expenses (defined later) that the beneficiary has in the same tax year. H&r block state tax coupon See Table 7-3, Coverdell ESA Distributions at a Glance, for highlights. H&r block state tax coupon Table 7-3. H&r block state tax coupon Coverdell ESA Distributions at a Glance Do not rely on this table alone. H&r block state tax coupon It provides only general highlights. H&r block state tax coupon See the text for definitions of terms in bold type and for more complete explanations. H&r block state tax coupon Question Answer Is a distribution from a Coverdell ESA to pay for a designated beneficiary's qualified education expenses tax free? Generally, yes, to the extent the amount of the distribution is not more than the designated beneficiary's adjusted qualified education expenses. H&r block state tax coupon After the designated beneficiary completes his or her education at an eligible educational institution, can amounts remaining in the Coverdell ESA be distributed? Yes. H&r block state tax coupon Amounts must be distributed when the designated beneficiary reaches age 30, unless he or she is a special needs beneficiary. H&r block state tax coupon Also, certain transfers to members of the beneficiary's family are permitted. H&r block state tax coupon Does the designated beneficiary need to be enrolled for a minimum number of courses to take a tax-free distribution? No. H&r block state tax coupon Adjusted qualified education expenses. H&r block state tax coupon   To determine if total distributions for the year are more than the amount of qualified education expenses, reduce total qualified education expenses by any tax-free educational assistance. H&r block state tax coupon Tax-free educational assistance includes: The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. H&r block state tax coupon The amount you get by subtracting tax-free educational assistance from your total qualified education expenses is your adjusted qualified education expenses. H&r block state tax coupon Tax-Free Distributions Generally, distributions are tax free if they are not more than the beneficiary's adjusted qualified education expenses for the year. H&r block state tax coupon Do not report tax-free distributions (including qualifying rollovers) on your tax return. H&r block state tax coupon Taxable Distributions A portion of the distributions is generally taxable to the beneficiary if the total distributions are more than the beneficiary's adjusted qualified education expenses for the year. H&r block state tax coupon Excess distribution. H&r block state tax coupon   This is the part of the total distribution that is more than the beneficiary's adjusted qualified education expenses for the year. H&r block state tax coupon Earnings and basis. H&r block state tax coupon   You will receive a Form 1099-Q for each of the Coverdell ESAs from which money was distributed in 2013. H&r block state tax coupon The amount of your gross distribution will be shown in box 1. H&r block state tax coupon For 2013, instead of dividing the gross distribution between your earnings (box 2) and your basis (already-taxed amount) (box 3), the payer or trustee may report the fair market value (account balance) of the Coverdell ESA as of December 31, 2013. H&r block state tax coupon This will be shown in the blank box below boxes 5 and 6. H&r block state tax coupon   The amount contributed from survivor benefits (see Military death gratuity , earlier) is treated as part of your basis and will not be taxed when distributed. H&r block state tax coupon Figuring the Taxable Portion of a Distribution The taxable portion is the amount of the excess distribution that represents earnings that have accumulated tax free in the account. H&r block state tax coupon Figure the taxable portion for 2013 as shown in the following steps. H&r block state tax coupon Multiply the total amount distributed by a fraction. H&r block state tax coupon The numerator is the basis (contributions not previously distributed) at the end of 2012 plus total contributions for 2013 and the denominator is the value (balance) of the account at the end of 2013 plus the amount distributed during 2013. H&r block state tax coupon Subtract the amount figured in (1) from the total amount distributed during 2013. H&r block state tax coupon The result is the amount of earnings included in the distribution(s). H&r block state tax coupon Multiply the amount of earnings figured in (2) by a fraction. H&r block state tax coupon The numerator is the adjusted qualified education expenses paid during 2013 and the denominator is the total amount distributed during 2013. H&r block state tax coupon Subtract the amount figured in (3) from the amount figured in (2). H&r block state tax coupon The result is the amount the beneficiary must include in income. H&r block state tax coupon The taxable amount must be reported on Form 1040 or Form 1040NR, line 21. H&r block state tax coupon Example. H&r block state tax coupon You received an $850 distribution from your Coverdell ESA, to which $1,500 had been contributed before 2013. H&r block state tax coupon There were no contributions in 2013. H&r block state tax coupon This is your first distribution from the account, so your basis in the account on December 31, 2012, was $1,500. H&r block state tax coupon The value (balance) of your account on December 31, 2013, was $950. H&r block state tax coupon You had $700 of adjusted qualified education expenses (AQEE) for the year. H&r block state tax coupon Using the steps in Figuring the Taxable Portion of a Distribution , earlier, figure the taxable portion of your distribution as follows. H&r block state tax coupon   1. H&r block state tax coupon $850 (distribution) × $1,500 basis + $0 contributions  $950 value + $850 distribution       =$708 (basis portion of distribution)     2. H&r block state tax coupon $850 (distribution)−$708 (basis portion of distribution)     =$142 (earnings included in distribution)   3. H&r block state tax coupon $142 (earnings) × $700 AQEE  $850 distribution           =$117 (tax-free earnings)     4. H&r block state tax coupon $142 (earnings)−$117 (tax-free earnings)=$25 (taxable earnings)                 You must include $25 in income as distributed earnings not used for qualified education expenses. H&r block state tax coupon Report this amount on Form 1040, line 21, listing the type and amount of income on the dotted line. H&r block state tax coupon Worksheet 7-3, Coverdell ESA–Taxable Distributions and Basis , at the end of this chapter, can help you figure your adjusted qualified education expenses, how much of your distribution must be included in income, and the remaining basis in your Coverdell ESA(s). H&r block state tax coupon Coordination With American Opportunity and Lifetime Learning Credits The American opportunity or lifetime learning credit can be claimed in the same year the beneficiary takes a tax-free distribution from a Coverdell ESA, as long as the same expenses are not used for both benefits. H&r block state tax coupon This means the beneficiary must reduce qualified higher education expenses by tax-free educational assistance, and then further reduce them by any expenses taken into account in determining an American opportunity or lifetime learning credit. H&r block state tax coupon Example. H&r block state tax coupon Derek Green had $5,800 of qualified higher education expenses for 2013, his first year in college. H&r block state tax coupon He paid his college expenses from the following sources. H&r block state tax coupon     Partial tuition scholarship (tax free) $1,500     Coverdell ESA distribution 1,000     Gift from parents 2,100     Earnings from part-time job 1,200           Of his $5,800 of qualified higher education expenses, $4,000 was tuition and related expenses that also qualified for an American opportunity credit. H&r block state tax coupon Derek's parents claimed a $2,500 American opportunity credit (based on $4,000 expenses) on their tax return. H&r block state tax coupon Before Derek can determine the taxable portion of his Coverdell ESA distribution, he must reduce his total qualified higher education expenses. H&r block state tax coupon     Total qualified higher education expenses $5,800     Minus: Tax-free educational assistance −1,500     Minus: Expenses taken into account in  figuring American opportunity credit − 4,000     Equals: Adjusted qualified higher education  expenses (AQHEE) $ 300           Since the adjusted qualified higher education expenses ($300) are less than the Coverdell ESA distribution ($1,000), part of the distribution will be taxable. H&r block state tax coupon The balance in Derek's account was $1,800 on December 31, 2013. H&r block state tax coupon Prior to 2013, $2,100 had been contributed to this account. H&r block state tax coupon Contributions for 2013 totaled $400. H&r block state tax coupon Using the four steps outlined earlier, Derek figures the taxable portion of his distribution as shown below. H&r block state tax coupon   1. H&r block state tax coupon $1,000 (distribution) × $2,100 basis + $400 contributions  $1,800 value + $1,000 distribution           =$893 (basis portion of distribution)     2. H&r block state tax coupon $1,000 (distribution)−$893 (basis portion of distribution)     = $107 (earnings included in distribution)   3. H&r block state tax coupon $107 (earnings) × $300 AQHEE  $1,000 distribution       =$32 (tax-free earnings)     4. H&r block state tax coupon $107 (earnings)−$32 (tax-free earnings)=$75 (taxable earnings)                 Derek must include $75 in income (Form 1040, line 21). H&r block state tax coupon This is the amount of distributed earnings not used for adjusted qualified higher education expenses. H&r block state tax coupon Coordination With Qualified Tuition Program (QTP) Distributions If a designated beneficiary receives distributions from both a Coverdell ESA and a QTP in the same year, and the total distribution is more than the beneficiary's adjusted qualified higher education expenses, those expenses must be allocated between the distribution from the Coverdell ESA and the distribution from the QTP before figuring how much of each distribution is taxable. H&r block state tax coupon The following two examples illustrate possible allocations. H&r block state tax coupon Example 1. H&r block state tax coupon In 2013, Beatrice graduated from high school and began her first semester of college. H&r block state tax coupon That year, she had $1,000 of qualified elementary and secondary education expenses (QESEE) for high school and $3,000 of qualified higher education expenses (QHEE) for college. H&r block state tax coupon To pay these expenses, Beatrice withdrew $800 from her Coverdell ESA and $4,200 from her QTP. H&r block state tax coupon No one claimed Beatrice as a dependent, nor was she eligible for an education credit. H&r block state tax coupon She did not receive any tax-free educational assistance in 2013. H&r block state tax coupon Beatrice must allocate her total qualified education expenses between the two distributions. H&r block state tax coupon Beatrice knows that tax-free treatment will be available if she applies her $800 Coverdell ESA distribution toward her $1,000 of qualified education expenses for high school. H&r block state tax coupon The qualified expenses are greater than the distribution, making the $800 Coverdell ESA distribution tax free. H&r block state tax coupon Next, Beatrice matches her $4,200 QTP distribution to her $3,000 of QHEE, and finds she has an excess QTP distribution of $1,200 ($4,200 QTP − $3,000 QHEE). H&r block state tax coupon She cannot use the extra $200 of high school expenses (from (1) above) against the QTP distribution because those expenses do not qualify a QTP for tax-free treatment. H&r block state tax coupon Finally, Beatrice figures the taxable and tax-free portions of her QTP distribution based on her $3,000 of QHEE. H&r block state tax coupon (See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program for more information. H&r block state tax coupon ) Example 2. H&r block state tax coupon Assume the same facts as in Example 1 , except that Beatrice withdrew $1,800 from her Coverdell ESA and $3,200 from her QTP. H&r block state tax coupon In this case, she allocates her qualified education expenses as follows. H&r block state tax coupon Using the same reasoning as in Example 1, Beatrice matches $1,000 of her Coverdell ESA distribution to her $1,000 of QESEE—she has $800 of her distribution remaining. H&r block state tax coupon Because higher education expenses can also qualify a Coverdell ESA distribution for tax-free treatment, Beatrice allocates her $3,000 of QHEE between the remaining $800 Coverdell ESA and the $3,200 QTP distributions ($4,000 total). H&r block state tax coupon   $3,000 QHEE × $800 ESA distribution  $4,000 total distribution = $600 QHEE (ESA)     $3,000 QHEE × $3,200 QTP distribution  $4,000 total distribution = $2,400 QHEE (QTP)   Beatrice then figures the taxable part of her: Coverdell ESA distribution based on qualified education expenses of $1,600 ($1,000 QESEE + $600 QHEE). H&r block state tax coupon See Figuring the Taxable Portion of a Distribution , earlier, in this chapter. H&r block state tax coupon   QTP distribution based on her $2,400 of QHEE (see Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program). H&r block state tax coupon The above examples show two types of allocation between distributions from a Coverdell ESA and a QTP. H&r block state tax coupon However, you do not have to allocate your expenses in the same way. H&r block state tax coupon You can use any reasonable method. H&r block state tax coupon Losses on Coverdell ESA Investments If you have a loss on your investment in a Coverdell ESA, you may be able to deduct the loss on your income tax return. H&r block state tax coupon You can deduct the loss only when all amounts from that account have been distributed and the total distributions are less than your unrecovered basis. H&r block state tax coupon Your basis is the total amount of contributions to that Coverdell ESA. H&r block state tax coupon You claim the loss as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23 (Schedule A (Form 1040NR), line 9), subject to the 2%-of-adjusted-gross-income limit. H&r block state tax coupon If you have distributions from more than one Coverdell ESA account during a year, you must combine the information (amount of distribution, basis, etc. H&r block state tax coupon ) from all such accounts in order to determine your taxable earnings for the year. H&r block state tax coupon By doing this, the loss from one ESA account reduces the distributed earnings (if any) from any other ESA account. H&r block state tax coupon For examples of the calculation, see Losses on QTP Investments in chapter 8, Qualified Tuition Program. H&r block state tax coupon Additional Tax on Taxable Distributions Generally, if you receive a taxable distribution, you also must pay a 10% additional tax on the amount included in income. H&r block state tax coupon Exceptions. H&r block state tax coupon   The 10% additional tax does not apply to distributions: Paid to a beneficiary (or to the estate of the designated beneficiary) on or after the death of the designated beneficiary. H&r block state tax coupon Made because the designated beneficiary is disabled. H&r block state tax coupon A person is considered to be disabled if he or she shows proof that he or she cannot do any substantial gainful activity because of his or her physical or mental condition. H&r block state tax coupon A physician must determine that his or her condition can be expected to result in death or to be of long-continued and indefinite duration. H&r block state tax coupon Included in income because the designated beneficiary received: A tax-free scholarship or fellowship (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), or Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. H&r block state tax coupon Made on account of the attendance of the designated beneficiary at a U. H&r block state tax coupon S. H&r block state tax coupon military academy (such as the USMA at West Point). H&r block state tax coupon This exception applies only to the extent that the amount of the distribution does not exceed the costs of advanced education (as defined in section 2005(d)(3) of title 10 of the U. H&r block state tax coupon S. H&r block state tax coupon Code) attributable to such attendance. H&r block state tax coupon Included in income only because the qualified education expenses were taken into account in determining the American opportunity or lifetime learning credit (see Coordination With American Opportunity and Lifetime Learning Credits , earlier). H&r block state tax coupon Made before June 1, 2014, of an excess 2013 contribution (and any earnings on it). H&r block state tax coupon The distributed earnings must be included in gross income for the year in which the excess contribution was made. H&r block state tax coupon Exception (3) applies only to the extent the distribution is not more than the scholarship, allowance, or payment. H&r block state tax coupon Figuring the additional tax. H&r block state tax coupon    Use Part II of Form 5329, to figure any additional tax. H&r block state tax coupon Report the amount on Form 1040, line 58, or Form 1040NR, line 56. H&r block state tax coupon When Assets Must Be Distributed Any assets remaining in a Coverdell ESA must be distributed when either one of the following two events occurs. H&r block state tax coupon The designated beneficiary reaches age 30. H&r block state tax coupon In this case, the remaining assets must be distributed within 30 days after the beneficiary reaches age 30. H&r block state tax coupon However, this rule does not apply if the beneficiary is a special needs beneficiary. H&r block state tax coupon The designated beneficiary dies before reaching age 30. H&r block state tax coupon In this case, the remaining assets must generally be distributed within 30 days after the date of death. H&r block state tax coupon Exception for Transfer to Surviving Spouse or Family Member If a Coverdell ESA is transferred to a surviving spouse or other family member as the result of the death of the designated beneficiary, the Coverdell ESA retains its status. H&r block state tax coupon (“Family member” was defined earlier under Rollovers . H&r block state tax coupon ) This means the spouse or other family member can treat the Coverdell ESA as his or her own and does not need to withdraw the assets until he or she reaches age 30. H&r block state tax coupon This age limitation does not apply if the new beneficiary is a special needs beneficiary. H&r block state tax coupon There are no tax consequences as a result of the transfer. H&r block state tax coupon How To Figure the Taxable Earnings When a total distribution is made because the designated beneficiary either reached age 30 or died, the earnings that accumulated tax free in the account must be included in taxable income. H&r block state tax coupon You determine these earnings as shown in the following two steps. H&r block state tax coupon Multiply the amount distributed by a fraction. H&r block state tax coupon The numerator is the basis (contributions not previously distributed) at the end of 2012 plus total contributions for 2013 and the denominator is the balance in the account at the end of 2013 plus the amount distributed during 2013. H&r block state tax coupon Subtract the amount figured in (1) from the total amount distributed during 2013. H&r block state tax coupon The result is the amount of earnings included in the distribution. H&r block state tax coupon For an example, see steps (1) and (2) of the Example under Figuring the Taxable Portion of a Distribution, earlier. H&r block state tax coupon The beneficiary or other person receiving the distribution must report this amount on Form 1040, line 21, or Form 1040NR, line 21, listing the type and amount of income on the dotted line. H&r block state tax coupon Worksheet 7-3 Instructions. H&r block state tax coupon Coverdell ESA—Taxable Distributions and Basis Line G. H&r block state tax coupon Enter the total distributions received from all Coverdell ESAs during 2013. H&r block state tax coupon Do not include amounts rolled over to another ESA within 60 days (only one rollover is allowed during any 12-month period). H&r block state tax coupon Also, do not include excess contributions that were distributed with the related earnings (or less any loss) before the first day of the sixth month of the tax year following the year for which the contributions were made. H&r block state tax coupon Line 2. H&r block state tax coupon Your basis (amount already taxed) in this Coverdell ESA as of December 31, 2012, is the total of:   •All contributions to this Coverdell ESA before 2013 •Minus the tax-free portion of any distributions from this Coverdell ESA before 2013. H&r block state tax coupon   If your last distribution from this Coverdell ESA was before 2013, you must start with the basis in your account as of the end of the last year in which you took a distribution. H&r block state tax coupon For years before 2002, you can find that amount on the last line of the worksheet in the Instructions for Form 8606, Nondeductible IRAs, that you completed for that year. H&r block state tax coupon For years after 2001, you can find that amount by using the ending basis from the worksheet in Publication 970 for that year. H&r block state tax coupon You can determine your basis in this Coverdell ESA as of December 31, 2012, by adding to the basis as of the end of that year any contributions made to that account after the year of the distribution and before 2013. H&r block state tax coupon Line 4. H&r block state tax coupon Enter the total distributions received from this Coverdell ESA in 2013. H&r block state tax coupon Do not include amounts rolled over to another Coverdell ESA within 60 days (only one rollover is allowed during any 12-month period). H&r block state tax coupon   Also, do not include excess contributions that were distributed with the related earnings (or less any loss) before the first day of the sixth month of the tax year following the year of the contributions. H&r block state tax coupon Line 7. H&r block state tax coupon Enter the total value of this Coverdell ESA as of December 31, 2013, plus any outstanding rollovers contributed to the account after 2012, but before the end of the 60-day rollover period. H&r block state tax coupon A statement should be sent to you by January 31, 2014, for this Coverdell ESA showing the value on December 31, 2013. H&r block state tax coupon   A rollover is a tax-free withdrawal from one Coverdell ESA that is contributed to another Coverdell ESA. H&r block state tax coupon An outstanding rollover is any amount withdrawn within 60 days before the end of 2013 (November 2 through December 31) that was rolled over after December 31, 2013, but within the 60-day rollover period. H&r block state tax coupon Worksheet 7-3. H&r block state tax coupon Coverdell ESA—Taxable Distributions and Basis How to complete this worksheet. H&r block state tax coupon • • • Complete Part I, lines A through H, on only one worksheet. H&r block state tax coupon  Complete a separate Part II, lines 1 through 15, for each of your Coverdell ESAs. H&r block state tax coupon  Complete Part III, the Summary (line 16), on only one worksheet. H&r block state tax coupon Part I. H&r block state tax coupon Qualified Education Expenses (Complete for total expenses)       A. H&r block state tax coupon Enter your total qualified education expenses for 2013   A. H&r block state tax coupon   B. H&r block state tax coupon Enter those qualified education expenses paid for with tax-free educational assistance (for example, tax-free scholarships, veterans' educational benefits, Pell grants, employer-provided educational assistance)   B. H&r block state tax coupon         C. H&r block state tax coupon Enter those qualified higher education expenses deducted on Schedule C or C-EZ (Form 1040). H&r block state tax coupon Schedule F (Form 1040), or as a miscellaneous itemized deduction on Schedule A (Form 1040 or 1040NR)   C. H&r block state tax coupon         D. H&r block state tax coupon Enter those qualified higher education expenses on which  an American opportunity or lifetime learning credit was based   D. H&r block state tax coupon         E. H&r block state tax coupon Add lines B, C, and D   D. H&r block state tax coupon   F. H&r block state tax coupon Subtract line E from line A. H&r block state tax coupon This is your adjusted qualified education expense for 2013   E. H&r block state tax coupon   G. H&r block state tax coupon Enter your total distributions from all Coverdell ESAs during 2013. H&r block state tax coupon Do not include rollovers  or the return of excess contributions (see instructions)   F. H&r block state tax coupon   H. H&r block state tax coupon Divide line F by line G. H&r block state tax coupon Enter the result as a decimal (rounded to at least 3 places). H&r block state tax coupon If the  result is 1. H&r block state tax coupon 000 or more, enter 1. H&r block state tax coupon 000   G. H&r block state tax coupon . H&r block state tax coupon Part II. H&r block state tax coupon Taxable Distributions and Basis (Complete separately for each account) 1. H&r block state tax coupon Enter the amount contributed to this Coverdell ESA for 2013, including contributions made for 2013 from January 1, 2014, through April 15, 2014. H&r block state tax coupon Do not include rollovers or the return of excess contributions   1. H&r block state tax coupon   2. H&r block state tax coupon Enter your basis in this Coverdell ESA as of December 31, 2012 (see instructions)   2. H&r block state tax coupon   3. H&r block state tax coupon Add lines 1 and 2   3. H&r block state tax coupon   4. H&r block state tax coupon Enter the total distributions from this Coverdell ESA during 2013. H&r block state tax coupon Do not include rollovers  or the return of excess contributions (see instructions)   4. H&r block state tax coupon   5. H&r block state tax coupon Multiply line 4 by line H. H&r block state tax coupon This is the amount of adjusted qualified  education expense attributable to this Coverdell ESA   5. H&r block state tax coupon         6. H&r block state tax coupon Subtract line 5 from line 4   6. H&r block state tax coupon         7. H&r block state tax coupon Enter the total value of this Coverdell ESA as of December 31, 2013,  plus any outstanding rollovers (see instructions)   7. H&r block state tax coupon         8. H&r block state tax coupon Add lines 4 and 7   8. H&r block state tax coupon         9. H&r block state tax coupon Divide line 3 by line 8. H&r block state tax coupon Enter the result as a decimal (rounded to  at least 3 places). H&r block state tax coupon If the result is 1. H&r block state tax coupon 000 or more, enter 1. H&r block state tax coupon 000   9. H&r block state tax coupon . H&r block state tax coupon       10. H&r block state tax coupon Multiply line 4 by line 9. H&r block state tax coupon This is the amount of basis allocated to your  distributions, and is tax free   10. H&r block state tax coupon     Note. H&r block state tax coupon If line 6 is zero, skip lines 11 through 13, enter -0- on line 14, and go to line 15. H&r block state tax coupon       11. H&r block state tax coupon Subtract line 10 from line 4   11. H&r block state tax coupon   12. H&r block state tax coupon Divide line 5 by line 4. H&r block state tax coupon Enter the result as a decimal (rounded to  at least 3 places). H&r block state tax coupon If the result is 1. H&r block state tax coupon 000 or more, enter 1. H&r block state tax coupon 000   12. H&r block state tax coupon . H&r block state tax coupon       13. H&r block state tax coupon Multiply line 11 by line 12. H&r block state tax coupon This is the amount of qualified education  expenses allocated to your distributions, and is tax free   13. H&r block state tax coupon   14. H&r block state tax coupon Subtract line 13 from line 11. H&r block state tax coupon This is the portion of the distributions from this  Coverdell ESA in 2013 that you must include in income   14. H&r block state tax coupon   15. H&r block state tax coupon Subtract line 10 from line 3. H&r block state tax coupon This is your basis in this Coverdell ESA as of December 31, 2013   15. H&r block state tax coupon   Part III. H&r block state tax coupon Summary (Complete only once)       16. H&r block state tax coupon Taxable amount. H&r block state tax coupon Add together all amounts on line 14 for all your Coverdell ESAs. H&r block state tax coupon Enter here  and include on Form 1040, line 21, or Form 1040NR, line 21, listing the type and amount of income on the dotted line   16. H&r block state tax coupon   Prev  Up  Next   Home   More Online Publications