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Myfreetaxes com tucson 30. Myfreetaxes com tucson   How To Figure Your Tax Table of Contents Introduction Figuring Your Tax Alternative Minimum Tax (AMT) Tax Figured by IRSFiling the Return Introduction After you have figured your income and deductions as explained in Parts One through Five, your next step is to figure your tax. Myfreetaxes com tucson This chapter discusses: The general steps you take to figure your tax, An additional tax you may have to pay called the alternative minimum tax (AMT), and The conditions you must meet if you want the IRS to figure your tax. Myfreetaxes com tucson Figuring Your Tax Your income tax is based on your taxable income. Myfreetaxes com tucson After you figure your income tax and AMT, if any, subtract your tax credits and add any other taxes you may owe. Myfreetaxes com tucson The result is your total tax. Myfreetaxes com tucson Compare your total tax with your total payments to determine whether you are entitled to a refund or if you must make a payment. Myfreetaxes com tucson This section provides a general outline of how to figure your tax. Myfreetaxes com tucson You can find step-by-step directions in the Instructions for Forms 1040EZ, 1040A, and 1040. Myfreetaxes com tucson If you are unsure of which tax form you should file, see Which Form Should I Use? in chapter 1. Myfreetaxes com tucson Tax. Myfreetaxes com tucson   Most taxpayers use either the Tax Table or the Tax Computation Worksheet to figure their income tax. Myfreetaxes com tucson However, there are special methods if your income includes any of the following items. Myfreetaxes com tucson A net capital gain. Myfreetaxes com tucson (See chapter 16. Myfreetaxes com tucson ) Qualified dividends taxed at the same rates as a net capital gain. Myfreetaxes com tucson (See chapters 8 and 16. Myfreetaxes com tucson ) Lump-sum distributions. Myfreetaxes com tucson (See chapter 10. Myfreetaxes com tucson ) Farming or fishing income. Myfreetaxes com tucson (See Schedule J (Form 1040), Income Averaging for Farmers and Fishermen. Myfreetaxes com tucson ) Unearned income over $2,000 for certain children. Myfreetaxes com tucson (See chapter 31. Myfreetaxes com tucson ) Parents' election to report child's interest and dividends. Myfreetaxes com tucson (See chapter 31. Myfreetaxes com tucson ) Foreign earned income exclusion or the housing exclusion. Myfreetaxes com tucson (See Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion, and the Foreign Earned Income Tax Worksheet in the Form 1040 instructions. Myfreetaxes com tucson ) Credits. Myfreetaxes com tucson   After you figure your income tax and any AMT (discussed later), determine if you are eligible for any tax credits. Myfreetaxes com tucson Eligibility information for these tax credits is discussed in chapters 32 through 37 and your form instructions. Myfreetaxes com tucson The following table lists the credits you may be able to subtract from your tax and shows where you can find more information on each credit. Myfreetaxes com tucson CREDITS For information on: See  chapter: Adoption 37 Alternative motor vehicle 37 Alternative fuel vehicle refueling  property 37 Child and dependent care 32 Child tax 34 Credit to holders of tax credit  bonds 37 Education 35 Elderly or disabled 33 Electric vehicle 37 Foreign tax 37 Mortgage interest 37 Prior year minimum tax 37 Residential energy 37 Retirement savings contributions 37   Some credits (such as the earned income credit) are not listed because they are treated as payments. Myfreetaxes com tucson See Payments , later. Myfreetaxes com tucson   There are other credits that are not discussed in this publication. Myfreetaxes com tucson These include the following credits. Myfreetaxes com tucson General business credit, which is made up of several separate business-related credits. Myfreetaxes com tucson These generally are reported on Form 3800, General Business Credit, and are discussed in chapter 4 of Publication 334, Tax Guide for Small Business. Myfreetaxes com tucson Renewable electricity, refined coal, and Indian coal production credit for electricity and refined coal produced at facilities placed in service after October 22, 2004 (after October 2, 2008, for electricity produced from marine and hydrokinetic renewables), and Indian coal produced at facilities placed in service after August 8, 2005. Myfreetaxes com tucson See Form 8835, Part II. Myfreetaxes com tucson Work opportunity credit. Myfreetaxes com tucson See Form 5884. Myfreetaxes com tucson Credit for employer social security and Medicare taxes paid on certain employee tips. Myfreetaxes com tucson See Form 8846. Myfreetaxes com tucson Other taxes. Myfreetaxes com tucson   After you subtract your tax credits, determine whether there are any other taxes you must pay. Myfreetaxes com tucson This chapter does not explain these other taxes. Myfreetaxes com tucson You can find that information in other chapters of this publication and your form instructions. Myfreetaxes com tucson See the following table for other taxes you may need to add to your income tax. Myfreetaxes com tucson OTHER TAXES For information on: See  chapter: Additional taxes on qualified retirement plans and IRAs 10, 17 Household employment taxes 32 Recapture of an education credit 35 Social security and Medicare tax on wages 5 Social security and Medicare tax on tips 6 Uncollected social security and Medicare tax on tips 6   You also may have to pay AMT (discussed later in this chapter). Myfreetaxes com tucson   There are other taxes that are not discussed in this publication. Myfreetaxes com tucson These include the following items. Myfreetaxes com tucson Self-employment tax. Myfreetaxes com tucson You must figure this tax if either of the following applies to you (or your spouse if you file a joint return). Myfreetaxes com tucson Your net earnings from self-employment from other than church employee income were $400 or more. Myfreetaxes com tucson The term “net earnings from self-employment” may include certain nonemployee compensation and other amounts reported to you on Form 1099-MISC, Miscellaneous Income. Myfreetaxes com tucson If you received a Form 1099-MISC, see the Instructions for Recipient on the back. Myfreetaxes com tucson Also see the Instructions for Schedule SE (Form 1040), Self-Employment Tax; and Publication 334, Tax Guide for Small Business. Myfreetaxes com tucson You had church employee income of $108. Myfreetaxes com tucson 28 or more. Myfreetaxes com tucson Additional Medicare Tax. Myfreetaxes com tucson Beginning in 2013, you may be subject to a 0. Myfreetaxes com tucson 9% Additional Medicare Tax that applies to Medicare wages, Railroad Retirement Act compensation, and self-employment income over a threshold based on your filing status. Myfreetaxes com tucson For more information, see the Instructions for Form 1040, line 60 and Form 8959. Myfreetaxes com tucson Net Investment Income Tax (NIIT). Myfreetaxes com tucson Beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Myfreetaxes com tucson NIIT is a 3. Myfreetaxes com tucson 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income over a threshold amount. Myfreetaxes com tucson For more information, see the Instructions for Form 1040, line 60 and Form 8960. Myfreetaxes com tucson Recapture taxes. Myfreetaxes com tucson You may have to pay these taxes if you previously claimed an investment credit, a low-income housing credit, a new markets credit, a qualified plug-in electric drive motor vehicle credit, an alternative motor vehicle credit, a credit for employer-provided child care facilities, an Indian employment credit, or other credits listed in the instructions for Form 1040, line 60. Myfreetaxes com tucson For more information, see the instructions for Form 1040, line 60. Myfreetaxes com tucson Section 72(m)(5) excess benefits tax. Myfreetaxes com tucson If you are (or were) a 5% owner of a business and you received a distribution that exceeds the benefits provided for you under the qualified pension or annuity plan formula, you may have to pay this additional tax. Myfreetaxes com tucson See Tax on Excess Benefits in chapter 4 of Publication 560, Retirement Plans for Small Business. Myfreetaxes com tucson Uncollected social security and Medicare tax on group-term life insurance. Myfreetaxes com tucson If your former employer provides you with more than $50,000 of group-term life insurance coverage, you must pay the employee part of social security and Medicare taxes on those premiums. Myfreetaxes com tucson The amount should be shown in box 12 of your Form W-2 with codes M and N. Myfreetaxes com tucson Tax on golden parachute payments. Myfreetaxes com tucson This tax applies if you received an “excess parachute payment” (EPP) due to a change in a corporation's ownership or control. Myfreetaxes com tucson The amount should be shown in box 12 of your Form W-2 with code K. Myfreetaxes com tucson See the instructions for Form 1040, line 60. Myfreetaxes com tucson Tax on accumulation distribution of trusts. Myfreetaxes com tucson This applies if you are the beneficiary of a trust that accumulated its income instead of distributing it currently. Myfreetaxes com tucson See Form 4970 and its instructions. Myfreetaxes com tucson Additional tax on HSAs or MSAs. Myfreetaxes com tucson If amounts contributed to, or distributed from, your health savings account or medical savings account do not meet the rules for these accounts, you may have to pay additional taxes. Myfreetaxes com tucson See Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans; Form 8853, Archer MSAs and Long-Term Care Insurance Contracts; Form 8889, Health Savings Accounts (HSAs); and Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. Myfreetaxes com tucson Additional tax on Coverdell ESAs. Myfreetaxes com tucson This applies if amounts contributed to, or distributed from, your Coverdell ESA do not meet the rules for these accounts. Myfreetaxes com tucson See Publication 970, Tax Benefits for Education, and Form 5329. Myfreetaxes com tucson Additional tax on qualified tuition programs. Myfreetaxes com tucson This applies to amounts distributed from qualified tuition programs that do not meet the rules for these accounts. Myfreetaxes com tucson See Publication 970 and Form 5329. Myfreetaxes com tucson Excise tax on insider stock compensation from an expatriated corporation. Myfreetaxes com tucson You may owe a 15% excise tax on the value of nonstatutory stock options and certain other stock-based compensation held by you or a member of your family from an expatriated corporation or its expanded affiliated group in which you were an officer, director, or more-than-10% owner. Myfreetaxes com tucson For more information, see the instructions for Form 1040, line 60. Myfreetaxes com tucson Additional tax on income you received from a nonqualified deferred compensation plan that fails to meet certain requirements. Myfreetaxes com tucson This income should be shown in Form W-2, box 12, with code Z, or in Form 1099-MISC, box 15b. Myfreetaxes com tucson For more information, see the instructions for Form 1040, line 60. Myfreetaxes com tucson Interest on the tax due on installment income from the sale of certain residential lots and timeshares. Myfreetaxes com tucson For more information, see the instructions for Form 1040, line 60. Myfreetaxes com tucson Interest on the deferred tax on gain from certain installment sales with a sales price over $150,000. Myfreetaxes com tucson For more information, see the instructions for Form 1040, line 60. Myfreetaxes com tucson Repayment of first-time homebuyer credit. Myfreetaxes com tucson For more information, see Form 5405, Repayment of the First-Time Homebuyer Credit, and its instructions. Myfreetaxes com tucson Also see the instructions for Form 1040, line 59b. Myfreetaxes com tucson Payments. Myfreetaxes com tucson   After you determine your total tax, figure the total payments you have already made for the year. Myfreetaxes com tucson Include credits that are treated as payments. Myfreetaxes com tucson This chapter does not explain these payments and credits. Myfreetaxes com tucson You can find that information in other chapters of this publication and your form instructions. Myfreetaxes com tucson See the following table for amounts you can include in your total payments. Myfreetaxes com tucson PAYMENTS For information on: See  chapter: Child tax credit (additional) 34 Earned income credit 36 Estimated tax paid 4 Excess social security   and RRTA tax withheld 37 Federal income tax withheld 4 Health coverage tax credit 37 Credit for tax on   undistributed capital gain 37 Tax paid with extension 1   Another credit that is treated as a payment is the credit for federal excise tax paid on fuels. Myfreetaxes com tucson This credit is for persons who have a nontaxable use of certain fuels, such as diesel fuel and kerosene. Myfreetaxes com tucson It is claimed on Form 1040, line 70. Myfreetaxes com tucson See Form 4136, Credit for Federal Tax Paid on Fuels. Myfreetaxes com tucson Refund or balance due. Myfreetaxes com tucson   To determine whether you are entitled to a refund or whether you must make a payment, compare your total payments with your total tax. Myfreetaxes com tucson If you are entitled to a refund, see your form instructions for information on having it directly deposited into one or more of your accounts, or to purchase U. Myfreetaxes com tucson S. Myfreetaxes com tucson savings bonds instead of receiving a paper check. Myfreetaxes com tucson Alternative Minimum Tax (AMT) This section briefly discusses an additional tax you may have to pay. Myfreetaxes com tucson The tax law gives special treatment to some kinds of income and allows special deductions and credits for some kinds of expenses. Myfreetaxes com tucson Taxpayers who benefit from this special treatment may have to pay at least a minimum amount of tax through an additional tax called AMT. Myfreetaxes com tucson You may have to pay the AMT if your taxable income for regular tax purposes, combined with certain adjustments and tax preference items, is more than a certain amount. Myfreetaxes com tucson See Form 6251, Alternative Minimum Tax — Individuals. Myfreetaxes com tucson Adjustments and tax preference items. Myfreetaxes com tucson   The more common adjustments and tax preference items include: Addition of personal exemptions, Addition of the standard deduction (if claimed), Addition of itemized deductions claimed for state and local taxes, certain interest, most miscellaneous deductions, and part of medical expenses, Subtraction of any refund of state and local taxes included in gross income, Changes to accelerated depreciation of certain property, Difference between gain or loss on the sale of property reported for regular tax purposes and AMT purposes, Addition of certain income from incentive stock options, Change in certain passive activity loss deductions, Addition of certain depletion that is more than the adjusted basis of the property, Addition of part of the deduction for certain intangible drilling costs, and Addition of tax-exempt interest on certain private activity bonds. Myfreetaxes com tucson More information. Myfreetaxes com tucson   For more information about the AMT, see the instructions for Form 6251. Myfreetaxes com tucson Tax Figured by IRS If you file by April 15, 2014, you can have the IRS figure your tax for you on Form 1040EZ, Form 1040A, or Form 1040. Myfreetaxes com tucson If the IRS figures your tax and you paid too much, you will receive a refund. Myfreetaxes com tucson If you did not pay enough, you will receive a bill for the balance. Myfreetaxes com tucson To avoid interest or the penalty for late payment, you must pay the bill within 30 days of the date of the bill or by the due date for your return, whichever is later. Myfreetaxes com tucson The IRS can also figure the credit for the elderly or the disabled and the earned income credit for you. Myfreetaxes com tucson When the IRS cannot figure your tax. Myfreetaxes com tucson   The IRS cannot figure your tax for you if any of the following apply. Myfreetaxes com tucson You want your refund directly deposited into your accounts. Myfreetaxes com tucson You want any part of your refund applied to your 2014 estimated tax. Myfreetaxes com tucson You had income for the year from sources other than wages, salaries, tips, interest, dividends, taxable social security benefits, unemployment compensation, IRA distributions, pensions, and annuities. Myfreetaxes com tucson Your taxable income is $100,000 or more. Myfreetaxes com tucson You itemize deductions. Myfreetaxes com tucson You file any of the following forms. Myfreetaxes com tucson Form 2555, Foreign Earned Income. Myfreetaxes com tucson Form 2555-EZ, Foreign Earned Income Exclusion. Myfreetaxes com tucson Form 4137, Social Security and Medicare Tax on Unreported Tip Income. Myfreetaxes com tucson Form 4970, Tax on Accumulation Distribution of Trusts. Myfreetaxes com tucson Form 4972, Tax on Lump-Sum Distributions. Myfreetaxes com tucson Form 6198, At-Risk Limitations. Myfreetaxes com tucson Form 6251, Alternative Minimum Tax—Individuals. Myfreetaxes com tucson Form 8606, Nondeductible IRAs. Myfreetaxes com tucson Form 8615, Tax for Certain Children Who Have Unearned Income. Myfreetaxes com tucson Form 8814, Parents' Election To Report Child's Interest and Dividends. Myfreetaxes com tucson Form 8839, Qualified Adoption Expenses. Myfreetaxes com tucson Form 8853, Archer MSAs and Long-Term Care Insurance Contracts. Myfreetaxes com tucson Form 8889, Health Savings Accounts (HSAs). Myfreetaxes com tucson Form 8919, Uncollected Social Security and Medicare Tax on Wages. Myfreetaxes com tucson Filing the Return After you complete the line entries for the tax form you are filing, fill in your name and address. Myfreetaxes com tucson Enter your social security number in the space provided. Myfreetaxes com tucson If you are married, enter the social security numbers of you and your spouse even if you file separately. Myfreetaxes com tucson Sign and date your return and enter your occupation(s). Myfreetaxes com tucson If you are filing a joint return, both you and your spouse must sign it. Myfreetaxes com tucson Enter your daytime phone number in the space provided. Myfreetaxes com tucson This may help speed the processing of your return if we have a question that can be answered over the phone. Myfreetaxes com tucson If you are filing a joint return, you may enter either your or your spouse's daytime phone number. Myfreetaxes com tucson If you want to allow a friend, family member, or any other person you choose to discuss your 2013 tax return with the IRS, check the “Yes” box in the “Third party designee” area on your return. Myfreetaxes com tucson Also enter the designee's name, phone number, and any five digits the designee chooses as his or her personal identification number (PIN). Myfreetaxes com tucson If you check the “Yes” box, you, and your spouse if filing a joint return, are authorizing the IRS to call the designee to answer any questions that may arise during the processing of your return. Myfreetaxes com tucson Fill in and attach any schedules and forms asked for on the lines you completed to your paper return. Myfreetaxes com tucson Attach a copy of each of your Forms W-2 to your paper return. Myfreetaxes com tucson Also attach to your paper return any Form 1099-R you received that has withholding tax in box 4. Myfreetaxes com tucson Mail your return to the Internal Revenue Service Center for the area where you live. Myfreetaxes com tucson A list of Service Center addresses is in the instructions for your tax return. Myfreetaxes com tucson Form 1040EZ Line Entries Read lines 1 through 8b and fill in the lines that apply to you. Myfreetaxes com tucson Do not complete lines 9 through 12. Myfreetaxes com tucson If you are filing a joint return, use the space to the left of line 6 to separately show your taxable income and your spouse's taxable income. Myfreetaxes com tucson Payments. Myfreetaxes com tucson   Enter any federal income tax withheld on line 7. Myfreetaxes com tucson Federal income tax withheld is shown on Form W-2, box 2, or Form 1099, box 4. Myfreetaxes com tucson Earned income credit. Myfreetaxes com tucson   If you can take this credit, as discussed in chapter 36, the IRS can figure it for you. Myfreetaxes com tucson Enter “EIC” in the space to the left of line 8a. Myfreetaxes com tucson Enter the nontaxable combat pay you elect to include in earned income on line 8b. Myfreetaxes com tucson   If your credit for any year after 1996 was reduced or disallowed by the IRS, you may also have to file Form 8862, Information To Claim Earned Income Credit After Disallowance, with your return. Myfreetaxes com tucson For details, see the Form 1040EZ Instructions. Myfreetaxes com tucson Form 1040A Line Entries Read lines 1 through 27 and fill in the lines that apply to you. Myfreetaxes com tucson If you are filing a joint return, use the space to the left of the entry space for line 27 to separately show your taxable income and your spouse's taxable income. Myfreetaxes com tucson Do not complete line 28. Myfreetaxes com tucson Complete lines 29 through 33 and 36 through 40 if they apply to you. Myfreetaxes com tucson However, do not fill in lines 30 and 38a if you want the IRS to figure the credits shown on those lines. Myfreetaxes com tucson Also, enter any write-in information that applies to you in the space to the left of line 41. Myfreetaxes com tucson Do not complete lines 34, 35, and 42 through 46. Myfreetaxes com tucson Payments. Myfreetaxes com tucson   Enter any federal income tax withheld that is shown on Form W-2, box 2, or Form 1099, box 4, on line 36. Myfreetaxes com tucson Enter any estimated tax payments you made on line 37. Myfreetaxes com tucson Credit for child and dependent care expenses. Myfreetaxes com tucson   If you can take this credit, as discussed in chapter 32, complete Form 2441, Child and Dependent Care Expenses, and attach it to your return. Myfreetaxes com tucson Enter the amount of the credit on line 29. Myfreetaxes com tucson The IRS will not figure this credit. Myfreetaxes com tucson Credit for the elderly or the disabled. Myfreetaxes com tucson   If you can take this credit, as discussed in chapter 33, the IRS can figure it for you. Myfreetaxes com tucson Enter “CFE” in the space to the left of line 30 and attach Schedule R (Form 1040A or 1040), Credit for the Elderly or the Disabled, to your paper return. Myfreetaxes com tucson On Schedule R (Form 1040A or 1040), check the box in Part I for your filing status and age. Myfreetaxes com tucson Complete Part II and Part III, lines 11 and 13, if they apply. Myfreetaxes com tucson Earned income credit. Myfreetaxes com tucson   If you can take this credit, as discussed in chapter 36, the IRS can figure it for you. Myfreetaxes com tucson Enter “EIC” to the left of the entry space for line 38a. Myfreetaxes com tucson Enter the nontaxable combat pay you elect to include in earned income on line 38b. Myfreetaxes com tucson    If you have a qualifying child, you must fill in Schedule EIC (Form 1040A or 1040), Earned Income Credit, and attach it to your paper return. Myfreetaxes com tucson If you do not provide the child's social security number on Schedule EIC, line 2, the credit will be reduced or disallowed unless the child was born and died in 2013. Myfreetaxes com tucson   If your credit for any year after 1996 was reduced or disallowed by the IRS, you may also have to file Form 8862 with your return. Myfreetaxes com tucson For details, see the Form 1040A Instructions. Myfreetaxes com tucson Form 1040 Line Entries Read lines 1 through 43 and fill in the lines that apply to you. Myfreetaxes com tucson Do not complete line 44. Myfreetaxes com tucson If you are filing a joint return, use the space under the words “Adjusted Gross Income” on the front of your return to separately show your taxable income and your spouse's taxable income. Myfreetaxes com tucson Read lines 45 through 71. Myfreetaxes com tucson Fill in the lines that apply to you, but do not fill in lines 54, 61, and 72. Myfreetaxes com tucson Also, do not complete line 55 and lines 73 through 77. Myfreetaxes com tucson Do not fill in line 53, box “c,” if you are completing Schedule R (Form 1040A or 1040), or line 64a if you want the IRS to figure the credits shown on those lines. Myfreetaxes com tucson Payments. Myfreetaxes com tucson   Enter any federal income tax withheld that is shown on Form W-2, box 2, or Form 1099, box 4, on line 62. Myfreetaxes com tucson Enter any estimated tax payments you made on line 63. Myfreetaxes com tucson Credit for child and dependent care expenses. Myfreetaxes com tucson   If you can take this credit, as discussed in chapter 32, complete Form 2441 and attach it to your paper return. Myfreetaxes com tucson Enter the amount of the credit on line 48. Myfreetaxes com tucson The IRS will not figure this credit. Myfreetaxes com tucson Credit for the elderly or the disabled. Myfreetaxes com tucson   If you can take this credit, as discussed in chapter 33, the IRS can figure it for you. Myfreetaxes com tucson Enter “CFE” on the line next to line 53, check box “c,” and attach Schedule R (Form 1040A or 1040) to your paper return. Myfreetaxes com tucson On Schedule R (Form 1040A or 1040), check the box in Part I for your filing status and age. Myfreetaxes com tucson Complete Part II and Part III, lines 11 and 13, if they apply. Myfreetaxes com tucson Earned income credit. Myfreetaxes com tucson   If you can take this credit, as discussed in chapter 36, the IRS can figure it for you. Myfreetaxes com tucson Enter “EIC” on the dotted line next to Form 1040, line 64a. Myfreetaxes com tucson Enter the nontaxable combat pay you elect to include in earned income on line 64b. Myfreetaxes com tucson   If you have a qualifying child, you must fill in Schedule EIC (Form 1040A or 1040), Earned Income Credit, and attach it to your paper return. Myfreetaxes com tucson If you do not provide the child's social security number on Schedule EIC, line 2, the credit will be reduced or disallowed unless the child was born and died in 2013. Myfreetaxes com tucson   If your credit for any year after 1996 was reduced or disallowed by the IRS, you may also have to file Form 8862 with your return. Myfreetaxes com tucson For details, see the Form 1040 Instructions. Myfreetaxes com tucson Prev  Up  Next   Home   More Online Publications
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Qualifying Advanced Energy Project Credit (section 48C)

What's New

Notice 2013-12 Announces New Allocation Round; $150,228,397 Available

Notice 2013-12, issued February 7, 2013, announced the availability of $150,228,397 in section 48C tax credits in the Phase II allocation round in 2013.  Application procedures are different than in the first allocation round.  The first deadline to be met is April 9, 2013.  See Notice 2013-12 and the updated Frequently Asked Questions, available through the links below.  The Frequently Asked Questions are updated every Monday.

Overview

The Qualifying Advanced Energy Project tax credit is a credit for businesses which establish, expand or re-equip a manufacturing facility for the production of —

  • property designed to be used to produce energy from the sun, wind, geothermal deposits or other renewable resources,
  • fuel cells, microturbines, or an energy storage system for use with electric or hybrid-electric motor vehicles,
  • electric grids to support the transmission of intermittent sources of renewable energy, including storage of such energy,
  • property designed to capture and sequester carbon dioxide emissions,
  • property designed to refine or blend renewable fuels or to produce energy conservation technologies (including energy-conserving lighting technologies and smart grid technologies),
  • new qualified plug-in electric drive motor vehicles, qualified plug-in electric vehicles, or components which are designed specifically for use with such vehicles, including electric motors, generators, and power control units, or
  • other advanced energy property designed to reduce greenhouse gas emissions.

An example is building a factory to manufacture solar panels.

Because the credit was enacted as section 48C of the Internal Revenue Code (Title 26 of the U.S. Code), it is sometimes referred to as the section 48C (§ 48C) credit.

The credit amount is 30% of qualified investment in selected manufacturing facilities. Taxpayers must apply in advance and have their facilities selected to be eligible for the credit.  The process for applying and being allocated a credit is summarized as follows (details are in Notice 2013-12):

  • The taxpayer applies for the credit.
  • If approved, the IRS sends the taxpayer a letter allocating a credit to the taxpayer’s project.
  • The taxpayer sends the IRS two signed copies of the required agreement (Appendix A of Notice 2013-12).
  • The IRS signs the two copies of the agreement and returns one to the taxpayer.
  • Within 1 year of the date of the allocation letter, the taxpayer sends the IRS a request for certification of its project documenting its progress implementing the project.
  • If the IRS approves it sends the taxpayer a certification letter.
  • Within 3 years of the date of the certification letter, the taxpayer completes its project and notifies the IRS.

General 48C Resources

Section 48C of the Internal Revenue Code 

Phase II Program (2013) Resources

Notice 2013-12 -- how the Phase II program in 2013 works

Frequently Asked Questions – updated every Monday

Webinar on how to apply – an informational webinar on the 48C Phase II Program hosted by the Department of Energy on February 19, 2013.  Scroll down to the 48C section and select the “48C_Webinar” link. 

Phase II Application Portal -- all 2013 applications must be submitted through this site. Select FOA number 48C-0002013 then read the instructions on the next screen.  Click on the “EERE_eXCHANGE_48C_Applicant_User_Guide” link to view or download the user guide.  Click on the “Apply” button to register and begin the application process.”

Fillable template of the agreement required in the Phase II program in 2013

Phase I Program (2009) Resources

Notice 2009-72 – how the Phase I program in 2009 works

Fillable template of the agreement required in the Phase I program in 2009

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Please send questions about the program to the IRS by fax at 713-209-3964 or by telephone at 713-209-3669.  Please include both your telephone number and fax number in your message.  Tell us whether you prefer a response by fax or telephone.  We will ensure that we respond to every question we receive by March 26, 2013, in time for you to meet the first deadline on April 9, 2013.  For questions we receive after March 26, 2013, we will do our best to answer as quickly as possible, but we cannot ensure that we will answer them in time for you to meet the April 9 deadline.

Page Last Reviewed or Updated: 21-Feb-2014

The Myfreetaxes Com Tucson

Myfreetaxes com tucson Index A Administrative adjustment requests, Amended Returns and Administrative Adjustment Requests (AARs) Allocations Built-in gain or loss, Allocations to account for built-in gain or loss. Myfreetaxes com tucson Installment sale, Installment reporting for sale of partnership interest. Myfreetaxes com tucson Amended returns, Amended Returns and Administrative Adjustment Requests (AARs) Assistance (see Tax help) B Built-in gain or loss, Allocations to account for built-in gain or loss. Myfreetaxes com tucson C C corporation, TEFRA, Small Partnerships and the Small Partnership Exception Capital interest, Capital interest. Myfreetaxes com tucson , Capital interest. Myfreetaxes com tucson Comments on publication, Comments and suggestions. Myfreetaxes com tucson Contribution Basis of property, Basis of contributed property. Myfreetaxes com tucson Built-in gain or loss, Allocations to account for built-in gain or loss. Myfreetaxes com tucson Distribution of property, Distribution of contributed property to another partner. Myfreetaxes com tucson Net precontribution gain, Net precontribution gain. Myfreetaxes com tucson Property, Contribution of Property Services, Contribution of Services D Definition, partnership, Forming a Partnership Determining ownership, More than 50% ownership. Myfreetaxes com tucson Distributions Gain or loss, Partner's Gain or Loss Partner's debt, Distribution of partner's debt. Myfreetaxes com tucson Partnership, Partnership Distributions Distributive share Adjusted basis, Adjusted Basis Guaranteed payments, Guaranteed Payments E e-file, IRS e-file (Electronic Filing) Electronic filing, IRS e-file (Electronic Filing) F Family partnership, Family Partnership Form 8275, Form 8275 required. Myfreetaxes com tucson 8308, Information return required of partnership. Myfreetaxes com tucson 8832, Organizations formed after 1996. Myfreetaxes com tucson 8865, Contribution to foreign partnership. Myfreetaxes com tucson G Guaranteed payments, Guaranteed Payments I Insurance, self-employed health, Self-employed health insurance premiums. Myfreetaxes com tucson Inventory items, substantially appreciated, Substantially appreciated inventory items. Myfreetaxes com tucson L Liability Assumption of, Assumption of liability. Myfreetaxes com tucson Partner's assumed by partnership, Partner's liabilities assumed by partnership. Myfreetaxes com tucson Partnership's, Effect of Partnership Liabilities Limited liability company, Limited liability company. Myfreetaxes com tucson Liquidation Constructive, Constructive liquidation. Myfreetaxes com tucson Partner's interest, Complete liquidation of partner's interest. Myfreetaxes com tucson Partner's retirement or death, Liquidation at Partner's Retirement or Death Losses Sales or exchanges, Losses. Myfreetaxes com tucson M Marketable securities, Marketable securities treated as money. Myfreetaxes com tucson N Notice group, TEFRA, Notice group. Myfreetaxes com tucson Notice partner, TEFRA, Notice partner. Myfreetaxes com tucson P Partner's Basis Distributed property, Partner's Basis for Distributed Property Partnership interest, Basis of Partner's Interest Interest Acquired by gift, Interest acquired by gift, etc. Myfreetaxes com tucson Alternative rule, adjusted basis, Alternative rule for figuring adjusted basis. Myfreetaxes com tucson Basis, Basis of Partner's Interest Basis adjustments, Adjusted Basis Book value, Book value of partner's interest. Myfreetaxes com tucson Liquidation of, Complete liquidation of partner's interest. Myfreetaxes com tucson , Liquidation at Partner's Retirement or Death Mandatory basis adjustment, Mandatory adjustment. Myfreetaxes com tucson Sale, exchange, transfer, Sale, Exchange, or Other Transfer Special basis adjustment, Special adjustment to basis. Myfreetaxes com tucson Transactions with partnership, Transactions Between Partnership and Partners Partnership Abandoned or worthless interest, Abandoned or worthless partnership interest. Myfreetaxes com tucson Agreement, Partnership Agreement Basis, contributed property, Basis of contributed property. Myfreetaxes com tucson Capital interest, Capital interest. Myfreetaxes com tucson Defined, Forming a Partnership Exclusion from rules, Exclusion From Partnership Rules Family, Family Partnership Forming, Forming a Partnership Liabilities, Effect of Partnership Liabilities Terminating, Terminating a Partnership Transactions with partner, Transactions Between Partnership and Partners Partnership item, TEFRA, Partnership Item. Myfreetaxes com tucson Precontribution gain, Net precontribution gain. Myfreetaxes com tucson Profits interest, Profits interest. Myfreetaxes com tucson Publications (see Tax help) R Related person, Related person. Myfreetaxes com tucson S Self-employed health insurance, Self-employed health insurance premiums. Myfreetaxes com tucson Short period return, Short period return. Myfreetaxes com tucson Small partnership exception to TEFRA, Small Partnerships and the Small Partnership Exception, Small Partnership TEFRA Election Statute of Limitations and TEFRA, Statute of Limitations and TEFRA Substantially appreciated inventory items, Substantially appreciated inventory items. Myfreetaxes com tucson Suggestions for publication, Comments and suggestions. Myfreetaxes com tucson T Tax help, How To Get Tax Help Tax matters partner, Role of Tax Matters Partner (TMP) in TEFRA Proceedings Tax withholding, foreign person or firm, Withholding on foreign partner or firm. Myfreetaxes com tucson TEFRA, Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) Terminating a partnership, Terminating a Partnership TTY/TDD information, How To Get Tax Help U Uniform Limited Partnership ACT (ULPA), Role of Tax Matters Partner (TMP) in TEFRA Proceedings Unrealized receivables, Unrealized receivables. Myfreetaxes com tucson Prev  Up     Home   More Online Publications