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Georgia 500ez Form 2013

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Georgia 500ez Form 2013

Georgia 500ez form 2013 7. Georgia 500ez form 2013   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. Georgia 500ez form 2013 For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return. Georgia 500ez form 2013 There is no limit on the number of separate Coverdell ESAs that can be established for a designated beneficiary. Georgia 500ez form 2013 However, total contributions for the beneficiary in any year cannot be more than $2,000, no matter how many accounts have been established. Georgia 500ez form 2013 See Contributions , later. Georgia 500ez form 2013 This benefit applies not only to higher education expenses, but also to elementary and secondary education expenses. Georgia 500ez form 2013 What is the tax benefit of the Coverdell ESA. Georgia 500ez form 2013   Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed. Georgia 500ez form 2013   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. Georgia 500ez form 2013 See Tax-Free Distributions , later. Georgia 500ez form 2013    Table 7-1 summarizes the main features of the Coverdell ESA. Georgia 500ez form 2013 Table 7-1. Georgia 500ez form 2013 Coverdell ESA at a Glance Do not rely on this table alone. Georgia 500ez form 2013 It provides only general highlights. Georgia 500ez form 2013 See the text for definitions of terms in bold type and for more complete explanations. Georgia 500ez form 2013 Question Answer What is a Coverdell ESA? A savings account that is set up to pay the qualified education expenses of a designated beneficiary. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Who can have a Coverdell ESA? Any beneficiary who is under age 18 or is a special needs beneficiary. Georgia 500ez form 2013 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). Georgia 500ez form 2013 Are distributions tax free? Yes, if the distributions are not more than the beneficiary's adjusted qualified education expenses for the year. Georgia 500ez form 2013 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. Georgia 500ez form 2013 When the account is established, the designated beneficiary must be under age 18 or a special needs beneficiary. Georgia 500ez form 2013 To be treated as a Coverdell ESA, the account must be designated as a Coverdell ESA when it is created. Georgia 500ez form 2013 The document creating and governing the account must be in writing and must satisfy the following requirements. Georgia 500ez form 2013 The trustee or custodian must be a bank or an entity approved by the IRS. Georgia 500ez form 2013 The document must provide that the trustee or custodian can only accept a contribution that meets all of the following conditions. Georgia 500ez form 2013 The contribution is in cash. Georgia 500ez form 2013 The contribution is made before the beneficiary reaches age 18, unless the beneficiary is a special needs beneficiary. Georgia 500ez form 2013 The contribution would not result in total contributions for the year (not including rollover contributions) being more than $2,000. Georgia 500ez form 2013 Money in the account cannot be invested in life insurance contracts. Georgia 500ez form 2013 Money in the account cannot be combined with other property except in a common trust fund or common investment fund. Georgia 500ez form 2013 The balance in the account generally must be distributed within 30 days after the earlier of the following events. Georgia 500ez form 2013 The beneficiary reaches age 30, unless the beneficiary is a special needs beneficiary. Georgia 500ez form 2013 The beneficiary's death. Georgia 500ez form 2013 Qualified Education Expenses Generally, these are expenses required for the enrollment or attendance of the designated beneficiary at an eligible educational institution. Georgia 500ez form 2013 For purposes of Coverdell ESAs, the expenses can be either qualified higher education expenses or qualified elementary and secondary education expenses. Georgia 500ez form 2013 Designated beneficiary. Georgia 500ez form 2013   This is the individual named in the document creating the trust or custodial account to receive the benefit of the funds in the account. Georgia 500ez form 2013 Contributions to a qualified tuition program (QTP). Georgia 500ez form 2013   A contribution to a QTP is a qualified education expense if the contribution is on behalf of the designated beneficiary of the Coverdell ESA. Georgia 500ez form 2013 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. Georgia 500ez form 2013 See chapter 8, Qualified Tuition Program . Georgia 500ez form 2013 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. Georgia 500ez form 2013 Eligible postsecondary school. Georgia 500ez form 2013   This is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Georgia 500ez form 2013 S. Georgia 500ez form 2013 Department of Education. Georgia 500ez form 2013 It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Georgia 500ez form 2013 The educational institution should be able to tell you if it is an eligible educational institution. Georgia 500ez form 2013   Certain educational institutions located outside the United States also participate in the U. Georgia 500ez form 2013 S. Georgia 500ez form 2013 Department of Education's Federal Student Aid (FSA) programs. Georgia 500ez form 2013 Eligible elementary or secondary school. Georgia 500ez form 2013   This is any public, private, or religious school that provides elementary or secondary education (kindergarten through grade 12), as determined under state law. Georgia 500ez form 2013 Qualified Higher Education Expenses These are expenses related to enrollment or attendance at an eligible postsecondary school. Georgia 500ez form 2013 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. Georgia 500ez form 2013 The following expenses must be required for enrollment or attendance of a designated beneficiary at an eligible postsecondary school. Georgia 500ez form 2013 Tuition and fees. Georgia 500ez form 2013 Books, supplies, and equipment. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Expenses for room and board must be incurred by students who are enrolled at least half-time (defined below). Georgia 500ez form 2013 The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Georgia 500ez form 2013 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. Georgia 500ez form 2013 The actual amount charged if the student is residing in housing owned or operated by the school. Georgia 500ez form 2013 Half-time student. Georgia 500ez form 2013   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. Georgia 500ez form 2013 Qualified Elementary and Secondary Education Expenses These are expenses related to enrollment or attendance at an eligible elementary or secondary school. Georgia 500ez form 2013 As shown in the following list, to be qualified, some of the expenses must be required or provided by the school. Georgia 500ez form 2013 There are special rules for computer-related expenses. Georgia 500ez form 2013 The following expenses must be incurred by a designated beneficiary in connection with enrollment or attendance at an eligible elementary or secondary school. Georgia 500ez form 2013 Tuition and fees. Georgia 500ez form 2013 Books, supplies, and equipment. Georgia 500ez form 2013 Academic tutoring. Georgia 500ez form 2013 Special needs services for a special needs beneficiary. Georgia 500ez form 2013 The following expenses must be required or provided by an eligible elementary or secondary school in connection with attendance or enrollment at the school. Georgia 500ez form 2013 Room and board. Georgia 500ez form 2013 Uniforms. Georgia 500ez form 2013 Transportation. Georgia 500ez form 2013 Supplementary items and services (including extended day programs). Georgia 500ez form 2013 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. Georgia 500ez form 2013 (This does not include expenses for computer software designed for sports, games, or hobbies unless the software is predominantly educational in nature. Georgia 500ez form 2013 ) 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. Georgia 500ez form 2013 For individuals filing joint returns, that amount is $220,000. Georgia 500ez form 2013 Organizations, such as corporations and trusts, can also contribute to Coverdell ESAs. Georgia 500ez form 2013 There is no requirement that an organization's income be below a certain level. Georgia 500ez form 2013 Contributions must meet all of the following requirements. Georgia 500ez form 2013 They must be in cash. Georgia 500ez form 2013 They cannot be made after the beneficiary reaches age 18, unless the beneficiary is a special needs beneficiary. Georgia 500ez form 2013 They must be made by the due date of the contributor's tax return (not including extensions). Georgia 500ez form 2013 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. Georgia 500ez form 2013 Contributions can be made, without penalty, to both a Coverdell ESA and a QTP in the same year for the same beneficiary. Georgia 500ez form 2013 Table 7-2 summarizes many of the features of contributing to a Coverdell ESA. Georgia 500ez form 2013 When contributions considered made. Georgia 500ez form 2013   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. Georgia 500ez form 2013 They must be made by the due date (not including extensions) for filing your return for the preceding year. Georgia 500ez form 2013   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. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Limit for each designated beneficiary. Georgia 500ez form 2013   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. Georgia 500ez form 2013 This includes contributions (other than rollovers) to all the beneficiary's Coverdell ESAs from all sources. Georgia 500ez form 2013 Rollovers are discussed under Rollovers and Other Transfers , later. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 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. Georgia 500ez form 2013 In 2013, the total of all contributions to Maria's three Coverdell ESAs cannot be more than $2,000. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Or, if her parents contributed $1,000 and her aunt $600, her grandfather or someone else could contribute no more than $400. Georgia 500ez form 2013 These contributions could be put into any of Maria's Coverdell ESA accounts. Georgia 500ez form 2013 Limit for each contributor. Georgia 500ez form 2013   Generally, you can contribute up to $2,000 for each designated beneficiary for 2013. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 The facts are the same as in the previous example except that Maria Luna's older brother, Edgar, also has a Coverdell ESA. Georgia 500ez form 2013 If their grandfather contributed $2,000 to Maria's Coverdell ESA in 2013, he could also contribute $2,000 to Edgar's Coverdell ESA. Georgia 500ez form 2013 Reduced limit. Georgia 500ez form 2013   Your contribution limit may be reduced. Georgia 500ez form 2013 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). Georgia 500ez form 2013 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. Georgia 500ez form 2013 Table 7-2. Georgia 500ez form 2013 Coverdell ESA Contributions at a Glance Do not rely on this table alone. Georgia 500ez form 2013 It provides only general highlights. Georgia 500ez form 2013 See the text for more complete explanations. Georgia 500ez form 2013 Question Answer Are contributions deductible? No. Georgia 500ez form 2013 What is the annual contribution limit per designated beneficiary? $2,000 for each designated beneficiary. Georgia 500ez form 2013 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. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Can contributions other than cash be made to a Coverdell ESA? No. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Modified adjusted gross income (MAGI). Georgia 500ez form 2013   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return. Georgia 500ez form 2013 MAGI when using Form 1040A. Georgia 500ez form 2013   If you file Form 1040A, your MAGI is the AGI on line 22 of that form. Georgia 500ez form 2013 MAGI when using Form 1040. Georgia 500ez form 2013   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. Georgia 500ez form 2013 MAGI when using Form 1040NR. Georgia 500ez form 2013   If you file Form 1040NR, your MAGI is the AGI on line 36 of that form. Georgia 500ez form 2013 MAGI when using Form 1040NR-EZ. Georgia 500ez form 2013   If you file Form 1040NR-EZ, your MAGI is the AGI on line 10 of that form. Georgia 500ez form 2013   If you have any of these adjustments, you can use Worksheet 7-1. Georgia 500ez form 2013 MAGI for a Coverdell ESA , later, to figure your MAGI for Form 1040. Georgia 500ez form 2013 Worksheet 7-1. Georgia 500ez form 2013 MAGI for a Coverdell ESA 1. Georgia 500ez form 2013 Enter your adjusted gross income  (Form 1040, line 38)   1. Georgia 500ez form 2013   2. Georgia 500ez form 2013 Enter your foreign earned income exclusion and/or housing exclusion (Form 2555, line 45, or Form 2555-EZ, line 18)   2. Georgia 500ez form 2013       3. Georgia 500ez form 2013 Enter your foreign housing deduction (Form 2555, line 50)   3. Georgia 500ez form 2013         4. Georgia 500ez form 2013 Enter the amount of income from Puerto Rico you are excluding   4. Georgia 500ez form 2013       5. Georgia 500ez form 2013 Enter the amount of income from American Samoa you are excluding (Form 4563, line 15)   5. Georgia 500ez form 2013       6. Georgia 500ez form 2013 Add lines 2, 3, 4, and 5   6. Georgia 500ez form 2013   7. Georgia 500ez form 2013 Add lines 1 and 6. Georgia 500ez form 2013 This is your  modified adjusted gross income   7. Georgia 500ez form 2013   Figuring the limit. Georgia 500ez form 2013    To figure the limit on the amount you can contribute for each designated beneficiary, multiply $2,000 by a fraction. Georgia 500ez form 2013 The numerator (top number) is your MAGI minus $95,000 ($190,000 if filing a joint return). Georgia 500ez form 2013 The denominator (bottom number) is $15,000 ($30,000 if filing a joint return). Georgia 500ez form 2013 Subtract the result from $2,000. Georgia 500ez form 2013 This is the amount you can contribute for each beneficiary. Georgia 500ez form 2013 You can use Worksheet 7-2. Georgia 500ez form 2013 Coverdell ESA Contribution Limit to figure the limit on contributions. Georgia 500ez form 2013    Worksheet 7-2. Georgia 500ez form 2013 Coverdell ESA Contribution Limit 1. Georgia 500ez form 2013 Maximum contribution   1. Georgia 500ez form 2013 $2,000 2. Georgia 500ez form 2013 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. Georgia 500ez form 2013   3. Georgia 500ez form 2013 Enter $190,000 if married filing jointly; $95,000 for all other filers   3. Georgia 500ez form 2013   4. Georgia 500ez form 2013 Subtract line 3 from line 2. Georgia 500ez form 2013 If zero or less, enter -0- on line 4, skip lines 5 through 7, and enter $2,000 on line 8   4. Georgia 500ez form 2013   5. Georgia 500ez form 2013 Enter $30,000 if married filing jointly; $15,000 for all other filers   5. Georgia 500ez form 2013     Note. Georgia 500ez form 2013 If the amount on line 4 is greater than or equal to the amount on line 5, stop here. Georgia 500ez form 2013 You are not allowed to contribute to a Coverdell ESA for 2013. Georgia 500ez form 2013       6. Georgia 500ez form 2013 Divide line 4 by line 5 and enter the result as a decimal (rounded to at least 3 places)   6. Georgia 500ez form 2013 . Georgia 500ez form 2013 7. Georgia 500ez form 2013 Multiply line 1 by line 6   7. Georgia 500ez form 2013   8. Georgia 500ez form 2013 Subtract line 7 from line 1   8. Georgia 500ez form 2013   Note: The total Coverdell ESA contributions from all sources for the designated beneficiary during the tax year may not exceed $2,000. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 Paul, who is single, had a MAGI of $96,500 for 2013. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Worksheet 7-2. Georgia 500ez form 2013 Coverdell ESA Contribution Limit—Illustrated 1. Georgia 500ez form 2013 Maximum contribution   1. Georgia 500ez form 2013 $2,000 2. Georgia 500ez form 2013 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. Georgia 500ez form 2013 96,500 3. Georgia 500ez form 2013 Enter $190,000 if married filing jointly; $95,000 for all other filers   3. Georgia 500ez form 2013 95,000 4. Georgia 500ez form 2013 Subtract line 3 from line 2. Georgia 500ez form 2013 If zero or less, enter -0- on line 4, skip lines 5 through 7, and enter $2,000 on line 8   4. Georgia 500ez form 2013 1,500 5. Georgia 500ez form 2013 Enter $30,000 if married filing jointly; $15,000 for all other filers   5. Georgia 500ez form 2013 15,000   Note. Georgia 500ez form 2013 If the amount on line 4 is greater than or equal to the amount on line 5,  stop here. Georgia 500ez form 2013 You are not allowed to  contribute to a Coverdell ESA for 2013. Georgia 500ez form 2013       6. Georgia 500ez form 2013 Divide line 4 by line 5 and enter the result as a decimal (rounded to at least 3 places)   6. Georgia 500ez form 2013 . Georgia 500ez form 2013 100 7. Georgia 500ez form 2013 Multiply line 1 by line 6   7. Georgia 500ez form 2013 200 8. Georgia 500ez form 2013 Subtract line 7 from line 1   8. Georgia 500ez form 2013 1,800 Note: The total Coverdell ESA contributions from all sources for the designated beneficiary during the tax year may not exceed $2,000. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Excess contributions are the total of the following two amounts. Georgia 500ez form 2013 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). Georgia 500ez form 2013 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. Georgia 500ez form 2013 Exceptions. Georgia 500ez form 2013   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). Georgia 500ez form 2013   However, you must include the distributed earnings in gross income for the year in which the excess contribution was made. Georgia 500ez form 2013 You should receive Form 1099-Q, Payments From Qualified Education Programs, from each institution from which excess contributions were distributed. Georgia 500ez form 2013 Box 2 of that form will show the amount of earnings on your excess contributions. Georgia 500ez form 2013 Code “2” or “3” entered in the blank box below boxes 5 and 6 indicate the year in which the earnings are taxable. Georgia 500ez form 2013 See Instructions for Recipient on the back of copy B of your Form 1099-Q. Georgia 500ez form 2013 Enter the amount of earnings on line 21 of Form 1040 (or Form 1040NR) for the applicable tax year. Georgia 500ez form 2013 For more information, see Taxable Distributions , later. Georgia 500ez form 2013   The excise tax does not apply to any rollover contribution. Georgia 500ez form 2013 Note. Georgia 500ez form 2013 Contributions made in one year for the preceding tax year are considered to have been made on the last day of the preceding year. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 In 2012, Greta's parents and grandparents contributed a total of $2,300 to Greta's Coverdell ESA— an excess contribution of $300. Georgia 500ez form 2013 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. Georgia 500ez form 2013 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. Georgia 500ez form 2013 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. Georgia 500ez form 2013 (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. Georgia 500ez form 2013 Figuring and reporting the additional tax. Georgia 500ez form 2013   You figure this excise tax in Part V of Form 5329. Georgia 500ez form 2013 Report the additional tax on Form 1040, line 58 (or Form 1040NR, line 56). Georgia 500ez form 2013 Rollovers and Other Transfers Assets can be rolled over from one Coverdell ESA to another or the designated beneficiary can be changed. Georgia 500ez form 2013 The beneficiary's interest can be transferred to a spouse or former spouse because of divorce. Georgia 500ez form 2013 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. Georgia 500ez form 2013 This age limitation does not apply if the new beneficiary is a special needs beneficiary. Georgia 500ez form 2013 An amount is rolled over if it is paid to another Coverdell ESA within 60 days after the date of the distribution. Georgia 500ez form 2013 Do not report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040 or 1040NR. Georgia 500ez form 2013 These are not taxable distributions. Georgia 500ez form 2013 Members of the beneficiary's family. Georgia 500ez form 2013   For these purposes, the beneficiary's family includes the beneficiary's spouse and the following other relatives of the beneficiary. Georgia 500ez form 2013 Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. Georgia 500ez form 2013 Brother, sister, stepbrother, or stepsister. Georgia 500ez form 2013 Father or mother or ancestor of either. Georgia 500ez form 2013 Stepfather or stepmother. Georgia 500ez form 2013 Son or daughter of a brother or sister. Georgia 500ez form 2013 Brother or sister of father or mother. Georgia 500ez form 2013 Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. Georgia 500ez form 2013 The spouse of any individual listed above. Georgia 500ez form 2013 First cousin. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 When Aaron graduated from college last year he had $5,000 left in his Coverdell ESA. Georgia 500ez form 2013 He wanted to give this money to his younger sister, who was still in high school. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Only one rollover per Coverdell ESA is allowed during the 12-month period ending on the date of the payment or distribution. Georgia 500ez form 2013 This rule does not apply to the rollover of a military death gratuity or payment from Servicemembers' Group Life Insurance (SGLI). Georgia 500ez form 2013 Military death gratuity. Georgia 500ez form 2013   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). Georgia 500ez form 2013 Such payments are made to an eligible survivor upon the death of a member of the armed forces. Georgia 500ez form 2013 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. Georgia 500ez form 2013   This rollover contribution is not subject to (but is in addition to) the contribution limits discussed earlier under Contribution Limits . Georgia 500ez form 2013 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. Georgia 500ez form 2013   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. Georgia 500ez form 2013 See Distributions , later. Georgia 500ez form 2013 The limit of one rollover per Coverdell ESA during a 12-month period does not apply to a military death gratuity or SGLI payment. Georgia 500ez form 2013 Changing the Designated Beneficiary The designated beneficiary can be changed. Georgia 500ez form 2013 See Members of the beneficiary's family , earlier. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 Assume the same situation for Aaron as in the last example (see Rollovers , earlier). Georgia 500ez form 2013 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. Georgia 500ez form 2013 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. Georgia 500ez form 2013 After the transfer, the spouse or former spouse treats the Coverdell ESA as his or her own. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 In their divorce settlement, Peg received her ex-husband's Coverdell ESA. Georgia 500ez form 2013 In this process, the account was transferred into her name. Georgia 500ez form 2013 Peg now treats the funds in this Coverdell ESA as if she were the original owner. Georgia 500ez form 2013 Distributions The designated beneficiary of a Coverdell ESA can take a distribution at any time. Georgia 500ez form 2013 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. Georgia 500ez form 2013 See Table 7-3, Coverdell ESA Distributions at a Glance, for highlights. Georgia 500ez form 2013 Table 7-3. Georgia 500ez form 2013 Coverdell ESA Distributions at a Glance Do not rely on this table alone. Georgia 500ez form 2013 It provides only general highlights. Georgia 500ez form 2013 See the text for definitions of terms in bold type and for more complete explanations. Georgia 500ez form 2013 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. Georgia 500ez form 2013 After the designated beneficiary completes his or her education at an eligible educational institution, can amounts remaining in the Coverdell ESA be distributed? Yes. Georgia 500ez form 2013 Amounts must be distributed when the designated beneficiary reaches age 30, unless he or she is a special needs beneficiary. Georgia 500ez form 2013 Also, certain transfers to members of the beneficiary's family are permitted. Georgia 500ez form 2013 Does the designated beneficiary need to be enrolled for a minimum number of courses to take a tax-free distribution? No. Georgia 500ez form 2013 Adjusted qualified education expenses. Georgia 500ez form 2013   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. Georgia 500ez form 2013 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. Georgia 500ez form 2013 The amount you get by subtracting tax-free educational assistance from your total qualified education expenses is your adjusted qualified education expenses. Georgia 500ez form 2013 Tax-Free Distributions Generally, distributions are tax free if they are not more than the beneficiary's adjusted qualified education expenses for the year. Georgia 500ez form 2013 Do not report tax-free distributions (including qualifying rollovers) on your tax return. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Excess distribution. Georgia 500ez form 2013   This is the part of the total distribution that is more than the beneficiary's adjusted qualified education expenses for the year. Georgia 500ez form 2013 Earnings and basis. Georgia 500ez form 2013   You will receive a Form 1099-Q for each of the Coverdell ESAs from which money was distributed in 2013. Georgia 500ez form 2013 The amount of your gross distribution will be shown in box 1. Georgia 500ez form 2013 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. Georgia 500ez form 2013 This will be shown in the blank box below boxes 5 and 6. Georgia 500ez form 2013   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. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Figure the taxable portion for 2013 as shown in the following steps. Georgia 500ez form 2013 Multiply the total amount distributed by a fraction. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Subtract the amount figured in (1) from the total amount distributed during 2013. Georgia 500ez form 2013 The result is the amount of earnings included in the distribution(s). Georgia 500ez form 2013 Multiply the amount of earnings figured in (2) by a fraction. Georgia 500ez form 2013 The numerator is the adjusted qualified education expenses paid during 2013 and the denominator is the total amount distributed during 2013. Georgia 500ez form 2013 Subtract the amount figured in (3) from the amount figured in (2). Georgia 500ez form 2013 The result is the amount the beneficiary must include in income. Georgia 500ez form 2013 The taxable amount must be reported on Form 1040 or Form 1040NR, line 21. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 You received an $850 distribution from your Coverdell ESA, to which $1,500 had been contributed before 2013. Georgia 500ez form 2013 There were no contributions in 2013. Georgia 500ez form 2013 This is your first distribution from the account, so your basis in the account on December 31, 2012, was $1,500. Georgia 500ez form 2013 The value (balance) of your account on December 31, 2013, was $950. Georgia 500ez form 2013 You had $700 of adjusted qualified education expenses (AQEE) for the year. Georgia 500ez form 2013 Using the steps in Figuring the Taxable Portion of a Distribution , earlier, figure the taxable portion of your distribution as follows. Georgia 500ez form 2013   1. Georgia 500ez form 2013 $850 (distribution) × $1,500 basis + $0 contributions  $950 value + $850 distribution       =$708 (basis portion of distribution)     2. Georgia 500ez form 2013 $850 (distribution)−$708 (basis portion of distribution)     =$142 (earnings included in distribution)   3. Georgia 500ez form 2013 $142 (earnings) × $700 AQEE  $850 distribution           =$117 (tax-free earnings)     4. Georgia 500ez form 2013 $142 (earnings)−$117 (tax-free earnings)=$25 (taxable earnings)                 You must include $25 in income as distributed earnings not used for qualified education expenses. Georgia 500ez form 2013 Report this amount on Form 1040, line 21, listing the type and amount of income on the dotted line. Georgia 500ez form 2013 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). Georgia 500ez form 2013 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. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Example. Georgia 500ez form 2013 Derek Green had $5,800 of qualified higher education expenses for 2013, his first year in college. Georgia 500ez form 2013 He paid his college expenses from the following sources. Georgia 500ez form 2013     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. Georgia 500ez form 2013 Derek's parents claimed a $2,500 American opportunity credit (based on $4,000 expenses) on their tax return. Georgia 500ez form 2013 Before Derek can determine the taxable portion of his Coverdell ESA distribution, he must reduce his total qualified higher education expenses. Georgia 500ez form 2013     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. Georgia 500ez form 2013 The balance in Derek's account was $1,800 on December 31, 2013. Georgia 500ez form 2013 Prior to 2013, $2,100 had been contributed to this account. Georgia 500ez form 2013 Contributions for 2013 totaled $400. Georgia 500ez form 2013 Using the four steps outlined earlier, Derek figures the taxable portion of his distribution as shown below. Georgia 500ez form 2013   1. Georgia 500ez form 2013 $1,000 (distribution) × $2,100 basis + $400 contributions  $1,800 value + $1,000 distribution           =$893 (basis portion of distribution)     2. Georgia 500ez form 2013 $1,000 (distribution)−$893 (basis portion of distribution)     = $107 (earnings included in distribution)   3. Georgia 500ez form 2013 $107 (earnings) × $300 AQHEE  $1,000 distribution       =$32 (tax-free earnings)     4. Georgia 500ez form 2013 $107 (earnings)−$32 (tax-free earnings)=$75 (taxable earnings)                 Derek must include $75 in income (Form 1040, line 21). Georgia 500ez form 2013 This is the amount of distributed earnings not used for adjusted qualified higher education expenses. Georgia 500ez form 2013 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. Georgia 500ez form 2013 The following two examples illustrate possible allocations. Georgia 500ez form 2013 Example 1. Georgia 500ez form 2013 In 2013, Beatrice graduated from high school and began her first semester of college. Georgia 500ez form 2013 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. Georgia 500ez form 2013 To pay these expenses, Beatrice withdrew $800 from her Coverdell ESA and $4,200 from her QTP. Georgia 500ez form 2013 No one claimed Beatrice as a dependent, nor was she eligible for an education credit. Georgia 500ez form 2013 She did not receive any tax-free educational assistance in 2013. Georgia 500ez form 2013 Beatrice must allocate her total qualified education expenses between the two distributions. Georgia 500ez form 2013 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. Georgia 500ez form 2013 The qualified expenses are greater than the distribution, making the $800 Coverdell ESA distribution tax free. Georgia 500ez form 2013 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). Georgia 500ez form 2013 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. Georgia 500ez form 2013 Finally, Beatrice figures the taxable and tax-free portions of her QTP distribution based on her $3,000 of QHEE. Georgia 500ez form 2013 (See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program for more information. Georgia 500ez form 2013 ) Example 2. Georgia 500ez form 2013 Assume the same facts as in Example 1 , except that Beatrice withdrew $1,800 from her Coverdell ESA and $3,200 from her QTP. Georgia 500ez form 2013 In this case, she allocates her qualified education expenses as follows. Georgia 500ez form 2013 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. Georgia 500ez form 2013 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). Georgia 500ez form 2013   $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). Georgia 500ez form 2013 See Figuring the Taxable Portion of a Distribution , earlier, in this chapter. Georgia 500ez form 2013   QTP distribution based on her $2,400 of QHEE (see Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program). Georgia 500ez form 2013 The above examples show two types of allocation between distributions from a Coverdell ESA and a QTP. Georgia 500ez form 2013 However, you do not have to allocate your expenses in the same way. Georgia 500ez form 2013 You can use any reasonable method. Georgia 500ez form 2013 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. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Your basis is the total amount of contributions to that Coverdell ESA. Georgia 500ez form 2013 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. Georgia 500ez form 2013 If you have distributions from more than one Coverdell ESA account during a year, you must combine the information (amount of distribution, basis, etc. Georgia 500ez form 2013 ) from all such accounts in order to determine your taxable earnings for the year. Georgia 500ez form 2013 By doing this, the loss from one ESA account reduces the distributed earnings (if any) from any other ESA account. Georgia 500ez form 2013 For examples of the calculation, see Losses on QTP Investments in chapter 8, Qualified Tuition Program. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Exceptions. Georgia 500ez form 2013   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. Georgia 500ez form 2013 Made because the designated beneficiary is disabled. Georgia 500ez form 2013 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. Georgia 500ez form 2013 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. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Made on account of the attendance of the designated beneficiary at a U. Georgia 500ez form 2013 S. Georgia 500ez form 2013 military academy (such as the USMA at West Point). Georgia 500ez form 2013 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. Georgia 500ez form 2013 S. Georgia 500ez form 2013 Code) attributable to such attendance. Georgia 500ez form 2013 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). Georgia 500ez form 2013 Made before June 1, 2014, of an excess 2013 contribution (and any earnings on it). Georgia 500ez form 2013 The distributed earnings must be included in gross income for the year in which the excess contribution was made. Georgia 500ez form 2013 Exception (3) applies only to the extent the distribution is not more than the scholarship, allowance, or payment. Georgia 500ez form 2013 Figuring the additional tax. Georgia 500ez form 2013    Use Part II of Form 5329, to figure any additional tax. Georgia 500ez form 2013 Report the amount on Form 1040, line 58, or Form 1040NR, line 56. Georgia 500ez form 2013 When Assets Must Be Distributed Any assets remaining in a Coverdell ESA must be distributed when either one of the following two events occurs. Georgia 500ez form 2013 The designated beneficiary reaches age 30. Georgia 500ez form 2013 In this case, the remaining assets must be distributed within 30 days after the beneficiary reaches age 30. Georgia 500ez form 2013 However, this rule does not apply if the beneficiary is a special needs beneficiary. Georgia 500ez form 2013 The designated beneficiary dies before reaching age 30. Georgia 500ez form 2013 In this case, the remaining assets must generally be distributed within 30 days after the date of death. Georgia 500ez form 2013 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. Georgia 500ez form 2013 (“Family member” was defined earlier under Rollovers . Georgia 500ez form 2013 ) 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. Georgia 500ez form 2013 This age limitation does not apply if the new beneficiary is a special needs beneficiary. Georgia 500ez form 2013 There are no tax consequences as a result of the transfer. Georgia 500ez form 2013 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. Georgia 500ez form 2013 You determine these earnings as shown in the following two steps. Georgia 500ez form 2013 Multiply the amount distributed by a fraction. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Subtract the amount figured in (1) from the total amount distributed during 2013. Georgia 500ez form 2013 The result is the amount of earnings included in the distribution. Georgia 500ez form 2013 For an example, see steps (1) and (2) of the Example under Figuring the Taxable Portion of a Distribution, earlier. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Worksheet 7-3 Instructions. Georgia 500ez form 2013 Coverdell ESA—Taxable Distributions and Basis Line G. Georgia 500ez form 2013 Enter the total distributions received from all Coverdell ESAs during 2013. Georgia 500ez form 2013 Do not include amounts rolled over to another ESA within 60 days (only one rollover is allowed during any 12-month period). Georgia 500ez form 2013 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. Georgia 500ez form 2013 Line 2. Georgia 500ez form 2013 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. Georgia 500ez form 2013   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. Georgia 500ez form 2013 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. Georgia 500ez form 2013 For years after 2001, you can find that amount by using the ending basis from the worksheet in Publication 970 for that year. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Line 4. Georgia 500ez form 2013 Enter the total distributions received from this Coverdell ESA in 2013. Georgia 500ez form 2013 Do not include amounts rolled over to another Coverdell ESA within 60 days (only one rollover is allowed during any 12-month period). Georgia 500ez form 2013   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. Georgia 500ez form 2013 Line 7. Georgia 500ez form 2013 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. Georgia 500ez form 2013 A statement should be sent to you by January 31, 2014, for this Coverdell ESA showing the value on December 31, 2013. Georgia 500ez form 2013   A rollover is a tax-free withdrawal from one Coverdell ESA that is contributed to another Coverdell ESA. Georgia 500ez form 2013 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. Georgia 500ez form 2013 Worksheet 7-3. Georgia 500ez form 2013 Coverdell ESA—Taxable Distributions and Basis How to complete this worksheet. Georgia 500ez form 2013 • • • Complete Part I, lines A through H, on only one worksheet. Georgia 500ez form 2013  Complete a separate Part II, lines 1 through 15, for each of your Coverdell ESAs. Georgia 500ez form 2013  Complete Part III, the Summary (line 16), on only one worksheet. Georgia 500ez form 2013 Part I. Georgia 500ez form 2013 Qualified Education Expenses (Complete for total expenses)       A. Georgia 500ez form 2013 Enter your total qualified education expenses for 2013   A. Georgia 500ez form 2013   B. Georgia 500ez form 2013 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. Georgia 500ez form 2013         C. Georgia 500ez form 2013 Enter those qualified higher education expenses deducted on Schedule C or C-EZ (Form 1040). Georgia 500ez form 2013 Schedule F (Form 1040), or as a miscellaneous itemized deduction on Schedule A (Form 1040 or 1040NR)   C. Georgia 500ez form 2013         D. Georgia 500ez form 2013 Enter those qualified higher education expenses on which  an American opportunity or lifetime learning credit was based   D. Georgia 500ez form 2013         E. Georgia 500ez form 2013 Add lines B, C, and D   D. Georgia 500ez form 2013   F. Georgia 500ez form 2013 Subtract line E from line A. Georgia 500ez form 2013 This is your adjusted qualified education expense for 2013   E. Georgia 500ez form 2013   G. Georgia 500ez form 2013 Enter your total distributions from all Coverdell ESAs during 2013. Georgia 500ez form 2013 Do not include rollovers  or the return of excess contributions (see instructions)   F. Georgia 500ez form 2013   H. Georgia 500ez form 2013 Divide line F by line G. Georgia 500ez form 2013 Enter the result as a decimal (rounded to at least 3 places). Georgia 500ez form 2013 If the  result is 1. Georgia 500ez form 2013 000 or more, enter 1. Georgia 500ez form 2013 000   G. Georgia 500ez form 2013 . Georgia 500ez form 2013 Part II. Georgia 500ez form 2013 Taxable Distributions and Basis (Complete separately for each account) 1. Georgia 500ez form 2013 Enter the amount contributed to this Coverdell ESA for 2013, including contributions made for 2013 from January 1, 2014, through April 15, 2014. Georgia 500ez form 2013 Do not include rollovers or the return of excess contributions   1. Georgia 500ez form 2013   2. Georgia 500ez form 2013 Enter your basis in this Coverdell ESA as of December 31, 2012 (see instructions)   2. Georgia 500ez form 2013   3. Georgia 500ez form 2013 Add lines 1 and 2   3. Georgia 500ez form 2013   4. Georgia 500ez form 2013 Enter the total distributions from this Coverdell ESA during 2013. Georgia 500ez form 2013 Do not include rollovers  or the return of excess contributions (see instructions)   4. Georgia 500ez form 2013   5. Georgia 500ez form 2013 Multiply line 4 by line H. Georgia 500ez form 2013 This is the amount of adjusted qualified  education expense attributable to this Coverdell ESA   5. Georgia 500ez form 2013         6. Georgia 500ez form 2013 Subtract line 5 from line 4   6. Georgia 500ez form 2013         7. Georgia 500ez form 2013 Enter the total value of this Coverdell ESA as of December 31, 2013,  plus any outstanding rollovers (see instructions)   7. Georgia 500ez form 2013         8. Georgia 500ez form 2013 Add lines 4 and 7   8. Georgia 500ez form 2013         9. Georgia 500ez form 2013 Divide line 3 by line 8. Georgia 500ez form 2013 Enter the result as a decimal (rounded to  at least 3 places). Georgia 500ez form 2013 If the result is 1. Georgia 500ez form 2013 000 or more, enter 1. Georgia 500ez form 2013 000   9. Georgia 500ez form 2013 . Georgia 500ez form 2013       10. Georgia 500ez form 2013 Multiply line 4 by line 9. Georgia 500ez form 2013 This is the amount of basis allocated to your  distributions, and is tax free   10. Georgia 500ez form 2013     Note. Georgia 500ez form 2013 If line 6 is zero, skip lines 11 through 13, enter -0- on line 14, and go to line 15. Georgia 500ez form 2013       11. Georgia 500ez form 2013 Subtract line 10 from line 4   11. Georgia 500ez form 2013   12. Georgia 500ez form 2013 Divide line 5 by line 4. Georgia 500ez form 2013 Enter the result as a decimal (rounded to  at least 3 places). Georgia 500ez form 2013 If the result is 1. Georgia 500ez form 2013 000 or more, enter 1. Georgia 500ez form 2013 000   12. Georgia 500ez form 2013 . Georgia 500ez form 2013       13. Georgia 500ez form 2013 Multiply line 11 by line 12. Georgia 500ez form 2013 This is the amount of qualified education  expenses allocated to your distributions, and is tax free   13. Georgia 500ez form 2013   14. Georgia 500ez form 2013 Subtract line 13 from line 11. Georgia 500ez form 2013 This is the portion of the distributions from this  Coverdell ESA in 2013 that you must include in income   14. Georgia 500ez form 2013   15. Georgia 500ez form 2013 Subtract line 10 from line 3. Georgia 500ez form 2013 This is your basis in this Coverdell ESA as of December 31, 2013   15. Georgia 500ez form 2013   Part III. Georgia 500ez form 2013 Summary (Complete only once)       16. Georgia 500ez form 2013 Taxable amount. Georgia 500ez form 2013 Add together all amounts on line 14 for all your Coverdell ESAs. Georgia 500ez form 2013 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. Georgia 500ez form 2013   Prev  Up  Next   Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Wisconsin Department of Agriculture, Trade and Consumer Protection

Website: Wisconsin Department of Agriculture, Trade and Consumer Protection

Address: Wisconsin Department of Agriculture, Trade and Consumer Protection
Bureau of Consumer Protection
PO Box 8911
2811 Agriculture Dr.
Madison, WI 53708-8911

Phone Number: 608-224-4953

Toll-free: 1-800-422-7128 (WI)

TTY: 608-224-5058

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Financial Institutions

Website: Department of Financial Institutions

Address: Department of Financial Institutions
Bureau of Consumer Affairs
PO Box 8041
Madison, WI 53708-8041

Phone Number: 608-264-7969

TTY: 608-266-8818

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Office of the Commissioner of Insurance

Website: Office of the Commissioner of Insurance

Address: Office of the Commissioner of Insurance
125 S. Webster St.
Madison, WI 53703-3474

Phone Number: 608-266-3585

Toll-free: 1-800-236-8517 (WI)

TTY: 711 and ask for 608-266-3586

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Department of Financial Institutions

Website: Department of Financial Institutions

Address: Department of Financial Institutions
Division of Securities
PO Box 1768
Madison, WI 53701-1768

Phone Number: 608-266-1064

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Public Service Commission

Website: Public Service Commission

Address: Public Service Commission
Consumer Affairs Unit
PO Box 7854
Madison, WI 53707-7854

Phone Number: 608-266-2001

Toll-free: 1-800-225-7729

TTY: 608-267-1479

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The Georgia 500ez Form 2013

Georgia 500ez form 2013 Index A Accounting methods, Accounting Methods Accrual method, Accrual method. Georgia 500ez form 2013 Change in accounting method Section 481(a) adjustment. Georgia 500ez form 2013 , Change in accounting method. Georgia 500ez form 2013 Mark-to-market accounting method, Mark-to-market accounting method. Georgia 500ez form 2013 Nonaccrual experience method, Nonaccrual experience method. Georgia 500ez form 2013 Percentage of completion method, Percentage of completion method. Georgia 500ez form 2013 Accounting periods, Accounting Periods Accumulated earnings tax, Accumulated Earnings Tax Alternative minimum tax (AMT), Alternative Minimum Tax (AMT) At-risk limits, At-Risk Limits B Backup withholding, Backup withholding. Georgia 500ez form 2013 Below-market loans, Below-Market Loans C Capital contributions, Capital Contributions Capital losses, Capital Losses Charitable contributions, Charitable Contributions Closely held corporation: At-risk limits, Closely held corporation. Georgia 500ez form 2013 Closely held corporations:, Closely held corporations. Georgia 500ez form 2013 Comments, Comments and suggestions. Georgia 500ez form 2013 Corporate preference items, Corporate Preference Items Corporations, businesses taxed as, Businesses Taxed as Corporations Credits, Credits Credits: Foreign tax, Credits General business credit, Credits Prior year minimum tax, Credits D Distributions: Money or property. Georgia 500ez form 2013 , Money or Property Distributions Other, Constructive Distributions Reporting, Reporting Dividends and Other Distributions Stock or stock rights, Distributions of Stock or Stock Rights To shareholders, Distributions to Shareholders Dividends-received deduction, Dividends-Received Deduction E EFTPS, Electronic Federal Tax Payment System, Electronic Federal Tax Payment System (EFTPS). Georgia 500ez form 2013 Electronic filing, Electronic filing. Georgia 500ez form 2013 Energy-efficient commercial building property deduction, Energy-Efficient Commercial Building Property Deduction Estimated tax, Estimated Tax Extraordinary dividends, Extraordinary Dividends F Figuring: NOL carryovers, Figuring the NOL Carryover Tax, Figuring Tax Foreign tax credit, Credits Form: 1096, Form 1099-DIV. Georgia 500ez form 2013 1099–DIV, Form 1099-DIV. Georgia 500ez form 2013 1118, Credits 1120, Which form to file. Georgia 500ez form 2013 1120-W, How to figure each required installment. Georgia 500ez form 2013 1120X, Refunds. Georgia 500ez form 2013 , NOL carryback. Georgia 500ez form 2013 1138, Carryback expected. Georgia 500ez form 2013 1139, Refunds. Georgia 500ez form 2013 , NOL carryback. Georgia 500ez form 2013 2220, Form 2220. Georgia 500ez form 2013 3800, Credits, Recapture Taxes 4255, Recapture Taxes 4626, Form 4626. Georgia 500ez form 2013 5452, Form 5452. Georgia 500ez form 2013 7004, Extension of time to file. Georgia 500ez form 2013 8611, Recapture Taxes 8827, Credits 8832, Business formed after 1996. Georgia 500ez form 2013 8834, Recapture Taxes 8845, Recapture Taxes 8874, Recapture Taxes 8882, Recapture Taxes 8912, Credits G Going into business, Costs of Going Into Business I Income tax returns, Income Tax Return L Loans, below-market, Below-Market Loans M Minimum tax credit, Credits N Net operating losses, Net Operating Losses Nontaxable exchange of property for stock, Property Exchanged for Stock P Paid-in capital, Paid-in capital. Georgia 500ez form 2013 Passive activity limits, Passive Activity Limits Paying estimated tax, How to pay estimated tax. Georgia 500ez form 2013 Penalties Other, Other penalties. Georgia 500ez form 2013 Trust fund recovery, Trust fund recovery penalty. Georgia 500ez form 2013 Penalties: Estimated tax, Underpayment penalty. Georgia 500ez form 2013 Late filing of return, Late filing of return. Georgia 500ez form 2013 Late payment of tax, Late payment of tax. Georgia 500ez form 2013 Personal service corporation: Figuring tax, Qualified personal service corporation. Georgia 500ez form 2013 Personal service corporations:, Personal service corporations. Georgia 500ez form 2013 Preference items, Corporate Preference Items Q Qualified refinery property, election to expense, Election to Expense Qualified Refinery Property Qualifying shipping activities, income from, Income From Qualifying Shipping Activities R Recapture taxes: Childcare facilities and services credit , Recapture Taxes Indian employment credit, Recapture Taxes Investment credit, Recapture Taxes Low-income housing credit, Recapture Taxes New markets credit, Recapture Taxes Qualified plug-in electric and electric vehicle credit, Recapture Taxes Recordkeeping, Recordkeeping Related persons, Related Persons Retained earnings, Accumulated Earnings Tax S Suggestions, Comments and suggestions. Georgia 500ez form 2013 T Tax help, How To Get Tax Help Tax rate schedule, Tax Rate Schedule Tax, figuring, Figuring Tax Taxpayer Advocate, Contacting your Taxpayer Advocate. Georgia 500ez form 2013 TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications