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Www.irs Tax Form 1040ez For 2012

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Www.irs Tax Form 1040ez For 2012

Www. Www.irs tax form 1040ez for 2012 irs tax form 1040ez for 2012 Publication 969 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Www.irs tax form 1040ez for 2012 Tax questions. Www.irs tax form 1040ez for 2012 What's New Federal tax benefits for same-sex married couples. Www.irs tax form 1040ez for 2012   For federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. Www.irs tax form 1040ez for 2012 For more information, see Publication 501. Www.irs tax form 1040ez for 2012 Health flexible spending arrangements (FSAs). Www.irs tax form 1040ez for 2012  The following rules apply to health FSAs for plan years beginning after December 31, 2012. Www.irs tax form 1040ez for 2012 Salary reduction contributions to your health FSA cannot be more than $2,500 a year (indexed for inflation). Www.irs tax form 1040ez for 2012 Your employer may choose to change your cafeteria plan to allow you to carry over up to $500 of unused amounts remaining at the end of the plan year in a health FSA to be paid or reimbursed for qualified medical expenses incurred during the following plan year. Www.irs tax form 1040ez for 2012 For more information, see Balance in an FSA under Flexible Spending Arrangements (FSAs), later. Www.irs tax form 1040ez for 2012 Reminders Future Developments. Www.irs tax form 1040ez for 2012  For the latest information about developments related to Publication 969, such as legislation enacted after it was published, go to www. Www.irs tax form 1040ez for 2012 IRS. Www.irs tax form 1040ez for 2012 gov/pub969. Www.irs tax form 1040ez for 2012 Photographs of missing children. Www.irs tax form 1040ez for 2012  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Www.irs tax form 1040ez for 2012 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Www.irs tax form 1040ez for 2012 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Www.irs tax form 1040ez for 2012 Introduction Various programs are designed to give individuals tax advantages to offset health care costs. Www.irs tax form 1040ez for 2012 This publication explains the following programs. Www.irs tax form 1040ez for 2012 Health savings accounts (HSAs). Www.irs tax form 1040ez for 2012 Medical savings accounts (Archer MSAs and Medicare Advantage MSAs). Www.irs tax form 1040ez for 2012 Health flexible spending arrangements (FSAs). Www.irs tax form 1040ez for 2012 Health reimbursement arrangements (HRAs). Www.irs tax form 1040ez for 2012 An HSA may receive contributions from an eligible individual or any other person, including an employer or a family member, on behalf of an eligible individual. Www.irs tax form 1040ez for 2012 Contributions, other than employer contributions, are deductible on the eligible individual's return whether or not the individual itemizes deductions. Www.irs tax form 1040ez for 2012 Employer contributions are not included in income. Www.irs tax form 1040ez for 2012 Distributions from an HSA that are used to pay qualified medical expenses are not taxed. Www.irs tax form 1040ez for 2012 An Archer MSA may receive contributions from an eligible individual and his or her employer, but not both in the same year. Www.irs tax form 1040ez for 2012 Contributions by the individual are deductible whether or not the individual itemizes deductions. Www.irs tax form 1040ez for 2012 Employer contributions are not included in income. Www.irs tax form 1040ez for 2012 Distributions from an Archer MSA that are used to pay qualified medical expenses are not taxed. Www.irs tax form 1040ez for 2012 A Medicare Advantage MSA is an Archer MSA designated by Medicare to be used solely to pay the qualified medical expenses of the account holder who is enrolled in Medicare. Www.irs tax form 1040ez for 2012 Contributions can only be made by Medicare. Www.irs tax form 1040ez for 2012 The contributions are not included in your income. Www.irs tax form 1040ez for 2012 Distributions from a Medicare Advantage MSA that are used to pay qualified medical expenses are not taxed. Www.irs tax form 1040ez for 2012 A health FSA may receive contributions from an eligible individual. Www.irs tax form 1040ez for 2012 Employers may also contribute. Www.irs tax form 1040ez for 2012 Contributions are not includible in income. Www.irs tax form 1040ez for 2012 Reimbursements from an FSA that are used to pay qualified medical expenses are not taxed. Www.irs tax form 1040ez for 2012 An HRA must receive contributions from the employer only. Www.irs tax form 1040ez for 2012 Employees may not contribute. Www.irs tax form 1040ez for 2012 Contributions are not includible in income. Www.irs tax form 1040ez for 2012 Reimbursements from an HRA that are used to pay qualified medical expenses are not taxed. Www.irs tax form 1040ez for 2012 Comments and suggestions. Www.irs tax form 1040ez for 2012   We welcome your comments about this publication and your suggestions for future editions. Www.irs tax form 1040ez for 2012   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Www.irs tax form 1040ez for 2012 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Www.irs tax form 1040ez for 2012 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Www.irs tax form 1040ez for 2012   You can send your comments from www. Www.irs tax form 1040ez for 2012 irs. Www.irs tax form 1040ez for 2012 gov/formspubs. Www.irs tax form 1040ez for 2012 Click on “More Information” and then on “Comment on Tax Forms and Publications. Www.irs tax form 1040ez for 2012 ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Www.irs tax form 1040ez for 2012 Ordering forms and publications. Www.irs tax form 1040ez for 2012   Visit www. Www.irs tax form 1040ez for 2012 irs. Www.irs tax form 1040ez for 2012 gov/formspubs to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Www.irs tax form 1040ez for 2012 Internal Revenue Service 1201 N. Www.irs tax form 1040ez for 2012 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Www.irs tax form 1040ez for 2012   If you have a tax question, check the information available on IRS. Www.irs tax form 1040ez for 2012 gov or call 1-800-829-1040. Www.irs tax form 1040ez for 2012 We cannot answer tax questions sent to either of the above addresses. Www.irs tax form 1040ez for 2012 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

South Carolina Department of Consumer Affairs

Website: South Carolina Department of Consumer Affairs

Address: South Carolina Department of Consumer Affairs
PO Box 5757
Columbia, SC 29250

Phone Number: 803-734-4200

Toll-free: 1-800-922-1594 (SC)

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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.

Office of the Commissioner of Banking

Website: Office of the Commissioner of Banking

Address: Office of the Commissioner of Banking
State Board of Financial Institutions
1205 Pendleton St., Suite 305
Columbia, SC 29201

Phone Number: 803-734-2001

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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.

Department of Insurance

Website: Department of Insurance

Address: Department of Insurance
Consumer Services
PO Box 100105
Columbia, SC 29202-3105

Phone Number: 803-737-6180

Toll-free: 1-800-768-3467 (SC)

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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.

Office of the Attorney General

Website: Office of the Attorney General

Address: Office of the Attorney General
Securities Division
PO Box 11549
Columbia, SC 29211-1549

Phone Number: 803-734-9916

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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.

Office of Regulatory Staff

Website: Office of Regulatory Staff

Address: Office of Regulatory Staff
Consumer Services Division
1401 Main St., Suite 900
Columbia, SC 29201

Phone Number: 803-737-5230

Toll-free: 1-800-922-1531 (SC)

TTY: 1-800-334-2217 (SC)

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The Www.irs Tax Form 1040ez For 2012

Www. Www.irs tax form 1040ez for 2012 irs tax form 1040ez for 2012 16. Www.irs tax form 1040ez for 2012   Reporting Gains and Losses Table of Contents What's New Introduction Useful Items - You may want to see: Reporting Capital Gains and Losses Exception 1. Www.irs tax form 1040ez for 2012 Exception 2. Www.irs tax form 1040ez for 2012 File Form 1099-B or Form 1099-S with the IRS. Www.irs tax form 1040ez for 2012 Capital Losses Capital Gain Tax Rates What's New Maximum capital gain rates. Www.irs tax form 1040ez for 2012 . Www.irs tax form 1040ez for 2012  For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Www.irs tax form 1040ez for 2012 Introduction This chapter discusses how to report capital gains and losses from sales, exchanges, and other dispositions of investment property on Form 8949 and Schedule D (Form 1040). Www.irs tax form 1040ez for 2012 The discussion includes the following topics. Www.irs tax form 1040ez for 2012 How to report short-term gains and losses. Www.irs tax form 1040ez for 2012 How to report long-term gains and losses. Www.irs tax form 1040ez for 2012 How to figure capital loss carryovers. Www.irs tax form 1040ez for 2012 How to figure your tax on a net capital gain. Www.irs tax form 1040ez for 2012 If you sell or otherwise dispose of property used in a trade or business or for the production of income, see Publication 544, Sales and Other Dispositions of Assets, before completing Schedule D (Form 1040). Www.irs tax form 1040ez for 2012 Useful Items - You may want to see: Publication 537 Installment Sales 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses Form (and Instructions) 4797 Sales of Business Property 6252 Installment Sale Income 8582 Passive Activity Loss Limitations 8949 Sales and Other Dispositions of Capital Assets Schedule D (Form 1040) Capital Gains and Losses Reporting Capital Gains and Losses Generally, report capital gains and losses on Form 8949. Www.irs tax form 1040ez for 2012 Complete Form 8949 before you complete line 1b, 2, 3, 8b, 9, or 10 of Schedule D (Form 1040). Www.irs tax form 1040ez for 2012 Use Form 8949 to report: The sale or exchange of a capital asset not reported on another form or schedule; Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit; and Nonbusiness bad debts. Www.irs tax form 1040ez for 2012 Use Schedule D (Form 1040): To figure the overall gain or loss from transactions reported on Form 8949; To report a gain from Form 6252 or Part I of Form 4797; To report a gain or loss from Form 4684, 6781, or 8824; To report capital gain distributions not reported directly on Form 1040 or Form 1040A; To report a capital loss carryover from the previous tax year to the current tax year; To report your share of a gain or (loss) from a partnership, S corporation, estate, or trust; To report transactions reported to you on a Form 1099-B (or substitute statement) showing basis was reported to the IRS and to which none of the Form 8949 adjustments or codes apply; and To report undistributed long-term capital gains from Form 2439. Www.irs tax form 1040ez for 2012 On Form 8949, enter all sales and exchanges of capital assets, including stocks, bonds, etc. Www.irs tax form 1040ez for 2012 , and real estate (if not reported on Form 4684, 4797, 6252, 6781, 8824, or line 1a or 8a of Schedule D). Www.irs tax form 1040ez for 2012 Include these transactions even if you did not receive a Form 1099-B or 1099-S (or substitute statement) for the transaction. Www.irs tax form 1040ez for 2012 Report short-term gains or losses in Part I. Www.irs tax form 1040ez for 2012 Report long-term gains or losses in Part II. Www.irs tax form 1040ez for 2012 Use as many Forms 8949 as you need. Www.irs tax form 1040ez for 2012 Exceptions to filing Form 8949 and Schedule D (Form 1040). Www.irs tax form 1040ez for 2012   There are certain situations where you may not have to file Form 8949 and/or Schedule D (Form 1040). Www.irs tax form 1040ez for 2012 Exception 1. Www.irs tax form 1040ez for 2012   You do not have to file Form 8949 or Schedule D (Form 1040) if you have no capital losses and your only capital gains are capital gain distributions from Form(s) 1099-DIV, box 2a (or substitute statements). Www.irs tax form 1040ez for 2012 (If any Form(s) 1099-DIV (or substitute statements) you receive have an amount in box 2b (unrecaptured section 1250 gain), box 2c (section 1202 gain), or box 2d (collectibles (28%) gain), you do not qualify for this exception. Www.irs tax form 1040ez for 2012 ) If you qualify for this exception, report your capital gain distributions directly on line 13 of Form 1040 (and check the box on line 13). Www.irs tax form 1040ez for 2012 Also use the Qualified Dividends and Capital Gain Tax Worksheet in the Form 1040 instructions to figure your tax. Www.irs tax form 1040ez for 2012 You can report your capital gain distributions on line 10 of Form 1040A, instead of on Form 1040, if none of the Forms 1099-DIV (or substitute statements) you received have an amount in box 2b, 2c, or 2d, and you do not have to file Form 1040. Www.irs tax form 1040ez for 2012 Exception 2. Www.irs tax form 1040ez for 2012   You must file Schedule D (Form 1040), but generally do not have to file Form 8949, if Exception 1 does not apply and your only capital gains and losses are: Capital gain distributions; A capital loss carryover; A gain from Form 2439 or 6252 or Part I of Form 4797; A gain or loss from Form 4684, 6781, or 8824; A gain or loss from a partnership, S corporation, estate, or trust; or Gains and losses from transactions for which you received a Form 1099-B (or substitute statement) that shows the basis was reported to the IRS and for which you do not need to make any adjustments in column (g) of Form 8949 or enter any codes in column (f) of Form 8949. Www.irs tax form 1040ez for 2012 Installment sales. Www.irs tax form 1040ez for 2012   You cannot use the installment method to report a gain from the sale of stock or securities traded on an established securities market. Www.irs tax form 1040ez for 2012 You must report the entire gain in the year of sale (the year in which the trade date occurs). Www.irs tax form 1040ez for 2012 Passive activity gains and losses. Www.irs tax form 1040ez for 2012    If you have gains or losses from a passive activity, you may also have to report them on Form 8582. Www.irs tax form 1040ez for 2012 In some cases, the loss may be limited under the passive activity rules. Www.irs tax form 1040ez for 2012 Refer to Form 8582 and its instructions for more information about reporting capital gains and losses from a passive activity. Www.irs tax form 1040ez for 2012 Form 1099-B transactions. Www.irs tax form 1040ez for 2012   If you sold property, such as stocks, bonds, or certain commodities, through a broker, you should receive Form 1099-B or substitute statement from the broker. Www.irs tax form 1040ez for 2012 Use the Form 1099-B or the substitute statement to complete Form 8949. Www.irs tax form 1040ez for 2012 If you sold a covered security in 2013, your broker should send you a Form 1099-B (or substitute statement) that shows your basis. Www.irs tax form 1040ez for 2012 This will help you complete Form 8949. Www.irs tax form 1040ez for 2012 Generally, a covered security is a security you acquired after 2010. Www.irs tax form 1040ez for 2012   Report the gross proceeds shown in box 2a of Form 1099-B as the sales price in column (d) of either Part I or Part II of Form 8949, whichever applies. Www.irs tax form 1040ez for 2012 However, if the broker advises you, in box 2a of Form 1099-B, that gross proceeds (sales price) less commissions and option premiums were reported to the IRS, enter that net sales price in column (d) of either Part I or Part II of Form 8949, whichever applies. Www.irs tax form 1040ez for 2012    Include in column (g) any expense of sale, such as broker's fees, commissions, state and local transfer taxes, and option premiums, unless you reported the net sales price in column (d). Www.irs tax form 1040ez for 2012 If you include an expense of sale in column (g), enter “E” in column (f). Www.irs tax form 1040ez for 2012 Form 1099-CAP transactions. Www.irs tax form 1040ez for 2012   If a corporation in which you own stock has had a change in control or a substantial change in capital structure, you should receive Form 1099-CAP or a substitute statement from the corporation. Www.irs tax form 1040ez for 2012 Use the Form 1099-CAP or substitute statement to fill in Form 8949. Www.irs tax form 1040ez for 2012 If your computations show that you would have a loss because of the change, do not enter any amounts on Form 8949 or Schedule D (Form 1040). Www.irs tax form 1040ez for 2012 You cannot claim a loss on Schedule D (Form 1040) as a result of this transaction. Www.irs tax form 1040ez for 2012   Report the aggregate amount received shown in box 2 of Form 1099-CAP as the sales price in column (d) of either Part I or Part II of Form 8949, whichever applies. Www.irs tax form 1040ez for 2012 Form 1099-S transactions. Www.irs tax form 1040ez for 2012   If you sold or traded reportable real estate, you generally should receive from the real estate reporting person a Form 1099-S showing the gross proceeds. Www.irs tax form 1040ez for 2012    “Reportable real estate” is defined as any present or future ownership interest in any of the following: Improved or unimproved land, including air space; Inherently permanent structures, including any residential, commercial, or industrial building; A condominium unit and its accessory fixtures and common elements, including land; and Stock in a cooperative housing corporation (as defined in section 216 of the Internal Revenue Code). Www.irs tax form 1040ez for 2012   A “real estate reporting person” could include the buyer's attorney, your attorney, the title or escrow company, a mortgage lender, your broker, the buyer's broker, or the person acquiring the biggest interest in the property. Www.irs tax form 1040ez for 2012   Your Form 1099-S will show the gross proceeds from the sale or exchange in box 2. Www.irs tax form 1040ez for 2012 See the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040) for how to report these transactions and include them in Part I or Part II of Form 8949 as appropriate. Www.irs tax form 1040ez for 2012 However, report like-kind exchanges on Form 8824 instead. Www.irs tax form 1040ez for 2012   It is unlawful for any real estate reporting person to separately charge you for complying with the requirement to file Form 1099-S. Www.irs tax form 1040ez for 2012 Nominees. Www.irs tax form 1040ez for 2012   If you receive gross proceeds as a nominee (that is, the gross proceeds are in your name but actually belong to someone else), see the Instructions for Form 8949 for how to report these amounts on Form 8949. Www.irs tax form 1040ez for 2012 File Form 1099-B or Form 1099-S with the IRS. Www.irs tax form 1040ez for 2012   If you received gross proceeds as a nominee in 2013, you must file a Form 1099-B or Form 1099-S for those proceeds with the IRS. Www.irs tax form 1040ez for 2012 Send the Form 1099-B or Form 1099-S with a Form 1096, Annual Summary and Transmittal of U. Www.irs tax form 1040ez for 2012 S. Www.irs tax form 1040ez for 2012 Information Returns, to your Internal Revenue Service Center by February 28, 2014 (March 31, 2014, if you file Form 1099-B or Form 1099-S electronically). Www.irs tax form 1040ez for 2012 Give the actual owner of the proceeds Copy B of the Form 1099-B or Form 1099-S by February 18, 2014. Www.irs tax form 1040ez for 2012 On Form 1099-B, you should be listed as the “Payer. Www.irs tax form 1040ez for 2012 ” The other owner should be listed as the “Recipient. Www.irs tax form 1040ez for 2012 ” On Form 1099-S, you should be listed as the “Filer. Www.irs tax form 1040ez for 2012 ” The other owner should be listed as the “Transferor. Www.irs tax form 1040ez for 2012 ” You do not have to file a Form 1099-B or Form 1099-S to show proceeds for your spouse. Www.irs tax form 1040ez for 2012 For more information about the reporting requirements and the penalties for failure to file (or furnish) certain information returns, see the General Instructions for Certain Information Returns. Www.irs tax form 1040ez for 2012 If you are filing electronically see Publication 1220. Www.irs tax form 1040ez for 2012 Sale of property bought at various times. Www.irs tax form 1040ez for 2012   If you sell a block of stock or other property that you bought at various times, report the short-term gain or loss from the sale on one row in Part I of Form 8949, and the long-term gain or loss on one row in Part II of Form 8949. Www.irs tax form 1040ez for 2012 Write “Various” in column (b) for the “Date acquired. Www.irs tax form 1040ez for 2012 ” Sale expenses. Www.irs tax form 1040ez for 2012    On Form 8949, include in column (g) any expense of sale, such as broker's fees, commissions, state and local transfer taxes, and option premiums, unless you reported the net sales price in column (d). Www.irs tax form 1040ez for 2012 If you include an expense of sale in column (g), enter “E” in column (f). Www.irs tax form 1040ez for 2012   For more information about adjustments to basis, see chapter 13. Www.irs tax form 1040ez for 2012 Short-term gains and losses. Www.irs tax form 1040ez for 2012   Capital gain or loss on the sale or trade of investment property held 1 year or less is a short-term capital gain or loss. Www.irs tax form 1040ez for 2012 You report it in Part I of Form 8949. Www.irs tax form 1040ez for 2012   You combine your share of short-term capital gain or loss from partnerships, S corporations, estates, and trusts, and any short-term capital loss carryover, with your other short-term capital gains and losses to figure your net short-term capital gain or loss on line 7 of Schedule D (Form 1040). Www.irs tax form 1040ez for 2012 Long-term gains and losses. Www.irs tax form 1040ez for 2012    A capital gain or loss on the sale or trade of investment property held more than 1 year is a long-term capital gain or loss. Www.irs tax form 1040ez for 2012 You report it in Part II of Form 8949. Www.irs tax form 1040ez for 2012   You report the following in Part II of Schedule D (Form 1040): Undistributed long-term capital gains from a mutual fund (or other regulated investment company) or real estate investment trust (REIT); Your share of long-term capital gains or losses from partnerships, S corporations, estates, and trusts; All capital gain distributions from mutual funds and REITs not reported directly on line 10 of Form 1040A or line 13 of Form 1040; and Long-term capital loss carryovers. Www.irs tax form 1040ez for 2012    The result after combining these items with your other long-term capital gains and losses is your net long-term capital gain or loss (Schedule D (Form 1040), line 15). Www.irs tax form 1040ez for 2012 Total net gain or loss. Www.irs tax form 1040ez for 2012   To figure your total net gain or loss, combine your net short-term capital gain or loss (Schedule D (Form 1040), line 7) with your net long-term capital gain or loss (Schedule D (Form 1040), line 15). Www.irs tax form 1040ez for 2012 Enter the result on Schedule D (Form 1040), Part III, line 16. Www.irs tax form 1040ez for 2012 If your losses are more than your gains, see Capital Losses , next. Www.irs tax form 1040ez for 2012 If both lines 15 and 16 of your Schedule D (Form 1040) are gains and your taxable income on your Form 1040 is more than zero, see Capital Gain Tax Rates , later. Www.irs tax form 1040ez for 2012 Capital Losses If your capital losses are more than your capital gains, you can claim a capital loss deduction. Www.irs tax form 1040ez for 2012 Report the amount of the deduction on line 13 of Form 1040, in parentheses. Www.irs tax form 1040ez for 2012 Limit on deduction. Www.irs tax form 1040ez for 2012   Your allowable capital loss deduction, figured on Schedule D (Form 1040), is the lesser of: $3,000 ($1,500 if you are married and file a separate return); or Your total net loss as shown on line 16 of Schedule D (Form 1040). Www.irs tax form 1040ez for 2012   You can use your total net loss to reduce your income dollar for dollar, up to the $3,000 limit. Www.irs tax form 1040ez for 2012 Capital loss carryover. Www.irs tax form 1040ez for 2012   If you have a total net loss on line 16 of Schedule D (Form 1040) that is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you had incurred it in that next year. Www.irs tax form 1040ez for 2012 If part of the loss is still unused, you can carry it over to later years until it is completely used up. Www.irs tax form 1040ez for 2012   When you figure the amount of any capital loss carryover to the next year, you must take the current year's allowable deduction into account, whether or not you claimed it and whether or not you filed a return for the current year. Www.irs tax form 1040ez for 2012   When you carry over a loss, it remains long term or short term. Www.irs tax form 1040ez for 2012 A long-term capital loss you carry over to the next tax year will reduce that year's long-term capital gains before it reduces that year's short-term capital gains. Www.irs tax form 1040ez for 2012 Figuring your carryover. Www.irs tax form 1040ez for 2012   The amount of your capital loss carryover is the amount of your total net loss that is more than the lesser of: Your allowable capital loss deduction for the year; or Your taxable income increased by your allowable capital loss deduction for the year and your deduction for personal exemptions. Www.irs tax form 1040ez for 2012   If your deductions are more than your gross income for the tax year, use your negative taxable income in computing the amount in item (2). Www.irs tax form 1040ez for 2012    Complete the Capital Loss Carryover Worksheet in the Instructions for Schedule D or Publication 550 to determine the part of your capital loss that you can carry over. Www.irs tax form 1040ez for 2012 Example. Www.irs tax form 1040ez for 2012 Bob and Gloria sold securities in 2013. Www.irs tax form 1040ez for 2012 The sales resulted in a capital loss of $7,000. Www.irs tax form 1040ez for 2012 They had no other capital transactions. Www.irs tax form 1040ez for 2012 Their taxable income was $26,000. Www.irs tax form 1040ez for 2012 On their joint 2013 return, they can deduct $3,000. Www.irs tax form 1040ez for 2012 The unused part of the loss, $4,000 ($7,000 − $3,000), can be carried over to 2014. Www.irs tax form 1040ez for 2012 If their capital loss had been $2,000, their capital loss deduction would have been $2,000. Www.irs tax form 1040ez for 2012 They would have no carryover. Www.irs tax form 1040ez for 2012 Use short-term losses first. Www.irs tax form 1040ez for 2012   When you figure your capital loss carryover, use your short-term capital losses first, even if you incurred them after a long-term capital loss. Www.irs tax form 1040ez for 2012 If you have not reached the limit on the capital loss deduction after using the short-term capital losses, use the long-term capital losses until you reach the limit. Www.irs tax form 1040ez for 2012 Decedent's capital loss. Www.irs tax form 1040ez for 2012    A capital loss sustained by a decedent during his or her last tax year (or carried over to that year from an earlier year) can be deducted only on the final income tax return filed for the decedent. Www.irs tax form 1040ez for 2012 The capital loss limits discussed earlier still apply in this situation. Www.irs tax form 1040ez for 2012 The decedent's estate cannot deduct any of the loss or carry it over to following years. Www.irs tax form 1040ez for 2012 Joint and separate returns. Www.irs tax form 1040ez for 2012   If you and your spouse once filed separate returns and are now filing a joint return, combine your separate capital loss carryovers. Www.irs tax form 1040ez for 2012 However, if you and your spouse once filed a joint return and are now filing separate returns, any capital loss carryover from the joint return can be deducted only on the return of the spouse who actually had the loss. Www.irs tax form 1040ez for 2012 Capital Gain Tax Rates The tax rates that apply to a net capital gain are generally lower than the tax rates that apply to other income. Www.irs tax form 1040ez for 2012 These lower rates are called the maximum capital gain rates. Www.irs tax form 1040ez for 2012 The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. Www.irs tax form 1040ez for 2012 For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Www.irs tax form 1040ez for 2012 See Table 16-1 for details. Www.irs tax form 1040ez for 2012 If you figure your tax using the maximum capital gain rate and the regular tax computation results in a lower tax, the regular tax computation applies. Www.irs tax form 1040ez for 2012 Example. Www.irs tax form 1040ez for 2012 All of your net capital gain is from selling collectibles, so the capital gain rate would be 28%. Www.irs tax form 1040ez for 2012 If you are otherwise subject to a rate lower than 28%, the 28% rate does not apply. Www.irs tax form 1040ez for 2012 Investment interest deducted. Www.irs tax form 1040ez for 2012   If you claim a deduction for investment interest, you may have to reduce the amount of your net capital gain that is eligible for the capital gain tax rates. Www.irs tax form 1040ez for 2012 Reduce it by the amount of the net capital gain you choose to include in investment income when figuring the limit on your investment interest deduction. Www.irs tax form 1040ez for 2012 This is done on the Schedule D Tax Worksheet or the Qualified Dividends and Capital Gain Tax Worksheet. Www.irs tax form 1040ez for 2012 For more information about the limit on investment interest, see Interest Expenses in chapter 3 of Publication 550. Www.irs tax form 1040ez for 2012 Table 16-1. Www.irs tax form 1040ez for 2012 What Is Your Maximum Capital Gain Rate? IF your net capital gain is from . Www.irs tax form 1040ez for 2012 . Www.irs tax form 1040ez for 2012 . Www.irs tax form 1040ez for 2012 THEN your  maximum capital gain rate is . Www.irs tax form 1040ez for 2012 . Www.irs tax form 1040ez for 2012 . Www.irs tax form 1040ez for 2012 a collectibles gain 28% an eligible gain on qualified small business stock minus the section 1202 exclusion 28% an unrecaptured section 1250 gain 25% other gain1 and the regular tax rate that would apply is 39. Www.irs tax form 1040ez for 2012 6% 20% other gain1 and the regular tax rate that would apply is 25%, 28%, 33%, or 35% 15% other gain1 and the regular tax rate that would apply is 10% or 15% 0% 1 Other gain means any gain that is not collectibles gain, gain on qualified small business stock, or unrecaptured section 1250 gain. Www.irs tax form 1040ez for 2012     Collectibles gain or loss. Www.irs tax form 1040ez for 2012   This is gain or loss from the sale or trade of a work of art, rug, antique, metal (such as gold, silver, and platinum bullion), gem, stamp, coin, or alcoholic beverage held more than 1 year. Www.irs tax form 1040ez for 2012   Collectibles gain includes gain from sale of an interest in a partnership, S corporation, or trust due to unrealized appreciation of collectibles. Www.irs tax form 1040ez for 2012 Gain on qualified small business stock. Www.irs tax form 1040ez for 2012    If you realized a gain from qualified small business stock that you held more than 5 years, you generally can exclude some or all of your gain under section 1202. Www.irs tax form 1040ez for 2012 The eligible gain minus your section 1202 exclusion is a 28% rate gain. Www.irs tax form 1040ez for 2012 See Gains on Qualified Small Business Stock in chapter 4 of Publication 550. Www.irs tax form 1040ez for 2012 Unrecaptured section 1250 gain. Www.irs tax form 1040ez for 2012    Generally, this is any part of your capital gain from selling section 1250 property (real property) that is due to depreciation (but not more than your net section 1231 gain), reduced by any net loss in the 28% group. Www.irs tax form 1040ez for 2012 Use the Unrecaptured Section 1250 Gain Worksheet in the Schedule D (Form 1040) instructions to figure your unrecaptured section 1250 gain. Www.irs tax form 1040ez for 2012 For more information about section 1250 property and section 1231 gain, see chapter 3 of Publication 544. Www.irs tax form 1040ez for 2012 Tax computation using maximum capital gain rates. Www.irs tax form 1040ez for 2012   Use the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet (whichever applies) to figure your tax if you have qualified dividends or net capital gain. Www.irs tax form 1040ez for 2012 You have net capital gain if Schedule D (Form 1040), lines 15 and 16, are both gains. Www.irs tax form 1040ez for 2012 Schedule D Tax Worksheet. Www.irs tax form 1040ez for 2012   Use the Schedule D Tax Worksheet in the Schedule D (Form 1040) instructions to figure your tax if: You have to file Schedule D (Form 1040); and Schedule D (Form 1040), line 18 (28% rate gain) or line 19 (unrecaptured section 1250 gain), is more than zero. Www.irs tax form 1040ez for 2012 Qualified Dividends and Capital Gain Tax Worksheet. Www.irs tax form 1040ez for 2012   If you do not have to use the Schedule D Tax Worksheet (as explained above) and any of the following apply, use the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form 1040 or Form 1040A (whichever you file) to figure your tax. Www.irs tax form 1040ez for 2012 You received qualified dividends. Www.irs tax form 1040ez for 2012 (See Qualified Dividends in chapter 8. Www.irs tax form 1040ez for 2012 ) You do not have to file Schedule D (Form 1040) and you received capital gain distributions. Www.irs tax form 1040ez for 2012 (See Exceptions to filing Form 8949 and Schedule D (Form 1040) , earlier. Www.irs tax form 1040ez for 2012 ) Schedule D (Form 1040), lines 15 and 16, are both more than zero. Www.irs tax form 1040ez for 2012 Alternative minimum tax. Www.irs tax form 1040ez for 2012   These capital gain rates are also used in figuring alternative minimum tax. Www.irs tax form 1040ez for 2012 Prev  Up  Next   Home   More Online Publications