Ernst & Young Tax Guide 2017 E-Book
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- Herausgeber: John Wiley & Sons
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- Sprache: Englisch
Authoritative, user-friendly tax help from a global leader in tax services The EY Tax Guide 2017 is the American taxpayer's essential companion, providing the answers you need alongside trusted advice from EY professionals and turning filing your taxes into a simple process. This book brings clarity and ease to an otherwise complex process, helping you see past impenetrable regulations to maximize your return. Covering issues that the normal taxpayer encounters year-in and year-out, this world-class guidebook has been updated to align with the most recent tax law changes that are often misunderstood and typically overlooked in other guides, including a new chapter with insights on the 3.8% levy on certain investment income known as the Net Investment Income Tax (NIIT). This year's guide also includes additional insight on simplified procedures for tangible property regulations and how they affect both individuals and businesses. Situational solutions offer specific advice tailored to homeowners, self-employed entrepreneurs, business executive, and senior citizens, helping you take advantage of every savings opportunity the government offers. At-a-Glance features provide quick guidance on tax breaks and overlooked deductions, new tax laws, and how to avoid common errors so you can dip in as needed and find the answers you need quickly. The EY Tax professionals keep track of tax law so you don't have to. Their in-depth knowledge and years of experience work together to help you file your taxes correctly and on time, without leaving your hard-earned money on the table. This invaluable resource will help you: * Maximize your return with tax breaks and deductions * See how the law has changed since last year's filing * Avoid 25 common, costly preparation errors * Identify 50 most overlooked deductions * Get focused guidance on your specific tax situation No need to wade through volumes of IRS rulings or indecipherable accounting jargon; top-level tax advice in accessible language is an EY specialty. Make 2017 the year of frustration-free filing, and join the ranks of happy taxpayers with the EY Tax Guide 2017.
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2017 tax calendar
Date in 2017
Action required
January
17
Final estimated tax payment for 2016 due if you did not pay your income tax (or enough of your income tax) for that year through withholding. Use Form 1040-ES.
31
If you did not pay your last installment of estimated tax by January 17, file your income tax return for 2016 on this date, thereby avoiding any penalty for late payment of the last installment. Use Form 1040 or 1040A. However, see below for special rules for farmers and fisherman.
February
15
File a new Form W-4 if you can claim exemption from withholding.
March
1
Farmers and fishermen must file their 2016 income tax return (Form 1040) and pay all tax to avoid a penalty for underpayment of 2016 estimated taxes.
April
18
File your income tax return for 2016 (Forms 1040, 1040A, or 1040EZ) and pay any tax due.
Individuals who have a financial interest in or signature authority or other authority over certain bank, securities, or other financial accounts in a foreign country must file FinCEN Form 114.
Make your 2016 IRA contribution.
If you are not extending your return, make your Keogh or SEP-IRA contribution if you have self-employment income.
For an automatic 6-month extension, file Form 4868 and pay any tax that you estimate will be due. Then file Form 1040 or 1040A by October 16. If you get an extension, you can't file Form 1040EZ. (You can use one Form 4868 to file for both your income tax and gift tax extensions.)
Pay the first installment of your 2017 estimated tax if you are not paying your 2017 income tax (or enough of it) through withholding tax.
If you made any taxable gifts during 2016 (more than $14,000 per donee), file a gift tax return for that year (Form 709 or 709-A) and pay any tax due.
June
15
Pay the second installment of 2017 estimated tax.
If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. Otherwise, see April 18.
September
15
Pay the third installment of your 2017 estimated tax.
Last day for employer to make a required minimum contribution to a defined benefit or money purchase plan.
October
16
If you requested an automatic 6-month extension to file your 2016 income tax return, file Form 1040 or Form 1040A and pay any tax, interest, and penalty due, and file any gift tax return if due.
If you received a 6-month extension to file FinCEN Form 114, you must file it on or before October 15.
Last day to make a Keogh or SEP-IRA contribution deductible for calendar year 2016 if you requested a 6-month extension of time to file your tax return.
December
1
If you claimed exemption from withholding in 2017 but you expect to owe income tax for 2018, you must file a new Form W-4 by December 1, 2017.
31
Last day to establish a Keogh plan for 2017.
The EY Tax Guide 2017
By the Tax Partners and Professionals of Ernst & Young LLP
Copyright © 2009–2017, Ernst & Young LLP Copyright © 1989–2008 by Ernst & Young LLP and Peter W. Bernstein Corporation Copyright © 1984–1988 by Arthur Young & Company and Peter W. Bernstein Corporation
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Notice: In the preparation of this book, every effort has been made to offer the most current, correct, and clearly expressed information available prior to publication: the Internal Revenue Code as of August 2016, the 2015 version of Internal Revenue Service Publication 17, Your Federal Income Tax (rev. Dec. 2015), updated by the author for 2016 and portions of other pertinent Internal Revenue Service publications. Readers may obtain the 2016 version of Publication 17 at www.irs.gov. Note also that inadvertent errors can occur, and tax rules and regulations often change.
Limit of Liability/Disclaimer of Warranty: The information in the text is intended to afford general guidelines on matters of interest to taxpayers. The application and impact of tax laws can vary widely, from case to case, based upon the specific or unique facts involved. Readers are encouraged to consult with professional advisors for advice concerning specific matters before making any decision, and the author and publisher disclaim any responsibility for positions taken by taxpayers in their individual cases or for any misunderstanding on the part of readers. While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. Neither the publisher nor author shall be liable for any loss of profit or any other damages, including but not limited to direct, indirect, special, incidental, consequential, or other damages.
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ISBN 978-1-119-24817-0 (paper); 978-1-119-24818-7 (epdf); 978-1-119-24819-4 (epub)
ISSN 1059-809X
The EY Tax Guide Editorial Board 2017
Chair
Gary N. Cohen
Contributing Authors
Akron
Jason M. Belot
Nickolas K. Davidson
Kim McFarlane
Atlanta
Gary N. Cohen
Paul A. Mayberry
Jason C. Sweatt
Boston
Caroline Cardillo
Elisabeth M. Houlik
Susan B. Lambeth
Lynn McLaughlin
Buffalo
Susan R. Bork
Shieke A. Brown
Kelley C. DuVal
Chicago
Brian A. Fisk
Barbara Kirchheimer
Laura K. Rossi
Renee R. Zalatoris
Igor Yukhvidin
Cleveland
Toby Kaye
Christopher Neuman
Houston
Hillary A. Rose
Tina M. Taylor
Los Angeles
Justin J. Lynch
Julie A. Masone
Vikram Ganu
Natalie L. Holland
McLean
Arjun Mahajan
Pittsburgh
Michelle N. Ammon
Providence
Susan Simoneau
Heather C. Spangler
San Francisco
Tony Aires
Mark T. Doyle
Steve M. Morrill
Edmond W. Zhou
Secaucus
Eric Bronnenkant
Tom DiLorenzo
Janine Gordon
Stamford
Christopher R. Williams
Tampa
Gregory A. Rosica
Washington D.C.
Jennifer R. Einziger
John M. Fusco
David H. Kirk
Shawntel Randi
Justin Ransome
Ankur Thakkar
Kathy S. Schatz-Guthrie
Special thanks to:
Mark A. Weinberger, Global Chairman and CEO; Stephen R. Howe, Americas Area Managing Partner; Mike Inserra, Americas Deputy Managing Partner, Kathryn J. Barton, Americas Vice Chair—Tax Services; Eric Solomon and Michael Mundaca, Co-Directors of National Tax; Marnix vin Rij, Global Director of Private Client Services; Steven L. Shultz, Americas Director of Private Client Services.
Special awards and acknowledgments:
The EY Tax Guide is a proud recipient of a Communications Concept, Inc. 2016 Award of Excellence (Electronic Publications); 2013 Apex Grand Award for Electronic Media; a 2012 Apex Grand Award for Content Excellence for Content and Design (Brochures, Manuals & Reports category); an Independent Publisher 2016 Bronze Medal for Business Reference book, and a 2012 Axiom Award for Best Business Reference Book.
Thanks to Amy Koeppl, Peter McKinley, and Lizzie McWilliams.
The EY global network of member firms has more than 35,000 tax practitioners worldwide, with more than 10,500 practitioners in the United States. This book draws upon the experience of many of those professionals for its content.
How to use this guide
The EY Tax Guide 2017 is an easy-to-use, step-by-step guide to preparing your own tax return. It has been designed with you in mind, and its format should help highlight information to save you time and money.
The book explains, in clear and simple English, important aspects of the tax laws that affect you. It covers what you need to know about your taxes—from how to file your return to how to lower the tax you'll pay next year. Throughout the book, you will find hundreds of examples illustrating how the tax laws work. Sample tax forms and schedules show you how to fill out your return line by line. Here are some of the book's special features and how to use them:
Two Books in One
The
EY Tax Guide 2017
is really two books. The first book is the 2015 version of the official Internal Revenue Service tax guide, Publication 17,
Your Federal Income Tax
, which is reproduced here. Published annually, it contains the IRS's position on many of the tax questions taxpayers face. To make the
EY Tax Guide 2017
available to the public as quickly as possible, we have updated the text of the 2015 version of IRS Publication 17 to take into account developments during 2016. These updates are noted throughout the text. Upon release, the 2016 IRS Publication 17 can be found at
www.irs.gov
. The second book is the EY guide. Here are comments, explanations, and tax-saving tips on what the IRS tells you—and doesn't tell you. It's no surprise that the IRS doesn't tell you everything, and what it does say often favors the U.S. government. Courts and tax professionals frequently differ with IRS opinions. The EY text provides you this additional material. The two books have been spliced together to give you the most well-rounded tax guide on the market. To distinguish between the two perspectives, the original IRS text appears in black throughout the book, our updates of the IRS text are underlined, and EY's comments appear in the green boxes.
TaxSavers, TaxPlanners, TaxAlerts, and TaxOrganizers
Among this book's biggest attractions are the more than 400
TaxSavers, TaxPlanners, TaxAlerts
, and
TaxOrganizers
that you'll find appropriately placed throughout the text.
TaxSavers
are tips that help you slash your tax bill this year and next—legally.
TaxPlanners
outline ideas that help you plan better for the upcoming year.
TaxAlerts
point out tax rules and regulations that have just changed or may change in the near future; they give you important current filing advice about issues you will want to consider as you prepare your return.
TaxOrganizers
point out steps you can take now to make it easier to file your taxes later.
Tax Breaks and Deductions You Can Use Checklists
You will find a checklist of key tax breaks and deductions for which you may be eligible at the beginning of each chapter, immediately following the Introduction. You should review each checklist to make sure you are taking all the deductions and tax breaks that you deserve.
Companion Website
Purchase of this guide includes access throughout the 2016 tax return filing season to
ey.com/EYTaxGuide
. This website contains up-to-date information you need about changes in the tax laws that occur throughout the year.
Special Contents
We've taken great pains to ensure that this book is clearly organized for easy access. If you can't find the section you want in the regular Contents, check the
Special Contents
. All told, there are eight of these—one each for families, homeowners, investors in stocks and bonds, investors in real estate, self-employed entrepreneurs, business executives, senior citizens, and members of the Armed Forces. Each
Special Contents
section contains a listing of the major tax issues for members of that group and tells where you can find the answers in the book. In addition, we have a table of contents at the beginning of each chapter to help you find what you need.
We have drawn from the tax experience of scores of Ernst & Young LLP partners, professionals, and staff from all parts of the United States to create this tax guide. Among the major accounting firms, only Ernst & Young LLP publishes a complete tax guide that is available to the general public. It provides the most complete and up-to-date tax information of any tax guide published.
CONTENTS
2017 Tax calendar
How to use this guide
Special contents
The EY Tax Guide Editorial Board 2017
Changes in the tax law you should know about
Important 2016 tax reminders
How to avoid 25 common errors
50 of the most easily overlooked deductions
Individual tax organizer
Income and expense records you should keep in addition to your income tax return
Part 1: The income tax return
Chapter 1: Filing information
What's New
Reminders
Do I Have To File a Return?
Which Form Should I Use?
Why Should I Use IRS e-file?
When Do I Have To File?
How Do I Prepare My Return?
Where Do I File?
What Happens After I File?
What If I Made a Mistake?
Chapter 2: Filing status
Marital Status
Single
Married Filing Jointly
Married Filing Separately
Head of Household
Chapter 3: Personal exemptions and dependents
What’s New
Useful Items
Exemptions
Phaseout of Exemptions
Social Security Numbers for Dependents
Chapter 4: Tax withholding and estimated tax
What’s New for 2017
Reminders
Useful Items
Tax Withholding for 2017
Federal Payments
Estimated Tax for 2017
Credit for Withholding and Estimated Tax for 2016
Underpayment Penalty for 2016
Part 2: Income
Chapter 5: Wages, salaries, and other earnings
What’s New
Reminder
Employee Compensation
Special Rules for Certain Employees
Sickness and Injury Benefits
Chapter 6: Tip income
Useful Items
Keeping a Daily Tip Record
Reporting Tips To Your Employer
Allocated Tips
Chapter 7: Interest income
What’s New
General Information
Taxable Interest
When To Report Interest Income
How To Report Interest Income
Chapter 8: Dividends and other corporate distributions
Reminder
Useful Items
General Information
Ordinary Dividends
Capital Gain Distributions
Nondividend Distributions
Other Distributions
How To Report Dividend Income
Chapter 9: Rental income and expenses
Introduction
Rental Income
Rental Expenses
Repairs and Improvements
Property Changed To Rental Use
Renting Part of Property
Not Rented for Profit
Personal Use of Dwelling Unit (Including Vacation Home)
Tangible Property Regulations
Depreciation
Limits on Rental Losses
How To Report Rental Income and Expenses
Chapter 10: Retirement plans, pensions, and annuities
What’s New
Reminder
General Information
Cost (Investment in the Contract)
Taxation of Periodic Payments
Taxation of Nonperiodic Payments
Rollovers
Special Additional Taxes
Survivors and Beneficiaries
Chapter 11: Social security and equivalent railroad retirement benefits
Useful Items
Are Any of Your Benefits Taxable?
How To Report Your Benefits
Examples
Deductions Related To Your Benefits
Repayments More Than Gross Benefits
Chapter 12: Other income
Useful Items
Bartering
Canceled Debts
Host or Hostess
Life Insurance Proceeds
Partnership Income
S Corporation Income
Recoveries
Rents from Personal Property
Prepayments
Royalties
Unemployment Benefits
Welfare and Other Public Assistance Benefits
Other Income
Explanation
Part 3: Gains and losses
Chapter 13: Basis of property
Useful Items
Cost Basis
Adjusted Basis
Basis Other Than Cost
Chapter 14: Sale of property
What’s New
Sales and Trades
Capital Gains and Losses
Chapter 15: Selling your home
Reminder
Main Home
Figuring Gain or Loss
Excluding the Gain
Business Use or Rental of Home
Reporting the Sale
Recapturing (Paying Back) a Federal Mortgage Subsidy
Chapter 16: Reporting gains and losses
What’s New
Reporting Capital Gains and Losses
Part 4: Adjustments to income
Chapter 17: Individual retirement arrangements (IRAs)
What’s New for 2016
Reminders
Traditional IRAs
Roth IRAs
Chapter 18: Alimony
Useful Items
General Rules
Instruments Executed After 1984
How To Deduct Alimony Paid
How To Report Alimony Received
Chapter 19: Education-related adjustments
What’s New
Useful Items
Student Loan Interest Deduction
Tuition and Fees Deduction
Educator Expenses
Chapter 20: Moving expenses
What’s New
Who Can Deduct Moving Expenses
Members of the Armed Forces
Retirees or Survivors Who Move To the United States
Nondeductible Expenses
How and When To Report
When To Deduct Expenses
Part 5: Standard deduction and itemized deductions
Chapter 21: Standard deduction
What’s New
Standard Deduction Amount
Standard Deduction for Dependents
Who Should Itemize
Chapter 22: Medical and dental expenses
What Are Medical Expenses?
What Expenses Can You Include This Year?
How Much of the Expenses Can You Deduct?
Whose Medical Expenses Can You Include?
What Medical Expenses Are Includible?
How Do You Treat Reimbursements?
Damages for Personal Injuries
How Do You Figure and Report the Deduction on Your Tax Return?
Impairment-Related Work Expenses
Health Insurance Costs for Self-Employed Persons
Chapter 23: Taxes you may deduct
Tests to Deduct Any Tax
Income Taxes
State and Local General Sales Taxes
Real Estate Taxes
Personal Property Taxes
Taxes and Fees You Cannot Deduct
Where To Deduct
Chapter 24: Interest expense
Home Mortgage Interest
Mortgage Insurance Premiums
Investment Interest
Items You Cannot Deduct
Allocation of Interest
How to Report
Chapter 25: Contributions
Organizations That Qualify To Receive Deductible Contributions
Contributions You Can Deduct
Contributions You Cannot Deduct
When To Deduct
Limits on Deductions
Records To Keep
How To Report
Chapter 26: Nonbusiness casualty and theft losses
Useful Items
Casualty
Theft
Loss on Deposits
Proof of Loss
Figuring a Loss
Deduction Limits
When To Report Gains and Losses
How To Report Gains and Losses
Chapter 27: Car expenses and other employee business expenses
What's New
Travel Expenses
Entertainment Expenses
Gift Expenses
Transportation Expenses
Recordkeeping
How to Report
Chapter 28: Tax benefits for work-related education
Qualifying Work-Related Education
Education To Meet Minimum Requirements
What Expenses Can Be Deducted
Reimbursements
Deducting Business Expenses
Recordkeeping
Chapter 29: Miscellaneous deductions
What’s New
Deductions Subject to the 2% Limit
Deductions Not Subject to the 2% Limit
Nondeductible Expenses
Chapter 30: Limit on itemized deductions
Useful Items
Are You Subject to the Limit?
Which Itemized Deductions Are Limited?
Which Itemized Deductions Are Not Limited?
How Do You Figure the Limit?
Part 6: Figuring your taxes and credits
Chapter 31: How to figure your tax
What’s New
Figuring Your Tax
Alternative Minimum Tax
Additional Medicare Tax
Net Investment Income Tax (NIIT)
Individual Shared Responsibility Provision—Calculating the Payment
Tax Figured by IRS
Chapter 32: Tax on investment income of certain children
Which Parent’s Return to Use
Parent’s Election To Report Child’s Interest and Dividends
Tax for Certain Children Who Have Unearned Income
Chapter 33: Child and dependent care credit
Reminders
Tests To Claim the Credit
How To Figure the Credit
How To Claim the Credit
Employment Taxes for Household Employers
Chapter 34: Credit for the elderly or the disabled
Reminder
Useful Items
Are You Eligible for the Credit?
How to Claim the Credit
Chapter 35: Child tax credit
Reminder
Qualifying Child
Amount of Credit
Claiming the Credit
Additional Child Tax Credit
Completing Schedule 8812 (Form 1040A or 1040)
Chapter 36: Education credits and other education tax benefits
What’s New
Useful Items
Who Can Claim an Education Credit
Qualified Education Expenses
Chapter 37: Premium Tax Credit (PTC)
What’s New
Reminders
What Is the Premium Tax Credit (PTC)?
Who Can Take the PTC?
How To Take the PTC?
Chapter 38: Other credits including the earned income credit
What’s New
Introduction
Nonrefundable Credits
Refundable Credits
Earned Income Credit (EIC)
Reminders
Do You Qualify for the Credit?
Part A. Rules for Everyone
Part B. Rules If You Have a Qualifying Child
Part C. Rules If You Do Not Have a Qualifying Child
Part D. Figuring and Claiming the EIC
Examples
Part 7: Special situations and tax planning
Chapter 39: Self-employment income: How to file Schedule C
Useful Items
Who Must File Schedule C
Chapter 40: Mutual funds
Tax Treatment of Distributions
Sales, Exchanges, and Redemptions
Keeping Track of Your Basis
Gains and Losses
Holding Period
How To Figure Gains and Losses on Form 8949 and Schedule D
Capital Losses
Investment Expenses
Chapter 41: What to do if you employ domestic help
Reminder
Employment Taxes for Household Employers
Chapter 42: U.S. citizens working abroad: Tax treatment of foreign earned income
Chapter 43: Foreign citizens living in the United States
Chapter 44: Decedents: Dealing with the death of a family member
Reminders
Chapter 45: Estate and gift tax planning
Chapter 46: Everything you need to know about e-filing
Chapter 47: If your return is examined
IRS Declaration of Taxpayer Rights
Examinations, Appeals, Collections, and Refunds
Appeals
Collections
Potential Third-Party Contacts
Claims for Refunds
Chapter 48: Rules for expensing and capitalizing tangible property used in a trade or business
Chapter 49: Net investment income tax
Chapter 50: Planning ahead for 2017 and beyond
Chapter 51: 2016 Tax rate schedules
Index
EULA
List of Tables
Chapter 1
Table 1-1
Table 1-2
Table 1-3
Table 1-4.
Table 1-5.
Table 1-6
Table 1-7
Chapter 2
Table 2.1
Chapter 3
Table 3.1
Chapter 7
Table 7.1
Chapter 8
Table 8.1
Chapter 10
Table 10.1
Chapter 16
Table 16.1
Chapter 17
Table 17-1.
Table 17-2.
Table 17-3.
Chapter 18
Table 18.1
Chapter 19
Table 19.1
Table 19-2.
Table 19-3.
Chapter 20
Table 20.1
Chapter 21
Table 21.1
Table 21.2
Table 21.3
Chapter 22
Table 22.1
Chapter 23
Table 23.1
Chapter 24
Table 24.1
Chapter 25
Table 25.1
Table 25.2
Chapter 26
Table 26.1
Table 26.2
Chapter 27
Table 27.1
Table 27.2
Table 27.3
Chapter 34
Table 34.1
Chapter 36
Table 36.1
Table 36.2
Chapter 38
Table 38.1
Chapter 40
Table 40.1
Table 40.2
Table 40.3
Chapter 41
Table 41.1
Table 41.2
Table 41.3
Table 41.4
Chapter 45
Table 45.1
List of Illustrations
Chapter 2
Worksheet 2-1. Cost of Keeping Up a Home.
Chapter 3
Worksheet 3.1 Worksheet for Determining Support
Worksheet 3.2 Worksheet for Determining the Deduction for Exemptions
Chapter 4
Figure 4.A A Do You Have To Pay Estimated Tax?
Chapter 5
Worksheet 5.1 Figuring the Cost of Group-Term Life Insurance To Include in Income
Worksheet 5.2 Figuring the Cost of Group-Term Life Insurance to Include in Income—Illustrated
Chapter 9
Worksheet 9.1 Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home
Worksheet 9.2 Instructions. Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home
Chapter 10
Worksheet 10.A Simplified Method Worksheet for Bill Smith
Chapter 17
Worksheet 17-1. Figuring Your Modified AGI
Worksheet 17-2. Modified Adjusted Gross Income for Roth IRA Purposes
Chapter 20
Figure 20-A. Illustration of Distance Test
Figure 20-B. Can You Deduct Expenses for a Non-Military Move Within the United States?
1
Figure 20.1 Distance Test
Chapter 22
Figure 22.A Is Your Excess Medical Reimbursement Taxable?
Chapter 23
Figure 23.1 Figuring Your Real Estate Tax Deduction
Figure 23.2 Figuring Your Real Estate Tax Deduction—Taxes on Old Home
Figure 23.3 Figuring Your Real Estate Tax Deduction—Taxes on New Home
Figure 23.4 Figuring Your Real Estate Tax Deduction—Taxes on New Home
Chapter 24
Figure 24.A Is My Home Mortgage Interest Fully Deductible? (Instructions: Include balances of ALL mortgages secured by your main home and second home.)
Figure 24.B Are My Points Fully Deductible This Year?
Chapter 27
Figure 27.A Does the 50% Limit Apply to Your Expenses? There are exceptions to these rules. See Exceptions to the 50% Limit.
Figure 27.B When Are Transportation Expenses Deductible?Most employees and self-employed persons can use this chart. (Do not use this chart if your home is your principal place of business. See
Office in the home
.
)
Chapter 28
Figure 28.A Does Your Work-Related Education Qualify?
Chapter 32
Figure 32.A Can You Include Your Child’s Income On Your Tax Return?
Figure 32.B Do You Have To Use Form 8615 To Figure Your Child’s Tax?
Chapter 33
Figure 33-A. Can You Claim the Credit?
Chapter 34
Figure 34.A Are You a Qualified Individual?
Chapter 36
Figure 36.A Can You Claim an Education Credit for 2016?
Chapter 38
Figure 38.A Tests for Qualifying Child.
Chapter 44
Figure 44.A Surviving Spouse Filing Joint Return with Decedent
Guide
Cover
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96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
323
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
501
502
503
504
505
506
507
508
509
510
511
512
513
515
517
518
519
520
521
524
525
526
527
528
529
530
531
532
533
534
535
536
537
538
539
540
541
542
543
544
545
546
547
548
549
550
551
552
553
554
555
556
557
558
559
560
561
562
563
564
565
566
567
568
569
570
571
572
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592
593
594
595
596
597
598
599
600
601
602
603
604
605
606
607
608
609
610
611
612
613
614
615
616
617
618
619
620
621
622
623
624
625
626
627
628
629
630
631
632
633
634
635
636
637
638
639
640
641
642
643
644
645
646
647
648
649
650
651
652
653
654
655
656
657
658
659
660
661
662
663
664
665
666
667
668
669
670
671
672
673
675
676
677
678
679
680
681
682
683
684
685
686
687
688
689
690
691
692
693
694
695
696
697
698
699
700
701
702
703
704
705
706
707
708
709
710
711
712
713
714
715
716
717
718
719
720
721
722
723
724
725
726
727
728
729
730
731
732
733
735
736
737
738
739
740
741
742
743
744
745
746
747
748
749
750
751
752
753
754
755
757
758
760
761
762
763
764
765
767
768
769
770
771
772
773
774
775
776
777
778
779
780
781
782
785
786
787
788
789
790
791
792
793
794
795
796
797
798
800
801
802
803
804
805
806
808
809
810
811
812
813
815
816
817
818
818
819
820
821
822
823
824
825
826
827
828
829
830
831
832
833
834
835
836
837
838
839
840
841
842
843
844
845
846
847
848
849
850
857
859
860
861
862
863
864
865
866
867
868
869
871
872
873
874
875
876
877
878
879
880
881
882
883
884
885
893
894
895
896
897
898
899
900
901
902
903
904
905
906
907
908
909
910
911
912
913
914
915
916
917
918
919
920
921
922
923
926
927
928
929
930
931
932
933
934
935
936
937
938
939
940
941
942
943
944
945
946
947
949
950
951
952
953
954
955
956
957
958
959
960
961
962
963
964
965
966
967
968
969
970
971
972
973
974
975
976
977
978
979
980
981
982
983
984
985
986
987
988
989
990
991
992
993
994
995
996
997
998
999
1000
1001
1002
1003
1004
1005
1006
1007
1008
1009
1010
1011
1012
1013
1014
1015
1016
1017
1018
1019
1020
1021
1022
1023
1024
1025
1026
1027
1028
1029
1030
1031
1032
1033
1034
1035
1036
1037
1038
1039
1040
1041
1042
1043
1044
1045
1046
1047
1048
1049
1050
1051
1052
1053
Special contents
Family tax guide
Abortion /
530
Adoption /
7
,
26
,
66
,
67
,
78
,
89
,
130
–
131
,
529
,
600
,
724
,
768
,
792
,
815
,
817
,
818
–
819
,
840
Alimony and separated maintenance:
303
–
304
,
475
–
489
Child support not included
/
476
–
477
,
481
Expense of a home
/
487
–
488
Burial or funeral expenses /
86
,
283
,
300
,
321
,
530
,
723
–
724
,
948
,
953
,
962
,
973
Child and dependent care credit /
764
–
784
Children:
Gifts to
/
164
,
760
,
968
Tax credit
/
65
,
69
,
73
,
75
–
76
Tax on investment income
/
195
,
753
–
763
Child support /
41
,
304
,
481
–
483
Common law marriage /
48
,
49
,
63
Community property /
8
,
55
,
174
,
340
–
341
,
440
,
526
,
778
,
835
,
839
,
897
,
973
Custody, child /
58
–
59
,
69
–
76
,
162
,
481
,
483
,
529
,
726
,
755
,
768
–
769
,
844
–
845
,
974
Day care centers /
589
,
599
,
712
,
768
,
770
,
772
,
774
,
777
,
780
,
880
Dependents /
9
,
26
–
27
,
49
,
60
,
61
–
89
,
491
–
495
,
497
,
506
,
507
,
520
–
523
,
528
–
538
,
751
,
764
–
784
,
797
–
798
,
846
,
956
Divorce /
48
–
49
,
52
,
64
,
69
–
71
,
73
,
76
,
87
,
117
,
403
,
454
,
475
–
489
,
529
,
556
,
568
,
755
,
768
,
844
–
845
Alimony
/
475
–
489
Dependents support test for children
/
71
–
72
,
85
Exemptions
/
61
–
89
,
98
–
99
Filing status
/
48
Transfers of property
/
366
Domestic help /
64
,
914
–
923
Earned income credit /
750
,
751
,
832
–
850
,
920
Educational expenses /
490
–
498
,
691
–
704
,
709
,
771
,
795
–
807
Education Savings Bond Program /
177
–
179
Estate tax /
195
–
196
,
268
,
306
–
307
,
943
–
959
,
960
–
974
Exemptions /
61
–
89
Filing status /
5
,
8
,
47
–
60
,
446
Married filing jointly
/
50
–
53
Married filing separately
/
53
–
56
,
837
Final tax return /
518
,
945
–
959
Foster care /
67
,
71
,
78
,
82
,
310
,
596
,
840
Gifts /
164
,
331
,
904
–
908
,
909
,
955
,
956
,
960
–
974
Grandparents /
58
,
74
,
75
,
492
,
528
–
529
,
566
,
760
,
843
,
968
–
974
Head of household /
49
,
56
–
60
,
787
Household employees /
64
,
914
–
923
Joint returns /
31
–
32
,
44
,
50
–
56
,
63
,
66
,
73
–
76
,
78
,
108
,
109
,
113
,
248
,
280
,
291
,
396
,
402
,
428
,
505
,
549
–
550
,
750
,
755
,
773
–
775
,
786
–
787
,
830
,
833
,
839
,
841
–
842
,
846
,
847
,
864
,
946
,
949
,
950
,
955
Married taxpayers /
21
,
49
,
50
–
56
,
95
,
108
,
116
,
396
,
402
–
405
,
437
,
505
,
521
,
689
,
773
,
786
,
810
,
833
,
837
Filing jointly
/
50
–
53
,
773
–
774
Filing separately
/
53
–
56
Filing status
/
49
Marriage tax
/
51
Medical and dental expenses /
524
–
544
Moving household goods /
499
–
513
Multiple support agreement /
86
–
87
,
529
Parents as dependents /
77
,
83
–
84
Additional standard deduction
/
517
Premium Tax Credit,
534
,
751
,
808
–
814
Registered domestic partners /
8
,
49
–
50
Retirement planning /
134
,
240
–
268
IRAs
/
166
,
241
,
257
,
262
,
435
–
474
Retirement plans
/
135
–
137
,
240
–
268
,
449
,
880
–
881
Social Security
/
269
–
281
Scholarships /
73
,
316
,
801
,
804
–
805
,
848
Separated taxpayers /
48
,
64
,
69
,
73
,
75
,
76
,
87
,
108
,
443
,
476
,
480
,
529
,
568
,
755
,
768
,
773
,
778
,
844
–
845
Social security number /
6
,
26
–
27
,
89
,
162
,
196
,
767
,
835
,
842
Spouse:
Deceased
/
50
,
60
,
64
,
255
,
481
,
530
,
954
,
962
–
964
Disabled, qualifying for dependent care credit
/
751
,
764
–
784
Exemption
/
62
IRA
/
441
–
443
,
445
–
446
,
448
–
449
,
451
Injured Spouse Allocation
,
31
Medical expenses
/
527
–
528
,
529
–
530
,
536
,
541
Nonresident alien spouse
,
26
,
53
,
56
Standard deduction
/
517
–
523
Surviving
/
9
,
255
,
287
,
402
,
457
,
501
,
507
,
778
,
944
–
950
Trusts /
162
,
175
,
195
,
306
–
308
,
486
,
761
,
965
–
967
Homeowners' tax guide
Appraisals /
533
,
590
–
591
,
600
,
628
,
631
,
719
Calculating your gain /
357
Change to rental property /
221
,
341
,
405
–
410
Closing costs /
327
,
397
Condominiums /
214
,
223
,
306
,
394
,
401
,
501
,
710
,
826
Cooperative apartments /
214
,
394
,
401
,
553
Credit for mortgage interest /
823
Damages /
618
,
619
–
622
,
624
,
625
,
628
Definition of principal residence /
394
Excluding gain on sale of home /
399
–
405
First-time homebuyer credit /
828
–
829
Improvements /
218
–
221
,
329
–
330
Interest on mortgage and home equity loans /
237
,
293
,
562
–
575
,
583
–
584
,
823
–
824
Home office /
669
,
710
–
714
,
876
–
882
Loan fees /
579
Measuring your investment in property /
325
–
348
Points /
327
,
393
,
569
–
575
,
583
–
584
Principal home defined /
394
Real estate taxes /
327
,
553
–
558
Recapturing (Paying Back) the First-Time Homeowner Credit,
828
–
829
Recordkeeping /
34
–
38
,
399
Renting your home /
217
,
221
,
226
–
228
,
341
,
405
–
409
Replacement period /
334
,
412
,
991
Selling expenses /
329
Settlement fees /
327
,
397
–
398
Special problems:
Casualty and theft losses
/
330
,
617
–
641
Condemnations
/
168
,
333
,
334
,
365
,
401
,
411
,
618
Divorces
/
397
,
403
,
556
,
568
Installment sales
/
168
,
354
–
359
,
410
Mortgage debt forgiveness
/
394
,
399
Vacation homes /
223
–
229
Investors' tax guide
(If You Own Stocks, Bonds, or Limited Partnerships)
Alternative minimum tax (AMT) /
230
,
735
–
738
,
739
–
746
,
763
,
1026
–
1027
Amortization of bond premium /
344
–
345
,
585
,
722
Annuities /
101
–
104
,
168
,
181
,
240
–
268
,
316
,
321
,
365
Basis /
204
,
205
,
207
,
292
,
341
,
903
–
910
Bonds:
Coupon stripping
/
183
Redemption and sale of bonds
/
352
Tax-exempt bonds
/
164
–
165
,
181
,
585
U.S. savings bonds
/
171
–
177
Zero-coupon bonds
/
185
Capital gains and losses /
204
–
205
,
368
–
391
,
413
–
432
,
899
,
910
Holding period
/
199
–
201
,
383
–
390
,
898
Loss carryover rules
/
427
–
428
Certificate of deposit (CD) /
186
Charitable donations, using your portfolio /
586
–
616
Commodity futures /
376
Computer at home /
719
Covered call options /
374
–
375
Deductible expenses for the investor:
Limitations on investment income
/
635
–
639
Safe-deposit box
/
718
Stockholders meetings
/
727
Dividends /
191
–
212
Nontaxable dividends
/
345
Reinvestment plans
/
345
,
415
,
721
Stock dividends
/
139
,
206
,
345
–
346
,
385
Education Savings Bonds /
177
–
179
Fair market value /
327
,
359
,
590
–
591
,
603
,
627
,
956
Figuring gains and losses /
395
–
399
,
908
–
912
Foreign bank and financial accounts /
936
–
937
Foreign investment disclosures /
158
–
159
,
200
–
201
Foreign tax credit /
821
–
823
,
900
–
901
,
930
–
932
Holding period /
199
–
201
,
383
–
390
,
423
–
424
,
898
,
909
–
910
Index options /
374
Interest income /
158
–
190
,
821
,
1018
Investment clubs /
312
–
313
Investment interest /
211
,
429
,
575
–
581
,
584
,
913
Market discount bonds /
372
Municipal bonds /
181
,
188
,
548
Mutual funds /
203
,
415
,
425
,
719
–
720
,
893
–
913
Distributions
/
896
–
901
Foreign mutual funds
/
895
–
896
Nominees /
165
,
183
,
197
,
421
Nontaxable distributions /
459
,
752
Nontaxable exchanges /
333
,
335
,
336
,
362
Options /
137
–
138
,
343
Original issue discount (OID) /
181
–
185
,
343
–
344
Passive activity limits /
234
–
236
,
317
Passive activity losses /
318
,
419
–
420
,
578
Portfolio strategies:
Short sales against the box
/
373
–
374
Stripped-coupon bonds
/
184
–
185
Using puts and calls
/
351
,
372
Wash sales
/
372
,
375
,
390
Writing covered calls
/
374
–
375
Qualified small business stock (QSBS) /
381
–
383
Related parties /
366
–
368
Reporting gains and losses /
413
–
432
Retirement of bonds /
352
Safe deposit boxes /
721
Savings bonds /
171
–
179
,
189
,
313
,
365
,
805
,
1025
Short sales /
372
Stock /
127
–
128
,
137
–
138
,
139
,
140
,
191
–
212
,
341
–
348
,
352
–
353
,
364
–
365
,
367
,
369
,
381
–
383
,
385
,
429
,
489
,
608
,
622
,
972
,
1019
–
1020
Stock rights /
206
–
207
,
347
–
348
,
369
,
385
Straddles /
376
Tax-exempts /
579
Wash sales /
372
,
375
,
379
Worthless securities /
352
Zero-coupon bonds /
185
–
186
Real estate investors' tax guide
Active participation /
234
–
235
Advance rent /
214
–
215
Alternative minimum tax (AMT) /
230
,
740
,
1026
Appraisals /
600
,
628
,
631
,
719
Basis (measuring your investment in property) /
325
–
348
,
359
,
363
,
391
,
396
–
399
At-risk
/
233
Closing costs
/
327
Improvements
/
218
,
329
–
331
Capital gains/losses (See Investors' Tax Guide)
Cost of keeping up /
56
–
57
,
774
,
877
Damages /
218
,
300
–
301
,
619
–
622
,
625
–
626
,
719
Depreciation /
230
–
233
,
330
–
331
,
335
,
336
,
341
,
408
,
430
–
431
Accelerated Cost Recovery System (ACRS)
/
231
–
232
,
431
,
872
Modified Accelerated Cost Recovery System (MACRS)
/
231
–
232
,
335
,
336
,
670
,
873
Exchanges of like-kind property /
335
–
336
,
357
,
361
–
362
,
366
,
410
–
411
Fair market value /
327
,
359
–
360
,
590
–
591
,
603
–
604
,
627
,
629
–
631
Fair rental value /
84
Home office /
669
,
710
–
714
,
876
–
880
Passive activities /
234
–
236
,
317
–
321
,
419
–
420
,
578
Points /
327
–
328
,
583
–
584
Real estate investment trusts (REITs) /
204
Recordkeeping /
237
Rental income and expenses /
213
–
237
Repairs /
218
–
220
,
398
,
628
–
629
Sales and exchanges /
349
–
391
Installment sales
/
168
,
354
–
359
,
410
,
419
Nontaxable exchanges
/
333
–
336
,
362
Repossession of real property
/
357
–
358
,
377
–
378
,
385
,
397
Security deposits /
216
–
217
Subdivision of land /
378
–
379
Subletting /
216
,
377
Tangible property regulations /
230
–
231
,
603
,
999
–
1008
De minimis safe harbor election
/
1001
Election to capitalize repair and maintenance costs
/
1005
–
1008
Safe harbor election for small taxpayers
/
1004
–
1005
Simplified accounting method change procedure
/
1019
–
1020
Vacation homes /
223
–
230
Self-employed entrepreneurs' tax guide
Accounting methods:
Accrual method
/
868
–
869
Cash method
/
868
–
869
Accounting periods /
867
Alternative minimum tax (AMT) /
230
,
431
–
432
,
739
–
747
Artists and authors /
883
–
884
Bad debts /
870
–
872
Barter income /
283
Business assets:
Automobiles
/
872
–
873
Business tax credits
/
882
–
883
Depreciation
/
872
,
879
–
880
Expense election (section 179 deductions)
/
872
–
873
Business expenses /
866
–
869
Business gifts /
664
–
665
,
679
,
708
Business tax credits /
882
–
883
Carryback/carryforward /
862
–
863
Club fees and dues /
661
,
663
,
724
Computer at home /
719
,
873
Constructive receipt of income /
24
,
25
,
187
Convention expenses /
596
,
656
–
657
,
702
Depreciation /
872
–
873
,
879
Estimated taxes /
863
Federal unemployment tax (FUTA) /
920
–
921
Foreign conventions /
657
,
702
Foreign earned income /
122
,
926
–
932
Form 8829 /
876
–
880
Health insurance /
874
–
875
Hobby losses /
312
,
862
Home office /
876
How to complete Schedule C /
869
–
882
Income received by an agent /
24
,
719
,
860
,
868
Independent contractors /
860
,
863
,
875
,
876
,
916
–
917
Installment sales /
168
,
354
–
359
,
410
,
419
Inventions /
297
,
379
Inventory methods /
883
–
884
Leasing a car /
673
–
674
,
874
Legal expenses /
279
,
720
,
724
,
726
,
882
Losses, reporting /
413
–
432
,
862
–
865
Medical insurance /
543
–
544
,
874
–
875
Miscellaneous expenses:
Entertainment expenses
/
660
–
664
,
881
Moving expenses
/
499
–
513
Travel expenses
/
645
–
657
,
882
New business start-up costs /
867
Office rent /
719
,
882
Payroll taxes /
876
Recordkeeping /
879
Retirement plans:
IRAs
/
881
Keogh plans
/
881
Simplified employee pension (SEP)
/
881
Royalties /
870
S corporations /
869
Sale of business assets /
882
Recapture of depreciation
/
882
Schedule C /
859
–
892
Schedule C-EZ /
861
–
862
Self-employment taxes /
865
–
869
Social security tax (FICA) for your employees /
876
Standard mileage rate /
670
–
671
,
872
Start-up expenses /
866
Statutory employees /
860
–
861
,
865
,
876
Tangible property regulations
De minimis safe harbor election
/
1001
–
1007
Election to capitalize repair and maintenance costs
/
1005
–
1006
Safte harbor election for small taxpayers
/
1004
–
1007
Simplified accounting method change procedure
/
1007
Tax year /
867
Travel and entertainment /
645
–
664
,
881
–
882
Business executives' tax guide
Accounting to employer /
679
–
680
Alternative minimum tax (AMT) /
208
,
739
–
746
Bonuses /
125
,
315
Business expenses:
Automobiles
/
669
–
674
,
686
Business gifts
/
664
–
665
,
708
Computer at home
/
709
,
719
Conventions
/
596
,
656
–
657
,
702
Entertainment
/
660
–
664
,
686
,
724
Travel in the United States
/
654
–
655
Travel outside the United States
/
655
–
656
Club fees and dues /
660
–
661
,
724
Commuting expenses /
668
–
669
,
724
–
725
Compensation:
Bargain purchases from your employer
/
333
Deferred compensation
/
243
,
848
Life insurance
/
131
–
134
Stock appreciation rights
/
127
Stock options
/
137
–
138
,
206
,
343
,
489
Directors' fees /
308
Educational expenses /
798
–
807
Employment agency fees /
305
Foreign-earned income exclusion /
926
–
932
Fringe benefits /
101
,
128
Home office /
669
,
710
–
711
,
876
–
877
Hydrogen Refueling Property Credit,
821
Job hunting /
706
,
714
Living abroad /
9
,
143
,
507
,
775
,
926
–
932
Lump-sum distributions from retirement plans /
252
–
254
,
259
–
261
,
275
,
301
Moving expenses /
499
–
513
Passive activity losses /
318
,
419
–
420
,
578
–
579
Recordkeeping /
161
,
674
–
676
,
704
Resumé expenses /
715
Severance pay /
126
–
127
Sick pay /
101
,
127
,
147
Simplified employee pension (SEP) /
473
–
474
,
881
Stock for services /
209
Stock options:
Incentive stock options
/
138
,
343
,
743
–
744
Nonqualified stock options
/
137
–
138
Tax credit for child care /
764
–
784
Unemployment benefits /
298
–
299
Withholding /
90
–
118
,
243
–
244
,
274
Workers' compensation /
147
,
302
Senior citizens' tax guide
Credit for the elderly and disabled /
751
,
785
–
790
Dependents /
9
,
56
–
57
,
64
–
87
,
751
–
752
Filing requirements /
4
–
46
Free help with your return /
17
Final tax return /
518
,
945
–
959
Nursing homes /
536
Retirement plans:
Death benefit exclusion
/
288
–
289
,
954
Excise tax on early distribution
/
264
–
265
,
456
,
462
IRAs
/
25
,
55
,
166
,
241
,
435
–
474
Lump-sum distributions
/
252
–
254
,
259
,
275
–
279
Purchased annuities /
244
Sale of principal residence (See Homeowners' tax guide)
Social security income, amount taxable /
270
–
274
Standard deduction /
294
–
295
,
517
–
523
Additional standard deduction
/
518
Widows and widowers /
49
,
50
,
60
Members of the Armed Forces' tax guide (Including Veterans)
Disability benefits /
143
,
145
–
146
Dependency allotments /
81
–
82
Extension of time to file return /
21
Insurance proceeds /
143
Meals and lodging /
646
MIAs and POWs /
48
Moving expenses /
502
Nontaxable military benefits /
439
,
839
Pay /
143
,
439
Reservists' transportation /
668
Retirement pay /
93
,
143
Uniforms, cost of /
717
Veterans' benefits /
143
Where to file your return /
34
