Page 135 - 2020 Publication 17

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Establishing account 76
Form 1099-K: Passive activity 23 Clergy 50 14:38 - 19-Jan-2021
Payment card and third-party (See also Passive activity) Cooperative (See Cooperative Time of 76
network transactions 75 Gambling winnings and housing) Where to open account 76
Form 1099-MISC: losses 73, 102 Excess contributions 84
Withheld state and local Withholding 39, 43 Figuring modified AGI
taxes 94 Garbage pickup: (Worksheet 9-1) 80
Form 1099-NEC: Deductibility (Table 11-1) 97 I Forms to use:
Withheld state and local Garnishment and attachment 12 Icons, use of 3, 4 Form 1099-R for reporting
taxes 94 Gas royalties 70 Identity theft 3, 20 distributions 84
Form 1099-R: Gems: Illegal activities: Form 8606 for nondeductible
Withheld state and local taxes IRA prohibited transactions in 84 Reporting of 74 contributions 76
shown on 94 General due dates, estimated Income 46, 66, 72 Inherited IRAs 74, 80, 81
Form 1099-S: tax 41 (See also Wages and salaries) Required distributions 83
Real estate transactions GI Bill benefits 35 (See also Alimony) Interest on, treatment of 76
proceeds 96 Gifts: Bartering 66 Kay Bailey Hutchison Spousal
Form 1116: Holiday gifts 48 Canceled debts 66 IRAs 77, 78
Foreign tax credit 98 Not taxed 74 Constructive receipt of 12, 60 Married couples (See this
Form 8332: To reduce the public debt 16 Gross 33 heading: Kay Bailey
Release of exemption to Gift taxes: Illegal activities 75 Hutchison Spousal IRAs)
noncustodial parent 28 Not deductible 98 Interest 53 Modified adjusted gross income
Form W-2: Gold and silver: Jury duty pay 74 (MAGI):
Employer-reported income IRA investments in 84 Life insurance proceeds 67 Computation of 79
statement 42 Government employees: Nonemployee compensation 73 Effect on deduction if covered
Filing with return 42 Federal (See Federal employees) Paid to agent 12 by employer retirement
Separate form from each Grants, disaster relief 71 Paid to third party 12 plan (Table 9-1) 78
employer 43 Gratuities (See Tip income) Partnership 68 Effect on deduction if not
Withheld state and local Gross income: Prepaid 12 covered by employer
taxes 94 Age, higher filing threshold after Recovery 68 retirement plan
Form W-2c: 65 6 Royalties 70 (Table 9-2) 79
Corrected wage and tax Defined: S corporation 68 Worksheet 9-1 80
statement 43 Filing requirements Tax exempt 34 Nondeductible contributions 80
Form W-2G: (Table 1-1) 5 Underreported 18 Early withdrawal 85
Gambling winnings withholding Dependent filing requirements Income-producing expenses 99 Tax on earnings on 80
statement 39, 43 (Table 1-2) 6 Income taxes: Ordinary income, distributions
Withheld state and local taxes Gross income test 33 Federal (See Federal income tax) as 83
shown on 94 Group-term life insurance: Foreign (See Foreign income Penalties:
Form W-4: Accidental death benefits 48 taxes) Early distributions (See Early
Employee withholding allowance Definition 48 State or local (See State or local withdrawal from deferred
certificate 37, 39 Exclusion from income: income taxes) interest account)
Form W-4S: Limitation on 48 Indians: Excess contributions 84
Sick pay withholding request 38 Permanent benefits 48 Fishing rights 74 Form 8606 not filed for
Form W-4V 39 Taxable cost, calculation of 48 Taxes collected by tribal nondeductible
Unemployment compensation, Guam: governments, deduction contributions 76, 80
voluntary withholding Income from 7 of 94 Overstatement of
request 39 Individual retirement nondeductible
Foster care: arrangements (IRAs) 75, 76, contributions 80
Care providers' payments 73 81, 86 Prohibited transactions 84
Child tax credit 107 H (See also Rollovers) Required distributions, failure
Difficulty-of-care payments 73 HAMP: (See also Roth IRAs) to take 83, 85
Emergency foster care, Home affordable modification: Administrative fees 77, 100 Prohibited transactions 84
maintaining space in home Pay-for-performance 71 Age 59 1/2 for distribution 85 Recharacterization of
for 73 Handicapped Exception to rule 85 contribution 82
Foster care payments and persons (See Disabilities, Age 72: Reporting of:
expenses 29, 34 persons with) Distributions required at 83, Distributions 84
Foster child 27, 29, 33, 34 Head of household 21, 23 85 Recharacterization of
Foster Grandparent Program 51 Health: Compensation, defined 76 contributions 83
Found property 73 Flexible spending Contribution limits 77 Required distributions 81, 83
Fraud: arrangement 47 Age 50 or older, 77 Excess accumulations 85
Penalties 19, 38 Health insurance 47 Under age 50, 77 Retirement savings contribution
Reporting anonymously to IRS 3 (See also Accident insurance) Contributions 22, 23 credit 22
Fringe benefits: Reimbursement arrangement 48 Designating year for which Self-employed persons 76
Accident and health Savings account 48 contribution is made 77 Taxability:
insurance 47 Health coverage tax credit 7 Excess 84 Distributions 83
Accounting period 47 Health insurance premiums 35 Filing before contribution is Time of taxation 76
Adoption, employer Health Spa 101 made 77 Transfers permitted 81
assistance 48 Help (See Tax help) Nondeductible 80 To Roth IRAs 81, 82
Archer MSA contributions 47 High income taxpayers: Not required annually 77 Trustee administrative fees 100
De minimis benefits 48 Estimated tax 40 Roth IRA contribution for Trustee-to-trustee transfers 81
Education assistance 48 Hobbies 100 same year 87 IRA to Roth IRA 88
Form W-2 47 Activity not for profit 72 Time of 77 Types of 76
Group-term life insurance Losses 74 Withdrawal before filing due Withdrawals:
premiums 48 Holiday, deadline falling on 41 date 83 Early (See Early withdrawal
Holiday gifts 48 Holiday gifts 48 Cost basis 80, 83 from deferred interest
Retirement planning services 49 Home: Deduction for 77 account)
Taxable income 47 Aged, home for 34 Participant covered by Required (See this heading:
Transportation 49 Cost of keeping up 23 employer retirement plan Required distributions)
Withholding 38 Worksheet 24 (Table 9-1) 78 Withholding 13, 39, 84
Frozen deposits: Security system 101 Participant not covered by Individual taxpayer identification
Interest on 74 Homeowners' associations: employer retirement plan number (ITIN) 13, 36
IRA rollover period extension 81 Charges: (Table 9-2) 79 Individual taxpayers (See Single
Funeral expenses 35 Deductibility (Table 11-1) 97 Phaseout 78 taxpayers)
Funerals: Hope credit: Definition of 76 Information returns 11, 13, 46, 47,
Clergy, payment for 50 Married filing separately 22 Distributions: 50
Expenses 100 Host or hostess 67 At age 59 1/2 85 (See also Form W-2)
Household furnishings: Required minimum (See also Form 1099)
Antiques (See Collectibles) distributions (See this Partnerships to provide 68
G Household members 21 heading: Required Inheritance 73
distributions)
(See also Estate beneficiaries)
(See also Head of household)
Gains and losses 22 Household workers (See Domestic Divorced taxpayers 82 IRAs (See Individual retirement
(See also Losses) help) Early distributions (See Early arrangements (IRAs))
Claim for refund for loss 19 Household workers, can’t claim as withdrawal from deferred Not taxed 74
Gambling (See Gambling dependent 25 interest account) Inheritance tax:
winnings and losses) Housing 23 Employer retirement plan Deductibility of 98
Hobby losses 74 (See also Home) participants 77, 78 Deduction 98
Publication 17 (2020) Page 131