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Ernst & Young Tax Guide 2017 ebook

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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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The EY Tax Guide 2017

Years of critical acclaim for America's no. 1 tax guide . . .

“This is the best tax guide of the bunch . . . the most up-to-date guide.”

USA Today

“Hard to beat . . . [EY professionals] elucidate each point, giving examples, definitions and strategies that you won't learn about from the IRS.”

Money

“This book . . . has more up-to-date information on tax changes than its competitors—or even the IRS.”

Chicago Sun-Times

“Best of the commercially available guides.”

New York Daily News

“Destined to become the ‘old standard,' all written in plain English . .. . If you can afford just one tax book, this could be the one.”

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“The text-with-commentary approach makes the book both authoritative and easy-to-use.”

People

“The simplest tax guide to understand.”

CBS This Morning

“The explanations, examples, and planning advice are top-drawer.”

Orlando Sentinel

“Exceptionally detailed.”

The Sunday Denver Post

“An excellent book, full of clear explanations, planning hints, tax savers and sample forms.”

Atlanta Journal Constitution

“Our brand-name choice for filers with lots of questions for filing and planning situations.”

Fort Worth Star-Telegram

“. . . a veritable fountain of information.”

Milwaukee Sentinel

“. . . the best of the bunch for return preparation.”

Des Moines Register

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

All rights reserved. No part of this publication may be re- produced or transmitted in any form or by any means, electronic or mechanical, including photocopying or recording, or by any information storage or retrieval system, without written permission from Ernst & Young LLP. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, whether electronic, mechanical or otherwise, and including without limitation photocopying, recording, scanning, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Published by John Wiley & Sons, Inc.

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.

For general information on Ernst & Young LLP's other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002.

Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com.

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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75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

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