Instructions For Form 1040ez - Income Tax Return For Single And Joint Filers With No Dependents - 2011 Page 11

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2011 Form 1040EZ— Lines 2 through 6
Unemployment compensation.
You should receive a Form
1099-G showing in box 1 the total unemployment compensa-
2
Line 2, Taxable Interest
tion paid to you in 2011. Report this amount on line 3. If
married filing jointly, also report on line 3 any unemployment
Each payer should send you a Form 1099-INT or Form
compensation received by your spouse. If you made contribu-
1099-OID. Report all of your taxable interest income on line 2
tions to a governmental unemployment compensation pro-
even if you did not receive a Form 1099-INT or 1099-OID.
gram, reduce the amount you report on line 3 by those
contributions.
Include taxable interest from banks, savings and loan associa-
tions, credit unions, savings bonds, etc. If interest was credited
If you received an overpayment of unemployment compensa-
in 2011 on deposits that you could not withdraw because of
tion in 2011 and you repaid any of it in 2011, subtract the
the bankruptcy or insolvency of the financial institution, you
amount you repaid from the total amount you received. Enter
may be able to exclude part or all of that interest from your
the result on line 3. However, if the result is zero or less, enter
2011 income. But you must use Form 1040A or 1040 to do so.
-0- on line 3. Also, enter “Repaid” and the amount you repaid
See Pub. 550 for details.
in the space to the left of line 3. If, in 2011, you repaid
For more information on interest received, use TeleTax
unemployment compensation that you included in gross in-
topic 403 in Section 6, later.
TIP
come in an earlier year, you can deduct the amount repaid.
But you must use Form 1040 to do so. See Pub. 525 for details.
If you cashed U.S. Series EE or I Savings Bonds in 2011 that
Alaska Permanent Fund dividends.
Include the dividends
were issued after 1989 and you paid certain higher education
in the total on line 3. But you cannot use Form 1040EZ for a
expenses during the year, you may be able to exclude from
child who was age 18 or under or a full-time student under
income part or all of the interest on those bonds. But you must
age 24 at the end of 2011 if the child’s dividends are more
use Form 8815 and Form 1040A or 1040 to do so.
than $1,900. Instead, you must file Form 8615 and Form 1040A
You must use Form 1040A or 1040 if any of the following
or 1040 for the child. You also must use Form 8615 and Form
apply.
1040A or 1040 for the child if the child’s dividends and taxable
interest (line 2) total more than $1,900. A child born on Janu-
You received interest as a nominee (that is, in your name
ary 1, 1993, is considered to be age 19 at the end of 2011. A
but the interest income actually belongs to someone
child born on January 1, 1988, is considered to be age 24 at
else).
the end of 2011. Do not use Form 8615 for such a child.
You received a 2011 Form 1099-INT for U.S. savings bond
interest that includes amounts you reported before 2011.
You owned or had authority over one or more foreign
financial accounts (such as bank accounts) with a com-
6
bined value over $10,000 at any time during 2011.
Line 6, Taxable Income
Tax-Exempt Interest
Your taxable income and filing status will determine the
If you received tax-exempt interest, such as from municipal
amount of tax you enter on line 10.
bonds, each payer should send you a Form 1099-INT. Your
tax-exempt interest should be included in box 8 of Form
1099-INT. Enter “TEI” and the amount in the space to the left of
Figuring taxable income incorrectly is one of the most
!
line 2. Do not add tax-exempt interest in the total on line 2.
common errors on Form 1040EZ. So please take extra
care when subtracting line 5 from line 4.
CAUTION
If you received Forms SSA-1099 or RRB-1099 (showing
Line 3, Unemployment Compensation
3
amounts treated as social security) use the worksheet on the
and Alaska Permanent Fund Dividends
next page to determine if you can file Form 1040EZ.
- 11 -
Instructions for Form 1040EZ

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