Line 46
Add lines 44 and 45.
This is your total tax for the year.
Line 47 –
Foreign tax credit. Attach Form 1116 if required
If you paid income tax to a foreign
country, you may be able to take this credit. Generally, you must complete and
attach Form 1116 to do so.
Exception
You do not have to complete Form 1116
to take this credit if all of the following apply.
1) All of your foreign source gross income
was from interest and dividends and all of that income and the foreign tax paid
on it were reported to you on Form 1099-INT, Form 1099-DIV, or Schedule K-1 (or
substitute statement).
2) The total of your foreign taxes was
not more than $300 (not more than $600 if married filing jointly).
3) You held the stock or bonds on
which the dividends or interest were paid for at least 16 days and were not
obligated to pay these amounts to someone else.
4) You are not filing Form 4563 or excluding
income from sources within Puerto Rico.
5) All of your foreign taxes were:
a. Legally
owed and not eligible for a refund or reduced tax rate under a tax treaty, and
b. Paid to
countries that are recognized by the United States and do not support terrorism.
For more details on these requirements, see the Instructions for
Form 1116.
Do you
meet all five requirements above?
Yes
Enter on line 47 the smaller of (a)
your total foreign taxes, or (b) the amount on Form 1040, line 44.
No
See Form 1116 to find out if you can
take the credit and, if you can, if you have to file Form 1116.
Line 48 –
Credit for child and dependent care expenses. Attach Form 2441
You may be able to take this credit if
you paid someone to care for:
1) Your qualifying child under age 13 whom
you claim as your dependent,
2) Your disabled spouse or any other
disabled person who could not care for himself or herself, or
3) Your child whom you could not claim
as a dependent because of the rules for Children of divorced or separated
parents in the instructions for line 6c.
For details, use Tele Tax topic 602 or
see Form 2441.
Line 49 –
Education credits from Form 8863, line 23
If you (or your dependent) paid
qualified expenses in 2011 for yourself, your spouse, or your dependent to
enroll in or attend an eligible educational institution, you may be able to
take an education credit. See Form 8863 for details. However, you cannot take an
education credit if any of the following applies.
1) You, or your spouse if filing
jointly, are claimed as a dependent on someone else’s (such as your parent’s)
2011 tax return.
2) Your filing status is married
filing separately.
3) The amount on Form 1040, line 38,
is $90,000 or more ($180,000 or more if married filing jointly).
4) You are taking a deduction for
tuition and fees on Form 1040, line 34, for the same student.
5) You, or your spouse, were a nonresident
alien for any part of 2011 unless your filing status is married filing jointly.
Line 50 –
Retirement savings contributions credit. Attach Form 8880
You may be able to take this credit if
you, or your spouse if filing jointly, made (a) contributions, other than
rollover contributions, to a traditional or Roth IRA; (b) elective deferrals to
a 401(k) or 403(b) plan
(including designated Roth
contributions) or to a governmental 457, SEP, or SIMPLE plan; (c) voluntary
employee contributions to a qualified retirement plan (including the federal
Thrift Savings Plan); or (d) contributions to a 501(c)(18)(D) plan. However,
you cannot take the credit if either of the following applies.
1) The amount on Form 1040, line 38,
is more than $28,250 ($42,375 if head of household; $56,500 if married filing jointly).
2) The person(s) who made the
qualified contribution or elective deferral (a) was born after January 1, 1994,
(b) is claimed as a dependent on someone else’s 2011 tax return, or (c) was a
student (defined next). You were a student if during any part of 5 calendar
months of 2011 you:
• Were
enrolled as a full-time student at a school, or
• Took a full-time, on-farm training course given by a school or a
state, county, or local government agency. A school includes a technical,
trade, or mechanical school. It does not include an on-the-job training course,
correspondence school, or school offering courses only through the Internet.
For more details, use Tele Tax topic 610or see Form 8880.
Line 51 –
Child tax credit (see instructions)
Three Steps
To Take the Child Tax Credit
Step 1
Make sure you have a qualifying child
for the child tax credit. Follow Steps 1 through 3 in the instructions for line
6c. If you do not have a qualifying child, you cannot claim the child tax
credit.
Step 2
Make sure you checked the box on Form
1040, line 6c, column (4), for each qualifying child.
Step 3
Answer the questions below to see if you can use the Child Tax
Credit Worksheet to figure your credit or if you must use Pub. 972.
Use the 2011 Form 1040 Instructions to figure out your child tax
credit.
Line 52 –
Residential energy credits. Attach Form 5695
Nonbusiness
energy property credit
You may be able to take this credit by
completing and attaching Form 5695 for any of the following improvements to
your main home located in the United States in 2011 if they are new and meet
certain requirements for energy efficiency.
• Any insulation
material or system primarily designed to reduce heat gain or loss in your home.
• Exterior
windows (including skylights).
• Exterior
doors.
• A metal roof or asphalt roof with pigmented coatings or cooling
granules primarily designed to reduce the heat gain in your home.
You may also be able to take this
credit for the cost of the following items if the items meet certain
performance and quality standards.
• Certain electric heat pump water heaters, electric heat pumps,
central air conditioners, and natural gas, propane, or oil water heaters.
• A
qualified furnace or hot water boiler that uses natural gas, propane, or oil.
• A stove
that burns biomass fuel to heat your home or to heat water for use in your
home.
• An
advanced main air circulating fan used in a natural gas, propane, or oil furnace.
Residential
energy efficient property credit
You may be able to take this credit by
completing and attaching Form 5695 if you paid for any of the following during 2011.
•
Qualified solar electric property for use in your home located in the United States.
•
Qualified solar water heating property for use in your home located in the
United States.
• Qualified fuel cell property installed located in the United
States. on or in connection with your main home
• Qualified small wind energy property for use in connection with
your home located in the United States.
• Qualified geothermal heat pump property installed on or in
connection with your home located in the United States.
Condos and
co-ops
If you are a member of a condominium
management association for a condominium you own or a
tenant-stockholder in a cooperative
housing corporation, you are treated as having paid your proportionate share of
any costs of such association or corporation for purposes of these credits.
More details
For details, see Form 5695.
Line 53 –
Other credits from Form: a. 3800; b. 8801; c.
Enter the total of the following
credits on line 53 and check the appropriate box(es). Check all boxes that
apply. If box c is checked, also enter the applicable form number. To find out
if you can take the credit, see the form or publication indicated.
• General business credit. This credit consists of a number of
credits that usually apply only to individuals who are partners, shareholders
in an S corporation, self-employed, or who have rental property. See Form 3800
or Pub. 334.
• Credit for prior year minimum tax. If you paid alternative
minimum tax in a prior year, see Form 8801.
• Mortgage interest credit. If a state or local government gave
you a mortgage credit certificate, see Form 8396.
• Credit
for the elderly or the disabled. See Schedule R.
• District
of Columbia first-time homebuyer credit. See Form 8859.
•
Qualified plug-in electric drive motor vehicle credit. See Form 8936.
• Qualified plug-in electric vehicle credit.
See Form 8834, Part I.
• Qualified electric vehicle credit. You cannot claim this credit
for a vehicle placed in service after 2006. You can claim this credit only if
you have an electric vehicle passive activity credit carried forward from a
prior year. See Form 8834, Part II.
• Alternative motor vehicle credit. See Form 8910 if you placed a
new fuel cell motor vehicle in service during 2011 or converted a motor vehicle
to a qualified plug-in electric drive motor vehicle in 2011.
•
Alternative fuel vehicle refueling property credit. See Form 8911.
• Credit to holders of tax credit
bonds. See Form 8912.
Line 54
Add lines 47 through 53. These are your total credits
Line 55
Subtract line 54 from line 46. If line 54 is more than line 46,
enter 0.
This concludes the section of Tax and Credits of the 2011 Form
1040.
Up next: Other Taxes
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