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1040 Ez Irs

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1040 Ez Irs

1040 ez irs 11. 1040 ez irs   Social Security and Equivalent Railroad Retirement Benefits Table of Contents Introduction Useful Items - You may want to see: Are Any of Your Benefits Taxable? How To Report Your BenefitsHow Much Is Taxable? Examples Deductions Related to Your BenefitsRepayments More Than Gross Benefits Introduction This chapter explains the federal income tax rules for social security benefits and equivalent tier 1 railroad retirement benefits. 1040 ez irs It explains the following topics. 1040 ez irs How to figure whether your benefits are taxable. 1040 ez irs How to use the social security benefits worksheet (with examples). 1040 ez irs How to report your taxable benefits. 1040 ez irs How to treat repayments that are more than the benefits you received during the year. 1040 ez irs Social security benefits include monthly retirement, survivor, and disability benefits. 1040 ez irs They do not include supplemental security income (SSI) payments, which are not taxable. 1040 ez irs Equivalent tier 1 railroad retirement benefits are the part of tier 1 benefits that a railroad employee or beneficiary would have been entitled to receive under the social security system. 1040 ez irs They are commonly called the social security equivalent benefit (SSEB) portion of tier 1 benefits. 1040 ez irs If you received these benefits during 2013, you should have received a Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Payments by the Railroad Retirement Board. 1040 ez irs These forms show the amounts received and repaid, and taxes withheld for the year. 1040 ez irs You may receive more than one of these forms for the same year. 1040 ez irs You should add the amounts shown on all the Forms SSA-1099 and Forms RRB-1099 you receive for the year to determine the total amounts received and repaid, and taxes withheld for that year. 1040 ez irs See the Appendix at the end of Publication 915 for more information. 1040 ez irs Note. 1040 ez irs When the term “benefits” is used in this chapter, it applies to both social security benefits and the SSEB portion of tier 1 railroad retirement benefits. 1040 ez irs What is not covered in this chapter. 1040 ez irs   This chapter does not cover the tax rules for the following railroad retirement benefits. 1040 ez irs Non-social security equivalent benefit (NSSEB) portion of tier 1 benefits. 1040 ez irs Tier 2 benefits. 1040 ez irs Vested dual benefits. 1040 ez irs Supplemental annuity benefits. 1040 ez irs For information on these benefits, see Publication 575, Pension and Annuity Income. 1040 ez irs   This chapter does not cover the tax rules for social security benefits reported on Form SSA-1042S, Social Security Benefit Statement, or Form RRB-1042S, Statement for Nonresident Alien Recipients of: Payments by the Railroad Retirement Board. 1040 ez irs For information about these benefits, see Publication 519, U. 1040 ez irs S. 1040 ez irs Tax Guide for Aliens, and Publication 915, Social Security and Equivalent Railroad Retirement Benefits. 1040 ez irs   This chapter also does not cover the tax rules for foreign social security benefits. 1040 ez irs These benefits are taxable as annuities, unless they are exempt from U. 1040 ez irs S. 1040 ez irs tax or treated as a U. 1040 ez irs S. 1040 ez irs social security benefit under a tax treaty. 1040 ez irs Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) 915 Social Security and Equivalent Railroad Retirement Benefits Forms (and Instructions) 1040-ES Estimated Tax for Individuals SSA-1099 Social Security Benefit Statement RRB-1099 Payments by the Railroad Retirement Board W-4V Voluntary Withholding Request Are Any of Your Benefits Taxable? To find out whether any of your benefits may be taxable, compare the base amount for your filing status with the total of: One-half of your benefits, plus All your other income, including tax-exempt interest. 1040 ez irs When making this comparison, do not reduce your other income by any exclusions for: Interest from qualified U. 1040 ez irs S. 1040 ez irs savings bonds, Employer-provided adoption benefits, Foreign earned income or foreign housing, or Income earned by bona fide residents of American Samoa or Puerto Rico. 1040 ez irs Children's benefits. 1040 ez irs   The rules in this chapter apply to benefits received by children. 1040 ez irs See Who is taxed , later. 1040 ez irs Figuring total income. 1040 ez irs   To figure the total of one-half of your benefits plus your other income, use Worksheet 11-1 later in this discussion. 1040 ez irs If the total is more than your base amount, part of your benefits may be taxable. 1040 ez irs    If you are married and file a joint return for 2013, you and your spouse must combine your incomes and your benefits to figure whether any of your combined benefits are taxable. 1040 ez irs Even if your spouse did not receive any benefits, you must add your spouse's income to yours to figure whether any of your benefits are taxable. 1040 ez irs    If the only income you received during 2013 was your social security or the SSEB portion of tier 1 railroad retirement benefits, your benefits generally are not taxable and you probably do not have to file a return. 1040 ez irs If you have income in addition to your benefits, you may have to file a return even if none of your benefits are taxable. 1040 ez irs Base amount. 1040 ez irs   Your base amount is: $25,000 if you are single, head of household, or qualifying widow(er), $25,000 if you are married filing separately and lived apart from your spouse for all of 2013, $32,000 if you are married filing jointly, or $-0- if you are married filing separately and lived with your spouse at any time during 2013. 1040 ez irs Worksheet 11-1. 1040 ez irs   You can use Worksheet 11-1 to figure the amount of income to compare with your base amount. 1040 ez irs This is a quick way to check whether some of your benefits may be taxable. 1040 ez irs Worksheet 11-1. 1040 ez irs A Quick Way To Check if Your Benefits May Be Taxable A. 1040 ez irs Enter the amount from box 5 of all your Forms SSA-1099 and RRB-1099. 1040 ez irs Include the full amount of any lump-sum benefit payments received in 2013, for 2013 and earlier years. 1040 ez irs (If you received more than one form, combine the amounts from box 5 and enter the total. 1040 ez irs ) A. 1040 ez irs   Note. 1040 ez irs If the amount on line A is zero or less, stop here; none of your benefits are taxable this year. 1040 ez irs B. 1040 ez irs Enter one-half of the amount on line A B. 1040 ez irs   C. 1040 ez irs Enter your taxable pensions, wages, interest, dividends, and other taxable income C. 1040 ez irs   D. 1040 ez irs Enter any tax-exempt interest income (such as interest on municipal bonds) plus any exclusions from income (listed earlier) D. 1040 ez irs   E. 1040 ez irs Add lines B, C, and D E. 1040 ez irs   Note. 1040 ez irs Compare the amount on line E to your base amount for your filing status. 1040 ez irs If the amount on line E equals or is less than the base amount for your filing status, none of your benefits are taxable this year. 1040 ez irs If the amount on line E is more than your base amount, some of your benefits may be taxable. 1040 ez irs You need to complete Worksheet 1 in Publication 915 (or the Social Security Benefits Worksheet in your tax form instructions). 1040 ez irs If none of your benefits are taxable, but you otherwise must file a tax return, see Benefits not taxable , later, under How To Report Your Benefits. 1040 ez irs Example. 1040 ez irs You and your spouse (both over 65) are filing a joint return for 2013 and you both received social security benefits during the year. 1040 ez irs In January 2014, you received a Form SSA-1099 showing net benefits of $7,500 in box 5. 1040 ez irs Your spouse received a Form SSA-1099 showing net benefits of $3,500 in box 5. 1040 ez irs You also received a taxable pension of $22,800 and interest income of $500. 1040 ez irs You did not have any tax-exempt interest income. 1040 ez irs Your benefits are not taxable for 2013 because your income, as figured in Worksheet 11-1, is not more than your base amount ($32,000) for married filing jointly. 1040 ez irs Even though none of your benefits are taxable, you must file a return for 2013 because your taxable gross income ($23,300) exceeds the minimum filing requirement amount for your filing status. 1040 ez irs Filled-in Worksheet 11-1. 1040 ez irs A Quick Way To Check if Your Benefits May Be Taxable A. 1040 ez irs Enter the amount from box 5 of all your Forms SSA-1099 and RRB-1099. 1040 ez irs Include the full amount of any lump-sum benefit payments received in 2013, for 2013 and earlier years. 1040 ez irs (If you received more than one form, combine the amounts from box 5 and enter the total. 1040 ez irs ) A. 1040 ez irs $11,000 Note. 1040 ez irs If the amount on line A is zero or less, stop here; none of your benefits are taxable this year. 1040 ez irs B. 1040 ez irs Enter one-half of the amount on line A B. 1040 ez irs 5,500 C. 1040 ez irs Enter your taxable pensions, wages, interest, dividends, and other taxable income C. 1040 ez irs 23,300 D. 1040 ez irs Enter any tax-exempt interest income (such as interest on municipal bonds) plus any exclusions from income (listed earlier) D. 1040 ez irs -0- E. 1040 ez irs Add lines B, C, and D E. 1040 ez irs $28,800 Note. 1040 ez irs Compare the amount on line E to your base amount for your filing status. 1040 ez irs If the amount on line E equals or is less than the base amount for your filing status, none of your benefits are taxable this year. 1040 ez irs If the amount on line E is more than your base amount, some of your benefits may be taxable. 1040 ez irs You need to complete Worksheet 1 in Publication 915 (or the Social Security Benefits Worksheet in your tax form instructions). 1040 ez irs If none of your benefits are taxable, but you otherwise must file a tax return, see Benefits not taxable , later, under How To Report Your Benefits. 1040 ez irs Who is taxed. 1040 ez irs   Benefits are included in the taxable income (to the extent they are taxable) of the person who has the legal right to receive the benefits. 1040 ez irs For example, if you and your child receive benefits, but the check for your child is made out in your name, you must use only your part of the benefits to see whether any benefits are taxable to you. 1040 ez irs One-half of the part that belongs to your child must be added to your child's other income to see whether any of those benefits are taxable to your child. 1040 ez irs Repayment of benefits. 1040 ez irs   Any repayment of benefits you made during 2013 must be subtracted from the gross benefits you received in 2013. 1040 ez irs It does not matter whether the repayment was for a benefit you received in 2013 or in an earlier year. 1040 ez irs If you repaid more than the gross benefits you received in 2013, see Repayments More Than Gross Benefits , later. 1040 ez irs   Your gross benefits are shown in box 3 of Form SSA-1099 or RRB-1099. 1040 ez irs Your repayments are shown in box 4. 1040 ez irs The amount in box 5 shows your net benefits for 2013 (box 3 minus box 4). 1040 ez irs Use the amount in box 5 to figure whether any of your benefits are taxable. 1040 ez irs Tax withholding and estimated tax. 1040 ez irs   You can choose to have federal income tax withheld from your social security benefits and/or the SSEB portion of your tier 1 railroad retirement benefits. 1040 ez irs If you choose to do this, you must complete a Form W-4V. 1040 ez irs   If you do not choose to have income tax withheld, you may have to request additional withholding from other income or pay estimated tax during the year. 1040 ez irs For details, see Publication 505 or the instructions for Form 1040-ES. 1040 ez irs How To Report Your Benefits If part of your benefits are taxable, you must use Form 1040 or Form 1040A. 1040 ez irs You cannot use Form 1040EZ. 1040 ez irs Reporting on Form 1040. 1040 ez irs   Report your net benefits (the total amount from box 5 of all your Forms SSA-1099 and Forms RRB-1099) on line 20a and the taxable part on line 20b. 1040 ez irs If you are married filing separately and you lived apart from your spouse for all of 2013, also enter “D” to the right of the word “benefits” on line 20a. 1040 ez irs Reporting on Form 1040A. 1040 ez irs   Report your net benefits (the total amount from box 5 of all your Forms SSA-1099 and Forms RRB-1099) on line 14a and the taxable part on line 14b. 1040 ez irs If you are married filing separately and you lived apart from your spouse for all of 2013, also enter “D” to the right of the word “benefits” on line 14a. 1040 ez irs Benefits not taxable. 1040 ez irs   If you are filing Form 1040EZ, do not report any benefits on your tax return. 1040 ez irs If you are filing Form 1040 or Form 1040A, report your net benefits (the total amount from box 5 of all your Forms SSA-1099 and Forms RRB-1099) on Form 1040, line 20a, or Form 1040A, line 14a. 1040 ez irs Enter -0- on Form 1040, line 20b, or Form 1040A, line 14b. 1040 ez irs If you are married filing separately and you lived apart from your spouse for all of 2013, also enter “D” to the right of the word “benefits” on Form 1040, line 20a, or Form 1040A, line 14a. 1040 ez irs How Much Is Taxable? If part of your benefits are taxable, how much is taxable depends on the total amount of your benefits and other income. 1040 ez irs Generally, the higher that total amount, the greater the taxable part of your benefits. 1040 ez irs Maximum taxable part. 1040 ez irs   Generally, up to 50% of your benefits will be taxable. 1040 ez irs However, up to 85% of your benefits can be taxable if either of the following situations applies to you. 1040 ez irs The total of one-half of your benefits and all your other income is more than $34,000 ($44,000 if you are married filing jointly). 1040 ez irs You are married filing separately and lived with your spouse at any time during 2013. 1040 ez irs Which worksheet to use. 1040 ez irs   A worksheet you can use to figure your taxable benefits is in the instructions for your Form 1040 or Form 1040A. 1040 ez irs You can use either that worksheet or Worksheet 1 in Publication 915, unless any of the following situations applies to you. 1040 ez irs You contributed to a traditional individual retirement arrangement (IRA) and you or your spouse is covered by a retirement plan at work. 1040 ez irs In this situation, you must use the special worksheets in Appendix B of Publication 590 to figure both your IRA deduction and your taxable benefits. 1040 ez irs Situation (1) does not apply and you take an exclusion for interest from qualified U. 1040 ez irs S. 1040 ez irs savings bonds (Form 8815), for adoption benefits (Form 8839), for foreign earned income or housing (Form 2555 or Form 2555-EZ), or for income earned in American Samoa (Form 4563) or Puerto Rico by bona fide residents. 1040 ez irs In this situation, you must use Worksheet 1 in Publication 915 to figure your taxable benefits. 1040 ez irs You received a lump-sum payment for an earlier year. 1040 ez irs In this situation, also complete Worksheet 2 or 3 and Worksheet 4 in Publication 915. 1040 ez irs See Lump-sum election next. 1040 ez irs Lump-sum election. 1040 ez irs   You must include the taxable part of a lump-sum (retroactive) payment of benefits received in 2013 in your 2013 income, even if the payment includes benefits for an earlier year. 1040 ez irs    This type of lump-sum benefit payment should not be confused with the lump-sum death benefit that both the SSA and RRB pay to many of their beneficiaries. 1040 ez irs No part of the lump-sum death benefit is subject to tax. 1040 ez irs   Generally, you use your 2013 income to figure the taxable part of the total benefits received in 2013. 1040 ez irs However, you may be able to figure the taxable part of a lump-sum payment for an earlier year separately, using your income for the earlier year. 1040 ez irs You can elect this method if it lowers your taxable benefits. 1040 ez irs Making the election. 1040 ez irs   If you received a lump-sum benefit payment in 2013 that includes benefits for one or more earlier years, follow the instructions in Publication 915 under Lump-Sum Election to see whether making the election will lower your taxable benefits. 1040 ez irs That discussion also explains how to make the election. 1040 ez irs    Because the earlier year's taxable benefits are included in your 2013 income, no adjustment is made to the earlier year's return. 1040 ez irs Do not file an amended return for the earlier year. 1040 ez irs Examples The following are a few examples you can use as a guide to figure the taxable part of your benefits. 1040 ez irs Example 1. 1040 ez irs George White is single and files Form 1040 for 2013. 1040 ez irs He received the following income in 2013: Fully taxable pension $18,600 Wages from part-time job 9,400 Taxable interest income 990 Total $28,990 George also received social security benefits during 2013. 1040 ez irs The Form SSA-1099 he received in January 2014 shows $5,980 in box 5. 1040 ez irs To figure his taxable benefits, George completes the worksheet shown here. 1040 ez irs Filled-in Worksheet 1. 1040 ez irs Figuring Your Taxable Benefits 1. 1040 ez irs Enter the total amount from box 5 of ALL your Forms SSA-1099 and RRB-1099. 1040 ez irs Also enter this amount on Form 1040, line 20a, or Form 1040A, line 14a $5,980 2. 1040 ez irs Enter one-half of line 1 2,990 3. 1040 ez irs Combine the amounts from:     Form 1040: Lines 7, 8a, 9a, 10 through 14, 15b, 16b, 17 through 19, and 21. 1040 ez irs     Form 1040A: Lines 7, 8a, 9a, 10, 11b, 12b, and 13 28,990 4. 1040 ez irs Enter the amount, if any, from Form 1040 or 1040A, line 8b -0-       5. 1040 ez irs Enter the total of any exclusions/adjustments for: Adoption benefits (Form 8839, line 28), Foreign earned income or housing (Form 2555, lines 45 and 50, or Form 2555-EZ, line 18), and Certain income of bona fide residents of American Samoa (Form 4563, line 15) or Puerto Rico -0-       6. 1040 ez irs Combine lines 2, 3, 4, and 5 31,980 7. 1040 ez irs Form 1040 filers: Enter the amount from Form 1040, lines 23 through 32, and any write-in adjustments you entered on the dotted line next to line 36. 1040 ez irs     Form 1040A filers: Enter the amount from Form 1040A, lines 16 and 17 -0- 8. 1040 ez irs Is the amount on line 7 less than the amount on line 6?     No. 1040 ez irs None of your social security benefits are taxable. 1040 ez irs Enter -0- on Form 1040, line 20b, or Form 1040A, line 14b. 1040 ez irs   Yes. 1040 ez irs Subtract line 7 from line 6 31,980 9. 1040 ez irs If you are: Married filing jointly, enter $32,000 Single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013, enter $25,000 25,000   Note. 1040 ez irs If you are married filing separately and you lived with your spouse at any time in 2013, skip lines 9 through 16; multiply line 8 by 85% (. 1040 ez irs 85) and enter the result on line 17. 1040 ez irs Then go to line 18. 1040 ez irs   10. 1040 ez irs Is the amount on line 9 less than the amount on line 8?     No. 1040 ez irs None of your benefits are taxable. 1040 ez irs Enter -0- on Form 1040, line 20b, or on Form 1040A, line 14b. 1040 ez irs If you are married filing separately and you lived apart from your spouse for all of 2013, be sure you entered “D” to the right of the word “benefits” on Form 1040, line 20a, or on Form 1040A, line 14a. 1040 ez irs     Yes. 1040 ez irs Subtract line 9 from line 8 6,980 11. 1040 ez irs Enter $12,000 if married filing jointly; $9,000 if single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013 9,000 12. 1040 ez irs Subtract line 11 from line 10. 1040 ez irs If zero or less, enter -0- -0- 13. 1040 ez irs Enter the smaller of line 10 or line 11 6,980 14. 1040 ez irs Enter one-half of line 13 3,490 15. 1040 ez irs Enter the smaller of line 2 or line 14 2,990 16. 1040 ez irs Multiply line 12 by 85% (. 1040 ez irs 85). 1040 ez irs If line 12 is zero, enter -0- -0- 17. 1040 ez irs Add lines 15 and 16 2,990 18. 1040 ez irs Multiply line 1 by 85% (. 1040 ez irs 85) 5,083 19. 1040 ez irs Taxable benefits. 1040 ez irs Enter the smaller of line 17 or line 18. 1040 ez irs Also enter this amount on Form 1040, line 20b, or Form 1040A, line 14b $2,990 The amount on line 19 of George's worksheet shows that $2,990 of his social security benefits is taxable. 1040 ez irs On line 20a of his Form 1040, George enters his net benefits of $5,980. 1040 ez irs On line 20b, he enters his taxable benefits of $2,990. 1040 ez irs Example 2. 1040 ez irs Ray and Alice Hopkins file a joint return on Form 1040A for 2013. 1040 ez irs Ray is retired and received a fully taxable pension of $15,500. 1040 ez irs He also received social security benefits, and his Form SSA-1099 for 2013 shows net benefits of $5,600 in box 5. 1040 ez irs Alice worked during the year and had wages of $14,000. 1040 ez irs She made a deductible payment to her IRA account of $1,000. 1040 ez irs Ray and Alice have two savings accounts with a total of $250 in taxable interest income. 1040 ez irs They complete Worksheet 1, entering $29,750 ($15,500 + $14,000 + $250) on line 3. 1040 ez irs They find none of Ray's social security benefits are taxable. 1040 ez irs On Form 1040A, they enter $5,600 on line 14a and -0- on line 14b. 1040 ez irs Filled-in Worksheet 1. 1040 ez irs Figuring Your Taxable Benefits 1. 1040 ez irs Enter the total amount from box 5 of ALL your Forms SSA-1099 and RRB-1099. 1040 ez irs Also enter this amount on Form 1040, line 20a, or Form 1040A, line 14a $5,600 2. 1040 ez irs Enter one-half of line 1 2,800 3. 1040 ez irs Combine the amounts from:     Form 1040: Lines 7, 8a, 9a, 10 through 14, 15b, 16b, 17 through 19, and 21. 1040 ez irs     Form 1040A: Lines 7, 8a, 9a, 10, 11b, 12b, and 13 29,750 4. 1040 ez irs Enter the amount, if any, from Form 1040 or 1040A, line 8b -0-       5. 1040 ez irs Enter the total of any exclusions/adjustments for: Adoption benefits (Form 8839, line 28), Foreign earned income or housing (Form 2555, lines 45 and 50, or Form 2555-EZ, line 18), and Certain income of bona fide residents of American Samoa (Form 4563, line 15) or Puerto Rico -0-       6. 1040 ez irs Combine lines 2, 3, 4, and 5 32,550 7. 1040 ez irs Form 1040 filers: Enter the amount from Form 1040, lines 23 through 32, and any write-in adjustments you entered on the dotted line next to line 36. 1040 ez irs     Form 1040A filers: Enter the amount from Form 1040A, lines 16 and 17 1,000 8. 1040 ez irs Is the amount on line 7 less than the amount on line 6?     No. 1040 ez irs None of your social security benefits are taxable. 1040 ez irs Enter -0- on Form 1040, line 20b, or Form 1040A, line 14b. 1040 ez irs   Yes. 1040 ez irs Subtract line 7 from line 6 31,550 9. 1040 ez irs If you are: Married filing jointly, enter $32,000 Single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013, enter $25,000 32,000   Note. 1040 ez irs If you are married filing separately and you lived with your spouse at any time in 2013, skip lines 9 through 16; multiply line 8 by 85% (. 1040 ez irs 85) and enter the result on line 17. 1040 ez irs Then go to line 18. 1040 ez irs   10. 1040 ez irs Is the amount on line 9 less than the amount on line 8?     No. 1040 ez irs None of your benefits are taxable. 1040 ez irs Enter -0- on Form 1040, line 20b, or on Form 1040A, line 14b. 1040 ez irs If you are married filing separately and you lived apart from your spouse for all of 2013, be sure you entered “D” to the right of the word “benefits” on Form 1040, line 20a, or on Form 1040A, line 14a. 1040 ez irs     Yes. 1040 ez irs Subtract line 9 from line 8   11. 1040 ez irs Enter $12,000 if married filing jointly; $9,000 if single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013   12. 1040 ez irs Subtract line 11 from line 10. 1040 ez irs If zero or less, enter -0-   13. 1040 ez irs Enter the smaller of line 10 or line 11   14. 1040 ez irs Enter one-half of line 13   15. 1040 ez irs Enter the smaller of line 2 or line 14   16. 1040 ez irs Multiply line 12 by 85% (. 1040 ez irs 85). 1040 ez irs If line 12 is zero, enter -0-   17. 1040 ez irs Add lines 15 and 16   18. 1040 ez irs Multiply line 1 by 85% (. 1040 ez irs 85)   19. 1040 ez irs Taxable benefits. 1040 ez irs Enter the smaller of line 17 or line 18. 1040 ez irs Also enter this amount on Form 1040, line 20b, or Form 1040A, line 14b   Example 3. 1040 ez irs Joe and Betty Johnson file a joint return on Form 1040 for 2013. 1040 ez irs Joe is a retired railroad worker and in 2013 received the social security equivalent benefit (SSEB) portion of tier 1 railroad retirement benefits. 1040 ez irs Joe's Form RRB-1099 shows $10,000 in box 5. 1040 ez irs Betty is a retired government worker and receives a fully taxable pension of $38,000. 1040 ez irs They had $2,300 in taxable interest income plus interest of $200 on a qualified U. 1040 ez irs S. 1040 ez irs savings bond. 1040 ez irs The savings bond interest qualified for the exclusion. 1040 ez irs They figure their taxable benefits by completing Worksheet 1. 1040 ez irs Because they have qualified U. 1040 ez irs S. 1040 ez irs savings bond interest, they follow the note at the beginning of the worksheet and use the amount from line 2 of their Schedule B (Form 1040A or 1040) on line 3 of the worksheet instead of the amount from line 8a of their Form 1040. 1040 ez irs On line 3 of the worksheet, they enter $40,500 ($38,000 + $2,500). 1040 ez irs Filled-in Worksheet 1. 1040 ez irs Figuring Your Taxable Benefits Before you begin: • If you are married filing separately and you lived apart from your spouse for all of 2013, enter “D” to the right of the word “benefits” on Form 1040, line 20a, or Form 1040A, line 14a. 1040 ez irs • Do not use this worksheet if you repaid benefits in 2013 and your total repayments (box 4 of Forms SSA-1099 and RRB-1099) were more than your gross benefits for 2013 (box 3 of Forms SSA-1099 and RRB-1099). 1040 ez irs None of your benefits are taxable for 2013. 1040 ez irs For more information, see Repayments More Than Gross Benefits. 1040 ez irs • If you are filing Form 8815, Exclusion of Interest From Series EE and I U. 1040 ez irs S. 1040 ez irs Savings Bonds Issued After 1989, do not include the amount from line 8a of Form 1040 or Form 1040A on line 3 of this worksheet. 1040 ez irs Instead, include the amount from Schedule B (Form 1040A or 1040), line 2. 1040 ez irs 1. 1040 ez irs Enter the total amount from box 5 of ALL your Forms SSA-1099 and RRB-1099. 1040 ez irs Also enter this amount on Form 1040, line 20a, or Form 1040A, line 14a $10,000 2. 1040 ez irs Enter one-half of line 1 5,000 3. 1040 ez irs Combine the amounts from:     Form 1040: Lines 7, 8a, 9a, 10 through 14, 15b, 16b, 17 through 19, and 21. 1040 ez irs     Form 1040A: Lines 7, 8a, 9a, 10, 11b, 12b, and 13 40,500 4. 1040 ez irs Enter the amount, if any, from Form 1040 or 1040A, line 8b -0-       5. 1040 ez irs Enter the total of any exclusions/adjustments for: Adoption benefits (Form 8839, line 28), Foreign earned income or housing (Form 2555, lines 45 and 50, or Form 2555-EZ, line 18), and Certain income of bona fide residents of American Samoa (Form 4563, line 15) or Puerto Rico -0-       6. 1040 ez irs Combine lines 2, 3, 4, and 5 45,500 7. 1040 ez irs Form 1040 filers: Enter the amount from Form 1040, lines 23 through 32, and any write-in adjustments you entered on the dotted line next to line 36. 1040 ez irs     Form 1040A filers: Enter the amount from Form 1040A, lines 16 and 17 -0- 8. 1040 ez irs Is the amount on line 7 less than the amount on line 6?     No. 1040 ez irs None of your social security benefits are taxable. 1040 ez irs Enter -0- on Form 1040, line 20b, or Form 1040A, line 14b. 1040 ez irs   Yes. 1040 ez irs Subtract line 7 from line 6 45,500 9. 1040 ez irs If you are: Married filing jointly, enter $32,000 Single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013, enter $25,000 32,000   Note. 1040 ez irs If you are married filing separately and you lived with your spouse at any time in 2013, skip lines 9 through 16; multiply line 8 by 85% (. 1040 ez irs 85) and enter the result on line 17. 1040 ez irs Then go to line 18. 1040 ez irs   10. 1040 ez irs Is the amount on line 9 less than the amount on line 8?     No. 1040 ez irs None of your benefits are taxable. 1040 ez irs Enter -0- on Form 1040, line 20b, or on Form 1040A, line 14b. 1040 ez irs If you are married filing separately and you lived apart from your spouse for all of 2013, be sure you entered “D” to the right of the word “benefits” on Form 1040, line 20a, or on Form 1040A, line 14a. 1040 ez irs     Yes. 1040 ez irs Subtract line 9 from line 8 13,500 11. 1040 ez irs Enter $12,000 if married filing jointly; $9,000 if single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013 12,000 12. 1040 ez irs Subtract line 11 from line 10. 1040 ez irs If zero or less, enter -0- 1,500 13. 1040 ez irs Enter the smaller of line 10 or line 11 12,000 14. 1040 ez irs Enter one-half of line 13 6,000 15. 1040 ez irs Enter the smaller of line 2 or line 14 5,000 16. 1040 ez irs Multiply line 12 by 85% (. 1040 ez irs 85). 1040 ez irs If line 12 is zero, enter -0- 1,275 17. 1040 ez irs Add lines 15 and 16 6,275 18. 1040 ez irs Multiply line 1 by 85% (. 1040 ez irs 85) 8,500 19. 1040 ez irs Taxable benefits. 1040 ez irs Enter the smaller of line 17 or line 18. 1040 ez irs Also enter this amount on Form 1040, line 20b, or Form 1040A, line 14b $6,275 More than 50% of Joe's net benefits are taxable because the income on line 8 of the worksheet ($45,500) is more than $44,000. 1040 ez irs Joe and Betty enter $10,000 on Form 1040, line 20a, and $6,275 on Form 1040, line 20b. 1040 ez irs Deductions Related to Your Benefits You may be entitled to deduct certain amounts related to the benefits you receive. 1040 ez irs Disability payments. 1040 ez irs   You may have received disability payments from your employer or an insurance company that you included as income on your tax return in an earlier year. 1040 ez irs If you received a lump-sum payment from SSA or RRB, and you had to repay the employer or insurance company for the disability payments, you can take an itemized deduction for the part of the payments you included in gross income in the earlier year. 1040 ez irs If the amount you repay is more than $3,000, you may be able to claim a tax credit instead. 1040 ez irs Claim the deduction or credit in the same way explained under Repayments More Than Gross Benefits , later. 1040 ez irs Legal expenses. 1040 ez irs   You can usually deduct legal expenses that you pay or incur to produce or collect taxable income or in connection with the determination, collection, or refund of any tax. 1040 ez irs   Legal expenses for collecting the taxable part of your benefits are deductible as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23. 1040 ez irs Repayments More Than Gross Benefits In some situations, your Form SSA-1099 or Form RRB-1099 will show that the total benefits you repaid (box 4) are more than the gross benefits (box 3) you received. 1040 ez irs If this occurred, your net benefits in box 5 will be a negative figure (a figure in parentheses) and none of your benefits will be taxable. 1040 ez irs Do not use a worksheet in this case. 1040 ez irs If you receive more than one form, a negative figure in box 5 of one form is used to offset a positive figure in box 5 of another form for that same year. 1040 ez irs If you have any questions about this negative figure, contact your local SSA office or your local RRB field office. 1040 ez irs Joint return. 1040 ez irs   If you and your spouse file a joint return, and your Form SSA-1099 or RRB-1099 has a negative figure in box 5, but your spouse's does not, subtract the amount in box 5 of your form from the amount in box 5 of your spouse's form. 1040 ez irs You do this to get your net benefits when figuring if your combined benefits are taxable. 1040 ez irs Example. 1040 ez irs John and Mary file a joint return for 2013. 1040 ez irs John received Form SSA-1099 showing $3,000 in box 5. 1040 ez irs Mary also received Form SSA-1099 and the amount in box 5 was ($500). 1040 ez irs John and Mary will use $2,500 ($3,000 minus $500) as the amount of their net benefits when figuring if any of their combined benefits are taxable. 1040 ez irs Repayment of benefits received in an earlier year. 1040 ez irs   If the total amount shown in box 5 of all of your Forms SSA-1099 and RRB-1099 is a negative figure, you can take an itemized deduction for the part of this negative figure that represents benefits you included in gross income in an earlier year. 1040 ez irs Deduction $3,000 or less. 1040 ez irs   If this deduction is $3,000 or less, it is subject to the 2%-of-adjusted-gross-income limit that applies to certain miscellaneous itemized deductions. 1040 ez irs Claim it on Schedule A (Form 1040), line 23. 1040 ez irs Deduction more than $3,000. 1040 ez irs    If this deduction is more than $3,000, you should figure your tax two ways: Figure your tax for 2013 with the itemized deduction included on Schedule A, line 28. 1040 ez irs Figure your tax for 2013 in the following steps. 1040 ez irs Figure the tax without the itemized deduction included on Schedule A, line 28. 1040 ez irs For each year after 1983 for which part of the negative figure represents a repayment of benefits, refigure your taxable benefits as if your total benefits for the year were reduced by that part of the negative figure. 1040 ez irs Then refigure the tax for that year. 1040 ez irs Subtract the total of the refigured tax amounts in (b) from the total of your actual tax amounts. 1040 ez irs Subtract the result in (c) from the result in (a). 1040 ez irs Compare the tax figured in methods (1) and (2). 1040 ez irs Your tax for 2013 is the smaller of the two amounts. 1040 ez irs If method (1) results in less tax, take the itemized deduction on Schedule A (Form 1040), line 28. 1040 ez irs If method (2) results in less tax, claim a credit for the amount from step 2(c) above on Form 1040, line 71. 1040 ez irs Check box d and enter “I. 1040 ez irs R. 1040 ez irs C. 1040 ez irs 1341” in the space next to that box. 1040 ez irs If both methods produce the same tax, deduct the repayment on Schedule A (Form 1040), line 28. 1040 ez irs Prev  Up  Next   Home   More Online Publications
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The 1040 Ez Irs

1040 ez irs 7. 1040 ez irs   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. 1040 ez irs Additions to Gross Profit Introduction After you have figured the gross receipts from your business (chapter 5) and the cost of goods sold (chapter 6), you are ready to figure your gross profit. 1040 ez irs You must determine gross profit before you can deduct any business expenses. 1040 ez irs These expenses are discussed in chapter 8. 1040 ez irs If you are filing Schedule C-EZ, your gross profit is your gross receipts plus certain other amounts, explained later under Additions to Gross Profit. 1040 ez irs Businesses that sell products. 1040 ez irs   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. 1040 ez irs Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). 1040 ez irs Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. 1040 ez irs   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). 1040 ez irs The result is the gross profit from your business. 1040 ez irs Businesses that sell services. 1040 ez irs   You do not have to figure the cost of goods sold if the sale of merchandise is not an income-producing factor for your business. 1040 ez irs Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). 1040 ez irs Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. 1040 ez irs Illustration. 1040 ez irs   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. 1040 ez irs Income Statement Year Ended December 31, 2013 Gross receipts $400,000 Minus: Returns and allowances 14,940 Net receipts $385,060 Minus: Cost of goods sold 288,140 Gross profit $96,920   The cost of goods sold for this business is figured as follows: Inventory at beginning of year $37,845 Plus: Purchases $285,900   Minus: Items withdrawn for personal use 2,650 283,250 Goods available for sale $321,095 Minus: Inventory at end of year 32,955 Cost of goods sold $288,140 Items To Check Consider the following items before figuring your gross profit. 1040 ez irs Gross receipts. 1040 ez irs   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. 1040 ez irs You may find it helpful to use cash registers to keep track of receipts. 1040 ez irs You should also use a proper invoicing system and keep a separate bank account for your business. 1040 ez irs Sales tax collected. 1040 ez irs   Check to make sure your records show the correct sales tax collected. 1040 ez irs   If you collect state and local sales taxes imposed on you as the seller of goods or services from the buyer, you must include the amount collected in gross receipts. 1040 ez irs   If you are required to collect state and local taxes imposed on the buyer and turn them over to state or local governments, you generally do not include these amounts in income. 1040 ez irs Inventory at beginning of year. 1040 ez irs   Compare this figure with last year's ending inventory. 1040 ez irs The two amounts should usually be the same. 1040 ez irs Purchases. 1040 ez irs   If you take any inventory items for your personal use (use them yourself, provide them to your family, or give them as personal gifts, etc. 1040 ez irs ) be sure to remove them from the cost of goods sold. 1040 ez irs For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. 1040 ez irs Inventory at end of year. 1040 ez irs   Check to make sure your procedures for taking inventory are adequate. 1040 ez irs These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. 1040 ez irs   Use inventory forms and adding machine tapes as the only evidence for your inventory. 1040 ez irs Inventory forms are available at office supply stores. 1040 ez irs These forms have columns for recording the description, quantity, unit price, and value of each inventory item. 1040 ez irs Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. 1040 ez irs These forms will help satisfy you that the total inventory is accurate. 1040 ez irs They will also provide you with a permanent record to support its validity. 1040 ez irs   Inventories are discussed in chapter 2. 1040 ez irs Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. 1040 ez irs First, divide gross profit by net receipts. 1040 ez irs The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. 1040 ez irs Next, compare this percentage to your markup policy. 1040 ez irs Little or no difference between these two percentages shows that your gross profit figure is accurate. 1040 ez irs A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. 1040 ez irs You should determine the reason for the difference. 1040 ez irs Example. 1040 ez irs   Joe Able operates a retail business. 1040 ez irs On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. 1040 ez irs The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. 1040 ez irs His cost of goods sold is $200,000. 1040 ez irs This results in a gross profit of $100,000 ($300,000 − $200,000). 1040 ez irs To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). 1040 ez irs The resulting 331/3% confirms his markup percentage of 331/3%. 1040 ez irs Additions to Gross Profit If your business has income from a source other than its regular business operations, enter the income on line 6 of Schedule C and add it to gross profit. 1040 ez irs The result is gross business income. 1040 ez irs If you use Schedule C-EZ, include the income on line 1 of the schedule. 1040 ez irs Some examples include income from an interest-bearing checking account, income from scrap sales, income from certain fuel tax credits and refunds, and amounts recovered from bad debts. 1040 ez irs Prev  Up  Next   Home   More Online Publications