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1040 Ez Tax Form

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1040 Ez Tax Form

1040 ez tax form 5. 1040 ez tax form   Illustrated Examples Table of Contents Illustrated Example of Form 4563Line 1. 1040 ez tax form Line 2. 1040 ez tax form Lines 3a and 3b. 1040 ez tax form Lines 4a and 4b. 1040 ez tax form Line 5. 1040 ez tax form Line 6. 1040 ez tax form Line 7. 1040 ez tax form Line 9. 1040 ez tax form Line 15. 1040 ez tax form Illustrated Example of Form 5074Part I. 1040 ez tax form Part II. 1040 ez tax form Part III. 1040 ez tax form Illustrated Example of Form 8689Part I. 1040 ez tax form Part II. 1040 ez tax form Part III. 1040 ez tax form Part IV. 1040 ez tax form Use the following examples to help you complete the correct attachment to your Form 1040. 1040 ez tax form The completed form for each example is shown on the pages that follow. 1040 ez tax form Illustrated Example of Form 4563 John Black is a U. 1040 ez tax form S. 1040 ez tax form citizen, single, and under 65. 1040 ez tax form He was a bona fide resident of American Samoa during all of 2013. 1040 ez tax form John must file Form 1040 because his gross income from sources outside the possessions ($10,000 of dividends from U. 1040 ez tax form S. 1040 ez tax form corporations) is more than his adjusted filing requirement for single filers under 65. 1040 ez tax form (See Filing Requirement if Possession Income Is Excluded in chapter 4. 1040 ez tax form ) Because he must file Form 1040 (not illustrated), he fills out Form 4563 to determine the amount of income from American Samoa he can exclude. 1040 ez tax form See Bona Fide Resident of American Samoa in chapter 3. 1040 ez tax form Completing Form 4563. 1040 ez tax form   John enters his name and social security number at the top of the form. 1040 ez tax form Line 1. 1040 ez tax form   On Form 4563 (see later), John enters the date his bona fide residence began in American Samoa, June 2, 2012. 1040 ez tax form Because he is still a bona fide resident, he enters “not ended” in the second blank space. 1040 ez tax form Line 2. 1040 ez tax form   He checks the box labeled “Rented house or apartment” to describe his type of living quarters in American Samoa. 1040 ez tax form Lines 3a and 3b. 1040 ez tax form   He checks “No” on line 3a because no family members lived with him. 1040 ez tax form He leaves line 3b blank. 1040 ez tax form Lines 4a and 4b. 1040 ez tax form   He checks “No” on line 4a because he did not maintain a home outside American Samoa. 1040 ez tax form He leaves line 4b blank. 1040 ez tax form Line 5. 1040 ez tax form   He enters the name and address of his employer, Samoa Products Co. 1040 ez tax form It is a private American Samoa corporation. 1040 ez tax form Line 6. 1040 ez tax form   He enters the dates of his 2-week vacation to New Zealand from November 11 to November 25. 1040 ez tax form That was his only trip outside American Samoa during the year. 1040 ez tax form Line 7. 1040 ez tax form   He enters the $24,000 in wages he received from Samoa Products Co. 1040 ez tax form Line 9. 1040 ez tax form   He received $220 in dividends from an American Samoa corporation, which he enters here. 1040 ez tax form He also received $10,000 of dividends from a U. 1040 ez tax form S. 1040 ez tax form corporation, but he will enter that amount only on his Form 1040 because the U. 1040 ez tax form S. 1040 ez tax form dividends do not qualify for the possession exclusion. 1040 ez tax form Line 15. 1040 ez tax form   John totals the amounts on lines 7 and 9 to get the amount he can exclude from his gross income in 2013. 1040 ez tax form He will not enter his excluded income on Form 1040. 1040 ez tax form However, he will attach his completed Form 4563 to his Form 1040. 1040 ez tax form Illustrated Example of Form 5074 Tracy Grey is a U. 1040 ez tax form S. 1040 ez tax form citizen who is a self-employed fisheries consultant with a tax home in New York. 1040 ez tax form Her only income for 2013 was net self-employment income of $80,000. 1040 ez tax form Of the $80,000, $20,000 was from consulting work in Guam and the rest was earned in the United States. 1040 ez tax form Thinking she would owe tax to Guam on the $20,000, Tracy made estimated tax payments of $1,409 to Guam. 1040 ez tax form She was not a bona fide resident of Guam during 2013. 1040 ez tax form Tracy completes Form 1040 (not illustrated), reporting her worldwide income. 1040 ez tax form Because the adjusted gross income on her Form 1040 was $50,000 or more and at least $5,000 of her gross income is from Guam, Tracy must file Form 5074 with her Form 1040. 1040 ez tax form All amounts reported on Form 5074 are also reported on her Form 1040. 1040 ez tax form See U. 1040 ez tax form S. 1040 ez tax form Citizen or Resident Alien (Other Than a Bona Fide Resident of Guam) in chapter 3. 1040 ez tax form Completing Form 5074. 1040 ez tax form   Tracy enters her name and social security number at the top of the form. 1040 ez tax form Part I. 1040 ez tax form   On Form 5074 (see later), Tracy enters her self-employment income from Guam ($20,000) on line 6. 1040 ez tax form She has no other income from Guam, so the total on line 16 is $20,000. 1040 ez tax form Part II. 1040 ez tax form   Tracy's only adjustment in Part II is the deductible part of the self-employment tax on her net income earned in Guam. 1040 ez tax form She enters $1,413 on line 21 and line 28. 1040 ez tax form Her adjusted gross income on line 29 is $18,587. 1040 ez tax form Part III. 1040 ez tax form   Tracy made estimated tax payments of $1,409. 1040 ez tax form She enters this amount on line 30, and again on line 34 as the total payments. 1040 ez tax form Illustrated Example of Form 8689 Juan and Carla Moreno live and work in the United States. 1040 ez tax form In 2013, they received $14,400 in income from the rental of a condominium they own in the U. 1040 ez tax form S. 1040 ez tax form Virgin Islands (USVI). 1040 ez tax form The rental income was deposited in a bank in the USVI and they received $500 of interest on this income. 1040 ez tax form They were not bona fide residents of the USVI during the entire tax year. 1040 ez tax form The Morenos complete Form 1040 (not illustrated), reporting their income from all sources, including their interest income and the income and expenses from their USVI rental property (reported on Schedule E (Form 1040)). 1040 ez tax form The Morenos take the standard deduction for married filing jointly, both are under 65, and they have no dependents. 1040 ez tax form The Morenos also complete Form 8689 to determine how much of their U. 1040 ez tax form S. 1040 ez tax form tax shown on Form 1040, line 61 (with certain adjustments), must be paid to the U. 1040 ez tax form S. 1040 ez tax form Virgin Islands. 1040 ez tax form See U. 1040 ez tax form S. 1040 ez tax form Citizen or Resident Alien (Other Than a Bona Fide Resident of the USVI) in chapter 3. 1040 ez tax form The Morenos file their Form 1040, attaching Form 8689 and all other schedules, with the Internal Revenue Service. 1040 ez tax form At the same time, they send a copy of their Form 1040 with all attachments, including Form 8689, to the Virgin Islands Bureau of Internal Revenue. 1040 ez tax form The Virgin Islands Bureau of Internal Revenue will process this copy. 1040 ez tax form Completing Form 8689. 1040 ez tax form   Juan and Carla enter their names and Juan's social security number at the top of the form. 1040 ez tax form Part I. 1040 ez tax form   The Morenos enter their income from the USVI in Part I (see later). 1040 ez tax form The interest income is entered on line 2 and the net rental income of $6,200 ($14,400 of rental income minus $8,200 of rental expenses) is entered on line 11. 1040 ez tax form The Morenos' total USVI income of $6,700 is entered on line 16. 1040 ez tax form Part II. 1040 ez tax form   The Morenos have no adjustments to their USVI income, so they enter zero (-0-) on line 28, and $6,700 on line 29. 1040 ez tax form Their USVI adjusted gross income (AGI) is $6,700. 1040 ez tax form Part III. 1040 ez tax form   On line 30, the Morenos enter the amount from Form 1040, line 61 ($4,539). 1040 ez tax form Their Form 1040 does not show any entries required on line 31, so they leave that line blank and enter $4,539 on line 32. 1040 ez tax form   The Morenos enter their worldwide AGI, $54,901 (Form 1040, line 38), on line 33. 1040 ez tax form Next, they find what percentage of their AGI is from USVI sources ($6,700 ÷ $54,901 = 0. 1040 ez tax form 122) and enter that as a decimal on line 34. 1040 ez tax form They then apply that percentage to the U. 1040 ez tax form S. 1040 ez tax form tax entered on line 32 to find the amount of U. 1040 ez tax form S. 1040 ez tax form tax allocated to USVI income ($4,539 x 0. 1040 ez tax form 122 = $554), and enter that amount on line 35. 1040 ez tax form Part IV. 1040 ez tax form   Part IV is used to show payments of income tax to the USVI only. 1040 ez tax form The Morenos had no tax withheld by the U. 1040 ez tax form S. 1040 ez tax form Virgin Islands, but made estimated tax payments to the USVI of $400, which they entered on lines 37 and 39. 1040 ez tax form They include this amount ($400) in the total payments on Form 1040, line 72. 1040 ez tax form On the dotted line next to the entry space for line 72, they enter “Form 8689” and show the amount. 1040 ez tax form The Morenos do not complete Form 1116 because they receive credit on Form 1040, line 72, for the tax paid to the USVI. 1040 ez tax form   The income tax they owe to the USVI ($154) is shown on Form 8689, line 44. 1040 ez tax form They enter this amount on line 45. 1040 ez tax form They also include this additional amount ($154) on the dotted line next to the entry space and in the total on Form 1040, line 72. 1040 ez tax form The Morenos will pay their USVI tax at the same time they file the copy of their U. 1040 ez tax form S. 1040 ez tax form income tax return with the U. 1040 ez tax form S. 1040 ez tax form Virgin Islands. 1040 ez tax form This image is too large to be displayed in the current screen. 1040 ez tax form Please click the link to view the image. 1040 ez tax form Form 4563, page 1 for John Black This image is too large to be displayed in the current screen. 1040 ez tax form Please click the link to view the image. 1040 ez tax form Form 5074, for Tracy Grey This image is too large to be displayed in the current screen. 1040 ez tax form Please click the link to view the image. 1040 ez tax form Form 8689, page 1 for Juan and Carla Moreno Prev  Up  Next   Home   More Online Publications
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The 1040 Ez Tax Form

1040 ez tax form Index A Aircraft, Cars, Boats, and Aircraft Annuities, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Annuity contracts, Certain Life Insurance and Annuity Contracts Antiques, Paintings, Antiques, and Other Objects of Art Appraisals, Appraisals Cost of, Cost of appraisals. 1040 ez tax form IRS review of, Internal Revenue Service Review of Appraisals Qualified appraisal, Qualified Appraisal Appraiser, Qualified appraiser. 1040 ez tax form Art objects, Paintings, Antiques, and Other Objects of Art Valued at $20,000 or more, Art valued at $20,000 or more. 1040 ez tax form Valued at $50,000 or more, Art valued at $50,000 or more. 1040 ez tax form Assistance (see Tax help) B Boats, Cars, Boats, and Aircraft Bonds, Stocks and Bonds Books, Books. 1040 ez tax form Business, interest in, Interest in a Business C Cars, Cars, Boats, and Aircraft Clothing, used, Used Clothing, Deduction over $500 for certain clothing or household items. 1040 ez tax form Coins, Coin collections. 1040 ez tax form Collections, Collections Books, Books. 1040 ez tax form Coins, Coin collections. 1040 ez tax form Stamps, Stamp collections. 1040 ez tax form Comments on publication, Comments and suggestions. 1040 ez tax form Comparable properties, sales of, Sales of Comparable Properties, Selection of Comparable Sales Conservation contribution, Conservation purposes. 1040 ez tax form Cost, Cost or Selling Price of the Donated Property Rate of increase or decrease, Rate of increase or decrease in value. 1040 ez tax form Terms of purchase or sale, Terms of the purchase or sale. 1040 ez tax form D Date of contribution, Date of contribution. 1040 ez tax form Deductions of more than $5,000, Deductions of More Than $5,000 Deductions of more than $500,000, Deductions of More Than $500,000 F Fair market value, What Is Fair Market Value (FMV)? Comparable properties, sales of, Sales of Comparable Properties Cost, Cost or Selling Price of the Donated Property Date of contribution, Date of contribution. 1040 ez tax form Determining FMV, Determining Fair Market Value Opinions of experts, Opinions of Experts Problems in determining FMV, Problems in Determining Fair Market Value Replacement cost, Replacement Cost Form 8283, Form 8283 Formulas, use in valuing property, Determining Fair Market Value Free tax services, How To Get Tax Help Future events, effect on value, Future Events H Help (see Tax help) Historic building, Building in registered historic district. 1040 ez tax form Household goods, Household Goods, Deduction over $500 for certain clothing or household items. 1040 ez tax form I Interest in a business, Interest in a Business Inventory, Inventory IRS review of appraisals, Internal Revenue Service Review of Appraisals Exception, Exception. 1040 ez tax form J Jewelry and gems, Jewelry and Gems L Life insurance, Certain Life Insurance and Annuity Contracts M Market conditions, effect on value, Unusual Market Conditions More information (see Tax help) O Opinions of experts, Opinions of Experts P Paintings, Paintings, Antiques, and Other Objects of Art Partial interest, Partial Interest in Property Not in Trust Past events, effect on value, Using Past Events to Predict the Future Patents, Patents Penalties: Imposed on appraiser, Appraiser penalties. 1040 ez tax form Imposed on taxpayer, Penalty Publications (see Tax help) Publicly traded securities, Publicly traded securities. 1040 ez tax form Q Qualified appraisal, Qualified Appraisal Qualified appraiser, Qualified appraiser. 1040 ez tax form Qualified conservation contribution, Qualified Conservation Contribution R Real estate, Real Estate Remainder interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Replacement cost, Replacement Cost Reversion interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions S Stamps, Stamp collections. 1040 ez tax form Statement of Value, Exception. 1040 ez tax form Stocks, Stocks and Bonds Suggestions for publication, Comments and suggestions. 1040 ez tax form T Tax help, How To Get Tax Help Taxpayer Advocate, Contacting your Taxpayer Advocate. 1040 ez tax form TTY/TDD information, How To Get Tax Help U Used clothing, Used Clothing, Deduction over $500 for certain clothing or household items. 1040 ez tax form V Valuation of property, Valuation of Various Kinds of Property Annuities, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Cars, boats, and aircraft, Cars, Boats, and Aircraft Collections, Collections Household goods, Household Goods Interest in a business, Interest in a Business Inventory, Inventory Jewelry and gems, Jewelry and Gems Life insurance and annuity contracts, Certain Life Insurance and Annuity Contracts Paintings, antiques, art objects, Paintings, Antiques, and Other Objects of Art Partial interest in property, Partial Interest in Property Not in Trust Real estate, Real Estate Remainder interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Reversion interests, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Stocks and bonds, Stocks and Bonds Terms of years, Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Used clothing, Used Clothing Valuation of property: Patents, Patents Prev  Up     Home   More Online Publications