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2010 Tax Forms 1040ez

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2010 Tax Forms 1040ez

2010 tax forms 1040ez Publication 929 - Main Content Table of Contents Part 1. 2010 tax forms 1040ez Rules for All Dependents Filing RequirementsEarned Income Only Unearned Income Only Both Earned and Unearned Income Other Filing Requirements Should a Return Be Filed Even If Not Required? Responsibility for Child's ReturnThird party designee. 2010 tax forms 1040ez Designated as representative. 2010 tax forms 1040ez IRS notice. 2010 tax forms 1040ez Standard DeductionStandard Deduction of Zero Dependent's Own Exemption Withholding From WagesExceptions. 2010 tax forms 1040ez Part 2. 2010 tax forms 1040ez Tax on Unearned Income of Certain ChildrenWhich Parent's Return To Use Parent's Election To Report Child's Interest and DividendsEffect of Making the Election Figuring Child's Income Figuring Additional Tax Tax for Certain Children Who Have Unearned IncomeProviding Parental Information (Form 8615, Lines A–C) Step 1. 2010 tax forms 1040ez Figuring the Child's Net Unearned Income (Form 8615, Part I) Step 2. 2010 tax forms 1040ez Figuring a Tentative Tax at the Parent's Tax Rate (Form 8615, Part II) Step 3. 2010 tax forms 1040ez Figuring the Child's Tax (Form 8615, Part III) Alternative Minimum Tax Illustrated Example Part 1. 2010 tax forms 1040ez Rules for All Dependents This part of the publication discusses the filing requirements for dependents, who is responsible for a child's return, how to figure a dependent's standard deduction and exemption (if any), and whether a dependent can claim exemption from federal income tax withholding. 2010 tax forms 1040ez Filing Requirements Whether a dependent has to file a return generally depends on the amount of the dependent's earned and unearned income and whether the dependent is married, is age 65 or older, or is blind. 2010 tax forms 1040ez A dependent may have to file a return even if his or her income is less than the amount that would normally require a return. 2010 tax forms 1040ez See Other Filing Requirements, later. 2010 tax forms 1040ez The following sections apply to dependents with: Earned income only, Unearned income only, and Both earned and unearned income. 2010 tax forms 1040ez  To find out whether a dependent must file, read the section that applies, or use Table 1. 2010 tax forms 1040ez Earned Income Only A dependent whose gross income is only earned income must file a return if the gross income is more than the amount listed in the following table. 2010 tax forms 1040ez Marital Status Amount Single   Under 65 and not blind $6,100 Either 65 or older or blind $7,600 65 or older and blind $9,100 Married*   Under 65 and not blind $6,100 Either 65 or older or blind $7,300 65 or older and blind $8,500 *If a dependent's spouse itemizes deductions on a separate return, the dependent must file a return if the dependent has $5 or more of gross income (earned and/or unearned). 2010 tax forms 1040ez Example. 2010 tax forms 1040ez William is 16. 2010 tax forms 1040ez His mother claims an exemption for him on her income tax return. 2010 tax forms 1040ez He worked part time on weekends during the school year and full time during the summer. 2010 tax forms 1040ez He earned $7,000 in wages. 2010 tax forms 1040ez He did not have any unearned income. 2010 tax forms 1040ez He must file a tax return because he has earned income only and his gross income is more than $6,100. 2010 tax forms 1040ez If he is blind, he does not have to file a return because his gross income is not more than $7,600. 2010 tax forms 1040ez Unearned Income Only A dependent whose gross income is only unearned income must file a return if the gross income is more than the amount listed in the following table. 2010 tax forms 1040ez Marital Status Amount Single   Under 65 and not blind $1,000 Either 65 or older or blind $2,500 65 or older and blind $4,000 Married*   Under 65 and not blind $1,000 Either 65 or older or blind $2,200 65 or older and blind $3,400 *If a dependent's spouse itemizes deductions on a separate return, the dependent must file a return if the dependent has $5 or more of gross income (earned and/or unearned). 2010 tax forms 1040ez Example. 2010 tax forms 1040ez Sarah is 18 and single. 2010 tax forms 1040ez Her parents can claim an exemption for her on their income tax return. 2010 tax forms 1040ez She received $1,970 of taxable interest and dividend income. 2010 tax forms 1040ez She did not work during the year. 2010 tax forms 1040ez She must file a tax return because she has unearned income only and her gross income is more than $1,000. 2010 tax forms 1040ez If she is blind, she does not have to file a return because she has unearned income only and her gross income is not more than $2,500. 2010 tax forms 1040ez Election to report child's unearned income on parent's return. 2010 tax forms 1040ez   A parent of a child under age 19 (or under age 24 if a full-time student) may be able to elect to include the child's interest and dividend income on the parent's return. 2010 tax forms 1040ez See Parent's Election To Report Child's Interest and Dividends in Part 2. 2010 tax forms 1040ez If the parent makes this election, the child does not have to file a return. 2010 tax forms 1040ez Both Earned and Unearned Income A dependent who has both earned and unearned income generally must file a return if the dependent's gross income is more than line 5 of the following worksheet. 2010 tax forms 1040ez Filing Requirement Worksheet for Most Dependents 1. 2010 tax forms 1040ez Enter dependent's earned income plus $350     2. 2010 tax forms 1040ez Minimum amount   $1,000 3. 2010 tax forms 1040ez Compare lines 1 and 2. 2010 tax forms 1040ez Enter the larger amount     4. 2010 tax forms 1040ez Maximum amount   6,100 5. 2010 tax forms 1040ez Compare lines 3 and 4. 2010 tax forms 1040ez Enter the smaller amount     6. 2010 tax forms 1040ez Enter the dependent's gross income. 2010 tax forms 1040ez If line 6 is more than line 5, the dependent must file an income tax return. 2010 tax forms 1040ez If the dependent is married and his or her spouse itemizes deductions on a separate return, the dependent must file an income tax return if line 6 is $5 or more. 2010 tax forms 1040ez       Table 1. 2010 tax forms 1040ez 2013 Filing Requirements for Dependents If your parent (or someone else) can claim you as a dependent, use this table to see if you must file a return. 2010 tax forms 1040ez   See the definitions of “dependent,”“earned income,”“unearned income,” and “gross income” in the Glossary. 2010 tax forms 1040ez   Single dependents—Were you either age 65 or older or blind?     No. 2010 tax forms 1040ez You must file a return if any of the following apply. 2010 tax forms 1040ez       Your unearned income was over $1,000. 2010 tax forms 1040ez Your earned income was over $6,100. 2010 tax forms 1040ez Your gross income was more than the larger of—       $1,000, or Your earned income (up to $5,750) plus $350. 2010 tax forms 1040ez         Yes. 2010 tax forms 1040ez You must file a return if any of the following apply. 2010 tax forms 1040ez     Your unearned income was over $2,500 ($4,000 if 65 or older and blind), Your earned income was over $7,600 ($9,100 if 65 or older and blind), Your gross income was more than the larger of—       $2,500 ($4,000 if 65 or older and blind), or Your earned income (up to $5,750) plus $1,850 ($3,350 if 65 or older and blind). 2010 tax forms 1040ez       Married dependents—Were you either age 65 or older or blind?     No. 2010 tax forms 1040ez You must file a return if any of the following apply. 2010 tax forms 1040ez       Your gross income was at least $5 and your spouse files a separate return and itemizes deductions. 2010 tax forms 1040ez Your unearned income was over $1,000. 2010 tax forms 1040ez Your earned income was over $6,100. 2010 tax forms 1040ez Your gross income was more than the larger of—       $1,000, or Your earned income (up to $5,750) plus $350. 2010 tax forms 1040ez       Yes. 2010 tax forms 1040ez You must file a return if any of the following apply. 2010 tax forms 1040ez       Your gross income was at least $5 and your spouse files a separate return and itemizes deductions. 2010 tax forms 1040ez Your unearned income was over $2,200 ($3,400 if 65 or older and blind), Your earned income was over $7,300 ($8,500 if 65 or older and blind), Your gross income was more than the larger of—       $2,200 ($3,400 if 65 or older and blind), or Your earned income (up to $5,750) plus $1,550 ($2,750 if 65 or older and blind). 2010 tax forms 1040ez       Example 1. 2010 tax forms 1040ez Joe is 20, single, not blind, and a full-time college student. 2010 tax forms 1040ez He does not provide more than half of his own support, and his parents claim an exemption for him on their income tax return. 2010 tax forms 1040ez He received $200 taxable interest income and earned $2,750 from a part-time job. 2010 tax forms 1040ez He does not have to file a tax return because his gross income of $2,950 ($200 interest plus $2,750 in wages) is not more than $3,100, the amount on line 5 of his filled-in Filing Requirement Worksheet for Most Dependents (shown next). 2010 tax forms 1040ez Filled-in Example 1 Filing Requirement Worksheet  for Most Dependents 1. 2010 tax forms 1040ez Enter dependent's earned income plus $350   $ 3,100 2. 2010 tax forms 1040ez Minimum amount   1,000 3. 2010 tax forms 1040ez Compare lines 1 and 2. 2010 tax forms 1040ez Enter the larger amount   3,100 4. 2010 tax forms 1040ez Maximum amount   6,100 5. 2010 tax forms 1040ez Compare lines 3 and 4. 2010 tax forms 1040ez Enter the smaller amount   3,100 6. 2010 tax forms 1040ez Enter the dependent's gross income. 2010 tax forms 1040ez If line 6 is more than line 5, the dependent must file an income tax return. 2010 tax forms 1040ez If the dependent is married and his or her spouse itemizes deductions on a separate return, the dependent must file an income tax return if line 6 is $5 or more. 2010 tax forms 1040ez   $ 2,950   Example 2. 2010 tax forms 1040ez The facts are the same as in Example 1 except that Joe had $600 taxable interest income. 2010 tax forms 1040ez He must file a tax return because his gross income of $3,350 ($600 interest plus $2,750 wages) is more than $3,100, the amount on line 5 of his filled-in worksheet (shown next). 2010 tax forms 1040ez Filled-in Example 2 Filing Requirement Worksheet for Most Dependents 1. 2010 tax forms 1040ez Enter dependent's earned income plus $350   $ 3,100 2. 2010 tax forms 1040ez Minimum amount   1,000 3. 2010 tax forms 1040ez Compare lines 1 and 2. 2010 tax forms 1040ez Enter the larger amount   3,100 4. 2010 tax forms 1040ez Maximum amount   6,100 5. 2010 tax forms 1040ez Compare lines 3 and 4. 2010 tax forms 1040ez Enter the smaller amount   3,100 6. 2010 tax forms 1040ez Enter the dependent's gross income. 2010 tax forms 1040ez If line 6 is more than line 5, the dependent must file an income tax return. 2010 tax forms 1040ez If the dependent is married and his or her spouse itemizes deductions on a separate return, the dependent must file an income tax return if line 6 is $5 or more. 2010 tax forms 1040ez   $ 3,350   Age 65 or older or blind. 2010 tax forms 1040ez A dependent who is age 65 or older or blind must file a return if his or her gross income is more than line 7 of the following worksheet. 2010 tax forms 1040ez Filing Requirement Worksheet  for Dependents Who Are Age 65 or Older or Blind 1. 2010 tax forms 1040ez Enter dependent's earned income plus $350     2. 2010 tax forms 1040ez Minimum amount   $1,000 3. 2010 tax forms 1040ez Compare lines 1 and 2. 2010 tax forms 1040ez Enter the larger amount     4. 2010 tax forms 1040ez Maximum amount   6,100 5. 2010 tax forms 1040ez Compare lines 3 and 4. 2010 tax forms 1040ez Enter the smaller amount     6. 2010 tax forms 1040ez Enter the amount from the following table that applies to the dependent       Marital Status Amount     Single         Either 65 or older or blind $1,500       65 or older and blind $3,000     Married         Either 65 or older or blind $1,200       65 or older and blind $2,400   7. 2010 tax forms 1040ez Add lines 5 and 6. 2010 tax forms 1040ez Enter the total     8. 2010 tax forms 1040ez Enter the dependent's gross income. 2010 tax forms 1040ez If line 8 is more than line 7, the dependent must file an income tax return. 2010 tax forms 1040ez If the dependent is married and his or her spouse itemizes deductions on a separate return, the dependent must file an income tax return if line 8 is $5 or more     Example 3. 2010 tax forms 1040ez The facts are the same as in Example 2 except that Joe is also blind. 2010 tax forms 1040ez He does not have to file a return because his gross income of $3,350 is not more than $4,600, the amount on line 7 of his filled-in Filing Requirement Worksheet for Dependents Who Are Age 65 or Older or Blind (shown next). 2010 tax forms 1040ez   Filled-in Example 3 Filing Requirement Worksheet  for Dependents Who Are Age 65 or Older or Blind 1. 2010 tax forms 1040ez Enter dependent's earned income plus $350   $3,100 2. 2010 tax forms 1040ez Minimum amount   1,000 3. 2010 tax forms 1040ez Compare lines 1 and 2. 2010 tax forms 1040ez Enter the larger amount   3,100 4. 2010 tax forms 1040ez Maximum amount   6,100 5. 2010 tax forms 1040ez Compare lines 3 and 4. 2010 tax forms 1040ez Enter the smaller amount   3,100 6. 2010 tax forms 1040ez Enter the amount from the following table that applies to the dependent   1,500   Marital Status Amount     Single         Either 65 or older or blind $1,500       65 or older and blind $3,000     Married         Either 65 or older or blind $1,200       65 or older and blind $2,400   7. 2010 tax forms 1040ez Add lines 5 and 6. 2010 tax forms 1040ez Enter the total   4,600 8. 2010 tax forms 1040ez Enter the dependent's gross income. 2010 tax forms 1040ez If line 8 is more than line 7, the dependent must file an income tax return. 2010 tax forms 1040ez If the dependent is married and his or her spouse itemizes deductions on a separate return, the dependent must file an income tax return if line 8 is $5 or more   $3,350 Other Filing Requirements Some dependents may have to file a tax return even if their income is less than the amount that would normally require them to file a return. 2010 tax forms 1040ez A dependent must file a tax return if he or she owes any other taxes, such as: Social security and Medicare taxes on tips not reported to his or her employer or on wages received from an employer who did not withhold these taxes, Uncollected social security and Medicare or railroad retirement taxes on tips reported to his or her employer or on group-term life insurance, Alternative minimum tax, Additional tax on a health savings account from Form 8889, Part III, Recapture taxes, such as the tax from recapture of an education credit, or Additional tax on a qualified plan, including an individual retirement arrangement (IRA), or other tax-favored account. 2010 tax forms 1040ez But if the dependent is filing a return only because of this tax, the dependent can file Form 5329 by itself. 2010 tax forms 1040ez A dependent must also file a tax return if he or she: Had wages of $108. 2010 tax forms 1040ez 28 or more from a church or qualified church-controlled organization that is exempt from employer social security and Medicare taxes, or Had net earnings from self-employment of at least $400. 2010 tax forms 1040ez Spouse itemizes. 2010 tax forms 1040ez   A dependent must file a return if the dependent's spouse itemizes deductions on a separate return and the dependent has $5 or more of gross income (earned and/or unearned). 2010 tax forms 1040ez Should a Return Be Filed Even If Not Required? Even if a dependent does not meet any of the filing requirements discussed earlier, he or she should file a tax return if either of the following applies. 2010 tax forms 1040ez Income tax was withheld from his or her income. 2010 tax forms 1040ez He or she qualifies for the earned income credit, additional child tax credit, health coverage tax credit, or refundable American opportunity education credit. 2010 tax forms 1040ez See the tax return instructions to find out who qualifies for these credits. 2010 tax forms 1040ez  By filing a return, the dependent can get a refund. 2010 tax forms 1040ez Responsibility for Child's Return Generally, a child is responsible for filing his or her own tax return and for paying any tax, penalties, or interest on that return. 2010 tax forms 1040ez If a child cannot file his or her own return for any reason, such as age, the child's parent, guardian, or other legally responsible person must file it for the child. 2010 tax forms 1040ez Signing the child's return. 2010 tax forms 1040ez   If the child cannot sign his or her return, a parent or guardian must sign the child's name followed by the words “By (signature), parent (or guardian) for minor child. 2010 tax forms 1040ez ” Authority of parent or guardian. 2010 tax forms 1040ez   A parent or guardian who signs a return on a child's behalf can deal with the IRS on all matters connected with the return. 2010 tax forms 1040ez   In general, a parent or guardian who does not sign the child's return can only provide information concerning the child's return and pay the child's tax. 2010 tax forms 1040ez That parent or guardian is not entitled to receive information from the IRS or legally bind the child to a tax liability arising from the return. 2010 tax forms 1040ez Third party designee. 2010 tax forms 1040ez   A child's parent or guardian who does not sign the child's return may be authorized, as a third party designee, to discuss the processing of the return with the IRS as well as provide information concerning the return. 2010 tax forms 1040ez The child or the person signing the return on the child's behalf must check the “Yes” box in the “Third Party Designee” area of the return and name the parent or guardian as the designee. 2010 tax forms 1040ez   If designated, a parent or guardian can respond to certain IRS notices and receive information about the processing of the return and the status of a refund or payment. 2010 tax forms 1040ez This designation does not authorize the parent or guardian to receive any refund check, bind the child to any tax liability, or otherwise represent the child before the IRS. 2010 tax forms 1040ez See the return instructions for more information. 2010 tax forms 1040ez Designated as representative. 2010 tax forms 1040ez   A parent or guardian who does not sign the child's return may be designated as the child's representative by the child or the person signing the return on the child's behalf. 2010 tax forms 1040ez Form 2848, Power of Attorney and Declaration of Representative, is used to designate a child's representative. 2010 tax forms 1040ez See Publication 947, Practice Before the IRS and Power of Attorney, for more information. 2010 tax forms 1040ez   If designated, a parent or guardian can receive information about the child's return but cannot legally bind the child to a tax liability unless authorized to do so by the law of the state in which the child lives. 2010 tax forms 1040ez IRS notice. 2010 tax forms 1040ez   If you or the child receives a notice from the IRS concerning the child's return or tax liability, you should immediately inform the IRS that the notice concerns a child. 2010 tax forms 1040ez The notice will show who to contact. 2010 tax forms 1040ez The IRS will try to resolve the matter with the parent(s) or guardian(s) of the child consistent with their authority. 2010 tax forms 1040ez Child's earnings. 2010 tax forms 1040ez   For federal income tax purposes, amounts a child earns by performing services are included in the gross income of the child and not the gross income of the parent. 2010 tax forms 1040ez This is true even if, under state law, the parent has the right to the earnings and may actually have received them. 2010 tax forms 1040ez If the child does not pay the tax due on this income, the parent may be liable for the tax. 2010 tax forms 1040ez Child's expenses. 2010 tax forms 1040ez   Deductions for payments that are made out of a child's earnings are the child's, even if the payments are made by the parent. 2010 tax forms 1040ez Example. 2010 tax forms 1040ez You made payments on your child's behalf that are deductible as a business expense and a charitable contribution. 2010 tax forms 1040ez You made the payments out of your child's earnings. 2010 tax forms 1040ez These items can be deducted only on the child's return. 2010 tax forms 1040ez Standard Deduction The standard deduction for an individual who can be claimed as a dependent on another person's tax return is generally limited to the larger of: $1,000, or The individual's earned income plus $350, but not more than the regular standard deduction (generally $6,100). 2010 tax forms 1040ez However, the standard deduction may be higher for a dependent who: Is 65 or older, or Is blind. 2010 tax forms 1040ez Certain dependents cannot claim any standard deduction. 2010 tax forms 1040ez See Standard Deduction of Zero , later. 2010 tax forms 1040ez Worksheet 1. 2010 tax forms 1040ez   Use Worksheet 1 to figure the dependent's standard deduction. 2010 tax forms 1040ez Worksheet 1. 2010 tax forms 1040ez Standard Deduction Worksheet for Dependents Use this worksheet only if someone else can claim you (or your spouse, if filing jointly) as a dependent. 2010 tax forms 1040ez If you were 65 or older and/or blind, check the correct number of boxes below. 2010 tax forms 1040ez Put the total number of boxes checked in box c and go to line 1. 2010 tax forms 1040ez a. 2010 tax forms 1040ez You 65 or older   Blind   b. 2010 tax forms 1040ez Your spouse, if claiming  spouse's exemption 65 or older   Blind   c. 2010 tax forms 1040ez Total boxes checked         1. 2010 tax forms 1040ez Enter your earned income (defined below) plus $350. 2010 tax forms 1040ez If none, enter -0-. 2010 tax forms 1040ez 1. 2010 tax forms 1040ez     2. 2010 tax forms 1040ez Minimum amount. 2010 tax forms 1040ez   2. 2010 tax forms 1040ez $1,000   3. 2010 tax forms 1040ez Compare lines 1 and 2. 2010 tax forms 1040ez Enter the larger of the two amounts here. 2010 tax forms 1040ez 3. 2010 tax forms 1040ez     4. 2010 tax forms 1040ez Enter on line 4 the amount shown below for your filing status. 2010 tax forms 1040ez       Single or Married filing separately—$6,100 Married filing jointly—$12,200 Head of household—$8,950 4. 2010 tax forms 1040ez     5. 2010 tax forms 1040ez Standard deduction. 2010 tax forms 1040ez         a. 2010 tax forms 1040ez Compare lines 3 and 4. 2010 tax forms 1040ez Enter the smaller amount here. 2010 tax forms 1040ez If under 65 and not blind, stop here. 2010 tax forms 1040ez This is your standard deduction. 2010 tax forms 1040ez Otherwise, go on to line 5b. 2010 tax forms 1040ez 5a. 2010 tax forms 1040ez     b. 2010 tax forms 1040ez If 65 or older or blind, multiply $1,500 ($1,200 if married) by the number in box c above. 2010 tax forms 1040ez Enter the result here. 2010 tax forms 1040ez 5b. 2010 tax forms 1040ez     c. 2010 tax forms 1040ez Add lines 5a and 5b. 2010 tax forms 1040ez This is your standard deduction for 2013. 2010 tax forms 1040ez 5c. 2010 tax forms 1040ez     Earned income includes wages, salaries, tips, professional fees, and other compensation received for personal services you performed. 2010 tax forms 1040ez It also includes any amount received as a scholarship that you must include in income. 2010 tax forms 1040ez   Example 1. 2010 tax forms 1040ez Michael is single, age 15, and not blind. 2010 tax forms 1040ez His parents can claim him as a dependent on their tax return. 2010 tax forms 1040ez He has taxable interest income of $800 and wages of $150. 2010 tax forms 1040ez He enters $500 (his earned income plus $350) on line 1 of Worksheet 1. 2010 tax forms 1040ez On line 3, he enters $1,000, the larger of $500 or $1,000. 2010 tax forms 1040ez Michael enters $6,100 on line 4. 2010 tax forms 1040ez On line 5a, he enters $1,000, the smaller of $1,000 or $6,100. 2010 tax forms 1040ez His standard deduction is $1,000. 2010 tax forms 1040ez Example 2. 2010 tax forms 1040ez Judy, a full-time student, is single, age 22, and not blind. 2010 tax forms 1040ez Her parents can claim her as a dependent on their tax return. 2010 tax forms 1040ez She has dividend income of $275 and wages of $2,500. 2010 tax forms 1040ez She enters $2,850 (her earned income plus $350) on line 1 of Worksheet 1. 2010 tax forms 1040ez On line 3, she enters $2,850, the larger of $2,850 or $1,000. 2010 tax forms 1040ez She enters $6,100 on line 4. 2010 tax forms 1040ez On line 5a, she enters $2,850 (the smaller of $2,850 or $6,100) as her standard deduction. 2010 tax forms 1040ez Example 3. 2010 tax forms 1040ez Amy, who is single, is claimed as a dependent on her parents' tax return. 2010 tax forms 1040ez She is 18 years old and blind. 2010 tax forms 1040ez She has taxable interest income of $1,000 and wages of $2,000. 2010 tax forms 1040ez She enters $2,350 (her earned income plus $350) on line 1 of Worksheet 1. 2010 tax forms 1040ez She enters $2,350 (the larger of $2,350 or $1,000) on line 3, $6,100 on line 4, and $2,350 (the smaller of $2,350 or $6,100) on line 5a. 2010 tax forms 1040ez Because Amy is blind, she checks the box for blindness and enters “1” in box c at the top of Worksheet 1. 2010 tax forms 1040ez She enters $1,500 (the number in box c times $1,500) on line 5b. 2010 tax forms 1040ez Her standard deduction on line 5c is $3,850 ($2,350 + $1,500). 2010 tax forms 1040ez Standard Deduction of Zero The standard deduction for the following dependents is zero. 2010 tax forms 1040ez A married dependent filing a separate return whose spouse itemizes deductions. 2010 tax forms 1040ez A dependent who files a return for a period of less than 12 months due to a change in his or her annual accounting period. 2010 tax forms 1040ez A nonresident or dual-status alien dependent, unless the dependent is married to a U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez citizen or resident alien at the end of the year and chooses to be treated as a U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez resident for the year. 2010 tax forms 1040ez See Publication 519, U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez Tax Guide for Aliens, for information on making this choice. 2010 tax forms 1040ez Example. 2010 tax forms 1040ez Jennifer, who is a dependent of her parents, is entitled to file a joint return with her husband. 2010 tax forms 1040ez However, her husband elects to file a separate return and itemize his deductions. 2010 tax forms 1040ez Because he itemizes, Jennifer's standard deduction on her return is zero. 2010 tax forms 1040ez She can, however, itemize any of her allowable deductions. 2010 tax forms 1040ez Dependent's Own Exemption A person who can be claimed as a dependent on another taxpayer's return cannot claim his or her own exemption. 2010 tax forms 1040ez This is true even if the other taxpayer does not actually claim the exemption. 2010 tax forms 1040ez Example. 2010 tax forms 1040ez James and Barbara can claim their child, Ben, as a dependent on their return. 2010 tax forms 1040ez Ben is a college student who works during the summer and must file a tax return. 2010 tax forms 1040ez Ben cannot claim his own exemption on his return. 2010 tax forms 1040ez This is true even if James and Barbara do not claim him as a dependent on their return. 2010 tax forms 1040ez Withholding From Wages Employers generally withhold federal income tax, social security tax, and Medicare tax from an employee's wages. 2010 tax forms 1040ez If the employee claims exemption from withholding on Form W-4, the employer will not withhold federal income tax. 2010 tax forms 1040ez The exemption from withholding does not apply to social security and Medicare taxes. 2010 tax forms 1040ez Conditions for exemption from withholding. 2010 tax forms 1040ez   An employee can claim exemption from withholding for 2014 only if he or she meets both of the following conditions. 2010 tax forms 1040ez For 2013, the employee had a right to a refund of all federal income tax withheld because he or she had no tax liability. 2010 tax forms 1040ez For 2014, the employee expects a refund of all federal income tax withheld because he or she expects to have no tax liability. 2010 tax forms 1040ez Dependents. 2010 tax forms 1040ez   An employee who is a dependent ordinarily cannot claim exemption from withholding if both of the following are true. 2010 tax forms 1040ez The employee's gross income will be more than $1,000, the minimum standard deduction for 2014. 2010 tax forms 1040ez The employee's unearned income will be more than $350. 2010 tax forms 1040ez Exceptions. 2010 tax forms 1040ez   An employee may be able to claim exemption from withholding even if the employee is a dependent, if the employee: Is age 65 or older, Is blind, or Will claim on his or her 2014 tax return: Adjustments to income, Tax credits, or Itemized deductions. 2010 tax forms 1040ez The above exceptions do not apply to supplemental wages greater than $1,000,000. 2010 tax forms 1040ez For more information, see Exemption From Withholding in chapter 1 of Publication 505. 2010 tax forms 1040ez Example. 2010 tax forms 1040ez Guy is 17 and a student. 2010 tax forms 1040ez During the summer he works part time at a grocery store. 2010 tax forms 1040ez He expects to earn about $1,200 this year. 2010 tax forms 1040ez He also worked at the store last summer and received a refund of all his withheld income tax because he did not have a tax liability. 2010 tax forms 1040ez The only other income he expects during the year is $375 interest on a savings account. 2010 tax forms 1040ez He expects that his parents will be able to claim him as a dependent on their tax return. 2010 tax forms 1040ez He is not blind and will not claim adjustments to income, itemized deductions, a higher standard deduction, or tax credits on his return. 2010 tax forms 1040ez Guy cannot claim exemption from withholding when he fills out Form W-4 because his parents will be able to claim him as a dependent, his gross income will be more than $1,000 (the minimum standard deduction amount) and his unearned income will be more than $350. 2010 tax forms 1040ez Claiming exemption from withholding. 2010 tax forms 1040ez    To claim exemption from withholding, an employee must enter “Exempt” in the space provided on Form W-4, line 7. 2010 tax forms 1040ez The employee must complete the rest of the form, as explained in the form instructions, and give it to his or her employer. 2010 tax forms 1040ez Renewing an exemption from withholding. 2010 tax forms 1040ez   An exemption from withholding is good for only one year. 2010 tax forms 1040ez An employee must file a new Form W-4 by February 15 each year to continue the exemption. 2010 tax forms 1040ez Part 2. 2010 tax forms 1040ez Tax on Unearned Income of Certain Children The two rules that follow may affect the tax on the unearned income of certain children. 2010 tax forms 1040ez If the child's interest and dividend income (including capital gain distributions) total less than $10,000, the child's parent may be able to choose to include that income on the parent's return rather than file a return for the child. 2010 tax forms 1040ez (See Parent's Election To Report Child's Interest and Dividends , later. 2010 tax forms 1040ez ) If the child's interest, dividends, and other unearned income total more than $2,000, part of that income may be taxed at the parent's tax rate instead of the child's tax rate. 2010 tax forms 1040ez (See Tax for Certain Children Who Have Unearned Income , later. 2010 tax forms 1040ez ) For these rules, the term “child” includes a legally adopted child and a stepchild. 2010 tax forms 1040ez These rules apply whether or not the child is a dependent. 2010 tax forms 1040ez These rules do not apply if neither of the child's parents were living at the end of the year. 2010 tax forms 1040ez Which Parent's Return To Use If a child's parents are married to each other and file a joint return, use the joint return to figure the tax on the child's unearned income. 2010 tax forms 1040ez The tax rate and other return information from that return are used to figure the child's tax as explained later under Tax for Certain Children Who Have Unearned Income . 2010 tax forms 1040ez Parents Who Do Not File a Joint Return For parents who do not file a joint return, the following discussions explain which parent's tax return must be used to figure the tax. 2010 tax forms 1040ez Only the parent whose tax return is used can make the election described under Parent's Election To Report Child's Interest and Dividends . 2010 tax forms 1040ez Parents are married. 2010 tax forms 1040ez   If the child's parents file separate returns, use the return of the parent with the greater taxable income. 2010 tax forms 1040ez Parents not living together. 2010 tax forms 1040ez   If the child's parents are married to each other but not living together, and the parent with whom the child lives (the custodial parent) is considered unmarried, use the return of the custodial parent. 2010 tax forms 1040ez If the custodial parent is not considered unmarried, use the return of the parent with the greater taxable income. 2010 tax forms 1040ez   For an explanation of when a married person living apart from his or her spouse is considered unmarried, see Head of Household in Publication 501. 2010 tax forms 1040ez Parents are divorced. 2010 tax forms 1040ez   If the child's parents are divorced or legally separated, and the parent who had custody of the child for the greater part of the year (the custodial parent) has not remarried, use the return of the custodial parent. 2010 tax forms 1040ez Custodial parent remarried. 2010 tax forms 1040ez   If the custodial parent has remarried, the stepparent (rather than the noncustodial parent) is treated as the child's other parent. 2010 tax forms 1040ez Therefore, if the custodial parent and the stepparent file a joint return, use that joint return. 2010 tax forms 1040ez Do not use the return of the noncustodial parent. 2010 tax forms 1040ez   If the custodial parent and the stepparent are married, but file separate returns, use the return of the one with the greater taxable income. 2010 tax forms 1040ez If the custodial parent and the stepparent are married but not living together, the earlier discussion under Parents not living together applies. 2010 tax forms 1040ez Parents never married. 2010 tax forms 1040ez   If a child's parents have never been married to each other, but lived together all year, use the return of the parent with the greater taxable income. 2010 tax forms 1040ez If the parents did not live together all year, the rules explained earlier under Parents are divorced apply. 2010 tax forms 1040ez Widowed parent remarried. 2010 tax forms 1040ez   If a widow or widower remarries, the new spouse is treated as the child's other parent. 2010 tax forms 1040ez The rules explained earlier under Custodial parent remarried apply. 2010 tax forms 1040ez Parent's Election To Report Child's Interest and Dividends You may be able to elect to include your child's interest and dividend income (including capital gain distributions) on your tax return. 2010 tax forms 1040ez If you do, your child will not have to file a return. 2010 tax forms 1040ez You can make this election only if all the following conditions are met. 2010 tax forms 1040ez Your child was under age 19 (or under age 24 if a full-time student) at the end of the year. 2010 tax forms 1040ez Your child had income only from interest and dividends (including capital gain distributions and Alaska Permanent Fund dividends). 2010 tax forms 1040ez The child's gross income was less than $10,000. 2010 tax forms 1040ez The child is required to file a return unless you make this election. 2010 tax forms 1040ez The child does not file a joint return for the year. 2010 tax forms 1040ez No estimated tax payment was made for the year, and no overpayment from the previous year (or from any amended return) was applied to this year under your child's name and social security number. 2010 tax forms 1040ez No federal income tax was withheld from your child's income under the backup withholding rules. 2010 tax forms 1040ez You are the parent whose return must be used when applying the special tax rules for children. 2010 tax forms 1040ez (See Which Parent's Return To Use , earlier. 2010 tax forms 1040ez ) These conditions are also shown in Figure 1. 2010 tax forms 1040ez Certain January 1 birthdays. 2010 tax forms 1040ez   A child born on January 1, 1995, is considered to be age 19 at the end of 2013. 2010 tax forms 1040ez You cannot make this election for such a child unless the child was a full-time student. 2010 tax forms 1040ez   A child born on January 1, 1990, is considered to be age 24 at the end of 2013. 2010 tax forms 1040ez You cannot make this election for such a child. 2010 tax forms 1040ez How to make the election. 2010 tax forms 1040ez    Make the election by attaching Form 8814 to your Form 1040 or Form 1040NR. 2010 tax forms 1040ez (If you make this election, you cannot file Form 1040A or Form 1040EZ. 2010 tax forms 1040ez ) Attach a separate Form 8814 for each child for whom you make the election. 2010 tax forms 1040ez You can make the election for one or more children and not for others. 2010 tax forms 1040ez Effect of Making the Election The federal income tax on your child's income may be more if you make the Form 8814 election. 2010 tax forms 1040ez Rate may be higher. 2010 tax forms 1040ez   If your child received qualified dividends or capital gain distributions, you may pay up to $100 more tax if you make this election instead of filing a separate tax return for the child. 2010 tax forms 1040ez This is because the tax rate on the child's income between $1,000 and $2,000 is 10% if you make this election. 2010 tax forms 1040ez However, if you file a separate return for the child, the tax rate may be as low as 0% (zero percent) because of the preferential tax rates for qualified dividends and capital gain distributions. 2010 tax forms 1040ez Deductions you cannot take. 2010 tax forms 1040ez   By making the Form 8814 election, you cannot take any of the following deductions that the child would be entitled to on his or her return. 2010 tax forms 1040ez The additional standard deduction if the child is blind. 2010 tax forms 1040ez The deduction for a penalty on an early withdrawal of your child's savings. 2010 tax forms 1040ez Itemized deductions (such as your child's investment expenses or charitable contributions). 2010 tax forms 1040ez Figure 1. 2010 tax forms 1040ez Can You Include Your Child's Income On Your Tax Return? Please click here for the text description of the image. 2010 tax forms 1040ez Figure 1. 2010 tax forms 1040ez Can You Include Your Child's Income On Your Tax Return? Deductible investment interest. 2010 tax forms 1040ez   If you use Form 8814, your child's unearned income is considered your unearned income. 2010 tax forms 1040ez To figure the limit on your deductible investment interest, add the child's unearned income to yours. 2010 tax forms 1040ez However, if your child received qualified dividends, capital gain distributions, or Alaska Permanent Fund dividends, see chapter 3 of Publication 550 for information about how to figure the limit. 2010 tax forms 1040ez Alternative minimum tax. 2010 tax forms 1040ez    If your child received tax-exempt interest (or exempt-interest dividends paid by a regulated investment company) from certain private activity bonds, you must determine if that interest is a tax preference item for alternative minimum tax (AMT) purposes. 2010 tax forms 1040ez If it is, you must include it with your own tax preference items when figuring your AMT. 2010 tax forms 1040ez See Form 6251, Alternative Minimum Tax—Individuals, and its instructions for details. 2010 tax forms 1040ez Reduced deductions or credits. 2010 tax forms 1040ez   If you use Form 8814, your increased adjusted gross income may reduce certain deductions or credits on your return, including the following. 2010 tax forms 1040ez Deduction for contributions to a traditional individual retirement arrangement (IRA). 2010 tax forms 1040ez Deduction for student loan interest. 2010 tax forms 1040ez Itemized deductions for medical expenses, casualty and theft losses, and certain miscellaneous expenses. 2010 tax forms 1040ez Credit for child and dependent care expenses. 2010 tax forms 1040ez Child tax credit. 2010 tax forms 1040ez Education tax credits. 2010 tax forms 1040ez Earned income credit. 2010 tax forms 1040ez Penalty for underpayment of estimated tax. 2010 tax forms 1040ez   If you make this election for 2013 and did not have enough tax withheld or pay enough estimated tax to cover the tax you owe, you may be subject to a penalty. 2010 tax forms 1040ez If you plan to make this election for 2014, you may need to increase your federal income tax withholding or your estimated tax payments to avoid the penalty. 2010 tax forms 1040ez Get Publication 505 for more information. 2010 tax forms 1040ez Figuring Child's Income Use Form 8814, Part I, to figure your child's interest and dividend income to report on your return. 2010 tax forms 1040ez Only the amount over $2,000 is added to your income. 2010 tax forms 1040ez The amount over $2,000 is shown on Form 8814, line 6. 2010 tax forms 1040ez Unless the child's income includes qualified dividends or capital gain distributions (discussed next), the same amount is shown on Form 8814, line 12. 2010 tax forms 1040ez Include the amount from Form 8814, line 12, on Form 1040 or Form 1040NR, line 21. 2010 tax forms 1040ez If you file more than one Form 8814, include the total amounts from line 12 of all your Forms 8814 on Form 1040 or Form 1040NR, line 21. 2010 tax forms 1040ez On the dotted line next to line 21, enter “Form 8814” and the total of the Form 8814, line 12 amounts. 2010 tax forms 1040ez Note. 2010 tax forms 1040ez The tax on the first $2,000 is figured on Form 8814, Part II. 2010 tax forms 1040ez See Figuring Additional Tax , later. 2010 tax forms 1040ez Qualified dividends. 2010 tax forms 1040ez   Enter on Form 8814, line 2a, any ordinary dividends your child received. 2010 tax forms 1040ez This amount may include qualified dividends. 2010 tax forms 1040ez Qualified dividends are those dividends reported on Form 1040, line 9b, or Form 1040NR, line 10b, and are eligible for lower tax rates that apply to a net capital gain. 2010 tax forms 1040ez For detailed information about qualified dividends, see Publication 550. 2010 tax forms 1040ez   If your child received qualified dividends, the amount of these dividends that is added to your income must be reported on Form 1040, lines 9a and 9b, or Form 1040NR, lines 10a and 10b. 2010 tax forms 1040ez You do not include these dividends on Form 8814, line 12, or on line 21 of Form 1040 or Form 1040NR. 2010 tax forms 1040ez   Enter the child's qualified dividends on Form 8814, line 2b. 2010 tax forms 1040ez But do not include this amount on Form 1040, lines 9a and 9b, or Form 1040NR, lines 10a and 10b. 2010 tax forms 1040ez Instead, include the amount from Form 8814, line 9, on Form 1040, lines 9a and 9b, or Form 1040NR, lines 10a and 10b. 2010 tax forms 1040ez (The amount on Form 8814, line 9, may be less than the amount on Form 8814, line 2b, because lines 7 through 12 of the form divide the $2,000 base amount on Form 8814, line 5, between the child's qualified dividends, capital gain distributions, and other interest and dividend income, reducing each of those amounts. 2010 tax forms 1040ez ) Capital gain distributions. 2010 tax forms 1040ez   Enter on Form 8814, line 3, any capital gain distributions your child received. 2010 tax forms 1040ez The amount of these distributions that is added to your income must be reported on Schedule D (Form 1040), line 13, or, if you are not required to file Schedule D, on Form 1040, line 13, or Form 1040NR, line 14. 2010 tax forms 1040ez You do not include it on Form 8814, line 12, or on line 21 of Form 1040 or Form 1040NR. 2010 tax forms 1040ez   Include the amount from Form 8814, line 10, on Schedule D, line 13; Form 1040, line 13; or Form 1040NR, line 14, whichever applies. 2010 tax forms 1040ez (The amount on Form 8814, line 10, may be less than the amount on Form 8814, line 3, because lines 7 through 12 of the form divide the $2,000 base amount on Form 8814, line 5, between the child's qualified dividends, capital gain distributions, and other interest and dividend income, reducing each of those amounts. 2010 tax forms 1040ez ) Collectibles (28% rate) gain. 2010 tax forms 1040ez    If any of the child's capital gain distributions are reported on Form 1099-DIV as collectibles (28% rate) gain, you must determine how much to also include on line 4 of the 28% Rate Gain Worksheet, in the instructions for Schedule D, line 18. 2010 tax forms 1040ez Multiply the child's capital gain distribution included on Schedule D, line 13, by a fraction. 2010 tax forms 1040ez The numerator is the part of the child's total capital gain distribution that is collectibles (28% rate) gain. 2010 tax forms 1040ez The denominator is the child's total capital gain distribution. 2010 tax forms 1040ez Enter the result on line 4 of the 28% Rate Gain Worksheet. 2010 tax forms 1040ez Unrecaptured section 1250 gain. 2010 tax forms 1040ez   If any of the child's capital gain distributions are reported on Form 1099-DIV as unrecaptured section 1250 gain, you must determine how much to include on line 11 of the Unrecaptured Section 1250 Gain Worksheet in the instructions for Schedule D, line 19. 2010 tax forms 1040ez Multiply the child's capital gain distribution included on Schedule D, line 13, by a fraction. 2010 tax forms 1040ez The numerator is the part of the child's total capital gain distribution that is unrecaptured section 1250 gain. 2010 tax forms 1040ez The denominator is the child's total capital gain distribution. 2010 tax forms 1040ez Enter the result on the Unrecaptured Section 1250 Gain Worksheet, line 11. 2010 tax forms 1040ez Section 1202 gain. 2010 tax forms 1040ez   If any of the child's capital gain distributions are reported as section 1202 gain (gain on qualified small business stock) on Form 1099-DIV, part or all of that gain may be eligible for the section 1202 exclusion. 2010 tax forms 1040ez (For information about the exclusion, see chapter 4 of Publication 550. 2010 tax forms 1040ez ) To figure that part, multiply the child's capital gain distribution included on Schedule D, line 13, by a fraction. 2010 tax forms 1040ez The numerator is the part of the child's total capital gain distribution that is section 1202 gain. 2010 tax forms 1040ez The denominator is the child's total capital gain distribution. 2010 tax forms 1040ez Your section 1202 exclusion is generally 50% of the result, but may be subject to a limit. 2010 tax forms 1040ez In some cases, the exclusion is more than 50%. 2010 tax forms 1040ez See the instructions for Schedule D for details and information on how to report the exclusion amount. 2010 tax forms 1040ez Example. 2010 tax forms 1040ez Fred is 6 years old. 2010 tax forms 1040ez In 2013, he received dividend income of $2,100, which included $1,575 of ordinary dividends and a $525 capital gain distribution from a mutual fund. 2010 tax forms 1040ez (None of the distributions were reported on Form 1099-DIV as unrecaptured section 1250 gain, section 1202 gain, or collectibles (28% rate) gain. 2010 tax forms 1040ez ) All of the ordinary dividends are qualified dividends. 2010 tax forms 1040ez He has no other income and is not subject to backup withholding. 2010 tax forms 1040ez No estimated tax payments were made under his name and social security number. 2010 tax forms 1040ez Fred's parents elect to include Fred's income on their tax return instead of filing a return for him. 2010 tax forms 1040ez They figure the amount to report on Form 1040, lines 9a and 9b, the amount to report on their Schedule D, line 13, and the amount to report on Form 1040, line 21, as follows. 2010 tax forms 1040ez They leave lines 1a and 1b of Form 8814 blank because Fred does not have any interest income. 2010 tax forms 1040ez They enter his ordinary dividends of $1,575 on lines 2a and 2b because all of Fred's ordinary dividends are qualified dividends. 2010 tax forms 1040ez They enter the amount of Fred's capital gain distributions, $525, on line 3. 2010 tax forms 1040ez Next, they add the amounts on lines 1a, 2a, and 3 and enter the result, $2,100, on line 4. 2010 tax forms 1040ez They subtract the base amount on line 5, $2,000, from the amount on line 4, $2,100, and enter the result, $100, on line 6. 2010 tax forms 1040ez This is the total amount from Form 8814 to be reported on their return. 2010 tax forms 1040ez Next, they figure how much of this amount is qualified dividends and how much is capital gain distributions. 2010 tax forms 1040ez They divide the amount on line 2b, $1,575, by the amount on line 4, $2,100. 2010 tax forms 1040ez They enter the result, . 2010 tax forms 1040ez 75, on line 7. 2010 tax forms 1040ez They divide the amount on line 3, $525, by the amount on line 4, $2,100. 2010 tax forms 1040ez They enter the result, . 2010 tax forms 1040ez 25, on line 8. 2010 tax forms 1040ez They multiply the amount on line 6, $100, by the decimal on line 7, . 2010 tax forms 1040ez 75, and enter the result, $75, on line 9. 2010 tax forms 1040ez They multiply the amount on line 6, $100, by the decimal on line 8, . 2010 tax forms 1040ez 25, and enter the result, $25, on line 10. 2010 tax forms 1040ez They include the amount from line 9, $75, on lines 9a and 9b of their Form 1040 and enter “Form 8814 – $75” on the dotted lines next to lines 9a and 9b. 2010 tax forms 1040ez They include the amount from line 10, $25, on line 13 of their Schedule D (Form 1040) and enter “Form 8814 – $25” on the dotted line next to Schedule D, line 13. 2010 tax forms 1040ez They enter $100 ($75 + $25) on line 11 and -0- ($100 – $100) on line 12. 2010 tax forms 1040ez Because the amount on line 12 is -0-, they do not include any amount from Form 8814 on their Form 1040, line 21. 2010 tax forms 1040ez Figuring Additional Tax Use Form 8814, Part II, to figure the tax on the $2,000 of your child's interest and dividends that you do not include in your income. 2010 tax forms 1040ez This tax is added to the tax figured on your income. 2010 tax forms 1040ez This additional tax is the smaller of: 10% x (your child's gross income − $1,000), or $100. 2010 tax forms 1040ez Include the amount from line 15 of all your Forms 8814 in the total on Form 1040, line 44, or Form 1040NR, line 42. 2010 tax forms 1040ez Check box a on Form 1040, line 44, or Form 1040NR, line 42. 2010 tax forms 1040ez Tax for Certain Children Who Have Unearned Income If a child's interest, dividends, and other unearned income total more than $2,000, part of that income may be taxed at the parent's tax rate instead of the child's tax rate. 2010 tax forms 1040ez If the parent does not or cannot choose to include the child's income on the parent's return, use Form 8615 to figure the child's tax. 2010 tax forms 1040ez Attach the completed form to the child's Form 1040, Form 1040A, or Form 1040NR. 2010 tax forms 1040ez When Form 8615 must be filed. 2010 tax forms 1040ez   Form 8615 must be filed for a child if all of the following statements are true. 2010 tax forms 1040ez The child's unearned income was more than $2,000. 2010 tax forms 1040ez The child is required to file a return for 2013. 2010 tax forms 1040ez The child either: Was under age 18 at the end of the year, Was age 18 at the end of the year and did not have earned income that was more than half of his or her support, or Was over age 18 and under age 24 at the end of the year, was a full-time student, and did not have earned income that was more than half of his or her support. 2010 tax forms 1040ez At least one of the child's parents was alive at the end of 2013. 2010 tax forms 1040ez The child does not file a joint return for 2013. 2010 tax forms 1040ez These conditions are also shown in Figure 2. 2010 tax forms 1040ez Certain January 1 birthdays. 2010 tax forms 1040ez   Use the following chart to determine whether certain children with January 1 birthdays meet condition 3 under When Form 8615 must be filed. 2010 tax forms 1040ez IF a child was born on. 2010 tax forms 1040ez . 2010 tax forms 1040ez . 2010 tax forms 1040ez THEN, at the end of 2013, the child is considered to be. 2010 tax forms 1040ez . 2010 tax forms 1040ez . 2010 tax forms 1040ez January 1, 1996 18* January 1, 1995 19** January 1, 1990 24*** *This child is not under age 18. 2010 tax forms 1040ez The child meets condition 3 only if the child did not have earned income that was more than half of the child's support. 2010 tax forms 1040ez  **This child meets condition 3 only if the child was a full-time student who did not have earned income that was more than half of the child's support. 2010 tax forms 1040ez  ***Do not use Form 8615 for this child. 2010 tax forms 1040ez Figure 2. 2010 tax forms 1040ez Do You Have To Use Form 8615 To Figure Your Child's Tax? Please click here for the text description of the image. 2010 tax forms 1040ez Figure 2. 2010 tax forms 1040ez Do You Have To Use Form 8615 To Figure Your Child's Tax? Providing Parental Information (Form 8615, Lines A–C) On Form 8615, lines A and B, enter the parent's name and social security number. 2010 tax forms 1040ez (If the parents filed a joint return, enter the name and social security number listed first on the joint return. 2010 tax forms 1040ez ) On line C, check the box for the parent's filing status. 2010 tax forms 1040ez See Which Parent's Return To Use, earlier, for information on which parent's return information must be used on Form 8615. 2010 tax forms 1040ez Parent with different tax year. 2010 tax forms 1040ez   If the parent and the child do not have the same tax year, complete Form 8615 using the information on the parent's return for the tax year that ends in the child's tax year. 2010 tax forms 1040ez Example. 2010 tax forms 1040ez Kimberly must use her mother's tax and taxable income to complete her Form 8615 for calendar year 2013 (January 1 – December 31). 2010 tax forms 1040ez Kimberly's mother files her tax return on a fiscal year basis (July 1 – June 30). 2010 tax forms 1040ez Kimberly must use the information on her mother's return for the tax year ending June 30, 2013, to complete her 2013 Form 8615. 2010 tax forms 1040ez Parent's return information not known timely. 2010 tax forms 1040ez   If the information needed from the parent's return is not known by the time the child's return is due (usually April 15), you can file the return using estimates. 2010 tax forms 1040ez   You can use any reasonable estimate. 2010 tax forms 1040ez This includes using information from last year's return. 2010 tax forms 1040ez If you use an estimated amount on Form 8615, enter “Estimated” on the line next to the amount. 2010 tax forms 1040ez   When you get the correct information, file an amended return on Form 1040X, Amended U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez Individual Income Tax Return. 2010 tax forms 1040ez Extension of time to file. 2010 tax forms 1040ez   Instead of using estimates, you can get an automatic 6-month extension of time to file if, by the date your return is due, you file Form 4868, Application for Automatic Extension of Time To File U. 2010 tax forms 1040ez S. 2010 tax forms 1040ez Individual Income Tax Return. 2010 tax forms 1040ez See the instructions for Form 4868 for details. 2010 tax forms 1040ez    An extension of time to file is not an extension of time to pay. 2010 tax forms 1040ez You must make an accurate estimate of the tax for 2013. 2010 tax forms 1040ez If you do not pay the full amount due by the regular due date, the child will owe interest and may also be charged penalties. 2010 tax forms 1040ez See Form 4868 and its instructions. 2010 tax forms 1040ez Parent's return information not available. 2010 tax forms 1040ez   If a child cannot get the required information about his or her parent's tax return, the child (or the child's legal representative) can request the necessary information from the Internal Revenue Service (IRS). 2010 tax forms 1040ez How to request. 2010 tax forms 1040ez   After the end of the tax year, send a signed, written request for the information to the Internal Revenue Service Center where the parent's return will be filed. 2010 tax forms 1040ez (The IRS cannot process a request received before the end of the tax year. 2010 tax forms 1040ez )    You should also consider getting an extension of time to file the child's return, because there may be a delay in getting the requested information. 2010 tax forms 1040ez   The request must contain all of the following. 2010 tax forms 1040ez A statement that you are making the request to comply with section 1(g) of the Internal Revenue Code and that you have tried to get the information from the parent. 2010 tax forms 1040ez Proof of the child's age (for example, a copy of the child's birth certificate). 2010 tax forms 1040ez Evidence the child has more than $2,000 of unearned income (for example, a copy of the child's prior year tax return or copies of Forms 1099 for the current year). 2010 tax forms 1040ez The name, address, social security number (if known), and filing status (if known) of the parent whose information is to be shown on Form 8615. 2010 tax forms 1040ez    A child's legal representative making the request should include a copy of his or her Power of Attorney, such as Form 2848, or proof of legal guardianship. 2010 tax forms 1040ez Step 1. 2010 tax forms 1040ez Figuring the Child's Net Unearned Income (Form 8615, Part I) The first step in figuring a child's tax using Form 8615 is to figure the child's net unearned income. 2010 tax forms 1040ez To do that, use Form 8615, Part I. 2010 tax forms 1040ez Line 1 (Unearned Income) If the child had no earned income, enter on this line the adjusted gross income shown on the child's return. 2010 tax forms 1040ez Adjusted gross income is shown on Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37. 2010 tax forms 1040ez Form 1040EZ and Form 1040NR-EZ cannot be used if Form 8615 must be filed. 2010 tax forms 1040ez If the child had earned income, figure the amount to enter on Form 8615, line 1, by using the worksheet in the instructions for the form. 2010 tax forms 1040ez However, use the following worksheet if: the child has excluded any foreign earned income, deducted a loss from self-employment, or has a net operating loss from another year. 2010 tax forms 1040ez Alternate Worksheet for Form 8615, Line 1 A. 2010 tax forms 1040ez Enter the amount from the child's Form 1040, line 22, or Form 1040NR, line 23   B. 2010 tax forms 1040ez Enter the total of any net loss  from self-employment, any net operating loss deduction, any foreign earned income exclusion, and any foreign housing exclusion from the child's Form 1040 or Form 1040NR. 2010 tax forms 1040ez Enter this total as a positive number (greater than zero)   C. 2010 tax forms 1040ez Add line A and line B and  enter the total   D. 2010 tax forms 1040ez Enter the child's earned income plus any amount from the child's Form 1040, line 30, or the child's Form 1040NR, line 30     Generally, the child's earned income is the total of the amounts reported on Form 1040, lines 7, 12, and 18 (if line 12 or 18 is a loss, use zero) or Form 1040NR, lines 8, 13, and 19 (if line 13 or 19 is a loss, use zero)   E. 2010 tax forms 1040ez Subtract line D from line C. 2010 tax forms 1040ez Enter the result here and on Form 8615, line 1   Unearned income defined. 2010 tax forms 1040ez   Unearned income is generally all income other than salaries, wages, and other amounts received as pay for work actually performed. 2010 tax forms 1040ez It includes taxable interest, dividends, capital gains (including capital gain distributions), the taxable part of social security and pension payments, certain distributions from trusts, and unemployment compensation. 2010 tax forms 1040ez Unearned income includes amounts produced by assets the child obtained with earned income (such as interest on a savings account into which the child deposited wages). 2010 tax forms 1040ez Nontaxable income. 2010 tax forms 1040ez   For this purpose, unearned income includes only amounts the child must include in gross income. 2010 tax forms 1040ez Nontaxable unearned income, such as tax-exempt interest and the nontaxable part of social security and pension payments, is not included. 2010 tax forms 1040ez Capital loss. 2010 tax forms 1040ez   A child's capital losses are taken into account in figuring the child's unearned income. 2010 tax forms 1040ez Capital losses are first applied against capital gains. 2010 tax forms 1040ez If the capital losses are more than the capital gains, the difference (up to $3,000) is subtracted from the child's interest, dividends, and other unearned income. 2010 tax forms 1040ez Any difference over $3,000 is carried to the next year. 2010 tax forms 1040ez Income from property received as a gift. 2010 tax forms 1040ez   A child's unearned income includes all income produced by property belonging to the child. 2010 tax forms 1040ez This is true even if the property was transferred to the child, regardless of when the property was transferred or purchased or who transferred it. 2010 tax forms 1040ez   A child's unearned income includes income produced by property given as a gift to the child. 2010 tax forms 1040ez This includes gifts to the child from grandparents or any other person and gifts made under the Uniform Gift to Minors Act. 2010 tax forms 1040ez Example. 2010 tax forms 1040ez Amanda Black, age 13, received the following income. 2010 tax forms 1040ez Dividends—$800 Wages—$2,100 Taxable interest—$1,200 Tax-exempt interest—$100 Capital gains—$300 Capital losses—($200) The dividends were qualified dividends on stock given to her by her grandparents. 2010 tax forms 1040ez Amanda's unearned income is $2,100. 2010 tax forms 1040ez This is the total of the dividends ($800), taxable interest ($1,200), and capital gains reduced by capital losses ($300 − $200 = $100). 2010 tax forms 1040ez Her wages are earned (not unearned) income because they are received for work actually performed. 2010 tax forms 1040ez Her tax-exempt interest is not included because it is nontaxable. 2010 tax forms 1040ez Trust income. 2010 tax forms 1040ez   If a child is the beneficiary of a trust, distributions of taxable interest, dividends, capital gains, and other unearned income from the trust are unearned income to the child. 2010 tax forms 1040ez   However, taxable distributions from a qualified disability trust are considered earned income for the purposes of completing Form 8615. 2010 tax forms 1040ez See the Form 8615 instructions for details. 2010 tax forms 1040ez Adjustment to income. 2010 tax forms 1040ez   In figuring the amount to enter on line 1, the child's unearned income is reduced by any penalty on the early withdrawal of savings. 2010 tax forms 1040ez Line 2 (Deductions) If the child does not itemize deductions on Schedule A (Form 1040 or Form 1040NR), enter $2,000 on line 2. 2010 tax forms 1040ez If the child itemizes deductions, enter on line 2 the larger of: $1,000 plus the portion of the child's itemized deductions on Schedule A (Form 1040), line 29 (or Schedule A (Form 1040NR), line 15), that are directly connected with the production of the unearned income entered on line 1, or $2,000. 2010 tax forms 1040ez Directly connected. 2010 tax forms 1040ez   Itemized deductions are directly connected with the production of unearned income if they are for expenses paid to produce or collect taxable income or to manage, conserve, or maintain property held for producing income. 2010 tax forms 1040ez These expenses include custodian fees and service charges, service fees to collect taxable interest and dividends, and certain investment counsel fees. 2010 tax forms 1040ez    These expenses are added to certain other miscellaneous itemized deductions on Schedule A (Form 1040). 2010 tax forms 1040ez Only the amount greater than 2% of the child's adjusted gross income can be deducted. 2010 tax forms 1040ez See Publication 529, Miscellaneous Deductions, for more information. 2010 tax forms 1040ez Example 1. 2010 tax forms 1040ez Roger, age 12, has unearned income of $8,000, no other income, no adjustments to income, and itemized deductions of $300 (net of the 2%-of-adjusted-gross-income limit) that are directly connected with his unearned income. 2010 tax forms 1040ez His adjusted gross income is $8,000, which is entered on Form 1040, line 38, and on Form 8615, line 1. 2010 tax forms 1040ez Roger enters $2,000 on line 2 because that is more than the total of $1,000 plus his directly-connected itemized deductions of $300. 2010 tax forms 1040ez Example 2. 2010 tax forms 1040ez Eleanor, age 8, has unearned income of $16,000 and an early withdrawal penalty of $100. 2010 tax forms 1040ez She has no other income. 2010 tax forms 1040ez She has itemized deductions of $1,050 (net of the 2%-of-adjusted-gross-income limit) that are directly connected with the production of her unearned income. 2010 tax forms 1040ez Her adjusted gross income, entered on line 1, is $15,900 ($16,000 − $100). 2010 tax forms 1040ez The amount on line 2 is $2,050. 2010 tax forms 1040ez This is the larger of: $1,000 plus the $1,050 of directly connected itemized deductions, or $2,000. 2010 tax forms 1040ez Line 3 Subtract line 2 from line 1 and enter the result on this line. 2010 tax forms 1040ez If zero or less, do not complete the rest of the form. 2010 tax forms 1040ez However, you must still attach Form 8615 to the child's tax return. 2010 tax forms 1040ez Figure the tax on the child's taxable income in the normal manner. 2010 tax forms 1040ez Line 4 (Child's Taxable Income) Enter on line 4 the child's taxable income from Form 1040, line 43; Form 1040A, line 27; or Form 1040NR, line 41. 2010 tax forms 1040ez Child files Form 2555 or 2555-EZ. 2010 tax forms 1040ez   If the child files Form 2555 or 2555-EZ to claim the foreign earned income exclusion, housing exclusion, or housing deduction, the Foreign Earned Income Tax Worksheet (in the Form 1040 instructions) is used to figure the child's tax. 2010 tax forms 1040ez Enter the amount from line 3 of the Foreign Earned Income Tax Worksheet as the child's taxable income on Form 8615, line 4. 2010 tax forms 1040ez Line 5 (Net Unearned Income) A child's net unearned income cannot be more than his or her taxable income. 2010 tax forms 1040ez Enter on Form 8615, line 5, the smaller of line 3 or line 4. 2010 tax forms 1040ez This is the child's net unearned income. 2010 tax forms 1040ez If zero or less, do not complete the rest of the form. 2010 tax forms 1040ez However, you must still attach Form 8615 to the child's tax return. 2010 tax forms 1040ez Figure the tax on the child's taxable income in the normal manner. 2010 tax forms 1040ez Step 2. 2010 tax forms 1040ez Figuring a Tentative Tax at the Parent's Tax Rate (Form 8615, Part II) The next step in completing Form 8615 is to figure a tentative tax on the child's net unearned income at the parent's tax rate. 2010 tax forms 1040ez The tentative tax at the parent's tax rate is the difference between the tax on the parent's taxable income figured with the child's net unearned income (plus the net unearned income of any other child whose Form 8615 includes the tax return information of that parent) and the tax figured without it. 2010 tax forms 1040ez When figuring the tentative tax at the parent's tax rate on Form 8615, do not refigure any of the exclusions, deductions, or credits on the parent's return because of the child's net unearned income. 2010 tax forms 1040ez For example, do not refigure the medical expense deduction. 2010 tax forms 1040ez Figure the tentative tax on Form 8615, lines 6 through 13. 2010 tax forms 1040ez Line 6 (Parent's Taxable Income) Enter on line 6 the amount from the parent's Form 1040, line 43; Form 1040A, line 27; Form 1040EZ, line 6; Form 1040NR, line 41; or Form 1040NR-EZ, line 14. 2010 tax forms 1040ez If the parent's taxable income is zero or less, enter zero on line 6. 2010 tax forms 1040ez Parent files Form 2555 or 2555-EZ. 2010 tax forms 1040ez   If the parent files Form 2555 or 2555-EZ to claim the foreign earned income exclusion, housing exclusion, or housing deduction, the Foreign Earned Income Tax Worksheet in the Form 1040 instructions is used to figure the parent's tax. 2010 tax forms 1040ez Enter the amount from line 3 of the Foreign Earned Income Tax Worksheet as the parent's taxable income, on line 6 of Form 8615. 2010 tax forms 1040ez Line 7 (Net Unearned Income of Other Children) If the tax return information of the parent is also used on any other child's Form 8615, enter on line 7 the total of the amounts from line 5 of all the other children's Forms 8615. 2010 tax forms 1040ez Do not include the amount from line 5 of the Form 8615 being completed. 2010 tax forms 1040ez (The term “other child” means any other child whose Form 8615 uses the tax information of the parent identified on Lines A and B of Form 8615. 2010 tax forms 1040ez ) Example. 2010 tax forms 1040ez Paul and Jane Persimmon have three children, Sharon, Jerry, and Mike, who must attach Form 8615 to their tax returns. 2010 tax forms 1040ez The children's net unearned income amounts on line 5 of their Forms 8615 are: Sharon—$800 Jerry—$600 Mike—$1,000 Line 7 of Sharon's Form 8615 will show $1,600, the total of the amounts on line 5 of Jerry's and Mike's Forms 8615. 2010 tax forms 1040ez Line 7 of Jerry's Form 8615 will show $1,800 ($800 + $1,000). 2010 tax forms 1040ez Line 7 of Mike's Form 8615 will show $1,400 ($800 + $600). 2010 tax forms 1040ez Other children's information not available. 2010 tax forms 1040ez   If the net unearned income of the other children is not available when the return is due, either file the return using estimates or get an extension of time to file. 2010 tax forms 1040ez Estimates and extensions are discussed earlier under Providing Parental Information (Form 8615, Lines A–C) . 2010 tax forms 1040ez Line 8 (Parent's Taxable Income Plus Children's Net Unearned Income) Enter on this line the total of lines 5, 6, and 7. 2010 tax forms 1040ez You must determine the amount of net capital gain and qualified dividends included on this line before completing Form 8615, line 9. 2010 tax forms 1040ez Net capital gain. 2010 tax forms 1040ez   Net capital gain is the smaller of the gain, if any, on Schedule D (Form 1040), line 15, or the gain, if any, on Schedule D, line 16. 2010 tax forms 1040ez If Schedule D is not required, it is the amount on Form 1040, line 13; Form 1040A, line 10; or Form 1040NR, line 14. 2010 tax forms 1040ez Qualified dividends. 2010 tax forms 1040ez   Qualified dividends are those dividends reported on line 9b of Form 1040 or Form 1040A, or line 10b of Form 1040NR. 2010 tax forms 1040ez Net capital gain and qualified dividends on line 8. 2010 tax forms 1040ez   If neither the child, nor the parent, nor any other child has net capital gain, the net capital gain on line 8 is zero. 2010 tax forms 1040ez   If neither the child, nor the parent, nor any other child has qualified dividends, the amount of qualified dividends on line 8 is zero. 2010 tax forms 1040ez   If the child, parent, or any other child has net capital gain, figure the amount of net capital gain included on line 8 by adding together the net capital gain amounts included on lines 5, 6, and 7 of Form 8615. 2010 tax forms 1040ez   If the child, parent, or any other child has qualified dividends, figure the amount of qualified dividends included on line 8 by adding together the qualified dividend amounts included on lines 5, 6, and 7. 2010 tax forms 1040ez   Use the instructions for Form 8615, line 8, including the appropriate Line 5 Worksheet, to find these amounts. 2010 tax forms 1040ez See the instructions for Form 8615 for more details. 2010 tax forms 1040ez Note. 2010 tax forms 1040ez The amount of any net capital gain or qualified dividends is not separately reported on line 8. 2010 tax forms 1040ez It is  needed, however, when figuring the tax on line 9. 2010 tax forms 1040ez Line 9 (Tax on Parent's Taxable Income Plus Children's Net Unearned Income) Figure the tax on the amount on line 8 using the Tax Table, the Tax Computation Worksheet, the Qualified Dividends and Capital Gain Tax Worksheet (in the Form 1040, 1040A, or 1040NR instructions), the Schedule D Tax Worksheet (in the Schedule D instructions), or Schedule J (Form 1040), as follows. 2010 tax forms 1040ez If line 8 does not include any net capital gain or qualified dividends, use the Tax Table or Tax Computation Worksheet to figure this tax. 2010 tax forms 1040ez But if Schedule J, Income Averaging for Farmers and Fishermen, is used to figure the tax on the parent's return, use it to figure this tax. 2010 tax forms 1040ez If line 8 includes any net capital gain or qualified dividends, use the Qualified Dividends and Capital Gain Tax Worksheet to figure this tax. 2010 tax forms 1040ez For details, see the instructions for Form 8615, line 9. 2010 tax forms 1040ez However, if the child, parent, or any other child has 28% rate gain or unrecaptured section 1250 gain, use the Schedule D Tax Worksheet. 2010 tax forms 1040ez But if Schedule J is used to figure the tax on the parent's return, use it to figure this tax. 2010 tax forms 1040ez Child files Form 2555 or 2555-EZ. 2010 tax forms 1040ez   If line 8 includes any net capital gain or qualified dividends and the child, or any other child filing Form 8615, also files Form 2555 or 2555-EZ, use Using the Schedule D Tax Worksheet for line 9 tax, next, to figure the line 9 tax. 2010 tax forms 1040ez Using the Schedule D Tax Worksheet for line 9 tax. 2010 tax forms 1040ez    Use the Schedule D Tax Worksheet (in the Schedule D instructions) to figure the line 9 tax on Form 8615 if the child, parent, or any other child has unrecaptured section 1250 gain or 28% rate gain. 2010 tax forms 1040ez If you must use the Schedule D Tax Worksheet, first complete any Schedule D and any actual Schedule D Tax Worksheet required for the child, parent, or any other child. 2010 tax forms 1040ez Then figure the line 9 tax using another Schedule D Tax Worksheet. 2010 tax forms 1040ez (Do not attach this Schedule D Tax Worksheet to the child's return. 2010 tax forms 1040ez )   Complete this Schedule D Tax Worksheet as follows. 2010 tax forms 1040ez On line 1, enter the amount from Form 8615, line 8. 2010 tax forms 1040ez On line 2, enter the qualified dividends included on Form 8615, line 8. 2010 tax forms 1040ez (See the earlier discussion for line 8. 2010 tax forms 1040ez ) On line 3, enter the total of the amounts, if any, on line 4g of all Forms 4952 filed by the child, parent, or any other child. 2010 tax forms 1040ez On line 4, enter the total of the amounts, if any, on line 4e of all Forms 4952 filed by the child, parent, or any other child. 2010 tax forms 1040ez If applicable, include instead the smaller amount entered on the dotted line next to line 4e. 2010 tax forms 1040ez On lines 5 and 6, follow the worksheet instructions. 2010 tax forms 1040ez On line 7, enter the net capital gain included on Form 8615, line 8. 2010 tax forms 1040ez (See the earlier discussion for line 8. 2010 tax forms 1040ez ) On lines 8 through 10, follow the worksheet instructions. 2010 tax forms 1040ez On line 11, enter zero if neither the child, nor the parent, nor any other child has unrecaptured section 1250 gain (Schedule D, line 19) or 28% rate gain (Schedule D, line 18). 2010 tax forms 1040ez Otherwise, enter the amount of unrecaptured section 1250 gain and 28% rate gain included in the net capital gain on line 8 of Form 8615. 2010 tax forms 1040ez Figure these amounts as explained later under Figuring unrecaptured section 1250 gain (line 11) and Figuring 28% rate gain (line 11). 2010 tax forms 1040ez If the Foreign Earned Income Tax Worksheet was used to figure the parent's tax or the tax of any child, go to step 10 below. 2010 tax forms 1040ez Otherwise, skip steps 10, 11, and 12 below, and go to step 13. 2010 tax forms 1040ez Determine whether there is a line 8 capital gain excess as follows. 2010 tax forms 1040ez Add the amounts on line 2 of all Foreign Earned Income Tax Worksheets completed by the parent or any child for whom Form 8615 is filed. 2010 tax forms 1040ez (But for each child do not add more than the excess, if any, of the amount on line 5 of the child's Form 8615 over the child's taxable income on Form 1040, line 43; Form 1040A, line 27; or Form 1040NR, line 41. 2010 tax forms 1040ez ) Subtract (a) from the amount on line 1 of this Schedule D Tax Worksheet. 2010 tax forms 1040ez Subtract (b) from the amount on line 10 of this Schedule D Tax Worksheet. 2010 tax forms 1040ez If the result is more than zero, that amount is the line 8 capital gain excess. 2010 tax forms 1040ez If the result is zero or less, there is no line 8 capital gain excess. 2010 tax forms 1040ez If there is no line 8 capital gain excess, skip step 12 below and go to step 13. 2010 tax forms 1040ez If there is a line 8 capital gain excess, complete a second Schedule D Tax Worksheet as instructed above and in step 13, but in its entirety and with the following additional modifications. 2010 tax forms 1040ez (These modifications are to be made only for purposes of filling out this additional Schedule D Tax Worksheet. 2010 tax forms 1040ez ) Reduce the amount you would otherwise enter on line 9 (but not below zero) by the line 8 capital gain excess. 2010 tax forms 1040ez Reduce the amount you would otherwise enter on line 6 (but not below zero) by any of the line 8 capital gain excess not used in (a) above. 2010 tax forms 1040ez If the child, parent, or any other child has 28% rate gain, reduce the amount you would otherwise enter on line 8 of Worksheet 1 for Line 11 of the Schedule D Tax Worksheet – 28% Rate Gain (Line 9 Tax), shown later, (but not below zero) by the line 8 capital gain excess, and refigure the amount on line 11 of this Schedule D Tax Worksheet. 2010 tax forms 1040ez If the child, parent, or any other child has unrecaptured section 1250 gain, reduce the amount you would otherwise enter on line 8 of Worksheet 2 for Line 11 of the Schedule D Tax Worksheet – Unrecaptured Section 1250 Gain (Line 9 Tax) (but not below zero) by the line 8 capital gain excess not used in 12(c), and refigure the amount on line 11 of this Schedule D Tax Worksheet. 2010 tax forms 1040ez Complete lines 12 through 45 following the worksheet instructions. 2010 tax forms 1040ez Use the parent's filing status to complete lines 15, 42, and 44. 2010 tax forms 1040ez Enter the amount from line 45 of this Schedule D Tax Worksheet on Form 8615, line 9, and check the box on that line
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Closing a Business

There is more involved in closing your business than just locking the doors. This section provides procedures for getting out of business, including what forms to file and how to handle additional revenue received or expenses you may incur.

Page Last Reviewed or Updated: 04-Sep-2013

The 2010 Tax Forms 1040ez

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