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2011 Tax Return Software

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2011 Tax Return Software

2011 tax return software 5. 2011 tax return software   Table and Worksheets for the Self-Employed Table of Contents Community property laws. 2011 tax return software As discussed in chapters 2 and 4, if you are self-employed, you must use the rate table or rate worksheet and deduction worksheet to figure your deduction for contributions you made for yourself to a SEP-IRA or qualified plan. 2011 tax return software First, use either the rate table or rate worksheet to find your reduced contribution rate. 2011 tax return software Then complete the deduction worksheet to figure your deduction for contributions. 2011 tax return software The table and the worksheets in chapter 5 apply only to self-employed individuals who have only one defined contribution plan, such as a profit-sharing plan. 2011 tax return software A SEP plan is treated as a profit-sharing plan. 2011 tax return software However, do not use this worksheet for SARSEPs. 2011 tax return software Rate table for self-employed. 2011 tax return software   If your plan's contribution rate is a whole percentage (for example, 12% rather than 12½%), you can use the table on the next page to find your reduced contribution rate. 2011 tax return software Otherwise, use the rate worksheet provided below. 2011 tax return software   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. 2011 tax return software Then read across to the rate under Column B. 2011 tax return software Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. 2011 tax return software    Example. 2011 tax return software You are a sole proprietor with no employees. 2011 tax return software If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. 2011 tax return software 090909. 2011 tax return software Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. 2011 tax return software Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. 2011 tax return software For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. 2011 tax return software       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. 2011 tax return software       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. 2011 tax return software     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. 2011 tax return software Subtract step 2 from step 1     Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed     Step 5           Multiply step 3 by step 4     Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate)     Step 7           Enter the smaller of step 5 or step 6     Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. 2011 tax return software         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. 2011 tax return software       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. 2011 tax return software Do not enter more than $17,500     Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. 2011 tax return software         • Otherwise, skip steps 16 through 18 and go to step 19. 2011 tax return software       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. 2011 tax return software Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. 2011 tax return software     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. 2011 tax return software     Step 21           Subtract step 20 from step 19. 2011 tax return software This is your maximum deductible contribution. 2011 tax return software                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. 2011 tax return software   Rate worksheet for self-employed. 2011 tax return software   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. 2011 tax return software Use the following worksheet instead. 2011 tax return software Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. 2011 tax return software 105)   2) Rate in line 1 plus 1 (for example, 0. 2011 tax return software 105 + 1 = 1. 2011 tax return software 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. 2011 tax return software 105 ÷ 1. 2011 tax return software 105 = 0. 2011 tax return software 095)   Figuring your deduction. 2011 tax return software   Now that you have your self-employed rate from either the rate table or rate worksheet, you can figure your maximum deduction for contributions for yourself by completing the Deduction Worksheet for Self-Employed. 2011 tax return software Community property laws. 2011 tax return software   If you reside in a community property state and you are married and filing a separate return, disregard community property laws for step 1 of the Deduction Worksheet for Self-Employed. 2011 tax return software Enter on step 1 the total net profit you actually earned. 2011 tax return software Rate Table for Self-Employed Column A  If the plan contri- bution rate is: (shown as %) Column B  Your rate is: (shown as decimal) 1 . 2011 tax return software 009901 2 . 2011 tax return software 019608 3 . 2011 tax return software 029126 4 . 2011 tax return software 038462 5 . 2011 tax return software 047619 6 . 2011 tax return software 056604 7 . 2011 tax return software 065421 8 . 2011 tax return software 074074 9 . 2011 tax return software 082569 10 . 2011 tax return software 090909 11 . 2011 tax return software 099099 12 . 2011 tax return software 107143 13 . 2011 tax return software 115044 14 . 2011 tax return software 122807 15 . 2011 tax return software 130435 16 . 2011 tax return software 137931 17 . 2011 tax return software 145299 18 . 2011 tax return software 152542 19 . 2011 tax return software 159664 20 . 2011 tax return software 166667 21 . 2011 tax return software 173554 22 . 2011 tax return software 180328 23 . 2011 tax return software 186992 24 . 2011 tax return software 193548 25* . 2011 tax return software 200000* *The deduction for annual employer contributions (other than elective deferrals) to a SEP plan, a profit-sharing plan, or a money purchase plan cannot be more than 20% of your net earnings (figured without deducting contributions for yourself) from the business that has the plan. 2011 tax return software Example. 2011 tax return software You are a sole proprietor with no employees. 2011 tax return software The terms of your plan provide that you contribute 8½% (. 2011 tax return software 085) of your compensation to your plan. 2011 tax return software Your net profit from line 31, Schedule C (Form 1040) is $200,000. 2011 tax return software You have no elective deferrals or catch-up contributions. 2011 tax return software Your self-employment tax deduction on line 27 of Form 1040 is $9,728. 2011 tax return software See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. 2011 tax return software You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. 2011 tax return software Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. 2011 tax return software For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. 2011 tax return software $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. 2011 tax return software       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. 2011 tax return software     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. 2011 tax return software Subtract step 2 from step 1 190,272   Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed 0. 2011 tax return software 078   Step 5           Multiply step 3 by step 4 14,841   Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate) 21,675   Step 7           Enter the smaller of step 5 or step 6 14,841   Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. 2011 tax return software         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. 2011 tax return software       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. 2011 tax return software Do not enter more than $17,500 N/A   Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. 2011 tax return software         • Otherwise, skip steps 16 through 18 and go to step 19. 2011 tax return software       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. 2011 tax return software Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. 2011 tax return software     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. 2011 tax return software This is your maximum deductible contribution $14,841                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. 2011 tax return software   See the filled-in Deduction Worksheet for Self-Employed on this page. 2011 tax return software Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. 2011 tax return software 105) 0. 2011 tax return software 085 2) Rate in line 1 plus 1 (for example, 0. 2011 tax return software 105 + 1 = 1. 2011 tax return software 105) 1. 2011 tax return software 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. 2011 tax return software 105 ÷ 1. 2011 tax return software 105 = 0. 2011 tax return software 095) 0. 2011 tax return software 078 This image is too large to be displayed in the current screen. 2011 tax return software Please click the link to view the image. 2011 tax return software Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications
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The 2011 Tax Return Software

2011 tax return software Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. 2011 tax return software Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. 2011 tax return software However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. 2011 tax return software The new provisions are in the Supplement to Publication 463, which is reprinted below. 2011 tax return software Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses   Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. 2011 tax return software After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. 2011 tax return software Certain provisions of this new law may reduce your taxes for 2001. 2011 tax return software The new law contains the following provisions. 2011 tax return software A new depreciation deduction, the special depreciation allowance. 2011 tax return software An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. 2011 tax return software If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. 2011 tax return software See Amended Return, later. 2011 tax return software Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. 2011 tax return software However, there is a limit on the depreciation deduction you can take for your car each year. 2011 tax return software See Depreciation Limit later. 2011 tax return software Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. 2011 tax return software This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. 2011 tax return software You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). 2011 tax return software See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. 2011 tax return software You can claim the special depreciation allowance only for the year the qualified property is placed in service. 2011 tax return software Qualified property. 2011 tax return software   Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. 2011 tax return software You bought it new. 2011 tax return software You bought it after September 10, 2001. 2011 tax return software (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. 2011 tax return software ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. 2011 tax return software Example. 2011 tax return software Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. 2011 tax return software Bob's car is qualified property. 2011 tax return software Bob chooses not to take a section 179 deduction for the car. 2011 tax return software He does claim the new special depreciation allowance. 2011 tax return software Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . 2011 tax return software 75). 2011 tax return software He then figures the special depreciation allowance of $4,500 ($15,000 × . 2011 tax return software 30). 2011 tax return software The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . 2011 tax return software 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). 2011 tax return software However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . 2011 tax return software 75), as discussed next. 2011 tax return software Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. 2011 tax return software The limit is increased to $23,080 if the car is an electric car. 2011 tax return software The section 179 deduction is treated as depreciation for purposes of this limit. 2011 tax return software If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. 2011 tax return software For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). 2011 tax return software Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. 2011 tax return software S. 2011 tax return software Individual Income Tax Return, by April 15, 2003. 2011 tax return software At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. 2011 tax return software ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). 2011 tax return software If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). 2011 tax return software Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. 2011 tax return software For details, see Revenue Procedure 2002–33. 2011 tax return software (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. 2011 tax return software ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. 2011 tax return software Example. 2011 tax return software The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . 2011 tax return software 75 x . 2011 tax return software 20) depreciation deduction for his new car using MACRS. 2011 tax return software Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. 2011 tax return software Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. 2011 tax return software Bob's new filled-in Form 2106 is shown later. 2011 tax return software Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. 2011 tax return software As a general rule, you must make this election by the due date (including extensions) of your return. 2011 tax return software You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. 2011 tax return software To get this extension, you must have filed your original return by the due date (including extensions). 2011 tax return software At the top of the statement, print “Filed pursuant to section 301. 2011 tax return software 9100–2. 2011 tax return software ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. 2011 tax return software Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. 2011 tax return software Deemed election for return filed before June 1, 2002. 2011 tax return software   If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. 2011 tax return software You filed your 2001 return before June 1, 2002. 2011 tax return software You claimed depreciation on your return but did not claim the special depreciation allowance. 2011 tax return software You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. 2011 tax return software Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications