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Amended Irs Return

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Amended Irs Return

Amended irs return 2. Amended irs return   Estimated Tax for 2014 Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Who Does Not Have To Pay Estimated Tax Who Must Pay Estimated TaxGeneral Rule Married Taxpayers Special Rules Aliens Estates and Trusts How To Figure Estimated Tax2014 Estimated Tax Worksheet When To Pay Estimated TaxWhen To Start Farmers and Fishermen How To Figure Each PaymentRegular Installment Method Annualized Income Installment Method Estimated Tax Payments Not Required How To Pay Estimated TaxCredit an Overpayment Pay Online Pay by Phone Pay by Check or Money Order Using the Estimated Tax Payment Voucher Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. Amended irs return This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes, and awards. Amended irs return You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough. Amended irs return Estimated tax is used to pay both income tax and self-employment tax, as well as other taxes and amounts reported on your tax return. Amended irs return If you do not pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty. Amended irs return If you do not pay enough by the due date of each payment period (see When To Pay Estimated Tax , later), you may be charged a penalty even if you are due a refund when you file your tax return. Amended irs return For information on when the penalty applies, see chapter 4. Amended irs return It would be helpful for you to have a copy of your 2013 tax return and an estimate of your 2014 income nearby while reading this chapter. Amended irs return Topics - This chapter discusses: Who must pay estimated tax, How to figure estimated tax (including illustrated examples), When to pay estimated tax, How to figure each payment, and How to pay estimated tax. Amended irs return Useful Items - You may want to see: Form (and Instructions) 1040-ES Estimated Tax for Individuals See chapter 5 for information about how to get this publication and form. Amended irs return Worksheets. Amended irs return   You may need to use several of the blank worksheets included in this chapter. Amended irs return See Worksheets for Chapter 2, later, to locate what you need. Amended irs return Who Does Not Have To Pay Estimated Tax If you receive salaries and wages, you may be able to avoid paying estimated tax by asking your employer to take more tax out of your earnings. Amended irs return To do this, file a new Form W-4 with your employer. Amended irs return See chapter 1. Amended irs return Estimated tax not required. Amended irs return   You do not have to pay estimated tax for 2014 if you meet all three of the following conditions. Amended irs return You had no tax liability for 2013. Amended irs return You were a U. Amended irs return S. Amended irs return citizen or resident alien for the whole year. Amended irs return Your 2013 tax year covered a 12-month period. Amended irs return   You had no tax liability for 2013 if your total tax (defined later under Total tax for 2013—line 14b ) was zero or you did not have to file an income tax return. Amended irs return Please click here for the text description of the image. Amended irs return Figure 2-A: Do You Have To Pay Estimated Tax? Who Must Pay Estimated Tax If you owed additional tax for 2013, you may have to pay estimated tax for 2014. Amended irs return You can use the following general rule as a guide during the year to see if you will have enough withholding, or should increase your withholding or make estimated tax payments. Amended irs return General Rule In most cases, you must pay estimated tax for 2014 if both of the following apply. Amended irs return You expect to owe at least $1,000 in tax for 2014, after subtracting your withholding and refundable credits. Amended irs return You expect your withholding and refundable credits to be less than the smaller of: 90% of the tax to be shown on your 2014 tax return, or 100% of the tax shown on your 2013 tax return. Amended irs return Your 2013 tax return must cover all 12 months. Amended irs return Note. Amended irs return The percentages in (2a) or (2b) above may be different if you are a farmer, fisherman, or higher income taxpayer. Amended irs return See Special Rules , later. Amended irs return If the result from using the general rule above suggests that you will not have enough withholding, complete the 2014 Estimated Tax Worksheet for a more accurate calculation. Amended irs return Figure 2-A takes you through the general rule. Amended irs return You may find this helpful in determining if you must pay estimated tax. Amended irs return If all your income will be subject to income tax withholding, you probably do not need to pay estimated tax. Amended irs return Example 1. Amended irs return Jane Smart uses Figure 2-A and the following information to figure whether she should pay estimated tax for 2014. Amended irs return She files as head of household claiming her dependent son, takes the standard deduction, and expects no refundable credits for 2014. Amended irs return Expected adjusted gross income (AGI) for 2014 $82,800 AGI for 2013 $73,700 Total tax on 2013 return (Form 1040,  line 61) $  8,746 Total 2014 estimated tax (line 13c of the 2014 Estimated Tax Worksheet) $11,015 Tax expected to be withheld in 2014 $10,000 Jane's answer to Figure 2-A, box 1, is YES; she expects to owe at least $1,000 for 2014 after subtracting her withholding from her expected total tax ($11,015 − $10,000 = $1,015). Amended irs return Her answer to box 2a is YES; she expects her income tax withholding ($10,000) to be at least 90% of the tax to be shown on her 2014 return ($11,015 × 90% = $9,913. Amended irs return 50). Amended irs return Jane does not need to pay estimated tax. Amended irs return Example 2. Amended irs return The facts are the same as in Example 1, except that Jane expects only $8,700 tax to be withheld in 2014. Amended irs return Because that is less than $9,913. Amended irs return 50, her answer to box 2a is NO. Amended irs return Jane's answer to box 2b is also NO; she does not expect her income tax withholding ($8,700) to be at least 100% of the total tax shown on her 2013 return ($8,746). Amended irs return Jane must increase her withholding or pay estimated tax for 2014. Amended irs return Example 3. Amended irs return The facts are the same as in Example 2, except that the total tax shown on Jane's 2013 return was $8,600. Amended irs return Because she expects to have more than $8,600 withheld in 2014 ($8,700), her answer to box 2b is YES. Amended irs return Jane does not need to pay estimated tax for 2014. Amended irs return Married Taxpayers If you qualify to make joint estimated tax payments, apply the rules discussed here to your joint estimated income. Amended irs return You and your spouse can make joint estimated tax payments even if you are not living together. Amended irs return However, you and your spouse cannot make joint estimated tax payments if: You are legally separated under a decree of divorce or separate maintenance, You and your spouse have different tax years, Either spouse is a nonresident alien (unless that spouse elected to be treated as a resident alien for tax purposes). Amended irs return See Choosing Resident Alien Status in Publication 519, or Individuals of the same sex and opposite sex who are in registered domestic partnerships, civil unions, or other similar formal relationships that are not marriages under state law cannot make joint estimated tax payments. Amended irs return These individuals can take credit only for the estimated tax payments that he or she made. Amended irs return If you and your spouse cannot make joint estimated tax payments, apply these rules to your separate estimated income. Amended irs return Making joint or separate estimated tax payments will not affect your choice of filing a joint tax return or separate returns for 2014. Amended irs return 2013 separate returns and 2014 joint return. Amended irs return   If you plan to file a joint return with your spouse for 2014, but you filed separate returns for 2013, your 2013 tax is the total of the tax shown on your separate returns. Amended irs return You filed a separate return if you filed as single, head of household, or married filing separately. Amended irs return 2013 joint return and 2014 separate returns. Amended irs return   If you plan to file a separate return for 2014, but you filed a joint return for 2013, your 2013 tax is your share of the tax on the joint return. Amended irs return You file a separate return if you file as single, head of household, or married filing separately. Amended irs return   To figure your share of the tax on a joint return, first figure the tax both you and your spouse would have paid had you filed separate returns for 2013 using the same filing status for 2014. Amended irs return Then multiply the tax on the joint return by the following fraction. Amended irs return      The tax you would have paid had you filed a separate return   The total tax you and your spouse would have paid had you filed separate returns Example. Amended irs return Joe and Heather filed a joint return for 2013 showing taxable income of $48,500 and a tax of $6,386. Amended irs return Of the $48,500 taxable income, $40,100 was Joe's and the rest was Heather's. Amended irs return For 2014, they plan to file married filing separately. Amended irs return Joe figures his share of the tax on the 2013 joint return as follows: Tax on $40,100 based on separate return $5,960 Tax on $8,400 based on separate return 843 Total $6,803 Joe's percentage of total ($5,960 ÷ $6,803) 87. Amended irs return 6% Joe's share of tax on joint return  ($6,386 × 87. Amended irs return 6%) $5,594 Special Rules There are special rules for farmers, fishermen, and certain higher income taxpayers. Amended irs return Farmers and Fishermen If at least two-thirds of your gross income for 2013 or 2014 is from farming or fishing, substitute 662/3% for 90% in (2a) under General Rule , earlier. Amended irs return Gross income. Amended irs return   Your gross income is all income you receive in the form of money, goods, property, and services that is not exempt from tax. Amended irs return To determine whether two-thirds of your gross income for 2013 was from farming or fishing, use as your gross income the total of the income (not loss) amounts. Amended irs return Joint returns. Amended irs return   On a joint return, you must add your spouse's gross income to your gross income to determine if at least two-thirds of your total gross income is from farming or fishing. Amended irs return Gross income from farming. Amended irs return   This is income from cultivating the soil or raising agricultural commodities. Amended irs return It includes the following amounts. Amended irs return Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Amended irs return Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Amended irs return Crop shares for the use of your land. Amended irs return Gains from sales of draft, breeding, dairy, or sporting livestock. Amended irs return   For 2013, gross income from farming is the total of the following amounts. Amended irs return Schedule F (Form 1040), Profit or Loss From Farming, line 9. Amended irs return Form 4835, Farm Rental Income and Expenses, line 7. Amended irs return Your share of the gross farming income from a partnership, S corporation, estate or trust, from: Schedule K-1 (Form 1065), Schedule K-1 (Form 1120S), or Schedule K-1 (Form 1041). Amended irs return Your gains from sales of draft, breeding, dairy, or sporting livestock shown on Form 4797, Sales of Business Property. Amended irs return   Wages you receive as a farm employee and wages you receive from a farm corporation are not gross income from farming. Amended irs return Gross income from fishing. Amended irs return   This is income from catching, taking, harvesting, cultivating, or farming any kind of fish, shellfish (for example, clams and mussels), crustaceans (for example, lobsters, crabs, and shrimp), sponges, seaweeds, or other aquatic forms of animal and vegetable life. Amended irs return   Gross income from fishing includes the following amounts. Amended irs return Schedule C (Form 1040), Profit or Loss From Business. Amended irs return Income for services as an officer or crew member of a vessel while the vessel is engaged in fishing. Amended irs return Your share of the gross fishing income from a partnership, S corporation, estate or trust, from: Schedule K-1 (Form 1065), Schedule K-1 (Form 1120S), or Schedule K-1 (Form 1041). Amended irs return Certain taxable interest and punitive damage awards received in connection with the Exxon Valdez litigation. Amended irs return Income for services normally performed in connection with fishing. Amended irs return Services normally performed in connection with fishing include: Shore service as an officer or crew member of a vessel engaged in fishing, and Services that are necessary for the immediate preservation of the catch, such as cleaning, icing, and packing the catch. Amended irs return Higher Income Taxpayers If your AGI for 2013 was more than $150,000 ($75,000 if your filing status for 2014 is married filing a separate return), substitute 110% for 100% in (2b) under General Rule , earlier. Amended irs return For 2013, AGI is the amount shown on Form 1040, line 37; Form 1040A, line 21; and Form 1040EZ, line 4. Amended irs return Note. Amended irs return This rule does not apply to farmers and fishermen. Amended irs return Aliens Resident and nonresident aliens also may have to pay estimated tax. Amended irs return Resident aliens should follow the rules in this publication, unless noted otherwise. Amended irs return Nonresident aliens should get Form 1040-ES (NR), U. Amended irs return S. Amended irs return Estimated Tax for Nonresident Alien Individuals. Amended irs return You are an alien if you are not a citizen or national of the United States. Amended irs return You are a resident alien if you either have a green card or meet the substantial presence test. Amended irs return For more information about withholding, the substantial presence test, and Form 1040-ES (NR), see Publication 519. Amended irs return Estates and Trusts Estates and trusts also must pay estimated tax. Amended irs return However, estates (and certain grantor trusts that receive the residue of the decedent's estate under the decedent's will) are exempt from paying estimated tax for the first 2 years after the decedent's death. Amended irs return Estates and trusts must use Form 1041-ES, Estimated Income Tax for Estates and Trusts, to figure and pay estimated tax. Amended irs return How To Figure Estimated Tax To figure your estimated tax, you must figure your expected AGI, taxable income, taxes, deductions, and credits for the year. Amended irs return When figuring your 2014 estimated tax, it may be helpful to use your income, deductions, and credits for 2013 as a starting point. Amended irs return Use your 2013 federal tax return as a guide. Amended irs return You can use Form 1040-ES to figure your estimated tax. Amended irs return Nonresident aliens use Form 1040-ES (NR) to figure estimated tax. Amended irs return You must make adjustments both for changes in your own situation and for recent changes in the tax law. Amended irs return Some of these changes are discussed under What's New for 2014 , earlier. Amended irs return For information about these and other changes in the law, visit the IRS website at IRS. Amended irs return gov. Amended irs return The instructions for Form 1040-ES include a worksheet to help you figure your estimated tax. Amended irs return Keep the worksheet for your records. Amended irs return 2014 Estimated Tax Worksheet Use Worksheet 2-1 to help guide you through the information about completing the 2014 Estimated Tax Worksheet. Amended irs return You can also find a copy of the worksheet in the Instructions for Form 1040-ES. Amended irs return Expected AGI—Line 1 Your expected AGI for 2014 (line 1) is your expected total income minus your expected adjustments to income. Amended irs return Total income. Amended irs return   Include in your total income all the income you expect to receive during the year, even income that is subject to withholding. Amended irs return However, do not include income that is tax exempt. Amended irs return   Total income includes all income and loss for 2014 that, if you had received it in 2013, would have been included on your 2013 tax return in the total on line 22 of Form 1040, line 15 of Form 1040A, or line 4 of Form 1040EZ. Amended irs return Social security and railroad retirement benefits. Amended irs return If you expect to receive social security or tier 1 railroad retirement benefits during 2014, use Worksheet 2-2 to figure the amount of expected taxable benefits you should include on line 1. Amended irs return Adjustments to income. Amended irs return   Be sure to subtract from your expected total income all of the adjustments you expect to take on your 2014 tax return. Amended irs return Self-employed. Amended irs return If you expect to have income from self-employment, use Worksheet 2-3 to figure your expected self-employment tax and your allowable deduction for self-employment tax. Amended irs return Include the amount from Worksheet 2-3 in your expected adjustments to income. Amended irs return If you file a joint return and both you and your spouse have net earnings from self-employment, each of you must complete a separate worksheet. Amended irs return Expected Taxable Income— Lines 2–5 Reduce your expected AGI for 2014 (line 1) by either your expected itemized deductions or your standard deduction and by your exemptions (lines 2 through 5). Amended irs return Itemized deductions—line 2. Amended irs return   If you expect to claim itemized deductions on your 2014 tax return, enter the estimated amount on line 2. Amended irs return   Itemized deductions are the deductions that can be claimed on Schedule A (Form 1040). Amended irs return    For 2014, your total itemized deductions may be reduced if your AGI is more than the amount shown next for your filing status. Amended irs return Single $254,200 Married filing jointly or qualifying widow(er) $305,050 Married filing separately $152,525 Head of household $279,650   If you expect your AGI to be more than this amount, use Worksheet 2-5 to figure the amount to enter on line 2. Amended irs return Standard deduction—line 2. Amended irs return   If you expect to claim the standard deduction on your 2014 tax return, enter the amount on line 2. Amended irs return Use Worksheet 2-4 to figure your standard deduction. Amended irs return No standard deduction. Amended irs return   The standard deduction for some individuals is zero. Amended irs return Your standard deduction will be zero if you: File a separate return and your spouse itemizes deductions, Are a dual-status alien, or File a return for a period of less than 12 months because you change your accounting period. Amended irs return Exemptions—line 4. Amended irs return   After you have subtracted either your expected itemized deductions or your standard deduction from your expected AGI, reduce the amount remaining by $3,950 for each exemption you expect to take on your 2014 tax return. Amended irs return If another person (such as your parent) can claim an exemption for you on his or her tax return, you cannot claim your own personal exemption. Amended irs return This is true even if the other person will not claim your exemption or the exemption will be reduced or eliminated under the phaseout rule. Amended irs return    For 2014, your deduction for personal exemption is reduced if your AGI is more than the amount shown next for your filing status. Amended irs return Single $254,200 Married filing jointly or qualifying widow(er) $305,050 Married filing separately $152,525 Head of household $279,650   If you expect your AGI to be more than this amount, use Worksheet 2-6 to figure the amount to enter on line 4. Amended irs return Expected Taxes and Credits— Lines 6–13c After you have figured your expected taxable income (line 5), follow the steps next to figure your expected taxes, credits, and total tax for 2014. Amended irs return Most people will have entries for only a few of these steps. Amended irs return However, you should check every step to be sure you do not overlook anything. Amended irs return Step 1. Amended irs return   Figure your expected income tax (line 6). Amended irs return Generally, you will use the 2014 Tax Rate Schedules, later, to figure your expected income tax. Amended irs return   However, see below for situations where you must use a different method to compute your estimated tax. Amended irs return Tax on child's investment income. Amended irs return   You must use a special method to figure tax on the income of the following children who have more than $2,000 of investment income. Amended irs return Children under age 18 at the end of 2014. Amended irs return The following children if their earned income is not more than half their support. Amended irs return Children age 18 at the end of 2014. Amended irs return Children who are full-time students over age 18 and under age 24 at the end of 2014. Amended irs return See Publication 929, Tax Rules for Children and Dependents. Amended irs return Although the ages and dollar amounts in the publication may be different in the 2014 revision, this reference will give you basic information for figuring the tax. Amended irs return Tax on net capital gain. Amended irs return   The regular income tax rates for individuals do not apply to a net capital gain. Amended irs return Instead, your net capital gain is taxed at a lower maximum rate. Amended irs return   The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. Amended irs return Tax on capital gain and qualified dividends. Amended irs return If the amount on line 1 includes a net capital gain or qualified dividends, use Worksheet 2-7 to figure your tax. Amended irs return Note. Amended irs return For 2014, your capital gains and dividends rate will depend on your income. Amended irs return Tax if excluding foreign earned income or excluding or deducting foreign housing. Amended irs return If you expect to claim the foreign earned income exclusion or the housing exclusion or deduction on Form 2555 or Form 2555-EZ, use Worksheet 2-8 to figure your estimated tax. Amended irs return Step 2. Amended irs return   Total your expected taxes (line 8). Amended irs return Include on line 8 the sum of the following. Amended irs return Your tax on line 6. Amended irs return Your expected alternative minimum tax (AMT) from Form 6251, or included on Form 1040A. Amended irs return Your expected additional taxes from Form 8814, Parents' Election To Report Child's Interest and Dividends, and Form 4972, Tax on Lump-Sum Distributions. Amended irs return Any recapture of education credits. Amended irs return Step 3. Amended irs return   Subtract your expected credits (line 9). Amended irs return If you are using your 2013 return as a guide and filed Form 1040, your total credits for 2013 were shown on line 54. Amended irs return If you filed Form 1040A, your total credits for 2013 were on line 34. Amended irs return   If your credits on line 9 are more than your taxes on line 8, enter “-0-” on line 10 and go to Step 4. Amended irs return Step 4. Amended irs return   Add your expected self-employment tax (line 11). Amended irs return You already should have figured your self-employment tax (see Self-employed under Expected AGI—Line 1, earlier). Amended irs return Step 5. Amended irs return   Add your expected other taxes (line 12). Amended irs return   Other taxes include the following. Amended irs return Additional tax on early distributions from: An IRA or other qualified retirement plan, A tax-sheltered annuity, or A modified endowment contract entered into after June 20, 1988. Amended irs return Household employment taxes if: You will have federal income tax withheld from wages, pensions, annuities, gambling winnings, or other income, or You would be required to make estimated tax payments even if you did not include household employment taxes when figuring your estimated tax. Amended irs return Amounts written on Form 1040 on the line for “other taxes” (line 60 on the 2013 Form 1040). Amended irs return But, do not include recapture of a federal mortgage subsidy; tax on excess golden parachute payments; look-back interest due under section 167(g) or 460(b) of the Internal Revenue Code; excise tax on insider stock compensation from an expatriated corporation; uncollected social security and Medicare tax or RRTA tax on tips or group-term life insurance; or additional tax on advance payments of health coverage tax credit when not eligible. Amended irs return Repayment of the first-time homebuyer credit. Amended irs return See Form 5405. Amended irs return Additional Medicare Tax. Amended irs return A 0. Amended irs return 9% Additional Medicare Tax applies to your combined Medicare wages and self-employment income and/or your RRTA compensation that exceeds the amount listed in the following chart, based on your filing status. Amended irs return Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household $200,000 Qualifying Widow(er) $200,000 Medicare wages and self-employment income are combined to determine if your income exceeds the threshold. Amended irs return A self-employment loss should not be considered for purposes of this tax. Amended irs return RRTA compensation should be separately compared to the threshold. Amended irs return Your employer is responsible for withholding the 0. Amended irs return 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays to you in excess of $200,000 in 2014. Amended irs return You should consider this withholding, if applicable, in determining whether you need to make an estimated payment. Amended irs return For more information on Additional Medicare Tax, go to IRS. Amended irs return gov and enter “Additional Medicare Tax” in the search box. Amended irs return Net Investment Income Tax (NIIT). Amended irs return The NIIT is 3. Amended irs return 8% of the lesser of your net investment income or the excess of your modified adjusted gross income over the amount listed in the following chart, based on your filing status. Amended irs return Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household $200,000 Qualifying Widow(er) $250,000 For more information on Net Investment Income Tax, go to IRS. Amended irs return gov and enter “Net Investment Income Tax” in the search box. Amended irs return Step 6. Amended irs return   Subtract your refundable credit (line 13b). Amended irs return   To figure your expected fuel tax credit, do not include fuel tax for the first three quarters of the year that you expect to have refunded to you. Amended irs return   The result of steps 1 through 6 is your total estimated tax for 2014 (line 13c). Amended irs return Required Annual Payment— Line 14c On lines 14a through 14c, figure the total amount you must pay for 2014, through withholding and estimated tax payments, to avoid paying a penalty. Amended irs return General rule. Amended irs return   The total amount you must pay is the smaller of: 90% of your total expected tax for 2014, or 100% of the total tax shown on your 2013 return. Amended irs return Your 2013 tax return must cover all 12 months. Amended irs return Special rules. Amended irs return   There are special rules for higher income taxpayers and for farmers and fishermen. Amended irs return Higher income taxpayers. Amended irs return   If your AGI for 2013 was more than $150,000 ($75,000 if your filing status for 2014 is married filing separately), substitute 110% for 100% in (2) above. Amended irs return This rule does not apply to farmers and fishermen. Amended irs return For 2013, AGI is the amount shown on Form 1040, line 37; Form 1040A, line 21; and Form 1040EZ, line 4. Amended irs return Example. Amended irs return   Jeremy Martin's total tax on his 2013 return was $42,581, and his expected tax for 2014 is $71,253. Amended irs return His 2013 AGI was $180,000. Amended irs return Because Jeremy had more than $150,000 of AGI in 2013, he figures his required annual payment as follows. Amended irs return He determines that 90% of his expected tax for 2014 is $64,128 (. Amended irs return 90 × $71,253). Amended irs return Next, he determines that 110% of the tax shown on his 2013 return is $46,839 (1. Amended irs return 10 x $42,581). Amended irs return Finally, he determines that his required annual payment is $46,839, the smaller of the two. Amended irs return Farmers and fishermen. Amended irs return   If at least two-thirds of your gross income for 2013 or 2014 is from farming or fishing, your required annual payment is the smaller of: 662/3% (. Amended irs return 6667) of your total tax for 2014, or 100% of the total tax shown on your 2013 return. Amended irs return (Your 2013 tax return must cover all 12 months. Amended irs return )   For definitions of “gross income from farming” and “gross income from fishing,” see Farmers and Fishermen , under Special Rules discussed earlier. Amended irs return Total tax for 2013—line 14b. Amended irs return   Your 2013 total tax, if you filed Form 1040, is the amount on line 61 reduced by the following. Amended irs return Unreported social security and Medicare tax or RRTA tax from Forms 4137 or 8919 (line 57). Amended irs return The following amounts from Form 5329 included on line 58. Amended irs return Any tax on excess contributions to IRAs, Archer MSAs, Coverdell education savings accounts, and health savings accounts. Amended irs return Any tax on excess accumulations in qualified retirement plans. Amended irs return The following write-ins on line 60. Amended irs return Excise tax on excess golden parachute payments (identified as “EPP”). Amended irs return Excise tax on insider stock compensation from an expatriated corporation (identified as “ISC”). Amended irs return Look-back interest due under section 167(g) (identified as “From Form 8866”). Amended irs return Look-back interest due under section 460(b) (identified as “From Form 8697”). Amended irs return Recapture of federal mortgage subsidy (identified as “FMSR”). Amended irs return Additional tax on advance payments of health coverage tax credit when not eligible (identified as “HCTC”). Amended irs return Uncollected social security and Medicare tax or RRTA tax on tips or group-term life insurance (identified as “UT”). Amended irs return Any refundable credit amounts. Amended irs return   If you filed Form 1040A, your 2013 total tax is the amount on line 35 reduced by any refundable credits. Amended irs return   If you filed Form 1040EZ, your 2013 total tax is the amount on line 10 reduced by the amount on line 8a. Amended irs return Total Estimated Tax Payments Needed—Line 16a Use lines 15 and 16a to figure the total estimated tax you may be required to pay for 2014. Amended irs return Subtract your expected withholding from your required annual payment (line 14c). Amended irs return You usually must pay this difference in four equal installments. Amended irs return See When To Pay Estimated Tax and How To Figure Each Payment . Amended irs return You do not have to pay estimated tax if: Line 14c minus line 15 is zero or less, or Line 13c minus line 15 is less than $1,000. Amended irs return Withholding—line 15. Amended irs return   Your expected withholding for 2014 (line 15) includes the income tax you expect to be withheld from all sources (wages, pensions and annuities, etc. Amended irs return ). Amended irs return It includes excess social security, and tier 1 railroad retirement tax you expect to be withheld from your wages and compensation. Amended irs return For this purpose, you will have excess social security or tier 1 railroad retirement tax withholding for 2014 only if your wages and compensation from two or more employers are more than $117,000. Amended irs return See Excess Social Security or Railroad Retirement Tax Withholding in chapter 3. Amended irs return   It also includes Additional Medicare Tax you expect to be withheld from your wages or compensation. Amended irs return Your employer is responsible for withholding the 0. Amended irs return 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays to you in excess of $200,000. Amended irs return When To Pay Estimated Tax For estimated tax purposes, the year is divided into four payment periods. Amended irs return Each period has a specific payment due date. Amended irs return If you do not pay enough tax by the due date of each of the payment periods, you may be charged a penalty even if you are due a refund when you file your income tax return. Amended irs return If a payment is mailed, the date of the U. Amended irs return S. Amended irs return postmark is considered the date of payment. Amended irs return The payment periods and due dates for estimated tax payments are shown next. Amended irs return For exceptions to the dates listed, see Saturday, Sunday, holiday rule below. Amended irs return For the period: Due date: Jan. Amended irs return 11 – March 31 April 15 April 1 – May 31 June 16 June 1 – August 31 September 15 Sept. Amended irs return 1 – Dec. Amended irs return 31 January 15  next year2 1If your tax year does not begin on January 1,  see Fiscal year taxpayers . Amended irs return 2See January payment . Amended irs return Saturday, Sunday, holiday rule. Amended irs return   If the due date for an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be on time if you make it on the next day that is not a Saturday, Sunday, or a holiday. Amended irs return January payment. Amended irs return   If you file your 2014 Form 1040 or Form 1040A by February 2, 2015, and pay the rest of the tax you owe, you do not need to make the payment due on January 15, 2015. Amended irs return Example. Amended irs return Janet Adams does not pay any estimated tax for 2014. Amended irs return She files her 2014 income tax return and pays the balance due shown on her return on January 26, 2015. Amended irs return Janet's estimated tax for the fourth payment period is considered to have been paid on time. Amended irs return However, she may owe a penalty for not making the first three estimated tax payments, if required. Amended irs return Any penalty for not making those payments will be figured up to January 26, 2015. Amended irs return Fiscal year taxpayers. Amended irs return   If your tax year does not start on January 1, your payment due dates are: The 15th day of the 4th month of your fiscal year, The 15th day of the 6th month of your fiscal year, The 15th day of the 9th month of your fiscal year, and The 15th day of the 1st month after the end of your fiscal year. Amended irs return   You do not have to make the last payment listed above if you file your income tax return by the last day of the first month after the end of your fiscal year and pay all the tax you owe with your return. Amended irs return When To Start You do not have to make estimated tax payments until you have income on which you will owe income tax. Amended irs return If you have income subject to estimated tax during the first payment period, you must make your first payment by the due date for the first payment period. Amended irs return You have several options when paying estimated taxes. Amended irs return You can: apply an overpayment from the previous tax year, pay all your estimated tax by the due date of your first payment, or pay it in installments. Amended irs return If you choose to pay in installments, make your first payment by the due date for the first payment period. Amended irs return Make your remaining installment payments by the due dates for the later periods. Amended irs return To avoid any estimated tax penalties, all installments must be paid by their due date and for the required amount. Amended irs return No income subject to estimated tax during first period. Amended irs return   If you do not have income subject to estimated tax until a later payment period, you must make your first payment by the due date for that period. Amended irs return You can pay your entire estimated tax by the due date for that period or you can pay it in installments by the due date for that period and the due dates for the remaining periods. Amended irs return Table 2-1 shows the dates for making installment payments. Amended irs return    Table 2-1. Amended irs return Due Dates for Estimated Tax Installment Payments If you first have income on which you must pay estimated tax: Make a payment  by:* Make later  installments  by:* Before April 1 April 15 June 16     Sept. Amended irs return 15     Jan. Amended irs return 15 next year April 1–May 31 June 16 Sept. Amended irs return 15     Jan. Amended irs return 15 next year June 1–Aug. Amended irs return 31 Sept. Amended irs return 15 Jan. Amended irs return 15 next year After Aug. Amended irs return 31 Jan. Amended irs return 15 next year (None) *See January payment and Saturday, Sunday, holiday rule . Amended irs return How much to pay to avoid penalty. Amended irs return   To determine how much you should pay by each payment due date, see How To Figure Each Payment , later. Amended irs return Farmers and Fishermen If at least two-thirds of your gross income for 2013 or 2014 is from farming or fishing, you have only one payment due date for your 2014 estimated tax, January 15, 2015. Amended irs return The due dates for the first three payment periods, discussed under When To Pay Estimated Tax , earlier, do not apply to you. Amended irs return If you file your 2014 Form 1040 by March 2, 2015, and pay all the tax you owe at that time, you do not need to make an estimated tax payment. Amended irs return Fiscal year farmers and fishermen. Amended irs return   If you are a farmer or fisherman, but your tax year does not start on January 1, you can either: Pay all your estimated tax by the 15th day after the end of your tax year, or File your return and pay all the tax you owe by the 1st day of the 3rd month after the end of your tax year. Amended irs return How To Figure Each Payment After you have figured your total estimated tax, figure how much you must pay by the due date of each payment period. Amended irs return You should pay enough by each due date to avoid a penalty for that period. Amended irs return If you do not pay enough during any payment period, you may be charged a penalty even if you are due a refund when you file your tax return. Amended irs return The penalty is discussed in chapter 4. Amended irs return Regular Installment Method If your first estimated tax payment is due April 15, 2014, you can figure your required payment for each period by dividing your annual estimated tax due (line 16a of the 2014 Estimated Tax Worksheet (Worksheet 2-1)) by 4. Amended irs return Enter this amount on line 17. Amended irs return However, use this method only if your income is basically the same throughout the year. Amended irs return Change in estimated tax. Amended irs return   After you make an estimated tax payment, changes in your income, adjustments, deductions, credits, or exemptions may make it necessary for you to refigure your estimated tax. Amended irs return Pay the unpaid balance of your amended estimated tax by the next payment due date after the change or in installments by that date and the due dates for the remaining payment periods. Amended irs return If you do not receive your income evenly throughout the year, your required estimated tax payments may not be the same for each period. Amended irs return See Annualized Income Installment Method . Amended irs return Amended estimated tax. Amended irs return If you refigure your estimated tax during the year, or if your first estimated tax payment is due after April 15, 2014, figure your required payment for each remaining payment period using Worksheet 2-14. Amended irs return Example. Amended irs return Early in 2014, Mira Roberts figures that her estimated tax due is $1,800. Amended irs return She makes estimated tax payments on April 15 and June 16 of $450 each ($1,800 ÷ 4). Amended irs return On July 10, she sells investment property at a gain. Amended irs return Her refigured estimated tax is $4,100. Amended irs return Her required estimated tax payment for the third payment period is $2,175, as shown in her filled-in Worksheet 2-14. Amended irs return If Mira's estimated tax does not change again, her required estimated tax payment for the fourth payment period will be $1,025. Amended irs return Worksheet 2-14. Amended irs return Amended Estimated Tax Worksheet—Illustrated               1. Amended irs return Amended total estimated tax due 1. Amended irs return $4,100 2. Amended irs return Multiply line 1 by:           50% (. Amended irs return 50) if next payment is due June 16, 2014           75% (. Amended irs return 75) if next payment is due September 15,  2014           100% (1. Amended irs return 00) if next payment is due January 15,  2015 2. Amended irs return 3,075     3. Amended irs return Estimated tax payments for all previous periods 3. Amended irs return 900     4. Amended irs return Next required payment: Subtract line 3 from line 2 and enter the result (but not less than zero) here and on your payment voucher for your next required payment 4. Amended irs return $2,175       Note. Amended irs return If the payment on line 4 is due January 15, 2015, stop here. Amended irs return Otherwise, go to line 5. Amended irs return         5. Amended irs return Add lines 3 and 4 5. Amended irs return 3,075 6. Amended irs return Subtract line 5 from line 1 and enter the result (but not less than zero) 6. Amended irs return 1,025 7. Amended irs return Each following required payment: If the payment on line 4 is due June 16, 2014, enter one-half of the amount on line 6 here and on the payment vouchers for your payments due September 15, 2014, and January 15, 2015. Amended irs return If the amount on line 4 is due September 15, 2014, enter the amount from line 6 here and on the payment voucher for your payment due January 15, 2015 7. Amended irs return $1,025 Worksheet 2-14. Amended irs return Amended Estimated Tax Worksheet—Blank               1. Amended irs return Amended total estimated tax due 1. Amended irs return   2. Amended irs return Multiply line 1 by:           50% (. Amended irs return 50) if next payment is due June 16, 2014           75% (. Amended irs return 75) if next payment is due September 15,  2014           100% (1. Amended irs return 00) if next payment is due January 15,  2015 2. Amended irs return       3. Amended irs return Estimated tax payments for all previous periods 3. Amended irs return       4. Amended irs return Next required payment: Subtract line 3 from line 2 and enter the result (but not less than zero) here and on your payment voucher for your next required payment 4. Amended irs return         Note. Amended irs return If the payment on line 4 is due January 15, 2015, stop here. Amended irs return Otherwise, go to line 5. Amended irs return         5. Amended irs return Add lines 3 and 4 5. Amended irs return   6. Amended irs return Subtract line 5 from line 1 and enter the result (but not less than zero) 6. Amended irs return   7. Amended irs return Each following required payment: If the payment on line 4 is due June 16, 2014, enter one-half of the amount on line 6 here and on the payment vouchers for your payments due September 15, 2014, and January 15, 2015. Amended irs return If the amount on line 4 is due September 15, 2014, enter the amount from line 6 here and on the payment voucher for your payment due January 15, 2015 7. Amended irs return   Underpayment penalty. Amended irs return   The penalty is figured separately for each payment period. Amended irs return If you figure your payments using the regular installment method and later refigure your payments because of an increase in income, you may be charged a penalty for underpayment of estimated tax for the period(s) before you changed your payments. Amended irs return To see how you may be able to avoid or reduce this penalty, see Annualized Income Installment Method (Schedule AI) in chapter 4. Amended irs return Annualized Income Installment Method If you do not receive your income evenly throughout the year (for example, your income from a repair shop you operate is much larger in the summer than it is during the rest of the year), your required estimated tax payment for one or more periods may be less than the amount figured using the regular installment method. Amended irs return The annualized income installment method annualizes your tax at the end of each period based on a reasonable estimate of your income, deductions, and other items relating to events that occurred from the beginning of the tax year through the end of the period. Amended irs return To see whether you can pay less for any period, complete the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9). Amended irs return You first must complete the 2014 Estimated Tax Worksheet (Worksheet 2-1) through line 16b. Amended irs return Use the result you figure on line 32 of Worksheet 2-9 to make your estimated tax payments and complete your payment vouchers. Amended irs return Note. Amended irs return If you use the annualized income installment method to figure your estimated tax payments, you must file Form 2210 with your 2014 tax return. Amended irs return See Annualized Income Installment Method (Schedule AI) in chapter 4 for more information. Amended irs return Instructions for the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9) Use Worksheet 2-9 to help you follow these instructions. Amended irs return The purpose of this worksheet is to determine your estimated tax liability as your income accumulates throughout the year, rather than dividing your entire year's estimated tax liability by four as if your income was earned equally throughout the year. Amended irs return The top of the worksheet shows the dates for each payment period. Amended irs return The periods build; that is, each period includes all previous periods. Amended irs return After the end of each payment period, complete the corresponding worksheet column to figure the payment due for that period. Amended irs return Line 1. Amended irs return   Enter your AGI for the period. Amended irs return This is your gross income for the period, including your share of partnership or S corporation income or loss, minus your adjustments to income for that period. Amended irs return See Expected AGI—Line 1 , earlier. Amended irs return Self-employment income. Amended irs return   If you had self-employment income, first complete Section B of this worksheet. Amended irs return Use the amounts on line 43 when figuring your expected AGI to enter in each column of Section A, line 1. Amended irs return Line 4. Amended irs return   Be sure to consider all deduction limits figured on Schedule A (Form 1040), such as reducing your medical expenses by 10% (7. Amended irs return 5% if either you or your spouse was born before January 2, 1950) or reducing certain miscellaneous deductions by 2% of your AGI. Amended irs return Figure your deduction limits using your expected AGI in the corresponding column of line 1 (2014 Annualized Estimated Tax Worksheet (Worksheet 2-9)). Amended irs return Line 6. Amended irs return   Multiply line 4 by line 5 and enter the result on line 6 unless line 3 is more than $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, or $152,525 if married filing separately. Amended irs return In that case, use Worksheet 2-10 to figure the amount to enter on line 6. Amended irs return Complete Worksheet 2–10 for each period, as necessary. Amended irs return Line 7. Amended irs return   If you will not itemize your deductions, use Worksheet 2-4 to figure your standard deduction. Amended irs return Line 10. Amended irs return   Multiply $3,950 by your total expected exemptions and enter the result on line 10 unless line 3 is more than $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, or $152,525 if married filing separately. Amended irs return   In that case, use Worksheet 2-11 to figure the amount to enter on line 10. Amended irs return Line 12. Amended irs return   Generally, you will use the Tax Rate Schedules to figure the tax on your annualized income. Amended irs return However, see below for situations where you must use a different method to compute your estimated tax. Amended irs return Tax on child's investment income. Amended irs return   You must use a special method to figure tax on the income of the following children who have more than $2,000 of investment income. Amended irs return Children under age 18 at the end of 2014. Amended irs return The following children if their earned income is not more than half their support. Amended irs return Children age 18 at the end of 2014. Amended irs return Children who are full-time students over age 18 and under age 24 at the end of 2014. Amended irs return See Publication 929. Amended irs return Tax on net capital gain. Amended irs return   The regular income tax rates for individuals do not apply to a net capital gain. Amended irs return Instead, your net capital gain is taxed at a lower maximum rate. Amended irs return   The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. Amended irs return Tax on qualified dividends and capital gains. Amended irs return   For 2014, your capital gain and dividends rate will depend on your income. Amended irs return Tax on capital gain or qualified dividends. Amended irs return If the amount on line 1 includes a net capital gain or qualified dividends, use Worksheet 2-12 to figure the amount to enter on line 12. Amended irs return Tax if excluding foreign earned income or excluding or deducting foreign housing. Amended irs return If you expect to claim the foreign earned income exclusion or the housing exclusion or deduction on Form 2555 or Form 2555-EZ, use Worksheet 2-13 to figure the amount to enter on line 12. Amended irs return Line 13. Amended irs return   If you file Form 1040, add the tax from Forms 8814, 4972, and 6251 for the period. Amended irs return If you file Form 1040A, add the amount from the Alternative Minimum Tax Worksheet found in the instructions. Amended irs return Also include any recapture of an education credit for each period. Amended irs return You may owe this tax if you claimed an education credit in an earlier year and you received either tax-free educational assistance or a refund of qualifying expenses for the same student after filing your 2013 return. Amended irs return   Use the 2013 forms or worksheets to see if you will owe any of the taxes discussed above. Amended irs return Figure the tax based on your income and deductions during the period shown in the column headings. Amended irs return Multiply this amount by the annualization amounts shown for each column on line 2 of the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9). Amended irs return Enter the result on line 13 of this worksheet. Amended irs return Line 15. Amended irs return   Include all the nonrefundable credits you expect to claim because of events that will occur during the period. Amended irs return Note. Amended irs return When figuring your credits for each period, annualize any item of income or deduction to figure each credit. Amended irs return For example, if you need to use your AGI to figure a credit, use line 3 of Worksheet 2-9 to figure the credit for each column. Amended irs return Line 18. Amended irs return   Add your expected other taxes. Amended irs return   Other taxes include the following. Amended irs return Additional tax on early distributions from: An IRA or other qualified retirement plan, A tax-sheltered annuity, or A modified endowment contract entered into after June 20, 1988. Amended irs return Household employment taxes if: You will have federal income tax withheld from wages, pensions, annuities, gambling winnings, or other income, or You would be required to make estimated tax payments even if you did not include household employment taxes when figuring your estimated tax. Amended irs return Amounts on Form 1040 written on the line for “other taxes” (line 60 on the 2013 Form 1040). Amended irs return But do not include recapture of a federal mortgage subsidy; tax on excess golden parachute payments; look-back interest due under section 167(g) or 460(b) of the Internal Revenue Code; excise tax on insider stock compensation from an expatriated corporation; uncollected social security, Medicare, or RRTA tax on tips or group-term life insurance; or additional tax on advance payments of health coverage tax credit when not eligible. Amended irs return Repayment of the first-time homebuyer credit if the home will cease to be your main home in 2014. Amended irs return See Form 5405 for exceptions. Amended irs return Additional Medicare Tax. Amended irs return A 0. Amended irs return 9% Additional Medicare Tax applies to your combined Medicare wages and self-employment income and/or your RRTA compensation that exceeds the amount listed in the following chart, based on your filing status. Amended irs return Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household $200,000 Qualifying Widow(er) $200,000 Medicare wages and self-employment income are combined to determine if your income exceeds the threshold. Amended irs return A self-employment loss should not be considered for purposes of this tax. Amended irs return RRTA compensation should be separately compared to the threshold. Amended irs return Your employer is responsible for withholding the 0. Amended irs return 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays you in excess of $200,000 in 2014. Amended irs return You should consider this withholding, if applicable, in determining whether you need to make an estimated payment. Amended irs return For more information on Additional Medicare Tax, go to IRS. Amended irs return gov and enter “Additional Medicare Tax” in the search box. Amended irs return Net Investment Income Tax (NIIT). Amended irs return The NIIT is 3. Amended irs return 8% of the lesser of your net investment income or the excess of your modified adjusted gross income over a specified threshold amount. Amended irs return Threshold amounts: Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household $200,000 Qualifying Widow(er) $250,000 For more information on Net Investment Income Tax, go to IRS. Amended irs return gov and enter “Net Investment Income Tax” in the search box. Amended irs return Line 20. Amended irs return   Include all the refundable credits (other than withholding credits) you can claim because of events that occurred during the period. Amended irs return Note. Amended irs return When figuring your refundable credits for each period, annualize any item of income or deduction used to figure each credit. Amended irs return Line 29. Amended irs return   If line 28 is smaller than line 25 and you are not certain of the estimate of your 2014 tax, you can avoid a penalty by entering the amount from line 25 on line 29. Amended irs return Line 31. Amended irs return   For each period, include estimated tax payments made and any excess social security and railroad retirement tax. Amended irs return   Also include estimated federal income tax withholding. Amended irs return One-fourth of your estimated withholding is considered withheld on the due date of each payment period. Amended irs return To figure the amount to include on line 31 for each period, multiply your total expected withholding for 2014 by: 25% (. Amended irs return 25) for the first period, 50% (. Amended irs return 50) for the second period, 75% (. Amended irs return 75) for the third period, and 100% (1. Amended irs return 00) for the fourth period. Amended irs return   However, you may choose to include your withholding according to the actual dates on which the amounts will be withheld. Amended irs return For each period, include withholding made from the beginning of the period up to and including the payment due date. Amended irs return You can make this choice separately for the taxes withheld from your wages and all other withholding. Amended irs return For an explanation of what to include in withholding, see Total Estimated Tax Payments Needed—Line 16a , earlier. Amended irs return Nonresident aliens. Amended irs return   If you will file Form 1040NR and you do not receive wages as an employee subject to U. Amended irs return S. Amended irs return income tax withholding, the instructions for the worksheet are modified as follows. Amended irs return Skip column (a). Amended irs return On line 1, enter your income for the period that is effectively connected with a U. Amended irs return S. Amended irs return trade or business. Amended irs return On line 21, increase your entry by the amount determined by multiplying your income for the period that is not effectively connected with a U. Amended irs return S. Amended irs return trade or business by the following. Amended irs return 72% for column (b). Amended irs return 45% for column (c). Amended irs return 30% for column (d). Amended irs return However, if you can use a treaty rate lower than 30%, use the percentages determined by multiplying your treaty rate by 2. Amended irs return 4, 1. Amended irs return 5, and 1, respectively. Amended irs return On line 26, enter one-half of the amount from line 16c of the Form 1040-ES (NR) 2014 Estimated Tax Worksheet in column (b), and one-fourth in columns (c) and (d) of Worksheet 2-9. Amended irs return On lines 24 and 27, skip column (b). Amended irs return On line 31, if you do not use the actual withholding method, include one-half of your total expected withholding in column (b) and one-fourth in columns (c) and (d). Amended irs return See Publication 519 for more information. Amended irs return Estimated Tax Payments Not Required You do not have to pay estimated tax if your withholding in each payment period is at least as much as: One-fourth of your required annual payment, or Your required annualized income installment for that period. Amended irs return You also do not have to pay estimated tax if you will pay enough through withholding to keep the amount you will owe with your return under $1,000. Amended irs return How To Pay Estimated Tax There are several ways to pay estimated tax. Amended irs return Credit an overpayment on your 2013 return to your 2014 estimated tax. Amended irs return Pay by direct transfer from your bank account, or pay by credit or debit card using a pay-by-phone system or the Internet. Amended irs return Send in your payment (check or money order) with a payment voucher from Form 1040-ES. Amended irs return Credit an Overpayment If you show an overpayment of tax after completing your Form 1040 or Form 1040A for 2013, you can apply part or all of it to your estimated tax for 2014. Amended irs return On Form 1040, or Form 1040A, enter the amount you want credited to your estimated tax rather than refunded. Amended irs return Take the amount you have credited into account when figuring your estimated tax payments. Amended irs return If you timely file your 2013 return, treat the credit as a payment made on April 15, 2014. Amended irs return If you are a beneficiary of an estate or trust, and the trustee elects to credit 2014 trust payments of estimated tax to you, you can treat the amount credited as paid by you on January 15, 2015. Amended irs return If you choose to have an overpayment of tax credited to your estimated tax, you cannot have any of that amount refunded to you until you file your tax return for the following year. Amended irs return You also cannot use that overpayment in any other way. Amended irs return Example. Amended irs return When Kathleen finished filling out her 2013 tax return, she saw that she had overpaid her taxes by $750. Amended irs return Kathleen knew she would owe additional tax in 2014. Amended irs return She credited $600 of the overpayment to her 2014 estimated tax and had the remaining $150 refunded to her. Amended irs return In September, she amended her 2013 return by filing Form 1040X, Amended U. Amended irs return S. Amended irs return Individual Income Tax Return. Amended irs return It turned out that she owed $250 more in tax than she had thought. Amended irs return This reduced her 2013 overpayment from $750 to $500. Amended irs return Because the $750 had already been applied to her 2014 estimated tax or refunded to her, the IRS billed her for the additional $250 she owed, plus penalties and interest. Amended irs return Kathleen could not use any of the $600 she had credited to her 2014 estimated tax to pay this bill. Amended irs return Pay Online Paying online is convenient and secure and helps make sure we get your payments on time. Amended irs return You can make your estimated tax payments online when you e-file or at any time during the year. Amended irs return You can pay using either of the following electronic payment methods. Amended irs return Direct transfer from your bank account. Amended irs return Credit or debit card. Amended irs return To pay your taxes online or for more information, go to www. Amended irs return irs. Amended irs return gov/e-pay. Amended irs return Pay by Phone Paying by phone is another safe and secure method of paying electronically. Amended irs return Use one of the following methods. Amended irs return Direct transfer from your bank account. Amended irs return Credit or debit card. Amended irs return To pay by direct transfer from your bank account, call EFTPS Customer Service at 1-800-555-4477 (English), 1-800-244-4829 (Espanol), or TTY/TDD 1-800-733-4829. Amended irs return To pay using a credit or debit card, you can call one of the following service providers. Amended irs return There is a convenience fee charged by these providers that varies by provider, card type, and payment amount. Amended irs return WorldPay 1-888-9-PAY-TAXTM (1-888-972-9829) www. Amended irs return payUSAtax. Amended irs return com Official Payments Corporation 1-888-UPAY-TAXTM (1-888-872-9829) www. Amended irs return officialpayments. Amended irs return com Link2GOV Corporation 1-888-PAY-1040TM (1-888-729-1040) www. Amended irs return PAY1040. Amended irs return com For the latest details on how to pay by phone, go to www. Amended irs return irs. Amended irs return gov/e-pay. Amended irs return Pay by Check or Money Order Using the Estimated Tax Payment Voucher Each payment of estimated tax by check or money order must be accompanied by a payment voucher from Form 1040-ES. Amended irs return If you use your own envelopes (and not the window envelope that comes with the 1040-ES package), make sure you mail your payment vouchers to the address shown in the Form 1040-ES instructions for the place where you live. Amended irs return Do not use the address shown in the Form 1040 or Form 1040A instructions. Amended irs return If you did not pay estimated tax last year, get a copy of Form 1040-ES from the IRS (see chapter 5). Amended irs return Follow the instructions to make sure you use the vouchers correctly. Amended irs return Joint estimated tax payments. Amended irs return    If you file a joint return and are making joint estimated tax payments, enter the names and social security numbers on the payment voucher in the same order as they will appear on the joint return. Amended irs return Change of address. Amended irs return    You must notify the IRS if you are making estimated tax payments and you changed your address during the year. Amended irs return Complete Form 8822, Change of Address, and mail it to the address shown in the instructions for that form. Amended irs return Worksheets for Chapter 2 Use the following worksheets and tables to figure your correct estimated tax. Amended irs return IF you need. Amended irs return . Amended irs return . Amended irs return THEN use. Amended irs return . Amended irs return . Amended irs return 2014 Tax Rate Schedules   the 2014 Estimated Tax Worksheet Worksheet 2-1 to estimate your taxable social security and railroad retirement benefits—line 1 of ES Worksheet (or Annualized ES Worksheet (Worksheet 2-9)) Worksheet 2-2 to estimate your self-employment (SE) tax and your deduction for SE tax—lines 1 and 11 of ES Worksheet (lines 1 and 17 of Annualized ES Worksheet (Worksheet 2-9)) Worksheet 2-3 to estimate your standard deduction—line 2 of ES Worksheet (line 7 of Annualized ES Worksheet (Worksheet 2-9)) Worksheet 2-4 to reduce your itemized deductions because your estimated AGI is more than $152,525—line 2 of ES Worksheet Worksheet 2-5 to reduce your exemption amount because your estimated AGI is more than $152,525—line 4 of ES Worksheet Worksheet 2-6 to estimate your income tax if line 1 of your ES Worksheet includes a net capital gain or qualified dividends—line 6 of ES Worksheet Worksheet 2-7 to estimate your income tax if you expect to claim a foreign earned income exclusion or foreign housing exclusion or deduction on Form 2555 or Form 2555-EZ—line 6 of ES Worksheet Worksheet 2-8 the 2014 Annualized Estimated Tax Worksheet (Annualized ES Worksheet) Worksheet 2-9 to reduce your itemized deductions because your estimated annualized AGI is more than $152,525—line 6 of Annualized ES Worksheet Worksheet 2-10 to reduce your exemption amount because your estimated annualized AGI is more than $152,525—line 10 of Annualized ES Worksheet Worksheet 2-11 to estimate your income tax if line 1 of your Annualized ES Worksheet includes a net capital gain or qualified dividends—line 12 of Annualized ES Worksheet Worksheet 2-12 to estimate your income tax if you expect to claim a foreign earned income exclusion or foreign housing exclusion or deduction on Form 2555 or Form 2555-EZ—line 12 of Annualized ES Worksheet Worksheet 2-13 to refigure (amend) your estimated tax during the year Worksheet 2-14 2014 Tax Rate Schedules Do not use these Tax Rate Schedules to figure your 2013 taxes. Amended irs return Use them only to figure your 2014 estimated taxes. Amended irs return Schedule X—Use if your 2014 filing status is  Single Schedule Z—Use if your 2014 filing status is Head of household If line 5 is: The tax is:     If line 5 is: The tax is:     Over— But not  over—         of the  amount  over— Over— But not  over—         of the  amount  over— $0 $9,075     10. Amended irs return 0%   $0 $0 $12,950     10. Amended irs return 0%   $0 9,075 36,900 $907. Amended irs return 50 + 15. Amended irs return 0%   9,075 12,950 49,400 $1,295. Amended irs return 00 + 15. Amended irs return 0%   12,950 36,900 89,350 5,081. Amended irs return 25 + 25. Amended irs return 0%   36,900 49,400 127,550 6,762. Amended irs return 50 + 25. Amended irs return 0%   49,400 89,350 186,350 18,193. Amended irs return 75 + 28. Amended irs return 0%   89,350 127,550 206,600 26,300. Amended irs return 00 + 28. Amended irs return 0%   127,550 186,350 405,100 45,353. Amended irs return 75 + 33. Amended irs return 0%   186,350 206,600 405,100 48,434. Amended irs return 00 + 33. Amended irs return 0%   206,600 405,100 406,750 117,541. Amended irs return 25 + 35. Amended irs return 0%   405,100 405,100 432,200 113,939. Amended irs return 00 + 35. Amended irs return 0%   405,100 406,750 - - - - - - 118,118. Amended irs return 75 + 39. Amended irs return 6%   406,750 432,200 - - - - - - 123,424. Amended irs return 00 + 39. Amended irs return 6%   432,200 Schedule Y-1—Use if your 2014 filing status is Married filing jointly or Qualifying widow(er) Schedule Y-2—Use if your 2014 filing status is  Married filing separately If line 5 is: The tax is:     If line 5 is: The tax is:     Over— But not  over—         of the  amount  over— Over— But not  over—         of the  amount  over— $0 $18,150     10. Amended irs return 0%   $0 $0 $9,075     10. Amended irs return 0%   $0 18,150 73,800 $1,815. Amended irs return 00 + 15. Amended irs return 0%   18,150 9,075 36,900 $907. Amended irs return 50 + 15. Amended irs return 0%   9,075 73,800 148,850 10,162. Amended irs return 50 + 25. Amended irs return 0%   73,800 36,900 74,425 5,081. Amended irs return 25 + 25. Amended irs return 0%   36,900 148,850 226,850 28,925. Amended irs return 00 + 28. Amended irs return 0%   148,850 74,425 113,425 14,462. Amended irs return 50 + 28. Amended irs return 0%   74,425 226,850 405,100 50,765. Amended irs return 00 + 33. Amended irs return 0%   226,850 113,425 202,550 25,382. Amended irs return 50 + 33. Amended irs return 0%   113,425 405,100 457,600 109,587. Amended irs return 50 + 35. Amended irs return 0%   405,100 202,550 228,800 54,793. Amended irs return 75 + 35. Amended irs return 0%   202,550 457,600 - - - - - - 127,962. Amended irs return 50 + 39. Amended irs return 6%   457,600 228,800 - - - - - - 63,981. Amended irs return 25 + 39. Amended irs return 6%   228,800                             Worksheet 2-1. Amended irs return 2014 Estimated Tax Worksheet When this worksheet refers you to instructions, you can find those instructions in the Instructions for 2014 Form 1040-ES. Amended irs return 1 Adjusted gross income you expect in 2014 (see instructions) 1     2 If you plan to itemize deductions, enter the estimated total of your itemized deductions. Amended irs return  Caution: If line 1 is over $152,525, your deduction may be reduced. Amended irs return See Worksheet 2-5. Amended irs return If you do not plan to itemize deductions, enter your standard deduction. Amended irs return 2     3 Subtract line 2 from line 1 3     4 Exemptions. Amended irs return Multiply $3,950 by the number of personal exemptions. Amended irs return  Caution: If line 1 is over $152,525, the amount of your personal exemptions may be limited. Amended irs return See Worksheet 2-6. Amended irs return 4     5 Subtract line 4 from line 3 5     6 Tax. Amended irs return Figure your tax on the amount on line 5 by using the 2014 Tax Rate Schedules Caution: If you will have qualified dividends or a net capital gain, or expect to exclude or deduct foreign earned income or housing, see Worksheets 2-7 and 2-8 to figure the tax 6     7 Alternative minimum tax from Form 6251 or included on Form 1040A, line 28 7     8 Add lines 6 and 7. Amended irs return Add to this amount any other taxes you expect to include in the total on Form 1040, line 44 8     9 Credits (see instructions). Amended irs return Do not include any income tax withholding on this line 9     10 Subtract line 9 from line 8. Amended irs return If zero or less, enter -0- 10     11 Self-employment tax (see instructions) 11     12 Other taxes including, if applicable, Additional Medicare Tax and/or NIIT (see instructions) 12     13a Add lines 10 through 12 13a     b Earned income credit, additional child tax credit, fuel tax credit, and refundable American opportunity credit 13b     c Total 2014 estimated tax. Amended irs return Subtract line 13b from line 13a. Amended irs return If zero or less, enter -0- ▶ 13c     14a Multiply line 13c by 90% (662/3% for farmers and fishermen) 14a           b Required annual payment based on prior year's tax (see instructions) 14b           c Required annual payment to avoid a penalty. Amended irs return Enter the smaller of line 14a or 14b ▶ 14c        Caution: Generally, if you do not prepay (through income tax withholding and estimated tax payments) at least the amount on line 14c, you may owe a penalty for not paying enough estimated tax. Amended irs return To avoid a penalty, make sure your estimate on line 13c is as accurate as possible. Amended irs return Even if you pay the required annual payment, you may still owe tax when you file your return. Amended irs return If you prefer, you can pay the amount shown on line 13c. Amended irs return                         15 Income tax withheld and estimated to be withheld during 2014 (including income tax withholding on pensions, annuities, certain deferred income, etc. Amended irs return ) 15     16a Subtract line 15 from line 14c 16a             Is the result zero or less? □ Yes. Amended irs return Stop here. Amended irs return You are not required to make estimated tax payments. Amended irs return  □ No. Amended irs return Go to line 16b. Amended irs return             b Subtract line 15 from line 13c 16b             Is the result less than $1,000? □ Yes. Amended irs return Stop here. Amended irs return You are not required to make estimated tax payments. Amended irs return  □ No. Amended irs return Go to line 17 to figure your required payment. Amended irs return                         17 If the first payment you are required to make is due April 15, 2014, enter ¼ of line 16a (minus any 2013 overpayment that you are applying to this installment) here, and on your estimated tax payment voucher(s) if you are paying by check or money order 17     Worksheet 2-2. Amended irs return 2014 Estimated Tax Worksheet—Line 1 Estimated Taxable Social Security and Railroad Retirement Benefits Note. Amended irs return If you are using this worksheet to estimate your taxable social security or railroad retirement benefits for Worksheet 2-9, 2014 Annualized Estimated Tax Worksheet, multiply the expected amount of benefits for each period by the annualization amount shown on Worksheet 2-9, line 2, for the same period before entering it on line 1 below. Amended irs return     1. Amended irs return Enter your expected social security and railroad retirement benefits 1. Amended irs return   2. Amended irs return Enter one-half of line 1 2. Amended irs return   3. Amended irs return Enter your expected total income. Amended irs return Do not include any social security and railroad retirement benefits, nontaxable interest income, nontaxable IRA distributions, or nontaxable pension distributions 3. Amended irs return   4. Amended irs return Enter your expected nontaxable interest income 4. Amended irs return   5. Amended irs return Enter (as a positive amount) the total of any expected exclusions or deductions for: U. Amended irs return S. Amended irs return savings bond interest used for higher education expenses (Form 8815) Employer-provided adoption benefits (Form 8839) Foreign earned income or housing (Form 2555 or 2555-EZ) Income by bona fide residents of American Samoa (Form 4563) or Puerto Rico 5. Amended irs return   6. Amended irs return Add lines 2, 3, 4, and 5 6. Amended irs return   7. Amended irs return Enter your expected adjustments to income. Amended irs return Do not include any student loan interest deduction 7. Amended irs return   8. Amended irs return Subtract line 7 from line 6. Amended irs return If zero or less, stop here. Amended irs return  Note. Amended irs return Do not include any social security or railroad retirement benefits in the amount on line 1 of your 2014 Estimated Tax Worksheet (Worksheet 2-1) (or Annualized Estimated Tax Worksheet (Worksheet 2-9)) 8. Amended irs return   9. Amended irs return Enter $25,000 ($32,000 if you expect to file married filing jointly; $0 if you expect to file married filing separately and expect to live with your spouse at any time during the year) 9. Amended irs return   10. Amended irs return Subtract line 9 from line 8. Amended irs return If zero or less, stop here. Amended irs return  Note. Amended irs return Do not include any social security or railroad retirement benefits in the amount on line 1 of your Worksheet 2-1 (or Annualized Estimated Tax Worksheet (Worksheet 2-9)) 10. Amended irs return   11. Amended irs return Enter $9,000 ($12,000 if you expect to file married filing jointly; $0 if you expect to file married filing separately and expect to live with your spouse at any time during the year) 11. Amended irs return   12. Amended irs return Subtract line 11 from line 10. Amended irs return If zero or less, enter -0- 12. Amended irs return   13. Amended irs return Enter the smaller of line 10 or line 11 13. Amended irs return   14. Amended irs return Enter one-half of line 13 14. Amended irs return   15
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The Amended Irs Return

Amended irs return 1. Amended irs return   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. Amended irs return This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. Amended irs return Tax records are not the only type of records you need to keep for your farming business. Amended irs return You should also keep records that measure your farm's financial performance. Amended irs return This publication only discusses tax records. Amended irs return The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. Amended irs return For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. Amended irs return ffsc. Amended irs return org. Amended irs return For more information, contact Countryside Marketing, Inc. Amended irs return in the following manner. Amended irs return Call 262-253-6902. Amended irs return Send a fax to 262-253-6903. Amended irs return Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. Amended irs return , #287 Menomonee Falls, WI 53051. Amended irs return Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. Amended irs return Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. Amended irs return Recordkeeping will help you do the following. Amended irs return Monitor the progress of your farming business. Amended irs return   You need records to monitor the progress of your farming business. Amended irs return Records can show whether your business is improving, which items are selling, or what changes you need to make. Amended irs return Records can help you make better decisions that may increase the likelihood of business success. Amended irs return Prepare your financial statements. Amended irs return   You need records to prepare accurate financial statements. Amended irs return These include income (profit and loss) statements and balance sheets. Amended irs return These statements can help you in dealing with your bank or creditors and help you to manage your farm business. Amended irs return Identify source of receipts. Amended irs return   You will receive money or property from many sources. Amended irs return Your records can identify the source of your receipts. Amended irs return You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. Amended irs return Keep track of deductible expenses. Amended irs return   You may forget expenses when you prepare your tax return unless you record them when they occur. Amended irs return Prepare your tax returns. Amended irs return   You need records to prepare your tax return. Amended irs return For example, your records must support the income, expenses, and credits you report. Amended irs return Generally, these are the same records you use to monitor your farming business and prepare your financial statements. Amended irs return Support items reported on tax returns. Amended irs return   You must keep your business records available at all times for inspection by the IRS. Amended irs return If the IRS examines any of your tax returns, you may be asked to explain the items reported. Amended irs return A complete set of records will speed up the examination. Amended irs return Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. Amended irs return You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. Amended irs return You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. Amended irs return See  chapter 2. Amended irs return If you are in more than one business, you should keep a complete and separate set of records for each business. Amended irs return A corporation should keep minutes of board of directors' meetings. Amended irs return Your recordkeeping system should include a summary of your business transactions. Amended irs return This summary is ordinarily made in accounting journals and ledgers. Amended irs return For example, they must show your gross income, as well as your deductions and credits. Amended irs return In addition, you must keep supporting documents. Amended irs return Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. Amended irs return These documents contain the information you need to record in your journals and ledgers. Amended irs return It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. Amended irs return Keep them in an orderly fashion and in a safe place. Amended irs return For instance, organize them by year and type of income or expense. Amended irs return Electronic records. Amended irs return   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. Amended irs return When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. Amended irs return An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. Amended irs return The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. Amended irs return All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. Amended irs return Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. Amended irs return The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. Amended irs return You still have the responsibility of retaining any other books and records that are required to be retained. Amended irs return The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. Amended irs return This test is not considered an examination and the results must be shared with you. Amended irs return If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. Amended irs return If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. Amended irs return For details on electronic storage system requirements, see Rev. Amended irs return Proc. Amended irs return 97-22. Amended irs return You can find Rev. Amended irs return Proc. Amended irs return 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. Amended irs return irs. Amended irs return gov/pub/irs-irbs/irb97-13. Amended irs return pdf. Amended irs return Travel, transportation, entertainment, and gift expenses. Amended irs return   Specific recordkeeping rules apply to these expenses. Amended irs return For more information, see Publication 463. Amended irs return Employment taxes. Amended irs return   There are specific employment tax records you must keep. Amended irs return For a list, see Publication 51 (Circular A). Amended irs return Excise taxes. Amended irs return   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. Amended irs return Assets. Amended irs return   Assets are the property, such as machinery and equipment, you own and use in your business. Amended irs return You must keep records to verify certain information about your business assets. Amended irs return You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. Amended irs return Your records should show all the following. Amended irs return When and how you acquired the asset. Amended irs return Purchase price. Amended irs return Cost of any improvements. Amended irs return Section 179 deduction taken. Amended irs return Deductions taken for depreciation. Amended irs return Deductions taken for casualty losses, such as losses resulting from fires or storms. Amended irs return How you used the asset. Amended irs return When and how you disposed of the asset. Amended irs return Selling price. Amended irs return Expenses of sale. Amended irs return   The following are examples of records that may show this information. Amended irs return Purchase and sales invoices. Amended irs return Real estate closing statements. Amended irs return Canceled checks. Amended irs return Bank statements. Amended irs return Financial account statements as proof of payment. Amended irs return   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. Amended irs return These include account statements prepared for the financial institution by a third party. Amended irs return These account statements must be legible. Amended irs return The following table lists acceptable account statements. Amended irs return IF payment is by. Amended irs return . Amended irs return . Amended irs return THEN the statement must show the. Amended irs return . Amended irs return . Amended irs return Check Check number. Amended irs return Amount. Amended irs return Payee's name. Amended irs return Date the check amount was posted to the account by the financial institution. Amended irs return Electronic funds  transfer Amount transferred. Amended irs return Payee's name. Amended irs return Date the transfer was posted to the account by the financial institution. Amended irs return Credit card Amount charged. Amended irs return Payee's name. Amended irs return Transaction date. Amended irs return    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. Amended irs return You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. Amended irs return Tax returns. Amended irs return   Keep copies of your filed tax returns. Amended irs return They help in preparing future tax returns and making computations if you file an amended return. Amended irs return Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. Amended irs return How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Amended irs return Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. Amended irs return A period of limitations is the period of time after which no legal action can be brought. Amended irs return Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. Amended irs return However, certain records must be kept for a longer period of time, as discussed below. Amended irs return Employment taxes. Amended irs return   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. Amended irs return Assets. Amended irs return   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. Amended irs return You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. Amended irs return   You may need to keep records relating to the basis of property longer than the period of limitation. Amended irs return Keep those records as long as they are important in figuring the basis of the original or replacement property. Amended irs return Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. Amended irs return For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. Amended irs return For more information on basis, see chapter 6. Amended irs return Records for nontax purposes. Amended irs return   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. Amended irs return For example, your insurance company or creditors may require you to keep them longer than the IRS does. Amended irs return Prev  Up  Next   Home   More Online Publications