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Amending A Tax Return 2012

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Amending A Tax Return 2012

Amending a tax return 2012 12. Amending a tax return 2012   Self-Employment Tax Table of Contents What's New for 2013 What's New for 2014 Introduction Topics - This chapter discusses: Useful Items - You may want to see: Why Pay Self-Employment Tax? How To Pay Self-Employment TaxReplacing a lost social security card. Amending a tax return 2012 Name change. Amending a tax return 2012 Penalty for underpayment of estimated tax. Amending a tax return 2012 Who Must Pay Self-Employment Tax?Limited partner. Amending a tax return 2012 Community property. Amending a tax return 2012 Figuring Self-Employment EarningsLandlord Participation in Farming Methods for Figuring Net EarningsRegular Method Farm Optional Method Nonfarm Optional Method Using Both Optional Methods Reporting Self-Employment Tax What's New for 2013 Tax rates. Amending a tax return 2012  For tax years beginning in 2013, the social security part of the self-employment tax increases from 10. Amending a tax return 2012 4% to 12. Amending a tax return 2012 4%. Amending a tax return 2012 The Medicare part of the tax remains at 2. Amending a tax return 2012 9%. Amending a tax return 2012 As a result, the self-employment tax is increased from 13. Amending a tax return 2012 3% to 15. Amending a tax return 2012 3%. Amending a tax return 2012 Additional Medicare Tax. Amending a tax return 2012 . Amending a tax return 2012  For tax years beginning in 2013, a 0. Amending a tax return 2012 9% Additional Medicare Tax applies to your Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income above a threshold amount. Amending a tax return 2012 Use Form 8959, Additional Medicare Tax, to figure this tax. Amending a tax return 2012 For more information, see the Instructions for Form 8959. Amending a tax return 2012 Maximum net earnings. Amending a tax return 2012  The maximum net self-employment earnings subject to the social security part (12. Amending a tax return 2012 4%) of the self-employment tax increased to $113,700 for 2013. Amending a tax return 2012 There is no maximum limit on earnings subject to the Medicare part (2. Amending a tax return 2012 9%). Amending a tax return 2012 What's New for 2014 Maximum net earnings. Amending a tax return 2012  The maximum net self-employment earnings subject to the social security part of the self-employment tax for 2014 will be discussed in the 2013 Publication 334. Amending a tax return 2012 Introduction Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Amending a tax return 2012 It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. Amending a tax return 2012 You usually have to pay SE tax if you are self-employed. Amending a tax return 2012 You are usually self-employed if you operate your own farm on land you either own or rent. Amending a tax return 2012 You have to figure SE tax on Schedule SE (Form 1040). Amending a tax return 2012 Farmers who have employees may have to pay the employer's share of social security and Medicare taxes, as well. Amending a tax return 2012 See chapter 13 for information on employment taxes. Amending a tax return 2012 Self-employment tax rate. Amending a tax return 2012   For tax years beginning in 2013, the self-employment tax rate is 15. Amending a tax return 2012 3%. Amending a tax return 2012 The rate consists of two parts: 12. Amending a tax return 2012 4% for social security (old-age, survivors, and disability insurance) and 2. Amending a tax return 2012 9% for Medicare (hospital insurance). Amending a tax return 2012 Topics - This chapter discusses: Why pay self-employment tax How to pay self-employment tax Who must pay self-employment tax Figuring self-employment earnings Landlord participation in farming Methods for figuring net earnings Reporting self-employment tax Useful Items - You may want to see: Publication 541 Partnerships Form (and Instructions) 1040 U. Amending a tax return 2012 S. Amending a tax return 2012 Individual Income Tax Return Sch F (Form 1040) Profit or Loss From Farming Sch SE (Form 1040) Self-Employment Tax 1065 U. Amending a tax return 2012 S. Amending a tax return 2012 Return of Partnership Income Sch K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. Amending a tax return 2012 See chapter 16 for information about getting publications and forms. Amending a tax return 2012 Why Pay Self-Employment Tax? Social security benefits are available to self-employed persons just as they are to wage earners. Amending a tax return 2012 Your payments of SE tax contribute to your coverage under the social security system. Amending a tax return 2012 Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. Amending a tax return 2012 How to become insured under social security. Amending a tax return 2012   You must be insured under the social security system before you begin receiving social security benefits. Amending a tax return 2012 You are insured if you have the required number of credits (also called quarters of coverage). Amending a tax return 2012 Earning credits in 2013. Amending a tax return 2012   You can earn a maximum of four credits per year. Amending a tax return 2012 For 2013, you earn one credit for each $1,160 of combined wages and self-employment earnings subject to social security tax. Amending a tax return 2012 You need $4,640 ($1,160 × 4) of combined wages and self-employment earnings subject to social security tax to earn four credits in 2013. Amending a tax return 2012 It does not matter whether the income is earned in 1 quarter or is spread over 2 or more quarters. Amending a tax return 2012 For an explanation of the number of credits you must have to be insured and the benefits available to you and your family under the social security program, consult your nearest Social Security Administration (SSA) office or visit the SSA website at www. Amending a tax return 2012 socialsecurity. Amending a tax return 2012 gov. Amending a tax return 2012 Making false statements to get or to increase social security benefits may subject you to penalties. Amending a tax return 2012 The Social Security Administration (SSA) time limit for posting self-employment earnings. Amending a tax return 2012   Generally, the SSA will give you credit only for self-employment earnings reported on a tax return filed within 3 years, 3 months, and 15 days after the tax year you earned the income. Amending a tax return 2012    If you file your tax return or report a change in your self-employment earnings after the SSA time limit for posting self-employment earnings, the SSA may change its records, but only to remove or reduce the amount. Amending a tax return 2012 The SSA will not change its records to increase your self-employment earnings after the SSA time limit listed above. Amending a tax return 2012 How To Pay Self-Employment Tax To pay SE tax, you must have a social security number (SSN) or an individual taxpayer identification number (ITIN). Amending a tax return 2012 This section explains how to: Obtain an SSN or ITIN, and Pay your SE tax using estimated tax. Amending a tax return 2012 An ITIN does not entitle you to social security benefits. Amending a tax return 2012 Obtaining an ITIN does not change your immigration or employment status under U. Amending a tax return 2012 S. Amending a tax return 2012 law. Amending a tax return 2012 Obtaining a social security number. Amending a tax return 2012   If you have never had an SSN, apply for one using Form SS-5, Application for a Social Security Card. Amending a tax return 2012 The application is also available in Spanish. Amending a tax return 2012 You can get this form at any Social Security office or by calling 1-800-772-1213. Amending a tax return 2012    You can also download Form SS-5 from the Social Security Administration website at  www. Amending a tax return 2012 socialsecurity. Amending a tax return 2012 gov. Amending a tax return 2012   If you have a social security number from the time you were an employee, you must use that number. Amending a tax return 2012 Do not apply for a new one. Amending a tax return 2012 Replacing a lost social security card. Amending a tax return 2012   If you have a number but lost your card, file Form SS-5. Amending a tax return 2012 You will get a new card showing your original number, not a new number. Amending a tax return 2012 Name change. Amending a tax return 2012   If your name has changed since you received your social security card, complete Form SS-5 to report a name change. Amending a tax return 2012 Obtaining an individual taxpayer identification number. Amending a tax return 2012   The IRS will issue you an ITIN, for tax use only, if you are a nonresident or resident alien and you do not have, and are not eligible to get, an SSN. Amending a tax return 2012 To apply for an ITIN, file Form W-7, Application for IRS Individual Taxpayer Identification Number. Amending a tax return 2012 You can get this form by calling 1-800-829-3676. Amending a tax return 2012 For more information on ITINs, see Publication 1915, Understanding Your IRS Individual Taxpayer Identification Number. Amending a tax return 2012 Form W-7 and Publication 1915 are also available in Spanish. Amending a tax return 2012    You can also download Form W-7 from the IRS website at IRS. Amending a tax return 2012 gov. Amending a tax return 2012 Paying estimated tax. Amending a tax return 2012   Estimated tax is the method used to pay tax (including SE tax) on income not subject to withholding. Amending a tax return 2012 You generally have to make estimated tax payments if you expect to owe tax, including SE tax, of $1,000 or more when you file your return. Amending a tax return 2012 Use Form 1040-ES, Estimated Tax for Individuals, to figure and pay the tax. Amending a tax return 2012   However, if at least two-thirds of your gross income for 2013 or 2014 was from farming and you file your 2014 Form 1040 and pay all the tax due by March 2, 2015, you do not have to pay any estimated tax. Amending a tax return 2012 For more information about estimated tax for farmers, see chapter 15. Amending a tax return 2012 Penalty for underpayment of estimated tax. Amending a tax return 2012   You may have to pay a penalty if you do not pay enough estimated tax by its due date. Amending a tax return 2012 Who Must Pay Self-Employment Tax? You must pay SE tax and file Schedule SE (Form 1040) if your net earnings from self-employment were $400 or more. Amending a tax return 2012 The SE tax rules apply no matter how old you are and even if you are already receiving social security or Medicare benefits. Amending a tax return 2012 Aliens. Amending a tax return 2012   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. Amending a tax return 2012 S. Amending a tax return 2012 citizens. Amending a tax return 2012 Nonresident aliens are not subject to self-employment tax. Amending a tax return 2012 However, residents of the Virgin Islands, Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, or American Samoa are subject to self-employment tax, as they are considered U. Amending a tax return 2012 S. Amending a tax return 2012 residents for self-employment tax purposes. Amending a tax return 2012 For more information on aliens, see Publication 519, U. Amending a tax return 2012 S. Amending a tax return 2012 Tax Guide for Aliens. Amending a tax return 2012 Are you self-employed?   You are self-employed if you carry on a trade or business (such as running a farm) as a sole proprietor, an independent contractor, a member of a partnership, or are otherwise in business for yourself. Amending a tax return 2012 A trade or business is generally an activity carried on for a livelihood or in good faith to make a profit. Amending a tax return 2012 Share farmer. Amending a tax return 2012   You are a self-employed farmer under an income-sharing arrangement if both the following apply. Amending a tax return 2012 You produce a crop or raise livestock on land belonging to another person. Amending a tax return 2012 Your share of the crop or livestock, or the proceeds from their sale, depends on the amount produced. Amending a tax return 2012 Your net farm profit or loss from the income-sharing arrangement is reported on Schedule F (Form 1040) and included in your self-employment earnings. Amending a tax return 2012   If you produce a crop or livestock on land belonging to another person and are to receive a specified rate of pay, a fixed sum of money, or a fixed quantity of the crop or livestock, and not a share of the crop or livestock or their proceeds, you may be either self-employed or an employee of the landowner. Amending a tax return 2012 This will depend on whether the landowner has the right to direct or control your performance of services. Amending a tax return 2012 Example. Amending a tax return 2012 A share farmer produces a crop on land owned by another person on a 50-50 crop-share basis. Amending a tax return 2012 Under the terms of their agreement, the share farmer furnishes the labor and half the cost of seed and fertilizer. Amending a tax return 2012 The landowner furnishes the machinery and equipment used to produce and harvest the crop, and half the cost of seed and fertilizer. Amending a tax return 2012 The share farmer is provided a house in which to live. Amending a tax return 2012 The landowner and the share farmer decide on a cropping plan. Amending a tax return 2012 The share farmer is a self-employed farmer for purposes of the agreement to produce the crops, and the share farmer's part of the profit or loss from the crops is reported on Schedule F (Form 1040) and included in self-employment earnings. Amending a tax return 2012 The tax treatment of the landowner is discussed later under Landlord Participation in Farming. Amending a tax return 2012 Contract farming. Amending a tax return 2012   Under typical contract farming arrangements, the grower receives a fixed payment per unit of crops or finished livestock delivered to the processor or packing company. Amending a tax return 2012 Since the grower typically furnishes labor and bears some production risk, the payments are reported on Schedule F and are therefore subject to self-employment tax. Amending a tax return 2012 4-H Club or FFA project. Amending a tax return 2012   If an individual participates in a 4-H Club or Future Farmers of America (FFA) project, any net income received from sales or prizes related to the project may be subject to income tax. Amending a tax return 2012 Report the net income as “Other income” on line 21 of Form 1040. Amending a tax return 2012 If necessary, attach a statement showing the gross income and expenses. Amending a tax return 2012 The net income may not be subject to SE tax if the project is primarily for educational purposes and not for profit, and is completed by the individual under the rules and economic restrictions of the sponsoring 4-H or FFA organization. Amending a tax return 2012 Such a project is generally not considered a trade or business. Amending a tax return 2012 Partners in a partnership. Amending a tax return 2012   Generally, you are self-employed if you are a member of a partnership that carries on a trade or business. Amending a tax return 2012 Limited partner. Amending a tax return 2012   If you are a limited partner, your partnership income is generally not subject to SE tax. Amending a tax return 2012 However, guaranteed payments you receive for services you perform for the partnership are subject to SE tax and should be reported to you in box 14 of your Schedule K-1 (Form 1065). Amending a tax return 2012 Business Owned and Operated by Spouses. Amending a tax return 2012   If you and your spouse jointly own and operate a farm as an unincorporated business and share in the profits and losses, you are partners in a partnership whether or not you have a formal partnership agreement. Amending a tax return 2012 You must file Form 1065, instead of Schedule F, unless you make a joint election to be treated as a qualified joint venture. Amending a tax return 2012 Making this election will allow you to avoid the complexity of Form 1065 but still give each spouse credit for social security earnings on which retirement benefits are based. Amending a tax return 2012 Qualified joint venture. Amending a tax return 2012   If you and your spouse each materially participate as the only members of a jointly owned and operated farm, and you file a joint tax return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership for the tax year. Amending a tax return 2012 For an explanation of “material participation,” see the instructions for Schedule C, line G, and the instructions for Schedule F, line E. Amending a tax return 2012   To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. Amending a tax return 2012 Each of you must file a separate Schedule F and a separate Schedule SE. Amending a tax return 2012 For more information, see Qualified Joint Venture in the Instructions for Schedule SE (Form 1040). Amending a tax return 2012 Spouse employee. Amending a tax return 2012   If your spouse is your employee, not your partner, you must withhold and pay social security and Medicare taxes for him or her. Amending a tax return 2012 For more information about employment taxes, see chapter 13. Amending a tax return 2012 Community property. Amending a tax return 2012   If you are a partner and your distributive share of any income or loss from a trade or business carried on by the partnership is community property, treat your share as your self-employment earnings. Amending a tax return 2012 Do not treat any of your share as self-employment earnings of your spouse. Amending a tax return 2012 Figuring Self-Employment Earnings Farmer. Amending a tax return 2012   If you are self-employed as a farmer, use Schedule F (Form 1040) to figure your self-employment earnings. Amending a tax return 2012 Partnership income or loss. Amending a tax return 2012   If you are a member of a partnership that carries on a trade or business, the partnership should report your self-employment earnings in box 14, code A, of your Schedule K-1 (Form 1065). Amending a tax return 2012 Box 14 of Schedule K-1 may also provide amounts for gross farming or fishing income (code B) and gross nonfarm income (code C). Amending a tax return 2012 Use these amounts if you use the farm or nonfarm optional method to figure net earnings from self-employment (see Methods for Figuring Net Earnings , later). Amending a tax return 2012   If you are a general partner, you may need to reduce these reported earnings by amounts you claim as a section 179 deduction, unreimbursed partnership expenses, or depletion on oil and gas properties. Amending a tax return 2012   If the amount reported is a loss, include only the deductible amount when you figure your total self-employment earnings. Amending a tax return 2012   For more information, see the Partner's Instructions for Schedule K-1 (Form 1065). Amending a tax return 2012   For general information on partnerships, see Publication 541. Amending a tax return 2012 More than one business. Amending a tax return 2012   If you have self-employment earnings from more than one trade, business, or profession, you generally must combine the net profit or loss from each to determine your total self-employment earnings. Amending a tax return 2012 A loss from one business reduces your profit from another business. Amending a tax return 2012 However, do not combine earnings from farm and nonfarm businesses if you are using one of the optional methods (discussed later) to figure net earnings. Amending a tax return 2012 Community property. Amending a tax return 2012   If any of the income from a farm or business, other than a partnership, is community property under state law, it is included in the self-employment earnings of the spouse carrying on the trade or business. Amending a tax return 2012 Lost income payments. Amending a tax return 2012   Lost income payments received from insurance or other sources for reducing or stopping farming activities are included in self-employment earnings. Amending a tax return 2012 These include USDA payments to compensate for lost income resulting from reductions in tobacco quotas and allotments. Amending a tax return 2012 Even if you are not farming when you receive the payment, it is included in self-employment earnings if it relates to your farm business (even though it is temporarily inactive). Amending a tax return 2012 A connection exists if it is clear the payment would not have been made but for your conduct of your farm business. Amending a tax return 2012 Gain or loss. Amending a tax return 2012   A gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers is not included in self-employment earnings. Amending a tax return 2012 It does not matter whether the disposition is a sale, exchange, or involuntary conversion. Amending a tax return 2012 For example, gains or losses from the disposition of the following types of property are not included in self-employment earnings. Amending a tax return 2012 Investment property. Amending a tax return 2012 Depreciable property or other fixed assets used in your trade or business. Amending a tax return 2012 Livestock held for draft, breeding, sport, or dairy purposes, and not held primarily for sale, regardless of how long the livestock was held, or whether it was raised or purchased. Amending a tax return 2012 Unharvested standing crops sold with land held more than 1 year. Amending a tax return 2012 Timber, coal, or iron ore held for more than 1 year if an economic interest was retained, such as a right to receive coal royalties. Amending a tax return 2012   A gain or loss from the cutting of timber is not included in self-employment earnings if the cutting is treated as a sale or exchange. Amending a tax return 2012 For more information on electing to treat the cutting of timber as a sale or exchange, see Timber in chapter 8. Amending a tax return 2012 Wages and salaries. Amending a tax return 2012   Wages and salaries received for services performed as an employee and covered by social security or railroad retirement are not included in self-employment earnings. Amending a tax return 2012   Wages paid in kind to you for agricultural labor, such as commodity wages, are not included in self-employment earnings. Amending a tax return 2012 Retired partner. Amending a tax return 2012   Retirement income received by a partner from his or her partnership under a written plan is not included in self-employment earnings if all the following apply. Amending a tax return 2012 The retired partner performs no services for the partnership during the year. Amending a tax return 2012 The retired partner is owed only the retirement payments. Amending a tax return 2012 The retired partner's share (if any) of the partnership capital was fully paid to the retired partner. Amending a tax return 2012 The payments to the retired partner are lifelong periodic payments. Amending a tax return 2012 Conservation Reserve Program (CRP) payments. Amending a tax return 2012   Under the Conservation Reserve Program (CRP), if you own or operate highly erodible or other specified cropland, you may enter into a longterm contract with the USDA, agreeing to convert to a less intensive use of that cropland. Amending a tax return 2012 You must include the annual rental payments and any onetime incentive payment you receive under the program on Schedule F, lines 4a and 4b. Amending a tax return 2012 Cost share payments you receive may qualify for the costsharing exclusion. Amending a tax return 2012 See Cost-Sharing Exclusion (Improvements), above. Amending a tax return 2012 CRP payments are reported to you on Form 1099G. Amending a tax return 2012 Individuals who are receiving Social Security retirement or disability benefits may exclude CRP payments when calculating self-employment tax. Amending a tax return 2012 See the instructions for Schedule SE (Form 1040). Amending a tax return 2012 Self-employed health insurance deduction. Amending a tax return 2012   You cannot deduct the self-employed health insurance deduction you report on Form 1040, line 29, from self-employment earnings on Schedule SE (Form 1040). Amending a tax return 2012 Landlord Participation in Farming As a general rule, income and deductions from rentals and from personal property leased with real estate are not included in determining self-employment earnings. Amending a tax return 2012 However, income and deductions from farm rentals, including government commodity program payments received by a landowner who rents land, are included if the rental arrangement provides that the landowner will, and does, materially participate in the production or management of production of the farm products on the land. Amending a tax return 2012 Crop shares. Amending a tax return 2012   Rent paid in the form of crop shares is included in self-employment earnings for the year you sell, exchange, give away, or use the crop shares if you meet one of the four material participation tests (discussed next) at the time the crop shares are produced. Amending a tax return 2012 Feeding such crop shares to livestock is considered using them. Amending a tax return 2012 Your gross income for figuring your self-employment earnings includes the fair market value of the crop shares when they are used as feed. Amending a tax return 2012 Material participation for landlords. Amending a tax return 2012   You materially participate if you have an arrangement with your tenant for your participation and you meet one or more of the following tests. Amending a tax return 2012 You do at least three of the following. Amending a tax return 2012 Pay, using cash or credit, at least half the direct costs of producing the crop or livestock. Amending a tax return 2012 Furnish at least half the tools, equipment, and livestock used in the production activities. Amending a tax return 2012 Advise or consult with your tenant. Amending a tax return 2012 Inspect the production activities periodically. Amending a tax return 2012 You regularly and frequently make, or take an important part in making, management decisions substantially contributing to or affecting the success of the enterprise. Amending a tax return 2012 You work 100 hours or more spread over a period of 5 weeks or more in activities connected with agricultural production. Amending a tax return 2012 You do things that, considered in their totality, show you are materially and significantly involved in the production of the farm commodities. Amending a tax return 2012 These tests may be used as general guides for determining whether you are a material participant. Amending a tax return 2012 Example. Amending a tax return 2012 Drew Houston agrees to produce a crop on J. Amending a tax return 2012 Clarke's cotton farm, with each receiving half the proceeds. Amending a tax return 2012 Clarke advises Houston when to plant, spray, and pick the cotton. Amending a tax return 2012 During the growing season, Clarke inspects the crop every few days to determine whether Houston is properly taking care of the crop. Amending a tax return 2012 Houston furnishes all labor needed to grow and harvest the crop. Amending a tax return 2012 The management decisions made by Clarke in connection with the care of the cotton crop and his regular inspection of the crop establish that he participates to a material degree in the cotton production operations. Amending a tax return 2012 The income Clarke receives from his cotton farm is included in his self-employment earnings. Amending a tax return 2012 Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. Amending a tax return 2012 The regular method. Amending a tax return 2012 The farm optional method. Amending a tax return 2012 The nonfarm optional method. Amending a tax return 2012 You must use the regular method unless you are eligible to use one or both of the optional methods. Amending a tax return 2012 See Figure 12-1 , shown later. Amending a tax return 2012 Figure 12-1. Amending a tax return 2012 Can I Use the Optional Methods? Please click here for the text description of the image. Amending a tax return 2012 Figure 12–1. Amending a tax return 2012 Can I Use the Optional Methods? Why use an optional method?   You may want to use the optional methods (discussed later) when you have a loss or a small net profit and any one of the following applies. Amending a tax return 2012 You want to receive credit for social security benefit coverage. Amending a tax return 2012 You incurred child or dependent care expenses for which you could claim a credit. Amending a tax return 2012 (An optional method may increase your earned income, which could increase your credit. Amending a tax return 2012 ) You are entitled to the earned income credit. Amending a tax return 2012 (An optional method may increase your earned income, which could increase your credit. Amending a tax return 2012 ) You are entitled to the additional child tax credit. Amending a tax return 2012 (An optional method may increase your earned income, which could increase your credit. Amending a tax return 2012 ) Effects of using an optional method. Amending a tax return 2012   Using an optional method could increase your SE tax. Amending a tax return 2012 Paying more SE tax may result in you getting higher social security disability or retirement benefits. Amending a tax return 2012   If you use either or both optional methods, you must figure and pay the SE tax due under these methods even if you would have had a smaller SE tax or no SE tax using the regular method. Amending a tax return 2012   The optional methods may be used only to figure your SE tax. Amending a tax return 2012 To figure your income tax, include your actual self-employment earnings in gross income, regardless of which method you use to determine SE tax. Amending a tax return 2012 Regular Method Multiply your total self-employment earnings by 92. Amending a tax return 2012 35% (. Amending a tax return 2012 9235) to get your net earnings under the regular method. Amending a tax return 2012 See Short Schedule SE, line 4, or Long Schedule SE, line 4a. Amending a tax return 2012 Net earnings figured using the regular method are also called “actual net earnings. Amending a tax return 2012 ” Farm Optional Method Use the farm optional method only for self-employment earnings from a farming business. Amending a tax return 2012 You can use this method if you meet either of the following tests. Amending a tax return 2012 Your gross farm income is $6,960 or less. Amending a tax return 2012 Your net farm profits are less than $5,024. Amending a tax return 2012 Gross farm income. Amending a tax return 2012   Your gross farm income is the total of the amounts from: Schedule F (Form 1040), line 9, and Schedule K-1 (Form 1065), box 14, code B (from farm partnerships). Amending a tax return 2012 Net farm profits. Amending a tax return 2012   Net farm profits generally are the total of the amounts from: Schedule F (Form 1040), line 34, and Schedule K-1 (Form 1065), box 14, code A (from farm partnerships). Amending a tax return 2012 However, you may need to adjust the amount reported on Schedule K-1 if you are a general partner or if it is a loss. Amending a tax return 2012 For more information, see Partnership income or loss , earlier. Amending a tax return 2012 Figuring farm net earnings. Amending a tax return 2012   If you meet either of the two tests explained above, use Table 12-1. Amending a tax return 2012 Figuring Farm Net Earnings , to figure your net earnings from self-employment under the farm optional method. Amending a tax return 2012 Table 12-1. Amending a tax return 2012 Figuring Farm Net Earnings IF your gross farm income  is. Amending a tax return 2012 . Amending a tax return 2012 . Amending a tax return 2012 THEN your net earnings are equal to. Amending a tax return 2012 . Amending a tax return 2012 . Amending a tax return 2012 $6,960 or less Two-thirds of your gross farm income. Amending a tax return 2012 More than $6,960 $4,640 Optional method can reduce or eliminate SE tax. Amending a tax return 2012   If your gross farm income is $6,960 or less and your farm net earnings figured under the farm optional method are less than your actual net earnings, you can use the farm optional method to reduce or eliminate your SE tax. Amending a tax return 2012 Your actual net earnings are your net earnings figured using the regular method, explained earlier. Amending a tax return 2012 Example. Amending a tax return 2012 Your gross farm income is $540 and your net farm profit is $460. Amending a tax return 2012 Consequently, your net earnings figured under the farm optional method are $360 (2/3 of $540) and your actual net earnings are $425 (92. Amending a tax return 2012 35% of $460). Amending a tax return 2012 You owe no SE tax if you use the optional method because your net earnings under the farm optional method are less than $400. Amending a tax return 2012 Nonfarm Optional Method This is an optional method available for determining net earnings from nonfarm self-employment, much like the farm optional method. Amending a tax return 2012 If you are also engaged in a nonfarm business, you may be able to use this method to figure your nonfarm net earnings. Amending a tax return 2012 You can use this method even if you do not use the farm optional method for determining your farm net earnings and even if you have a net loss from your nonfarm business. Amending a tax return 2012 For more information about the nonfarm optional method, see Publication 334. Amending a tax return 2012 You cannot combine farm and nonfarm self-employment earnings to figure your net earnings under either of the optional methods. Amending a tax return 2012 Using Both Optional Methods If you use both optional methods, you must add the net earnings figured under each method to arrive at your total net earnings from self-employment. Amending a tax return 2012 You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. Amending a tax return 2012 If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. Amending a tax return 2012 Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. Amending a tax return 2012 Then, enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. Amending a tax return 2012 Most taxpayers can use Section A–Short Schedule SE to figure their SE tax. Amending a tax return 2012 However, certain taxpayers must use Section B–Long Schedule SE. Amending a tax return 2012 Use the chart on page 1 of Schedule SE to find out which one to use. Amending a tax return 2012 If you have to pay SE tax, you must file Form 1040 (with Schedule SE attached) even if you do not otherwise have to file a federal income tax return. Amending a tax return 2012 Deduction for employer-equivalent portion of self-employment tax. Amending a tax return 2012   You can deduct the employer-equivalent portion of your SE tax in figuring your adjusted gross income. Amending a tax return 2012 This deduction only affects your income tax. Amending a tax return 2012 It does not affect either your net earnings from self-employment or your SE tax. Amending a tax return 2012   To deduct the tax, enter on Form 1040, line 27, the amount shown on Section A, Line 6, or Section B, line 13, Deduction for employer-equivalent portion of self-employment tax, of the Schedule SE. Amending a tax return 2012 Joint return. Amending a tax return 2012   Even if you file a joint return, you cannot file a joint Schedule SE. Amending a tax return 2012 This is true whether one spouse or both spouses have self-employment earnings. Amending a tax return 2012 Your spouse is not considered self-employed just because you are. Amending a tax return 2012 If both of you have self-employment earnings, each of you must complete a separate Schedule SE. Amending a tax return 2012 However, if one spouse uses the Short Schedule SE and the other spouse has to use the Long Schedule SE, both can use the same form. Amending a tax return 2012 Attach both schedules to the joint return. Amending a tax return 2012 If you and your spouse operate a business as a partnership, see Business Owned and Operated by Spouses and Qualified joint venture , earlier, under Who Must Pay Self-Employment Tax . Amending a tax return 2012 Prev  Up  Next   Home   More Online Publications
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The Amending A Tax Return 2012

Amending a tax return 2012 Publication 561 - Additional Material Table of Contents Tax Publications for Individual Taxpayers and Commonly Used Tax Forms Tax Publications for Individual Taxpayers and Commonly Used Tax Forms. Amending a tax return 2012  Summary: This is a listing of tax publications and commonly used tax forms. Amending a tax return 2012 The text states:Tax Publications for Individual Taxpayers. Amending a tax return 2012  See How to Get Tax Help for a variety of ways to get publications, including by computer, phone, and mail. Amending a tax return 2012 General Guides. Amending a tax return 2012   1--Your Rights as a Taxpayer 17--Your Federal Income Tax (For Individuals) 334--Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 509--Tax Calendars for 2007 553--Highlights of 2006 Tax Changes 910--IRS Guide to Free Tax Services Specialized Publications. Amending a tax return 2012   3--Armed Forces' Tax Guide 54--Tax Guide for U. Amending a tax return 2012 S. Amending a tax return 2012 Citizens and Residents Aliens Abroad 225--Farmer's Tax Guide 463--Travel, Entertainment, Gift, and Car Expenses 501--Exemptions, Standard Deduction, and Filing Information 502--Medical and Dental Expenses 503--Child and Dependent Care Expenses 504--Divorced or Separated Individuals 505--Tax Withholding and Estimated Tax 514--Foreign Tax Credit for Individuals 516--U. Amending a tax return 2012 S. Amending a tax return 2012 Government Civilian Employees Stationed Abroad 517--Social Security and Other Information for Members of the Clergy and Religious Workers 519--U. Amending a tax return 2012 S. Amending a tax return 2012 Tax Guide for Aliens 520--Scholarships and Fellowships 521--Moving Expenses 523--Selling Your Home 524--Credit for the Elderly or the Disabled 525--Taxable and Nontaxable Income 526--Charitable Contributions 527--Residential Rental Property 529--Miscellaneous Deductions 530--Tax Information for First-Time Homeowners 531--Reporting Tip Income 536--Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 537--Installment Sales 541--Partnerships 544--Sales and Other Dispositions of Assets 547--Casualties, Disasters, and Thefts 550--Investment Income and Expenses 551--Basis of Assets 552--Recordkeeping for Individuals 554--Older Americans' Tax Guide 555--Community Property 556--Examination of Returns, Appeal Rights, and Claims for Refund 559--Survivors, Executors, and Administrators 561--Determining the Value of Donated Property 564--Mutual Fund Distributions 570--Tax Guide for Individuals With Income From U. Amending a tax return 2012 S. Amending a tax return 2012 Possessions 571--Tax-Sheltered Annuity Plans (403(b) Plans) 575--Pension and Annuity Income 584--Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property) 587--Business Use of Your Home (Including Use by Daycare Providers) 590--Individual Retirement Arrangements (IRAs) 593--Tax Highlights for U. Amending a tax return 2012 S. Amending a tax return 2012 Citizens and Residents Going Abroad 594--What You Should Know About the IRS Collection Process 596--Earned Income Credit (EIC) 721--Tax Guide to U. Amending a tax return 2012 S. Amending a tax return 2012 Civil Service Retirement Benefits 901--U. Amending a tax return 2012 S. Amending a tax return 2012 Tax Treaties 907--Tax Highlights for Persons with Disabilities 908--Bankruptcy Tax Guide 915--Social Security and Equivalent Railroad Retirement Benefits 919--How Do I Adjust My Tax Withholding? 925--Passive Activity and At-Risk Rules 926--Household Employer's Tax Guide 929--Tax Rules for Children and Dependents 936--Home Mortgage Interest Deduction 946--How to Depreciate Property 947--Practice Before the IRS and Power of Attorney 950--Introduction to Estate and Gift Taxes 967--The IRS Will Figure Your Tax 969--Health Savings Accounts and Other Tax-Favored Health Plans 970--Tax Benefits for Education 971--Innocent Spouse Relief 972--Child Tax Credit 1542--Per Diem Rates 1544--Reporting Cash Payments of Over $10,000 (Received in a Trade or Business) 1546--The Taxpayer Advocate Service of the IRS - How to Get Help With Unresolved Tax Problems Spanish Language Publications. Amending a tax return 2012   1SP--Derechos del Contribuyente 579SP--Cómo Preparar la Declaración de Impuesto Federal 594SP--Que es lo que Debemos Saber sobre el Proceso de Cobro del IRS 596SP--Crédito por Ingreso del Trabajo 850--English-Spanish Glossary of Words and Phrases Used in Publications Issued by the Internal Revenue Service 1544SP--Informe de Pagos en Efectivo en Exceso de $10,000 (Recibidos en una Ocupación o Negocio) Commonly Used Tax Forms. Amending a tax return 2012  See How To Get Tax Help for a variety of ways to get forms, including by computer, fax, phone, and mail. Amending a tax return 2012 1040--U. Amending a tax return 2012 S. Amending a tax return 2012 Individual Income Tax Return Schedule A&B--Itemized Deductions & Interest and Ordinary Dividends Schedule C--Profit or Loss From Business Schedule C-EZ--Net Profit From Business Schedule D--Capital Gains and Losses Schedule D-1--Continuation Sheet for Schedule D Schedule E--Supplemental Income and Loss Schedule EIC--Earned Income Credit Schedule F--Profit or Loss From Farming Schedule H--Household Employment Taxes Schedule J--Income Averaging for Farmers and Fishermen Schedule R--Credit for the Elderly or the Disabled Schedule SE--Self-Employment Tax 1040A--U. Amending a tax return 2012 S. Amending a tax return 2012 Individual Income Tax Return Schedule 1--Interest and Ordinary Dividends for Form 1040A Filers Schedule 2--Child and Dependent Care Expenses for Form 1040A Filers Schedule 3--Credit for the Elderly or the Disabled for Form 1040A Filers 1040EZ--Income Tax Return for Single and Joint Filers With No Dependents 1040-ES--Estimated Tax for Individuals 1040X--Amended U. Amending a tax return 2012 S. Amending a tax return 2012 Individual Income Tax Return 2106--Employee Business Expenses 2106-EZ--Unreimbursed Employee Business Expenses 2210--Underpayment of Estimated Tax by Individuals, Estates, and Trusts 2441--Child and Dependent Care Expenses 2848--Power of Attorney and Declaration of Representative 3903--Moving Expenses 4562--Depreciation and Amortization 4868--Application for Automatic Extension of Time To File U. Amending a tax return 2012 S. Amending a tax return 2012 Individual Income Tax Return 4952--Investment Interest Expense Deduction 5329--Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 6251--Alternative Minimum Tax--Individuals 8283--Noncash Charitable Contributions 8582--Passive Activity Loss Limitations 8606--Nondeductible IRAs 8812--Additional Child Tax Credit 8822--Change of Address 8829--Expenses for Business Use of Your Home 8863--Education Credits 9465--Installment Agreement Request Prev  Up  Next   Home   More Online Publications