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Form 4868Form 4868 5. Form 4868 Illustrated Examples Table of Contents Illustrated Example of Form 4563Line 1. Form 4868 Line 2. Form 4868 Lines 3a and 3b. Form 4868 Lines 4a and 4b. Form 4868 Line 5. Form 4868 Line 6. Form 4868 Line 7. Form 4868 Line 9. Form 4868 Line 15. Form 4868 Illustrated Example of Form 5074Part I. Form 4868 Part II. Form 4868 Part III. Form 4868 Illustrated Example of Form 8689Part I. Form 4868 Part II. Form 4868 Part III. Form 4868 Part IV. Form 4868 Use the following examples to help you complete the correct attachment to your Form 1040. Form 4868 The completed form for each example is shown on the pages that follow. Form 4868 Illustrated Example of Form 4563 John Black is a U. Form 4868 S. Form 4868 citizen, single, and under 65. Form 4868 He was a bona fide resident of American Samoa during all of 2013. Form 4868 John must file Form 1040 because his gross income from sources outside the possessions ($10,000 of dividends from U. Form 4868 S. Form 4868 corporations) is more than his adjusted filing requirement for single filers under 65. Form 4868 (See Filing Requirement if Possession Income Is Excluded in chapter 4. Form 4868 ) Because he must file Form 1040 (not illustrated), he fills out Form 4563 to determine the amount of income from American Samoa he can exclude. Form 4868 See Bona Fide Resident of American Samoa in chapter 3. Form 4868 Completing Form 4563. Form 4868 John enters his name and social security number at the top of the form. Form 4868 Line 1. Form 4868 On Form 4563 (see later), John enters the date his bona fide residence began in American Samoa, June 2, 2012. Form 4868 Because he is still a bona fide resident, he enters “not ended” in the second blank space. Form 4868 Line 2. Form 4868 He checks the box labeled “Rented house or apartment” to describe his type of living quarters in American Samoa. Form 4868 Lines 3a and 3b. Form 4868 He checks “No” on line 3a because no family members lived with him. Form 4868 He leaves line 3b blank. Form 4868 Lines 4a and 4b. Form 4868 He checks “No” on line 4a because he did not maintain a home outside American Samoa. Form 4868 He leaves line 4b blank. Form 4868 Line 5. Form 4868 He enters the name and address of his employer, Samoa Products Co. Form 4868 It is a private American Samoa corporation. Form 4868 Line 6. Form 4868 He enters the dates of his 2-week vacation to New Zealand from November 11 to November 25. Form 4868 That was his only trip outside American Samoa during the year. Form 4868 Line 7. Form 4868 He enters the $24,000 in wages he received from Samoa Products Co. Form 4868 Line 9. Form 4868 He received $220 in dividends from an American Samoa corporation, which he enters here. Form 4868 He also received $10,000 of dividends from a U. Form 4868 S. Form 4868 corporation, but he will enter that amount only on his Form 1040 because the U. Form 4868 S. Form 4868 dividends do not qualify for the possession exclusion. Form 4868 Line 15. Form 4868 John totals the amounts on lines 7 and 9 to get the amount he can exclude from his gross income in 2013. Form 4868 He will not enter his excluded income on Form 1040. Form 4868 However, he will attach his completed Form 4563 to his Form 1040. Form 4868 Illustrated Example of Form 5074 Tracy Grey is a U. Form 4868 S. Form 4868 citizen who is a self-employed fisheries consultant with a tax home in New York. Form 4868 Her only income for 2013 was net self-employment income of $80,000. Form 4868 Of the $80,000, $20,000 was from consulting work in Guam and the rest was earned in the United States. Form 4868 Thinking she would owe tax to Guam on the $20,000, Tracy made estimated tax payments of $1,409 to Guam. Form 4868 She was not a bona fide resident of Guam during 2013. Form 4868 Tracy completes Form 1040 (not illustrated), reporting her worldwide income. Form 4868 Because the adjusted gross income on her Form 1040 was $50,000 or more and at least $5,000 of her gross income is from Guam, Tracy must file Form 5074 with her Form 1040. Form 4868 All amounts reported on Form 5074 are also reported on her Form 1040. Form 4868 See U. Form 4868 S. Form 4868 Citizen or Resident Alien (Other Than a Bona Fide Resident of Guam) in chapter 3. Form 4868 Completing Form 5074. Form 4868 Tracy enters her name and social security number at the top of the form. Form 4868 Part I. Form 4868 On Form 5074 (see later), Tracy enters her self-employment income from Guam ($20,000) on line 6. Form 4868 She has no other income from Guam, so the total on line 16 is $20,000. Form 4868 Part II. Form 4868 Tracy's only adjustment in Part II is the deductible part of the self-employment tax on her net income earned in Guam. Form 4868 She enters $1,413 on line 21 and line 28. Form 4868 Her adjusted gross income on line 29 is $18,587. Form 4868 Part III. Form 4868 Tracy made estimated tax payments of $1,409. Form 4868 She enters this amount on line 30, and again on line 34 as the total payments. Form 4868 Illustrated Example of Form 8689 Juan and Carla Moreno live and work in the United States. Form 4868 In 2013, they received $14,400 in income from the rental of a condominium they own in the U. Form 4868 S. Form 4868 Virgin Islands (USVI). Form 4868 The rental income was deposited in a bank in the USVI and they received $500 of interest on this income. Form 4868 They were not bona fide residents of the USVI during the entire tax year. Form 4868 The Morenos complete Form 1040 (not illustrated), reporting their income from all sources, including their interest income and the income and expenses from their USVI rental property (reported on Schedule E (Form 1040)). Form 4868 The Morenos take the standard deduction for married filing jointly, both are under 65, and they have no dependents. Form 4868 The Morenos also complete Form 8689 to determine how much of their U. Form 4868 S. Form 4868 tax shown on Form 1040, line 61 (with certain adjustments), must be paid to the U. Form 4868 S. Form 4868 Virgin Islands. Form 4868 See U. Form 4868 S. Form 4868 Citizen or Resident Alien (Other Than a Bona Fide Resident of the USVI) in chapter 3. Form 4868 The Morenos file their Form 1040, attaching Form 8689 and all other schedules, with the Internal Revenue Service. Form 4868 At the same time, they send a copy of their Form 1040 with all attachments, including Form 8689, to the Virgin Islands Bureau of Internal Revenue. Form 4868 The Virgin Islands Bureau of Internal Revenue will process this copy. Form 4868 Completing Form 8689. Form 4868 Juan and Carla enter their names and Juan's social security number at the top of the form. Form 4868 Part I. Form 4868 The Morenos enter their income from the USVI in Part I (see later). Form 4868 The interest income is entered on line 2 and the net rental income of $6,200 ($14,400 of rental income minus $8,200 of rental expenses) is entered on line 11. Form 4868 The Morenos' total USVI income of $6,700 is entered on line 16. Form 4868 Part II. Form 4868 The Morenos have no adjustments to their USVI income, so they enter zero (-0-) on line 28, and $6,700 on line 29. Form 4868 Their USVI adjusted gross income (AGI) is $6,700. Form 4868 Part III. Form 4868 On line 30, the Morenos enter the amount from Form 1040, line 61 ($4,539). Form 4868 Their Form 1040 does not show any entries required on line 31, so they leave that line blank and enter $4,539 on line 32. Form 4868 The Morenos enter their worldwide AGI, $54,901 (Form 1040, line 38), on line 33. Form 4868 Next, they find what percentage of their AGI is from USVI sources ($6,700 ÷ $54,901 = 0. Form 4868 122) and enter that as a decimal on line 34. Form 4868 They then apply that percentage to the U. Form 4868 S. Form 4868 tax entered on line 32 to find the amount of U. Form 4868 S. Form 4868 tax allocated to USVI income ($4,539 x 0. Form 4868 122 = $554), and enter that amount on line 35. Form 4868 Part IV. Form 4868 Part IV is used to show payments of income tax to the USVI only. Form 4868 The Morenos had no tax withheld by the U. Form 4868 S. Form 4868 Virgin Islands, but made estimated tax payments to the USVI of $400, which they entered on lines 37 and 39. Form 4868 They include this amount ($400) in the total payments on Form 1040, line 72. Form 4868 On the dotted line next to the entry space for line 72, they enter “Form 8689” and show the amount. Form 4868 The Morenos do not complete Form 1116 because they receive credit on Form 1040, line 72, for the tax paid to the USVI. Form 4868 The income tax they owe to the USVI ($154) is shown on Form 8689, line 44. Form 4868 They enter this amount on line 45. Form 4868 They also include this additional amount ($154) on the dotted line next to the entry space and in the total on Form 1040, line 72. Form 4868 The Morenos will pay their USVI tax at the same time they file the copy of their U. Form 4868 S. Form 4868 income tax return with the U. Form 4868 S. Form 4868 Virgin Islands. Form 4868 This image is too large to be displayed in the current screen. Form 4868 Please click the link to view the image. Form 4868 Form 4563, page 1 for John Black This image is too large to be displayed in the current screen. Form 4868 Please click the link to view the image. Form 4868 Form 5074, for Tracy Grey This image is too large to be displayed in the current screen. Form 4868 Please click the link to view the image. Form 4868 Form 8689, page 1 for Juan and Carla Moreno Prev Up Next Home More Online Publications
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