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Free State Tax Forms

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Free State Tax Forms

Free state tax forms 10. Free state tax forms   Self-Employment (SE) Tax Table of Contents Who Must Pay SE Tax?Special Rules and Exceptions Figuring Earnings Subject to SE Tax Farm Optional Method Using Both Optional Methods Reporting Self-Employment Tax The SE tax rules apply no matter how old you are and even if you are already receiving social security and Medicare benefits. Free state tax forms Who Must Pay SE Tax? Generally, you must pay SE tax and file Schedule SE (Form 1040) if your net earnings from self-employment were $400 or more. Free state tax forms Use Schedule SE to figure net earnings from self-employment. Free state tax forms Sole proprietor or independent contractor. Free state tax forms   If you are self-employed as a sole proprietor or independent contractor, you generally use Schedule C or C-EZ (Form 1040) to figure your earnings subject to SE tax. Free state tax forms SE tax rate. Free state tax forms    For 2013, the SE tax rate on net earnings is 15. Free state tax forms 3% (12. Free state tax forms 4% social security tax plus 2. Free state tax forms 9% Medicare tax). Free state tax forms Maximum earnings subject to self-employment tax. Free state tax forms    Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. Free state tax forms 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. Free state tax forms   All of your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. Free state tax forms 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. Free state tax forms   If your wages and tips are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. Free state tax forms 4% social security part of the SE tax on any of your net earnings. Free state tax forms However, you must pay the 2. Free state tax forms 9% Medicare part of the SE tax on all your net earnings. Free state tax forms Special Rules and Exceptions Aliens. Free state tax forms   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. Free state tax forms S. Free state tax forms citizens. Free state tax forms Nonresident aliens are not subject to SE tax unless an international social security agreement in effect determines that they are covered under the U. Free state tax forms S. Free state tax forms social security system. Free state tax forms 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. Free state tax forms S. Free state tax forms residents for self-employment tax purposes. Free state tax forms For more information on aliens, see Publication 519, U. Free state tax forms S. Free state tax forms Tax Guide for Aliens. Free state tax forms Child employed by parent. Free state tax forms   You are not subject to SE tax if you are under age 18 and you are working for your father or mother. Free state tax forms Church employee. Free state tax forms    If you work for a church or a qualified church-controlled organization (other than as a minister or member of a religious order) that elected an exemption from social security and Medicare taxes, you are subject to SE tax if you receive $108. Free state tax forms 28 or more in wages from the church or organization. Free state tax forms For more information, see Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers. Free state tax forms Fishing crew member. Free state tax forms   If you are a member of the crew on a boat that catches fish or other water life, your earnings are subject to SE tax if all the following conditions apply. Free state tax forms You do not get any pay for the work except your share of the catch or a share of the proceeds from the sale of the catch, unless the pay meets all the following conditions. Free state tax forms The pay is not more than $100 per trip. Free state tax forms The pay is received only if there is a minimum catch. Free state tax forms The pay is solely for additional duties (such as mate, engineer, or cook) for which additional cash pay is traditional in the fishing industry. Free state tax forms You get a share of the catch or a share of the proceeds from the sale of the catch. Free state tax forms Your share depends on the amount of the catch. Free state tax forms The boat's operating crew normally numbers fewer than 10 individuals. Free state tax forms (An operating crew is considered as normally made up of fewer than 10 if the average size of the crew on trips made during the last four calendar quarters is fewer than 10. Free state tax forms ) Notary public. Free state tax forms   Fees you receive for services you perform as a notary public are reported on Schedule C or C-EZ but are not subject to self-employment tax (see the Instructions for Schedule SE (Form 1040)). Free state tax forms State or local government employee. Free state tax forms   You are subject to SE tax if you are an employee of a state or local government, are paid solely on a fee basis, and your services are not covered under a federal-state social security agreement. Free state tax forms Foreign government or international organization employee. Free state tax forms   You are subject to SE tax if both the following conditions are true. Free state tax forms You are a U. Free state tax forms S. Free state tax forms citizen employed in the United States, Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the Virgin Islands by: A foreign government, A wholly-owned agency of a foreign government, or An international organization. Free state tax forms Your employer is not required to withhold social security and Medicare taxes from your wages. Free state tax forms U. Free state tax forms S. Free state tax forms citizen or resident alien residing abroad. Free state tax forms    If you are a self-employed U. Free state tax forms S. Free state tax forms citizen or resident alien living outside the United States, in most cases you must pay SE tax. Free state tax forms Do not reduce your foreign earnings from self-employment by your foreign earned income exclusion. Free state tax forms Exception. Free state tax forms    The United States has social security agreements with many countries to eliminate double taxation under two social security systems. Free state tax forms Under these agreements, you generally must only pay social security and Medicare taxes to the country in which you live. Free state tax forms The country to which you must pay the tax will issue a certificate which serves as proof of exemption from social security tax in the other country. Free state tax forms   For more information, see the Instructions for Schedule SE (Form 1040). Free state tax forms More Than One Business If you have earnings subject to SE tax from more than one trade, business, or profession, you must combine the net profit (or loss) from each to determine your total earnings subject to SE tax. Free state tax forms A loss from one business reduces your profit from another business. Free state tax forms Community Property Income If any of the income from a trade or business, other than a partnership, is community property income under state law, it is included in the earnings subject to SE tax of the spouse carrying on the trade or business. Free state tax forms Gain or Loss Do not include in earnings subject to SE tax a gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers. Free state tax forms It does not matter whether the disposition is a sale, exchange, or an involuntary conversion. Free state tax forms Lost Income Payments If you are self-employed and reduce or stop your business activities, any payment you receive from insurance or other sources for the lost business income is included in earnings subject to SE tax. Free state tax forms If you are not working when you receive the payment, it still relates to your business and is included in earnings subject to SE tax, even though your business is temporarily inactive. Free state tax forms Figuring Earnings Subject to SE Tax Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. Free state tax forms The regular method. Free state tax forms The nonfarm optional method. Free state tax forms The farm optional method. Free state tax forms You must use the regular method unless you are eligible to use one or both of the optional methods. Free state tax forms 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. Free state tax forms You want to receive credit for social security benefit coverage. Free state tax forms You incurred child or dependent care expenses for which you could claim a credit. Free state tax forms (An optional method may increase your earned income, which could increase your credit. Free state tax forms ) You are entitled to the earned income credit. Free state tax forms (An optional method may increase your earned income, which could increase your credit. Free state tax forms ) You are entitled to the additional child tax credit. Free state tax forms (An optional method may increase your earned income, which could increase your credit. Free state tax forms ) Effects of using an optional method. Free state tax forms   Using an optional method could increase your SE tax. Free state tax forms Paying more SE tax could result in your getting higher benefits when you retire. Free state tax forms   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 tax or no tax using the regular method. Free state tax forms   The optional methods may be used only to figure your SE tax. Free state tax forms To figure your income tax, include your actual earnings in gross income, regardless of which method you use to determine SE tax. Free state tax forms Regular Method Multiply your total earnings subject to SE tax by 92. Free state tax forms 35% (. Free state tax forms 9235) to get your net earnings under the regular method. Free state tax forms See Short Schedule SE, line 4, or Long Schedule SE, line 4a. Free state tax forms Net earnings figured using the regular method are also called actual net earnings. Free state tax forms Nonfarm Optional Method Use the nonfarm optional method only for earnings that do not come from farming. Free state tax forms You may use this method if you meet all the following tests. Free state tax forms You are self-employed on a regular basis. Free state tax forms This means that your actual net earnings from self-employment were $400 or more in at least 2 of the 3 tax years before the one for which you use this method. Free state tax forms The net earnings can be from either farm or nonfarm earnings or both. Free state tax forms You have used this method less than 5 years. Free state tax forms (There is a 5-year lifetime limit. Free state tax forms ) The years do not have to be one after another. Free state tax forms Your net nonfarm profits were: Less than $5,024, and Less than 72. Free state tax forms 189% of your gross nonfarm income. Free state tax forms Net nonfarm profits. Free state tax forms   Net nonfarm profit generally is the total of the amounts from: Line 31, Schedule C (Form 1040), Line 3, Schedule C-EZ (Form 1040), Box 14, code A, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J1, Schedule K-1 (Form 1065-B). Free state tax forms   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. Free state tax forms Gross nonfarm income. Free state tax forms   Your gross nonfarm income generally is the total of the amounts from: Line 7, Schedule C (Form 1040), Line 1, Schedule C-EZ (Form 1040), Box 14, code C, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J2, Schedule K-1 (Form 1065-B). Free state tax forms Figuring Nonfarm Net Earnings If you meet the three tests explained earlier, use the following table to figure your net earnings from self-employment under the nonfarm optional method. Free state tax forms Table 10-1. Free state tax forms Figuring Nonfarm Net Earnings IF your gross nonfarm income is. Free state tax forms . Free state tax forms . Free state tax forms THEN your net earnings are equal to. Free state tax forms . Free state tax forms . Free state tax forms $6,960 or less Two-thirds of your gross nonfarm income. Free state tax forms More than $6,960 $4,640 Actual net earnings. Free state tax forms   Your actual net earnings are 92. Free state tax forms 35% of your total earnings subject to SE tax (that is, multiply total earnings subject to SE tax by 92. Free state tax forms 35% (. Free state tax forms 9235) to get actual net earnings). Free state tax forms Actual net earnings are equivalent to net earnings figured using the regular method. Free state tax forms Optional net earnings less than actual net earnings. Free state tax forms   You cannot use this method to report an amount less than your actual net earnings from self-employment. Free state tax forms Gross nonfarm income of $6,960 or less. Free state tax forms   The following examples illustrate how to figure net earnings when gross nonfarm income is $6,960 or less. Free state tax forms Example 1. Free state tax forms Net nonfarm profit less than $5,024 and less than 72. Free state tax forms 189% of gross nonfarm income. Free state tax forms Ann Green runs a craft business. Free state tax forms Her actual net earnings from self-employment were $800 in 2011 and $900 in 2012. Free state tax forms She meets the test for being self-employed on a regular basis. Free state tax forms She has used the nonfarm optional method less than 5 years. Free state tax forms Her gross income and net profit in 2013 are as follows: Gross nonfarm income $5,400 Net nonfarm profit $1,200 Ann's actual net earnings for 2013 are $1,108 ($1,200 × . Free state tax forms 9235). Free state tax forms Because her net profit is less than $5,024 and less than 72. Free state tax forms 189% of her gross income, she can use the nonfarm optional method to figure net earnings of $3,600 (2/3 × $5,400). Free state tax forms Because these net earnings are higher than her actual net earnings, she can report net earnings of $3,600 for 2013. Free state tax forms Example 2. Free state tax forms Net nonfarm profit less than $5,024 but not less than 72. Free state tax forms 189% of gross nonfarm income. Free state tax forms Assume that in Example 1 Ann's gross income is $1,000 and her net profit is $800. Free state tax forms She must use the regular method to figure her net earnings. Free state tax forms She cannot use the nonfarm optional method because her net profit is not less than 72. Free state tax forms 189% of her gross income. Free state tax forms Example 3. Free state tax forms Net loss from a nonfarm business. Free state tax forms Assume that in Example 1 Ann has a net loss of $700. Free state tax forms She can use the nonfarm optional method and report $3,600 (2/3 × $5,400) as her net earnings. Free state tax forms Example 4. Free state tax forms Nonfarm net earnings less than $400. Free state tax forms Assume that in Example 1 Ann has gross income of $525 and a net profit of $175. Free state tax forms In this situation, she would not pay any SE tax under either the regular method or the nonfarm optional method because her net earnings under both methods are less than $400. Free state tax forms Gross nonfarm income of more than $6,960. Free state tax forms   The following examples illustrate how to figure net earnings when gross nonfarm income is more than $6,960. Free state tax forms Example 1. Free state tax forms Net nonfarm profit less than $5,024 and less than 72. Free state tax forms 189% of gross nonfarm income. Free state tax forms John White runs an appliance repair shop. Free state tax forms His actual net earnings from self-employment were $10,500 in 2011 and $9,500 in 2012. Free state tax forms He meets the test for being self-employed on a regular basis. Free state tax forms He has used the nonfarm optional method less than 5 years. Free state tax forms His gross income and net profit in 2013 are as follows: Gross nonfarm income $12,000 Net nonfarm profit $1,200 John's actual net earnings for 2013 are $1,108 ($1,200 × . Free state tax forms 9235). Free state tax forms Because his net profit is less than $5,024 and less than 72. Free state tax forms 189% of his gross income, he can use the nonfarm optional method to figure net earnings of $4,640. Free state tax forms Because these net earnings are higher than his actual net earnings, he can report net earnings of $4,640 for 2013. Free state tax forms Example 2. Free state tax forms Net nonfarm profit not less than $5,024. Free state tax forms Assume that in Example 1 John's net profit is $5,400. Free state tax forms He must use the regular method. Free state tax forms He cannot use the nonfarm optional method because his net nonfarm profit is not less than $5,024. Free state tax forms Example 3. Free state tax forms Net loss from a nonfarm business. Free state tax forms Assume that in Example 1 John has a net loss of $700. Free state tax forms He can use the nonfarm optional method and report $4,640 as his net earnings from self-employment. Free state tax forms Farm Optional Method Use the farm optional method only for earnings from a farming business. Free state tax forms See Publication 225 for information about this method. Free state tax forms Using Both Optional Methods If you have both farm and nonfarm earnings, you may be able to use both optional methods to determine your net earnings from self-employment. Free state tax forms To figure your net earnings using both optional methods, you must: Figure your farm and nonfarm net earnings separately under each method. Free state tax forms Do not combine farm earnings with nonfarm earnings to figure your net earnings under either method. Free state tax forms Add the net earnings figured under each method to arrive at your total net earnings from self-employment. Free state tax forms You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. Free state tax forms If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. Free state tax forms Example. Free state tax forms You are a self-employed farmer. Free state tax forms You also operate a retail grocery store. Free state tax forms Your gross income, actual net earnings from self-employment, and optional farm and optional nonfarm net earnings from self-employment are shown in Table 10-2. Free state tax forms Table 10-2. Free state tax forms Example—Farm and Nonfarm Earnings Income and Earnings Farm Nonfarm Gross income $3,000 $6,000 Actual net earnings $900 $500 Optional net earnings (2/3 of gross income) $2,000 $4,000 Table 10-3 shows four methods or combinations of methods you can use to figure net earnings from self-employment using the farm and nonfarm gross income and actual net earnings shown in Table 10-2. Free state tax forms Method 1. Free state tax forms Using the regular method for both farm and nonfarm income. Free state tax forms Method 2. Free state tax forms Using the optional method for farm income and the regular method for nonfarm income. Free state tax forms Method 3. Free state tax forms Using the regular method for farm income and the optional method for nonfarm income. Free state tax forms Method 4. Free state tax forms Using the optional method for both farm and nonfarm income. Free state tax forms Note. Free state tax forms Actual net earnings is the same as net earnings figured using the regular method. Free state tax forms Table 10-3. Free state tax forms Example—Net Earnings Net Earnings 1 2 3 4 Actual  farm $ 900   $ 900   Optional  farm   $ 2,000   $ 2,000 Actual nonfarm $ 500 $ 500     Optional nonfarm     $4,000 $4,000 Amount you can report: $1,400 $2,500 $4,900 $4,640* *Limited to $4,640 because you used both optional methods. Free state tax forms Fiscal Year Filer If you use a tax year other than the calendar year, you must use the tax rate and maximum earnings limit in effect at the beginning of your tax year. Free state tax forms Even if the tax rate or maximum earnings limit changes during your tax year, continue to use the same rate and limit throughout your tax year. Free state tax forms Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. Free state tax forms Then enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. Free state tax forms Most taxpayers can use Section A—Short Schedule SE to figure their SE tax. Free state tax forms However, certain taxpayers must use Section B—Long Schedule SE. Free state tax forms 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. Free state tax forms Joint return. Free state tax forms   Even if you file a joint return, you cannot file a joint Schedule SE. Free state tax forms This is true whether one spouse or both spouses have earnings subject to SE tax. Free state tax forms If both of you have earnings subject to SE tax, each of you must complete a separate Schedule SE. Free state tax forms 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. Free state tax forms Attach both schedules to the joint return. Free state tax forms More than one business. Free state tax forms   If you have more than one trade or business, you must combine the net profit (or loss) from each business to figure your SE tax. Free state tax forms A loss from one business will reduce your profit from another business. Free state tax forms File one Schedule SE showing the earnings from self-employment, but file a separate Schedule C, C-EZ, or F for each business. Free state tax forms Example. Free state tax forms You are the sole proprietor of two separate businesses. Free state tax forms You operate a restaurant that made a net profit of $25,000. Free state tax forms You also have a cabinetmaking business that had a net loss of $500. Free state tax forms You must file a Schedule C for the restaurant showing your net profit of $25,000 and another Schedule C for the cabinetmaking business showing your net loss of $500. Free state tax forms You file Schedule SE showing total earnings subject to SE tax of $24,500. Free state tax forms Prev  Up  Next   Home   More Online Publications
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The Free State Tax Forms

Free state tax forms 15. Free state tax forms   Estimated Tax Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Special Estimated Tax Rules for Qualified FarmersQualified Farmer Special Rules for Qualified Farmers Estimated Tax Penalty for 2013 What's New Net Investment Income Tax. Free state tax forms . Free state tax forms  For tax years beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Free state tax forms NIIT is a 3. Free state tax forms 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Free state tax forms NIIT may need to be included when calculating your estimated tax. Free state tax forms For more information, see Publication 505,Tax Withholding and Estimated Tax. Free state tax forms Additional Medicare Tax. Free state tax forms  For tax years beginning in 2013, a 0. Free state tax forms 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income over a threshold amount based on your filing status. Free state tax forms You may need to include this amount when figuring your estimated tax. Free state tax forms For more information, see Publication 505. Free state tax forms Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. Free state tax forms See Publication 505 for the general rules and requirements for paying estimated tax. Free state tax forms If you are a qualified farmer, defined below, you are subject to the special rules covered in this chapter for paying estimated tax. Free state tax forms Topics - This chapter discusses: Special estimated tax rules for qualified farmers Estimated tax penalty Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Free state tax forms S. Free state tax forms Individual Income Tax Return 1040-ES Estimated Tax for Individuals 2210-F Underpayment of Estimated Tax by Farmers and Fishermen See chapter 16 for information about getting publications and forms. Free state tax forms Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. Free state tax forms If you are not a qualified farmer as defined next, see Publication 505 for the estimated tax rules that apply. Free state tax forms Qualified Farmer An individual is a qualified farmer for 2013 if at least two-thirds of his or her gross income from all sources for 2012 or 2013 was from farming. Free state tax forms See Gross Income , next, for information on how to figure your gross income from all sources and see Gross Income From Farming , later, for information on how to figure your gross income from farming. Free state tax forms See also Percentage From Farming , later, for information on how to determine the percentage of your gross income from farming. Free state tax forms Gross Income Gross income is all income you receive in the form of money, goods, property, and services that is not exempt from income tax. Free state tax forms On a joint return, you must add your spouse's gross income to your gross income. Free state tax forms To decide whether two-thirds of your gross income was from farming, use as your gross income the total of the following income (not loss) amounts from your tax return. Free state tax forms Wages, salaries, tips, etc. Free state tax forms Taxable interest. Free state tax forms Ordinary dividends. Free state tax forms Taxable refunds, credits, or offsets of state and local income taxes. Free state tax forms Alimony. Free state tax forms Gross business income from Schedule C (Form 1040). Free state tax forms Gross business receipts from Schedule C-EZ (Form 1040). Free state tax forms Capital gains from Schedule D (Form 1040). Free state tax forms Losses are not netted against gains. Free state tax forms Gains on sales of business property. Free state tax forms Taxable IRA distributions, pensions, annuities, and social security benefits. Free state tax forms Gross rental income from Schedule E (Form 1040). Free state tax forms Gross royalty income from Schedule E (Form 1040). Free state tax forms Taxable net income from an estate or trust reported on Schedule E (Form 1040). Free state tax forms Income from a Real Estate Mortgage Investment Conduit reported on Schedule E (Form 1040). Free state tax forms Gross farm rental income from Form 4835. Free state tax forms Gross farm income from Schedule F (Form 1040). Free state tax forms Your distributive share of gross income from a partnership, or limited liability company treated as a partnership, from Schedule K-1 (Form 1065). Free state tax forms Your pro rata share of gross income from an S corporation, from Schedule K-1 (Form 1120S). Free state tax forms Unemployment compensation. Free state tax forms Other income not included with any of the items listed above. Free state tax forms Gross Income From Farming Gross income from farming is income from cultivating the soil or raising agricultural commodities. Free state tax forms It includes the following amounts. Free state tax forms Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Free state tax forms Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Free state tax forms Crop shares for the use of your land. Free state tax forms Gains from sales of draft, breeding, dairy, or sporting livestock. Free state tax forms Gross income from farming is the total of the following amounts from your tax return. Free state tax forms Gross farm income from Schedule F (Form 1040). Free state tax forms Gross farm rental income from Form 4835. Free state tax forms Gross farm income from Schedule E (Form 1040), Parts II and III. Free state tax forms Gains from the sale of livestock used for draft, breeding, sport, or dairy purposes reported on Form 4797. Free state tax forms For more information about income from farming, see chapter 3. Free state tax forms Farm income does not include any of the following: Wages you receive as a farm employee. Free state tax forms Income you receive from contract grain harvesting and hauling with workers and machines you furnish. Free state tax forms Gains you receive from the sale of farm land and depreciable farm equipment. Free state tax forms Percentage From Farming Figure your gross income from all sources, discussed earlier. Free state tax forms Then figure your gross income from farming, discussed earlier. Free state tax forms Divide your farm gross income by your total gross income to determine the percentage of gross income from farming. Free state tax forms Example 1. Free state tax forms Jane Smith had the following total gross income and farm gross income amounts in 2013. Free state tax forms Gross Income   Total Farm Taxable interest $3,000   Dividends 500   Rental income (Sch E) 41,500   Farm income (Sch F) 75,000 $75,000 Gain (Form 4797) 5,000 5,000 Total $125,000 $80,000 Schedule D showed gain from the sale of dairy cows carried over from Form 4797 ($5,000) in addition to a loss from the sale of corporate stock ($2,000). Free state tax forms However, that loss is not netted against the gain to figure Ms. Free state tax forms Smith's total gross income or her gross farm income. Free state tax forms Her gross farm income is 64% of her total gross income ($80,000 ÷ $125,000 = 0. Free state tax forms 64). Free state tax forms Special Rules for Qualified Farmers The following special estimated tax rules apply if you are a qualified farmer for 2013. Free state tax forms You do not have to pay estimated tax if you file your 2013 tax return and pay all the tax due by March 3, 2014. Free state tax forms You do not have to pay estimated tax if your 2013 income tax withholding (including any amount applied to your 2013 estimated tax from your 2012 return) will be at least 662/3% (. Free state tax forms 6667) of the total tax shown on your 2013 tax return or 100% of the total tax shown on your 2012 return. Free state tax forms If you must pay estimated tax, you are required to make only one estimated tax payment (your required annual payment) by January 15, 2014, using special rules to figure the amount of the payment. Free state tax forms See Required Annual Payment , next, for details. Free state tax forms Figure 15-1 presents an overview of the special estimated tax rules that apply to qualified farmers. Free state tax forms Example 2. Free state tax forms Assume the same fact as in Example 1. Free state tax forms Ms. Free state tax forms Smith's gross farm income is only 64% of her total income. Free state tax forms Therefore, based on her 2013 income, she does not qualify to use the special estimated tax rules for qualified farmers. Free state tax forms However, she does qualify if at least two-thirds of her 2012 gross income was from farming. Free state tax forms Example 3. Free state tax forms Assume the same facts as in Example 1 except that Ms. Free state tax forms Smith's farm income from Schedule F was $90,000 instead of $75,000. Free state tax forms This made her total gross income $140,000 ($3,000 + $500 + $41,500 + $90,000 + $5,000) and her farm gross income $95,000 ($90,000 + $5,000). Free state tax forms She qualifies to use the special estimated tax rules for qualified farmers, since 67. Free state tax forms 9% (at least two-thirds) of her gross income is from farming ($95,000 ÷ $140,000 = . Free state tax forms 679). Free state tax forms Required Annual Payment If you are a qualified farmer and must pay estimated tax for 2013, use the worksheet on Form 1040-ES to figure the amount of your required annual payment. Free state tax forms Apply the following special rules for qualified farmers to the worksheet. Free state tax forms On line 14a, multiply line 13c by 662/3% (. Free state tax forms 6667). Free state tax forms On line 14b, enter 100% of the tax shown on your 2012 tax return regardless of the amount of your adjusted gross income. Free state tax forms For this purpose, the “tax shown on your 2012 tax return” is the amount on line 61 of your 2012 return modified by certain adjustments. Free state tax forms For more information, see chapter 4 of Publication 505. Free state tax forms Estimated Tax Penalty for 2013 If you do not pay all your required estimated tax for 2013 by January 15, 2014, or file your 2013 return and pay any tax due by March 3, 2014, you may owe a penalty. Free state tax forms Use Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to determine if you owe a penalty. Free state tax forms See the instructions for Form 2210-F. Free state tax forms Figure 15-1. Free state tax forms Estimated Tax for Farmers Please click here for the text description of the image. Free state tax forms Figure 2–A If you receive a penalty notice, do not ignore it, even if you think it is in error. Free state tax forms You may get a penalty notice even though you filed your return on time, attached Form 2210-F, and met the gross-income-from-farming requirement. Free state tax forms If you receive a penalty notice for underpaying estimated tax and you think it is in error, write to the address on the notice and explain why you think the notice is in error. Free state tax forms Include a computation similar to the one in Example 1 (earlier), showing that you met the gross income from farming requirement. Free state tax forms Prev  Up  Next   Home   More Online Publications