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H&r Block Tax Software

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H&r Block Tax Software

H&r block tax software 4. H&r block tax software   Underpayment Penalty for 2013 Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: General RuleFarmers and fishermen. H&r block tax software Higher income taxpayers. H&r block tax software Minimum required for higher income taxpayers. H&r block tax software Estate or trust payments of estimated tax. H&r block tax software Lowering or eliminating the penalty. H&r block tax software ExceptionsLess Than $1,000 Due No Tax Liability Last Year Figuring Your Required Annual Payment (Part I) Short Method for Figuring the Penalty (Part III) Regular Method for Figuring the Penalty (Part IV)Figuring Your Underpayment (Part IV, Section A) Worksheet for Form 2210, Part IV, Section B—Figuring the Penalty Annualized Income Installment Method (Schedule AI) Farmers and Fishermen Waiver of PenaltyFarmers and fishermen. H&r block tax software Introduction If you did not pay enough tax, either through withholding or by making timely estimated tax payments, you will have underpaid your estimated tax and may have to pay a penalty. H&r block tax software You may understand this chapter better if you can refer to a copy of your latest federal income tax return. H&r block tax software No penalty. H&r block tax software   Generally, you will not have to pay a penalty for 2013 if any of the following apply. H&r block tax software The total of your withholding and timely estimated tax payments was at least as much as your 2012 tax. H&r block tax software (See Special rules for certain individuals for higher income taxpayers and farmers and fishermen. H&r block tax software ) The tax balance due on your 2013 return is no more than 10% of your total 2013 tax, and you paid all required estimated tax payments on time. H&r block tax software Your total tax for 2013 (defined later) minus your withholding is less than $1,000. H&r block tax software You did not have a tax liability for 2012. H&r block tax software You did not have any withholding taxes and your current year tax (less any household employment taxes) is less than $1,000. H&r block tax software IRS can figure the penalty for you. H&r block tax software   If you think you owe the penalty, but you do not want to figure it yourself when you file your tax return, you may not have to. H&r block tax software Generally, the IRS will figure the penalty for you and send you a bill. H&r block tax software   You only need to figure your penalty in the following three situations. H&r block tax software You are requesting a waiver of part, but not all, of the penalty. H&r block tax software You are using the annualized income installment method to figure the penalty. H&r block tax software You are treating the federal income tax withheld from your income as paid on the dates actually withheld. H&r block tax software However, if these situations do not apply to you, and you think you can lower or eliminate your penalty, complete Form 2210 or Form 2210-F and attach it to your return. H&r block tax software See Form 2210 , later. H&r block tax software Topics - This chapter discusses: The general rule for the underpayment penalty, Special rules for certain individuals, Exceptions to the underpayment penalty, How to figure your underpayment and the amount of your penalty on Form 2210, and How to ask the IRS to waive the penalty. H&r block tax software Useful Items - You may want to see: Form (and Instructions) 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts 2210-F Underpayment of Estimated Tax by Farmers and Fishermen See chapter 5 for information about getting these forms. H&r block tax software General Rule In general, you may owe a penalty for 2013 if the total of your withholding and timely estimated tax payments did not equal at least the smaller of: 90% of your 2013 tax, or 100% of your 2012 tax. H&r block tax software (Your 2012 tax return must cover a 12-month period. H&r block tax software ) Your 2013 tax, for this purpose, is defined under Total tax for 2013 , later. H&r block tax software Special rules for certain individuals. H&r block tax software   There are special rules for farmers and fishermen and certain higher income taxpayers. H&r block tax software Farmers and fishermen. H&r block tax software   If at least two-thirds of your gross income for 2012 or 2013 is from farming or fishing, substitute  662/3% for 90% in (1) above. H&r block tax software   See Farmers and Fishermen , later. H&r block tax software Higher income taxpayers. H&r block tax software   If your AGI for 2012 was more than $150,000 ($75,000 if your 2013 filing status is married filing a separate return), substitute 110% for 100% in (2) under General Rule . H&r block tax software This rule does not apply to farmers or fishermen. H&r block tax software   For 2012, AGI is the amount shown on Form 1040, line 37; Form 1040A, line 21; and Form 1040EZ, line 4. H&r block tax software Penalty figured separately for each period. H&r block tax software   Because the penalty is figured separately for each payment period, you may owe a penalty for an earlier payment period even if you later paid enough to make up the underpayment. H&r block tax software This is true even if you are due a refund when you file your income tax return. H&r block tax software Example. H&r block tax software You did not make estimated tax payments for 2013 because you thought you had enough tax withheld from your wages. H&r block tax software Early in January 2014, you made an estimate of your total 2013 tax. H&r block tax software Then you realized that your withholding was $2,000 less than the amount needed to avoid a penalty for underpayment of estimated tax. H&r block tax software On January 10, you made an estimated tax payment of $3,000, which is the difference between your withholding and your estimate of your total tax. H&r block tax software Your final return shows your total tax to be $50 less than your estimate, so you are due a refund. H&r block tax software You do not owe a penalty for your payment due January 15, 2014. H&r block tax software However, you may owe a penalty through January 10, 2014, the day you made the $3,000 payment, for your underpayments for the earlier payment periods. H&r block tax software Minimum required each period. H&r block tax software   You will owe a penalty for any 2013 payment period for which your estimated tax payment plus your withholding for the period and overpayments applied from previous periods was less than the smaller of: 22. H&r block tax software 5% of your 2013 tax, or 25% of your 2012 tax. H&r block tax software (Your 2012 tax return must cover a 12-month period. H&r block tax software ) Minimum required for higher income taxpayers. H&r block tax software   If you are subject to the rule for higher income taxpayers, discussed above, substitute 27. H&r block tax software 5% for 25% in (2) under General Rule . H&r block tax software When penalty is charged. H&r block tax software   If you miss a payment or you paid less than the minimum required in a period, you may be charged an underpayment penalty from the date the amount was due to the date the payment is made. H&r block tax software If a payment is mailed, the date of the U. H&r block tax software S. H&r block tax software postmark is considered the date of payment. H&r block tax software   If a payment is made electronically, the date the payment is shown on your payment account (checking, savings, etc. H&r block tax software ) is considered to be the date of payment. H&r block tax software Estate or trust payments of estimated tax. H&r block tax software   If you have estimated taxes credited to you from an estate or trust (Schedule K-1 (Form 1041)), treat the payment as made by you on January 15, 2014. H&r block tax software Amended returns. H&r block tax software    If you file an amended return by the due date of your original return, use the tax shown on your amended return to figure your required estimated tax payments. H&r block tax software If you file an amended return after the due date of the original return, use the tax shown on the original return. H&r block tax software   However, if you and your spouse file a joint return after the due date to replace separate returns you originally filed by the due date, use the tax shown on the joint return to figure your required estimated tax payments. H&r block tax software This rule applies only if both original separate returns were filed on time. H&r block tax software 2012 separate returns and 2013 joint return. H&r block tax software    If you file a joint return with your spouse for 2013, but you filed separate returns for 2012, your 2012 tax is the total of the tax shown on your separate returns. H&r block tax software You filed a separate return if you filed as single, head of household, or married filing separately. H&r block tax software 2012 joint return and 2013 separate returns. H&r block tax software    If you file a separate return for 2013, but you filed a joint return with your spouse for 2012, your 2012 tax is your share of the tax on the joint return. H&r block tax software You are filing a separate return if you file as single, head of household, or married filing separately. H&r block tax software   To figure your share of the taxes on a joint return, first figure the tax both you and your spouse would have paid had you filed separate returns for 2012 using the same filing status as for 2013. H&r block tax software Then multiply the tax on the joint return by the following fraction. H&r block tax software   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. H&r block tax software Lisa and Paul filed a joint return for 2012 showing taxable income of $49,000 and a tax of $6,484. H&r block tax software Of the $49,000 taxable income, $41,000 was Lisa's and the rest was Paul's. H&r block tax software For 2013, they file married filing separately. H&r block tax software Lisa figures her share of the tax on the 2012 joint return as follows. H&r block tax software 2012 tax on $41,000 based on a separate return $ 6,286 2012 tax on $8,000 based on a  separate return 803 Total $ 7,089 Lisa's percentage of total tax  ($6,286 ÷ $ 7,089) 88. H&r block tax software 67% Lisa's part of tax on joint return ($6,484 × 88. H&r block tax software 67%) $ 5,749 Form 2210. H&r block tax software   In most cases, you do not need to file Form 2210. H&r block tax software The IRS will figure the penalty for you and send you a bill. H&r block tax software If you want us to figure the penalty for you, leave the penalty line on your return blank. H&r block tax software Do not file Form 2210. H&r block tax software   To determine if you should file Form 2210, see Part II of Form 2210. H&r block tax software If you decide to figure your penalty, complete Part I, Part II, and either Part III or Part IV of the form and the Penalty Worksheet in the Instructions for Form 2210. H&r block tax software If you use Form 2210, you cannot file Form 1040EZ. H&r block tax software   On Form 1040, enter the amount of your penalty on line 77. H&r block tax software If you owe tax on line 76, add the penalty to your tax due and show your total payment on line 76. H&r block tax software If you are due a refund, subtract the penalty from the overpayment and enter the result on line 73. H&r block tax software   On Form 1040A, enter the amount of your penalty on line 46. H&r block tax software If you owe tax on line 45, add the penalty to your tax due and show your total payment on line 45. H&r block tax software If you are due a refund, subtract the penalty from the overpayment and enter the result on line 42. H&r block tax software Lowering or eliminating the penalty. H&r block tax software    You may be able to lower or eliminate your penalty if you file Form 2210. H&r block tax software You must file Form 2210 with your return if any of the following applies. H&r block tax software You request a waiver. H&r block tax software See Waiver of Penalty , later. H&r block tax software You use the annualized income installment method. H&r block tax software See the explanation of this method under Annualized Income Installment Method (Schedule AI) . H&r block tax software You use your actual withholding for each payment period for estimated tax purposes. H&r block tax software See Actual withholding method under Figuring Your Underpayment (Part IV, Section A). H&r block tax software You base any of your required installments on the tax shown on your 2012 return and you filed or are filing a joint return for either 2012 or 2013, but not for both years. H&r block tax software Exceptions Generally, you do not have to pay an underpayment penalty if either: Your total tax is less than $1,000, or You had no tax liability last year. H&r block tax software Less Than $1,000 Due You do not owe a penalty if the total tax shown on your return minus the amount you paid through withholding (including excess social security and tier 1 railroad retirement (RRTA) tax withholding) is less than $1,000. H&r block tax software Total tax for 2013. H&r block tax software   For 2013, your total tax on Form 1040 is the amount on line 61 reduced by the following. H&r block tax software    Unreported social security and Medicare tax or RRTA tax from Forms 4137 or 8919 (line 57). H&r block tax software Any tax included on line 58 for excess contributions to IRAs, Archer MSAs, Coverdell education savings accounts, and health savings accounts, or any tax on excess accumulations in qualified retirement plans. H&r block tax software The following write-ins on line 60: Uncollected social security and Medicare tax or RRTA tax on tips or group-term life insurance, Tax on excess golden parachute payments, Excise tax on insider stock compensation from an expatriated corporation, Look-back interest due under section 167(g), Look-back interest due under section 460(b), Recapture of federal mortgage subsidy, and Additional tax on advance payments of health coverage tax credit when not eligible. H&r block tax software Any refundable credit amounts listed on lines 64a, 65, 66, 70, and any credit from Form 8885 included on line 71. H&r block tax software   If you filed Form 1040A, your 2013 total tax is the amount on line 35 reduced by any refundable credits on lines 38a, 39, and 40. H&r block tax software   If you filed Form 1040EZ, your 2013 total tax is the amount on line 10 reduced by the amount on line 8a. H&r block tax software Note. H&r block tax software When figuring the amount on line 60, include household employment taxes only if you had federal income tax withheld from your income or you would owe the penalty even if you did not include those taxes. H&r block tax software Paid through withholding. H&r block tax software    For 2013, the amount you paid through withholding on Form 1040 is the amount on line 62 plus any excess social security or tier 1 RRTA tax withholding on line 69. H&r block tax software Add to that any write-in amount on line 72 identified as “Form 8689. H&r block tax software ” On Form 1040A, the amount you paid through withholding is the amount on line 36 plus any excess social security or tier 1 RRTA tax withholding included on line 41. H&r block tax software On Form 1040EZ, it is the amount on line 7. H&r block tax software No Tax Liability Last Year You do not owe a penalty if you had no tax liability last year and you were a U. H&r block tax software S. H&r block tax software citizen or resident for the whole year. H&r block tax software For this rule to apply, your tax year must have included all 12 months of the year. H&r block tax software You had no tax liability for 2012 if your total tax was zero or you were not required to file an income tax return. H&r block tax software Example. H&r block tax software Ray, who is single and 22 years old, was unemployed for a few months during 2012. H&r block tax software He earned $6,700 in wages before he was laid off, and he received $1,400 in unemployment compensation afterwards. H&r block tax software He had no other income. H&r block tax software Even though he had gross income of $8,100, he did not have to pay income tax because his gross income was less than the filing requirement for a single person under age 65 ($9,750 for 2012). H&r block tax software He filed a return only to have his withheld income tax refunded to him. H&r block tax software In 2013, Ray began regular work as an independent contractor. H&r block tax software Ray made no estimated tax payments in 2013. H&r block tax software Even though he did owe tax at the end of the year, Ray does not owe the underpayment penalty for 2013 because he had no tax liability in 2012. H&r block tax software Total tax for 2012. H&r block tax software   For 2012, your total tax on Form 1040 is the amount on line 61 reduced by the following. H&r block tax software    Unreported social security and Medicare tax or RRTA tax from Forms 4137 or 8919 (line 57). H&r block tax software Any tax included on line 58 for excess contributions to IRAs, Archer MSAs, Coverdell education savings accounts, and health savings accounts, or any tax on excess accumulations in qualified retirement plans. H&r block tax software The following write-ins on line 60: Uncollected social security and Medicare tax or RRTA tax on tips or group-term life insurance, Tax on excess golden parachute payments, Excise tax on insider stock compensation from an expatriated corporation, Look-back interest due under section 167(g), Look-back interest due under section 460(b), Recapture of federal mortgage subsidy, and Additional tax on advance payments of health coverage tax credit when not eligible. H&r block tax software Any refundable credit amounts listed on lines 64a, 65, 66, 70, and credits from Forms 8801 (line 27 only), and 8885 included on line 71. H&r block tax software   If you filed Form 1040A, your 2012 total tax is the amount on line 35 reduced by any refundable credits on lines 38a, 39, and 40. H&r block tax software   If you filed Form 1040EZ, your 2012 total tax is the amount on line 11 reduced by the amount on line 8a. H&r block tax software Figuring Your Required Annual Payment (Part I) Figure your required annual payment in Part I of Form 2210, following the line-by-line instructions. H&r block tax software If you rounded the entries on your tax return to whole dollars, you can round on Form 2210. H&r block tax software Example. H&r block tax software The tax on Lori Lane's 2012 return was $12,400. H&r block tax software Her AGI was not more than $150,000 for either 2012 or 2013. H&r block tax software The tax on her 2013 return (Form 1040, line 55) is $13,044. H&r block tax software Line 56 (self-employment tax) is $8,902. H&r block tax software Her 2013 total tax is $21,946. H&r block tax software For 2013, Lori had $1,600 income tax withheld and made four equal estimated tax payments ($1,000 each). H&r block tax software 90% of her 2013 tax is $19,751. H&r block tax software Because she paid less than her 2012 tax ($12,400) and less than 90% of her 2013 tax ($19,751), and does not meet an exception, Lori knows that she owes a penalty for underpayment of estimated tax. H&r block tax software The IRS will figure the penalty for Lori, but she decides to figure it herself on Form 2210 and pay it with her taxes when she files her tax return. H&r block tax software Lori's required annual payment is $12,400 (100% of 2012 tax) because that is smaller than 90% of her 2013 tax. H&r block tax software Different 2012 filing status. H&r block tax software    If you file a separate return for 2013, but you filed a joint return with your spouse for 2012, see 2012 joint return and 2013 separate returns , earlier, to figure the amount to enter as your 2012 tax on line 8 of Form 2210. H&r block tax software Short Method for Figuring the Penalty (Part III) You may be able to use the short method in Part III of Form 2210 to figure your penalty for underpayment of estimated tax. H&r block tax software If you qualify to use this method, it will result in the same penalty amount as the regular method. H&r block tax software However, either the annualized income installment method or the actual withholding method, explained later, may result in a smaller penalty. H&r block tax software You can use the short method only if you meet one of the following requirements. H&r block tax software You made no estimated tax payments for 2013 (it does not matter whether you had income tax withholding). H&r block tax software You paid the same amount of estimated tax on each of the four payment due dates. H&r block tax software If you do not meet either requirement, figure your penalty using the regular method in Part IV of Form 2210 and the Penalty Worksheet in the instructions. H&r block tax software Note. H&r block tax software If any payment was made before the due date, you can use the short method, but the penalty may be less if you use the regular method. H&r block tax software However, if the payment was only a few days early, the difference is likely to be small. H&r block tax software You cannot use the short method if any of the following apply. H&r block tax software You made any estimated tax payments late. H&r block tax software You checked box C or D in Part II of Form 2210. H&r block tax software You are filing Form 1040NR or 1040NR-EZ and you did not receive wages as an employee subject to U. H&r block tax software S. H&r block tax software income tax withholding. H&r block tax software If you use the short method, you cannot use the annualized income installment method to figure your underpayment for each payment period. H&r block tax software Also, you cannot use your actual withholding during each period to figure your payments for each period. H&r block tax software These methods, which may give you a smaller penalty amount, are explained under Figuring Your Underpayment (Part IV, Section A). H&r block tax software Complete Part III of Form 2210 following the line-by-line instructions in the Instructions for Form 2210. H&r block tax software Regular Method for Figuring the Penalty (Part IV) You can use the regular method in Part IV of Form 2210 to figure your penalty for underpayment of estimated tax if you paid one or more estimated tax payments earlier than the due date. H&r block tax software You must use the regular method in Part IV of Form 2210 to figure your penalty for underpayment of estimated tax if any of the following apply to you. H&r block tax software You paid one or more estimated tax payments on a date after the due date. H&r block tax software You paid at least one, but less than four, installments of estimated tax. H&r block tax software You paid estimated tax payments in un- equal amounts. H&r block tax software You use the annualized income installment method to figure your underpayment for each payment period. H&r block tax software You use your actual withholding during each payment period to figure your payments. H&r block tax software Under the regular method, figure your underpayment for each payment period in Section A, then figure your penalty using the Penalty Worksheet in the Instructions for Form 2210. H&r block tax software Enter the results on line 27 of Section B. H&r block tax software Figuring Your Underpayment (Part IV, Section A) Figure your underpayment of estimated tax for each payment period in Section A following the line-by-line instructions in the Instructions for Form 2210. H&r block tax software Complete lines 20 through 26 of the first column before going to line 20 of the next column. H&r block tax software Required installments—line 18. H&r block tax software   Your required payment for each payment period (line 18) is usually one-fourth of your required annual payment (Part I, line 9). H&r block tax software This method—the regular method—is the one to use if you received your income evenly throughout the year. H&r block tax software   However, if you did not receive your income evenly throughout the year, you may be able to lower or eliminate your penalty by figuring your underpayment using the annualized income installment method. H&r block tax software First complete Schedule AI (Form 2210), then enter the amounts from line 25 of that schedule on line 18 of Form 2210, Part IV. H&r block tax software See Annualized Income Installment Method (Schedule AI), later. H&r block tax software Payments made—line 19. H&r block tax software   Enter in each column the total of: Your estimated tax paid after the due date for the previous column and by the due date shown at the top of the column, and One-fourth of your withholding. H&r block tax software For special rules for figuring your payments, see Form 2210 instructions for line 19. H&r block tax software   If you file Form 1040, your withholding is the amount on line 62, plus any excess social security or tier 1 RRTA tax withholding on line 69. H&r block tax software If you file Form 1040A, your withholding is the amount on line 36 plus any excess social security or tier 1 RRTA tax withholding included in line 41. H&r block tax software Actual withholding method. H&r block tax software    Instead of using one-fourth of your withholding for each quarter, you can choose to use the amounts actually withheld by each due date. H&r block tax software You can make this choice separately for the tax withheld from your wages and for all other withholding. H&r block tax software This includes any excess social security and tier 1 RRTA tax withheld. H&r block tax software   Using your actual withholding may result in a smaller penalty if most of your withholding occurred early in the year. H&r block tax software   If you use your actual withholding, you must check box D in Form 2210, Part II. H&r block tax software Then complete Form 2210 using the regular method (Part IV) and file it with your return. H&r block tax software Worksheet for Form 2210, Part IV, Section B—Figuring the Penalty Figure the amount of your penalty for Section B using the Penalty Worksheet in the Form 2210 instructions. H&r block tax software The penalty is imposed on each underpayment amount shown on Form 2210, Section A, line 25, for the number of days that it remained unpaid. H&r block tax software For 2013, there are four rate periods—April 16 through June 30, July 1 through September 30, October 1 through December 31, and January 1, 2014 through April 15, 2014. H&r block tax software A 3% rate applies to all four periods. H&r block tax software Payments. H&r block tax software    Before completing the Penalty Worksheet, it may be helpful to make a list of the payments you made and income tax withheld after the due date (or the last day payments could be made on time) for the earliest payment period an underpayment occurred. H&r block tax software For example, if you had an underpayment for the first payment period, list your payments after April 15, 2013. H&r block tax software You can use the table in the Form 2210 instructions to make your list. H&r block tax software Follow those instructions for listing income tax withheld and payments made with your return. H&r block tax software Use the list to determine when each underpayment was paid. H&r block tax software   If you mail your estimated tax payments, use the date of the U. H&r block tax software S. H&r block tax software postmark as the date of payment. H&r block tax software Line 1b. H&r block tax software   Apply the payments listed to underpayment balance in the first column until it is fully paid. H&r block tax software Apply payments in the order made. H&r block tax software Figuring the penalty. H&r block tax software   If an underpayment was paid in two or more payments on different dates, you must figure the penalty separately for each payment. H&r block tax software On line 3 of the Penalty Worksheet enter the number of days between the due date (line 2) and the date of each payment on line 1b. H&r block tax software On line 4 figure the penalty for the amount of each payment applied on line 1b or the amount remaining unpaid. H&r block tax software If no payments are applied, figure the penalty on the amount on line 1a. H&r block tax software Aid for counting days. H&r block tax software    Table 4-1 provides a simple method for counting the number of days between a due date and a payment date. H&r block tax software Find the number for the date the payment was due by going across to the column of the month the payment was due and moving down the column to the due date. H&r block tax software In the same manner, find the number for the date the payment was made. H&r block tax software Subtract the due date “number” from the payment date “number. H&r block tax software ”   For example, if a payment was due on June 15 (61), but was not paid until September 1 (139), the payment was 78 (139 – 61) days late. H&r block tax software Table 4-1. H&r block tax software Calendar To Determine the Number of Days a Payment Is Late Instructions. H&r block tax software Use this table with Form 2210 if you are completing Part IV, Section B. H&r block tax software First, find the number for the payment due date by going across to the column of the month the payment was due and moving down the column to the due date. H&r block tax software Then, in the same manner, find the number for the date the payment was made. H&r block tax software Finally, subtract the due date number from the payment date number. H&r block tax software The result is the number of days the payment is late. H&r block tax software Example. H&r block tax software The payment due date is June 15 (61). H&r block tax software The payment was made on November 4 (203). H&r block tax software The payment is 142 days late (203 – 61). H&r block tax software Tax Year 2013 Day of 2013 2013 2013 2013 2013 2013 2013 2013 2013 2014 2014 2014 2014 Month April May June July Aug. H&r block tax software Sept. H&r block tax software Oct. H&r block tax software Nov. H&r block tax software Dec. H&r block tax software Jan. H&r block tax software Feb. H&r block tax software Mar. H&r block tax software Apr. H&r block tax software 1   16 47 77 108 139 169 200 230 261 292 320 351 2   17 48 78 109 140 170 201 231 262 293 321 352 3   18 49 79 110 141 171 202 232 263 294 322 353 4   19 50 80 111 142 172 203 233 264 295 323 354 5   20 51 81 112 143 173 204 234 265 296 324 355 6   21 52 82 113 144 174 205 235 266 297 325 356 7   22 53 83 114 145 175 206 236 267 298 326 357 8   23 54 84 115 146 176 207 237 268 299 327 358 9   24 55 85 116 147 177 208 238 269 300 328 359 10   25 56 86 117 148 178 209 239 270 301 329 360 11   26 57 87 118 149 179 210 240 271 302 330 361 12   27 58 88 119 150 180 211 241 272 303 331 362 13   28 59 89 120 151 181 212 242 273 304 332 363 14   29 60 90 121 152 182 213 243 274 305 333 364 15 0 30 61 91 122 153 183 214 244 275 306 334 365 16 1 31 62 92 123 154 184 215 245 276 307 335   17 2 32 63 93 124 155 185 216 246 277 308 336   18 3 33 64 94 125 156 186 217 247 278 309 337   19 4 34 65 95 126 157 187 218 248 279 310 338   20 5 35 66 96 127 158 188 219 249 280 311 339   21 6 36 67 97 128 159 189 220 250 281 312 340   22 7 37 68 98 129 160 190 221 251 282 313 341   23 8 38 69 99 130 161 191 222 252 283 314 342   24 9 39 70 100 131 162 192 223 253 284 315 343   25 10 40 71 101 132 163 193 224 254 285 316 344   26 11 41 72 102 133 164 194 225 255 286 317 345   27 12 42 73 103 134 165 195 226 256 287 318 346   28 13 43 74 104 135 166 196 227 257 288 319 347   29 14 44 75 105 136 167 197 228 258 289   348   30 15 45 76 106 137 168 198 229 259 290   349   31   46   107 138   199   260 291   350   Annualized Income Installment Method (Schedule AI) If you did not receive your income evenly throughout the year (for example, your income from a shop you operated at a marina was much larger in the summer than it was during the rest of the year), you may be able to lower or eliminate your penalty by figuring your underpayment using the annualized income installment method. H&r block tax software Under this method, your required installment (Part IV, line 18) for one or more payment periods may be less than one-fourth of your required annual payment. H&r block tax software To figure your underpayment using this method, complete Form 2210, Schedule AI. H&r block tax software Schedule AI annualizes your tax at the end of each payment period based on your income, deductions, and other items relating to events that occurred from the beginning of the tax year through the end of the period. H&r block tax software If you use the annualized income installment method, you must check box C in Part II of Form 2210. H&r block tax software Also, you must attach Form 2210 and Schedule AI to your return. H&r block tax software If you use Schedule AI for any payment due date, you must use it for all payment due dates. H&r block tax software Completing Schedule AI. H&r block tax software   Follow the Form 2210 instructions to complete Schedule AI. H&r block tax software For each period shown on Schedule AI, figure your income and deductions based on your method of accounting. H&r block tax software If you use the cash method of accounting (used by most people), include all income actually or constructively received during the period and all deductions actually paid during the period. H&r block tax software Note. H&r block tax software Each period includes amounts from the previous period(s). H&r block tax software Period (a) includes items for January 1 through March 31. H&r block tax software Period (b) includes items for January 1 through May 31. H&r block tax software Period (c) includes items for January 1 through August 31. H&r block tax software Period (d) includes items for the entire year. H&r block tax software Farmers and Fishermen If you are a farmer or fisherman, the following special rules for underpayment of estimated tax apply to you. H&r block tax software The penalty for underpaying your 2013 estimated tax will not apply if you file your return and pay all the tax due by March 3, 2014. H&r block tax software If you are a fiscal year taxpayer, the penalty will not apply if you file your return and pay the tax due by the first day of the third month after the end of your tax year. H&r block tax software Any penalty you owe for underpaying your 2013 estimated tax will be figured from one payment due date, January 15, 2014. H&r block tax software The underpayment penalty for 2013 is figured on the difference between the amount of 2013 withholding plus estimated tax paid by the due date and the smaller of: 662/3% (rather than 90%) of your 2013 tax, or 100% of the tax shown on your 2012 return. H&r block tax software Even if these special rules apply to you, you will not owe the penalty if you meet either of the two conditions discussed under Exceptions . H&r block tax software See Who Must Pay Estimated Tax in chapter 2 for the definition of a farmer or fisherman who is eligible for these special rules. H&r block tax software Form 2210-F. H&r block tax software   Use Form 2210-F to figure any underpayment penalty. H&r block tax software Do not attach it to your return unless you check a box in Part I. H&r block tax software However, if none of the boxes apply to you and you owe a penalty, you do not need to attach Form 2210-F. H&r block tax software Enter the amount from line 16 on Form 1040, line 77 and add the penalty to any balance due on your return or subtract it from your refund. H&r block tax software Keep your filled-in Form 2210-F for your records. H&r block tax software    If none of the boxes on Form 2210-F apply to you and you owe a penalty, the IRS can figure your penalty and send you a bill. H&r block tax software Waiver of Penalty The IRS can waive the penalty for underpayment if either of the following applies. H&r block tax software You did not make a payment because of a casualty, disaster, or other unusual circumstance and it would be inequitable to impose the penalty. H&r block tax software You retired (after reaching age 62) or became disabled in 2012 or 2013 and both the following requirements are met. H&r block tax software You had a reasonable cause for not making the payment. H&r block tax software Your underpayment was not due to willful neglect. H&r block tax software How to request a waiver. H&r block tax software   To request a waiver, see the Instructions for Form 2210. H&r block tax software Farmers and fishermen. H&r block tax software   To request a waiver, see the Instructions for Form 2210-F. H&r block tax software Federally declared disaster. H&r block tax software   Certain estimated tax payment deadlines for taxpayers who reside or have a business in a federally declared disaster area are postponed for a period during and after the disaster. H&r block tax software During the processing of your tax return, the IRS automatically identifies taxpayers located in a covered disaster area (by county or parish) and applies the appropriate penalty relief. H&r block tax software Do not file Form 2210 or 2210-F if your underpayment was due to a federally declared disaster. H&r block tax software If you still owe a penalty after the automatic waiver is applied, we will send you a bill. H&r block tax software   Individuals, estates, and trusts not in a covered disaster area but whose books, records, or tax professionals' offices are in a covered area are also entitled to relief. H&r block tax software Also eligible are relief workers affiliated with a recognized government or charitable organization assisting in the relief activities in a covered disaster area. H&r block tax software If you meet either of these eligibility requirements, you must call the IRS disaster hotline at 1-866-562-5227 and identify yourself as eligible for this relief. H&r block tax software   Details on the applicable disaster postponement period can be found at IRS. H&r block tax software gov. H&r block tax software Enter Tax Relief in Disaster Situations. H&r block tax software Select the federally declared disaster that affected you. H&r block tax software    Worksheet 4-1. H&r block tax software 2013 Form 2210, Schedule AI—Line 12 Qualified Dividends and Capital Gain Tax Worksheet Note. H&r block tax software To figure the annualized entries for lines 2, 3, and 5 below, multiply the expected amount for the period by the  annualization amount on line 2 of Schedule AI for the same period. H&r block tax software                   1. H&r block tax software Enter line 11 of your Schedule AI, or line 3 from Worksheet 4-2 1. H&r block tax software       2. H&r block tax software Enter your annualized qualified dividends for the period 2. H&r block tax software           3. H&r block tax software Are you filing Schedule D?               □ Yes. H&r block tax software Enter the smaller of your annualized amount from line 15 or line 16 of Schedule D. H&r block tax software If either line 15 or line 16 is blank or a loss, enter -0-. H&r block tax software 3. H&r block tax software             □ No. H&r block tax software Enter your annualized capital gain distributions from Form 1040, line 13             4. H&r block tax software Add lines 2 and 3   4. H&r block tax software           5. H&r block tax software If you are claiming investment interest expense on Form 4952, enter your annualized amount from line 4g of that form. H&r block tax software Otherwise, enter -0-   5. H&r block tax software           6. H&r block tax software Subtract line 5 from line 4. H&r block tax software If zero or less, enter -0- 6. H&r block tax software       7. H&r block tax software Subtract line 6 from line 1. H&r block tax software If zero or less, enter -0- 7. H&r block tax software       8. H&r block tax software Enter: $36,900 if single or married filing separately, $73,800 if married filing jointly or qualifying widow(er), $49,400 if head of household. H&r block tax software 8. H&r block tax software       9. H&r block tax software Enter the smaller of line 1 or line 8 9. H&r block tax software       10. H&r block tax software Enter the smaller of line 7 or line 9 10. H&r block tax software       11. H&r block tax software Subtract line 10 from line 9. H&r block tax software This amount is taxed at 0% 11. H&r block tax software       12. H&r block tax software Enter the smaller of line 1 or line 6 12. H&r block tax software       13. H&r block tax software Enter the amount from line 11 13. H&r block tax software       14. H&r block tax software Subtract line 13 from line 12 14. H&r block tax software       15. H&r block tax software Multiply line 14 by 15% (. H&r block tax software 15) 15. H&r block tax software   16. H&r block tax software Figure the tax on the amount on line 7. H&r block tax software If the amount on line 7 is less than $100,000, use the Tax Table in the 2013 Form 1040 instructions to figure this tax. H&r block tax software If the amount on line 7 is $100,000 or more, use the Tax Computation Worksheet in the 2013 Form 1040 instructions 16. H&r block tax software   17. H&r block tax software Add lines 15 and 16 17. H&r block tax software   18. H&r block tax software Figure the tax on the amount on line 1. H&r block tax software If the amount on line 1 is less than $100,000, use the Tax Table in the 2013 Form 1040 instructions to figure this tax. H&r block tax software If the amount on line 1 is $100,000 or more, use the Tax Computation Worksheet in the 2013 Form 1040 instructions 18. H&r block tax software   19. H&r block tax software Tax on all taxable income. H&r block tax software Enter the smaller of line 17 or line 18. H&r block tax software Also enter this amount on line 12 of Schedule AI in the appropriate column. H&r block tax software However, if you are using this worksheet to figure the tax on the amount on line 3 of Worksheet 4-2, enter the amount from line 19 on Worksheet 4-2, line 4 19. H&r block tax software   Worksheet 4-2. H&r block tax software 2013 Form 2210, Schedule AI—Line 12 Foreign Earned Income Tax Worksheet Before you begin:If Schedule AI, line 11, is zero for the period, do not complete this worksheet. H&r block tax software             1. H&r block tax software Enter the amount from line 11 of Schedule AI for the period 1. H&r block tax software   2. H&r block tax software Enter the annualized amount* of foreign earned income and housing amount excluded or deducted (from  Form 2555, lines 45 and 50, or Form 2555-EZ, line 18) in figuring the amount entered for the period on line 1  of Schedule AI 2. H&r block tax software   3. H&r block tax software Add lines 1 and 2 3. H&r block tax software   4. H&r block tax software Tax on the amount on line 3. H&r block tax software Use the Tax Table, Tax Computation Worksheet, Form 8615**, Qualified Dividends and Capital Gain Tax Worksheet***, or Schedule D Tax Worksheet***, whichever applies. H&r block tax software See the 2013 Instructions for Form 1040, line 44, to find out which tax computation method to use. H&r block tax software (Note. H&r block tax software You do not have to use the same method for each period on Schedule AI. H&r block tax software ) 4. H&r block tax software   5. H&r block tax software Tax on the amount on line 2. H&r block tax software If the amount on line 2 is less than $100,000, use the Tax Table in the 2013 Form 1040 instructions to figure this tax. H&r block tax software If the amount on line 7 is $100,000 or more, use the Tax Computation Worksheet in the 2013 Form 1040 instructions 5. H&r block tax software   6. H&r block tax software Subtract line 5 from line 4. H&r block tax software Enter the result here and on line 12 of Schedule AI. H&r block tax software If zero or less,  enter -0- 6. H&r block tax software             * To figure the annualized amount for line 2, multiply the exclusion or deduction for the period by the annualization amount on line 2 of Schedule AI for the same period. H&r block tax software     ** If you use Form 8615 to figure the tax on line 4 above, enter the amount from line 3 above on line 4 of Form 8615. H&r block tax software If the child's parent files Form 2555 or 2555-EZ, enter the amounts from lines 3 and 4 of the parent's Foreign Earned Income Tax Worksheet on lines 6 and 10, respectively, of Form 8615. H&r block tax software Complete the rest of Form 8615 according to its instructions. H&r block tax software Then complete lines 5 and 6 above. H&r block tax software     *** Enter the amount from line 3 above on line 1 of the Qualified Dividends and Capital Gain Tax Worksheet (or Worksheet 4-1 in this chapter) or the Schedule D Tax Worksheet, whichever worksheet you use to figure the tax on line 4 above. H&r block tax software Complete that worksheet through line 6 (line 10 if you use the Schedule D Tax Worksheet). H&r block tax software Next, determine if you have a capital gain excess. H&r block tax software     Figuring capital gain excess. H&r block tax software To find out if you have a capital gain excess for the appropriate period, subtract line 11 of Schedule AI from line 6 of Worksheet 4-1 or your Qualified Dividends and Capital Gain Tax Worksheet (line 10 of your Schedule D Tax Worksheet). H&r block tax software If the result is more than zero, that amount is your capital gain excess. H&r block tax software     No capital gain excess. H&r block tax software If you do not have a capital gain excess, complete the rest of Worksheet 4-1, Qualified Dividends and Capital Gain Tax Worksheet, or the Schedule D Tax Worksheet according to the worksheet's instructions. H&r block tax software Then complete lines 5 and 6 above. H&r block tax software     Capital gain excess. H&r block tax software If you have a capital gain excess, complete a second Worksheet 4-1, Qualified Dividends and Capital Gain Tax Worksheet, or Schedule D Tax Worksheet (whichever applies) as instructed above but in its entirety and with the following additional modifications. H&r block tax software Then complete lines 5 and 6 above. H&r block tax software     Make the modifications below only for purposes of filling out Worksheet 4-2 above. H&r block tax software     a. H&r block tax software Reduce (but not below zero) the amount you otherwise would enter on line 3 of your Worksheet 4-1, line 3 of your Qualified Dividends and Capital Gain Tax Worksheet, or line 9 of your Schedule D Tax Worksheet by your capital gain excess. H&r block tax software     b. H&r block tax software Reduce (but not below zero) the amount you otherwise would enter on line 2 of your Worksheet 4-1, line 2 of your Qualified Dividends and Capital Gain Tax Worksheet, or line 6 of your Schedule D Tax Worksheet by any of your capital gain excess not used in (a) above. H&r block tax software     c. H&r block tax software Reduce (but not below zero) the amount on your Schedule D (Form 1040), line 18, by your capital gain excess. H&r block tax software     d. H&r block tax software Include your capital gain excess as a loss on line 16 of your Unrecaptured Section 1250 Gain Worksheet in the 2013 Instructions for Schedule D (Form 1040). H&r block tax software   Prev  Up  Next   Home   More Online Publications
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The H&r Block Tax Software

H&r block tax software Index A Accrual period, Accrual period. H&r block tax software Acquisition premium, Acquisition premium. H&r block tax software Adjusted issue price, Adjusted issue price. H&r block tax software Assistance (see Tax help) B Backup withholding, Backup Withholding Bearer bonds and coupons, Bearer Bonds and Coupons Brokers (see Information for brokers and other middlemen) C Certificates of deposit, Certificates of Deposit Comments and suggestions, Comments and suggestions. H&r block tax software Contingent payment debt instruments, Contingent Payment Debt Instruments D Debt instrument, Debt instrument. H&r block tax software Debt instruments Long-term, Long-Term Debt Instruments Short-term, Short-Term Obligations Redeemed at Maturity Debt instruments and coupons purchased after 1984, Debt Instruments and Coupons Purchased After 1984 Debt instruments and coupons purchased after July 1, 1982, and before 1985, Debt Instruments and Coupons Purchased After July 1, 1982, and Before 1985 Debt instruments issued after 1954, corporate, Corporate Debt Instruments Issued After 1954 and Before May 28, 1969, and Government Debt Instruments Issued After 1954 and Before July 2, 1982 Debt instruments issued after 1984, Debt Instruments Issued After 1984 Debt instruments issued after July 1, 1982, Debt Instruments Issued After July 1, 1982, and Before 1985 Debt instruments issued after May 27, 1969, corporate, Corporate Debt Instruments Issued After May 27, 1969, and Before July 2, 1982 Debt instruments not on the OID list, Debt Instruments Not on the OID List Debt Instruments on the OID list, Debt Instruments on the OID List Definitions, Definitions Accrual period, Accrual period. H&r block tax software Acquisition premium, Acquisition premium. H&r block tax software Adjusted issue price, Adjusted issue price. H&r block tax software Debt instrument, Debt instrument. H&r block tax software Issue price, Issue price. H&r block tax software Market discount, Market discount. H&r block tax software Original issue discount (OID), Original issue discount (OID). H&r block tax software Premium, Premium. H&r block tax software Qualified stated interest, Qualified stated interest. H&r block tax software Stated redemption price at maturity, Stated redemption price at maturity. H&r block tax software Yield to maturity, Yield to maturity (YTM). H&r block tax software E Electronic payee statements, Electronic payee statements. H&r block tax software F Form 1099-OID, Form 1099-OID. H&r block tax software Free tax services, Free help with your tax return. H&r block tax software H Help (see Tax help) I Inflation-indexed debt instruments, Inflation-Indexed Debt Instruments Information for brokers and other middlemen, Information for Brokers and Other Middlemen Information for owners of OID debt instruments, Information for Owners of OID Debt Instruments Issue price, Issue price. H&r block tax software Issuers of OID debt instruments, Instructions for, Instructions for issuers of OID debt instruments. H&r block tax software L Long-term debt instruments, Long-Term Debt Instruments M Market discount, Market discount. H&r block tax software O OID list, Debt Instruments on, Debt Instruments on the OID List OID on long-term debt instruments, figuring, Figuring OID on Long-Term Debt Instruments OID on stripped bonds and coupons, figuring, Figuring OID on Stripped Bonds and Coupons OID, figuring, Figuring OID. H&r block tax software Using section I, Using Section I. H&r block tax software Using the income tax regulations, Using the income tax regulations. H&r block tax software Original issue discount (OID), Original issue discount (OID). H&r block tax software Owners of OID debt instruments, information for, Information for Owners of OID Debt Instruments P Premium, Premium. H&r block tax software Publications (see Tax help) Q Qualified stated interest, Qualified stated interest. H&r block tax software R REMIC and CDO information reporting requirements, REMIC and CDO information reporting requirements. H&r block tax software S Section I, Section I. H&r block tax software Section II, Section II. H&r block tax software Section III, Section III. H&r block tax software Short-term obligations redeemed at maturity, Short-Term Obligations Redeemed at Maturity Stated redemption price at maturity, Stated redemption price at maturity. H&r block tax software Stripped bonds and coupons, figuring OID, Figuring OID on Stripped Bonds and Coupons Suggestions, Comments and, Comments and suggestions. H&r block tax software T Tax help, How To Get Tax Help Y Yield to maturity, Yield to maturity (YTM). H&r block tax software , Yield to maturity (YTM). H&r block tax software Prev  Up     Home   More Online Publications