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How Do I Amend My 2010 Taxes

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How Do I Amend My 2010 Taxes

How do i amend my 2010 taxes Publication 721 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. How do i amend my 2010 taxes Tax questions. How do i amend my 2010 taxes Useful Items - You may want to see: Reminders Future developments. How do i amend my 2010 taxes  For the latest information about developments related to Publication 721, such as legislation enacted after it was published, go to www. How do i amend my 2010 taxes IRS. How do i amend my 2010 taxes gov/pub721. How do i amend my 2010 taxes Phased retirement. How do i amend my 2010 taxes   The new phased retirement program was signed into law by the Moving Ahead for Progress in the 21st Century Act and will be available for retirement eligible individuals once the regulations for this program are effective. How do i amend my 2010 taxes This new program will allow eligible employees to begin receiving annuity payments while working part-time. How do i amend my 2010 taxes For more information, go to the Office of Personnel Management (OPM) website at www. How do i amend my 2010 taxes opm. How do i amend my 2010 taxes gov. How do i amend my 2010 taxes Roth Thrift Savings Plan (TSP) balance. How do i amend my 2010 taxes  You may be able to contribute to a designated Roth account through the TSP known as the Roth TSP. How do i amend my 2010 taxes Roth TSP contributions are after-tax contributions, subject to the same contribution limits as the traditional TSP. How do i amend my 2010 taxes Qualified distributions from a Roth TSP are not included in your income. How do i amend my 2010 taxes See Thrift Savings Plan in Part II for more information. How do i amend my 2010 taxes Rollovers. How do i amend my 2010 taxes  You can roll over certain amounts from the CSRS, FERS, or TSP, to a tax-sheltered annuity plan (403(b) plan) or a state or local government section 457 deferred compensation plan. How do i amend my 2010 taxes See Rollover Rules in Part II. How do i amend my 2010 taxes Rollovers by surviving spouse. How do i amend my 2010 taxes  You may be able to roll over a distribution you receive as the surviving spouse of a deceased employee or retiree into a qualified retirement plan or an IRA. How do i amend my 2010 taxes See Rollover Rules in Part II. How do i amend my 2010 taxes Thrift Savings Plan (TSP) beneficiary participant accounts. How do i amend my 2010 taxes  If you are the spouse beneficiary of a decedent's TSP account, you have the option of leaving the death benefit payment in a TSP account in your own name (a beneficiary participant account). How do i amend my 2010 taxes The amounts in the beneficiary participant account are neither taxable or reportable until you choose to make a withdrawal, or otherwise receive a distribution from the account. How do i amend my 2010 taxes Benefits for public safety officer's survivors. How do i amend my 2010 taxes  A survivor annuity received by the spouse, former spouse, or child of a public safety officer killed in the line of duty generally will be excluded from the recipient's income. How do i amend my 2010 taxes For more information, see Dependents of public safety officers in Part IV. How do i amend my 2010 taxes Uniformed services Thrift Savings Plan (TSP) accounts. How do i amend my 2010 taxes  If you have a uniformed services TSP account, it may include contributions from combat zone pay. How do i amend my 2010 taxes This pay is tax-exempt and contributions attributable to that pay are tax-exempt when they are distributed from the uniformed services TSP account. How do i amend my 2010 taxes However, any earnings on those contributions are subject to tax when they are distributed. How do i amend my 2010 taxes The statement you receive from the TSP will separately state the total amount of your distribution and the amount of your taxable distribution for the year. How do i amend my 2010 taxes If you have both a civilian and a uniformed services TSP account, you should apply the rules discussed in this publication separately to each account. How do i amend my 2010 taxes You can get more information from the TSP website, www. How do i amend my 2010 taxes tsp. How do i amend my 2010 taxes gov, or the TSP Service Office. How do i amend my 2010 taxes Photographs of missing children. How do i amend my 2010 taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. How do i amend my 2010 taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. How do i amend my 2010 taxes You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. How do i amend my 2010 taxes Introduction This publication explains how the federal income tax rules apply to civil service retirement benefits received by retired federal employees (including those disabled) or their survivors. How do i amend my 2010 taxes These benefits are paid primarily under the Civil Service Retirement System (CSRS) or the Federal Employees' Retirement System (FERS). How do i amend my 2010 taxes Tax rules for annuity benefits. How do i amend my 2010 taxes   Part of the annuity benefits you receive is a tax-free recovery of your contributions to the CSRS or FERS. How do i amend my 2010 taxes The rest of your benefits are taxable. How do i amend my 2010 taxes If your annuity starting date is after November 18, 1996, you must use the Simplified Method to figure the taxable and tax-free parts. How do i amend my 2010 taxes If your annuity starting date is before November 19, 1996, you generally could have chosen to use the Simplified Method or the General Rule. How do i amend my 2010 taxes See Part II, Rules for Retirees . How do i amend my 2010 taxes Thrift Savings Plan. How do i amend my 2010 taxes   The Thrift Savings Plan (TSP) provides federal employees with the same savings and tax benefits that many private employers offer their employees. How do i amend my 2010 taxes This plan is similar to private sector 401(k) plans. How do i amend my 2010 taxes You can defer tax on part of your pay by having it contributed to your traditional balance in the plan. How do i amend my 2010 taxes The contributions and earnings on them are not taxed until they are distributed to you. How do i amend my 2010 taxes Also the TSP offers a Roth TSP option. How do i amend my 2010 taxes Contributions to this type of balance are after tax and qualified distributions from the account are tax free. How do i amend my 2010 taxes See Thrift Savings Plan in Part II. How do i amend my 2010 taxes Comments and suggestions. How do i amend my 2010 taxes   We welcome your comments about this publication and your suggestions for future editions. How do i amend my 2010 taxes   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. How do i amend my 2010 taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. How do i amend my 2010 taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. How do i amend my 2010 taxes   You can send your comments from www. How do i amend my 2010 taxes irs. How do i amend my 2010 taxes gov/formspubs/. How do i amend my 2010 taxes Click on “More Information” and then on “Comment on Tax Forms and Publications”. How do i amend my 2010 taxes   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. How do i amend my 2010 taxes Ordering forms and publications. How do i amend my 2010 taxes   Visit www. How do i amend my 2010 taxes irs. How do i amend my 2010 taxes gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. How do i amend my 2010 taxes Internal Revenue Service 1201 N. How do i amend my 2010 taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. How do i amend my 2010 taxes   If you have a tax question, check the information available on IRS. How do i amend my 2010 taxes gov or call 1-800-829-1040. How do i amend my 2010 taxes We cannot answer tax questions sent to either of the above addresses. How do i amend my 2010 taxes Useful Items - You may want to see: Publication 524 Credit for the Elderly or the Disabled 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) 939 General Rule for Pensions and Annuities Form (and Instructions) CSA 1099R Statement of Annuity Paid CSF 1099R Statement of Survivor Annuity Paid W-4P Withholding Certificate for Pension or Annuity Payments 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. How do i amend my 2010 taxes 5329 Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts See How To Get Tax Help near the end of this publication for information about getting publications and forms. How do i amend my 2010 taxes Prev  Up  Next   Home   More Online Publications
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How do i amend my 2010 taxes 12. How do i amend my 2010 taxes   Self-Employment Tax Table of Contents What's New for 2013 What's New for 2014 Introduction Topics - This chapter discusses: Useful Items - You may want to see: Why Pay Self-Employment Tax? How To Pay Self-Employment TaxReplacing a lost social security card. How do i amend my 2010 taxes Name change. How do i amend my 2010 taxes Penalty for underpayment of estimated tax. How do i amend my 2010 taxes Who Must Pay Self-Employment Tax?Limited partner. How do i amend my 2010 taxes Community property. How do i amend my 2010 taxes Figuring Self-Employment EarningsLandlord Participation in Farming Methods for Figuring Net EarningsRegular Method Farm Optional Method Nonfarm Optional Method Using Both Optional Methods Reporting Self-Employment Tax What's New for 2013 Tax rates. How do i amend my 2010 taxes  For tax years beginning in 2013, the social security part of the self-employment tax increases from 10. How do i amend my 2010 taxes 4% to 12. How do i amend my 2010 taxes 4%. How do i amend my 2010 taxes The Medicare part of the tax remains at 2. How do i amend my 2010 taxes 9%. How do i amend my 2010 taxes As a result, the self-employment tax is increased from 13. How do i amend my 2010 taxes 3% to 15. How do i amend my 2010 taxes 3%. How do i amend my 2010 taxes Additional Medicare Tax. How do i amend my 2010 taxes . How do i amend my 2010 taxes  For tax years beginning in 2013, a 0. How do i amend my 2010 taxes 9% Additional Medicare Tax applies to your Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income above a threshold amount. How do i amend my 2010 taxes Use Form 8959, Additional Medicare Tax, to figure this tax. How do i amend my 2010 taxes For more information, see the Instructions for Form 8959. How do i amend my 2010 taxes Maximum net earnings. How do i amend my 2010 taxes  The maximum net self-employment earnings subject to the social security part (12. How do i amend my 2010 taxes 4%) of the self-employment tax increased to $113,700 for 2013. How do i amend my 2010 taxes There is no maximum limit on earnings subject to the Medicare part (2. How do i amend my 2010 taxes 9%). How do i amend my 2010 taxes What's New for 2014 Maximum net earnings. How do i amend my 2010 taxes  The maximum net self-employment earnings subject to the social security part of the self-employment tax for 2014 will be discussed in the 2013 Publication 334. How do i amend my 2010 taxes Introduction Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. How do i amend my 2010 taxes It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. How do i amend my 2010 taxes You usually have to pay SE tax if you are self-employed. How do i amend my 2010 taxes You are usually self-employed if you operate your own farm on land you either own or rent. How do i amend my 2010 taxes You have to figure SE tax on Schedule SE (Form 1040). How do i amend my 2010 taxes Farmers who have employees may have to pay the employer's share of social security and Medicare taxes, as well. How do i amend my 2010 taxes See chapter 13 for information on employment taxes. How do i amend my 2010 taxes Self-employment tax rate. How do i amend my 2010 taxes   For tax years beginning in 2013, the self-employment tax rate is 15. How do i amend my 2010 taxes 3%. How do i amend my 2010 taxes The rate consists of two parts: 12. How do i amend my 2010 taxes 4% for social security (old-age, survivors, and disability insurance) and 2. How do i amend my 2010 taxes 9% for Medicare (hospital insurance). How do i amend my 2010 taxes Topics - This chapter discusses: Why pay self-employment tax How to pay self-employment tax Who must pay self-employment tax Figuring self-employment earnings Landlord participation in farming Methods for figuring net earnings Reporting self-employment tax Useful Items - You may want to see: Publication 541 Partnerships Form (and Instructions) 1040 U. How do i amend my 2010 taxes S. How do i amend my 2010 taxes Individual Income Tax Return Sch F (Form 1040) Profit or Loss From Farming Sch SE (Form 1040) Self-Employment Tax 1065 U. How do i amend my 2010 taxes S. How do i amend my 2010 taxes Return of Partnership Income Sch K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. How do i amend my 2010 taxes See chapter 16 for information about getting publications and forms. How do i amend my 2010 taxes Why Pay Self-Employment Tax? Social security benefits are available to self-employed persons just as they are to wage earners. How do i amend my 2010 taxes Your payments of SE tax contribute to your coverage under the social security system. How do i amend my 2010 taxes Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. How do i amend my 2010 taxes How to become insured under social security. How do i amend my 2010 taxes   You must be insured under the social security system before you begin receiving social security benefits. How do i amend my 2010 taxes You are insured if you have the required number of credits (also called quarters of coverage). How do i amend my 2010 taxes Earning credits in 2013. How do i amend my 2010 taxes   You can earn a maximum of four credits per year. How do i amend my 2010 taxes For 2013, you earn one credit for each $1,160 of combined wages and self-employment earnings subject to social security tax. How do i amend my 2010 taxes You need $4,640 ($1,160 × 4) of combined wages and self-employment earnings subject to social security tax to earn four credits in 2013. How do i amend my 2010 taxes It does not matter whether the income is earned in 1 quarter or is spread over 2 or more quarters. How do i amend my 2010 taxes For an explanation of the number of credits you must have to be insured and the benefits available to you and your family under the social security program, consult your nearest Social Security Administration (SSA) office or visit the SSA website at www. How do i amend my 2010 taxes socialsecurity. How do i amend my 2010 taxes gov. How do i amend my 2010 taxes Making false statements to get or to increase social security benefits may subject you to penalties. How do i amend my 2010 taxes The Social Security Administration (SSA) time limit for posting self-employment earnings. How do i amend my 2010 taxes   Generally, the SSA will give you credit only for self-employment earnings reported on a tax return filed within 3 years, 3 months, and 15 days after the tax year you earned the income. How do i amend my 2010 taxes    If you file your tax return or report a change in your self-employment earnings after the SSA time limit for posting self-employment earnings, the SSA may change its records, but only to remove or reduce the amount. How do i amend my 2010 taxes The SSA will not change its records to increase your self-employment earnings after the SSA time limit listed above. How do i amend my 2010 taxes How To Pay Self-Employment Tax To pay SE tax, you must have a social security number (SSN) or an individual taxpayer identification number (ITIN). How do i amend my 2010 taxes This section explains how to: Obtain an SSN or ITIN, and Pay your SE tax using estimated tax. How do i amend my 2010 taxes An ITIN does not entitle you to social security benefits. How do i amend my 2010 taxes Obtaining an ITIN does not change your immigration or employment status under U. How do i amend my 2010 taxes S. How do i amend my 2010 taxes law. How do i amend my 2010 taxes Obtaining a social security number. How do i amend my 2010 taxes   If you have never had an SSN, apply for one using Form SS-5, Application for a Social Security Card. How do i amend my 2010 taxes The application is also available in Spanish. How do i amend my 2010 taxes You can get this form at any Social Security office or by calling 1-800-772-1213. How do i amend my 2010 taxes    You can also download Form SS-5 from the Social Security Administration website at  www. How do i amend my 2010 taxes socialsecurity. How do i amend my 2010 taxes gov. How do i amend my 2010 taxes   If you have a social security number from the time you were an employee, you must use that number. How do i amend my 2010 taxes Do not apply for a new one. How do i amend my 2010 taxes Replacing a lost social security card. How do i amend my 2010 taxes   If you have a number but lost your card, file Form SS-5. How do i amend my 2010 taxes You will get a new card showing your original number, not a new number. How do i amend my 2010 taxes Name change. How do i amend my 2010 taxes   If your name has changed since you received your social security card, complete Form SS-5 to report a name change. How do i amend my 2010 taxes Obtaining an individual taxpayer identification number. How do i amend my 2010 taxes   The IRS will issue you an ITIN, for tax use only, if you are a nonresident or resident alien and you do not have, and are not eligible to get, an SSN. How do i amend my 2010 taxes To apply for an ITIN, file Form W-7, Application for IRS Individual Taxpayer Identification Number. How do i amend my 2010 taxes You can get this form by calling 1-800-829-3676. How do i amend my 2010 taxes For more information on ITINs, see Publication 1915, Understanding Your IRS Individual Taxpayer Identification Number. How do i amend my 2010 taxes Form W-7 and Publication 1915 are also available in Spanish. How do i amend my 2010 taxes    You can also download Form W-7 from the IRS website at IRS. How do i amend my 2010 taxes gov. How do i amend my 2010 taxes Paying estimated tax. How do i amend my 2010 taxes   Estimated tax is the method used to pay tax (including SE tax) on income not subject to withholding. How do i amend my 2010 taxes You generally have to make estimated tax payments if you expect to owe tax, including SE tax, of $1,000 or more when you file your return. How do i amend my 2010 taxes Use Form 1040-ES, Estimated Tax for Individuals, to figure and pay the tax. How do i amend my 2010 taxes   However, if at least two-thirds of your gross income for 2013 or 2014 was from farming and you file your 2014 Form 1040 and pay all the tax due by March 2, 2015, you do not have to pay any estimated tax. How do i amend my 2010 taxes For more information about estimated tax for farmers, see chapter 15. How do i amend my 2010 taxes Penalty for underpayment of estimated tax. How do i amend my 2010 taxes   You may have to pay a penalty if you do not pay enough estimated tax by its due date. How do i amend my 2010 taxes Who Must Pay Self-Employment Tax? You must pay SE tax and file Schedule SE (Form 1040) if your net earnings from self-employment were $400 or more. How do i amend my 2010 taxes The SE tax rules apply no matter how old you are and even if you are already receiving social security or Medicare benefits. How do i amend my 2010 taxes Aliens. How do i amend my 2010 taxes   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. How do i amend my 2010 taxes S. How do i amend my 2010 taxes citizens. How do i amend my 2010 taxes Nonresident aliens are not subject to self-employment tax. How do i amend my 2010 taxes 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. How do i amend my 2010 taxes S. How do i amend my 2010 taxes residents for self-employment tax purposes. How do i amend my 2010 taxes For more information on aliens, see Publication 519, U. How do i amend my 2010 taxes S. How do i amend my 2010 taxes Tax Guide for Aliens. How do i amend my 2010 taxes Are you self-employed?   You are self-employed if you carry on a trade or business (such as running a farm) as a sole proprietor, an independent contractor, a member of a partnership, or are otherwise in business for yourself. How do i amend my 2010 taxes A trade or business is generally an activity carried on for a livelihood or in good faith to make a profit. How do i amend my 2010 taxes Share farmer. How do i amend my 2010 taxes   You are a self-employed farmer under an income-sharing arrangement if both the following apply. How do i amend my 2010 taxes You produce a crop or raise livestock on land belonging to another person. How do i amend my 2010 taxes Your share of the crop or livestock, or the proceeds from their sale, depends on the amount produced. How do i amend my 2010 taxes Your net farm profit or loss from the income-sharing arrangement is reported on Schedule F (Form 1040) and included in your self-employment earnings. How do i amend my 2010 taxes   If you produce a crop or livestock on land belonging to another person and are to receive a specified rate of pay, a fixed sum of money, or a fixed quantity of the crop or livestock, and not a share of the crop or livestock or their proceeds, you may be either self-employed or an employee of the landowner. How do i amend my 2010 taxes This will depend on whether the landowner has the right to direct or control your performance of services. How do i amend my 2010 taxes Example. How do i amend my 2010 taxes A share farmer produces a crop on land owned by another person on a 50-50 crop-share basis. How do i amend my 2010 taxes Under the terms of their agreement, the share farmer furnishes the labor and half the cost of seed and fertilizer. How do i amend my 2010 taxes The landowner furnishes the machinery and equipment used to produce and harvest the crop, and half the cost of seed and fertilizer. How do i amend my 2010 taxes The share farmer is provided a house in which to live. How do i amend my 2010 taxes The landowner and the share farmer decide on a cropping plan. How do i amend my 2010 taxes The share farmer is a self-employed farmer for purposes of the agreement to produce the crops, and the share farmer's part of the profit or loss from the crops is reported on Schedule F (Form 1040) and included in self-employment earnings. How do i amend my 2010 taxes The tax treatment of the landowner is discussed later under Landlord Participation in Farming. How do i amend my 2010 taxes Contract farming. How do i amend my 2010 taxes   Under typical contract farming arrangements, the grower receives a fixed payment per unit of crops or finished livestock delivered to the processor or packing company. How do i amend my 2010 taxes Since the grower typically furnishes labor and bears some production risk, the payments are reported on Schedule F and are therefore subject to self-employment tax. How do i amend my 2010 taxes 4-H Club or FFA project. How do i amend my 2010 taxes   If an individual participates in a 4-H Club or Future Farmers of America (FFA) project, any net income received from sales or prizes related to the project may be subject to income tax. How do i amend my 2010 taxes Report the net income as “Other income” on line 21 of Form 1040. How do i amend my 2010 taxes If necessary, attach a statement showing the gross income and expenses. How do i amend my 2010 taxes The net income may not be subject to SE tax if the project is primarily for educational purposes and not for profit, and is completed by the individual under the rules and economic restrictions of the sponsoring 4-H or FFA organization. How do i amend my 2010 taxes Such a project is generally not considered a trade or business. How do i amend my 2010 taxes Partners in a partnership. How do i amend my 2010 taxes   Generally, you are self-employed if you are a member of a partnership that carries on a trade or business. How do i amend my 2010 taxes Limited partner. How do i amend my 2010 taxes   If you are a limited partner, your partnership income is generally not subject to SE tax. How do i amend my 2010 taxes However, guaranteed payments you receive for services you perform for the partnership are subject to SE tax and should be reported to you in box 14 of your Schedule K-1 (Form 1065). How do i amend my 2010 taxes Business Owned and Operated by Spouses. How do i amend my 2010 taxes   If you and your spouse jointly own and operate a farm as an unincorporated business and share in the profits and losses, you are partners in a partnership whether or not you have a formal partnership agreement. How do i amend my 2010 taxes You must file Form 1065, instead of Schedule F, unless you make a joint election to be treated as a qualified joint venture. How do i amend my 2010 taxes Making this election will allow you to avoid the complexity of Form 1065 but still give each spouse credit for social security earnings on which retirement benefits are based. How do i amend my 2010 taxes Qualified joint venture. How do i amend my 2010 taxes   If you and your spouse each materially participate as the only members of a jointly owned and operated farm, and you file a joint tax return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership for the tax year. How do i amend my 2010 taxes For an explanation of “material participation,” see the instructions for Schedule C, line G, and the instructions for Schedule F, line E. How do i amend my 2010 taxes   To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. How do i amend my 2010 taxes Each of you must file a separate Schedule F and a separate Schedule SE. How do i amend my 2010 taxes For more information, see Qualified Joint Venture in the Instructions for Schedule SE (Form 1040). How do i amend my 2010 taxes Spouse employee. How do i amend my 2010 taxes   If your spouse is your employee, not your partner, you must withhold and pay social security and Medicare taxes for him or her. How do i amend my 2010 taxes For more information about employment taxes, see chapter 13. How do i amend my 2010 taxes Community property. How do i amend my 2010 taxes   If you are a partner and your distributive share of any income or loss from a trade or business carried on by the partnership is community property, treat your share as your self-employment earnings. How do i amend my 2010 taxes Do not treat any of your share as self-employment earnings of your spouse. How do i amend my 2010 taxes Figuring Self-Employment Earnings Farmer. How do i amend my 2010 taxes   If you are self-employed as a farmer, use Schedule F (Form 1040) to figure your self-employment earnings. How do i amend my 2010 taxes Partnership income or loss. How do i amend my 2010 taxes   If you are a member of a partnership that carries on a trade or business, the partnership should report your self-employment earnings in box 14, code A, of your Schedule K-1 (Form 1065). How do i amend my 2010 taxes Box 14 of Schedule K-1 may also provide amounts for gross farming or fishing income (code B) and gross nonfarm income (code C). How do i amend my 2010 taxes Use these amounts if you use the farm or nonfarm optional method to figure net earnings from self-employment (see Methods for Figuring Net Earnings , later). How do i amend my 2010 taxes   If you are a general partner, you may need to reduce these reported earnings by amounts you claim as a section 179 deduction, unreimbursed partnership expenses, or depletion on oil and gas properties. How do i amend my 2010 taxes   If the amount reported is a loss, include only the deductible amount when you figure your total self-employment earnings. How do i amend my 2010 taxes   For more information, see the Partner's Instructions for Schedule K-1 (Form 1065). How do i amend my 2010 taxes   For general information on partnerships, see Publication 541. How do i amend my 2010 taxes More than one business. How do i amend my 2010 taxes   If you have self-employment earnings from more than one trade, business, or profession, you generally must combine the net profit or loss from each to determine your total self-employment earnings. How do i amend my 2010 taxes A loss from one business reduces your profit from another business. How do i amend my 2010 taxes However, do not combine earnings from farm and nonfarm businesses if you are using one of the optional methods (discussed later) to figure net earnings. How do i amend my 2010 taxes Community property. How do i amend my 2010 taxes   If any of the income from a farm or business, other than a partnership, is community property under state law, it is included in the self-employment earnings of the spouse carrying on the trade or business. How do i amend my 2010 taxes Lost income payments. How do i amend my 2010 taxes   Lost income payments received from insurance or other sources for reducing or stopping farming activities are included in self-employment earnings. How do i amend my 2010 taxes These include USDA payments to compensate for lost income resulting from reductions in tobacco quotas and allotments. How do i amend my 2010 taxes Even if you are not farming when you receive the payment, it is included in self-employment earnings if it relates to your farm business (even though it is temporarily inactive). How do i amend my 2010 taxes A connection exists if it is clear the payment would not have been made but for your conduct of your farm business. How do i amend my 2010 taxes Gain or loss. How do i amend my 2010 taxes   A gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers is not included in self-employment earnings. How do i amend my 2010 taxes It does not matter whether the disposition is a sale, exchange, or involuntary conversion. How do i amend my 2010 taxes For example, gains or losses from the disposition of the following types of property are not included in self-employment earnings. How do i amend my 2010 taxes Investment property. How do i amend my 2010 taxes Depreciable property or other fixed assets used in your trade or business. How do i amend my 2010 taxes Livestock held for draft, breeding, sport, or dairy purposes, and not held primarily for sale, regardless of how long the livestock was held, or whether it was raised or purchased. How do i amend my 2010 taxes Unharvested standing crops sold with land held more than 1 year. How do i amend my 2010 taxes Timber, coal, or iron ore held for more than 1 year if an economic interest was retained, such as a right to receive coal royalties. How do i amend my 2010 taxes   A gain or loss from the cutting of timber is not included in self-employment earnings if the cutting is treated as a sale or exchange. How do i amend my 2010 taxes For more information on electing to treat the cutting of timber as a sale or exchange, see Timber in chapter 8. How do i amend my 2010 taxes Wages and salaries. How do i amend my 2010 taxes   Wages and salaries received for services performed as an employee and covered by social security or railroad retirement are not included in self-employment earnings. How do i amend my 2010 taxes   Wages paid in kind to you for agricultural labor, such as commodity wages, are not included in self-employment earnings. How do i amend my 2010 taxes Retired partner. How do i amend my 2010 taxes   Retirement income received by a partner from his or her partnership under a written plan is not included in self-employment earnings if all the following apply. How do i amend my 2010 taxes The retired partner performs no services for the partnership during the year. How do i amend my 2010 taxes The retired partner is owed only the retirement payments. How do i amend my 2010 taxes The retired partner's share (if any) of the partnership capital was fully paid to the retired partner. How do i amend my 2010 taxes The payments to the retired partner are lifelong periodic payments. How do i amend my 2010 taxes Conservation Reserve Program (CRP) payments. How do i amend my 2010 taxes   Under the Conservation Reserve Program (CRP), if you own or operate highly erodible or other specified cropland, you may enter into a longterm contract with the USDA, agreeing to convert to a less intensive use of that cropland. How do i amend my 2010 taxes You must include the annual rental payments and any onetime incentive payment you receive under the program on Schedule F, lines 4a and 4b. How do i amend my 2010 taxes Cost share payments you receive may qualify for the costsharing exclusion. How do i amend my 2010 taxes See Cost-Sharing Exclusion (Improvements), above. How do i amend my 2010 taxes CRP payments are reported to you on Form 1099G. How do i amend my 2010 taxes Individuals who are receiving Social Security retirement or disability benefits may exclude CRP payments when calculating self-employment tax. How do i amend my 2010 taxes See the instructions for Schedule SE (Form 1040). How do i amend my 2010 taxes Self-employed health insurance deduction. How do i amend my 2010 taxes   You cannot deduct the self-employed health insurance deduction you report on Form 1040, line 29, from self-employment earnings on Schedule SE (Form 1040). How do i amend my 2010 taxes Landlord Participation in Farming As a general rule, income and deductions from rentals and from personal property leased with real estate are not included in determining self-employment earnings. How do i amend my 2010 taxes However, income and deductions from farm rentals, including government commodity program payments received by a landowner who rents land, are included if the rental arrangement provides that the landowner will, and does, materially participate in the production or management of production of the farm products on the land. How do i amend my 2010 taxes Crop shares. How do i amend my 2010 taxes   Rent paid in the form of crop shares is included in self-employment earnings for the year you sell, exchange, give away, or use the crop shares if you meet one of the four material participation tests (discussed next) at the time the crop shares are produced. How do i amend my 2010 taxes Feeding such crop shares to livestock is considered using them. How do i amend my 2010 taxes Your gross income for figuring your self-employment earnings includes the fair market value of the crop shares when they are used as feed. How do i amend my 2010 taxes Material participation for landlords. How do i amend my 2010 taxes   You materially participate if you have an arrangement with your tenant for your participation and you meet one or more of the following tests. How do i amend my 2010 taxes You do at least three of the following. How do i amend my 2010 taxes Pay, using cash or credit, at least half the direct costs of producing the crop or livestock. How do i amend my 2010 taxes Furnish at least half the tools, equipment, and livestock used in the production activities. How do i amend my 2010 taxes Advise or consult with your tenant. How do i amend my 2010 taxes Inspect the production activities periodically. How do i amend my 2010 taxes You regularly and frequently make, or take an important part in making, management decisions substantially contributing to or affecting the success of the enterprise. How do i amend my 2010 taxes You work 100 hours or more spread over a period of 5 weeks or more in activities connected with agricultural production. How do i amend my 2010 taxes You do things that, considered in their totality, show you are materially and significantly involved in the production of the farm commodities. How do i amend my 2010 taxes These tests may be used as general guides for determining whether you are a material participant. How do i amend my 2010 taxes Example. How do i amend my 2010 taxes Drew Houston agrees to produce a crop on J. How do i amend my 2010 taxes Clarke's cotton farm, with each receiving half the proceeds. How do i amend my 2010 taxes Clarke advises Houston when to plant, spray, and pick the cotton. How do i amend my 2010 taxes During the growing season, Clarke inspects the crop every few days to determine whether Houston is properly taking care of the crop. How do i amend my 2010 taxes Houston furnishes all labor needed to grow and harvest the crop. How do i amend my 2010 taxes The management decisions made by Clarke in connection with the care of the cotton crop and his regular inspection of the crop establish that he participates to a material degree in the cotton production operations. How do i amend my 2010 taxes The income Clarke receives from his cotton farm is included in his self-employment earnings. How do i amend my 2010 taxes Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. How do i amend my 2010 taxes The regular method. How do i amend my 2010 taxes The farm optional method. How do i amend my 2010 taxes The nonfarm optional method. How do i amend my 2010 taxes You must use the regular method unless you are eligible to use one or both of the optional methods. How do i amend my 2010 taxes See Figure 12-1 , shown later. How do i amend my 2010 taxes Figure 12-1. How do i amend my 2010 taxes Can I Use the Optional Methods? Please click here for the text description of the image. How do i amend my 2010 taxes Figure 12–1. How do i amend my 2010 taxes Can I Use the Optional Methods? Why use an optional method?   You may want to use the optional methods (discussed later) when you have a loss or a small net profit and any one of the following applies. How do i amend my 2010 taxes You want to receive credit for social security benefit coverage. How do i amend my 2010 taxes You incurred child or dependent care expenses for which you could claim a credit. How do i amend my 2010 taxes (An optional method may increase your earned income, which could increase your credit. How do i amend my 2010 taxes ) You are entitled to the earned income credit. How do i amend my 2010 taxes (An optional method may increase your earned income, which could increase your credit. How do i amend my 2010 taxes ) You are entitled to the additional child tax credit. How do i amend my 2010 taxes (An optional method may increase your earned income, which could increase your credit. How do i amend my 2010 taxes ) Effects of using an optional method. How do i amend my 2010 taxes   Using an optional method could increase your SE tax. How do i amend my 2010 taxes Paying more SE tax may result in you getting higher social security disability or retirement benefits. How do i amend my 2010 taxes   If you use either or both optional methods, you must figure and pay the SE tax due under these methods even if you would have had a smaller SE tax or no SE tax using the regular method. How do i amend my 2010 taxes   The optional methods may be used only to figure your SE tax. How do i amend my 2010 taxes To figure your income tax, include your actual self-employment earnings in gross income, regardless of which method you use to determine SE tax. How do i amend my 2010 taxes Regular Method Multiply your total self-employment earnings by 92. How do i amend my 2010 taxes 35% (. How do i amend my 2010 taxes 9235) to get your net earnings under the regular method. How do i amend my 2010 taxes See Short Schedule SE, line 4, or Long Schedule SE, line 4a. How do i amend my 2010 taxes Net earnings figured using the regular method are also called “actual net earnings. How do i amend my 2010 taxes ” Farm Optional Method Use the farm optional method only for self-employment earnings from a farming business. How do i amend my 2010 taxes You can use this method if you meet either of the following tests. How do i amend my 2010 taxes Your gross farm income is $6,960 or less. How do i amend my 2010 taxes Your net farm profits are less than $5,024. How do i amend my 2010 taxes Gross farm income. How do i amend my 2010 taxes   Your gross farm income is the total of the amounts from: Schedule F (Form 1040), line 9, and Schedule K-1 (Form 1065), box 14, code B (from farm partnerships). How do i amend my 2010 taxes Net farm profits. How do i amend my 2010 taxes   Net farm profits generally are the total of the amounts from: Schedule F (Form 1040), line 34, and Schedule K-1 (Form 1065), box 14, code A (from farm partnerships). How do i amend my 2010 taxes 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. How do i amend my 2010 taxes For more information, see Partnership income or loss , earlier. How do i amend my 2010 taxes Figuring farm net earnings. How do i amend my 2010 taxes   If you meet either of the two tests explained above, use Table 12-1. How do i amend my 2010 taxes Figuring Farm Net Earnings , to figure your net earnings from self-employment under the farm optional method. How do i amend my 2010 taxes Table 12-1. How do i amend my 2010 taxes Figuring Farm Net Earnings IF your gross farm income  is. How do i amend my 2010 taxes . How do i amend my 2010 taxes . How do i amend my 2010 taxes THEN your net earnings are equal to. How do i amend my 2010 taxes . How do i amend my 2010 taxes . How do i amend my 2010 taxes $6,960 or less Two-thirds of your gross farm income. How do i amend my 2010 taxes More than $6,960 $4,640 Optional method can reduce or eliminate SE tax. How do i amend my 2010 taxes   If your gross farm income is $6,960 or less and your farm net earnings figured under the farm optional method are less than your actual net earnings, you can use the farm optional method to reduce or eliminate your SE tax. How do i amend my 2010 taxes Your actual net earnings are your net earnings figured using the regular method, explained earlier. How do i amend my 2010 taxes Example. How do i amend my 2010 taxes Your gross farm income is $540 and your net farm profit is $460. How do i amend my 2010 taxes Consequently, your net earnings figured under the farm optional method are $360 (2/3 of $540) and your actual net earnings are $425 (92. How do i amend my 2010 taxes 35% of $460). How do i amend my 2010 taxes You owe no SE tax if you use the optional method because your net earnings under the farm optional method are less than $400. How do i amend my 2010 taxes Nonfarm Optional Method This is an optional method available for determining net earnings from nonfarm self-employment, much like the farm optional method. How do i amend my 2010 taxes If you are also engaged in a nonfarm business, you may be able to use this method to figure your nonfarm net earnings. How do i amend my 2010 taxes You can use this method even if you do not use the farm optional method for determining your farm net earnings and even if you have a net loss from your nonfarm business. How do i amend my 2010 taxes For more information about the nonfarm optional method, see Publication 334. How do i amend my 2010 taxes You cannot combine farm and nonfarm self-employment earnings to figure your net earnings under either of the optional methods. How do i amend my 2010 taxes Using Both Optional Methods If you use both optional methods, you must add the net earnings figured under each method to arrive at your total net earnings from self-employment. How do i amend my 2010 taxes You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. How do i amend my 2010 taxes If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. How do i amend my 2010 taxes Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. How do i amend my 2010 taxes Then, enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. How do i amend my 2010 taxes Most taxpayers can use Section A–Short Schedule SE to figure their SE tax. How do i amend my 2010 taxes However, certain taxpayers must use Section B–Long Schedule SE. How do i amend my 2010 taxes Use the chart on page 1 of Schedule SE to find out which one to use. How do i amend my 2010 taxes 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. How do i amend my 2010 taxes Deduction for employer-equivalent portion of self-employment tax. How do i amend my 2010 taxes   You can deduct the employer-equivalent portion of your SE tax in figuring your adjusted gross income. How do i amend my 2010 taxes This deduction only affects your income tax. How do i amend my 2010 taxes It does not affect either your net earnings from self-employment or your SE tax. How do i amend my 2010 taxes   To deduct the tax, enter on Form 1040, line 27, the amount shown on Section A, Line 6, or Section B, line 13, Deduction for employer-equivalent portion of self-employment tax, of the Schedule SE. How do i amend my 2010 taxes Joint return. How do i amend my 2010 taxes   Even if you file a joint return, you cannot file a joint Schedule SE. How do i amend my 2010 taxes This is true whether one spouse or both spouses have self-employment earnings. How do i amend my 2010 taxes Your spouse is not considered self-employed just because you are. How do i amend my 2010 taxes If both of you have self-employment earnings, each of you must complete a separate Schedule SE. How do i amend my 2010 taxes 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. How do i amend my 2010 taxes Attach both schedules to the joint return. How do i amend my 2010 taxes If you and your spouse operate a business as a partnership, see Business Owned and Operated by Spouses and Qualified joint venture , earlier, under Who Must Pay Self-Employment Tax . How do i amend my 2010 taxes Prev  Up  Next   Home   More Online Publications