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Taxact 2008 Free Download

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Taxact 2008 Free Download

Taxact 2008 free download Publication 537 - Main Content Table of Contents What Is an Installment Sale?Special rule. Taxact 2008 free download General RulesFiguring Installment Sale Income Reporting Installment Sale Income Other RulesElecting Out of the Installment Method Payments Received or Considered Received Escrow Account Depreciation Recapture Income Sale to a Related Person Like-Kind Exchange Contingent Payment Sale Single Sale of Several Assets Sale of a Business Unstated Interest and Original Issue Discount (OID) Disposition of an Installment Obligation Repossession Interest on Deferred Tax Reporting an Installment SaleRelated person. Taxact 2008 free download Several assets. Taxact 2008 free download Special situations. Taxact 2008 free download Schedule D (Form 1040). Taxact 2008 free download Form 4797. Taxact 2008 free download How To Get Tax Help What Is an Installment Sale? An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Taxact 2008 free download The rules for installment sales do not apply if you elect not to use the installment method (see Electing Out of the Installment Method under Other Rules, later) or the transaction is one for which the installment method may not apply. Taxact 2008 free download The installment sales method cannot be used for the following. Taxact 2008 free download Sale of inventory. Taxact 2008 free download   The regular sale of inventory of personal property does not qualify as an installment sale even if you receive a payment after the year of sale. Taxact 2008 free download See Sale of a Business under Other Rules, later. Taxact 2008 free download Dealer sales. Taxact 2008 free download   Sales of personal property by a person who regularly sells or otherwise disposes of the same type of personal property on the installment plan are not installment sales. Taxact 2008 free download This rule also applies to real property held for sale to customers in the ordinary course of a trade or business. Taxact 2008 free download However, the rule does not apply to an installment sale of property used or produced in farming. Taxact 2008 free download Special rule. Taxact 2008 free download   Dealers of time-shares and residential lots can treat certain sales as installment sales and report them under the installment method if they elect to pay a special interest charge. Taxact 2008 free download For more information, see section 453(l). Taxact 2008 free download Stock or securities. Taxact 2008 free download   You cannot use the installment method to report gain from the sale of stock or securities traded on an established securities market. Taxact 2008 free download You must report the entire gain on the sale in the year in which the trade date falls. Taxact 2008 free download Installment obligation. Taxact 2008 free download   The buyer's obligation to make future payments to you can be in the form of a deed of trust, note, land contract, mortgage, or other evidence of the buyer's debt to you. Taxact 2008 free download General Rules If a sale qualifies as an installment sale, the gain must be reported under the installment method unless you elect out of using the installment method. Taxact 2008 free download See Electing Out of the Installment Method under Other Rules, later, for information on recognizing the entire gain in the year of sale. Taxact 2008 free download Sale at a loss. Taxact 2008 free download   If your sale results in a loss, you cannot use the installment method. Taxact 2008 free download If the loss is on an installment sale of business or investment property, you can deduct it only in the tax year of sale. Taxact 2008 free download Unstated interest. Taxact 2008 free download   If your sale calls for payments in a later year and the sales contract provides for little or no interest, you may have to figure unstated interest, even if you have a loss. Taxact 2008 free download See Unstated Interest and Original Issue Discount (OID) under Other Rules, later. Taxact 2008 free download Figuring Installment Sale Income You can use the following discussions or Form 6252 to help you determine gross profit, contract price, gross profit percentage, and installment sale income. Taxact 2008 free download Each payment on an installment sale usually consists of the following three parts. Taxact 2008 free download Interest income. Taxact 2008 free download Return of your adjusted basis in the property. Taxact 2008 free download Gain on the sale. Taxact 2008 free download In each year you receive a payment, you must include in income both the interest part and the part that is your gain on the sale. Taxact 2008 free download You do not include in income the part that is the return of your basis in the property. Taxact 2008 free download Basis is the amount of your investment in the property for installment sale purposes. Taxact 2008 free download Interest Income You must report interest as ordinary income. Taxact 2008 free download Interest is generally not included in a down payment. Taxact 2008 free download However, you may have to treat part of each later payment as interest, even if it is not called interest in your agreement with the buyer. Taxact 2008 free download Interest provided in the agreement is called stated interest. Taxact 2008 free download If the agreement does not provide for enough stated interest, there may be unstated interest or original issue discount. Taxact 2008 free download See Unstated Interest and Original Issue Discount (OID) under Other Rules, later. Taxact 2008 free download Adjusted Basis and Installment Sale Income (Gain on Sale) After you have determined how much of each payment to treat as interest, you treat the rest of each payment as if it were made up of two parts. Taxact 2008 free download A tax-free return of your adjusted basis in the property, and Your gain (referred to as installment sale income on Form 6252). Taxact 2008 free download Figuring adjusted basis for installment sale purposes. Taxact 2008 free download   You can use Worksheet A to figure your adjusted basis in the property for installment sale purposes. Taxact 2008 free download When you have completed the worksheet, you will also have determined the gross profit percentage necessary to figure your installment sale income (gain) for this year. Taxact 2008 free download Worksheet A. Taxact 2008 free download Figuring Adjusted Basis and Gross Profit Percentage 1. Taxact 2008 free download Enter the selling price for the property   2. Taxact 2008 free download Enter your adjusted basis for the property     3. Taxact 2008 free download Enter your selling expenses     4. Taxact 2008 free download Enter any depreciation recapture     5. Taxact 2008 free download Add lines 2, 3, and 4. Taxact 2008 free download  This is your adjusted basis for installment sale purposes   6. Taxact 2008 free download Subtract line 5 from line 1. Taxact 2008 free download If zero or less, enter -0-. Taxact 2008 free download  This is your gross profit     If the amount entered on line 6 is zero, stop here. Taxact 2008 free download You cannot use the installment method. Taxact 2008 free download   7. Taxact 2008 free download Enter the contract price for the property   8. Taxact 2008 free download Divide line 6 by line 7. Taxact 2008 free download This is your gross profit percentage   Selling price. Taxact 2008 free download   The selling price is the total cost of the property to the buyer and includes any of the following. Taxact 2008 free download Any money you are to receive. Taxact 2008 free download The fair market value (FMV) of any property you are to receive (FMV is discussed in Property Used As a Payment under Other Rules, later). Taxact 2008 free download Any existing mortgage or other debt the buyer pays, assumes, or takes (a note, mortgage, or any other liability, such as a lien, accrued interest, or taxes you owe on the property). Taxact 2008 free download Any of your selling expenses the buyer pays. Taxact 2008 free download   Do not include stated interest, unstated interest, any amount recomputed or recharacterized as interest, or original issue discount. Taxact 2008 free download Adjusted basis for installment sale purposes. Taxact 2008 free download   Your adjusted basis is the total of the following three items. Taxact 2008 free download Adjusted basis. Taxact 2008 free download Selling expenses. Taxact 2008 free download Depreciation recapture. Taxact 2008 free download Adjusted basis. Taxact 2008 free download   Basis is your investment in the property for installment sale purposes. Taxact 2008 free download The way you figure basis depends on how you acquire the property. Taxact 2008 free download The basis of property you buy is generally its cost. Taxact 2008 free download The basis of property you inherit, receive as a gift, build yourself, or receive in a tax-free exchange is figured differently. Taxact 2008 free download   While you own property, various events may change your original basis. Taxact 2008 free download Some events, such as adding rooms or making permanent improvements, increase basis. Taxact 2008 free download Others, such as deductible casualty losses or depreciation previously allowed or allowable, decrease basis. Taxact 2008 free download The result is adjusted basis. Taxact 2008 free download   For more information on how to figure basis and adjusted basis, see Publication 551. Taxact 2008 free download For more information regarding your basis in property you inherited from someone who died in 2010 and whose executor filed Form 8939, Allocation of Increase In Basis for Property Acquired From a Decedent, see Publication 4895. Taxact 2008 free download Selling expenses. Taxact 2008 free download   Selling expenses relate to the sale of the property. Taxact 2008 free download They include commissions, attorney fees, and any other expenses paid on the sale. Taxact 2008 free download Selling expenses are added to the basis of the sold property. Taxact 2008 free download Depreciation recapture. Taxact 2008 free download   If the property you sold was depreciable property, you may need to recapture part of the gain on the sale as ordinary income. Taxact 2008 free download See Depreciation Recapture Income under Other Rules, later. Taxact 2008 free download Gross profit. Taxact 2008 free download   Gross profit is the total gain you report on the installment method. Taxact 2008 free download   To figure your gross profit, subtract your adjusted basis for installment sale purposes from the selling price. Taxact 2008 free download If the property you sold was your home, subtract from the gross profit any gain you can exclude. Taxact 2008 free download See Sale of Your Home , later, under Reporting Installment Sale Income. Taxact 2008 free download Contract price. Taxact 2008 free download   Contract price equals: The selling price, minus The mortgages, debts, and other liabilities assumed or taken by the buyer, plus The amount by which the mortgages, debts, and other liabilities assumed or taken by the buyer exceed your adjusted basis for installment sale purposes. Taxact 2008 free download Gross profit percentage. Taxact 2008 free download   A certain percentage of each payment (after subtracting interest) is reported as installment sale income. Taxact 2008 free download This percentage is called the gross profit percentage and is figured by dividing your gross profit from the sale by the contract price. Taxact 2008 free download   The gross profit percentage generally remains the same for each payment you receive. Taxact 2008 free download However, see the Example under Selling Price Reduced, later, for a situation where the gross profit percentage changes. Taxact 2008 free download Example. Taxact 2008 free download You sell property at a contract price of $6,000 and your gross profit is $1,500. Taxact 2008 free download Your gross profit percentage is 25% ($1,500 ÷ $6,000). Taxact 2008 free download After subtracting interest, you report 25% of each payment, including the down payment, as installment sale income from the sale for the tax year you receive the payment. Taxact 2008 free download The remainder (balance) of each payment is the tax-free return of your adjusted basis. Taxact 2008 free download Amount to report as installment sale income. Taxact 2008 free download   Multiply the payments you receive each year (less interest) by the gross profit percentage. Taxact 2008 free download The result is your installment sale income for the tax year. Taxact 2008 free download In certain circumstances, you may be treated as having received a payment, even though you received nothing directly. Taxact 2008 free download A receipt of property or the assumption of a mortgage on the property sold may be treated as a payment. Taxact 2008 free download For a detailed discussion, see Payments Received or Considered Received under Other Rules, later. Taxact 2008 free download Selling Price Reduced If the selling price is reduced at a later date, the gross profit on the sale also will change. Taxact 2008 free download You then must refigure the gross profit percentage for the remaining payments. Taxact 2008 free download Refigure your gross profit using Worksheet B. Taxact 2008 free download You will spread any remaining gain over future installments. Taxact 2008 free download Worksheet B. Taxact 2008 free download New Gross Profit Percentage — Selling Price Reduced 1. Taxact 2008 free download Enter the reduced selling  price for the property   2. Taxact 2008 free download Enter your adjusted  basis for the  property     3. Taxact 2008 free download Enter your selling  expenses     4. Taxact 2008 free download Enter any depreciation  recapture     5. Taxact 2008 free download Add lines 2, 3, and 4. Taxact 2008 free download   6. Taxact 2008 free download Subtract line 5 from line 1. Taxact 2008 free download  This is your adjusted  gross profit   7. Taxact 2008 free download Enter any installment sale  income reported in  prior year(s)   8. Taxact 2008 free download Subtract line 7 from line 6   9. Taxact 2008 free download Future installments   10. Taxact 2008 free download Divide line 8 by line 9. Taxact 2008 free download  This is your new gross profit percentage*   * Apply this percentage to all future payments to determine how much of each of those payments is installment sale income. Taxact 2008 free download Example. Taxact 2008 free download In 2011, you sold land with a basis of $40,000 for $100,000. Taxact 2008 free download Your gross profit was $60,000. Taxact 2008 free download You received a $20,000 down payment and the buyer's note for $80,000. Taxact 2008 free download The note provides for four annual payments of $20,000 each, plus 8% interest, beginning in 2012. Taxact 2008 free download Your gross profit percentage is 60%. Taxact 2008 free download You reported a gain of $12,000 on each payment received in 2011 and 2012. Taxact 2008 free download In 2013, you and the buyer agreed to reduce the purchase price to $85,000 and payments during 2013, 2014, and 2015 are reduced to $15,000 for each year. Taxact 2008 free download The new gross profit percentage, 46. Taxact 2008 free download 67%, is figured on Example—Worksheet B. Taxact 2008 free download You will report a gain of $7,000 (46. Taxact 2008 free download 67% of $15,000) on each of the $15,000 installments due in 2013, 2014, and 2015. Taxact 2008 free download Example — Worksheet B. Taxact 2008 free download New Gross Profit Percentage — Selling Price Reduced 1. Taxact 2008 free download Enter the reduced selling  price for the property 85,000 2. Taxact 2008 free download Enter your adjusted  basis for the  property 40,000   3. Taxact 2008 free download Enter your selling  expenses -0-   4. Taxact 2008 free download Enter any depreciation  recapture -0-   5. Taxact 2008 free download Add lines 2, 3, and 4. Taxact 2008 free download 40,000 6. Taxact 2008 free download Subtract line 5 from line 1. Taxact 2008 free download  This is your adjusted  gross profit 45,000 7. Taxact 2008 free download Enter any installment sale  income reported in  prior year(s) 24,000 8. Taxact 2008 free download Subtract line 7 from line 6 21,000 9. Taxact 2008 free download Future installments 45,000 10. Taxact 2008 free download Divide line 8 by line 9. Taxact 2008 free download  This is your new gross profit percentage* 46. Taxact 2008 free download 67% * Apply this percentage to all future payments to determine how much of each of those payments is installment sale income. Taxact 2008 free download Reporting Installment Sale Income Generally, you will use Form 6252 to report installment sale income from casual sales of real or personal property during the tax year. Taxact 2008 free download You also will have to report the installment sale income on Schedule D (Form 1040), Capital Gains and Losses, or Form 4797, or both. Taxact 2008 free download See Schedule D (Form 1040) and Form 4797 , later. Taxact 2008 free download If the property was your main home, you may be able to exclude part or all of the gain. Taxact 2008 free download See Sale of Your Home , later. Taxact 2008 free download Form 6252 Use Form 6252 to report an installment sale in the year it takes place and to report payments received, or considered received because of related party resales, in later years. Taxact 2008 free download Attach it to your tax return for each year. Taxact 2008 free download Form 6252 will help you determine the gross profit, contract price, gross profit percentage, and installment sale income. Taxact 2008 free download Which parts to complete. Taxact 2008 free download   Which part to complete depends on whether you are filing the form for the year of sale or a later year. Taxact 2008 free download Year of sale. Taxact 2008 free download   Complete lines 1 through 4, Part I, and Part II. Taxact 2008 free download If you sold property to a related party during the year, also complete Part III. Taxact 2008 free download Later years. Taxact 2008 free download   Complete lines 1 through 4 and Part II for any year in which you receive a payment from an installment sale. Taxact 2008 free download   If you sold a marketable security to a related party after May 14, 1980, and before January 1, 1987, complete Form 6252 for each year of the installment agreement, even if you did not receive a payment. Taxact 2008 free download (After December 31, 1986, the installment method is not available for the sale of marketable securities. Taxact 2008 free download ) Complete lines 1 through 4 and Part II for any year in which you receive a payment from the sale. Taxact 2008 free download Complete Part III unless you received the final payment during the tax year. Taxact 2008 free download   If you sold property other than a marketable security to a related party after May 14, 1980, complete Form 6252 for the year of sale and for 2 years after the year of sale, even if you did not receive a payment. Taxact 2008 free download Complete lines 1 through 4 and Part II for any year during this 2-year period in which you receive a payment from the sale. Taxact 2008 free download Complete Part III for the 2 years after the year of sale unless you received the final payment during the tax year. Taxact 2008 free download Schedule D (Form 1040) Enter the gain figured on Form 6252 (line 26) for personal-use property (capital assets) on Schedule D (Form 1040), as a short-term gain (line 4) or long-term gain (line 11). Taxact 2008 free download If your gain from the installment sale qualifies for long-term capital gain treatment in the year of sale, it will continue to qualify in later tax years. Taxact 2008 free download Your gain is long-term if you owned the property for more than 1 year when you sold it. Taxact 2008 free download Form 4797 An installment sale of property used in your business or that earns rent or royalty income may result in a capital gain, an ordinary gain, or both. Taxact 2008 free download All or part of any gain from the disposition of the property may be ordinary gain from depreciation recapture. Taxact 2008 free download For trade or business property held for more than 1 year, enter the amount from line 26 of Form 6252 on Form 4797, line 4. Taxact 2008 free download If the property was held 1 year or less or you have an ordinary gain from the sale of a noncapital asset (even if the holding period is more than 1 year), enter this amount on Form 4797, line 10, and write “From Form 6252. Taxact 2008 free download ” Sale of Your Home If you sell your home, you may be able to exclude all or part of the gain on the sale. Taxact 2008 free download See Publication 523 for information about excluding the gain. Taxact 2008 free download If the sale is an installment sale, any gain you exclude is not included in gross profit when figuring your gross profit percentage. Taxact 2008 free download Seller-financed mortgage. Taxact 2008 free download   If you finance the sale of your home to an individual, both you and the buyer may have to follow special reporting procedures. Taxact 2008 free download   When you report interest income received from a buyer who uses the property as a personal residence, write the buyer's name, address, and social security number (SSN) on line 1 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. Taxact 2008 free download   When deducting the mortgage interest, the buyer must write your name, address, and SSN on line 11 of Schedule A (Form 1040), Itemized Deductions. Taxact 2008 free download   If either person fails to include the other person's SSN, a $50 penalty will be assessed. Taxact 2008 free download Other Rules The rules discussed in this part of the publication apply only in certain circumstances or to certain types of property. Taxact 2008 free download The following topics are discussed. Taxact 2008 free download Electing out of the installment method. Taxact 2008 free download Payments received or considered received. Taxact 2008 free download Escrow account. Taxact 2008 free download Depreciation recapture income. Taxact 2008 free download Sale to a related person. Taxact 2008 free download Like-kind exchange. Taxact 2008 free download Contingent payment sale. Taxact 2008 free download Single sale of several assets. Taxact 2008 free download Sale of a business. Taxact 2008 free download Unstated interest and original issue discount. Taxact 2008 free download Disposition of an installment obligation. Taxact 2008 free download Repossession. Taxact 2008 free download Interest on deferred tax. Taxact 2008 free download Electing Out of the Installment Method If you elect not to use the installment method, you generally report the entire gain in the year of sale, even though you do not receive all the sale proceeds in that year. Taxact 2008 free download To figure the amount of gain to report, use the fair market value (FMV) of the buyer's installment obligation that represents the buyer's debt to you. Taxact 2008 free download Notes, mortgages, and land contracts are examples of obligations that are included at FMV. Taxact 2008 free download You must figure the FMV of the buyer's installment obligation, whether or not you would actually be able to sell it. Taxact 2008 free download If you use the cash method of accounting, the FMV of the obligation will never be considered to be less than the FMV of the property sold (minus any other consideration received). Taxact 2008 free download Example. Taxact 2008 free download You sold a parcel of land for $50,000. Taxact 2008 free download You received a $10,000 down payment and will receive the balance over the next 10 years at $4,000 a year, plus 8% interest. Taxact 2008 free download The buyer gave you a note for $40,000. Taxact 2008 free download The note had an FMV of $40,000. Taxact 2008 free download You paid a commission of 6%, or $3,000, to a broker for negotiating the sale. Taxact 2008 free download The land cost $25,000, and you owned it for more than one year. Taxact 2008 free download You decide to elect out of the installment method and report the entire gain in the year of sale. Taxact 2008 free download Gain realized:     Selling price $50,000 Minus: Property's adj. Taxact 2008 free download basis $25,000     Commission 3,000 28,000 Gain realized $22,000 Gain recognized in year of sale:   Cash $10,000 Market value of note 40,000 Total realized in year of sale $50,000 Minus: Property's adj. Taxact 2008 free download basis $25,000     Commission 3,000 28,000 Gain recognized $22,000 The recognized gain of $22,000 is long-term capital gain. Taxact 2008 free download You include the entire gain in income in the year of sale, so you do not include in income any principal payments you receive in later tax years. Taxact 2008 free download The interest on the note is ordinary income and is reported as interest income each year. Taxact 2008 free download How to elect out. Taxact 2008 free download   To make this election, do not report your sale on Form 6252. Taxact 2008 free download Instead, report it on Form 8949, Sales and Other Dispositions of Capital Assets, Form 4797, or both. Taxact 2008 free download When to elect out. Taxact 2008 free download   Make this election by the due date, including extensions, for filing your tax return for the year the sale takes place. Taxact 2008 free download Automatic six-month extension. Taxact 2008 free download   If you timely file your tax return without making the election, you still can make the election by filing an amended return within 6 months of the due date of your return (excluding extensions). Taxact 2008 free download Write “Filed pursuant to section 301. Taxact 2008 free download 9100-2” at the top of the amended return and file it where the original return was filed. Taxact 2008 free download Revoking the election. Taxact 2008 free download   Once made, the election can be revoked only with IRS approval. Taxact 2008 free download A revocation is retroactive. Taxact 2008 free download You will not be allowed to revoke the election if either of the following applies. Taxact 2008 free download One of the purposes is to avoid federal income tax. Taxact 2008 free download The tax year in which any payment was received has closed. Taxact 2008 free download Payments Received or Considered Received You must figure your gain each year on the payments you receive, or are treated as receiving, from an installment sale. Taxact 2008 free download In certain situations, you are considered to have received a payment, even though the buyer does not pay you directly. Taxact 2008 free download These situations occur when the buyer assumes or pays any of your debts, such as a loan, or pays any of your expenses, such as a sales commission. Taxact 2008 free download However, as discussed later, the buyer's assumption of your debt is treated as a recovery of your basis rather than as a payment in many cases. Taxact 2008 free download Buyer Pays Seller's Expenses If the buyer pays any of your expenses related to the sale of your property, it is considered a payment to you in the year of sale. Taxact 2008 free download Include these expenses in the selling and contract prices when figuring the gross profit percentage. Taxact 2008 free download Buyer Assumes Mortgage If the buyer assumes or pays off your mortgage, or otherwise takes the property subject to the mortgage, the following rules apply. Taxact 2008 free download Mortgage not more than basis. Taxact 2008 free download   If the buyer assumes a mortgage that is not more than your installment sale basis in the property, it is not considered a payment to you. Taxact 2008 free download It is considered a recovery of your basis. Taxact 2008 free download The contract price is the selling price minus the mortgage. Taxact 2008 free download Example. Taxact 2008 free download You sell property with an adjusted basis of $19,000. Taxact 2008 free download You have selling expenses of $1,000. Taxact 2008 free download The buyer assumes your existing mortgage of $15,000 and agrees to pay you $10,000 (a cash down payment of $2,000 and $2,000 (plus 12% interest) in each of the next 4 years). Taxact 2008 free download The selling price is $25,000 ($15,000 + $10,000). Taxact 2008 free download Your gross profit is $5,000 ($25,000 − $20,000 installment sale basis). Taxact 2008 free download The contract price is $10,000 ($25,000 − $15,000 mortgage). Taxact 2008 free download Your gross profit percentage is 50% ($5,000 ÷ $10,000). Taxact 2008 free download You report half of each $2,000 payment received as gain from the sale. Taxact 2008 free download You also report all interest you receive as ordinary income. Taxact 2008 free download Mortgage more than basis. Taxact 2008 free download   If the buyer assumes a mortgage that is more than your installment sale basis in the property, you recover your entire basis. Taxact 2008 free download The part of the mortgage greater than your basis is treated as a payment received in the year of sale. Taxact 2008 free download   To figure the contract price, subtract the mortgage from the selling price. Taxact 2008 free download This is the total amount (other than interest) you will receive directly from the buyer. Taxact 2008 free download Add to this amount the payment you are considered to have received (the difference between the mortgage and your installment sale basis). Taxact 2008 free download The contract price is then the same as your gross profit from the sale. Taxact 2008 free download    If the mortgage the buyer assumes is equal to or more than your installment sale basis, the gross profit percentage always will be 100%. Taxact 2008 free download Example. Taxact 2008 free download The selling price for your property is $9,000. Taxact 2008 free download The buyer will pay you $1,000 annually (plus 8% interest) over the next 3 years and assume an existing mortgage of $6,000. Taxact 2008 free download Your adjusted basis in the property is $4,400. Taxact 2008 free download You have selling expenses of $600, for a total installment sale basis of $5,000. Taxact 2008 free download The part of the mortgage that is more than your installment sale basis is $1,000 ($6,000 − $5,000). Taxact 2008 free download This amount is included in the contract price and treated as a payment received in the year of sale. Taxact 2008 free download The contract price is $4,000: Selling price $9,000 Minus: Mortgage (6,000) Amount actually received $3,000 Add difference:   Mortgage $6,000   Minus: Installment sale basis 5,000 1,000 Contract price $4,000       Your gross profit on the sale is also $4,000: Selling price $9,000 Minus: Installment sale basis (5,000) Gross profit $4,000 Your gross profit percentage is 100%. Taxact 2008 free download Report 100% of each payment (less interest) as gain from the sale. Taxact 2008 free download Treat the $1,000 difference between the mortgage and your installment sale basis as a payment and report 100% of it as gain in the year of sale. Taxact 2008 free download Mortgage Canceled If the buyer of your property is the person who holds the mortgage on it, your debt is canceled, not assumed. Taxact 2008 free download You are considered to receive a payment equal to the outstanding canceled debt. Taxact 2008 free download Example. Taxact 2008 free download Mary Jones loaned you $45,000 in 2009 in exchange for a note and a mortgage in a tract of land you owned. Taxact 2008 free download On April 4, 2013, she bought the land for $70,000. Taxact 2008 free download At that time, $30,000 of her loan to you was outstanding. Taxact 2008 free download She agreed to forgive this $30,000 debt and to pay you $20,000 (plus interest) on August 1, 2013, and $20,000 on August 1, 2014. Taxact 2008 free download She did not assume an existing mortgage. Taxact 2008 free download She canceled the $30,000 debt you owed her. Taxact 2008 free download You are considered to have received a $30,000 payment at the time of the sale. Taxact 2008 free download Buyer Assumes Other Debts If the buyer assumes any other debts, such as a loan or back taxes, it may be considered a payment to you in the year of sale. Taxact 2008 free download If the buyer assumes the debt instead of paying it off, only part of it may have to be treated as a payment. Taxact 2008 free download Compare the debt to your installment sale basis in the property being sold. Taxact 2008 free download If the debt is less than your installment sale basis, none of it is treated as a payment. Taxact 2008 free download If it is more, only the difference is treated as a payment. Taxact 2008 free download If the buyer assumes more than one debt, any part of the total that is more than your installment sale basis is considered a payment. Taxact 2008 free download These rules are the same as the rules discussed earlier under Buyer Assumes Mortgage . Taxact 2008 free download However, they apply only to the following types of debt the buyer assumes. Taxact 2008 free download Those acquired from ownership of the property you are selling, such as a mortgage, lien, overdue interest, or back taxes. Taxact 2008 free download Those acquired in the ordinary course of your business, such as a balance due for inventory you purchased. Taxact 2008 free download If the buyer assumes any other type of debt, such as a personal loan or your legal fees relating to the sale, it is treated as if the buyer had paid off the debt at the time of the sale. Taxact 2008 free download The value of the assumed debt is then considered a payment to you in the year of sale. Taxact 2008 free download Property Used As a Payment If you receive property other than money from the buyer, it is still considered a payment in the year received. Taxact 2008 free download However, see Like-Kind Exchange , later. Taxact 2008 free download Generally, the amount of the payment is the property's FMV on the date you receive it. Taxact 2008 free download Exception. Taxact 2008 free download   If the property the buyer gives you is payable on demand or readily tradable, the amount you should consider as payment in the year received is: The FMV of the property on the date you receive it if you use the cash method of accounting, The face amount of the obligation on the date you receive it if you use the accrual method of accounting, or The stated redemption price at maturity less any original issue discount (OID) or, if there is no OID, the stated redemption price at maturity appropriately discounted to reflect total unstated interest. Taxact 2008 free download See Unstated Interest and Original Issue Discount (OID) , later. Taxact 2008 free download Debt not payable on demand. Taxact 2008 free download   Any evidence of debt you receive from the buyer not payable on demand is not considered a payment. Taxact 2008 free download This is true even if the debt is guaranteed by a third party, including a government agency. Taxact 2008 free download Fair market value (FMV). Taxact 2008 free download   This is the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having a reasonable knowledge of all the necessary facts. Taxact 2008 free download Third-party note. Taxact 2008 free download   If the property the buyer gives you is a third-party note (or other obligation of a third party), you are considered to have received a payment equal to the note's FMV. Taxact 2008 free download Because the FMV of the note is itself a payment on your installment sale, any payments you later receive from the third party are not considered payments on the sale. Taxact 2008 free download The excess of the note's face value over its FMV is interest. Taxact 2008 free download Exclude this interest in determining the selling price of the property. Taxact 2008 free download However, see Exception under Property Used As a Payment, earlier. Taxact 2008 free download Example. Taxact 2008 free download You sold real estate in an installment sale. Taxact 2008 free download As part of the down payment, the buyer assigned to you a $50,000, 8% interest third-party note. Taxact 2008 free download The FMV of the third-party note at the time of the sale was $30,000. Taxact 2008 free download This amount, not $50,000, is a payment to you in the year of sale. Taxact 2008 free download The third-party note had an FMV equal to 60% of its face value ($30,000 ÷ $50,000), so 60% of each principal payment you receive on this note is a nontaxable return of capital. Taxact 2008 free download The remaining 40% is interest taxed as ordinary income. Taxact 2008 free download Bond. Taxact 2008 free download   A bond or other evidence of debt you receive from the buyer that is payable on demand or readily tradable in an established securities market is treated as a payment in the year you receive it. Taxact 2008 free download For more information on the amount you should treat as a payment, see Exception under Property Used As a Payment, earlier. Taxact 2008 free download    If you receive a government or corporate bond for a sale before October 22, 2004, and the bond has interest coupons attached or can be readily traded in an established securities market, you are considered to have received payment equal to the bond's FMV. Taxact 2008 free download However, see Exception under Property Used As a Payment, earlier. Taxact 2008 free download Buyer's note. Taxact 2008 free download   The buyer's note (unless payable on demand) is not considered payment on the sale. Taxact 2008 free download However, its full face value is included when figuring the selling price and the contract price. Taxact 2008 free download Payments you receive on the note are used to figure your gain in the year received. Taxact 2008 free download Installment Obligation Used as Security (Pledge Rule) If you use an installment obligation to secure any debt, the net proceeds from the debt may be treated as a payment on the installment obligation. Taxact 2008 free download This is known as the pledge rule, and it applies if the selling price of the property is over $150,000. Taxact 2008 free download It does not apply to the following dispositions. Taxact 2008 free download Sales of property used or produced in farming. Taxact 2008 free download Sales of personal-use property. Taxact 2008 free download Qualifying sales of time-shares and residential lots. Taxact 2008 free download The net debt proceeds are the gross debt minus the direct expenses of getting the debt. Taxact 2008 free download The amount treated as a payment is considered received on the later of the following dates. Taxact 2008 free download The date the debt becomes secured. Taxact 2008 free download The date you receive the debt proceeds. Taxact 2008 free download A debt is secured by an installment obligation to the extent that payment of principal or interest on the debt is directly secured (under the terms of the loan or any underlying arrangement) by any interest in the installment obligation. Taxact 2008 free download For sales after December 16, 1999, payment on a debt is treated as directly secured by an interest in an installment obligation to the extent an arrangement allows you to satisfy all or part of the debt with the installment obligation. Taxact 2008 free download Limit. Taxact 2008 free download   The net debt proceeds treated as a payment on the pledged installment obligation cannot be more than the excess of item (1) over item (2), below. Taxact 2008 free download The total contract price on the installment sale. Taxact 2008 free download Any payments received on the installment obligation before the date the net debt proceeds are treated as a payment. Taxact 2008 free download Installment payments. Taxact 2008 free download   The pledge rule accelerates the reporting of the installment obligation payments. Taxact 2008 free download Do not report payments received on the obligation after it has been pledged until the payments received exceed the amount reported under the pledge rule. Taxact 2008 free download Exception. Taxact 2008 free download   The pledge rule does not apply to pledges made after December 17, 1987, to refinance a debt under the following circumstances. Taxact 2008 free download The debt was outstanding on December 17, 1987. Taxact 2008 free download The debt was secured by that installment sale obligation on that date and at all times thereafter until the refinancing occurred. Taxact 2008 free download   A refinancing as a result of the creditor's calling of the debt is treated as a continuation of the original debt so long as a person other than the creditor or a person related to the creditor provides the refinancing. Taxact 2008 free download   This exception applies only to refinancing that does not exceed the principal of the original debt immediately before the refinancing. Taxact 2008 free download Any excess is treated as a payment on the installment obligation. Taxact 2008 free download Escrow Account In some cases, the sales agreement or a later agreement may call for the buyer to establish an irrevocable escrow account from which the remaining installment payments (including interest) are to be made. Taxact 2008 free download These sales cannot be reported on the installment method. Taxact 2008 free download The buyer's obligation is paid in full when the balance of the purchase price is deposited into the escrow account. Taxact 2008 free download When an escrow account is established, you no longer rely on the buyer for the rest of the payments, but on the escrow arrangement. Taxact 2008 free download Example. Taxact 2008 free download You sell property for $100,000. Taxact 2008 free download The sales agreement calls for a down payment of $10,000 and payment of $15,000 in each of the next 6 years to be made from an irrevocable escrow account containing the balance of the purchase price plus interest. Taxact 2008 free download You cannot report the sale on the installment method because the full purchase price is considered received in the year of sale. Taxact 2008 free download You report the entire gain in the year of sale. Taxact 2008 free download Escrow established in a later year. Taxact 2008 free download   If you make an installment sale and in a later year an irrevocable escrow account is established to pay the remaining installments plus interest, the amount placed in the escrow account represents payment of the balance of the installment obligation. Taxact 2008 free download Substantial restriction. Taxact 2008 free download   If an escrow arrangement imposes a substantial restriction on your right to receive the sale proceeds, the sale can be reported on the installment method, provided it otherwise qualifies. Taxact 2008 free download For an escrow arrangement to impose a substantial restriction, it must serve a bona fide purpose of the buyer, that is, a real and definite restriction placed on the seller or a specific economic benefit conferred on the buyer. Taxact 2008 free download Depreciation Recapture Income If you sell property for which you claimed or could have claimed a depreciation deduction, you must report any depreciation recapture income in the year of sale, whether or not an installment payment was received that year. Taxact 2008 free download Figure your depreciation recapture income (including the section 179 deduction and the section 179A deduction recapture) in Part III of Form 4797. Taxact 2008 free download Report the recapture income in Part II of Form 4797 as ordinary income in the year of sale. Taxact 2008 free download The recapture income is also included in Part I of Form 6252. Taxact 2008 free download However, the gain equal to the recapture income is reported in full in the year of the sale. Taxact 2008 free download Only the gain greater than the recapture income is reported on the installment method. Taxact 2008 free download For more information on depreciation recapture, see chapter 3 in Publication 544. Taxact 2008 free download The recapture income reported in the year of sale is included in your installment sale basis in determining your gross profit on the installment sale. Taxact 2008 free download Determining gross profit is discussed under General Rules , earlier. Taxact 2008 free download Sale to a Related Person If you sell depreciable property to a related person and the sale is an installment sale, you may not be able to report the sale using the installment method. Taxact 2008 free download If you sell property to a related person and the related person disposes of the property before you receive all payments with respect to the sale, you may have to treat the amount realized by the related person as received by you when the related person disposes of the property. Taxact 2008 free download These rules are explained under Sale of Depreciable Property and under Sale and Later Disposition , later. Taxact 2008 free download Sale of Depreciable Property If you sell depreciable property to certain related persons, you generally cannot report the sale using the installment method. Taxact 2008 free download Instead, all payments to be received are considered received in the year of sale. Taxact 2008 free download However, see Exception , below. Taxact 2008 free download Depreciable property for this rule is any property the purchaser can depreciate. Taxact 2008 free download Payments to be received include the total of all noncontingent payments and the FMV of any payments contingent as to amount. Taxact 2008 free download In the case of contingent payments for which the FMV cannot be reasonably determined, your basis in the property is recovered proportionately. Taxact 2008 free download The purchaser cannot increase the basis of the property acquired in the sale before the seller includes a like amount in income. Taxact 2008 free download Exception. Taxact 2008 free download   You can use the installment method to report a sale of depreciable property to a related person if no significant tax deferral benefit will be derived from the sale. Taxact 2008 free download You must show to the satisfaction of the IRS that avoidance of federal income tax was not one of the principal purposes of the sale. Taxact 2008 free download Related person. Taxact 2008 free download   Related persons include the following. Taxact 2008 free download A person and all controlled entities with respect to that person. Taxact 2008 free download A taxpayer and any trust in which such taxpayer (or his spouse) is a beneficiary, unless that beneficiary's interest in the trust is a remote contingent interest. Taxact 2008 free download Except in the case of a sale or exchange in satisfaction of a pecuniary bequest, an executor of an estate and a beneficiary of that estate. Taxact 2008 free download Two or more partnerships in which the same person owns, directly or indirectly, more than 50% of the capital interests or the profits interests. Taxact 2008 free download   For information about which entities are controlled entities, see section 1239(c). Taxact 2008 free download Sale and Later Disposition Generally, a special rule applies if you sell or exchange property to a related person on the installment method (first disposition) who then sells, exchanges, or gives away the property (second disposition) under the following circumstances. Taxact 2008 free download The related person makes the second disposition before making all payments on the first disposition. Taxact 2008 free download The related person disposes of the property within 2 years of the first disposition. Taxact 2008 free download This rule does not apply if the property involved is marketable securities. Taxact 2008 free download Under this rule, you treat part or all of the amount the related person realizes (or the FMV if the disposed property is not sold or exchanged) from the second disposition as if you received it at the time of the second disposition. Taxact 2008 free download See Exception , later. Taxact 2008 free download Related person. Taxact 2008 free download   Related persons include the following. Taxact 2008 free download Members of a family, including only brothers and sisters (either whole or half), husband and wife, ancestors, and lineal descendants. Taxact 2008 free download A partnership or estate and a partner or beneficiary. Taxact 2008 free download A trust (other than a section 401(a) employees trust) and a beneficiary. Taxact 2008 free download A trust and an owner of the trust. Taxact 2008 free download Two corporations that are members of the same controlled group as defined in section 267(f). Taxact 2008 free download The fiduciaries of two different trusts, and the fiduciary and beneficiary of two different trusts, if the same person is the grantor of both trusts. Taxact 2008 free download A tax-exempt educational or charitable organization and a person (if an individual, including members of the individual's family) who directly or indirectly controls such an organization. Taxact 2008 free download An individual and a corporation when the individual owns, directly or indirectly, more than 50% of the value of the outstanding stock of the corporation. Taxact 2008 free download A fiduciary of a trust and a corporation when the trust or the grantor of the trust owns, directly or indirectly, more than 50% in value of the outstanding stock of the corporation. Taxact 2008 free download The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Taxact 2008 free download Any two S corporations if the same persons own more than 50% in value of the outstanding stock of each corporation. Taxact 2008 free download An S corporation and a corporation that is not an S corporation if the same persons own more than 50% in value of the outstanding stock of each corporation. Taxact 2008 free download A corporation and a partnership if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital or profits interest in the partnership. Taxact 2008 free download An executor and a beneficiary of an estate unless the sale is in satisfaction of a pecuniary bequest. Taxact 2008 free download Example 1. Taxact 2008 free download In 2012, Harvey Green sold farm land to his son Bob for $500,000, which was to be paid in five equal payments over 5 years, plus adequate stated interest on the balance due. Taxact 2008 free download His installment sale basis for the farm land was $250,000 and the property was not subject to any outstanding liens or mortgages. Taxact 2008 free download His gross profit percentage is 50% (gross profit of $250,000 ÷ contract price of $500,000). Taxact 2008 free download He received $100,000 in 2012 and included $50,000 in income for that year ($100,000 × 0. Taxact 2008 free download 50). Taxact 2008 free download Bob made no improvements to the property and sold it to Alfalfa Inc. Taxact 2008 free download , in 2013 for $600,000 after making the payment for that year. Taxact 2008 free download The amount realized from the second disposition is $600,000. Taxact 2008 free download Harvey figures his installment sale income for 2013 as follows: Lesser of: 1) Amount realized on second disposition, or 2) Contract price on first disposition $500,000 Subtract: Sum of payments from Bob in 2012 and 2013 - 200,000 Amount treated as received because of second disposition $300,000 Add: Payment from Bob in 2013 + 100,000 Total payments received and treated as received for 2013 $400,000 Multiply by gross profit % × . Taxact 2008 free download 50 Installment sale income for 2013 $200,000 Harvey will not include in his installment sale income any principal payments he receives on the installment obligation for 2014, 2015, and 2016 because he has already reported the total payments of $500,000 from the first disposition ($100,000 in 2012 and $400,000 in 2013). Taxact 2008 free download Example 2. Taxact 2008 free download Assume the facts are the same as Example 1 except that Bob sells the property for only $400,000. Taxact 2008 free download The gain for 2013 is figured as follows: Lesser of: 1) Amount realized on second disposition, or 2) Contract price on first disposition $400,000 Subtract: Sum of payments from Bob in 2012 and 2013 − 200,000 Amount treated as received because of second disposition $200,000 Add: Payment from Bob in 2013 + 100,000 Total payments received and treated as received for 2013 $300,000 Multiply by gross profit % × . Taxact 2008 free download 50 Installment sale income for 2013 $150,000     Harvey receives a $100,000 payment in 2014 and another in 2015. Taxact 2008 free download They are not taxed because he treated the $200,000 from the disposition in 2013 as a payment received and paid tax on the installment sale income. Taxact 2008 free download In 2016, he receives the final $100,000 payment. Taxact 2008 free download He figures the installment sale income he must recognize in 2016 as follows: Total payments from the first disposition received by the end of 2016 $500,000 Minus the sum of:     Payment from 2012 $100,000   Payment from 2013 100,000   Amount treated as received in 2013 200,000   Total on which gain was previously recognized  − 400,000 Payment on which gain is recognized for 2016  $100,000 Multiply by gross profit % × . Taxact 2008 free download 50 Installment sale income for 2016 $ 50,000 Exception. Taxact 2008 free download   This rule does not apply to a second disposition, and any later transfer, if you can show to the satisfaction of the IRS that neither the first disposition (to the related person) nor the second disposition had as one of its principal purposes the avoidance of federal income tax. Taxact 2008 free download Generally, an involuntary second disposition will qualify under the nontax avoidance exception, such as when a creditor of the related person forecloses on the property or the related person declares bankruptcy. Taxact 2008 free download   The nontax avoidance exception also applies to a second disposition that is also an installment sale if the terms of payment under the installment resale are substantially equal to or longer than those for the first installment sale. Taxact 2008 free download However, the exception does not apply if the resale terms permit significant deferral of recognition of gain from the first sale. Taxact 2008 free download   In addition, any sale or exchange of stock to the issuing corporation is not treated as a first disposition. Taxact 2008 free download An involuntary conversion is not treated as a second disposition if the first disposition occurred before the threat of conversion. Taxact 2008 free download A transfer after the death of the person making the first disposition or the related person's death, whichever is earlier, is not treated as a second disposition. Taxact 2008 free download Like-Kind Exchange If you trade business or investment property solely for the same kind of property to be held as business or investment property, you can postpone reporting the gain. Taxact 2008 free download These trades are known as like-kind exchanges. Taxact 2008 free download The property you receive in a like-kind exchange is treated as if it were a continuation of the property you gave up. Taxact 2008 free download You do not have to report any part of your gain if you receive only like-kind property. Taxact 2008 free download However, if you also receive money or other property (boot) in the exchange, you must report your gain to the extent of the money and the FMV of the other property received. Taxact 2008 free download For more information on like-kind exchanges, see Like-Kind Exchanges in chapter 1 of Publication 544. Taxact 2008 free download Installment payments. Taxact 2008 free download   If, in addition to like-kind property, you receive an installment obligation in the exchange, the following rules apply to determine the installment sale income each year. Taxact 2008 free download The contract price is reduced by the FMV of the like-kind property received in the trade. Taxact 2008 free download The gross profit is reduced by any gain on the trade that can be postponed. Taxact 2008 free download Like-kind property received in the trade is not considered payment on the installment obligation. Taxact 2008 free download Example. Taxact 2008 free download In 2013, George Brown trades personal property with an installment sale basis of $400,000 for like-kind property having an FMV of $200,000. Taxact 2008 free download He also receives an installment note for $800,000 in the trade. Taxact 2008 free download Under the terms of the note, he is to receive $100,000 (plus interest) in 2014 and the balance of $700,000 (plus interest) in 2015. Taxact 2008 free download George's selling price is $1,000,000 ($800,000 installment note + $200,000 FMV of like-kind property received). Taxact 2008 free download His gross profit is $600,000 ($1,000,000 − $400,000 installment sale basis). Taxact 2008 free download The contract price is $800,000 ($1,000,000 − $200,000). Taxact 2008 free download The gross profit percentage is 75% ($600,000 ÷ $800,000). Taxact 2008 free download He reports no gain in 2013 because the like-kind property he receives is not treated as a payment for figuring gain. Taxact 2008 free download He reports $75,000 gain for 2014 (75% of $100,000 payment received) and $525,000 gain for 2015 (75% of $700,000 payment received). Taxact 2008 free download Deferred exchanges. Taxact 2008 free download   A deferred exchange is one in which you transfer property you use in business or hold for investment and receive like-kind property later that you will use in business or hold for investment. Taxact 2008 free download Under this type of exchange, the person receiving your property may be required to place funds in an escrow account or trust. Taxact 2008 free download If certain rules are met, these funds will not be considered a payment until you have the right to receive the funds or, if earlier, the end of the exchange period. Taxact 2008 free download See Regulations section 1. Taxact 2008 free download 1031(k)-1(j)(2) for these rules. Taxact 2008 free download Contingent Payment Sale A contingent payment sale is one in which the total selling price cannot be determined by the end of the tax year of sale. Taxact 2008 free download This happens, for example, if you sell your business and the selling price includes a percentage of its profits in future years. Taxact 2008 free download If the selling price cannot be determined by the end of the tax year, you must use different rules to figure the contract price and the gross profit percentage than those you use for an installment sale with a fixed selling price. Taxact 2008 free download For rules on using the installment method for a contingent payment sale, see Regulations section 15a. Taxact 2008 free download 453-1(c). Taxact 2008 free download Single Sale of Several Assets If you sell different types of assets in a single sale, you must identify each asset to determine whether you can use the installment method to report the sale of that asset. Taxact 2008 free download You also have to allocate part of the selling price to each asset. Taxact 2008 free download If you sell assets that constitute a trade or business, see Sale of a Business , later. Taxact 2008 free download Unless an allocation of the selling price has been agreed to by both parties in an arm's-length transaction, you must allocate the selling price to an asset based on its FMV. Taxact 2008 free download If the buyer assumes a debt, or takes the property subject to a debt, you must reduce the FMV of the property by the debt. Taxact 2008 free download This becomes the net FMV. Taxact 2008 free download A sale of separate and unrelated assets of the same type under a single contract is reported as one transaction for the installment method. Taxact 2008 free download However, if an asset is sold at a loss, its disposition cannot be reported on the installment method. Taxact 2008 free download It must be reported separately. Taxact 2008 free download The remaining assets sold at a gain are reported together. Taxact 2008 free download Example. Taxact 2008 free download You sold three separate and unrelated parcels of real property (A, B, and C) under a single contract calling for a total selling price of $130,000. Taxact 2008 free download The total selling price consisted of a cash payment of $20,000, the buyer's assumption of a $30,000 mortgage on parcel B, and an installment obligation of $80,000 payable in eight annual installments, plus interest at 8% a year. Taxact 2008 free download Your installment sale basis for each parcel was $15,000. Taxact 2008 free download Your net gain was $85,000 ($130,000 − $45,000). Taxact 2008 free download You report the gain on the installment method. Taxact 2008 free download The sales contract did not allocate the selling price or the cash payment received in the year of sale among the individual parcels. Taxact 2008 free download The FMV of parcels A, B, and C were $60,000, $60,000, and $10,000, respectively. Taxact 2008 free download The installment sale basis for parcel C was more than its FMV, so it was sold at a loss and must be treated separately. Taxact 2008 free download You must allocate the total selling price and the amounts received in the year of sale between parcel C and the remaining parcels. Taxact 2008 free download Of the total $130,000 selling price, you must allocate $120,000 to parcels A and B together and $10,000 to parcel C. Taxact 2008 free download You should allocate the cash payment of $20,000 received in the year of sale and the note receivable on the basis of their proportionate net FMV. Taxact 2008 free download The allocation is figured as follows:   Parcels   A and B Parcel C FMV $120,000 $10,000 Minus: Mortgage assumed 30,000 -0- Net FMV $ 90,000 $10,000 Proportionate net FMV:     Percentage of total 90% 10% Payments in year of sale:     $20,000 × 90% $18,000   $20,000 × 10%   $2,000 Excess of parcel B mortgage over installment sale basis 15,000 -0- Allocation of payments  received (or considered  received) in year of sale $ 33,000 $ 2,000 You cannot report the sale of parcel C on the installment method because the sale results in a loss. Taxact 2008 free download You report this loss of $5,000 ($10,000 selling price − $15,000 installment sale basis) in the year of sale. Taxact 2008 free download However, if parcel C was held for personal use, the loss is not deductible. Taxact 2008 free download You allocate the installment obligation of $80,000 to the properties sold based on their proportionate net FMVs (90% to parcels A and B, 10% to parcel C). Taxact 2008 free download Sale of a Business The installment sale of an entire business for one overall price under a single contract is not the sale of a single asset. Taxact 2008 free download Allocation of Selling Price To determine whether any of the gain on the sale of the business can be reported on the installment method, you must allocate the total selling price and the payments received in the year of sale between each of the following classes of assets. Taxact 2008 free download Assets sold at a loss. Taxact 2008 free download Real and personal property eligible for the installment method. Taxact 2008 free download Real and personal property ineligible for the installment method, including: Inventory, Dealer property, and Stocks and securities. Taxact 2008 free download Inventory. Taxact 2008 free download   The sale of inventories of personal property cannot be reported on the installment method. Taxact 2008 free download All gain or loss on their sale must be reported in the year of sale, even if you receive payment in later years. Taxact 2008 free download   If inventory items are included in an installment sale, you may have an agreement stating which payments are for inventory and which are for the other assets being sold. Taxact 2008 free download If you do not, each payment must be allocated between the inventory and the other assets sold. Taxact 2008 free download   Report the amount you receive (or will receive) on the sale of inventory items as ordinary business income. Taxact 2008 free download Use your basis in the inventory to figure the cost of goods sold. Taxact 2008 free download Deduct the part of the selling expenses allocated to inventory as an ordinary business expense. Taxact 2008 free download Residual method. Taxact 2008 free download   Except for assets exchanged under the like-kind exchange rules, both the buyer and seller of a business must use the residual method to allocate the sale price to each business asset sold. Taxact 2008 free download This method determines gain or loss from the transfer of each asset and the buyer's basis in the assets. Taxact 2008 free download   The residual method must be used for any transfer of a group of assets that constitutes a trade or business and for which the buyer's basis is determined only by the amount paid for the assets. Taxact 2008 free download This applies to both direct and indirect transfers, such as the sale of a business or the sale of a partnership interest in which the basis of the buyer's share of the partnership assets is adjusted for the amount paid under section 743(b). Taxact 2008 free download   A group of assets constitutes a trade or business if goodwill or going concern value could, under any circumstances, attach to the assets or if the use of the assets would constitute an active trade or business under section 355. Taxact 2008 free download   The residual method provides for the consideration to be reduced first by cash and general deposit accounts (including checking and savings accounts but excluding certificates of deposit). Taxact 2008 free download The consideration remaining after this reduction must be allocated among the various business assets in a certain order. Taxact 2008 free download   For asset acquisitions occurring after March 15, 2001, make the allocation among the following assets in proportion to (but not more than) their fair market value on the purchase date in the following order. Taxact 2008 free download Certificates of deposit, U. Taxact 2008 free download S. Taxact 2008 free download Government securities, foreign currency, and actively traded personal property, including stock and securities. Taxact 2008 free download Accounts receivable, other debt instruments, and assets that you mark to market at least annually for federal income tax purposes. Taxact 2008 free download However, see Regulations section 1. Taxact 2008 free download 338-6(b)(2)(iii) for exceptions that apply to debt instruments issued by persons related to a target corporation, contingent debt instruments, and debt instruments convertible into stock or other property. Taxact 2008 free download Property of a kind that would properly be included in inventory if on hand at the end of the tax year or property held by the taxpayer primarily for sale to customers in the ordinary course of business. Taxact 2008 free download All other assets except section 197 intangibles. Taxact 2008 free download Section 197 intangibles except goodwill and going concern value. Taxact 2008 free download Goodwill and going concern value (whether or not they qualify as section 197 intangibles). Taxact 2008 free download   If an asset described in (1) through (6) is includible in more than one category, include it in the lower number category. Taxact 2008 free download For example, if an asset is described in both (4) and (6), include it in (4). Taxact 2008 free download Agreement. Taxact 2008 free download   The buyer and seller may enter into a written agreement as to the allocation of any consideration or the fair market value of any of the assets. Taxact 2008 free download This agreement is binding on both parties unless the IRS determines the amounts are not appropriate. Taxact 2008 free download Reporting requirement. Taxact 2008 free download   Both the buyer and seller involved in the sale of business assets must report to the IRS the allocation of the sales price among section 197 intangibles and the other business assets. Taxact 2008 free download Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. Taxact 2008 free download The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. Taxact 2008 free download Sale of Partnership Interest A partner who sells a partnership interest at a gain may be able to report the sale on the installment method. Taxact 2008 free download The sale of a partnership interest is treated as the sale of a single capital asset. Taxact 2008 free download The part of any gain or loss from unrealized receivables or inventory items will be treated as ordinary income. Taxact 2008 free download (The term “unrealized receivables” includes depreciation recapture income, discussed earlier. Taxact 2008 free download ) The gain allocated to the unrealized receivables and the inventory cannot be reported under the installment method. Taxact 2008 free download The gain allocated to the other assets can be reported under the installment method. Taxact 2008 free download For more information on the treatment of unrealized receivables and inventory, see Publication 541. Taxact 2008 free download Example — Sale of a Business On June 4, 2013, you sold the machine shop you had operated since 2005. Taxact 2008 free download You received a $100,000 down payment and the buyer's note for $120,000. Taxact 2008 free download The note payments are $15,000 each, plus 10% interest, due every July 1 and January 1, beginning in 2014. Taxact 2008 free download The total selling price is $220,000. Taxact 2008 free download Your selling expenses are $11,000. Taxact 2008 free download The selling expenses are divided among all the assets sold, including inventory. Taxact 2008 free download Your selling expense for each asset is 5% of the asset's selling price ($11,000 selling expense ÷ $220,000 total selling price). Taxact 2008 free download The FMV, adjusted basis, and depreciation claimed on each asset sold are as follows:     Depre- ciation Adj. Taxact 2008 free download Asset FMV Claimed Basis Inventory $ 10,000 -0- $ 8,000 Land 42,000 -0- 15,000 Building 48,000 $9,000 36,000 Machine A 71,000 27,200 63,800 Machine B 24,000 12,960 22,040 Truck 6,500 18,624 5,376   $201,500 $67,784 $150,216         Under the residual method, you allocate the selling price to each of the assets based on their FMV ($201,500). Taxact 2008 free download The remaining $18,500 ($220,000 - $201,500) is allocated to your section 197 intangible, goodwill. Taxact 2008 free download The assets included in the sale, their selling prices based on their FMVs, the selling expense allocated to each asset, the adjusted basis, and the gain for each asset are shown in the following chart. Taxact 2008 free download   Sale  Price Sale   Exp. Taxact 2008 free download Adj. Taxact 2008 free download   Basis Gain Inventory $ 10,000 $ 500 $ 8,000 $ 1,500 Land 42,000 2,100 15,000 24,900 Building 48,000 2,400 36,000 9,600 Mch. Taxact 2008 free download A 71,000 3,550 63,800 3,650 Mch. Taxact 2008 free download B 24,000 1,200 22,040 760 Truck 6,500 325 5,376 799 Goodwill 18,500 925 -0- 17,575   $220,000 $11,000 $150,216 $58,784 The building was acquired in 2005, the year the business began, and it is section 1250 property. Taxact 2008 free download There is no depreciation recapture income because the building was depreciated using the straight line method. Taxact 2008 free download All gain on the truck, machine A, and machine B is depreciation recapture income since it is the lesser of the depreciation claimed or the gain on the sale. Taxact 2008 free download Figure depreciation recapture in Part III of Form 4797. Taxact 2008 free download The total depreciation recapture income reported in Part II of Form 4797 is $5,209. Taxact 2008 free download This consists of $3,650 on machine A, $799 on the truck, and $760 on machine B (the gain on each item because it was less than the depreciation claimed). Taxact 2008 free download These gains are reported in full in the year of sale and are not included in the installment sale computation. Taxact 2008 free download Of the $220,000 total selling price, the $10,000 for inventory assets cannot be reported using the installment method. Taxact 2008 free download The selling prices of the truck and machines are also removed from the total selling price because gain on these items is reported in full in the year of sale. Taxact 2008 free download The selling price equals the contract price for the installment sale ($108,500). Taxact 2008 free download The assets included in the installment sale, their selling price, and their installment sale bases are shown in the following chart. Taxact 2008 free download   Selling  Price Install- ment  Sale  Basis Gross  Profit Land $ 42,000 $17,100 $24,900 Building 48,000 38,400 9,600 Goodwill 18,500 925 17,575 Total $108,500 $56,425 $52,075         The gross profit percentage (gross profit ÷ contract price) for the installment sale is 48% ($52,075 ÷ $108,500). Taxact 2008 free download The gross profit percentage for each asset is figured as follows: Percentage Land— $24,900 ÷ $108,500 22. Taxact 2008 free download 95 Building— $9,600 ÷ $108,500 8. Taxact 2008 free download 85 Goodwill— $17,575 ÷ $108,500 16. Taxact 2008 free download 20 Total 48. Taxact 2008 free download 00 The sale includes assets sold on the installment method and assets for which the gain is reported in full in the year of sale, so payments must be allocated between the installment part of the sale and the part reported in the year of sale. Taxact 2008 free download The selling price for the installment sale is $108,500. Taxact 2008 free download This is 49. Taxact 2008 free download 3% of the total selling price of $220,000 ($108,500 ÷ $220,000). Taxact 2008 free download The selling price of assets not reported on the installment method is $111,500. Taxact 2008 free download This is 50. Taxact 2008 free download 7% ($111,500 ÷ $220,000) of the total selling price. Taxact 2008 free download Multiply principal payments by 49. Taxact 2008 free download 3% to determine the part of the payment for the installment sale. Taxact 2008 free download The balance, 50. Taxact 2008 free download 7%, is for the part reported in the year of the sale. Taxact 2008 free download The gain on the sale of the inventory, machines, and truck is reported in full in the year of sale. Taxact 2008 free download When you receive principal payments in later years, no part of the payment for the sale of these assets is included in gross income. Taxact 2008 free download Only the part for the installment sale (49. Taxact 2008 free download 3%) is used in the installment sale computation. Taxact 2008 free download The only payment received in 2013 is the down payment of $100,000. Taxact 2008 free download The part of the payment for the installment sale is $49,300 ($100,000 × 49. Taxact 2008 free download 3%). Taxact 2008 free download This amount is used in the installment sale computation. Taxact 2008 free download Installment income for 2013. Taxact 2008 free download   Your installment income for each asset is the gross profit percentage for that asset times $49,300, the installment income received in 2013. Taxact 2008 free download Income Land—22. Taxact 2008 free download 95% of $49,300 $11,314 Building—8. Taxact 2008 free download 85% of $49,300 4,363 Goodwill—16. Taxact 2008 free download 2% of $49,300 7,987 Total installment income for 2013 $23,664 Installment income after 2013. Taxact 2008 free download   You figure installment income for years after 2013 by applying the same gross profit percentages to 49. Taxact 2008 free download 3% of the total payments you receive on the buyer's note during the year. Taxact 2008 free download Unstated Interest and Original Issue Discount (OID) An installment sale contract may provide that each deferred payment on the sale will include interest or that there will be an interest payment in addition to the principal payment. Taxact 2008 free download Interest provided in the contract is called stated interest. Taxact 2008 free download If an installment sale contract does not provide for adequate stated interest, part of the stated principal amount of the contract may be recharacterized as interest. Taxact 2008 free download If section 483 applies to the contract, this interest is called unstated interest. Taxact 2008 free download If section 1274 applies to the contract, this interest is called original issue discount (OID). Taxact 2008 free download An installment sale contract does not provide for adequate stated interest if the stated interest rate is lower than the test rate (defined later). Taxact 2008 free download Treatment of unstated interest and OID. Taxact 2008 free download   Generally, if a buyer gives a debt in consideration for personal use property, the unstated interest rules do not apply. Taxact 2008 free download As a result, the buyer cannot deduct the unstated interest. Taxact 2008 free download The seller must report the unstated interest as income. Taxact 2008 free download   Personal-use property is any property in which substantially all of its use by the buyer is not in connection with a trade or business or an investment activity. Taxact 2008 free download   If the debt is subject to the section 483 rules and is also subject to the below-market loan rules, such as a gift loan, compensation-related loan, or corporation-shareholder loan, then both parties are subject to the below-market loan rules rather than the unstated interest rules. Taxact 2008 free download Rules for the seller. Taxact 2008 free download   If either section 1274 or section 483 applies to the installment sale contract, you must treat part of the installment sale price as interest, even though interest is not called for in the sales agreement. Taxact 2008 free download If either section applies, you must reduce the stated selling price of the property and increase your interest income by this unstated interest. Taxact 2008 free download   Include the unstated interest in income based on your regular method of accounting. Taxact 2008 free download Include OID in income over the term of the contract. Taxact 2008 free download   The OID includible in income each year is based on the constant yield method described in section 1272. Taxact 2008 free download (In some cases, the OID on an installment sale contract also may include all or part of the stated interest, especially if the stated interest is not paid at least annually. Taxact 2008 free download )   If you do not use the installment method to report the sale, report the entire gain under your method of accounting in the year of sale. Taxact 2008 free download Reduce the selling price by any stated principal treated as interest to determine the gain. Taxact 2008 free download   Report unstated interest or OID on your tax return, in addition to stated interest. Taxact 2008 free download Rules for the buyer. Taxact 2008 free download   Any part of the stated selling price of an installment sale contract treated by the buyer as interest reduces the buyer's basis in the property and increases the buyer's interest expense. Taxact 2008 free download These rules do not apply to personal-use property (for example, property not used in a trade or business). Taxact 2008 free download Adequate stated interest. Taxact 2008 free download   An installment sale contract generally provides for adequate stated interest if the contract's stated principal amount is at least equal to the sum of the present values of all principal and interest payments called for under the contract. Taxact 2008 free download The present value of a payment is determined based on the test rate of interest, defined next. Taxact 2008 free download (If section 483 applies to the contract, payments due within six months after the sale are taken into account at face value. Taxact 2008 free download ) In general, an installment sale contract provides for adequate stated interest if the stated interest rate (based on an appropriate compounding period) is at least equal to the test rate of interest. Taxact 2008 free download Test rate of interest. Taxact 2008 free download   The test rate of interest for a contract is the 3-month rate. Taxact 2008 free download The 3-month rate is the lower of the following applicable federal rates (AFRs). Taxact 2008 free download The lowest AFR (based on the appropriate compounding period) in effect during the 3-month period ending with the first month in which there is a binding written contract that substantially provides the terms under which the sale or exchange is ultimately completed. Taxact 2008 free download The lowest AFR (based on the appropriate compounding period) in effect during the 3-month period ending with the month in which the sale or exchange occurs. Taxact 2008 free download Applicable federal rate (AFR). Taxact 2008 free download   The AFR depends on the month the binding
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The Taxact 2008 Free Download

Taxact 2008 free download Publication 596 - Additional Material Table of Contents EIC Table How To Get Tax HelpLow Income Taxpayer Clinics EIC Eligibility Checklist You may claim the EIC if you answer “Yes” to all the following questions. Taxact 2008 free download *     Yes No 1. Taxact 2008 free download Is your AGI less than: $14,340 ($19,680 for married filing jointly) if you do not have a qualifying child, $37,870 ($43,210 for married filing jointly) if you have one qualifying child, $43,038 ($48,378 for married filing jointly) if you have two qualifying children, or $46,227 ($51,567 for married filing jointly) if you have more than two qualifying children? (See Rule 1. Taxact 2008 free download ) □ □ 2. Taxact 2008 free download Do you, your spouse, and your qualifying child each have a valid SSN? (See Rule 2. Taxact 2008 free download ) □ □ 3. Taxact 2008 free download Is your filing status married filing jointly, head of household, qualifying widow(er), or single? (See Rule 3. Taxact 2008 free download ) Caution: If you or your spouse is a nonresident alien, answer “Yes” only if your filing status is married filing jointly. Taxact 2008 free download (See Rule 4. Taxact 2008 free download ) □ □ 4. Taxact 2008 free download Answer “Yes” if you are not filing Form 2555 or Form 2555-EZ. Taxact 2008 free download Otherwise, answer “No. Taxact 2008 free download ” (See Rule 5. Taxact 2008 free download ) □ □ 5. Taxact 2008 free download Is your investment income $3,300 or less? (See Rule 6. Taxact 2008 free download ) □ □ 6. Taxact 2008 free download Is your total earned income at least $1 but less than: $14,340 ($19,680 for married filing jointly) if you do not have a qualifying child, $37,870 ($43,210 for married filing jointly) if you have one qualifying child, $43,038 ($48,378 for married filing jointly) if you have two qualifying children, or $46,227 ($51,567 for married filing jointly) if you have more than two qualifying children? (See Rules 7 and 15. Taxact 2008 free download ) □ □ 7. Taxact 2008 free download Answer “Yes” if (a) you are not a qualifying child of another taxpayer or (b) you are filing a joint return. Taxact 2008 free download Otherwise, answer “No. Taxact 2008 free download ” (See Rules 10 and 13. Taxact 2008 free download ) □ □   STOP: If you have a qualifying child, answer questions 8 and 9 and skip 10–12. Taxact 2008 free download If you do not have a qualifying child, skip questions 8 and 9 and answer 10–12. Taxact 2008 free download *     8. Taxact 2008 free download Does your child meet the relationship, age, residency, and joint return tests for a qualifying child? (See Rule 8. Taxact 2008 free download ) □ □ 9. Taxact 2008 free download Is your child a qualifying child only for you? Answer “Yes” if (a) your qualifying child does not meet the tests to be a qualifying child of any other person or (b) your qualifying child meets the tests to be a qualifying child of another person but you are the person entitled to treat the child as a qualifying child under the tiebreaker rules explained in Rule 9. Taxact 2008 free download Answer “No” if the other person is the one entitled to treat the child as a qualifying child under the tiebreaker rules. Taxact 2008 free download □ □ 10. Taxact 2008 free download Were you (or your spouse if filing a joint return) at least age 25 but under age 65 at the end of 2013? (See Rule 11. Taxact 2008 free download ) □ □ 11. Taxact 2008 free download Answer “Yes” if (a) you cannot be claimed as a dependent on anyone else's return or (b) you are filing a joint return. Taxact 2008 free download Otherwise, answer “No. Taxact 2008 free download ” (See Rule 12. Taxact 2008 free download ) □ □ 12. Taxact 2008 free download Was your main home (and your spouse's if filing a joint return) in the United States for more than half the year? (See Rule 14. Taxact 2008 free download )    □ □ PERSONS WITH A QUALIFYING CHILD: If you answered “Yes” to questions 1 through 9, you can claim the EIC. Taxact 2008 free download Remember to fill out Schedule EIC and attach it to your Form 1040 or Form 1040A. Taxact 2008 free download You cannot use Form 1040EZ. Taxact 2008 free download If you answered “Yes” to questions 1 through 7 and “No” to question 8, answer questions 10 through 12 to see if you can claim the EIC without a qualifying child. Taxact 2008 free download PERSONS WITHOUT A QUALIFYING CHILD: If you answered “Yes” to questions 1 through 7, and 10 through 12, you can claim the EIC. Taxact 2008 free download If you answered “No” to any question that applies to you: You cannot claim the EIC. Taxact 2008 free download EIC Table 2013 Earned Income Credit (EIC) Table Caution. Taxact 2008 free download This is not a tax table. Taxact 2008 free download 1. Taxact 2008 free download To find your credit, read down the “At least - But less than” columns and find the line that includes the amount you were told to look up from your EIC Worksheet. Taxact 2008 free download 2. Taxact 2008 free download Then, go to the column that includes your filing status and the number of qualifying children you have. Taxact 2008 free download Enter the credit from that column on your EIC Worksheet. Taxact 2008 free download Example. Taxact 2008 free download If your filing status is single, you have one qualifying child, and the amount you are looking up from your EIC Worksheet is $2,455, you would enter $842. Taxact 2008 free download   And your filing status is– If the amount you are looking up from the worksheet is– Single, head of household, or qualifying widow(er) and the number of children you have is– Married filing jointly and the number of children you have is–   0 1 2 3 0 1 2 3 At least But less than Your credit is– Your credit is– $1 $50 $2 $9 $10 $11 $2 $9 $10 $11 50 100 6 26 30 34 6 26 30 34 100 150 10 43 50 56 10 43 50 56 150 200 13 60 70 79 13 60 70 79 200 250 17 77 90 101 17 77 90 101 250 300 21 94 110 124 21 94 110 124 300 350 25 111 130 146 25 111 130 146 350 400 29 128 150 169 29 128 150 169 400 450 33 145 170 191 33 145 170 191 450 500 36 162 190 214 36 162 190 214 500 550 40 179 210 236 40 179 210 236 550 600 44 196 230 259 44 196 230 259 600 650 48 213 250 281 48 213 250 281 650 700 52 230 270 304 52 230 270 304 700 750 55 247 290 326 55 247 290 326 750 800 59 264 310 349 59 264 310 349 800 850 63 281 330 371 63 281 330 371 850 900 67 298 350 394 67 298 350 394 900 950 71 315 370 416 71 315 370 416 950 1,000 75 332 390 439 75 332 390 439 1,000 1,050 78 349 410 461 78 349 410 461 1,050 1,100 82 366 430 484 82 366 430 484 1,100 1,150 86 383 450 506 86 383 450 506 1,150 1,200 90 400 470 529 90 400 470 529 1,200 1,250 94 417 490 551 94 417 490 551 1,250 1,300 98 434 510 574 98 434 510 574 1,300 1,350 101 451 530 596 101 451 530 596 1,350 1,400 105 468 550 619 105 468 550 619 1,400 1,450 109 485 570 641 109 485 570 641 1,450 1,500 113 502 590 664 113 502 590 664 1,500 1,550 117 519 610 686 117 519 610 686 1,550 1,600 120 536 630 709 120 536 630 709 1,600 1,650 124 553 650 731 124 553 650 731 1,650 1,700 128 570 670 754 128 570 670 754 1,700 1,750 132 587 690 776 132 587 690 776 1,750 1,800 136 604 710 799 136 604 710 799 1,800 1,850 140 621 730 821 140 621 730 821 1,850 1,900 143 638 750 844 143 638 750 844 1,900 1,950 147 655 770 866 147 655 770 866 1,950 2,000 151 672 790 889 151 672 790 889 2,000 2,050 155 689 810 911 155 689 810 911 2,050 2,100 159 706 830 934 159 706 830 934 2,100 2,150 163 723 850 956 163 723 850 956 2,150 2,200 166 740 870 979 166 740 870 979 2,200 2,250 170 757 890 1,001 170 757 890 1,001 2,250 2,300 174 774 910 1,024 174 774 910 1,024 2,300 2,350 178 791 930 1,046 178 791 930 1,046 2,350 2,400 182 808 950 1,069 182 808 950 1,069 2,400 2,450 186 825 970 1,091 186 825 970 1,091 2,450 2,500 189 842 990 1,114 189 842 990 1,114 2,500 2,550 193 859 1,010 1,136 193 859 1,010 1,136 2,550 2,600 197 876 1,030 1,159 197 876 1,030 1,159 2,600 2,650 201 893 1,050 1,181 201 893 1,050 1,181 2,650 2,700 205 910 1,070 1,204 205 910 1,070 1,204 2,700 2,750 208 927 1,090 1,226 208 927 1,090 1,226 2,750 2,800 212 944 1,110 1,249 212 944 1,110 1,249 2,800 2,850 216 961 1,130 1,271 216 961 1,130 1,271 2,850 2,900 220 978 1,150 1,294 220 978 1,150 1,294 2,900 2,950 224 995 1,170 1,316 224 995 1,170 1,316 2,950 3,000 228 1,012 1,190 1,339 228 1,012 1,190 1,339 3,000 3,050 231 1,029 1,210 1,361 231 1,029 1,210 1,361 3,050 3,100 235 1,046 1,230 1,384 235 1,046 1,230 1,384 3,100 3,150 239 1,063 1,250 1,406 239 1,063 1,250 1,406 3,150 3,200 243 1,080 1,270 1,429 243 1,080 1,270 1,429 3,200 3,250 247 1,097 1,290 1,451 247 1,097 1,290 1,451 3,250 3,300 251 1,114 1,310 1,474 251 1,114 1,310 1,474 3,300 3,350 254 1,131 1,330 1,496 254 1,131 1,330 1,496 3,350 3,400 258 1,148 1,350 1,519 258 1,148 1,350 1,519 3,400 3,450 262 1,165 1,370 1,541 262 1,165 1,370 1,541 3,450 3,500 266 1,182 1,390 1,564 266 1,182 1,390 1,564 3,500 3,550 270 1,199 1,410 1,586 270 1,199 1,410 1,586 3,550 3,600 273 1,216 1,430 1,609 273 1,216 1,430 1,609 3,600 3,650 277 1,233 1,450 1,631 277 1,233 1,450 1,631 3,650 3,700 281 1,250 1,470 1,654 281 1,250 1,470 1,654 3,700 3,750 285 1,267 1,490 1,676 285 1,267 1,490 1,676 3,750 3,800 289 1,284 1,510 1,699 289 1,284 1,510 1,699 3,800 3,850 293 1,301 1,530 1,721 293 1,301 1,530 1,721 3,850 3,900 296 1,318 1,550 1,744 296 1,318 1,550 1,744 3,900 3,950 300 1,335 1,570 1,766 300 1,335 1,570 1,766 3,950 4,000 304 1,352 1,590 1,789 304 1,352 1,590 1,789 4,000 4,050 308 1,369 1,610 1,811 308 1,369 1,610 1,811 4,050 4,100 312 1,386 1,630 1,834 312 1,386 1,630 1,834 4,100 4,150 316 1,403 1,650 1,856 316 1,403 1,650 1,856 4,150 4,200 319 1,420 1,670 1,879 319 1,420 1,670 1,879 4,200 4,250 323 1,437 1,690 1,901 323 1,437 1,690 1,901 4,250 4,300 327 1,454 1,710 1,924 327 1,454 1,710 1,924 4,300 4,350 331 1,471 1,730 1,946 331 1,471 1,730 1,946 4,350 4,400 335 1,488 1,750 1,969 335 1,488 1,750 1,969 4,400 4,450 339 1,505 1,770 1,991 339 1,505 1,770 1,991 4,450 4,500 342 1,522 1,790 2,014 342 1,522 1,790 2,014 4,500 4,550 346 1,539 1,810 2,036 346 1,539 1,810 2,036 4,550 4,600 350 1,556 1,830 2,059 350 1,556 1,830 2,059 4,600 4,650 354 1,573 1,850 2,081 354 1,573 1,850 2,081 4,650 4,700 358 1,590 1,870 2,104 358 1,590 1,870 2,104 4,700 4,750 361 1,607 1,890 2,126 361 1,607 1,890 2,126 4,750 4,800 365 1,624 1,910 2,149 365 1,624 1,910 2,149 4,800 4,850 369 1,641 1,930 2,171 369 1,641 1,930 2,171 4,850 4,900 373 1,658 1,950 2,194 373 1,658 1,950 2,194 4,900 4,950 377 1,675 1,970 2,216 377 1,675 1,970 2,216 4,950 5,000 381 1,692 1,990 2,239 381 1,692 1,990 2,239 5,000 5,050 384 1,709 2,010 2,261 384 1,709 2,010 2,261 5,050 5,100 388 1,726 2,030 2,284 388 1,726 2,030 2,284 5,100 5,150 392 1,743 2,050 2,306 392 1,743 2,050 2,306 5,150 5,200 396 1,760 2,070 2,329 396 1,760 2,070 2,329 5,200 5,250 400 1,777 2,090 2,351 400 1,777 2,090 2,351 5,250 5,300 404 1,794 2,110 2,374 404 1,794 2,110 2,374 5,300 5,350 407 1,811 2,130 2,396 407 1,811 2,130 2,396 5,350 5,400 411 1,828 2,150 2,419 411 1,828 2,150 2,419 5,400 5,450 415 1,845 2,170 2,441 415 1,845 2,170 2,441 5,450 5,500 419 1,862 2,190 2,464 419 1,862 2,190 2,464 5,500 5,550 423 1,879 2,210 2,486 423 1,879 2,210 2,486 5,550 5,600 426 1,896 2,230 2,509 426 1,896 2,230 2,509 5,600 5,650 430 1,913 2,250 2,531 430 1,913 2,250 2,531 5,650 5,700 434 1,930 2,270 2,554 434 1,930 2,270 2,554 5,700 5,750 438 1,947 2,290 2,576 438 1,947 2,290 2,576 5,750 5,800 442 1,964 2,310 2,599 442 1,964 2,310 2,599 5,800 5,850 446 1,981 2,330 2,621 446 1,981 2,330 2,621 5,850 5,900 449 1,998 2,350 2,644 449 1,998 2,350 2,644 5,900 5,950 453 2,015 2,370 2,666 453 2,015 2,370 2,666 5,950 6,000 457 2,032 2,390 2,689 457 2,032 2,390 2,689 6,000 6,050 461 2,049 2,410 2,711 461 2,049 2,410 2,711 6,050 6,100 465 2,066 2,430 2,734 465 2,066 2,430 2,734 6,100 6,150 469 2,083 2,450 2,756 469 2,083 2,450 2,756 6,150 6,200 472 2,100 2,470 2,779 472 2,100 2,470 2,779 6,200 6,250 476 2,117 2,490 2,801 476 2,117 2,490 2,801 6,250 6,300 480 2,134 2,510 2,824 480 2,134 2,510 2,824 6,300 6,350 484 2,151 2,530 2,846 484 2,151 2,530 2,846 6,350 6,400 487 2,168 2,550 2,869 487 2,168 2,550 2,869 6,400 6,450 487 2,185 2,570 2,891 487 2,185 2,570 2,891 6,450 6,500 487 2,202 2,590 2,914 487 2,202 2,590 2,914 6,500 6,550 487 2,219 2,610 2,936 487 2,219 2,610 2,936 6,550 6,600 487 2,236 2,630 2,959 487 2,236 2,630 2,959 6,600 6,650 487 2,253 2,650 2,981 487 2,253 2,650 2,981 6,650 6,700 487 2,270 2,670 3,004 487 2,270 2,670 3,004 6,700 6,750 487 2,287 2,690 3,026 487 2,287 2,690 3,026 6,750 6,800 487 2,304 2,710 3,049 487 2,304 2,710 3,049 6,800 6,850 487 2,321 2,730 3,071 487 2,321 2,730 3,071 6,850 6,900 487 2,338 2,750 3,094 487 2,338 2,750 3,094 6,900 6,950 487 2,355 2,770 3,116 487 2,355 2,770 3,116 6,950 7,000 487 2,372 2,790 3,139 487 2,372 2,790 3,139 7,000 7,050 487 2,389 2,810 3,161 487 2,389 2,810 3,161 7,050 7,100 487 2,406 2,830 3,184 487 2,406 2,830 3,184 7,100 7,150 487 2,423 2,850 3,206 487 2,423 2,850 3,206 7,150 7,200 487 2,440 2,870 3,229 487 2,440 2,870 3,229 7,200 7,250 487 2,457 2,890 3,251 487 2,457 2,890 3,251 7,250 7,300 487 2,474 2,910 3,274 487 2,474 2,910 3,274 7,300 7,350 487 2,491 2,930 3,296 487 2,491 2,930 3,296 7,350 7,400 487 2,508 2,950 3,319 487 2,508 2,950 3,319 7,400 7,450 487 2,525 2,970 3,341 487 2,525 2,970 3,341 7,450 7,500 487 2,542 2,990 3,364 487 2,542 2,990 3,364 7,500 7,550 487 2,559 3,010 3,386 487 2,559 3,010 3,386 7,550 7,600 487 2,576 3,030 3,409 487 2,576 3,030 3,409 7,600 7,650 487 2,593 3,050 3,431 487 2,593 3,050 3,431 7,650 7,700 487 2,610 3,070 3,454 487 2,610 3,070 3,454 7,700 7,750 487 2,627 3,090 3,476 487 2,627 3,090 3,476 7,750 7,800 487 2,644 3,110 3,499 487 2,644 3,110 3,499 7,800 7,850 487 2,661 3,130 3,521 487 2,661 3,130 3,521 7,850 7,900 487 2,678 3,150 3,544 487 2,678 3,150 3,544 7,900 7,950 487 2,695 3,170 3,566 487 2,695 3,170 3,566 7,950 8,000 487 2,712 3,190 3,589 487 2,712 3,190 3,589 8,000 8,050 483 2,729 3,210 3,611 487 2,729 3,210 3,611 8,050 8,100 479 2,746 3,230 3,634 487 2,746 3,230 3,634 8,100 8,150 475 2,763 3,250 3,656 487 2,763 3,250 3,656 8,150 8,200 472 2,780 3,270 3,679 487 2,780 3,270 3,679 8,200 8,250 468 2,797 3,290 3,701 487 2,797 3,290 3,701 8,250 8,300 464 2,814 3,310 3,724 487 2,814 3,310 3,724 8,300 8,350 460 2,831 3,330 3,746 487 2,831 3,330 3,746 8,350 8,400 456 2,848 3,350 3,769 487 2,848 3,350 3,769 8,400 8,450 452 2,865 3,370 3,791 487 2,865 3,370 3,791 8,450 8,500 449 2,882 3,390 3,814 487 2,882 3,390 3,814 8,500 8,550 445 2,899 3,410 3,836 487 2,899 3,410 3,836 8,550 8,600 441 2,916 3,430 3,859 487 2,916 3,430 3,859 8,600 8,650 437 2,933 3,450 3,881 487 2,933 3,450 3,881 8,650 8,700 433 2,950 3,470 3,904 487 2,950 3,470 3,904 8,700 8,750 430 2,967 3,490 3,926 487 2,967 3,490 3,926 8,750 8,800 426 2,984 3,510 3,949 487 2,984 3,510 3,949 8,800 8,850 422 3,001 3,530 3,971 487 3,001 3,530 3,971 8,850 8,900 418 3,018 3,550 3,994 487 3,018 3,550 3,994 8,900 8,950 414 3,035 3,570 4,016 487 3,035 3,570 4,016 8,950 9,000 410 3,052 3,590 4,039 487 3,052 3,590 4,039 9,000 9,050 407 3,069 3,610 4,061 487 3,069 3,610 4,061 9,050 9,100 403 3,086 3,630 4,084 487 3,086 3,630 4,084 9,100 9,150 399 3,103 3,650 4,106 487 3,103 3,650 4,106 9,150 9,200 395 3,120 3,670 4,129 487 3,120 3,670 4,129 9,200 9,250 391 3,137 3,690 4,151 487 3,137 3,690 4,151 9,250 9,300 387 3,154 3,710 4,174 487 3,154 3,710 4,174 9,300 9,350 384 3,171 3,730 4,196 487 3,171 3,730 4,196 9,350 9,400 380 3,188 3,750 4,219 487 3,188 3,750 4,219 9,400 9,450 376 3,205 3,770 4,241 487 3,205 3,770 4,241 9,450 9,500 372 3,222 3,790 4,264 487 3,222 3,790 4,264 9,500 9,550 368 3,239 3,810 4,286 487 3,239 3,810 4,286 9,550 9,600 365 3,250 3,830 4,309 487 3,250 3,830 4,309 9,600 9,650 361 3,250 3,850 4,331 487 3,250 3,850 4,331 9,650 9,700 357 3,250 3,870 4,354 487 3,250 3,870 4,354 9,700 9,750 353 3,250 3,890 4,376 487 3,250 3,890 4,376 9,750 9,800 349 3,250 3,910 4,399 487 3,250 3,910 4,399 9,800 9,850 345 3,250 3,930 4,421 487 3,250 3,930 4,421 9,850 9,900 342 3,250 3,950 4,444 487 3,250 3,950 4,444 9,900 9,950 338 3,250 3,970 4,466 487 3,250 3,970 4,466 9,950 10,000 334 3,250 3,990 4,489 487 3,250 3,990 4,489 10,000 10,050 330 3,250 4,010 4,511 487 3,250 4,010 4,511 10,050 10,100 326 3,250 4,030 4,534 487 3,250 4,030 4,534 10,100 10,150 322 3,250 4,050 4,556 487 3,250 4,050 4,556 10,150 10,200 319 3,250 4,070 4,579 487 3,250 4,070 4,579 10,200 10,250 315 3,250 4,090 4,601 487 3,250 4,090 4,601 10,250 10,300 311 3,250 4,110 4,624 487 3,250 4,110 4,624 10,300 10,350 307 3,250 4,130 4,646 487 3,250 4,130 4,646 10,350 10,400 303 3,250 4,150 4,669 487 3,250 4,150 4,669 10,400 10,450 299 3,250 4,170 4,691 487 3,250 4,170 4,691 10,450 10,500 296 3,250 4,190 4,714 487 3,250 4,190 4,714 10,500 10,550 292 3,250 4,210 4,736 487 3,250 4,210 4,736 10,550 10,600 288 3,250 4,230 4,759 487 3,250 4,230 4,759 10,600 10,650 284 3,250 4,250 4,781 487 3,250 4,250 4,781 10,650 10,700 280 3,250 4,270 4,804 487 3,250 4,270 4,804 10,700 10,750 277 3,250 4,290 4,826 487 3,250 4,290 4,826 10,750 10,800 273 3,250 4,310 4,849 487 3,250 4,310 4,849 10,800 10,850 269 3,250 4,330 4,871 487 3,250 4,330 4,871 10,850 10,900 265 3,250 4,350 4,894 487 3,250 4,350 4,894 10,900 10,950 261 3,250 4,370 4,916 487 3,250 4,370 4,916 10,950 11,000 257 3,250 4,390 4,939 487 3,250 4,390 4,939 11,000 11,050 254 3,250 4,410 4,961 487 3,250 4,410 4,961 11,050 11,100 250 3,250 4,430 4,984 487 3,250 4,430 4,984 11,100 11,150 246 3,250 4,450 5,006 487 3,250 4,450 5,006 11,150 11,200 242 3,250 4,470 5,029 487 3,250 4,470 5,029 11,200 11,250 238 3,250 4,490 5,051 487 3,250 4,490 5,051 11,250 11,300 234 3,250 4,510 5,074 487 3,250 4,510 5,074 11,300 11,350 231 3,250 4,530 5,096 487 3,250 4,530 5,096 11,350 11,400 227 3,250 4,550 5,119 487 3,250 4,550 5,119 11,400 11,450 223 3,250 4,570 5,141 487 3,250 4,570 5,141 11,450 11,500 219 3,250 4,590 5,164 487 3,250 4,590 5,164 11,500 11,550 215 3,250 4,610 5,186 487 3,250 4,610 5,186 11,550 11,600 212 3,250 4,630 5,209 487 3,250 4,630 5,209 11,600 11,650 208 3,250 4,650 5,231 487 3,250 4,650 5,231 11,650 11,700 204 3,250 4,670 5,254 487 3,250 4,670 5,254 11,700 11,750 200 3,250 4,690 5,276 487 3,250 4,690 5,276 11,750 11,800 196 3,250 4,710 5,299 487 3,250 4,710 5,299 11,800 11,850 192 3,250 4,730 5,321 487 3,250 4,730 5,321 11,850 11,900 189 3,250 4,750 5,344 487 3,250 4,750 5,344 11,900 11,950 185 3,250 4,770 5,366 487 3,250 4,770 5,366 11,950 12,000 181 3,250 4,790 5,389 487 3,250 4,790 5,389 12,000 12,050 177 3,250 4,810 5,411 487 3,250 4,810 5,411 12,050 12,100 173 3,250 4,830 5,434 487 3,250 4,830 5,434 12,100 12,150 169 3,250 4,850 5,456 487 3,250 4,850 5,456 12,150 12,200 166 3,250 4,870 5,479 487 3,250 4,870 5,479 12,200 12,250 162 3,250 4,890 5,501 487 3,250 4,890 5,501 12,250 12,300 158 3,250 4,910 5,524 487 3,250 4,910 5,524 12,300 12,350 154 3,250 4,930 5,546 487 3,250 4,930 5,546 12,350 12,400 150 3,250 4,950 5,569 487 3,250 4,950 5,569 12,400 12,450 146 3,250 4,970 5,591 487 3,250 4,970 5,591 12,450 12,500 143 3,250 4,990 5,614 487 3,250 4,990 5,614 12,500 12,550 139 3,250 5,010 5,636 487 3,250 5,010 5,636 12,550 12,600 135 3,250 5,030 5,659 487 3,250 5,030 5,659 12,600 12,650 131 3,250 5,050 5,681 487 3,250 5,050 5,681 12,650 12,700 127 3,250 5,070 5,704 487 3,250 5,070 5,704 12,700 12,750 124 3,250 5,090 5,726 487 3,250 5,090 5,726 12,750 12,800 120 3,250 5,110 5,749 487 3,250 5,110 5,749 12,800 12,850 116 3,250 5,130 5,771 487 3,250 5,130 5,771 12,850 12,900 112 3,250 5,150 5,794 487 3,250 5,150 5,794 12,900 12,950 108 3,250 5,170 5,816 487 3,250 5,170 5,816 12,950 13,000 104 3,250 5,190 5,839 487 3,250 5,190 5,839 13,000 13,050 101 3,250 5,210 5,861 487 3,250 5,210 5,861 13,050 13,100 97 3,250 5,230 5,884 487 3,250 5,230 5,884 13,100 13,150 93 3,250 5,250 5,906 487 3,250 5,250 5,906 13,150 13,200 89 3,250 5,270 5,929 487 3,250 5,270 5,929 13,200 13,250 85 3,250 5,290 5,951 487 3,250 5,290 5,951 13,250 13,300 81 3,250 5,310 5,974 487 3,250 5,310 5,974 13,300 13,350 78 3,250 5,330 5,996 487 3,250 5,330 5,996 13,350 13,400 74 3,250 5,350 6,019 482 3,250 5,350 6,019 13,400 13,450 70 3,250 5,372 6,044 479 3,250 5,372 6,044 13,450 13,500 66 3,250 5,372 6,044 475 3,250 5,372 6,044 13,500 13,550 62 3,250 5,372 6,044 471 3,250 5,372 6,044 13,550 13,600 59 3,250 5,372 6,044 467 3,250 5,372 6,044 13,600 13,650 55 3,250 5,372 6,044 463 3,250 5,372 6,044 13,650 13,700 51 3,250 5,372 6,044 459 3,250 5,372 6,044 13,700 13,750 47 3,250 5,372 6,044 456 3,250 5,372 6,044 13,750 13,800 43 3,250 5,372 6,044 452 3,250 5,372 6,044 13,800 13,850 39 3,250 5,372 6,044 448 3,250 5,372 6,044 13,850 13,900 36 3,250 5,372 6,044 444 3,250 5,372 6,044 13,900 13,950 32 3,250 5,372 6,044 440 3,250 5,372 6,044 13,950 14,000 28 3,250 5,372 6,044 436 3,250 5,372 6,044 14,000 14,050 24 3,250 5,372 6,044 433 3,250 5,372 6,044 14,050 14,100 20 3,250 5,372 6,044 429 3,250 5,372 6,044 14,100 14,150 16 3,250 5,372 6,044 425 3,250 5,372 6,044 14,150 14,200 13 3,250 5,372 6,044 421 3,250 5,372 6,044 14,200 14,250 9 3,250 5,372 6,044 417 3,250 5,372 6,044 14,250 14,300 5 3,250 5,372 6,044 413 3,250 5,372 6,044 14,300 14,350 * * If the amount you are looking up from the worksheet is at least $14,300 but less than $14,340, and you have no qualifying children, your credit is $2. Taxact 2008 free download  If the amount you are looking up from the worksheet is $14,340 or more, and you have no qualifying children, you cannot take the credit. Taxact 2008 free download 3,250 5,372 6,044 410 3,250 5,372 6,044 14,350 14,400 0 3,250 5,372 6,044 406 3,250 5,372 6,044 14,400 14,450 0 3,250 5,372 6,044 402 3,250 5,372 6,044 14,450 14,500 0 3,250 5,372 6,044 398 3,250 5,372 6,044 14,500 14,550 0 3,250 5,372 6,044 394 3,250 5,372 6,044 14,550 14,600 0 3,250 5,372 6,044 391 3,250 5,372 6,044 14,600 14,650 0 3,250 5,372 6,044 387 3,250 5,372 6,044 14,650 14,700 0 3,250 5,372 6,044 383 3,250 5,372 6,044 14,700 14,750 0 3,250 5,372 6,044 379 3,250 5,372 6,044 14,750 14,800 0 3,250 5,372 6,044 375 3,250 5,372 6,044 14,800 14,850 0 3,250 5,372 6,044 371 3,250 5,372 6,044 14,850 14,900 0 3,250 5,372 6,044 368 3,250 5,372 6,044 14,900 14,950 0 3,250 5,372 6,044 364 3,250 5,372 6,044 14,950 15,000 0 3,250 5,372 6,044 360 3,250 5,372 6,044 15,000 15,050 0 3,250 5,372 6,044 356 3,250 5,372 6,044 15,050 15,100 0 3,250 5,372 6,044 352 3,250 5,372 6,044 15,100 15,150 0 3,250 5,372 6,044 348 3,250 5,372 6,044 15,150 15,200 0 3,250 5,372 6,044 345 3,250 5,372 6,044 15,200 15,250 0 3,250 5,372 6,044 341 3,250 5,372 6,044 15,250 15,300 0 3,250 5,372 6,044 337 3,250 5,372 6,044 15,300 15,350 0 3,250 5,372 6,044 333 3,250 5,372 6,044 15,350 15,400 0 3,250 5,372 6,044 329 3,250 5,372 6,044 15,400 15,450 0 3,250 5,372 6,044 326 3,250 5,372 6,044 15,450 15,500 0 3,250 5,372 6,044 322 3,250 5,372 6,044 15,500 15,550 0 3,250 5,372 6,044 318 3,250 5,372 6,044 15,550 15,600 0 3,250 5,372 6,044 314 3,250 5,372 6,044 15,600 15,650 0 3,250 5,372 6,044 310 3,250 5,372 6,044 15,650 15,700 0 3,250 5,372 6,044 306 3,250 5,372 6,044 15,700 15,750 0 3,250 5,372 6,044 303 3,250 5,372 6,044 15,750 15,800 0 3,250 5,372 6,044 299 3,250 5,372 6,044 15,800 15,850 0 3,250 5,372 6,044 295 3,250 5,372 6,044 15,850 15,900 0 3,250 5,372 6,044 291 3,250 5,372 6,044 15,900 15,950 0 3,250 5,372 6,044 287 3,250 5,372 6,044 15,950 16,000 0 3,250 5,372 6,044 283 3,250 5,372 6,044 16,000 16,050 0 3,250 5,372 6,044 280 3,250 5,372 6,044 16,050 16,100 0 3,250 5,372 6,044 276 3,250 5,372 6,044 16,100 16,150 0 3,250 5,372 6,044 272 3,250 5,372 6,044 16,150 16,200 0 3,250 5,372 6,044 268 3,250 5,372 6,044 16,200 16,250 0 3,250 5,372 6,044 264 3,250 5,372 6,044 16,250 16,300 0 3,250 5,372 6,044 260 3,250 5,372 6,044 16,300 16,350 0 3,250 5,372 6,044 257 3,250 5,372 6,044 16,350 16,400 0 3,250 5,372 6,044 253 3,250 5,372 6,044 16,400 16,450 0 3,250 5,372 6,044 249 3,250 5,372 6,044 16,450 16,500 0 3,250 5,372 6,044 245 3,250 5,372 6,044 16,500 16,550 0 3,250 5,372 6,044 241 3,250 5,372 6,044 16,550 16,600 0 3,250 5,372 6,044 238 3,250 5,372 6,044 16,600 16,650 0 3,250 5,372 6,044 234 3,250 5,372 6,044 16,650 16,700 0 3,250 5,372 6,044 230 3,250 5,372 6,044 16,700 16,750 0 3,250 5,372 6,044 226 3,250 5,372 6,044 16,750 16,800 0 3,250 5,372 6,044 222 3,250 5,372 6,044 16,800 16,850 0 3,250 5,372 6,044 218 3,250 5,372 6,044 16,850 16,900 0 3,250 5,372 6,044 215 3,250 5,372 6,044 16,900 16,950 0 3,250 5,372 6,044 211 3,250 5,372 6,044 16,950 17,000 0 3,250 5,372 6,044 207 3,250 5,372 6,044 17,000 17,050 0 3,250 5,372 6,044 203 3,250 5,372 6,044 17,050 17,100 0 3,250 5,372 6,044 199 3,250 5,372 6,044 17,100 17,150 0 3,250 5,372 6,044 195 3,250 5,372 6,044 17,150 17,200 0 3,250 5,372 6,044 192 3,250 5,372 6,044 17,200 17,250 0 3,250 5,372 6,044 188 3,250 5,372 6,044 17,250 17,300 0 3,250 5,372 6,044 184 3,250 5,372 6,044 17,300 17,350 0 3,250 5,372 6,044 180 3,250 5,372 6,044 17,350 17,400 0 3,250 5,372 6,044 176 3,250 5,372 6,044 17,400 17,450 0 3,250 5,372 6,044 173 3,250 5,372 6,044 17,450 17,500 0 3,250 5,372 6,044 169 3,250 5,372 6,044 17,500 17,550 0 3,250 5,372 6,044 165 3,250 5,372 6,044 17,550 17,600 0 3,243 5,363 6,034 161 3,250 5,372 6,044 17,600 17,650 0 3,235 5,352 6,023 157 3,250 5,372 6,044 17,650 17,700 0 3,227 5,341 6,013 153 3,250 5,372 6,044 17,700 17,750 0 3,219 5,331 6,002 150 3,250 5,372 6,044 17,750 17,800 0 3,211 5,320 5,992 146 3,250 5,372 6,044 17,800 17,850 0 3,203 5,310 5,981 142 3,250 5,372 6,044 17,850 17,900 0 3,195 5,299 5,971 138 3,250 5,372 6,044 17,900 17,950 0 3,187 5,289 5,960 134 3,250 5,372 6,044 17,950 18,000 0 3,179 5,278 5,950 130 3,250 5,372 6,044 18,000 18,050 0 3,171 5,268 5,939 127 3,250 5,372 6,044 18,050 18,100 0 3,163 5,257 5,929 123 3,250 5,372 6,044 18,100 18,150 0 3,155 5,247 5,918 119 3,250 5,372 6,044 18,150 18,200 0 3,147 5,236 5,908 115 3,250 5,372 6,044 18,200 18,250 0 3,139 5,226 5,897 111 3,250 5,372 6,044 18,250 18,300 0 3,131 5,215 5,887 107 3,250 5,372 6,044 18,300 18,350 0 3,123 5,205 5,876 104 3,250 5,372 6,044 18,350 18,400 0 3,115 5,194 5,866 100 3,250 5,372 6,044 18,400 18,450 0 3,107 5,184 5,855 96 3,250 5,372 6,044 18,450 18,500 0 3,099 5,173 5,844 92 3,250 5,372 6,044 18,500 18,550 0 3,091 5,162 5,834 88 3,250 5,372 6,044 18,550 18,600 0 3,083 5,152 5,823 85 3,250 5,372 6,044 18,600 18,650 0 3,075 5,141 5,813 81 3,250 5,372 6,044 18,650 18,700 0 3,067 5,131 5,802 77 3,250 5,372 6,044 18,700 18,750 0 3,059 5,120 5,792 73 3,250 5,372 6,044 18,750 18,800 0 3,051 5,110 5,781 69 3,250 5,372 6,044 18,800 18,850 0 3,043 5,099 5,771 65 3,250 5,372 6,044 18,850 18,900 0 3,035 5,089 5,760 62 3,250 5,372 6,044 18,900 18,950 0 3,027 5,078 5,750 58 3,250 5,372 6,044 18,950 19,000 0 3,019 5,068 5,739 54 3,250 5,372 6,044 19,000 19,050 0 3,011 5,057 5,729 50 3,250 5,372 6,044 19,050 19,100 0 3,004 5,047 5,718 46 3,250 5,372 6,044 19,100 19,150 0 2,996 5,036 5,708 42 3,250 5,372 6,044 19,150 19,200 0 2,988 5,026 5,697 39 3,250 5,372 6,044 19,200 19,250 0 2,980 5,015 5,687 35 3,250 5,372 6,044 19,250 19,300 0 2,972 5,005 5,676 31 3,250 5,372 6,044 19,300 19,350 0 2,964 4,994 5,665 27 3,250 5,372 6,044 19,350 19,400 0 2,956 4,983 5,655 23 3,250 5,372 6,044 19,400 19,450 0 2,948 4,973 5,644 20 3,250 5,372 6,044 19,450 19,500 0 2,940 4,962 5,634 16 3,250 5,372 6,044 19,500 19,550 0 2,932 4,952 5,623 12 3,250 5,372 6,044 19,550 19,600 0 2,924 4,941 5,613 8 3,250 5,372 6,044 19,600 19,650 0 2,916 4,931 5,602 4 3,250 5,372 6,044 19,650 19,700 0 2,908 4,920 5,592 * * If the amount you are looking up from the worksheet is at least $19,650 but less than $19,680, and you have no qualifying children, your credit is $1. Taxact 2008 free download  If the amount you are looking up from the worksheet is $19,680 or more, and you have no qualifying children, you cannot take the credit. Taxact 2008 free download 3,250 5,372 6,044 19,700 19,750 0 2,900 4,910 5,581 0 3,250 5,372 6,044 19,750 19,800 0 2,892 4,899 5,571 0 3,250 5,372 6,044 19,800 19,850 0 2,884 4,889 5,560 0 3,250 5,372 6,044 19,850 19,900 0 2,876 4,878 5,550 0 3,250 5,372 6,044 19,900 19,950 0 2,868 4,868 5,539 0 3,250 5,372 6,044 19,950 20,000 0 2,860 4,857 5,529 0 3,250 5,372 6,044 20,000 20,050 0 2,852 4,847 5,518 0 3,250 5,372 6,044 20,050 20,100 0 2,844 4,836 5,508 0 3,250 5,372 6,044 20,100 20,150 0 2,836 4,825 5,497 0 3,250 5,372 6,044 20,150 20,200 0 2,828 4,815 5,486 0 3,250 5,372 6,044 20,200 20,250 0 2,820 4,804 5,476 0 3,250 5,372 6,044 20,250 20,300 0 2,812 4,794 5,465 0 3,250 5,372 6,044 20,300 20,350 0 2,804 4,783 5,455 0 3,250 5,372 6,044 20,350 20,400 0 2,796 4,773 5,444 0 3,250 5,372 6,044 20,400 20,450 0 2,788 4,762 5,434 0 3,250 5,372 6,044 20,450 20,500 0 2,780 4,752 5,423 0 3,250 5,372 6,044 20,500 20,550 0 2,772 4,741 5,413 0 3,250 5,372 6,044 20,550 20,600 0 2,764 4,731 5,402 0 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3,250 5,372 6,044 22,450 22,500 0 2,460 4,331 5,002 0 3,250 5,372 6,044 22,500 22,550 0 2,452 4,320 4,992 0 3,250 5,372 6,044 22,550 22,600 0 2,444 4,310 4,981 0 3,250 5,372 6,044 22,600 22,650 0 2,436 4,299 4,970 0 3,250 5,372 6,044 22,650 22,700 0 2,428 4,288 4,960 0 3,250 5,372 6,044 22,700 22,750 0 2,420 4,278 4,949 0 3,250 5,372 6,044 22,750 22,800 0 2,412 4,267 4,939 0 3,250 5,372 6,044 22,800 22,850 0 2,404 4,257 4,928 0 3,250 5,372 6,044 22,850 22,900 0 2,396 4,246 4,918 0 3,250 5,372 6,044 22,900 22,950 0 2,388 4,236 4,907 0 3,242 5,360 6,032 22,950 23,000 0 2,380 4,225 4,897 0 3,234 5,350 6,021 23,000 23,050 0 2,372 4,215 4,886 0 3,226 5,339 6,011 23,050 23,100 0 2,364 4,204 4,876 0 3,218 5,329 6,000 23,100 23,150 0 2,356 4,194 4,865 0 3,210 5,318 5,990 23,150 23,200 0 2,348 4,183 4,855 0 3,202 5,308 5,979 23,200 23,250 0 2,340 4,173 4,844 0 3,194 5,297 5,969 23,250 23,300 0 2,332 4,162 4,834 0 3,186 5,287 5,958 23,300 23,350 0 2,324 4,152 4,823 0 3,178 5,276 5,948 23,350 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3,989 32,650 32,700 0 830 2,182 2,854 0 1,684 3,307 3,979 32,700 32,750 0 822 2,172 2,843 0 1,676 3,297 3,968 32,750 32,800 0 814 2,161 2,833 0 1,668 3,286 3,958 32,800 32,850 0 806 2,151 2,822 0 1,660 3,275 3,947 32,850 32,900 0 798 2,140 2,812 0 1,652 3,265 3,936 32,900 32,950 0 790 2,130 2,801 0 1,644 3,254 3,926 32,950 33,000 0 782 2,119 2,791 0 1,636 3,244 3,915 33,000 33,050 0 774 2,109 2,780 0 1,628 3,233 3,905 33,050 33,100 0 766 2,098 2,770 0 1,620 3,223 3,894 33,100 33,150 0 758 2,088 2,759 0 1,612 3,212 3,884 33,150 33,200 0 750 2,077 2,749 0 1,604 3,202 3,873 33,200 33,250 0 742 2,067 2,738 0 1,596 3,191 3,863 33,250 33,300 0 734 2,056 2,728 0 1,588 3,181 3,852 33,300 33,350 0 726 2,046 2,717 0 1,580 3,170 3,842 33,350 33,400 0 718 2,035 2,707 0 1,572 3,160 3,831 33,400 33,450 0 710 2,025 2,696 0 1,564 3,149 3,821 33,450 33,500 0 702 2,014 2,685 0 1,556 3,139 3,810 33,500 33,550 0 694 2,003 2,675 0 1,548 3,128 3,800 33,550 33,600 0 686 1,993 2,664 0 1,540 3,118 3,789 33,600 33,650 0 678 1,982 2,654 0 1,532 3,107 3,778 33,650 33,700 0 670 1,972 2,643 0 1,524 3,096 3,768 33,700 33,750 0 662 1,961 2,633 0 1,516 3,086 3,757 33,750 33,800 0 654 1,951 2,622 0 1,508 3,075 3,747 33,800 33,850 0 646 1,940 2,612 0 1,500 3,065 3,736 33,850 33,900 0 638 1,930 2,601 0 1,492 3,054 3,726 33,900 33,950 0 630 1,919 2,591 0 1,484 3,044 3,715 33,950 34,000 0 622 1,909 2,580 0 1,476 3,033 3,705 34,000 34,050 0 614 1,898 2,570 0 1,468 3,023 3,694 34,050 34,100 0 607 1,888 2,559 0 1,460 3,012 3,684 34,100 34,150 0 599 1,877 2,549 0 1,452 3,002 3,673 34,150 34,200 0 591 1,867 2,538 0 1,444 2,991 3,663 34,200 34,250 0 583 1,856 2,528 0 1,436 2,981 3,652 34,250 34,300 0 575 1,846 2,517 0 1,428 2,970 3,642 34,300 34,350 0 567 1,835 2,506 0 1,420 2,960 3,631 34,350 34,400 0 559 1,824 2,496 0 1,412 2,949 3,621 34,400 34,450 0 551 1,814 2,485 0 1,404 2,939 3,610 34,450 34,500 0 543 1,803 2,475 0 1,396 2,928 3,599 34,500 34,550 0 535 1,793 2,464 0 1,388 2,917 3,589 34,550 34,600 0 527 1,782 2,454 0 1,380 2,907 3,578 34,600 34,650 0 519 1,772 2,443 0 1,372 2,896 3,568 34,650 34,700 0 511 1,761 2,433 0 1,364 2,886 3,557 34,700 34,750 0 503 1,751 2,422 0 1,356 2,875 3,547 34,750 34,800 0 495 1,740 2,412 0 1,348 2,865 3,536 34,800 34,850 0 487 1,730 2,401 0 1,340 2,854 3,526 34,850 34,900 0 479 1,719 2,391 0 1,332 2,844 3,515 34,900 34,950 0 471 1,709 2,380 0 1,324 2,833 3,505 34,950 35,000 0 463 1,698 2,370 0 1,316 2,823 3,494 35,000 35,050 0 455 1,688 2,359 0 1,308 2,812 3,484 35,050 35,100 0 447 1,677 2,349 0 1,300 2,802 3,473 35,100 35,150 0 439 1,666 2,338 0 1,292 2,791 3,463 35,150 35,200 0 431 1,656 2,327 0 1,284 2,781 3,452 35,200 35,250 0 423 1,645 2,317 0 1,276 2,770 3,442 35,250 35,300 0 415 1,635 2,306 0 1,268 2,760 3,431 35,300 35,350 0 407 1,624 2,296 0 1,260 2,749 3,420 35,350 35,400 0 399 1,614 2,285 0 1,252 2,738 3,410 35,400 35,450 0 391 1,603 2,275 0 1,244 2,728 3,399 35,450 35,500 0 383 1,593 2,264 0 1,236 2,717 3,389 35,500 35,550 0 375 1,582 2,254 0 1,228 2,707 3,378 35,550 35,600 0 367 1,572 2,243 0 1,220 2,696 3,368 35,600 35,650 0 359 1,561 2,233 0 1,212 2,686 3,357 35,650 35,700 0 351 1,551 2,222 0 1,204 2,675 3,347 35,700 35,750 0 343 1,540 2,212 0 1,196 2,665 3,336 35,750 35,800 0 335 1,530 2,201 0 1,188 2,654 3,326 35,800 35,850 0 327 1,519 2,191 0 1,180 2,644 3,315 35,850 35,900 0 319 1,509 2,180 0 1,172 2,633 3,305 35,900 35,950 0 311 1,498 2,170 0 1,164 2,623 3,294 35,950 36,000 0 303 1,487 2,159 0 1,156 2,612 3,284 36,000 36,050 0 295 1,477 2,148 0 1,148 2,602 3,273 36,050 36,100 0 287 1,466 2,138 0 1,140 2,591 3,263 36,100 36,150 0 279 1,456 2,127 0 1,132 2,580 3,252 36,150 36,200 0 271 1,445 2,117 0 1,124 2,570 3,241 36,200 36,250 0 263 1,435 2,106 0 1,116 2,559 3,231 36,250 36,300 0 255 1,424 2,096 0 1,108 2,549 3,220 36,300 36,350 0 247 1,414 2,085 0 1,100 2,538 3,210 36,350 36,400 0 239 1,403 2,075 0 1,092 2,528 3,199 36,400 36,450 0 231 1,393 2,064 0 1,084 2,517 3,189 36,450 36,500 0 223 1,382 2,054 0 1,076 2,507 3,178 36,500 36,550 0 215 1,372 2,043 0 1,068 2,496 3,168 36,550 36,600 0 207 1,361 2,033 0 1,060 2,486 3,157 36,600 36,650 0 199 1,351 2,022 0 1,052 2,475 3,147 36,650 36,700 0 191 1,340 2,012 0 1,044 2,465 3,136 36,700 36,750 0 183 1,330 2,001 0 1,036 2,454 3,126 36,750 36,800 0 175 1,319 1,991 0 1,028 2,444 3,115 36,800 36,850 0 167 1,308 1,980 0 1,020 2,433 3,105 36,850 36,900 0 159 1,298 1,969 0 1,012 2,423 3,094 36,900 36,950 0 151 1,287 1,959 0 1,004 2,412 3,084 36,950 37,000 0 143 1,277 1,948 0 996 2,401 3,073 37,000 37,050 0 135 1,266 1,938 0 988 2,391 3,062 37,050 37,100 0 127 1,256 1,927 0 980 2,380 3,052 37,100 37,150 0 119 1,245 1,917 0 972 2,370 3,041 37,150 37,200 0 111 1,235 1,906 0 964 2,359 3,031 37,200 37,250 0 103 1,224 1,896 0 956 2,349 3,020 37,250 37,300 0 95 1,214 1,885 0 948 2,338 3,010 37,300 37,350 0 87 1,203 1,875 0 940 2,328 2,999 37,350 37,400 0 79 1,193 1,864 0 933 2,317 2,989 37,400 37,450 0 71 1,182 1,854 0 925 2,307 2,978 37,450 37,500 0 63 1,172 1,843 0 917 2,296 2,968 37,500 37,550 0 55 1,161 1,833 0 909 2,286 2,957 37,550 37,600 0 47 1,151 1,822 0 901 2,275 2,947 37,600 37,650 0 39 1,140 1,811 0 893 2,265 2,936 37,650 37,700 0 31 1,129 1,801 0 885 2,254 2,926 37,700 37,750 0 23 1,119 1,790 0 877 2,244 2,915 37,750 37,800 0 15 1,108 1,780 0 869 2,233 2,905 37,800 37,850 0 7 1,098 1,769 0 861 2,222 2,894 37,850 37,900 0 * * If the amount you are looking up from the worksheet is at least $37,850 but less than $37,870, and you have one qualifying child, your credit is $2. Taxact 2008 free download  If the amount you are looking up from the worksheet is $37,870 or more, and you have one qualifying child, you cannot take the credit. Taxact 2008 free download 1,087 1,759 0 853 2,212 2,883 37,900 37,950 0 0 1,077 1,748 0 845 2,201 2,873 37,950 38,000 0 0 1,066 1,738 0 837 2,191 2,862 38,000 38,050 0 0 1,056 1,727 0 829 2,180 2,852 38,050 38,100 0 0 1,045 1,717 0 821 2,170 2,841 38,100 38,150 0 0 1,035 1,706 0 813 2,159 2,831 38,150 38,200 0 0 1,024 1,696 0 805 2,149 2,820 38,200 38,250 0 0 1,014 1,685 0 797 2,138 2,810 38,250 38,300 0 0 1,003 1,675 0 789 2,128 2,799 38,300 38,350 0 0 993 1,664 0 781 2,117 2,789 38,350 38,400 0 0 982 1,654 0 773 2,107 2,778 38,400 38,450 0 0 972 1,643 0 765 2,096 2,768 38,450 38,500 0 0 961 1,632 0 757 2,086 2,757 38,500 38,550 0 0 950 1,622 0 749 2,075 2,747 38,550 38,600 0 0 940 1,611 0 741 2,065 2,736 38,600 38,650 0 0 929 1,601 0 733 2,054 2,725 38,650 38,700 0 0 919 1,590 0 725 2,043 2,715 38,700 38,750 0 0 908 1,580 0 717 2,033 2,704 38,750 38,800 0 0 898 1,569 0 709 2,022 2,694 38,800 38,850 0 0 887 1,559 0 701 2,012 2,683 38,850 38,900 0 0 877 1,548 0 693 2,001 2,673 38,900 38,950 0 0 866 1,538 0 685 1,991 2,662 38,950 39,000 0 0 856 1,527 0 677 1,980 2,652 39,000 39,050 0 0 845 1,517 0 669 1,970 2,641 39,050 39,100 0 0 835 1,506 0 661 1,959 2,631 39,100 39,150 0 0 824 1,496 0 653 1,949 2,620 39,150 39,200 0 0 814 1,485 0 645 1,938 2,610 39,200 39,250 0 0 803 1,475 0 637 1,928 2,599 39,250 39,300 0 0 793 1,464 0 629 1,917 2,589 39,300 39,350 0 0 782 1,453 0 621 1,907 2,578 39,350 39,400 0 0 771 1,443 0 613 1,896 2,568 39,400 39,450 0 0 761 1,432 0 605 1,886 2,557 39,450 39,500 0 0 750 1,422 0 597 1,875 2,546 39,500 39,550 0 0 740 1,411 0 589 1,864 2,536 39,550 39,600 0 0 729 1,401 0 581 1,854 2,525 39,600 39,650 0 0 719 1,390 0 573 1,843 2,515 39,650 39,700 0 0 708 1,380 0 565 1,833 2,504 39,700 39,750 0 0 698 1,369 0 557 1,822 2,494 39,750 39,800 0 0 687 1,359 0 549 1,812 2,483 39,800 39,850 0 0 677 1,348 0 541 1,801 2,473 39,850 39,900 0 0 666 1,338 0 533 1,791 2,462 39,900 39,950 0 0 656 1,327 0 525 1,780 2,452 39,950 40,000 0 0 645 1,317 0 517 1,770 2,441 40,000 40,050 0 0 635 1,306 0 509 1,759 2,431 40,050 40,100 0 0 624 1,296 0 501 1,749 2,420 40,100 40,150 0 0 613 1,285 0 493 1,738 2,410 40,150 40,200 0 0 603 1,274 0 485 1,728 2,399 40,200 40,250 0 0 592 1,264 0 477 1,717 2,389 40,250 40,300 0 0 582 1,253 0 469 1,707 2,378 40,300 40,350 0 0 571 1,243 0 461 1,696 2,367 40,350 40,400 0 0 561 1,232 0 453 1,685 2,357 40,400 40,450 0 0 550 1,222 0 445 1,675 2,346 40,450 40,500 0 0 540 1,211 0 437 1,664 2,336 40,500 40,550 0 0 529 1,201 0 429 1,654 2,325 40,550 40,600 0 0 519 1,190 0 421 1,643 2,315 40,600 40,650 0 0 508 1,180 0 413 1,633 2,304 40,650 40,700 0 0 498 1,169 0 405 1,622 2,294 40,700 40,750 0 0 487 1,159 0 397 1,612 2,283 40,750 40,800 0 0 477 1,148 0 389 1,601 2,273 40,800 40,850 0 0 466 1,138 0 381 1,591 2,262 40,850 40,900 0 0 456 1,127 0 373 1,580 2,252 40,900 40,950 0 0 445 1,117 0 365 1,570 2,241 40,950 41,000 0 0 434 1,106 0 357 1,559 2,231 41,000 41,050 0 0 424 1,095 0 349 1,549 2,220 41,050 41,100 0 0 413 1,085 0 341 1,538 2,210 41,100 41,150 0 0 403 1,074 0 333 1,527 2,199 41,150 41,200 0 0 392 1,064 0 325 1,517 2,188 41,200 41,250 0 0 382 1,053 0 317 1,506 2,178 41,250 41,300 0 0 371 1,043 0 309 1,496 2,167 41,300 41,350 0 0 361 1,032 0 301 1,485 2,157 41,350 41,400 0 0 350 1,022 0 293 1,475 2,146 41,400 41,450 0 0 340 1,011 0 285 1,464 2,136 41,450 41,500 0 0 329 1,001 0 277 1,454 2,125 41,500 41,550 0 0 319 990 0 269 1,443 2,115 41,550 41,600 0 0 308 980 0 261 1,433 2,104 41,600 41,650 0 0 298 969 0 253 1,422 2,094 41,650 41,700 0 0 287 959 0 245 1,412 2,083 41,700 41,750 0 0 277 948 0 237 1,401 2,073 41,750 41,800 0 0 266 938 0 229 1,391 2,062 41,800 41,850 0 0 255 927 0 221 1,380 2,052 41,850 41,900 0 0 245 916 0 213 1,370 2,041 41,900 41,950 0 0 234 906 0 205 1,359 2,031 41,950 42,000 0 0 224 895 0 197 1,348 2,020 42,000 42,050 0 0 213 885 0 189 1,338 2,009 42,050 42,100 0 0 203 874 0 181 1,327 1,999 42,100 42,150 0 0 192 864 0 173 1,317 1,988 42,150 42,200 0 0 182 853 0 165 1,306 1,978 42,200 42,250 0 0 171 843 0 157 1,296 1,967 42,250 42,300 0 0 161 832 0 149 1,285 1,957 42,300 42,350 0 0 150 822 0 141 1,275 1,946 42,350 42,400 0 0 140 811 0 134 1,264 1,936 42,400 42,450 0 0 129 801 0 126 1,254 1,925 42,450 42,500 0 0 119 790 0 118 1,243 1,915 42,500 42,550 0 0 108 780 0 110 1,233 1,904 42,550 42,600 0 0 98 769 0 102 1,222 1,894 42,600 42,650 0 0 87 758 0 94 1,212 1,883 42,650 42,700 0 0 76 748 0 86 1,201 1,873 42,700 42,750 0 0 66 737 0 78 1,191 1,862 42,750 42,800 0 0 55 727 0 70 1,180 1,852 42,800 42,850 0 0 45 716 0 62 1,169 1,841 42,850 42,900 0 0 34 706 0 54 1,159 1,830 42,900 42,950 0 0 24 695 0 46 1,148 1,820 42,950 43,000 0 0 13 685 0 38 1,138 1,809 43,000 43,050 0 0 * * If the amount you are looking up from the worksheet is at least $43,000 but less than $43,038, and you have two qualifying children, your credit is $4. Taxact 2008 free download  If the amount you are looking up from the worksheet is $43,038 or more, and you have two qualifying children, you cannot take the credit. Taxact 2008 free download 674 0 30 1,127 1,799 43,050 43,100 0 0 0 664 0 22 1,117 1,788 43,100 43,150 0 0 0 653 0 14 1,106 1,778 43,150 43,200 0 0 0 643 0 6 1,096 1,767 43,200 43,250 0 0 0 632 0 ** ** If the amount you are looking up from the worksheet is at least $43,200 but less than $43,210, and you have one qualifying child, your credit is $1. Taxact 2008 free download  If the amount you are looking up from the worksheet is $43,210 or more, and you have one qualifying child, you cannot take the credit. Taxact 2008 free download 1,085 1,757 43,250 43,300 0 0 0 622 0 0 1,075 1,746 43,300 43,350 0 0 0 611 0 0 1,064 1,736 43,350 43,400 0 0 0 601 0 0 1,054 1,725 43,400 43,450 0 0 0 590 0 0 1,043 1,715 43,450 43,500 0 0 0 579 0 0 1,033 1,704 43,500 43,550 0 0 0 569 0 0 1,022 1,694 43,550 43,600 0 0 0 558 0 0 1,012 1,683 43,600 43,650 0 0 0 548 0 0 1,001 1,672 43,650 43,700 0 0 0 537 0 0 990 1,662 43,700 43,750 0 0 0 527 0 0 980 1,651 43,750 43,800 0 0 0 516 0 0 969 1,641 43,800 43,850 0 0 0 506 0 0 959 1,630 43,850 43,900 0 0 0 495 0 0 948 1,620 43,900 43,950 0 0 0 485 0 0 938 1,609 43,950 44,000 0 0 0 474 0 0 927 1,599 44,000 44,050 0 0 0 464 0 0 917 1,588 44,050 44,100 0 0 0 453 0 0 906 1,578 44,100 44,150 0 0 0 443 0 0 896 1,567 44,150 44,200 0 0 0 432 0 0 885 1,557 44,200 44,250 0 0 0 422 0 0 875 1,546 44,250 44,300 0 0 0 411 0 0 864 1,536 44,300 44,350 0 0 0 400 0 0 854 1,525 44,350 44,400 0 0 0 390 0 0 843 1,515 44,400 44,450 0 0 0 379 0 0 833 1,504 44,450 44,500 0 0 0 369 0 0 822 1,493 44,500 44,550 0 0 0 358 0 0 811 1,483 44,550 44,600 0 0 0 348 0 0 801 1,472 44,600 44,650 0 0 0 337 0 0 790 1,462 44,650 44,700 0 0 0 327 0 0 780 1,451 44,700 44,750 0 0 0 316 0 0 769 1,441 44,750 44,800 0 0 0 306 0 0 759 1,430 44,800 44,850 0 0 0 295 0 0 748 1,420 44,850 44,900 0 0 0 285 0 0 738 1,409 44,900 44,950 0 0 0 274 0 0 727 1,399 44,950 45,000 0 0 0 264 0 0 717 1,388 45,000 45,050 0 0 0 253 0 0 706 1,378 45,050 45,100 0 0 0 243 0 0 696 1,367 45,100 45,150 0 0 0 232 0 0 685 1,357 45,150 45,200 0 0 0 221 0 0 675 1,346 45,200 45,250 0 0 0 211 0 0 664 1,336 45,250 45,300 0 0 0 200 0 0 654 1,325 45,300 45,350 0 0 0 190 0 0 643 1,314 45,350 45,400 0 0 0 179 0 0 632 1,304 45,400 45,450 0 0 0 169 0 0 622 1,293 45,450 45,500 0 0 0 158 0 0 611 1,283 45,500 45,550 0 0 0 148 0 0 601 1,272 45,550 45,600 0 0 0 137 0 0 590 1,262 45,600 45,650 0 0 0 127 0 0 580 1,251 45,650 45,700 0 0 0 116 0 0 569 1,241 45,700 45,750 0 0 0 106 0 0 559 1,230 45,750 45,800 0 0 0 95 0 0 548 1,220 45,800 45,850 0 0 0 85 0 0 538 1,209 45,850 45,900 0 0 0 74 0 0 527 1,199 45,900 45,950 0 0 0 64 0 0 517 1,188 45,950 46,000 0 0 0 53 0 0 506 1,178 46,000 46,050 0 0 0 42 0 0 496 1,167 46,050 46,100 0 0 0 32 0 0 485 1,157 46,100 46,150 0 0 0 21 0 0 474 1,146 46,150 46,200 0 0 0 11 0 0 464 1,135 46,200 46,250 0 0 0 * * If the amount you are looking up from the worksheet is at least $46,200 but less than $46,227, and you have three qualifying children, your credit is $3. Taxact 2008 free download  If the amount you are looking up from the worksheet is $46,227 or more, and you have three qualifying children, you cannot take the credit. Taxact 2008 free download 0 0 453 1,125 46,250 46,300 0 0 0 0 0 0 443 1,114 46,300 46,350 0 0 0 0 0 0 432 1,104 46,350 46,400 0 0 0 0 0 0 422 1,093 46,400 46,450 0 0 0 0 0 0 411 1,083 46,450 46,500 0 0 0 0 0 0 401 1,072 46,500 46,550 0 0 0 0 0 0 390 1,062 46,550 46,600 0 0 0 0 0 0 380 1,051 46,600 46,650 0 0 0 0 0 0 369 1,041 46,650 46,700 0 0 0 0 0 0 359 1,030 46,700 46,750 0 0 0 0 0 0 348 1,020 46,750 46,800 0 0 0 0 0 0 338 1,009 46,800 46,850 0 0 0 0 0 0 327 999 46,850 46,900 0 0 0 0 0 0 317 988 46,900 46,950 0 0 0 0 0 0 306 978 46,950 47,000 0 0 0 0 0 0 295 967 47,000 47,050 0 0 0 0 0 0 285 956 47,050 47,100 0 0 0 0 0 0 274 946 47,100 47,150 0 0 0 0 0 0 264 935 47,150 47,200 0 0 0 0 0 0 253 925 47,200 47,250 0 0 0 0 0 0 243 914 47,250 47,300 0 0 0 0 0 0 232 904 47,300 47,350 0 0 0 0 0 0 222 893 47,350 47,400 0 0 0 0 0 0 211 883 47,400 47,450 0 0 0 0 0 0 201 872 47,450 47,500 0 0 0 0 0 0 190 862 47,500 47,550 0 0 0 0 0 0 180 851 47,550 47,600 0 0 0 0 0 0 169 841 47,600 47,650 0 0 0 0 0 0 159 830 47,650 47,700 0 0 0 0 0 0 148 820 47,700 47,750 0 0 0 0 0 0 138 809 47,750 47,800 0 0 0 0 0 0 127 799 47,800 47,850 0 0 0 0 0 0 116 788 47,850 47,900 0 0 0 0 0 0 106 777 47,900 47,950 0 0 0 0 0 0 95 767 47,950 48,000 0 0 0 0 0 0 85 756 48,000 48,050 0 0 0 0 0 0 74 746 48,050 48,100 0 0 0 0 0 0 64 735 48,100 48,150 0 0 0 0 0 0 53 725 48,150 48,200 0 0 0 0 0 0 43 714 48,200 48,250 0 0 0 0 0 0 32 704 48,250 48,300 0 0 0 0 0 0 22 693 48,300 48,350 0 0 0 0 0 0 11 683 48,350 48,400 0 0 0 0 0 0 ** ** If the amount you are looking up from the worksheet is at least $48,350 but less than $48,378, and you have two qualifying children, your credit is $3. Taxact 2008 free download  If the amount you are looking up from the worksheet is $48,378 or more, and you have two qualifying children, you cannot take the credit. Taxact 2008 free download 672 48,400 48,450 0 0 0 0 0 0 0 662 48,450 48,500 0 0 0 0 0 0 0 651 48,500 48,550 0 0 0 0 0 0 0 641 48,550 48,600 0 0 0 0 0 0 0 630 48,600 48,650 0 0 0 0 0 0 0 619 48,650 48,700 0 0 0 0 0 0 0 609 48,700 48,750 0 0 0 0 0 0 0 598 48,750 48,800 0 0 0 0 0 0 0 588 48,800 48,850 0 0 0 0 0 0 0 577 48,850 48,900 0 0 0 0 0 0 0 567 48,900 48,950 0 0 0 0 0 0 0 556 48,950 49,000 0 0 0 0 0 0 0 546 49,000 49,050 0 0 0 0 0 0 0 535 49,050 49,100 0 0 0 0 0 0 0 525 49,100 49,150 0 0 0 0 0 0 0 514 49,150 49,200 0 0 0 0 0 0 0 504 49,200 49,250 0 0 0 0 0 0 0 493 49,250 49,300 0 0 0 0 0 0 0 483 49,300 49,350 0 0 0 0 0 0 0 472 49,350 49,400 0 0 0 0 0 0 0 462 49,400 49,450 0 0 0 0 0 0 0 451 49,450 49,500 0 0 0 0 0 0 0 440 49,500 49,550 0 0 0 0 0 0 0 430 49,550 49,600 0 0 0 0 0 0 0 419 49,600 49,650 0 0 0 0 0 0 0 409 49,650 49,700 0 0 0 0 0 0 0 398 49,700 49,750 0 0 0 0 0 0 0 388 49,750 49,800 0 0 0 0 0 0 0 377 49,800 49,850 0 0 0 0 0 0 0 367 49,850 49,900 0 0 0 0 0 0 0 356 49,900 49,950 0 0 0 0 0 0 0 346 49,950 50,000 0 0 0 0 0 0 0 335 50,000 50,050 0 0 0 0 0 0 0 325 50,050 50,100 0 0 0 0 0 0 0 314 50,100 50,150 0 0 0 0 0 0 0 304 50,150 50,200 0 0 0 0 0 0 0 293 50,200 50,250 0 0 0 0 0 0 0 283 50,250 50,300 0 0 0 0 0 0 0 272 50,300 50,350 0 0 0 0 0 0 0 261 50,350 50,400 0 0 0 0 0 0 0 251 50,400 50,450 0 0 0 0 0 0 0 240 50,450 50,500 0 0 0 0 0 0 0 230 50,500 50,550 0 0 0 0 0 0 0 219 50,550 50,600 0 0 0 0 0 0 0 209 50,600 50,650 0 0 0 0 0 0 0 198 50,650 50,700 0 0 0 0 0 0 0 188 50,700 50,750 0 0 0 0 0 0 0 177 50,750 50,800 0 0 0 0 0 0 0 167 50,800 50,850 0 0 0 0 0 0 0 156 50,850 50,900 0 0 0 0 0 0 0 146 50,900 50,950 0 0 0 0 0 0 0 135 50,950 51,000 0 0 0 0 0 0 0 125 51,000 51,050 0 0 0 0 0 0 0 114 51,050 51,100 0 0 0 0 0 0 0 104 51,100 51,150 0 0 0 0 0 0 0 93 51,150 51,200 0 0 0 0 0 0 0 82 51,200 51,250 0 0 0 0 0 0 0 72 51,250 51,300 0 0 0 0 0 0 0 61 51,300 51,350 0 0 0 0 0 0 0 51 51,350 51,400 0 0 0 0 0 0 0 40 51,400 51,450 0 0 0 0 0 0 0 30 51,450 51,500 0 0 0 0 0 0 0 19 51,500 51,550 0 0 0 0 0 0 0 9 51,550 51,567 0 0 0 0 0 0 0 2                     How To Get Tax Help Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Taxact 2008 free download Free help with your tax return. Taxact 2008 free download   You can get free help preparing your return nationwide from IRS-certified volunteers. Taxact 2008 free download The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Taxact 2008 free download The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Taxact 2008 free download Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Taxact 2008 free download In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Taxact 2008 free download To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Taxact 2008 free download gov, download the IRS2Go app, or call 1-800-906-9887. Taxact 2008 free download   As part of the TCE program, AARP offers the Tax-Aide counseling program. Taxact 2008 free download To find the nearest AARP Tax-Aide site, visit AARP's website at www. Taxact 2008 free download aarp. Taxact 2008 free download org/money/taxaide or call 1-888-227-7669. Taxact 2008 free download For more information on these programs, go to IRS. Taxact 2008 free download gov and enter “VITA” in the search box. Taxact 2008 free download Internet. Taxact 2008 free download    IRS. Taxact 2008 free download gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Taxact 2008 free download Download the free IRS2Go app from the iTunes app store or from Google Play. 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