Taxes For College Students
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Taxes for college students 5. Taxes for college students Illustrated Examples Table of Contents Illustrated Example of Form 4563Line 1. Taxes for college students Line 2. Taxes for college students Lines 3a and 3b. Taxes for college students Lines 4a and 4b. Taxes for college students Line 5. Taxes for college students Line 6. Taxes for college students Line 7. Taxes for college students Line 9. Taxes for college students Line 15. Taxes for college students Illustrated Example of Form 5074Part I. Taxes for college students Part II. Taxes for college students Part III. Taxes for college students Illustrated Example of Form 8689Part I. Taxes for college students Part II. Taxes for college students Part III. Taxes for college students Part IV. Taxes for college students Use the following examples to help you complete the correct attachment to your Form 1040. Taxes for college students The completed form for each example is shown on the pages that follow. Taxes for college students Illustrated Example of Form 4563 John Black is a U. Taxes for college students S. Taxes for college students citizen, single, and under 65. Taxes for college students He was a bona fide resident of American Samoa during all of 2013. Taxes for college students John must file Form 1040 because his gross income from sources outside the possessions ($10,000 of dividends from U. Taxes for college students S. Taxes for college students corporations) is more than his adjusted filing requirement for single filers under 65. Taxes for college students (See Filing Requirement if Possession Income Is Excluded in chapter 4. Taxes for college students ) Because he must file Form 1040 (not illustrated), he fills out Form 4563 to determine the amount of income from American Samoa he can exclude. Taxes for college students See Bona Fide Resident of American Samoa in chapter 3. Taxes for college students Completing Form 4563. Taxes for college students John enters his name and social security number at the top of the form. Taxes for college students Line 1. Taxes for college students On Form 4563 (see later), John enters the date his bona fide residence began in American Samoa, June 2, 2012. Taxes for college students Because he is still a bona fide resident, he enters “not ended” in the second blank space. Taxes for college students Line 2. Taxes for college students He checks the box labeled “Rented house or apartment” to describe his type of living quarters in American Samoa. Taxes for college students Lines 3a and 3b. Taxes for college students He checks “No” on line 3a because no family members lived with him. Taxes for college students He leaves line 3b blank. Taxes for college students Lines 4a and 4b. Taxes for college students He checks “No” on line 4a because he did not maintain a home outside American Samoa. Taxes for college students He leaves line 4b blank. Taxes for college students Line 5. Taxes for college students He enters the name and address of his employer, Samoa Products Co. Taxes for college students It is a private American Samoa corporation. Taxes for college students Line 6. Taxes for college students He enters the dates of his 2week vacation to New Zealand from November 11 to November 25. Taxes for college students That was his only trip outside American Samoa during the year. Taxes for college students Line 7. Taxes for college students He enters the $24,000 in wages he received from Samoa Products Co. Taxes for college students Line 9. Taxes for college students He received $220 in dividends from an American Samoa corporation, which he enters here. Taxes for college students He also received $10,000 of dividends from a U. Taxes for college students S. Taxes for college students corporation, but he will enter that amount only on his Form 1040 because the U. Taxes for college students S. Taxes for college students dividends do not qualify for the possession exclusion. Taxes for college students Line 15. Taxes for college students John totals the amounts on lines 7 and 9 to get the amount he can exclude from his gross income in 2013. Taxes for college students He will not enter his excluded income on Form 1040. Taxes for college students However, he will attach his completed Form 4563 to his Form 1040. Taxes for college students Illustrated Example of Form 5074 Tracy Grey is a U. Taxes for college students S. Taxes for college students citizen who is a selfemployed fisheries consultant with a tax home in New York. Taxes for college students Her only income for 2013 was net selfemployment income of $80,000. Taxes for college students Of the $80,000, $20,000 was from consulting work in Guam and the rest was earned in the United States. Taxes for college students Thinking she would owe tax to Guam on the $20,000, Tracy made estimated tax payments of $1,409 to Guam. Taxes for college students She was not a bona fide resident of Guam during 2013. Taxes for college students Tracy completes Form 1040 (not illustrated), reporting her worldwide income. Taxes for college students Because the adjusted gross income on her Form 1040 was $50,000 or more and at least $5,000 of her gross income is from Guam, Tracy must file Form 5074 with her Form 1040. Taxes for college students All amounts reported on Form 5074 are also reported on her Form 1040. Taxes for college students See U. Taxes for college students S. Taxes for college students Citizen or Resident Alien (Other Than a Bona Fide Resident of Guam) in chapter 3. Taxes for college students Completing Form 5074. Taxes for college students Tracy enters her name and social security number at the top of the form. Taxes for college students Part I. Taxes for college students On Form 5074 (see later), Tracy enters her selfemployment income from Guam ($20,000) on line 6. Taxes for college students She has no other income from Guam, so the total on line 16 is $20,000. Taxes for college students Part II. Taxes for college students Tracy's only adjustment in Part II is the deductible part of the selfemployment tax on her net income earned in Guam. Taxes for college students She enters $1,413 on line 21 and line 28. Taxes for college students Her adjusted gross income on line 29 is $18,587. Taxes for college students Part III. Taxes for college students Tracy made estimated tax payments of $1,409. Taxes for college students She enters this amount on line 30, and again on line 34 as the total payments. Taxes for college students Illustrated Example of Form 8689 Juan and Carla Moreno live and work in the United States. Taxes for college students In 2013, they received $14,400 in income from the rental of a condominium they own in the U. Taxes for college students S. Taxes for college students Virgin Islands (USVI). Taxes for college students The rental income was deposited in a bank in the USVI and they received $500 of interest on this income. Taxes for college students They were not bona fide residents of the USVI during the entire tax year. Taxes for college students The Morenos complete Form 1040 (not illustrated), reporting their income from all sources, including their interest income and the income and expenses from their USVI rental property (reported on Schedule E (Form 1040)). Taxes for college students The Morenos take the standard deduction for married filing jointly, both are under 65, and they have no dependents. Taxes for college students The Morenos also complete Form 8689 to determine how much of their U. Taxes for college students S. Taxes for college students tax shown on Form 1040, line 61 (with certain adjustments), must be paid to the U. Taxes for college students S. Taxes for college students Virgin Islands. Taxes for college students See U. Taxes for college students S. Taxes for college students Citizen or Resident Alien (Other Than a Bona Fide Resident of the USVI) in chapter 3. Taxes for college students The Morenos file their Form 1040, attaching Form 8689 and all other schedules, with the Internal Revenue Service. Taxes for college students At the same time, they send a copy of their Form 1040 with all attachments, including Form 8689, to the Virgin Islands Bureau of Internal Revenue. Taxes for college students The Virgin Islands Bureau of Internal Revenue will process this copy. Taxes for college students Completing Form 8689. Taxes for college students Juan and Carla enter their names and Juan's social security number at the top of the form. Taxes for college students Part I. Taxes for college students The Morenos enter their income from the USVI in Part I (see later). Taxes for college students The interest income is entered on line 2 and the net rental income of $6,200 ($14,400 of rental income minus $8,200 of rental expenses) is entered on line 11. Taxes for college students The Morenos' total USVI income of $6,700 is entered on line 16. Taxes for college students Part II. Taxes for college students The Morenos have no adjustments to their USVI income, so they enter zero (0) on line 28, and $6,700 on line 29. Taxes for college students Their USVI adjusted gross income (AGI) is $6,700. Taxes for college students Part III. Taxes for college students On line 30, the Morenos enter the amount from Form 1040, line 61 ($4,539). Taxes for college students Their Form 1040 does not show any entries required on line 31, so they leave that line blank and enter $4,539 on line 32. Taxes for college students The Morenos enter their worldwide AGI, $54,901 (Form 1040, line 38), on line 33. Taxes for college students Next, they find what percentage of their AGI is from USVI sources ($6,700 ÷ $54,901 = 0. Taxes for college students 122) and enter that as a decimal on line 34. Taxes for college students They then apply that percentage to the U. Taxes for college students S. Taxes for college students tax entered on line 32 to find the amount of U. Taxes for college students S. Taxes for college students tax allocated to USVI income ($4,539 x 0. Taxes for college students 122 = $554), and enter that amount on line 35. Taxes for college students Part IV. Taxes for college students Part IV is used to show payments of income tax to the USVI only. Taxes for college students The Morenos had no tax withheld by the U. Taxes for college students S. Taxes for college students Virgin Islands, but made estimated tax payments to the USVI of $400, which they entered on lines 37 and 39. Taxes for college students They include this amount ($400) in the total payments on Form 1040, line 72. Taxes for college students On the dotted line next to the entry space for line 72, they enter “Form 8689” and show the amount. Taxes for college students The Morenos do not complete Form 1116 because they receive credit on Form 1040, line 72, for the tax paid to the USVI. Taxes for college students The income tax they owe to the USVI ($154) is shown on Form 8689, line 44. Taxes for college students They enter this amount on line 45. Taxes for college students They also include this additional amount ($154) on the dotted line next to the entry space and in the total on Form 1040, line 72. Taxes for college students The Morenos will pay their USVI tax at the same time they file the copy of their U. Taxes for college students S. Taxes for college students income tax return with the U. Taxes for college students S. Taxes for college students Virgin Islands. Taxes for college students This image is too large to be displayed in the current screen. Taxes for college students Please click the link to view the image. Taxes for college students Form 4563, page 1 for John Black This image is too large to be displayed in the current screen. Taxes for college students Please click the link to view the image. Taxes for college students Form 5074, for Tracy Grey This image is too large to be displayed in the current screen. Taxes for college students Please click the link to view the image. Taxes for college students Form 8689, page 1 for Juan and Carla Moreno Prev Up Next Home More Online Publications
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CP 57  Notice of Insufficient Funds
Details About This Notice:
Sample Content: 

Page 1 
Purpose: 

We send a CP 57 to inform the recipient that we're assessing a penalty for insufficient funds on their account. 
Reason for Issuance: 

When we attempted to withdraw the agreed upon installment amount from the recipient's bank account, we were notified that there were insuffient funds available. We send this notice to inform the recipient that we're charging them a penalty for insufficient funds and to explain what will happen if this recurs. 



Frequently Asked Questions About This Notice 

Page Last Reviewed or Updated: 31Mar2014
The Taxes For College Students
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