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2009 Federal Tax Form 1040

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2009 Federal Tax Form 1040

2009 federal tax form 1040 3. 2009 federal tax form 1040   Credit for Withholding and Estimated Tax for 2013 Table of Contents Introduction Topics - This chapter discusses: WithholdingForm W-2 Form W-2G The 1099 Series Form Not Correct Form Received After Filing Separate Returns Fiscal Years (FY) Estimated TaxSeparate Returns Divorced Taxpayers Excess Social Security or Railroad Retirement Tax WithholdingJoint returns. 2009 federal tax form 1040 Worksheet for Nonrailroad Employees Worksheets for Railroad Employees Introduction When you file your 2013 income tax return, take credit for all the income tax and excess social security or railroad retirement tax withheld from your salary, wages, pensions, etc. 2009 federal tax form 1040 Also take credit for the estimated tax you paid for 2013. 2009 federal tax form 1040 These credits are subtracted from your total tax. 2009 federal tax form 1040 Because these credits are refundable, you should file a return and claim these credits, even if you do not owe tax. 2009 federal tax form 1040 If the total of your withholding and your estimated tax payments for any payment period is less than the amount you needed to pay by the due date for that period, you may be charged a penalty, even if the total of these credits is more than your tax for the year. 2009 federal tax form 1040 Topics - This chapter discusses: How to take credit for withholding, How to take credit for estimated taxes you paid, and How to take credit for excess social security, Medicare, or railroad retirement tax withholding. 2009 federal tax form 1040 Withholding If you had income tax withheld during 2013, you generally should be sent a statement by January 31, 2014, showing your income and the tax withheld. 2009 federal tax form 1040 Depending on the source of your income, you will receive: Form W-2, Wage and Tax Statement, Form W-2G, Certain Gambling Winnings, or A form in the 1099 series. 2009 federal tax form 1040 Form W-2 Your employer is required to provide or send Form W-2 to you no later than January 31, 2014. 2009 federal tax form 1040 You should receive a separate Form W-2 from each employer you worked for. 2009 federal tax form 1040 If you stopped working before the end of 2013, your employer could have given you your Form W-2 at any time after you stopped working. 2009 federal tax form 1040 However, your employer must provide or send it to you by January 31, 2014. 2009 federal tax form 1040 If you ask for the form, your employer must send it to you within 30 days after receiving your written request or within 30 days after your final wage payment, whichever is later. 2009 federal tax form 1040 If you have not received your Form W-2 by January 31, contact your employer or payer to request a copy. 2009 federal tax form 1040 If you still do not get the form by February 15, the IRS can help you by requesting the form from your employer. 2009 federal tax form 1040 The phone number for the IRS is listed in chapter 5. 2009 federal tax form 1040 You will be asked for the following information. 2009 federal tax form 1040 Your name, address, city and state, zip code, and social security number. 2009 federal tax form 1040 Your employer's name, address, city, state, zip code, and the employer's identification number (if known). 2009 federal tax form 1040 An estimate of the wages you earned, the federal income tax withheld, and the period you worked for that employer. 2009 federal tax form 1040 The estimate should be based on year-to-date information from your final pay stub or leave-and-earnings statement, if possible. 2009 federal tax form 1040 Form W-2 shows your total pay and other compensation and the income tax, social security tax, and Medicare tax that was withheld during the year. 2009 federal tax form 1040 Total the federal income tax withheld (shown in box 2 of all Forms W-2 received) and enter that amount on the appropriate line of your tax return. 2009 federal tax form 1040 In addition, Form W-2 is used to report any taxable sick pay you received and any income tax withheld from your sick pay. 2009 federal tax form 1040 Your sick pay may be combined with other wages in one Form W-2 or you may receive a separate Form W-2 for sick pay. 2009 federal tax form 1040 If you file a paper tax return, attach Copy B of Form W-2 to your return. 2009 federal tax form 1040 Form W-2G If you had gambling winnings in 2013, the payer may have withheld income tax. 2009 federal tax form 1040 If tax was withheld, the payer will give you a Form W-2G showing the amount you won and the amount of tax withheld. 2009 federal tax form 1040 Report the amounts you won on line 21 of Form 1040. 2009 federal tax form 1040 Take credit for the tax withheld on line 62 of Form 1040. 2009 federal tax form 1040 If you had gambling winnings, you must use Form 1040; you cannot use Form 1040A or Form 1040EZ. 2009 federal tax form 1040 Gambling losses can be deducted on Schedule A (Form 1040) as a miscellaneous itemized deduction. 2009 federal tax form 1040 However, you cannot deduct more than the gambling winnings you report on Form 1040. 2009 federal tax form 1040 File Form W-2G with your income tax return only if it shows any federal income tax withheld in box 2. 2009 federal tax form 1040 The 1099 Series Most forms in the 1099 series are not filed with your return. 2009 federal tax form 1040 In general, these forms should be furnished to you by January 31, 2014. 2009 federal tax form 1040 Unless instructed to file any of these forms with your return, keep them for your records. 2009 federal tax form 1040 There are several different forms in this series, including: Form 1099-B, Proceeds From Broker and Barter Exchange Transactions; Form 1099-C, Cancellation of Debt; Form 1099-DIV, Dividends and Distributions; Form 1099-G, Certain Government Payments; Form 1099-INT, Interest Income; Form 1099-K, Payment Card and Third-Party Network Transactions; Form 1099-MISC, Miscellaneous Income; Form 1099-OID, Original Issue Discount; Form 1099-PATR, Taxable Distributions Received From Cooperatives; Form 1099-Q, Payments From Qualified Education Programs (Under Sections 529 and 530); Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. 2009 federal tax form 1040 ; Form SSA-1099, Social Security Benefit Statement; and Form RRB-1099, Payments by the Railroad Retirement Board. 2009 federal tax form 1040 If you received the types of income reported on some forms in the 1099 series, you may not be able to use Form 1040A or Form 1040EZ. 2009 federal tax form 1040 See the instructions to these forms for details. 2009 federal tax form 1040 Reporting your withholding. 2009 federal tax form 1040   Report on your tax return all federal income tax withholding shown on your Form 1099, Form SSA-1099, and/or Form RRB-1099. 2009 federal tax form 1040 Include the amount withheld in the total on line 62 of Form 1040, line 36 of Form 1040A, or line 7 of Form 1040EZ. 2009 federal tax form 1040 Form 1099-R. 2009 federal tax form 1040   Attach Form 1099-R to your paper return if federal income tax withholding is shown in box 4. 2009 federal tax form 1040 Do not attach any other Form 1099. 2009 federal tax form 1040 Form Not Correct If you receive a form with incorrect information, you should ask the payer for a corrected form. 2009 federal tax form 1040 Call the telephone number or write to the address given for the payer on the form. 2009 federal tax form 1040 The corrected Form W-2G or Form 1099 you receive will have an “X” in the “CORRECTED” box at the top of the form. 2009 federal tax form 1040 A special form, Form W-2c, Corrected Wage and Tax Statement, is used to correct a Form W-2. 2009 federal tax form 1040 In certain situations, you will receive two forms in place of the original incorrect form. 2009 federal tax form 1040 This will happen when your taxpayer identification number is wrong or missing, your name and address are wrong, or you received the wrong type of form (for example, a Form 1099-DIV instead of a Form 1099-INT). 2009 federal tax form 1040 One new form you receive will be the same incorrect form or have the same incorrect information, but all money amounts will be zero. 2009 federal tax form 1040 This form will have an “X” in the “CORRECTED” box at the top of the form. 2009 federal tax form 1040 The second new form should have all the correct information, prepared as though it is the original (the “CORRECTED” box will not be checked). 2009 federal tax form 1040 Form Received After Filing If you file your return and you later receive a form for income that you did not include on your return, report the income and take credit for any income tax withheld by filing Form 1040X, Amended U. 2009 federal tax form 1040 S. 2009 federal tax form 1040 Individual Income Tax Return. 2009 federal tax form 1040 Separate Returns If you are married but file a separate return, you can take credit only for the tax withheld from your own income. 2009 federal tax form 1040 Do not include any amount withheld from your spouse's income. 2009 federal tax form 1040 However, different rules may apply if you live in a community property state. 2009 federal tax form 1040 Community property states. 2009 federal tax form 1040   The following are community property states. 2009 federal tax form 1040 Arizona. 2009 federal tax form 1040 California. 2009 federal tax form 1040 Idaho. 2009 federal tax form 1040 Louisiana. 2009 federal tax form 1040 Nevada. 2009 federal tax form 1040 New Mexico. 2009 federal tax form 1040 Texas. 2009 federal tax form 1040 Washington. 2009 federal tax form 1040 Wisconsin. 2009 federal tax form 1040 Generally, if you live in a community property state and file a separate return, you and your spouse each must report half of all community income in addition to your own separate income. 2009 federal tax form 1040 If you are required to report half of all community income, you are entitled to take credit for half of all taxes withheld on the community income. 2009 federal tax form 1040 If you were divorced during the year, each of you generally must report half the community income and can take credit for half the withholding on that community income for the period before the divorce. 2009 federal tax form 1040   For more information on these rules, and some exceptions, see Publication 555, Community Property. 2009 federal tax form 1040 Fiscal Years (FY) If you file your tax return on the basis of a fiscal year (a 12-month period ending on the last day of any month except December), you must follow special rules, described below, to determine your credit for federal income tax withholding. 2009 federal tax form 1040 Fiscal year withholding. 2009 federal tax form 1040    You can claim credit on your tax return only for the tax withheld during the calendar year (CY) ending within your fiscal year. 2009 federal tax form 1040 You cannot claim credit for any of the tax withheld during the calendar year beginning in your fiscal year. 2009 federal tax form 1040 You will be able to claim credit for that withholding on your return for your next fiscal year. 2009 federal tax form 1040   The Form W-2 or 1099 you receive for the calendar year that ends during your fiscal year will show the tax withheld and the income you received during that calendar year. 2009 federal tax form 1040   Although you take credit for all the withheld tax shown on the form, report only the part of the income shown on the form that you received during your fiscal year. 2009 federal tax form 1040 Add to that the income you received during the rest of your fiscal year. 2009 federal tax form 1040 Example. 2009 federal tax form 1040 Miles Hanson files his return for a fiscal year ending June 30, 2013. 2009 federal tax form 1040 In January 2013, he received a Form W-2 that showed that his wages for 2012 were $31,200 and that his income tax withheld was $3,380. 2009 federal tax form 1040 His records show that he had received $15,000 of the wages by June 30, 2012, and $16,200 from July 1 through December 31, 2012. 2009 federal tax form 1040 See Table 3-1 . 2009 federal tax form 1040 On his return for the fiscal year ending June 30, 2013, Miles will report the $16,200 he was paid in July through December of 2012, plus the $18,850 he was paid during the rest of the fiscal year, January 1, 2013, through June 30, 2013. 2009 federal tax form 1040 However, he takes credit for all $3,380 that was withheld during 2012. 2009 federal tax form 1040 On his return for the fiscal year ending June 30, 2012, he reported the $15,000 he was paid in January through June 2012, but took no credit for the tax withheld during that time. 2009 federal tax form 1040 On his return for the fiscal year ending June 30, 2014, he will take the credit for any tax withheld during 2013 but not for any tax withheld during 2014. 2009 federal tax form 1040 Table 3-1. 2009 federal tax form 1040 Example for Fiscal Year Ending June 30, 2013—Miles Hanson Date Form W-2 Miles' records Tax return for FY ending 6/30/20121 Tax return for FY ending 6/30/2013 Wages With- holding Wages With- holding Wages With- holding Wages With- holding CY 20122 $31,200 $3,380             1/1/2012 –  6/30/2012     $15,000 $1,600 $15,000       7/1/2012 –  12/31/2012     $16,200 $1,780     $16,200 $3,380 CY 2013 $37,700 $4,316 3             1/1/2013 –  6/30/2013     $18,850 $2,158     $18,850   7/1/2013 –  12/31/2013     $18,850 4 $2,158         1Miles' tax return for FY ending 6/30/2012 also included his wages for 7/1–12/31/2011 and the withholding shown on his 2011 Form W-2. 2009 federal tax form 1040  2Calendar year (January 1 – December 31). 2009 federal tax form 1040   3Withholding shown on 2013 Form W-2 ($4,316) will be included in Miles' tax return for FY ending 6/30/2014, the fiscal year in which calendar year 2013 ends. 2009 federal tax form 1040   4Wages for 7/1–12/31/2013 ($18,850) will be included in Miles' tax return for FY ending 6/30/2014, the fiscal year in which the wages were received. 2009 federal tax form 1040 Backup withholding. 2009 federal tax form 1040   If income tax has been withheld under the backup withholding rule, take credit for it on your tax return for the fiscal year in which you received the income. 2009 federal tax form 1040 Example. 2009 federal tax form 1040 Emily Smith's records show that she received income in November 2013 and February 2014 from which there was backup withholding ($100 and $50, respectively). 2009 federal tax form 1040 Emily takes credit for the entire $150 of backup withholding on her tax return for the fiscal year ending September 30, 2014. 2009 federal tax form 1040 Estimated Tax Take credit for all your estimated tax payments for 2013 on line 63 of Form 1040 or line 37 of Form 1040A. 2009 federal tax form 1040 Include any overpayment from 2012 that you had credited to your 2013 estimated tax. 2009 federal tax form 1040 You must use Form 1040 or Form 1040A if you paid estimated tax. 2009 federal tax form 1040 You cannot file Form 1040EZ. 2009 federal tax form 1040 If you were a beneficiary of an estate or trust, you should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. 2009 federal tax form 1040 , from the fiduciary. 2009 federal tax form 1040 If you have estimated taxes credited to you from the estate or trust (from Schedule K-1 (Form 1041)), you must report the estimated taxes on Schedule E (Form 1040). 2009 federal tax form 1040 On the dotted line next to the entry space for line 37 of Schedule E (Form 1040), enter “ES payment claimed” and the amount. 2009 federal tax form 1040 However, do not include this amount in the total on line 37. 2009 federal tax form 1040 Instead, enter the amount on Form 1040, line 63. 2009 federal tax form 1040 This estimated tax payment for 2013 is treated as being made by you on January 15, 2014. 2009 federal tax form 1040 Name changed. 2009 federal tax form 1040   If you changed your name, and you made estimated tax payments using your former name, attach a statement to the front of your paper tax return indicating: When you made the payments, The amount of each payment, Your name when you made the payments, and The social security number under which you made the payments. 2009 federal tax form 1040  The statement should cover payments you made jointly with your spouse as well as any you made separately. 2009 federal tax form 1040   Be sure to report the change to your local Social Security Administration office before filing your 2014 tax return. 2009 federal tax form 1040 This prevents delays in processing your return and issuing refunds. 2009 federal tax form 1040 It also safeguards your future social security benefits. 2009 federal tax form 1040 For more information, call the Social Security Administration at 1-800-772-1213. 2009 federal tax form 1040 Separate Returns If you and your spouse made separate estimated tax payments for 2013 and you file separate returns, you can take credit only for your own payments. 2009 federal tax form 1040 If you made joint estimated tax payments, you must decide how to divide the payments between your returns. 2009 federal tax form 1040 One of you can claim all of the estimated tax paid and the other none, or you can divide it in any other way you agree on. 2009 federal tax form 1040 If you cannot agree, you must divide the payments in proportion to each spouse's individual tax as shown on your separate returns for 2013. 2009 federal tax form 1040 Example. 2009 federal tax form 1040 James and Evelyn Brown made joint estimated tax payments for 2013 totaling $3,000. 2009 federal tax form 1040 They file separate 2013 Forms 1040. 2009 federal tax form 1040 James' tax is $4,000 and Evelyn's is $1,000. 2009 federal tax form 1040 If they do not agree on how to divide the $3,000, they must divide it proportionately between their returns. 2009 federal tax form 1040 Because James' tax ($4,000) is 80% of the total tax ($5,000), his share of the estimated tax is $2,400 (80% of $3,000). 2009 federal tax form 1040 The balance, $600 (20% of $3,000), is Evelyn's share. 2009 federal tax form 1040 Divorced Taxpayers If you made joint estimated tax payments for 2013 and you were divorced during the year, either you or your former spouse can claim all of the joint payments, or you each can claim part of them. 2009 federal tax form 1040 If you cannot agree on how to divide the payments, you must divide them in proportion to each spouse's individual tax as shown on your separate returns for 2013. 2009 federal tax form 1040 See Example earlier under Separate Returns. 2009 federal tax form 1040 If you claim any of the joint payments on your tax return, enter your former spouse's social security number (SSN) in the space provided at the top of page 1 of Form 1040 or Form 1040A. 2009 federal tax form 1040 If you divorced and remarried in 2013, enter your present spouse's SSN in that space. 2009 federal tax form 1040 Enter your former spouse's SSN, followed by “DIV,” under Payments to the left of Form 1040, line 63, or in the blank space to the left of Form 1040A, line 37. 2009 federal tax form 1040 Excess Social Security or Railroad Retirement Tax Withholding Most employers must withhold social security tax from your wages. 2009 federal tax form 1040 In some cases, however, the federal government and state and local governments do not have to withhold social security tax from their employees' wages. 2009 federal tax form 1040 If you work for a railroad employer, that employer must withhold tier 1 railroad retirement (RRTA) tax and tier 2 RRTA tax. 2009 federal tax form 1040 Two or more employers. 2009 federal tax form 1040   If you worked for two or more employers in 2013, too much social security tax or tier 1 RRTA tax may have been withheld from your pay. 2009 federal tax form 1040 You may be able to claim the excess as a credit against your income tax when you file your return. 2009 federal tax form 1040 Table 3-2 shows the maximum amount that should have been withheld for any of these taxes for 2013. 2009 federal tax form 1040 Figure the excess withholding on the appropriate worksheet. 2009 federal tax form 1040    Table 3-2. 2009 federal tax form 1040 Maximum Social Security and RRTA Withholding for 2013 Type of tax Maximum wages subject to tax Tax rate Maximum tax to be withheld Social security $113,700 6. 2009 federal tax form 1040 2% $7,049. 2009 federal tax form 1040 40 Tier 1 RRTA $113,700 6. 2009 federal tax form 1040 2% $7,049. 2009 federal tax form 1040 40 Tier 2 RRTA $84,300 4. 2009 federal tax form 1040 4% $3,709. 2009 federal tax form 1040 20 Joint returns. 2009 federal tax form 1040   If you are filing a joint return, you and your spouse must figure any excess social security or tier 1 RRTA separately. 2009 federal tax form 1040 Note. 2009 federal tax form 1040 All wages are subject to Medicare tax withholding. 2009 federal tax form 1040 Employer's error. 2009 federal tax form 1040   If you had only one employer and he or she withheld too much social security, Medicare, or tier 1 RRTA tax, ask the employer to refund the excess amount to you. 2009 federal tax form 1040 If the employer refuses to refund the overcollection, ask for a statement indicating the amount of the overcollection to support your claim. 2009 federal tax form 1040 File a claim for refund using Form 843, Claim for Refund and Request for Abatement. 2009 federal tax form 1040 Worksheet for Nonrailroad Employees If you did not work for a railroad during 2013, figure the excess social security withholding on Worksheet 3-1. 2009 federal tax form 1040 Note. 2009 federal tax form 1040 If you worked for both a railroad employer and a nonrailroad employer, use Worksheet 3-2, to figure excess social security and tier 1 RRTA tax. 2009 federal tax form 1040 Where to claim credit for excess social security withholding. 2009 federal tax form 1040   If you file Form 1040, enter the excess on line 69. 2009 federal tax form 1040   If you file Form 1040A, include the excess in the total on line 41. 2009 federal tax form 1040 Write “Excess SST” and show the amount of the credit in the space to the left of the line. 2009 federal tax form 1040   You cannot claim excess social security tax withholding on Form 1040EZ. 2009 federal tax form 1040 Worksheets for Railroad Employees If you worked for a railroad during 2013, figure your excess withholding on Worksheet 3-2 and 3-3, as appropriate. 2009 federal tax form 1040 Where to claim credit for excess tier 1 RRTA withholding. 2009 federal tax form 1040   If you file Form 1040, enter the excess on line 69. 2009 federal tax form 1040   If you file Form 1040A, include the excess in the total on line 41. 2009 federal tax form 1040 Write “Excess SST” and show the amount of the credit in the space to the left of the line. 2009 federal tax form 1040   You cannot claim excess tier 1 RRTA withholding on Form 1040EZ. 2009 federal tax form 1040 How to claim refund of excess tier 2 RRTA. 2009 federal tax form 1040   To claim a refund of tier 2 tax, use Form 843. 2009 federal tax form 1040 Be sure to attach a copy of all of your Forms W-2. 2009 federal tax form 1040   See Worksheet 3-3 and the Instructions for Form 843, for more details. 2009 federal tax form 1040 Worksheet 3-1. 2009 federal tax form 1040 Excess Social Security—Nonrailroad Employees 1. 2009 federal tax form 1040 Add all social security tax withheld (but not more than  $7,049. 2009 federal tax form 1040 40 for each employer). 2009 federal tax form 1040 This tax should be shown  in box 4 of your Forms W-2. 2009 federal tax form 1040 Enter the total here 1. 2009 federal tax form 1040   2. 2009 federal tax form 1040 Enter any uncollected social security tax on tips or group-term life insurance on Form 1040, line 60, identified by “UT” 2. 2009 federal tax form 1040   3. 2009 federal tax form 1040 Add lines 1 and 2. 2009 federal tax form 1040 If $7,049. 2009 federal tax form 1040 40 or less, stop here. 2009 federal tax form 1040 You cannot claim the credit 3. 2009 federal tax form 1040   4. 2009 federal tax form 1040 Social security limit 4. 2009 federal tax form 1040 $7,049. 2009 federal tax form 1040 40 5. 2009 federal tax form 1040 Excess. 2009 federal tax form 1040 Subtract line 4 from line 3 5. 2009 federal tax form 1040   Worksheet 3-2. 2009 federal tax form 1040 Excess Social Security and Tier 1 RRTA—Railroad Employees 1. 2009 federal tax form 1040 Add all social security and tier 1 RRTA tax withheld (but not more than $7,049. 2009 federal tax form 1040 40 for each employer). 2009 federal tax form 1040 Social security tax should be shown in box 4 and tier 1 RRTA should be shown  in box 14 of your Forms W-2. 2009 federal tax form 1040 Enter the total here 1. 2009 federal tax form 1040   2. 2009 federal tax form 1040 Enter any uncollected social security and tier 1 RRTA tax on tips or group-term life insurance on Form 1040, line 60, identified by “UT” 2. 2009 federal tax form 1040   3. 2009 federal tax form 1040 Add lines 1 and 2. 2009 federal tax form 1040 If $7,049. 2009 federal tax form 1040 40 or less, stop here. 2009 federal tax form 1040 You cannot claim the credit 3. 2009 federal tax form 1040   4. 2009 federal tax form 1040 Social security and tier 1 RRTA tax limit 4. 2009 federal tax form 1040 $7,049. 2009 federal tax form 1040 40 5. 2009 federal tax form 1040 Excess. 2009 federal tax form 1040 Subtract line 4 from line 3 5. 2009 federal tax form 1040   Worksheet 3-3. 2009 federal tax form 1040 Excess Tier 2 RRTA—Railroad Employees 1. 2009 federal tax form 1040 Add all tier 2 RRTA tax withheld (but not more than $3,709. 2009 federal tax form 1040 20 for each employer). 2009 federal tax form 1040 Box 14 of your Forms W-2 should show tier 2 RRTA tax. 2009 federal tax form 1040 Enter the total here 1. 2009 federal tax form 1040   2. 2009 federal tax form 1040 Enter any uncollected tier 2 RRTA tax on tips or group-term life insurance on Form 1040, line 60, identified by “UT” 2. 2009 federal tax form 1040   3. 2009 federal tax form 1040 Add lines 1 and 2. 2009 federal tax form 1040 If $3,709. 2009 federal tax form 1040 20 or less, stop here. 2009 federal tax form 1040 You cannot claim the credit. 2009 federal tax form 1040 3. 2009 federal tax form 1040   4. 2009 federal tax form 1040 Tier 2 RRTA tax limit 4. 2009 federal tax form 1040 $3,709. 2009 federal tax form 1040 20 5. 2009 federal tax form 1040 Excess. 2009 federal tax form 1040 Subtract line 4 from line 3. 2009 federal tax form 1040 5. 2009 federal tax form 1040   Prev  Up  Next   Home   More Online Publications
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The 2009 Federal Tax Form 1040

2009 federal tax form 1040 5. 2009 federal tax form 1040   Taxes Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: When To Deduct Taxes Real Estate TaxesSeparate elections. 2009 federal tax form 1040 Making the election. 2009 federal tax form 1040 Form 3115. 2009 federal tax form 1040 Income TaxesAccrual of contested income taxes. 2009 federal tax form 1040 Employment Taxes Other TaxesAdditional Medicare Tax. 2009 federal tax form 1040 What's New Additional Medicare Tax. 2009 federal tax form 1040  Beginning in 2013, you must withhold a 0. 2009 federal tax form 1040 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. 2009 federal tax form 1040 Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. 2009 federal tax form 1040 See Employment Taxes , and Self-employment tax , later. 2009 federal tax form 1040 Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. 2009 federal tax form 1040 You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. 2009 federal tax form 1040 Topics - This chapter discusses: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 510 Excise Taxes 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch SE (Form 1040) Self-Employment Tax 3115 Application for Change in Accounting Method 8959 Additional Medicare Tax See chapter 12 for information about getting publications and forms. 2009 federal tax form 1040 When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. 2009 federal tax form 1040 This applies whether you use the cash method or an accrual method of accounting. 2009 federal tax form 1040 Under an accrual method, you can deduct a tax before you pay it if you meet the exception for recurring items discussed under Economic Performance in Publication 538. 2009 federal tax form 1040 You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . 2009 federal tax form 1040 Limit on accrual of taxes. 2009 federal tax form 1040   A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. 2009 federal tax form 1040 However, if you use an accrual method, and can deduct the tax before you pay it, use the original accrual date for the year of change and all future years to determine when you can deduct the tax. 2009 federal tax form 1040 Example. 2009 federal tax form 1040 Your state imposes a tax on personal property used in a trade or business conducted in the state. 2009 federal tax form 1040 This tax is assessed and becomes a lien as of July 1 (accrual date). 2009 federal tax form 1040 In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. 2009 federal tax form 1040 Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. 2009 federal tax form 1040 You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. 2009 federal tax form 1040 Uniform capitalization rules. 2009 federal tax form 1040   Uniform capitalization rules apply to certain taxpayers who produce real property or tangible personal property for use in a trade or business or for sale to customers. 2009 federal tax form 1040 They also apply to certain taxpayers who acquire property for resale. 2009 federal tax form 1040 Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. 2009 federal tax form 1040 For more information, see chapter 1. 2009 federal tax form 1040 Carrying charges. 2009 federal tax form 1040   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. 2009 federal tax form 1040 You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. 2009 federal tax form 1040 For more information, see chapter 7. 2009 federal tax form 1040 Refunds of taxes. 2009 federal tax form 1040   If you receive a refund for any taxes you deducted in an earlier year, include the refund in income to the extent the deduction reduced your federal income tax in the earlier year. 2009 federal tax form 1040 For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. 2009 federal tax form 1040    You must include in income any interest you receive on tax refunds. 2009 federal tax form 1040 Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. 2009 federal tax form 1040 The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. 2009 federal tax form 1040 Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. 2009 federal tax form 1040 See Taxes for local benefits , later. 2009 federal tax form 1040 If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. 2009 federal tax form 1040 However, you can elect to ratably accrue the taxes during the year. 2009 federal tax form 1040 See Electing to ratably accrue , later. 2009 federal tax form 1040 Taxes for local benefits. 2009 federal tax form 1040   Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. 2009 federal tax form 1040 These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. 2009 federal tax form 1040 You should increase the basis of your property by the amount of the assessment. 2009 federal tax form 1040   You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. 2009 federal tax form 1040 If part of the tax is for maintenance, repairs, or interest, you must be able to show how much of the tax is for these expenses to claim a deduction for that part of the tax. 2009 federal tax form 1040 Example. 2009 federal tax form 1040 To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. 2009 federal tax form 1040 The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. 2009 federal tax form 1040 The city is paying the principal and interest with the annual payments made by the property owners. 2009 federal tax form 1040 The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. 2009 federal tax form 1040 The part of the payments used to pay the interest charges on the bonds is deductible as taxes. 2009 federal tax form 1040 Charges for services. 2009 federal tax form 1040   Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. 2009 federal tax form 1040 Purchase or sale of real estate. 2009 federal tax form 1040   If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. 2009 federal tax form 1040   The buyer and seller must allocate the real estate taxes according to the number of days in the real property tax year (the period to which the tax imposed relates) that each owned the property. 2009 federal tax form 1040 Treat the seller as paying the taxes up to but not including the date of sale. 2009 federal tax form 1040 Treat the buyer as paying the taxes beginning with the date of sale. 2009 federal tax form 1040 You can usually find this information on the settlement statement you received at closing. 2009 federal tax form 1040   If you (the seller) use an accrual method and have not elected to ratably accrue real estate taxes, you are considered to have accrued your part of the tax on the date you sell the property. 2009 federal tax form 1040 Example. 2009 federal tax form 1040 Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. 2009 federal tax form 1040 He has not elected to ratably accrue property taxes. 2009 federal tax form 1040 November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. 2009 federal tax form 1040 He sold the property on June 30, 2013. 2009 federal tax form 1040 Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. 2009 federal tax form 1040 He is treated as having accrued his part of the tax, 181/366  (January 1–June 29), on June 30, and he can deduct it for 2013. 2009 federal tax form 1040 Electing to ratably accrue. 2009 federal tax form 1040   If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. 2009 federal tax form 1040 Example. 2009 federal tax form 1040 Juan Sanchez is a calendar year taxpayer who uses an accrual method. 2009 federal tax form 1040 His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. 2009 federal tax form 1040 July 1 is the assessment and lien date. 2009 federal tax form 1040 If Juan elects to ratably accrue the taxes, $600 will accrue in 2013 ($1,200 × 6/12, July 1–December 31) and the balance will accrue in 2014. 2009 federal tax form 1040 Separate elections. 2009 federal tax form 1040   You can elect to ratably accrue the taxes for each separate trade or business and for nonbusiness activities if you account for them separately. 2009 federal tax form 1040 Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. 2009 federal tax form 1040 See Form 3115 , later. 2009 federal tax form 1040 Making the election. 2009 federal tax form 1040   If you elect to ratably accrue the taxes for the first year in which you incur real estate taxes, attach a statement to your income tax return for that year. 2009 federal tax form 1040 The statement should show all the following items. 2009 federal tax form 1040 The trades or businesses to which the election applies and the accounting method or methods used. 2009 federal tax form 1040 The period to which the taxes relate. 2009 federal tax form 1040 The computation of the real estate tax deduction for that first year. 2009 federal tax form 1040   Generally, you must file your return by the due date (including extensions). 2009 federal tax form 1040 However, if you timely filed your return for the year without electing to ratably accrue, you can still make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). 2009 federal tax form 1040 Attach the statement to the amended return and write “Filed pursuant to section 301. 2009 federal tax form 1040 9100-2” on the statement. 2009 federal tax form 1040 File the amended return at the same address where you filed the original return. 2009 federal tax form 1040 Form 3115. 2009 federal tax form 1040    If you elect to ratably accrue real estate taxes for a year after the first year in which you incur real estate taxes, or if you want to revoke your election to ratably accrue real estate taxes, file Form 3115. 2009 federal tax form 1040 For more information, including applicable time frames for filing, see the Instructions for Form 3115. 2009 federal tax form 1040 Note. 2009 federal tax form 1040 If you are filing an application for a change in accounting method filed after January 9, 2011, for a year of change ending after April 29, 2010, see Revenue Procedure 2011-14, 2011-4 I. 2009 federal tax form 1040 R. 2009 federal tax form 1040 B. 2009 federal tax form 1040 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. 2009 federal tax form 1040 R. 2009 federal tax form 1040 B. 2009 federal tax form 1040 689, and Revenue Procedure 2012-20, 2012-14 I. 2009 federal tax form 1040 R. 2009 federal tax form 1040 B. 2009 federal tax form 1040 700, or any successor. 2009 federal tax form 1040 Revenue Procedure 2011-14 is available at  www. 2009 federal tax form 1040 irs. 2009 federal tax form 1040 gov/irb/2011-04IRB/ar08. 2009 federal tax form 1040 html. 2009 federal tax form 1040 Income Taxes This section discusses federal, state, local, and foreign income taxes. 2009 federal tax form 1040 Federal income taxes. 2009 federal tax form 1040   You cannot deduct federal income taxes. 2009 federal tax form 1040 State and local income taxes. 2009 federal tax form 1040   A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. 2009 federal tax form 1040 An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). 2009 federal tax form 1040   However, an individual can deduct a state tax on gross income (as distinguished from net income) directly attributable to a trade or business as a business expense. 2009 federal tax form 1040 Accrual of contested income taxes. 2009 federal tax form 1040   If you use an accrual method, and you contest a state or local income tax liability, you must accrue and deduct any contested amount in the tax year in which the liability is finally determined. 2009 federal tax form 1040   If additional state or local income taxes for a prior year are assessed in a later year, you can deduct the taxes in the year in which they were originally imposed (the prior year) if the tax liability is not contested. 2009 federal tax form 1040 You cannot deduct them in the year in which the liability is finally determined. 2009 federal tax form 1040    The filing of an income tax return is not considered a contest and, in the absence of an overt act of protest, you can deduct the tax in the prior year. 2009 federal tax form 1040 Also, you can deduct any additional taxes in the prior year if you do not show some affirmative evidence of denial of the liability. 2009 federal tax form 1040   However, if you consistently deduct additional assessments in the year they are paid or finally determined (including those for which there was no contest), you must continue to do so. 2009 federal tax form 1040 You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. 2009 federal tax form 1040 For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. 2009 federal tax form 1040 Foreign income taxes. 2009 federal tax form 1040   Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. 2009 federal tax form 1040 S. 2009 federal tax form 1040 possession. 2009 federal tax form 1040 However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. 2009 federal tax form 1040 S. 2009 federal tax form 1040 tax under the foreign earned income exclusion or the foreign housing exclusion. 2009 federal tax form 1040 For information on these exclusions, see Publication 54, Tax Guide for U. 2009 federal tax form 1040 S. 2009 federal tax form 1040 Citizens and Resident Aliens Abroad. 2009 federal tax form 1040 For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. 2009 federal tax form 1040 Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. 2009 federal tax form 1040 Most employers must withhold their employees' share of social security, Medicare taxes, and Additional Medicare Tax (if applicable) along with state and federal income taxes. 2009 federal tax form 1040 You may also need to pay certain employment taxes from your own funds. 2009 federal tax form 1040 These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. 2009 federal tax form 1040 Note. 2009 federal tax form 1040 Additional Medicare Tax is only imposed on the employee. 2009 federal tax form 1040 There is no employer share of Additional Medicare Tax. 2009 federal tax form 1040 Your deduction for wages paid is not reduced by the social security and Medicare taxes, Additional Medicare Tax, and income taxes you withhold from your employees. 2009 federal tax form 1040 You can deduct the employment taxes you must pay from your own funds as taxes. 2009 federal tax form 1040 Example. 2009 federal tax form 1040 You pay your employee $18,000 a year. 2009 federal tax form 1040 However, after you withhold various taxes, your employee receives $14,500. 2009 federal tax form 1040 You also pay an additional $1,500 in employment taxes. 2009 federal tax form 1040 You should deduct the full $18,000 as wages. 2009 federal tax form 1040 You can deduct the $1,500 you pay from your own funds as taxes. 2009 federal tax form 1040 For more information on employment taxes, see Publication 15 (Circular E). 2009 federal tax form 1040 Unemployment fund taxes. 2009 federal tax form 1040   As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. 2009 federal tax form 1040 Deduct these payments as taxes. 2009 federal tax form 1040 Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. 2009 federal tax form 1040 Excise taxes. 2009 federal tax form 1040   Generally, you can deduct as a business expense all excise taxes that are ordinary and necessary expenses of carrying on your trade or business. 2009 federal tax form 1040 However, see Fuel taxes , later. 2009 federal tax form 1040   For more information on excise taxes, see Publication 510. 2009 federal tax form 1040 Franchise taxes. 2009 federal tax form 1040   You can deduct corporate franchise taxes as a business expense. 2009 federal tax form 1040 Fuel taxes. 2009 federal tax form 1040   Generally, taxes on gasoline, diesel fuel, and other motor fuels that you use in your business are included as part of the cost of the fuel. 2009 federal tax form 1040 Do not deduct these taxes as a separate item. 2009 federal tax form 1040   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. 2009 federal tax form 1040 For more information, see Publication 510. 2009 federal tax form 1040 Occupational taxes. 2009 federal tax form 1040   You can deduct as a business expense an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. 2009 federal tax form 1040 Personal property tax. 2009 federal tax form 1040   You can deduct any tax imposed by a state or local government on personal property used in your trade or business. 2009 federal tax form 1040 Sales tax. 2009 federal tax form 1040   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. 2009 federal tax form 1040 If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. 2009 federal tax form 1040 If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. 2009 federal tax form 1040 If the property is depreciable, add the sales tax to the basis for depreciation. 2009 federal tax form 1040 For more information on basis, see Publication 551. 2009 federal tax form 1040    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. 2009 federal tax form 1040 Also, do not include these taxes in gross receipts or sales. 2009 federal tax form 1040 Self-employment tax. 2009 federal tax form 1040   You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. 2009 federal tax form 1040 This deduction only affects your income tax. 2009 federal tax form 1040 It does not affect your net earnings from self-employment or your self-employment tax. 2009 federal tax form 1040   To deduct the tax, enter on Form 1040, line 27, the amount shown on the Deduction for one-half of self-employment tax line of Schedule SE (Form 1040). 2009 federal tax form 1040   For more information on self-employment tax, see Publication 334. 2009 federal tax form 1040 Additional Medicare Tax. 2009 federal tax form 1040   Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. 2009 federal tax form 1040 See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. 2009 federal tax form 1040 Prev  Up  Next   Home   More Online Publications