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Amend A Tax Return 2012

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Amend A Tax Return 2012

Amend a tax return 2012 2. Amend a tax return 2012   Estimated Tax for 2014 Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Who Does Not Have To Pay Estimated Tax Who Must Pay Estimated TaxGeneral Rule Married Taxpayers Special Rules Aliens Estates and Trusts How To Figure Estimated Tax2014 Estimated Tax Worksheet When To Pay Estimated TaxWhen To Start Farmers and Fishermen How To Figure Each PaymentRegular Installment Method Annualized Income Installment Method Estimated Tax Payments Not Required How To Pay Estimated TaxCredit an Overpayment Pay Online Pay by Phone Pay by Check or Money Order Using the Estimated Tax Payment Voucher Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. Amend a tax return 2012 This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes, and awards. Amend a tax return 2012 You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough. Amend a tax return 2012 Estimated tax is used to pay both income tax and self-employment tax, as well as other taxes and amounts reported on your tax return. Amend a tax return 2012 If you do not pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty. Amend a tax return 2012 If you do not pay enough by the due date of each payment period (see When To Pay Estimated Tax , later), you may be charged a penalty even if you are due a refund when you file your tax return. Amend a tax return 2012 For information on when the penalty applies, see chapter 4. Amend a tax return 2012 It would be helpful for you to have a copy of your 2013 tax return and an estimate of your 2014 income nearby while reading this chapter. Amend a tax return 2012 Topics - This chapter discusses: Who must pay estimated tax, How to figure estimated tax (including illustrated examples), When to pay estimated tax, How to figure each payment, and How to pay estimated tax. Amend a tax return 2012 Useful Items - You may want to see: Form (and Instructions) 1040-ES Estimated Tax for Individuals See chapter 5 for information about how to get this publication and form. Amend a tax return 2012 Worksheets. Amend a tax return 2012   You may need to use several of the blank worksheets included in this chapter. Amend a tax return 2012 See Worksheets for Chapter 2, later, to locate what you need. Amend a tax return 2012 Who Does Not Have To Pay Estimated Tax If you receive salaries and wages, you may be able to avoid paying estimated tax by asking your employer to take more tax out of your earnings. Amend a tax return 2012 To do this, file a new Form W-4 with your employer. Amend a tax return 2012 See chapter 1. Amend a tax return 2012 Estimated tax not required. Amend a tax return 2012   You do not have to pay estimated tax for 2014 if you meet all three of the following conditions. Amend a tax return 2012 You had no tax liability for 2013. Amend a tax return 2012 You were a U. Amend a tax return 2012 S. Amend a tax return 2012 citizen or resident alien for the whole year. Amend a tax return 2012 Your 2013 tax year covered a 12-month period. Amend a tax return 2012   You had no tax liability for 2013 if your total tax (defined later under Total tax for 2013—line 14b ) was zero or you did not have to file an income tax return. Amend a tax return 2012 Please click here for the text description of the image. Amend a tax return 2012 Figure 2-A: Do You Have To Pay Estimated Tax? Who Must Pay Estimated Tax If you owed additional tax for 2013, you may have to pay estimated tax for 2014. Amend a tax return 2012 You can use the following general rule as a guide during the year to see if you will have enough withholding, or should increase your withholding or make estimated tax payments. Amend a tax return 2012 General Rule In most cases, you must pay estimated tax for 2014 if both of the following apply. Amend a tax return 2012 You expect to owe at least $1,000 in tax for 2014, after subtracting your withholding and refundable credits. Amend a tax return 2012 You expect your withholding and refundable credits to be less than the smaller of: 90% of the tax to be shown on your 2014 tax return, or 100% of the tax shown on your 2013 tax return. Amend a tax return 2012 Your 2013 tax return must cover all 12 months. Amend a tax return 2012 Note. Amend a tax return 2012 The percentages in (2a) or (2b) above may be different if you are a farmer, fisherman, or higher income taxpayer. Amend a tax return 2012 See Special Rules , later. Amend a tax return 2012 If the result from using the general rule above suggests that you will not have enough withholding, complete the 2014 Estimated Tax Worksheet for a more accurate calculation. Amend a tax return 2012 Figure 2-A takes you through the general rule. Amend a tax return 2012 You may find this helpful in determining if you must pay estimated tax. Amend a tax return 2012 If all your income will be subject to income tax withholding, you probably do not need to pay estimated tax. Amend a tax return 2012 Example 1. Amend a tax return 2012 Jane Smart uses Figure 2-A and the following information to figure whether she should pay estimated tax for 2014. Amend a tax return 2012 She files as head of household claiming her dependent son, takes the standard deduction, and expects no refundable credits for 2014. Amend a tax return 2012 Expected adjusted gross income (AGI) for 2014 $82,800 AGI for 2013 $73,700 Total tax on 2013 return (Form 1040,  line 61) $  8,746 Total 2014 estimated tax (line 13c of the 2014 Estimated Tax Worksheet) $11,015 Tax expected to be withheld in 2014 $10,000 Jane's answer to Figure 2-A, box 1, is YES; she expects to owe at least $1,000 for 2014 after subtracting her withholding from her expected total tax ($11,015 − $10,000 = $1,015). Amend a tax return 2012 Her answer to box 2a is YES; she expects her income tax withholding ($10,000) to be at least 90% of the tax to be shown on her 2014 return ($11,015 × 90% = $9,913. Amend a tax return 2012 50). Amend a tax return 2012 Jane does not need to pay estimated tax. Amend a tax return 2012 Example 2. Amend a tax return 2012 The facts are the same as in Example 1, except that Jane expects only $8,700 tax to be withheld in 2014. Amend a tax return 2012 Because that is less than $9,913. Amend a tax return 2012 50, her answer to box 2a is NO. Amend a tax return 2012 Jane's answer to box 2b is also NO; she does not expect her income tax withholding ($8,700) to be at least 100% of the total tax shown on her 2013 return ($8,746). Amend a tax return 2012 Jane must increase her withholding or pay estimated tax for 2014. Amend a tax return 2012 Example 3. Amend a tax return 2012 The facts are the same as in Example 2, except that the total tax shown on Jane's 2013 return was $8,600. Amend a tax return 2012 Because she expects to have more than $8,600 withheld in 2014 ($8,700), her answer to box 2b is YES. Amend a tax return 2012 Jane does not need to pay estimated tax for 2014. Amend a tax return 2012 Married Taxpayers If you qualify to make joint estimated tax payments, apply the rules discussed here to your joint estimated income. Amend a tax return 2012 You and your spouse can make joint estimated tax payments even if you are not living together. Amend a tax return 2012 However, you and your spouse cannot make joint estimated tax payments if: You are legally separated under a decree of divorce or separate maintenance, You and your spouse have different tax years, Either spouse is a nonresident alien (unless that spouse elected to be treated as a resident alien for tax purposes). Amend a tax return 2012 See Choosing Resident Alien Status in Publication 519, or Individuals of the same sex and opposite sex who are in registered domestic partnerships, civil unions, or other similar formal relationships that are not marriages under state law cannot make joint estimated tax payments. Amend a tax return 2012 These individuals can take credit only for the estimated tax payments that he or she made. Amend a tax return 2012 If you and your spouse cannot make joint estimated tax payments, apply these rules to your separate estimated income. Amend a tax return 2012 Making joint or separate estimated tax payments will not affect your choice of filing a joint tax return or separate returns for 2014. Amend a tax return 2012 2013 separate returns and 2014 joint return. Amend a tax return 2012   If you plan to file a joint return with your spouse for 2014, but you filed separate returns for 2013, your 2013 tax is the total of the tax shown on your separate returns. Amend a tax return 2012 You filed a separate return if you filed as single, head of household, or married filing separately. Amend a tax return 2012 2013 joint return and 2014 separate returns. Amend a tax return 2012   If you plan to file a separate return for 2014, but you filed a joint return for 2013, your 2013 tax is your share of the tax on the joint return. Amend a tax return 2012 You file a separate return if you file as single, head of household, or married filing separately. Amend a tax return 2012   To figure your share of the tax on a joint return, first figure the tax both you and your spouse would have paid had you filed separate returns for 2013 using the same filing status for 2014. Amend a tax return 2012 Then multiply the tax on the joint return by the following fraction. Amend a tax return 2012      The tax you would have paid had you filed a separate return   The total tax you and your spouse would have paid had you filed separate returns Example. Amend a tax return 2012 Joe and Heather filed a joint return for 2013 showing taxable income of $48,500 and a tax of $6,386. Amend a tax return 2012 Of the $48,500 taxable income, $40,100 was Joe's and the rest was Heather's. Amend a tax return 2012 For 2014, they plan to file married filing separately. Amend a tax return 2012 Joe figures his share of the tax on the 2013 joint return as follows: Tax on $40,100 based on separate return $5,960 Tax on $8,400 based on separate return 843 Total $6,803 Joe's percentage of total ($5,960 ÷ $6,803) 87. Amend a tax return 2012 6% Joe's share of tax on joint return  ($6,386 × 87. Amend a tax return 2012 6%) $5,594 Special Rules There are special rules for farmers, fishermen, and certain higher income taxpayers. Amend a tax return 2012 Farmers and Fishermen If at least two-thirds of your gross income for 2013 or 2014 is from farming or fishing, substitute 662/3% for 90% in (2a) under General Rule , earlier. Amend a tax return 2012 Gross income. Amend a tax return 2012   Your gross income is all income you receive in the form of money, goods, property, and services that is not exempt from tax. Amend a tax return 2012 To determine whether two-thirds of your gross income for 2013 was from farming or fishing, use as your gross income the total of the income (not loss) amounts. Amend a tax return 2012 Joint returns. Amend a tax return 2012   On a joint return, you must add your spouse's gross income to your gross income to determine if at least two-thirds of your total gross income is from farming or fishing. Amend a tax return 2012 Gross income from farming. Amend a tax return 2012   This is income from cultivating the soil or raising agricultural commodities. Amend a tax return 2012 It includes the following amounts. Amend a tax return 2012 Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Amend a tax return 2012 Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Amend a tax return 2012 Crop shares for the use of your land. Amend a tax return 2012 Gains from sales of draft, breeding, dairy, or sporting livestock. Amend a tax return 2012   For 2013, gross income from farming is the total of the following amounts. Amend a tax return 2012 Schedule F (Form 1040), Profit or Loss From Farming, line 9. Amend a tax return 2012 Form 4835, Farm Rental Income and Expenses, line 7. Amend a tax return 2012 Your share of the gross farming income from a partnership, S corporation, estate or trust, from: Schedule K-1 (Form 1065), Schedule K-1 (Form 1120S), or Schedule K-1 (Form 1041). Amend a tax return 2012 Your gains from sales of draft, breeding, dairy, or sporting livestock shown on Form 4797, Sales of Business Property. Amend a tax return 2012   Wages you receive as a farm employee and wages you receive from a farm corporation are not gross income from farming. Amend a tax return 2012 Gross income from fishing. Amend a tax return 2012   This is income from catching, taking, harvesting, cultivating, or farming any kind of fish, shellfish (for example, clams and mussels), crustaceans (for example, lobsters, crabs, and shrimp), sponges, seaweeds, or other aquatic forms of animal and vegetable life. Amend a tax return 2012   Gross income from fishing includes the following amounts. Amend a tax return 2012 Schedule C (Form 1040), Profit or Loss From Business. Amend a tax return 2012 Income for services as an officer or crew member of a vessel while the vessel is engaged in fishing. Amend a tax return 2012 Your share of the gross fishing income from a partnership, S corporation, estate or trust, from: Schedule K-1 (Form 1065), Schedule K-1 (Form 1120S), or Schedule K-1 (Form 1041). Amend a tax return 2012 Certain taxable interest and punitive damage awards received in connection with the Exxon Valdez litigation. Amend a tax return 2012 Income for services normally performed in connection with fishing. Amend a tax return 2012 Services normally performed in connection with fishing include: Shore service as an officer or crew member of a vessel engaged in fishing, and Services that are necessary for the immediate preservation of the catch, such as cleaning, icing, and packing the catch. Amend a tax return 2012 Higher Income Taxpayers If your AGI for 2013 was more than $150,000 ($75,000 if your filing status for 2014 is married filing a separate return), substitute 110% for 100% in (2b) under General Rule , earlier. Amend a tax return 2012 For 2013, AGI is the amount shown on Form 1040, line 37; Form 1040A, line 21; and Form 1040EZ, line 4. Amend a tax return 2012 Note. Amend a tax return 2012 This rule does not apply to farmers and fishermen. Amend a tax return 2012 Aliens Resident and nonresident aliens also may have to pay estimated tax. Amend a tax return 2012 Resident aliens should follow the rules in this publication, unless noted otherwise. Amend a tax return 2012 Nonresident aliens should get Form 1040-ES (NR), U. Amend a tax return 2012 S. Amend a tax return 2012 Estimated Tax for Nonresident Alien Individuals. Amend a tax return 2012 You are an alien if you are not a citizen or national of the United States. Amend a tax return 2012 You are a resident alien if you either have a green card or meet the substantial presence test. Amend a tax return 2012 For more information about withholding, the substantial presence test, and Form 1040-ES (NR), see Publication 519. Amend a tax return 2012 Estates and Trusts Estates and trusts also must pay estimated tax. Amend a tax return 2012 However, estates (and certain grantor trusts that receive the residue of the decedent's estate under the decedent's will) are exempt from paying estimated tax for the first 2 years after the decedent's death. Amend a tax return 2012 Estates and trusts must use Form 1041-ES, Estimated Income Tax for Estates and Trusts, to figure and pay estimated tax. Amend a tax return 2012 How To Figure Estimated Tax To figure your estimated tax, you must figure your expected AGI, taxable income, taxes, deductions, and credits for the year. Amend a tax return 2012 When figuring your 2014 estimated tax, it may be helpful to use your income, deductions, and credits for 2013 as a starting point. Amend a tax return 2012 Use your 2013 federal tax return as a guide. Amend a tax return 2012 You can use Form 1040-ES to figure your estimated tax. Amend a tax return 2012 Nonresident aliens use Form 1040-ES (NR) to figure estimated tax. Amend a tax return 2012 You must make adjustments both for changes in your own situation and for recent changes in the tax law. Amend a tax return 2012 Some of these changes are discussed under What's New for 2014 , earlier. Amend a tax return 2012 For information about these and other changes in the law, visit the IRS website at IRS. Amend a tax return 2012 gov. Amend a tax return 2012 The instructions for Form 1040-ES include a worksheet to help you figure your estimated tax. Amend a tax return 2012 Keep the worksheet for your records. Amend a tax return 2012 2014 Estimated Tax Worksheet Use Worksheet 2-1 to help guide you through the information about completing the 2014 Estimated Tax Worksheet. Amend a tax return 2012 You can also find a copy of the worksheet in the Instructions for Form 1040-ES. Amend a tax return 2012 Expected AGI—Line 1 Your expected AGI for 2014 (line 1) is your expected total income minus your expected adjustments to income. Amend a tax return 2012 Total income. Amend a tax return 2012   Include in your total income all the income you expect to receive during the year, even income that is subject to withholding. Amend a tax return 2012 However, do not include income that is tax exempt. Amend a tax return 2012   Total income includes all income and loss for 2014 that, if you had received it in 2013, would have been included on your 2013 tax return in the total on line 22 of Form 1040, line 15 of Form 1040A, or line 4 of Form 1040EZ. Amend a tax return 2012 Social security and railroad retirement benefits. Amend a tax return 2012 If you expect to receive social security or tier 1 railroad retirement benefits during 2014, use Worksheet 2-2 to figure the amount of expected taxable benefits you should include on line 1. Amend a tax return 2012 Adjustments to income. Amend a tax return 2012   Be sure to subtract from your expected total income all of the adjustments you expect to take on your 2014 tax return. Amend a tax return 2012 Self-employed. Amend a tax return 2012 If you expect to have income from self-employment, use Worksheet 2-3 to figure your expected self-employment tax and your allowable deduction for self-employment tax. Amend a tax return 2012 Include the amount from Worksheet 2-3 in your expected adjustments to income. Amend a tax return 2012 If you file a joint return and both you and your spouse have net earnings from self-employment, each of you must complete a separate worksheet. Amend a tax return 2012 Expected Taxable Income— Lines 2–5 Reduce your expected AGI for 2014 (line 1) by either your expected itemized deductions or your standard deduction and by your exemptions (lines 2 through 5). Amend a tax return 2012 Itemized deductions—line 2. Amend a tax return 2012   If you expect to claim itemized deductions on your 2014 tax return, enter the estimated amount on line 2. Amend a tax return 2012   Itemized deductions are the deductions that can be claimed on Schedule A (Form 1040). Amend a tax return 2012    For 2014, your total itemized deductions may be reduced if your AGI is more than the amount shown next for your filing status. Amend a tax return 2012 Single $254,200 Married filing jointly or qualifying widow(er) $305,050 Married filing separately $152,525 Head of household $279,650   If you expect your AGI to be more than this amount, use Worksheet 2-5 to figure the amount to enter on line 2. Amend a tax return 2012 Standard deduction—line 2. Amend a tax return 2012   If you expect to claim the standard deduction on your 2014 tax return, enter the amount on line 2. Amend a tax return 2012 Use Worksheet 2-4 to figure your standard deduction. Amend a tax return 2012 No standard deduction. Amend a tax return 2012   The standard deduction for some individuals is zero. Amend a tax return 2012 Your standard deduction will be zero if you: File a separate return and your spouse itemizes deductions, Are a dual-status alien, or File a return for a period of less than 12 months because you change your accounting period. Amend a tax return 2012 Exemptions—line 4. Amend a tax return 2012   After you have subtracted either your expected itemized deductions or your standard deduction from your expected AGI, reduce the amount remaining by $3,950 for each exemption you expect to take on your 2014 tax return. Amend a tax return 2012 If another person (such as your parent) can claim an exemption for you on his or her tax return, you cannot claim your own personal exemption. Amend a tax return 2012 This is true even if the other person will not claim your exemption or the exemption will be reduced or eliminated under the phaseout rule. Amend a tax return 2012    For 2014, your deduction for personal exemption is reduced if your AGI is more than the amount shown next for your filing status. Amend a tax return 2012 Single $254,200 Married filing jointly or qualifying widow(er) $305,050 Married filing separately $152,525 Head of household $279,650   If you expect your AGI to be more than this amount, use Worksheet 2-6 to figure the amount to enter on line 4. Amend a tax return 2012 Expected Taxes and Credits— Lines 6–13c After you have figured your expected taxable income (line 5), follow the steps next to figure your expected taxes, credits, and total tax for 2014. Amend a tax return 2012 Most people will have entries for only a few of these steps. Amend a tax return 2012 However, you should check every step to be sure you do not overlook anything. Amend a tax return 2012 Step 1. Amend a tax return 2012   Figure your expected income tax (line 6). Amend a tax return 2012 Generally, you will use the 2014 Tax Rate Schedules, later, to figure your expected income tax. Amend a tax return 2012   However, see below for situations where you must use a different method to compute your estimated tax. Amend a tax return 2012 Tax on child's investment income. Amend a tax return 2012   You must use a special method to figure tax on the income of the following children who have more than $2,000 of investment income. Amend a tax return 2012 Children under age 18 at the end of 2014. Amend a tax return 2012 The following children if their earned income is not more than half their support. Amend a tax return 2012 Children age 18 at the end of 2014. Amend a tax return 2012 Children who are full-time students over age 18 and under age 24 at the end of 2014. Amend a tax return 2012 See Publication 929, Tax Rules for Children and Dependents. Amend a tax return 2012 Although the ages and dollar amounts in the publication may be different in the 2014 revision, this reference will give you basic information for figuring the tax. Amend a tax return 2012 Tax on net capital gain. Amend a tax return 2012   The regular income tax rates for individuals do not apply to a net capital gain. Amend a tax return 2012 Instead, your net capital gain is taxed at a lower maximum rate. Amend a tax return 2012   The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. Amend a tax return 2012 Tax on capital gain and qualified dividends. Amend a tax return 2012 If the amount on line 1 includes a net capital gain or qualified dividends, use Worksheet 2-7 to figure your tax. Amend a tax return 2012 Note. Amend a tax return 2012 For 2014, your capital gains and dividends rate will depend on your income. Amend a tax return 2012 Tax if excluding foreign earned income or excluding or deducting foreign housing. Amend a tax return 2012 If you expect to claim the foreign earned income exclusion or the housing exclusion or deduction on Form 2555 or Form 2555-EZ, use Worksheet 2-8 to figure your estimated tax. Amend a tax return 2012 Step 2. Amend a tax return 2012   Total your expected taxes (line 8). Amend a tax return 2012 Include on line 8 the sum of the following. Amend a tax return 2012 Your tax on line 6. Amend a tax return 2012 Your expected alternative minimum tax (AMT) from Form 6251, or included on Form 1040A. Amend a tax return 2012 Your expected additional taxes from Form 8814, Parents' Election To Report Child's Interest and Dividends, and Form 4972, Tax on Lump-Sum Distributions. Amend a tax return 2012 Any recapture of education credits. Amend a tax return 2012 Step 3. Amend a tax return 2012   Subtract your expected credits (line 9). Amend a tax return 2012 If you are using your 2013 return as a guide and filed Form 1040, your total credits for 2013 were shown on line 54. Amend a tax return 2012 If you filed Form 1040A, your total credits for 2013 were on line 34. Amend a tax return 2012   If your credits on line 9 are more than your taxes on line 8, enter “-0-” on line 10 and go to Step 4. Amend a tax return 2012 Step 4. Amend a tax return 2012   Add your expected self-employment tax (line 11). Amend a tax return 2012 You already should have figured your self-employment tax (see Self-employed under Expected AGI—Line 1, earlier). Amend a tax return 2012 Step 5. Amend a tax return 2012   Add your expected other taxes (line 12). Amend a tax return 2012   Other taxes include the following. Amend a tax return 2012 Additional tax on early distributions from: An IRA or other qualified retirement plan, A tax-sheltered annuity, or A modified endowment contract entered into after June 20, 1988. Amend a tax return 2012 Household employment taxes if: You will have federal income tax withheld from wages, pensions, annuities, gambling winnings, or other income, or You would be required to make estimated tax payments even if you did not include household employment taxes when figuring your estimated tax. Amend a tax return 2012 Amounts written on Form 1040 on the line for “other taxes” (line 60 on the 2013 Form 1040). Amend a tax return 2012 But, do not include recapture of a federal mortgage subsidy; tax on excess golden parachute payments; look-back interest due under section 167(g) or 460(b) of the Internal Revenue Code; excise tax on insider stock compensation from an expatriated corporation; uncollected social security and Medicare tax or RRTA tax on tips or group-term life insurance; or additional tax on advance payments of health coverage tax credit when not eligible. Amend a tax return 2012 Repayment of the first-time homebuyer credit. Amend a tax return 2012 See Form 5405. Amend a tax return 2012 Additional Medicare Tax. Amend a tax return 2012 A 0. Amend a tax return 2012 9% Additional Medicare Tax applies to your combined Medicare wages and self-employment income and/or your RRTA compensation that exceeds the amount listed in the following chart, based on your filing status. Amend a tax return 2012 Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household $200,000 Qualifying Widow(er) $200,000 Medicare wages and self-employment income are combined to determine if your income exceeds the threshold. Amend a tax return 2012 A self-employment loss should not be considered for purposes of this tax. Amend a tax return 2012 RRTA compensation should be separately compared to the threshold. Amend a tax return 2012 Your employer is responsible for withholding the 0. Amend a tax return 2012 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays to you in excess of $200,000 in 2014. Amend a tax return 2012 You should consider this withholding, if applicable, in determining whether you need to make an estimated payment. Amend a tax return 2012 For more information on Additional Medicare Tax, go to IRS. Amend a tax return 2012 gov and enter “Additional Medicare Tax” in the search box. Amend a tax return 2012 Net Investment Income Tax (NIIT). Amend a tax return 2012 The NIIT is 3. Amend a tax return 2012 8% of the lesser of your net investment income or the excess of your modified adjusted gross income over the amount listed in the following chart, based on your filing status. Amend a tax return 2012 Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household $200,000 Qualifying Widow(er) $250,000 For more information on Net Investment Income Tax, go to IRS. Amend a tax return 2012 gov and enter “Net Investment Income Tax” in the search box. Amend a tax return 2012 Step 6. Amend a tax return 2012   Subtract your refundable credit (line 13b). Amend a tax return 2012   To figure your expected fuel tax credit, do not include fuel tax for the first three quarters of the year that you expect to have refunded to you. Amend a tax return 2012   The result of steps 1 through 6 is your total estimated tax for 2014 (line 13c). Amend a tax return 2012 Required Annual Payment— Line 14c On lines 14a through 14c, figure the total amount you must pay for 2014, through withholding and estimated tax payments, to avoid paying a penalty. Amend a tax return 2012 General rule. Amend a tax return 2012   The total amount you must pay is the smaller of: 90% of your total expected tax for 2014, or 100% of the total tax shown on your 2013 return. Amend a tax return 2012 Your 2013 tax return must cover all 12 months. Amend a tax return 2012 Special rules. Amend a tax return 2012   There are special rules for higher income taxpayers and for farmers and fishermen. Amend a tax return 2012 Higher income taxpayers. Amend a tax return 2012   If your AGI for 2013 was more than $150,000 ($75,000 if your filing status for 2014 is married filing separately), substitute 110% for 100% in (2) above. Amend a tax return 2012 This rule does not apply to farmers and fishermen. Amend a tax return 2012 For 2013, AGI is the amount shown on Form 1040, line 37; Form 1040A, line 21; and Form 1040EZ, line 4. Amend a tax return 2012 Example. Amend a tax return 2012   Jeremy Martin's total tax on his 2013 return was $42,581, and his expected tax for 2014 is $71,253. Amend a tax return 2012 His 2013 AGI was $180,000. Amend a tax return 2012 Because Jeremy had more than $150,000 of AGI in 2013, he figures his required annual payment as follows. Amend a tax return 2012 He determines that 90% of his expected tax for 2014 is $64,128 (. Amend a tax return 2012 90 × $71,253). Amend a tax return 2012 Next, he determines that 110% of the tax shown on his 2013 return is $46,839 (1. Amend a tax return 2012 10 x $42,581). Amend a tax return 2012 Finally, he determines that his required annual payment is $46,839, the smaller of the two. Amend a tax return 2012 Farmers and fishermen. Amend a tax return 2012   If at least two-thirds of your gross income for 2013 or 2014 is from farming or fishing, your required annual payment is the smaller of: 662/3% (. Amend a tax return 2012 6667) of your total tax for 2014, or 100% of the total tax shown on your 2013 return. Amend a tax return 2012 (Your 2013 tax return must cover all 12 months. Amend a tax return 2012 )   For definitions of “gross income from farming” and “gross income from fishing,” see Farmers and Fishermen , under Special Rules discussed earlier. Amend a tax return 2012 Total tax for 2013—line 14b. Amend a tax return 2012   Your 2013 total tax, if you filed Form 1040, is the amount on line 61 reduced by the following. Amend a tax return 2012 Unreported social security and Medicare tax or RRTA tax from Forms 4137 or 8919 (line 57). Amend a tax return 2012 The following amounts from Form 5329 included on line 58. Amend a tax return 2012 Any tax on excess contributions to IRAs, Archer MSAs, Coverdell education savings accounts, and health savings accounts. Amend a tax return 2012 Any tax on excess accumulations in qualified retirement plans. Amend a tax return 2012 The following write-ins on line 60. Amend a tax return 2012 Excise tax on excess golden parachute payments (identified as “EPP”). Amend a tax return 2012 Excise tax on insider stock compensation from an expatriated corporation (identified as “ISC”). Amend a tax return 2012 Look-back interest due under section 167(g) (identified as “From Form 8866”). Amend a tax return 2012 Look-back interest due under section 460(b) (identified as “From Form 8697”). Amend a tax return 2012 Recapture of federal mortgage subsidy (identified as “FMSR”). Amend a tax return 2012 Additional tax on advance payments of health coverage tax credit when not eligible (identified as “HCTC”). Amend a tax return 2012 Uncollected social security and Medicare tax or RRTA tax on tips or group-term life insurance (identified as “UT”). Amend a tax return 2012 Any refundable credit amounts. Amend a tax return 2012   If you filed Form 1040A, your 2013 total tax is the amount on line 35 reduced by any refundable credits. Amend a tax return 2012   If you filed Form 1040EZ, your 2013 total tax is the amount on line 10 reduced by the amount on line 8a. Amend a tax return 2012 Total Estimated Tax Payments Needed—Line 16a Use lines 15 and 16a to figure the total estimated tax you may be required to pay for 2014. Amend a tax return 2012 Subtract your expected withholding from your required annual payment (line 14c). Amend a tax return 2012 You usually must pay this difference in four equal installments. Amend a tax return 2012 See When To Pay Estimated Tax and How To Figure Each Payment . Amend a tax return 2012 You do not have to pay estimated tax if: Line 14c minus line 15 is zero or less, or Line 13c minus line 15 is less than $1,000. Amend a tax return 2012 Withholding—line 15. Amend a tax return 2012   Your expected withholding for 2014 (line 15) includes the income tax you expect to be withheld from all sources (wages, pensions and annuities, etc. Amend a tax return 2012 ). Amend a tax return 2012 It includes excess social security, and tier 1 railroad retirement tax you expect to be withheld from your wages and compensation. Amend a tax return 2012 For this purpose, you will have excess social security or tier 1 railroad retirement tax withholding for 2014 only if your wages and compensation from two or more employers are more than $117,000. Amend a tax return 2012 See Excess Social Security or Railroad Retirement Tax Withholding in chapter 3. Amend a tax return 2012   It also includes Additional Medicare Tax you expect to be withheld from your wages or compensation. Amend a tax return 2012 Your employer is responsible for withholding the 0. Amend a tax return 2012 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays to you in excess of $200,000. Amend a tax return 2012 When To Pay Estimated Tax For estimated tax purposes, the year is divided into four payment periods. Amend a tax return 2012 Each period has a specific payment due date. Amend a tax return 2012 If you do not pay enough tax by the due date of each of the payment periods, you may be charged a penalty even if you are due a refund when you file your income tax return. Amend a tax return 2012 If a payment is mailed, the date of the U. Amend a tax return 2012 S. Amend a tax return 2012 postmark is considered the date of payment. Amend a tax return 2012 The payment periods and due dates for estimated tax payments are shown next. Amend a tax return 2012 For exceptions to the dates listed, see Saturday, Sunday, holiday rule below. Amend a tax return 2012 For the period: Due date: Jan. Amend a tax return 2012 11 – March 31 April 15 April 1 – May 31 June 16 June 1 – August 31 September 15 Sept. Amend a tax return 2012 1 – Dec. Amend a tax return 2012 31 January 15  next year2 1If your tax year does not begin on January 1,  see Fiscal year taxpayers . Amend a tax return 2012 2See January payment . Amend a tax return 2012 Saturday, Sunday, holiday rule. Amend a tax return 2012   If the due date for an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be on time if you make it on the next day that is not a Saturday, Sunday, or a holiday. Amend a tax return 2012 January payment. Amend a tax return 2012   If you file your 2014 Form 1040 or Form 1040A by February 2, 2015, and pay the rest of the tax you owe, you do not need to make the payment due on January 15, 2015. Amend a tax return 2012 Example. Amend a tax return 2012 Janet Adams does not pay any estimated tax for 2014. Amend a tax return 2012 She files her 2014 income tax return and pays the balance due shown on her return on January 26, 2015. Amend a tax return 2012 Janet's estimated tax for the fourth payment period is considered to have been paid on time. Amend a tax return 2012 However, she may owe a penalty for not making the first three estimated tax payments, if required. Amend a tax return 2012 Any penalty for not making those payments will be figured up to January 26, 2015. Amend a tax return 2012 Fiscal year taxpayers. Amend a tax return 2012   If your tax year does not start on January 1, your payment due dates are: The 15th day of the 4th month of your fiscal year, The 15th day of the 6th month of your fiscal year, The 15th day of the 9th month of your fiscal year, and The 15th day of the 1st month after the end of your fiscal year. Amend a tax return 2012   You do not have to make the last payment listed above if you file your income tax return by the last day of the first month after the end of your fiscal year and pay all the tax you owe with your return. Amend a tax return 2012 When To Start You do not have to make estimated tax payments until you have income on which you will owe income tax. Amend a tax return 2012 If you have income subject to estimated tax during the first payment period, you must make your first payment by the due date for the first payment period. Amend a tax return 2012 You have several options when paying estimated taxes. Amend a tax return 2012 You can: apply an overpayment from the previous tax year, pay all your estimated tax by the due date of your first payment, or pay it in installments. Amend a tax return 2012 If you choose to pay in installments, make your first payment by the due date for the first payment period. Amend a tax return 2012 Make your remaining installment payments by the due dates for the later periods. Amend a tax return 2012 To avoid any estimated tax penalties, all installments must be paid by their due date and for the required amount. Amend a tax return 2012 No income subject to estimated tax during first period. Amend a tax return 2012   If you do not have income subject to estimated tax until a later payment period, you must make your first payment by the due date for that period. Amend a tax return 2012 You can pay your entire estimated tax by the due date for that period or you can pay it in installments by the due date for that period and the due dates for the remaining periods. Amend a tax return 2012 Table 2-1 shows the dates for making installment payments. Amend a tax return 2012    Table 2-1. Amend a tax return 2012 Due Dates for Estimated Tax Installment Payments If you first have income on which you must pay estimated tax: Make a payment  by:* Make later  installments  by:* Before April 1 April 15 June 16     Sept. Amend a tax return 2012 15     Jan. Amend a tax return 2012 15 next year April 1–May 31 June 16 Sept. Amend a tax return 2012 15     Jan. Amend a tax return 2012 15 next year June 1–Aug. Amend a tax return 2012 31 Sept. Amend a tax return 2012 15 Jan. Amend a tax return 2012 15 next year After Aug. Amend a tax return 2012 31 Jan. Amend a tax return 2012 15 next year (None) *See January payment and Saturday, Sunday, holiday rule . Amend a tax return 2012 How much to pay to avoid penalty. Amend a tax return 2012   To determine how much you should pay by each payment due date, see How To Figure Each Payment , later. Amend a tax return 2012 Farmers and Fishermen If at least two-thirds of your gross income for 2013 or 2014 is from farming or fishing, you have only one payment due date for your 2014 estimated tax, January 15, 2015. Amend a tax return 2012 The due dates for the first three payment periods, discussed under When To Pay Estimated Tax , earlier, do not apply to you. Amend a tax return 2012 If you file your 2014 Form 1040 by March 2, 2015, and pay all the tax you owe at that time, you do not need to make an estimated tax payment. Amend a tax return 2012 Fiscal year farmers and fishermen. Amend a tax return 2012   If you are a farmer or fisherman, but your tax year does not start on January 1, you can either: Pay all your estimated tax by the 15th day after the end of your tax year, or File your return and pay all the tax you owe by the 1st day of the 3rd month after the end of your tax year. Amend a tax return 2012 How To Figure Each Payment After you have figured your total estimated tax, figure how much you must pay by the due date of each payment period. Amend a tax return 2012 You should pay enough by each due date to avoid a penalty for that period. Amend a tax return 2012 If you do not pay enough during any payment period, you may be charged a penalty even if you are due a refund when you file your tax return. Amend a tax return 2012 The penalty is discussed in chapter 4. Amend a tax return 2012 Regular Installment Method If your first estimated tax payment is due April 15, 2014, you can figure your required payment for each period by dividing your annual estimated tax due (line 16a of the 2014 Estimated Tax Worksheet (Worksheet 2-1)) by 4. Amend a tax return 2012 Enter this amount on line 17. Amend a tax return 2012 However, use this method only if your income is basically the same throughout the year. Amend a tax return 2012 Change in estimated tax. Amend a tax return 2012   After you make an estimated tax payment, changes in your income, adjustments, deductions, credits, or exemptions may make it necessary for you to refigure your estimated tax. Amend a tax return 2012 Pay the unpaid balance of your amended estimated tax by the next payment due date after the change or in installments by that date and the due dates for the remaining payment periods. Amend a tax return 2012 If you do not receive your income evenly throughout the year, your required estimated tax payments may not be the same for each period. Amend a tax return 2012 See Annualized Income Installment Method . Amend a tax return 2012 Amended estimated tax. Amend a tax return 2012 If you refigure your estimated tax during the year, or if your first estimated tax payment is due after April 15, 2014, figure your required payment for each remaining payment period using Worksheet 2-14. Amend a tax return 2012 Example. Amend a tax return 2012 Early in 2014, Mira Roberts figures that her estimated tax due is $1,800. Amend a tax return 2012 She makes estimated tax payments on April 15 and June 16 of $450 each ($1,800 ÷ 4). Amend a tax return 2012 On July 10, she sells investment property at a gain. Amend a tax return 2012 Her refigured estimated tax is $4,100. Amend a tax return 2012 Her required estimated tax payment for the third payment period is $2,175, as shown in her filled-in Worksheet 2-14. Amend a tax return 2012 If Mira's estimated tax does not change again, her required estimated tax payment for the fourth payment period will be $1,025. Amend a tax return 2012 Worksheet 2-14. Amend a tax return 2012 Amended Estimated Tax Worksheet—Illustrated               1. Amend a tax return 2012 Amended total estimated tax due 1. Amend a tax return 2012 $4,100 2. Amend a tax return 2012 Multiply line 1 by:           50% (. Amend a tax return 2012 50) if next payment is due June 16, 2014           75% (. Amend a tax return 2012 75) if next payment is due September 15,  2014           100% (1. Amend a tax return 2012 00) if next payment is due January 15,  2015 2. Amend a tax return 2012 3,075     3. Amend a tax return 2012 Estimated tax payments for all previous periods 3. Amend a tax return 2012 900     4. Amend a tax return 2012 Next required payment: Subtract line 3 from line 2 and enter the result (but not less than zero) here and on your payment voucher for your next required payment 4. Amend a tax return 2012 $2,175       Note. Amend a tax return 2012 If the payment on line 4 is due January 15, 2015, stop here. Amend a tax return 2012 Otherwise, go to line 5. Amend a tax return 2012         5. Amend a tax return 2012 Add lines 3 and 4 5. Amend a tax return 2012 3,075 6. Amend a tax return 2012 Subtract line 5 from line 1 and enter the result (but not less than zero) 6. Amend a tax return 2012 1,025 7. Amend a tax return 2012 Each following required payment: If the payment on line 4 is due June 16, 2014, enter one-half of the amount on line 6 here and on the payment vouchers for your payments due September 15, 2014, and January 15, 2015. Amend a tax return 2012 If the amount on line 4 is due September 15, 2014, enter the amount from line 6 here and on the payment voucher for your payment due January 15, 2015 7. Amend a tax return 2012 $1,025 Worksheet 2-14. Amend a tax return 2012 Amended Estimated Tax Worksheet—Blank               1. Amend a tax return 2012 Amended total estimated tax due 1. Amend a tax return 2012   2. Amend a tax return 2012 Multiply line 1 by:           50% (. Amend a tax return 2012 50) if next payment is due June 16, 2014           75% (. Amend a tax return 2012 75) if next payment is due September 15,  2014           100% (1. Amend a tax return 2012 00) if next payment is due January 15,  2015 2. Amend a tax return 2012       3. Amend a tax return 2012 Estimated tax payments for all previous periods 3. Amend a tax return 2012       4. Amend a tax return 2012 Next required payment: Subtract line 3 from line 2 and enter the result (but not less than zero) here and on your payment voucher for your next required payment 4. Amend a tax return 2012         Note. Amend a tax return 2012 If the payment on line 4 is due January 15, 2015, stop here. Amend a tax return 2012 Otherwise, go to line 5. Amend a tax return 2012         5. Amend a tax return 2012 Add lines 3 and 4 5. Amend a tax return 2012   6. Amend a tax return 2012 Subtract line 5 from line 1 and enter the result (but not less than zero) 6. Amend a tax return 2012   7. Amend a tax return 2012 Each following required payment: If the payment on line 4 is due June 16, 2014, enter one-half of the amount on line 6 here and on the payment vouchers for your payments due September 15, 2014, and January 15, 2015. Amend a tax return 2012 If the amount on line 4 is due September 15, 2014, enter the amount from line 6 here and on the payment voucher for your payment due January 15, 2015 7. Amend a tax return 2012   Underpayment penalty. Amend a tax return 2012   The penalty is figured separately for each payment period. Amend a tax return 2012 If you figure your payments using the regular installment method and later refigure your payments because of an increase in income, you may be charged a penalty for underpayment of estimated tax for the period(s) before you changed your payments. Amend a tax return 2012 To see how you may be able to avoid or reduce this penalty, see Annualized Income Installment Method (Schedule AI) in chapter 4. Amend a tax return 2012 Annualized Income Installment Method If you do not receive your income evenly throughout the year (for example, your income from a repair shop you operate is much larger in the summer than it is during the rest of the year), your required estimated tax payment for one or more periods may be less than the amount figured using the regular installment method. Amend a tax return 2012 The annualized income installment method annualizes your tax at the end of each period based on a reasonable estimate of your income, deductions, and other items relating to events that occurred from the beginning of the tax year through the end of the period. Amend a tax return 2012 To see whether you can pay less for any period, complete the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9). Amend a tax return 2012 You first must complete the 2014 Estimated Tax Worksheet (Worksheet 2-1) through line 16b. Amend a tax return 2012 Use the result you figure on line 32 of Worksheet 2-9 to make your estimated tax payments and complete your payment vouchers. Amend a tax return 2012 Note. Amend a tax return 2012 If you use the annualized income installment method to figure your estimated tax payments, you must file Form 2210 with your 2014 tax return. Amend a tax return 2012 See Annualized Income Installment Method (Schedule AI) in chapter 4 for more information. Amend a tax return 2012 Instructions for the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9) Use Worksheet 2-9 to help you follow these instructions. Amend a tax return 2012 The purpose of this worksheet is to determine your estimated tax liability as your income accumulates throughout the year, rather than dividing your entire year's estimated tax liability by four as if your income was earned equally throughout the year. Amend a tax return 2012 The top of the worksheet shows the dates for each payment period. Amend a tax return 2012 The periods build; that is, each period includes all previous periods. Amend a tax return 2012 After the end of each payment period, complete the corresponding worksheet column to figure the payment due for that period. Amend a tax return 2012 Line 1. Amend a tax return 2012   Enter your AGI for the period. Amend a tax return 2012 This is your gross income for the period, including your share of partnership or S corporation income or loss, minus your adjustments to income for that period. Amend a tax return 2012 See Expected AGI—Line 1 , earlier. Amend a tax return 2012 Self-employment income. Amend a tax return 2012   If you had self-employment income, first complete Section B of this worksheet. Amend a tax return 2012 Use the amounts on line 43 when figuring your expected AGI to enter in each column of Section A, line 1. Amend a tax return 2012 Line 4. Amend a tax return 2012   Be sure to consider all deduction limits figured on Schedule A (Form 1040), such as reducing your medical expenses by 10% (7. Amend a tax return 2012 5% if either you or your spouse was born before January 2, 1950) or reducing certain miscellaneous deductions by 2% of your AGI. Amend a tax return 2012 Figure your deduction limits using your expected AGI in the corresponding column of line 1 (2014 Annualized Estimated Tax Worksheet (Worksheet 2-9)). Amend a tax return 2012 Line 6. Amend a tax return 2012   Multiply line 4 by line 5 and enter the result on line 6 unless line 3 is more than $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, or $152,525 if married filing separately. Amend a tax return 2012 In that case, use Worksheet 2-10 to figure the amount to enter on line 6. Amend a tax return 2012 Complete Worksheet 2–10 for each period, as necessary. Amend a tax return 2012 Line 7. Amend a tax return 2012   If you will not itemize your deductions, use Worksheet 2-4 to figure your standard deduction. Amend a tax return 2012 Line 10. Amend a tax return 2012   Multiply $3,950 by your total expected exemptions and enter the result on line 10 unless line 3 is more than $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, or $152,525 if married filing separately. Amend a tax return 2012   In that case, use Worksheet 2-11 to figure the amount to enter on line 10. Amend a tax return 2012 Line 12. Amend a tax return 2012   Generally, you will use the Tax Rate Schedules to figure the tax on your annualized income. Amend a tax return 2012 However, see below for situations where you must use a different method to compute your estimated tax. Amend a tax return 2012 Tax on child's investment income. Amend a tax return 2012   You must use a special method to figure tax on the income of the following children who have more than $2,000 of investment income. Amend a tax return 2012 Children under age 18 at the end of 2014. Amend a tax return 2012 The following children if their earned income is not more than half their support. Amend a tax return 2012 Children age 18 at the end of 2014. Amend a tax return 2012 Children who are full-time students over age 18 and under age 24 at the end of 2014. Amend a tax return 2012 See Publication 929. Amend a tax return 2012 Tax on net capital gain. Amend a tax return 2012   The regular income tax rates for individuals do not apply to a net capital gain. Amend a tax return 2012 Instead, your net capital gain is taxed at a lower maximum rate. Amend a tax return 2012   The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. Amend a tax return 2012 Tax on qualified dividends and capital gains. Amend a tax return 2012   For 2014, your capital gain and dividends rate will depend on your income. Amend a tax return 2012 Tax on capital gain or qualified dividends. Amend a tax return 2012 If the amount on line 1 includes a net capital gain or qualified dividends, use Worksheet 2-12 to figure the amount to enter on line 12. Amend a tax return 2012 Tax if excluding foreign earned income or excluding or deducting foreign housing. Amend a tax return 2012 If you expect to claim the foreign earned income exclusion or the housing exclusion or deduction on Form 2555 or Form 2555-EZ, use Worksheet 2-13 to figure the amount to enter on line 12. Amend a tax return 2012 Line 13. Amend a tax return 2012   If you file Form 1040, add the tax from Forms 8814, 4972, and 6251 for the period. Amend a tax return 2012 If you file Form 1040A, add the amount from the Alternative Minimum Tax Worksheet found in the instructions. Amend a tax return 2012 Also include any recapture of an education credit for each period. Amend a tax return 2012 You may owe this tax if you claimed an education credit in an earlier year and you received either tax-free educational assistance or a refund of qualifying expenses for the same student after filing your 2013 return. Amend a tax return 2012   Use the 2013 forms or worksheets to see if you will owe any of the taxes discussed above. Amend a tax return 2012 Figure the tax based on your income and deductions during the period shown in the column headings. Amend a tax return 2012 Multiply this amount by the annualization amounts shown for each column on line 2 of the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9). Amend a tax return 2012 Enter the result on line 13 of this worksheet. Amend a tax return 2012 Line 15. Amend a tax return 2012   Include all the nonrefundable credits you expect to claim because of events that will occur during the period. Amend a tax return 2012 Note. Amend a tax return 2012 When figuring your credits for each period, annualize any item of income or deduction to figure each credit. Amend a tax return 2012 For example, if you need to use your AGI to figure a credit, use line 3 of Worksheet 2-9 to figure the credit for each column. Amend a tax return 2012 Line 18. Amend a tax return 2012   Add your expected other taxes. Amend a tax return 2012   Other taxes include the following. Amend a tax return 2012 Additional tax on early distributions from: An IRA or other qualified retirement plan, A tax-sheltered annuity, or A modified endowment contract entered into after June 20, 1988. Amend a tax return 2012 Household employment taxes if: You will have federal income tax withheld from wages, pensions, annuities, gambling winnings, or other income, or You would be required to make estimated tax payments even if you did not include household employment taxes when figuring your estimated tax. Amend a tax return 2012 Amounts on Form 1040 written on the line for “other taxes” (line 60 on the 2013 Form 1040). Amend a tax return 2012 But do not include recapture of a federal mortgage subsidy; tax on excess golden parachute payments; look-back interest due under section 167(g) or 460(b) of the Internal Revenue Code; excise tax on insider stock compensation from an expatriated corporation; uncollected social security, Medicare, or RRTA tax on tips or group-term life insurance; or additional tax on advance payments of health coverage tax credit when not eligible. Amend a tax return 2012 Repayment of the first-time homebuyer credit if the home will cease to be your main home in 2014. Amend a tax return 2012 See Form 5405 for exceptions. Amend a tax return 2012 Additional Medicare Tax. Amend a tax return 2012 A 0. Amend a tax return 2012 9% Additional Medicare Tax applies to your combined Medicare wages and self-employment income and/or your RRTA compensation that exceeds the amount listed in the following chart, based on your filing status. Amend a tax return 2012 Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household $200,000 Qualifying Widow(er) $200,000 Medicare wages and self-employment income are combined to determine if your income exceeds the threshold. Amend a tax return 2012 A self-employment loss should not be considered for purposes of this tax. Amend a tax return 2012 RRTA compensation should be separately compared to the threshold. Amend a tax return 2012 Your employer is responsible for withholding the 0. Amend a tax return 2012 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays you in excess of $200,000 in 2014. Amend a tax return 2012 You should consider this withholding, if applicable, in determining whether you need to make an estimated payment. Amend a tax return 2012 For more information on Additional Medicare Tax, go to IRS. Amend a tax return 2012 gov and enter “Additional Medicare Tax” in the search box. Amend a tax return 2012 Net Investment Income Tax (NIIT). Amend a tax return 2012 The NIIT is 3. Amend a tax return 2012 8% of the lesser of your net investment income or the excess of your modified adjusted gross income over a specified threshold amount. Amend a tax return 2012 Threshold amounts: Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household $200,000 Qualifying Widow(er) $250,000 For more information on Net Investment Income Tax, go to IRS. Amend a tax return 2012 gov and enter “Net Investment Income Tax” in the search box. Amend a tax return 2012 Line 20. Amend a tax return 2012   Include all the refundable credits (other than withholding credits) you can claim because of events that occurred during the period. Amend a tax return 2012 Note. Amend a tax return 2012 When figuring your refundable credits for each period, annualize any item of income or deduction used to figure each credit. Amend a tax return 2012 Line 29. Amend a tax return 2012   If line 28 is smaller than line 25 and you are not certain of the estimate of your 2014 tax, you can avoid a penalty by entering the amount from line 25 on line 29. Amend a tax return 2012 Line 31. Amend a tax return 2012   For each period, include estimated tax payments made and any excess social security and railroad retirement tax. Amend a tax return 2012   Also include estimated federal income tax withholding. Amend a tax return 2012 One-fourth of your estimated withholding is considered withheld on the due date of each payment period. Amend a tax return 2012 To figure the amount to include on line 31 for each period, multiply your total expected withholding for 2014 by: 25% (. Amend a tax return 2012 25) for the first period, 50% (. Amend a tax return 2012 50) for the second period, 75% (. Amend a tax return 2012 75) for the third period, and 100% (1. Amend a tax return 2012 00) for the fourth period. Amend a tax return 2012   However, you may choose to include your withholding according to the actual dates on which the amounts will be withheld. Amend a tax return 2012 For each period, include withholding made from the beginning of the period up to and including the payment due date. Amend a tax return 2012 You can make this choice separately for the taxes withheld from your wages and all other withholding. Amend a tax return 2012 For an explanation of what to include in withholding, see Total Estimated Tax Payments Needed—Line 16a , earlier. Amend a tax return 2012 Nonresident aliens. Amend a tax return 2012   If you will file Form 1040NR and you do not receive wages as an employee subject to U. Amend a tax return 2012 S. Amend a tax return 2012 income tax withholding, the instructions for the worksheet are modified as follows. Amend a tax return 2012 Skip column (a). Amend a tax return 2012 On line 1, enter your income for the period that is effectively connected with a U. Amend a tax return 2012 S. Amend a tax return 2012 trade or business. Amend a tax return 2012 On line 21, increase your entry by the amount determined by multiplying your income for the period that is not effectively connected with a U. Amend a tax return 2012 S. Amend a tax return 2012 trade or business by the following. Amend a tax return 2012 72% for column (b). Amend a tax return 2012 45% for column (c). Amend a tax return 2012 30% for column (d). Amend a tax return 2012 However, if you can use a treaty rate lower than 30%, use the percentages determined by multiplying your treaty rate by 2. Amend a tax return 2012 4, 1. Amend a tax return 2012 5, and 1, respectively. Amend a tax return 2012 On line 26, enter one-half of the amount from line 16c of the Form 1040-ES (NR) 2014 Estimated Tax Worksheet in column (b), and one-fourth in columns (c) and (d) of Worksheet 2-9. Amend a tax return 2012 On lines 24 and 27, skip column (b). Amend a tax return 2012 On line 31, if you do not use the actual withholding method, include one-half of your total expected withholding in column (b) and one-fourth in columns (c) and (d). Amend a tax return 2012 See Publication 519 for more information. Amend a tax return 2012 Estimated Tax Payments Not Required You do not have to pay estimated tax if your withholding in each payment period is at least as much as: One-fourth of your required annual payment, or Your required annualized income installment for that period. Amend a tax return 2012 You also do not have to pay estimated tax if you will pay enough through withholding to keep the amount you will owe with your return under $1,000. Amend a tax return 2012 How To Pay Estimated Tax There are several ways to pay estimated tax. Amend a tax return 2012 Credit an overpayment on your 2013 return to your 2014 estimated tax. Amend a tax return 2012 Pay by direct transfer from your bank account, or pay by credit or debit card using a pay-by-phone system or the Internet. Amend a tax return 2012 Send in your payment (check or money order) with a payment voucher from Form 1040-ES. Amend a tax return 2012 Credit an Overpayment If you show an overpayment of tax after completing your Form 1040 or Form 1040A for 2013, you can apply part or all of it to your estimated tax for 2014. Amend a tax return 2012 On Form 1040, or Form 1040A, enter the amount you want credited to your estimated tax rather than refunded. Amend a tax return 2012 Take the amount you have credited into account when figuring your estimated tax payments. Amend a tax return 2012 If you timely file your 2013 return, treat the credit as a payment made on April 15, 2014. Amend a tax return 2012 If you are a beneficiary of an estate or trust, and the trustee elects to credit 2014 trust payments of estimated tax to you, you can treat the amount credited as paid by you on January 15, 2015. Amend a tax return 2012 If you choose to have an overpayment of tax credited to your estimated tax, you cannot have any of that amount refunded to you until you file your tax return for the following year. Amend a tax return 2012 You also cannot use that overpayment in any other way. Amend a tax return 2012 Example. Amend a tax return 2012 When Kathleen finished filling out her 2013 tax return, she saw that she had overpaid her taxes by $750. Amend a tax return 2012 Kathleen knew she would owe additional tax in 2014. Amend a tax return 2012 She credited $600 of the overpayment to her 2014 estimated tax and had the remaining $150 refunded to her. Amend a tax return 2012 In September, she amended her 2013 return by filing Form 1040X, Amended U. Amend a tax return 2012 S. Amend a tax return 2012 Individual Income Tax Return. Amend a tax return 2012 It turned out that she owed $250 more in tax than she had thought. Amend a tax return 2012 This reduced her 2013 overpayment from $750 to $500. Amend a tax return 2012 Because the $750 had already been applied to her 2014 estimated tax or refunded to her, the IRS billed her for the additional $250 she owed, plus penalties and interest. Amend a tax return 2012 Kathleen could not use any of the $600 she had credited to her 2014 estimated tax to pay this bill. Amend a tax return 2012 Pay Online Paying online is convenient and secure and helps make sure we get your payments on time. Amend a tax return 2012 You can make your estimated tax payments online when you e-file or at any time during the year. Amend a tax return 2012 You can pay using either of the following electronic payment methods. Amend a tax return 2012 Direct transfer from your bank account. Amend a tax return 2012 Credit or debit card. Amend a tax return 2012 To pay your taxes online or for more information, go to www. Amend a tax return 2012 irs. Amend a tax return 2012 gov/e-pay. Amend a tax return 2012 Pay by Phone Paying by phone is another safe and secure method of paying electronically. Amend a tax return 2012 Use one of the following methods. Amend a tax return 2012 Direct transfer from your bank account. Amend a tax return 2012 Credit or debit card. Amend a tax return 2012 To pay by direct transfer from your bank account, call EFTPS Customer Service at 1-800-555-4477 (English), 1-800-244-4829 (Espanol), or TTY/TDD 1-800-733-4829. Amend a tax return 2012 To pay using a credit or debit card, you can call one of the following service providers. Amend a tax return 2012 There is a convenience fee charged by these providers that varies by provider, card type, and payment amount. Amend a tax return 2012 WorldPay 1-888-9-PAY-TAXTM (1-888-972-9829) www. Amend a tax return 2012 payUSAtax. Amend a tax return 2012 com Official Payments Corporation 1-888-UPAY-TAXTM (1-888-872-9829) www. Amend a tax return 2012 officialpayments. Amend a tax return 2012 com Link2GOV Corporation 1-888-PAY-1040TM (1-888-729-1040) www. Amend a tax return 2012 PAY1040. Amend a tax return 2012 com For the latest details on how to pay by phone, go to www. Amend a tax return 2012 irs. Amend a tax return 2012 gov/e-pay. Amend a tax return 2012 Pay by Check or Money Order Using the Estimated Tax Payment Voucher Each payment of estimated tax by check or money order must be accompanied by a payment voucher from Form 1040-ES. Amend a tax return 2012 If you use your own envelopes (and not the window envelope that comes with the 1040-ES package), make sure you mail your payment vouchers to the address shown in the Form 1040-ES instructions for the place where you live. Amend a tax return 2012 Do not use the address shown in the Form 1040 or Form 1040A instructions. Amend a tax return 2012 If you did not pay estimated tax last year, get a copy of Form 1040-ES from the IRS (see chapter 5). Amend a tax return 2012 Follow the instructions to make sure you use the vouchers correctly. Amend a tax return 2012 Joint estimated tax payments. Amend a tax return 2012    If you file a joint return and are making joint estimated tax payments, enter the names and social security numbers on the payment voucher in the same order as they will appear on the joint return. Amend a tax return 2012 Change of address. Amend a tax return 2012    You must notify the IRS if you are making estimated tax payments and you changed your address during the year. Amend a tax return 2012 Complete Form 8822, Change of Address, and mail it to the address shown in the instructions for that form. Amend a tax return 2012 Worksheets for Chapter 2 Use the following worksheets and tables to figure your correct estimated tax. Amend a tax return 2012 IF you need. Amend a tax return 2012 . Amend a tax return 2012 . Amend a tax return 2012 THEN use. Amend a tax return 2012 . Amend a tax return 2012 . Amend a tax return 2012 2014 Tax Rate Schedules   the 2014 Estimated Tax Worksheet Worksheet 2-1 to estimate your taxable social security and railroad retirement benefits—line 1 of ES Worksheet (or Annualized ES Worksheet (Worksheet 2-9)) Worksheet 2-2 to estimate your self-employment (SE) tax and your deduction for SE tax—lines 1 and 11 of ES Worksheet (lines 1 and 17 of Annualized ES Worksheet (Worksheet 2-9)) Worksheet 2-3 to estimate your standard deduction—line 2 of ES Worksheet (line 7 of Annualized ES Worksheet (Worksheet 2-9)) Worksheet 2-4 to reduce your itemized deductions because your estimated AGI is more than $152,525—line 2 of ES Worksheet Worksheet 2-5 to reduce your exemption amount because your estimated AGI is more than $152,525—line 4 of ES Worksheet Worksheet 2-6 to estimate your income tax if line 1 of your ES Worksheet includes a net capital gain or qualified dividends—line 6 of ES Worksheet Worksheet 2-7 to estimate your income tax if you expect to claim a foreign earned income exclusion or foreign housing exclusion or deduction on Form 2555 or Form 2555-EZ—line 6 of ES Worksheet Worksheet 2-8 the 2014 Annualized Estimated Tax Worksheet (Annualized ES Worksheet) Worksheet 2-9 to reduce your itemized deductions because your estimated annualized AGI is more than $152,525—line 6 of Annualized ES Worksheet Worksheet 2-10 to reduce your exemption amount because your estimated annualized AGI is more than $152,525—line 10 of Annualized ES Worksheet Worksheet 2-11 to estimate your income tax if line 1 of your Annualized ES Worksheet includes a net capital gain or qualified dividends—line 12 of Annualized ES Worksheet Worksheet 2-12 to estimate your income tax if you expect to claim a foreign earned income exclusion or foreign housing exclusion or deduction on Form 2555 or Form 2555-EZ—line 12 of Annualized ES Worksheet Worksheet 2-13 to refigure (amend) your estimated tax during the year Worksheet 2-14 2014 Tax Rate Schedules Do not use these Tax Rate Schedules to figure your 2013 taxes. Amend a tax return 2012 Use them only to figure your 2014 estimated taxes. Amend a tax return 2012 Schedule X—Use if your 2014 filing status is  Single Schedule Z—Use if your 2014 filing status is Head of household If line 5 is: The tax is:     If line 5 is: The tax is:     Over— But not  over—         of the  amount  over— Over— But not  over—         of the  amount  over— $0 $9,075     10. Amend a tax return 2012 0%   $0 $0 $12,950     10. Amend a tax return 2012 0%   $0 9,075 36,900 $907. Amend a tax return 2012 50 + 15. Amend a tax return 2012 0%   9,075 12,950 49,400 $1,295. Amend a tax return 2012 00 + 15. Amend a tax return 2012 0%   12,950 36,900 89,350 5,081. Amend a tax return 2012 25 + 25. Amend a tax return 2012 0%   36,900 49,400 127,550 6,762. Amend a tax return 2012 50 + 25. Amend a tax return 2012 0%   49,400 89,350 186,350 18,193. Amend a tax return 2012 75 + 28. Amend a tax return 2012 0%   89,350 127,550 206,600 26,300. Amend a tax return 2012 00 + 28. Amend a tax return 2012 0%   127,550 186,350 405,100 45,353. Amend a tax return 2012 75 + 33. Amend a tax return 2012 0%   186,350 206,600 405,100 48,434. Amend a tax return 2012 00 + 33. Amend a tax return 2012 0%   206,600 405,100 406,750 117,541. Amend a tax return 2012 25 + 35. Amend a tax return 2012 0%   405,100 405,100 432,200 113,939. Amend a tax return 2012 00 + 35. Amend a tax return 2012 0%   405,100 406,750 - - - - - - 118,118. Amend a tax return 2012 75 + 39. Amend a tax return 2012 6%   406,750 432,200 - - - - - - 123,424. Amend a tax return 2012 00 + 39. Amend a tax return 2012 6%   432,200 Schedule Y-1—Use if your 2014 filing status is Married filing jointly or Qualifying widow(er) Schedule Y-2—Use if your 2014 filing status is  Married filing separately If line 5 is: The tax is:     If line 5 is: The tax is:     Over— But not  over—         of the  amount  over— Over— But not  over—         of the  amount  over— $0 $18,150     10. Amend a tax return 2012 0%   $0 $0 $9,075     10. Amend a tax return 2012 0%   $0 18,150 73,800 $1,815. Amend a tax return 2012 00 + 15. Amend a tax return 2012 0%   18,150 9,075 36,900 $907. Amend a tax return 2012 50 + 15. Amend a tax return 2012 0%   9,075 73,800 148,850 10,162. Amend a tax return 2012 50 + 25. Amend a tax return 2012 0%   73,800 36,900 74,425 5,081. Amend a tax return 2012 25 + 25. Amend a tax return 2012 0%   36,900 148,850 226,850 28,925. Amend a tax return 2012 00 + 28. Amend a tax return 2012 0%   148,850 74,425 113,425 14,462. Amend a tax return 2012 50 + 28. Amend a tax return 2012 0%   74,425 226,850 405,100 50,765. Amend a tax return 2012 00 + 33. Amend a tax return 2012 0%   226,850 113,425 202,550 25,382. Amend a tax return 2012 50 + 33. Amend a tax return 2012 0%   113,425 405,100 457,600 109,587. Amend a tax return 2012 50 + 35. Amend a tax return 2012 0%   405,100 202,550 228,800 54,793. Amend a tax return 2012 75 + 35. Amend a tax return 2012 0%   202,550 457,600 - - - - - - 127,962. Amend a tax return 2012 50 + 39. Amend a tax return 2012 6%   457,600 228,800 - - - - - - 63,981. Amend a tax return 2012 25 + 39. Amend a tax return 2012 6%   228,800                             Worksheet 2-1. Amend a tax return 2012 2014 Estimated Tax Worksheet When this worksheet refers you to instructions, you can find those instructions in the Instructions for 2014 Form 1040-ES. Amend a tax return 2012 1 Adjusted gross income you expect in 2014 (see instructions) 1     2 If you plan to itemize deductions, enter the estimated total of your itemized deductions. Amend a tax return 2012  Caution: If line 1 is over $152,525, your deduction may be reduced. Amend a tax return 2012 See Worksheet 2-5. Amend a tax return 2012 If you do not plan to itemize deductions, enter your standard deduction. Amend a tax return 2012 2     3 Subtract line 2 from line 1 3     4 Exemptions. Amend a tax return 2012 Multiply $3,950 by the number of personal exemptions. Amend a tax return 2012  Caution: If line 1 is over $152,525, the amount of your personal exemptions may be limited. Amend a tax return 2012 See Worksheet 2-6. Amend a tax return 2012 4     5 Subtract line 4 from line 3 5     6 Tax. Amend a tax return 2012 Figure your tax on the amount on line 5 by using the 2014 Tax Rate Schedules Caution: If you will have qualified dividends or a net capital gain, or expect to exclude or deduct foreign earned income or housing, see Worksheets 2-7 and 2-8 to figure the tax 6     7 Alternative minimum tax from Form 6251 or included on Form 1040A, line 28 7     8 Add lines 6 and 7. Amend a tax return 2012 Add to this amount any other taxes you expect to include in the total on Form 1040, line 44 8     9 Credits (see instructions). Amend a tax return 2012 Do not include any income tax withholding on this line 9     10 Subtract line 9 from line 8. Amend a tax return 2012 If zero or less, enter -0- 10     11 Self-employment tax (see instructions) 11     12 Other taxes including, if applicable, Additional Medicare Tax and/or NIIT (see instructions) 12     13a Add lines 10 through 12 13a     b Earned income credit, additional child tax credit, fuel tax credit, and refundable American opportunity credit 13b     c Total 2014 estimated tax. Amend a tax return 2012 Subtract line 13b from line 13a. Amend a tax return 2012 If zero or less, enter -0- ▶ 13c     14a Multiply line 13c by 90% (662/3% for farmers and fishermen) 14a           b Required annual payment based on prior year's tax (see instructions) 14b           c Required annual payment to avoid a penalty. Amend a tax return 2012 Enter the smaller of line 14a or 14b ▶ 14c        Caution: Generally, if you do not prepay (through income tax withholding and estimated tax payments) at least the amount on line 14c, you may owe a penalty for not paying enough estimated tax. Amend a tax return 2012 To avoid a penalty, make sure your estimate on line 13c is as accurate as possible. Amend a tax return 2012 Even if you pay the required annual payment, you may still owe tax when you file your return. Amend a tax return 2012 If you prefer, you can pay the amount shown on line 13c. Amend a tax return 2012                         15 Income tax withheld and estimated to be withheld during 2014 (including income tax withholding on pensions, annuities, certain deferred income, etc. Amend a tax return 2012 ) 15     16a Subtract line 15 from line 14c 16a             Is the result zero or less? □ Yes. Amend a tax return 2012 Stop here. Amend a tax return 2012 You are not required to make estimated tax payments. Amend a tax return 2012  □ No. Amend a tax return 2012 Go to line 16b. Amend a tax return 2012             b Subtract line 15 from line 13c 16b             Is the result less than $1,000? □ Yes. Amend a tax return 2012 Stop here. Amend a tax return 2012 You are not required to make estimated tax payments. Amend a tax return 2012  □ No. Amend a tax return 2012 Go to line 17 to figure your required payment. Amend a tax return 2012                         17 If the first payment you are required to make is due April 15, 2014, enter ¼ of line 16a (minus any 2013 overpayment that you are applying to this installment) here, and on your estimated tax payment voucher(s) if you are paying by check or money order 17     Worksheet 2-2. Amend a tax return 2012 2014 Estimated Tax Worksheet—Line 1 Estimated Taxable Social Security and Railroad Retirement Benefits Note. Amend a tax return 2012 If you are using this worksheet to estimate your taxable social security or railroad retirement benefits for Worksheet 2-9, 2014 Annualized Estimated Tax Worksheet, multiply the expected amount of benefits for each period by the annualization amount shown on Worksheet 2-9, line 2, for the same period before entering it on line 1 below. Amend a tax return 2012     1. Amend a tax return 2012 Enter your expected social security and railroad retirement benefits 1. Amend a tax return 2012   2. Amend a tax return 2012 Enter one-half of line 1 2. Amend a tax return 2012   3. Amend a tax return 2012 Enter your expected total income. Amend a tax return 2012 Do not include any social security and railroad retirement benefits, nontaxable interest income, nontaxable IRA distributions, or nontaxable pension distributions 3. Amend a tax return 2012   4. Amend a tax return 2012 Enter your expected nontaxable interest income 4. Amend a tax return 2012   5. Amend a tax return 2012 Enter (as a positive amount) the total of any expected exclusions or deductions for: U. Amend a tax return 2012 S. Amend a tax return 2012 savings bond interest used for higher education expenses (Form 8815) Employer-provided adoption benefits (Form 8839) Foreign earned income or housing (Form 2555 or 2555-EZ) Income by bona fide residents of American Samoa (Form 4563) or Puerto Rico 5. Amend a tax return 2012   6. Amend a tax return 2012 Add lines 2, 3, 4, and 5 6. Amend a tax return 2012   7. Amend a tax return 2012 Enter your expected adjustments to income. Amend a tax return 2012 Do not include any student loan interest deduction 7. Amend a tax return 2012   8. Amend a tax return 2012 Subtract line 7 from line 6. Amend a tax return 2012 If zero or less, stop here. Amend a tax return 2012  Note. Amend a tax return 2012 Do not include any social security or railroad retirement benefits in the amount on line 1 of your 2014 Estimated Tax Worksheet (Worksheet 2-1) (or Annualized Estimated Tax Worksheet (Worksheet 2-9)) 8. Amend a tax return 2012   9. Amend a tax return 2012 Enter $25,000 ($32,000 if you expect to file married filing jointly; $0 if you expect to file married filing separately and expect to live with your spouse at any time during the year) 9. Amend a tax return 2012   10. Amend a tax return 2012 Subtract line 9 from line 8. Amend a tax return 2012 If zero or less, stop here. Amend a tax return 2012  Note. Amend a tax return 2012 Do not include any social security or railroad retirement benefits in the amount on line 1 of your Worksheet 2-1 (or Annualized Estimated Tax Worksheet (Worksheet 2-9)) 10. Amend a tax return 2012   11. Amend a tax return 2012 Enter $9,000 ($12,000 if you expect to file married filing jointly; $0 if you expect to file married filing separately and expect to live with your spouse at any time during the year) 11. Amend a tax return 2012   12. Amend a tax return 2012 Subtract line 11 from line 10. Amend a tax return 2012 If zero or less, enter -0- 12. Amend a tax return 2012   13. Amend a tax return 2012 Enter the smaller of line 10 or line 11 13. Amend a tax return 2012   14. Amend a tax return 2012 Enter one-half of line 13 14. Amend a tax return 2012   15
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The Amend A Tax Return 2012

Amend a tax return 2012 Publication 557 - Additional Material Table of Contents Appendix. Amend a tax return 2012 Sample Articles of Organization, continued Organization Reference Chart Section of 1986 Code Description of organization General nature of activities Application  Form Annual return required to be  filed Contributions  allowable 501(c)(1) Corporations Organized under Act of Congress (including Federal Credit Unions) Instrumentalities of the  United States No Form None Yes, if made for exclusively public purposes 501(c)(2) Title Holding Corporation For Exempt Organization Holding title to property of an  exempt organization 1024 9901 or 990-EZ8 No2 501(c)(3) Religious, Educational, Charitable, Scientific, Literary, Testing for Public Safety, to Foster National or International Amateur Sports Competition, or Prevention of Cruelty to Children or Animals Organizations Activities of nature implied by description of class of organization 1023 9901 or 990-EZ8, or 990-PF Yes, generally 501(c)(4) Civic Leagues, Social Welfare Organizations, and Local Associations of Employees Promotion of community welfare; charitable, educational, or recreational 1024 9901 or 990-EZ8 No, generally 2, 3 501(c)(5) Labor, Agricultural, and Horticultural Organizations Educational or instructive, the  purpose being to improve conditions of work, and to improve products of efficiency 1024 9901 or 990-EZ8 No2 501(c)(6) Business Leagues, Chambers of Commerce, Real Estate Boards, etc. Amend a tax return 2012 Improvement of business  conditions of one or more lines of business 1024 9901 or 990-EZ8 No2 501(c)(7) Social and Recreational Clubs Pleasure, recreation, social activities 1024 9901 or 990-EZ8 No2 501(c)(8) Fraternal Beneficiary Societies  and Associations Lodge providing for payment of life, sickness, accident or other benefits  to members 1024 9901 or 990-EZ8 Yes, if for certain Sec. Amend a tax return 2012 501(c)(3) purposes 501(c)(9) Voluntary Employees Beneficiary Associations Providing for payment of life, sickness, accident, or other benefits to members 1024 9901 or 990-EZ8 No2 501(c)(10) Domestic Fraternal Societies  and Associations Lodge devoting its net earnings to charitable, fraternal, and other  specified purposes. Amend a tax return 2012 No life, sickness, or accident benefits to members 1024 9901 or 990-EZ8 Yes, if for certain Sec. Amend a tax return 2012 501(c)(3) purposes 501(c)(11) Teachers' Retirement Fund Associations Teachers' association for payment of retirement benefits Letter6 9901 or 990-EZ8 No2 501(c)(12) Benevolent Life Insurance Associations, Mutual Ditch or  Irrigation Companies, Mutual or Cooperative Telephone Companies, etc. Amend a tax return 2012 Activities of a mutually beneficial  nature similar to those implied by the description of class of organization 1024 9901 or 990-EZ8 No2 501(c)(13) Cemetery Companies Burials and incidental activities 1024 9901 or 990-EZ8 Yes, generally 501(c)(14) State-Chartered Credit Unions,  Mutual Reserve Funds Loans to members Letter6 9901 or 990-EZ8 No2 501(c)(15) Mutual Insurance Companies or Associations Providing insurance to members substantially at cost 1024 9901 or 990-EZ8 No2 501(c)(16) Cooperative Organizations to  Finance Crop Operations Financing crop operations in  conjunction with activities of a marketing  or purchasing association Form 1120-C6 9901 or 990-EZ8 No2 501(c)(17) Supplemental Unemployment  Benefit Trusts Provides for payment of  supplemental unemployment compensation benefits 1024 9901 or 990-EZ8 No2 501(c)(18) Employee Funded Pension Trust (created before June 25, 1959) Payment of benefits under a  pension plan funded by employees Letter6 9901 or 990-EZ8 No2 501(c)(19) Post or Organization of Past or  Present Members of the Armed Forces Activities implied by nature of organization 1024 9901 or 990-EZ8 No, generally7 501(c)(21) Black Lung Benefit Trusts Funded by coal mine operators to satisfy their liability for disability or  death due to black lung diseases Letter6 990-BL No4 501(c)(22) Withdrawal Liability Payment Fund To provide funds to meet the  liability of employers withdrawing from  a multi-employer pension fund Letter6 9901 or 990-EZ8 No5 501(c)(23) Veterans' Organization (created before 1880) To provide insurance and other  benefits to veterans Letter6 9901 or 990-EZ8 No, generally7 501(c)(25) Title Holding Corporations or Trusts with Multiple Parent Corporations Holding title and paying over  income from property to 35 or fewer parents or beneficiaries 1024 9901 or 990-EZ8 No 501(c)(26) State-Sponsored Organization Providing Health Coverage for High-Risk Individuals Provides health care coverage to high-risk individuals Letter6 9901 or 990-EZ8 No 501(c)(27) State-Sponsored Workers' Compensation Reinsurance Organization Reimburses members for losses  under workers' compensation acts Letter6 9901 or 990-EZ8 No 501(c)(28) National Railroad Retirement Investment Trust Manages and invests the assets of the Railroad Retirement Account No Form 99011 No11 501(c)(29) CO-OP health insurance issuers A qualified health insurance issuer which has received a loan or grant under the CO-OP program Letter and Form 871814 9901 No13 501(d) Religious and Apostolic Associations Regular business activities;  Communal religious community No Form 10659 No2 501(e) Cooperative Hospital Service Organizations Performs cooperative services for hospitals 1023 9901 or 990-EZ8 Yes 501(f) Cooperative Service Organizations  of Operating Educational Organizations Performs collective investment  services for educational organizations 1023 9901 or 990-EZ8 Yes 501(k) Child Care Organizations Provides care for children 1023 9901 or 990-EZ8 Yes 501(n) Charitable Risk Pools Pools certain insurance risks of sec. Amend a tax return 2012 501(c)(3) organizations 1023 9901 or 990-EZ8 Yes 501(q) Credit Counseling Organization Credit counseling services 1023 102312 No 521(a) Farmers' Cooperative Associations Cooperative marketing and  purchasing for agricultural procedures 1028 1120-C No 527 Political organizations A party, committee, fund,  association, etc. Amend a tax return 2012 , that directly or indirectly accepts contributions or makes expenditures for political campaigns 8871 1120-POL10 9901 or 990-EZ8 No 1For exceptions to the filing requirement, see chapter 2 and the form instructions. Amend a tax return 2012 Note: For annual tax periods beginning after 2006, most tax-exempt organizations, other than churches, are required to file an annual Form 990, 990-EZ, or 990-PF with the IRS or to submit an annual electronic notice, Form 990-N (e-Postcard), to the IRS. Amend a tax return 2012 Tax-exempt organizations failing to file an annual return or submit an annual notice as required for 3 consecutive years will automatically lose their tax-exempt status. Amend a tax return 2012    2An organization exempt under a subsection of section 501 other than 501(c)(3) can establish a charitable fund, contributions to which are deductible. Amend a tax return 2012 Such a fund must itself meet the requirements of section 501(c)(3) and the related notice requirements of section 508(a). Amend a tax return 2012    3Contributions to volunteer fire companies and similar organizations are deductible, but only if made for exclusively public purposes. Amend a tax return 2012    4Deductible as a business expense to the extent allowed by section 192. Amend a tax return 2012    5Deductible as a business expense to the extent allowed by section 194A. Amend a tax return 2012 6Application is by letter to the address shown on Form 8718. Amend a tax return 2012 A copy of the organizing document should be attached and the letter should be signed by an officer. Amend a tax return 2012    7Contributions to these organizations are deductible only if 90% or more of the organization's members are war veterans. Amend a tax return 2012    8For limits on the use of Form 990-EZ, see chapter 2 and the general instructions for Form 990-EZ (or Form 990). Amend a tax return 2012    9Although the organization files a partnership return, all distributions are deemed dividends. Amend a tax return 2012 The members are not entitled to pass through treatment of the organization's income or expenses. Amend a tax return 2012    10Form 1120-POL is required only if the organization has taxable income as defined in section 527(c). Amend a tax return 2012    11Only required to annually file so much of the Form 990 that relates to the names and addresses of the officers, directors, trustees, and key employees, and their titles, compensation, and hours devoted to their positions (Part VII of Form 990), and to complete Item I in the Heading of Form 990 to confirm its tax-exempt status under section 501(c)(28). Amend a tax return 2012    12See section 501(q) if the organization provides credit counseling services and seeks recognition of exemption under section 501(c)(4). Amend a tax return 2012 Use Form 1024 if applying for recognition under section 501(c)(4). Amend a tax return 2012    13See section 501(c)(29) for details. Amend a tax return 2012    14See Revenue Procedure 2012-11, sec. Amend a tax return 2012 4. Amend a tax return 2012 01, 2012-7 I. Amend a tax return 2012 R. Amend a tax return 2012 B. Amend a tax return 2012 368, for details. Amend a tax return 2012 Appendix. Amend a tax return 2012 Sample Articles of Organization The following are examples of Articles of Incorporation (Draft A) and a declaration of trust (Draft B) that contain the required information as to purposes and powers of an organization and disposition of its assets upon dissolution. Amend a tax return 2012 You should bear in mind that requirements for these instruments may vary under applicable state law. Amend a tax return 2012 See Private Foundations and Public Charities , earlier for the special provisions required in a private foundation's governing instrument in order for it to qualify for exemption. Amend a tax return 2012 DRAFT A  Articles of Incorporation of the undersigned, a majority of whom are citizens of the United States, desiring to form a Non-Profit Corporation under the Non-Profit Corporation Law of , do hereby certify: First: The name of the Corporation shall be . Amend a tax return 2012 Second: The place in this state where the principal office of the Corporation is to be located is the City of , County. Amend a tax return 2012 Third: Said corporation is organized exclusively for charitable, religious, educational, and scientific purposes, including, for such purposes, the making of distributions to organizations that qualify as exempt organizations under section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code. Amend a tax return 2012 Fourth: The names and addresses of the persons who are the initial trustees of the corporation are as follows: Name , Address Fifth: No part of the net earnings of the corporation shall inure to the benefit of, or be distributable to its members, trustees, officers, or other private persons, except that the corporation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes set forth in Article Third hereof. Amend a tax return 2012 No substantial part of the activities of the corporation shall be the carrying on of propaganda, or otherwise attempting to influence legislation, and the corporation shall not participate in, or intervene in (including the publishing or distribution of statements) any political campaign on behalf of or in opposition to any candidate for public office. Amend a tax return 2012 Notwithstanding any other provision of these articles, the corporation shall not carry on any other activities not permitted to be carried on (a) by a corporation exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or (b) by a corporation, contributions to which are deductible under section 170(c)(2) of the Internal Revenue Code, or the corresponding section of any future federal tax code. Amend a tax return 2012   If reference to federal law in articles of incorporation imposes a limitation that is invalid in your state, you may wish to substitute the following for the last sentence of the preceding paragraph: “Notwithstanding any other provision of these articles, this corporation shall not, except to an insubstantial degree, engage in any activities or exercise any powers that are not in furtherance of the purposes of this corporation. Amend a tax return 2012 ” Sixth: Upon the dissolution of the corporation, assets shall be distributed for one or more exempt purposes within the meaning of section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or shall be distributed to the federal government, or to a state or local government, for a public purpose. Amend a tax return 2012 Any such assets not so disposed of shall be disposed of by a Court of Competent Jurisdiction of the county in which the principal office of the corporation is then located, exclusively for such purposes or to such organization or organizations, as said Court shall determine, which are organized and operated exclusively for such purposes. Amend a tax return 2012   In witness whereof, we have hereunto subscribed our names this day of , 20. Amend a tax return 2012 Appendix. Amend a tax return 2012 Sample Articles of Organization, continued Draft B The Charitable Trust. Amend a tax return 2012 Declaration of Trust made as of the day of , 20 , by , of , and , of , who hereby declare and agree that they have received this day from , as Donor, the sum of Ten Dollars ($10) and that they will hold and manage the same, and any additions to it, in trust, as follows: First: This trust shall be called “The Charitable Trust. Amend a tax return 2012 ” Second: The trustees may receive and accept property, whether real, personal, or mixed, by way of gift, bequest, or devise, from any person, firm, trust, or corporation, to be held, administered, and disposed of in accordance with and pursuant to the provisions of this Declaration of Trust; but no gift, bequest, or devise of any such property shall be received and accepted if it is conditioned or limited in such manner as to require the disposition of the income or its principal to any person or organization other than a “charitable organization” or for other than “charitable purposes” within the meaning of such terms as defined in Article Third of this Declaration of Trust, or as shall, in the opinion of the trustees, jeopardize the federal income tax exemption of this trust pursuant to section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code. Amend a tax return 2012 Third: a) The principal and income of all property received and accepted by the trustees to be administered under this Declaration of Trust shall be held in trust by them, and the trustees may make payments or distributions from income or principal, or both, to or for the use of such charitable organizations, within the meaning of that term as defined in paragraph C, in such amounts and for such charitable purposes of the trust as the trustees shall from time to time select and determine; and the trustees may make payments or distributions from income or principal, or both, directly for such charitable purposes, within the meaning of that term as defined in paragraph D, in such amounts as the trustees shall from time to time select and determine without making use of any other charitable organization. Amend a tax return 2012 The trustees may also make payments or distributions of all or any part of the income or principal to states, territories, or possessions of the United States, any political subdivision of any of the foregoing, or to the United States or the District of Columbia but only for charitable purposes within the meaning of that term as defined in paragraph D. Amend a tax return 2012 Income or principal derived from contributions by corporations shall be distributed by the trustees for use solely within the United States or its possessions. Amend a tax return 2012 No part of the net earnings of this trust shall inure or be payable to or for the benefit of any private shareholder or individual, and no substantial part of the activities of this trust shall be the carrying on of propaganda, or otherwise attempting to influence legislation. Amend a tax return 2012 No part of the activities of this trust shall be the participation in, or intervention in (including the publishing or distributing of statements), any political campaign on behalf of or in opposition to any candidate for public office. Amend a tax return 2012 b) The trust shall continue forever unless the trustees terminate it and distribute all of the principal and income, which action may be taken by the trustees in their discretion at any time. Amend a tax return 2012 On such termination, assets shall be distributed for one or more exempt purposes within the meaning of section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or shall be distributed to the federal government, or to a state or local government, for a public purpose. Amend a tax return 2012 The donor authorizes and empowers the trustees to form and organize a nonprofit corporation limited to the uses and purposes provided for in this Declaration of Trust, such corporation to be organized under the laws of any state or under the laws of the United States as may be determined by the trustees; such corporation when organized to have power to administer and control the affairs and property and to carry out the uses, objects, and purposes of this trust. Amend a tax return 2012 Upon the creation and organization of such corporation, the trustees are authorized and empowered to convey, transfer, and deliver to such corporation all the property and assets to which this trust may be or become entitled. Amend a tax return 2012 The charter, bylaws, and other provisions for the organization and management of such corporation and its affairs and property shall be such as the trustees shall determine, consistent with the provisions of this paragraph. Amend a tax return 2012 c) In this Declaration of Trust and in any amendments to it, references to “charitable organizations” or “charitable organization” mean corporations, trusts, funds, foundations, or community chests created or organized in the United States or in any of its possessions, whether under the laws of the United States, any state or territory, the District of Columbia, or any possession of the United States, organized and operated exclusively for charitable purposes, no part of the net earnings of which inures or is payable to or for the benefit of any private shareholder or individual, and no substantial part of the activities of which is carrying on propaganda, or otherwise attempting to influence legislation, and which do not participate in or intervene in (including the publishing or distributing of statements) any political campaign on behalf of or in opposition to any candidate for public office. Amend a tax return 2012 It is intended that the organization described in this paragraph C shall be entitled to exemption from federal income tax under section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code. Amend a tax return 2012 d) In this Declaration of Trust and in any amendments to it, the term “charitable purposes” shall be limited to and shall include only religious, charitable, scientific, literary, or educational purposes within the meaning of those terms as used in section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, but only such purposes as also constitute public charitable purposes under the law of trusts of the State of. Amend a tax return 2012 Fourth: This Declaration of Trust may be amended at any time or times by written instrument or instruments signed and sealed by the trustees, and acknowledged by any of the trustees, provided that no amendment shall authorize the trustees to conduct the affairs of this trust in any manner or for any purpose contrary to the provisions of section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code. Amend a tax return 2012 An amendment of the provisions of this Article Fourth (or any amendment to it) shall be valid only if and to the extent that such amendment further restricts the trustees' amending power. Amend a tax return 2012 All instruments amending this Declaration of Trust shall be noted upon or kept attached to the executed original of this Declaration of Trust held by the trustees. Amend a tax return 2012 Fifth: Any trustee under this Declaration of Trust may, by written instrument, signed and acknowledged, resign his office. Amend a tax return 2012 The number of trustees shall be at all times not less than two, and whenever for any reason the number is reduced to one, there shall be, and at any other time there may be, appointed one or more additional trustees. Amend a tax return 2012 Appointments shall be made by the trustee or trustees for the time in office by written instruments signed and acknowledged. Amend a tax return 2012 Any succeeding or additional trustee shall, upon his or her acceptance of the office by written instrument signed and acknowledged, have the same powers, rights, and duties, and the same title to the trust estate jointly with the surviving or remaining trustee or trustees as if originally appointed. Amend a tax return 2012  None of the trustees shall be required to furnish any bond or surety. Amend a tax return 2012 None of them shall be responsible or liable for the acts or omissions of any other of the trustees or of any predecessor or of a custodian, agent, depositary, or counsel selected with reasonable care. Amend a tax return 2012  The one or more trustees, whether original or successor, for the time being in office, shall have full authority to act even though one or more vacancies may exist. Amend a tax return 2012 A trustee may, by appropriate written instrument, delegate all or any part of his or her powers to another or others of the trustees for such periods and subject to such conditions as such delegating trustee may determine. Amend a tax return 2012  The trustees serving under this Declaration of Trust are authorized to pay to themselves amounts for reasonable expenses incurred and reasonable compensation for services rendered in the administration of this trust, but in no event shall any trustee who has made a contribution to this trust ever receive any compensation thereafter. Amend a tax return 2012 Sixth: In extension and not in limitation of the common law and statutory powers of trustees and other powers granted in this Declaration of Trust, the trustees shall have the following discretionary powers. Amend a tax return 2012 a) To invest and reinvest the principal and income of the trust in such property, real, personal, or mixed, and in such manner as they shall deem proper, and from time to time to change investments as they shall deem advisable; to invest in or retain any stocks, shares, bonds, notes, obligations, or personal or real property (including without limitation any interests in or obligations of any corporation, association, business trust, investment trust, common trust fund, or investment company) although some or all of the property so acquired or retained is of a kind or size which but for this express authority would not be considered proper and although all of the trust funds are invested in the securities of one company. Amend a tax return 2012 No principal or income, however, shall be loaned, directly or indirectly, to any trustee or to anyone else, corporate or otherwise, who has at any time made a contribution to this trust, nor to anyone except on the basis of an adequate interest charge and with adequate security. Amend a tax return 2012 b) To sell, lease, or exchange any personal, mixed, or real property, at public auction or by private contract, for such consideration and on such terms as to credit or otherwise, and to make such contracts and enter into such undertakings relating to the trust property, as they consider advisable, whether or not such leases or contracts may extend beyond the duration of the trust. Amend a tax return 2012 c) To borrow money for such periods, at such rates of interest, and upon such terms as the trustees consider advisable, and as security for such loans to mortgage or pledge any real or personal property with or without power of sale; to acquire or hold any real or personal property, subject to any mortgage or pledge on or of property acquired or held by this trust. Amend a tax return 2012 d) To execute and deliver deeds, assignments, transfers, mortgages, pledges, leases, covenants, contracts, promissory notes, releases, and other instruments, sealed or unsealed, incident to any transaction in which they engage. Amend a tax return 2012 e) To vote, to give proxies, to participate in the reorganization, merger, or consolidation of any concern, or in the sale, lease, disposition, or distribution of its assets; to join with other security holders in acting through a committee, depositary, voting trustees, or otherwise, and in this connection to delegate authority to such committee, depositary, or trustees and to deposit securities with them or transfer securities to them; to pay assessments levied on securities or to exercise subscription rights in respect of securities. Amend a tax return 2012 f) To employ a bank or trust company as custodian of any funds or securities and to delegate to it such powers as they deem appropriate; to hold trust property without indication of fiduciary capacity but only in the name of a registered nominee, provided the trust property is at all times identified as such on the books of the trust; to keep any or all of the trust property or funds in any place or places in the United States of America; to employ clerks, accountants, investment counsel, investment agents, and any special services, and to pay the reasonable compensation and expenses of all such services in addition to the compensation of the trustees. Amend a tax return 2012 Seventh: The trustees' powers are exercisable solely in the fiduciary capacity consistent with and in furtherance of the charitable purposes of this trust as specified in Article Third and not otherwise. Amend a tax return 2012 Eighth: In this Declaration of Trust and in any amendment to it, references to “trustees” mean the one or more trustees, whether original or successor, for the time being in office. Amend a tax return 2012 Ninth: Any person may rely on a copy, certified by a notary public, of the executed original of this Declaration of Trust held by the trustees, and of any of the notations on it and writings attached to it, as fully as he might rely on the original documents themselves. Amend a tax return 2012 Any such person may rely fully on any statements of fact certified by anyone who appears from such original documents or from such certified copy to be a trustee under this Declaration of Trust. Amend a tax return 2012 No one dealing with the trustees need inquire concerning the validity of anything the trustees purport to do. Amend a tax return 2012 No one dealing with the trustees need see to the application of anything paid or transferred to or upon the order of the trustees of the trust. Amend a tax return 2012 Tenth: This Declaration of Trust is to be governed in all respects by the laws of the State of . Amend a tax return 2012 Trustee Trustee Prev  Up  Next   Home   More Online Publications