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Irs 2012 1040 Tax Form

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Irs 2012 1040 Tax Form

Irs 2012 1040 tax form 5. Irs 2012 1040 tax form   Illustrated Examples Table of Contents Illustrated Example of Form 4563Line 1. Irs 2012 1040 tax form Line 2. Irs 2012 1040 tax form Lines 3a and 3b. Irs 2012 1040 tax form Lines 4a and 4b. Irs 2012 1040 tax form Line 5. Irs 2012 1040 tax form Line 6. Irs 2012 1040 tax form Line 7. Irs 2012 1040 tax form Line 9. Irs 2012 1040 tax form Line 15. Irs 2012 1040 tax form Illustrated Example of Form 5074Part I. Irs 2012 1040 tax form Part II. Irs 2012 1040 tax form Part III. Irs 2012 1040 tax form Illustrated Example of Form 8689Part I. Irs 2012 1040 tax form Part II. Irs 2012 1040 tax form Part III. Irs 2012 1040 tax form Part IV. Irs 2012 1040 tax form Use the following examples to help you complete the correct attachment to your Form 1040. Irs 2012 1040 tax form The completed form for each example is shown on the pages that follow. Irs 2012 1040 tax form Illustrated Example of Form 4563 John Black is a U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form citizen, single, and under 65. Irs 2012 1040 tax form He was a bona fide resident of American Samoa during all of 2013. Irs 2012 1040 tax form John must file Form 1040 because his gross income from sources outside the possessions ($10,000 of dividends from U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form corporations) is more than his adjusted filing requirement for single filers under 65. Irs 2012 1040 tax form (See Filing Requirement if Possession Income Is Excluded in chapter 4. Irs 2012 1040 tax form ) Because he must file Form 1040 (not illustrated), he fills out Form 4563 to determine the amount of income from American Samoa he can exclude. Irs 2012 1040 tax form See Bona Fide Resident of American Samoa in chapter 3. Irs 2012 1040 tax form Completing Form 4563. Irs 2012 1040 tax form   John enters his name and social security number at the top of the form. Irs 2012 1040 tax form Line 1. Irs 2012 1040 tax form   On Form 4563 (see later), John enters the date his bona fide residence began in American Samoa, June 2, 2012. Irs 2012 1040 tax form Because he is still a bona fide resident, he enters “not ended” in the second blank space. Irs 2012 1040 tax form Line 2. Irs 2012 1040 tax form   He checks the box labeled “Rented house or apartment” to describe his type of living quarters in American Samoa. Irs 2012 1040 tax form Lines 3a and 3b. Irs 2012 1040 tax form   He checks “No” on line 3a because no family members lived with him. Irs 2012 1040 tax form He leaves line 3b blank. Irs 2012 1040 tax form Lines 4a and 4b. Irs 2012 1040 tax form   He checks “No” on line 4a because he did not maintain a home outside American Samoa. Irs 2012 1040 tax form He leaves line 4b blank. Irs 2012 1040 tax form Line 5. Irs 2012 1040 tax form   He enters the name and address of his employer, Samoa Products Co. Irs 2012 1040 tax form It is a private American Samoa corporation. Irs 2012 1040 tax form Line 6. Irs 2012 1040 tax form   He enters the dates of his 2-week vacation to New Zealand from November 11 to November 25. Irs 2012 1040 tax form That was his only trip outside American Samoa during the year. Irs 2012 1040 tax form Line 7. Irs 2012 1040 tax form   He enters the $24,000 in wages he received from Samoa Products Co. Irs 2012 1040 tax form Line 9. Irs 2012 1040 tax form   He received $220 in dividends from an American Samoa corporation, which he enters here. Irs 2012 1040 tax form He also received $10,000 of dividends from a U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form corporation, but he will enter that amount only on his Form 1040 because the U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form dividends do not qualify for the possession exclusion. Irs 2012 1040 tax form Line 15. Irs 2012 1040 tax form   John totals the amounts on lines 7 and 9 to get the amount he can exclude from his gross income in 2013. Irs 2012 1040 tax form He will not enter his excluded income on Form 1040. Irs 2012 1040 tax form However, he will attach his completed Form 4563 to his Form 1040. Irs 2012 1040 tax form Illustrated Example of Form 5074 Tracy Grey is a U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form citizen who is a self-employed fisheries consultant with a tax home in New York. Irs 2012 1040 tax form Her only income for 2013 was net self-employment income of $80,000. Irs 2012 1040 tax form Of the $80,000, $20,000 was from consulting work in Guam and the rest was earned in the United States. Irs 2012 1040 tax form Thinking she would owe tax to Guam on the $20,000, Tracy made estimated tax payments of $1,409 to Guam. Irs 2012 1040 tax form She was not a bona fide resident of Guam during 2013. Irs 2012 1040 tax form Tracy completes Form 1040 (not illustrated), reporting her worldwide income. Irs 2012 1040 tax form Because the adjusted gross income on her Form 1040 was $50,000 or more and at least $5,000 of her gross income is from Guam, Tracy must file Form 5074 with her Form 1040. Irs 2012 1040 tax form All amounts reported on Form 5074 are also reported on her Form 1040. Irs 2012 1040 tax form See U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form Citizen or Resident Alien (Other Than a Bona Fide Resident of Guam) in chapter 3. Irs 2012 1040 tax form Completing Form 5074. Irs 2012 1040 tax form   Tracy enters her name and social security number at the top of the form. Irs 2012 1040 tax form Part I. Irs 2012 1040 tax form   On Form 5074 (see later), Tracy enters her self-employment income from Guam ($20,000) on line 6. Irs 2012 1040 tax form She has no other income from Guam, so the total on line 16 is $20,000. Irs 2012 1040 tax form Part II. Irs 2012 1040 tax form   Tracy's only adjustment in Part II is the deductible part of the self-employment tax on her net income earned in Guam. Irs 2012 1040 tax form She enters $1,413 on line 21 and line 28. Irs 2012 1040 tax form Her adjusted gross income on line 29 is $18,587. Irs 2012 1040 tax form Part III. Irs 2012 1040 tax form   Tracy made estimated tax payments of $1,409. Irs 2012 1040 tax form She enters this amount on line 30, and again on line 34 as the total payments. Irs 2012 1040 tax form Illustrated Example of Form 8689 Juan and Carla Moreno live and work in the United States. Irs 2012 1040 tax form In 2013, they received $14,400 in income from the rental of a condominium they own in the U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form Virgin Islands (USVI). Irs 2012 1040 tax form The rental income was deposited in a bank in the USVI and they received $500 of interest on this income. Irs 2012 1040 tax form They were not bona fide residents of the USVI during the entire tax year. Irs 2012 1040 tax form The Morenos complete Form 1040 (not illustrated), reporting their income from all sources, including their interest income and the income and expenses from their USVI rental property (reported on Schedule E (Form 1040)). Irs 2012 1040 tax form The Morenos take the standard deduction for married filing jointly, both are under 65, and they have no dependents. Irs 2012 1040 tax form The Morenos also complete Form 8689 to determine how much of their U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form tax shown on Form 1040, line 61 (with certain adjustments), must be paid to the U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form Virgin Islands. Irs 2012 1040 tax form See U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form Citizen or Resident Alien (Other Than a Bona Fide Resident of the USVI) in chapter 3. Irs 2012 1040 tax form The Morenos file their Form 1040, attaching Form 8689 and all other schedules, with the Internal Revenue Service. Irs 2012 1040 tax form At the same time, they send a copy of their Form 1040 with all attachments, including Form 8689, to the Virgin Islands Bureau of Internal Revenue. Irs 2012 1040 tax form The Virgin Islands Bureau of Internal Revenue will process this copy. Irs 2012 1040 tax form Completing Form 8689. Irs 2012 1040 tax form   Juan and Carla enter their names and Juan's social security number at the top of the form. Irs 2012 1040 tax form Part I. Irs 2012 1040 tax form   The Morenos enter their income from the USVI in Part I (see later). Irs 2012 1040 tax form The interest income is entered on line 2 and the net rental income of $6,200 ($14,400 of rental income minus $8,200 of rental expenses) is entered on line 11. Irs 2012 1040 tax form The Morenos' total USVI income of $6,700 is entered on line 16. Irs 2012 1040 tax form Part II. Irs 2012 1040 tax form   The Morenos have no adjustments to their USVI income, so they enter zero (-0-) on line 28, and $6,700 on line 29. Irs 2012 1040 tax form Their USVI adjusted gross income (AGI) is $6,700. Irs 2012 1040 tax form Part III. Irs 2012 1040 tax form   On line 30, the Morenos enter the amount from Form 1040, line 61 ($4,539). Irs 2012 1040 tax form Their Form 1040 does not show any entries required on line 31, so they leave that line blank and enter $4,539 on line 32. Irs 2012 1040 tax form   The Morenos enter their worldwide AGI, $54,901 (Form 1040, line 38), on line 33. Irs 2012 1040 tax form Next, they find what percentage of their AGI is from USVI sources ($6,700 ÷ $54,901 = 0. Irs 2012 1040 tax form 122) and enter that as a decimal on line 34. Irs 2012 1040 tax form They then apply that percentage to the U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form tax entered on line 32 to find the amount of U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form tax allocated to USVI income ($4,539 x 0. Irs 2012 1040 tax form 122 = $554), and enter that amount on line 35. Irs 2012 1040 tax form Part IV. Irs 2012 1040 tax form   Part IV is used to show payments of income tax to the USVI only. Irs 2012 1040 tax form The Morenos had no tax withheld by the U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form Virgin Islands, but made estimated tax payments to the USVI of $400, which they entered on lines 37 and 39. Irs 2012 1040 tax form They include this amount ($400) in the total payments on Form 1040, line 72. Irs 2012 1040 tax form On the dotted line next to the entry space for line 72, they enter “Form 8689” and show the amount. Irs 2012 1040 tax form The Morenos do not complete Form 1116 because they receive credit on Form 1040, line 72, for the tax paid to the USVI. Irs 2012 1040 tax form   The income tax they owe to the USVI ($154) is shown on Form 8689, line 44. Irs 2012 1040 tax form They enter this amount on line 45. Irs 2012 1040 tax form They also include this additional amount ($154) on the dotted line next to the entry space and in the total on Form 1040, line 72. Irs 2012 1040 tax form The Morenos will pay their USVI tax at the same time they file the copy of their U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form income tax return with the U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form Virgin Islands. Irs 2012 1040 tax form This image is too large to be displayed in the current screen. Irs 2012 1040 tax form Please click the link to view the image. Irs 2012 1040 tax form Form 4563, page 1 for John Black This image is too large to be displayed in the current screen. Irs 2012 1040 tax form Please click the link to view the image. Irs 2012 1040 tax form Form 5074, for Tracy Grey This image is too large to be displayed in the current screen. Irs 2012 1040 tax form Please click the link to view the image. 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We approved your request for an extension to file your Form 5330.


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Answers to Common Questions

Q. Where can I go for more information about Employee Benefit Plans?

A. For more information on Employee Benefit Plans, see Retirement Plans Community.

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A. If you have questions and/or need help, please call 1-877-829-5500. Personal assistance is available Monday through Friday, 7:00 a.m. to 7:00 p.m. CT.

 


Tips for next year

Be sure to mail your Form 5558 on or before the due date of your return.

Page Last Reviewed or Updated: 27-Jan-2014

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The Irs 2012 1040 Tax Form

Irs 2012 1040 tax form 4. Irs 2012 1040 tax form   Tax Withholding and Estimated Tax Table of Contents What's New for 2014 Reminders Introduction Useful Items - You may want to see: Tax Withholding for 2014Salaries and Wages Tips Taxable Fringe Benefits Sick Pay Pensions and Annuities Gambling Winnings Unemployment Compensation Federal Payments Backup Withholding Estimated Tax for 2014Who Does Not Have To Pay Estimated Tax Who Must Pay Estimated Tax How To Figure Estimated Tax When To Pay Estimated Tax How To Figure Each Payment How To Pay Estimated Tax Credit for Withholding and Estimated Tax for 2013Withholding Estimated Tax Underpayment Penalty for 2013 What's New for 2014 Tax law changes for 2014. Irs 2012 1040 tax form  When you figure how much income tax you want withheld from your pay and when you figure your estimated tax, consider tax law changes effective in 2014. Irs 2012 1040 tax form For more information, see Publication 505. Irs 2012 1040 tax form Reminders Estimated tax safe harbor for higher income taxpayers. Irs 2012 1040 tax form  If your 2013 adjusted gross income was more than $150,000 ($75,000 if you are married filing a separate return), you must pay the smaller of 90% of your expected tax for 2014 or 110% of the tax shown on your 2013 return to avoid an estimated tax penalty. Irs 2012 1040 tax form Introduction This chapter discusses how to pay your tax as you earn or receive income during the year. Irs 2012 1040 tax form In general, the federal income tax is a pay-as-you-go tax. Irs 2012 1040 tax form There are two ways to pay as you go. Irs 2012 1040 tax form Withholding. Irs 2012 1040 tax form If you are an employee, your employer probably withholds income tax from your pay. Irs 2012 1040 tax form Tax also may be withheld from certain other income, such as pensions, bonuses, commissions, and gambling winnings. Irs 2012 1040 tax form The amount withheld is paid to the IRS in your name. Irs 2012 1040 tax form Estimated tax. Irs 2012 1040 tax form If you do not pay your tax through withholding, or do not pay enough tax that way, you may have to pay estimated tax. Irs 2012 1040 tax form People who are in business for themselves generally will have to pay their tax this way. Irs 2012 1040 tax form Also, you may have to pay estimated tax if you receive income such as dividends, interest, capital gains, rent, and royalties. Irs 2012 1040 tax form Estimated tax is used to pay not only income tax, but self-employment tax and alternative minimum tax as well. Irs 2012 1040 tax form This chapter explains these methods. Irs 2012 1040 tax form In addition, it also explains the following. Irs 2012 1040 tax form Credit for withholding and estimated tax. Irs 2012 1040 tax form When you file your 2013 income tax return, take credit for all the income tax withheld from your salary, wages, pensions, etc. Irs 2012 1040 tax form , and for the estimated tax you paid for 2013. Irs 2012 1040 tax form Also take credit for any excess social security or railroad retirement tax withheld (discussed in chapter 37). Irs 2012 1040 tax form Underpayment penalty. Irs 2012 1040 tax form If you did not pay enough tax during the year, either through withholding or by making estimated tax payments, you may have to pay a penalty. Irs 2012 1040 tax form In most cases, the IRS can figure this penalty for you. Irs 2012 1040 tax form See Underpayment Penalty for 2013 at the end of this chapter. Irs 2012 1040 tax form Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) W-4 Employee's Withholding Allowance Certificate W-4P Withholding Certificate for Pension or Annuity Payments W-4S Request for Federal Income Tax Withholding From Sick Pay W-4V Voluntary Withholding Request 1040-ES Estimated Tax for Individuals 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts 2210-F Underpayment of Estimated Tax by Farmers and Fishermen Tax Withholding for 2014 This section discusses income tax withholding on: Salaries and wages, Tips, Taxable fringe benefits, Sick pay, Pensions and annuities, Gambling winnings, Unemployment compensation, and Certain federal payments. Irs 2012 1040 tax form This section explains the rules for withholding tax from each of these types of income. Irs 2012 1040 tax form This section also covers backup withholding on interest, dividends, and other payments. Irs 2012 1040 tax form Salaries and Wages Income tax is withheld from the pay of most employees. Irs 2012 1040 tax form Your pay includes your regular pay, bonuses, commissions, and vacation allowances. Irs 2012 1040 tax form It also includes reimbursements and other expense allowances paid under a nonaccountable plan. Irs 2012 1040 tax form See Supplemental Wages , later, for more information about reimbursements and allowances paid under a nonaccountable plan. Irs 2012 1040 tax form If your income is low enough that you will not have to pay income tax for the year, you may be exempt from withholding. Irs 2012 1040 tax form This is explained under Exemption From Withholding , later. Irs 2012 1040 tax form You can ask your employer to withhold income tax from noncash wages and other wages not subject to withholding. Irs 2012 1040 tax form If your employer does not agree to withhold tax, or if not enough is withheld, you may have to pay estimated tax, as discussed later under Estimated Tax for 2014 . Irs 2012 1040 tax form Military retirees. Irs 2012 1040 tax form   Military retirement pay is treated in the same manner as regular pay for income tax withholding purposes, even though it is treated as a pension or annuity for other tax purposes. Irs 2012 1040 tax form Household workers. Irs 2012 1040 tax form   If you are a household worker, you can ask your employer to withhold income tax from your pay. Irs 2012 1040 tax form A household worker is an employee who performs household work in a private home, local college club, or local fraternity or sorority chapter. Irs 2012 1040 tax form   Tax is withheld only if you want it withheld and your employer agrees to withhold it. Irs 2012 1040 tax form If you do not have enough income tax withheld, you may have to pay estimated tax, as discussed later under Estimated Tax for 2014 . Irs 2012 1040 tax form Farmworkers. Irs 2012 1040 tax form   Generally, income tax is withheld from your cash wages for work on a farm unless your employer does both of these: Pays you cash wages of less than $150 during the year, and Has expenditures for agricultural labor totaling less than $2,500 during the year. Irs 2012 1040 tax form Differential wage payments. Irs 2012 1040 tax form    When employees are on leave from employment for military duty, some employers make up the difference between the military pay and civilian pay. Irs 2012 1040 tax form Payments to an employee who is on active duty for a period of more than 30 days will be subject to income tax withholding, but not subject to social security or Medicare taxes. Irs 2012 1040 tax form The wages and withholding will be reported on Form W-2, Wage and Tax Statement. Irs 2012 1040 tax form   The credit employers can claim for differential wages paid to activated military reservists is scheduled to expire for wages paid after December 31, 2013. Irs 2012 1040 tax form Determining Amount of Tax Withheld Using Form W-4 The amount of income tax your employer withholds from your regular pay depends on two things. Irs 2012 1040 tax form The amount you earn in each payroll period. Irs 2012 1040 tax form The information you give your employer on Form W-4. Irs 2012 1040 tax form Form W-4 includes four types of information that your employer will use to figure your withholding. Irs 2012 1040 tax form Whether to withhold at the single rate or at the lower married rate. Irs 2012 1040 tax form How many withholding allowances you claim (each allowance reduces the amount withheld). Irs 2012 1040 tax form Whether you want an additional amount withheld. Irs 2012 1040 tax form Whether you are claiming an exemption from withholding in 2014. Irs 2012 1040 tax form See Exemption From Withholding , later. Irs 2012 1040 tax form Note. Irs 2012 1040 tax form You must specify a filing status and a number of withholding allowances on Form W-4. Irs 2012 1040 tax form You cannot specify only a dollar amount of withholding. Irs 2012 1040 tax form New Job When you start a new job, you must fill out Form W-4 and give it to your employer. Irs 2012 1040 tax form Your employer should have copies of the form. Irs 2012 1040 tax form If you need to change the information later, you must fill out a new form. Irs 2012 1040 tax form If you work only part of the year (for example, you start working after the beginning of the year), too much tax may be withheld. Irs 2012 1040 tax form You may be able to avoid overwithholding if your employer agrees to use the part-year method. Irs 2012 1040 tax form See Part-Year Method in chapter 1 of Publication 505 for more information. Irs 2012 1040 tax form Employee also receiving pension income. Irs 2012 1040 tax form   If you receive pension or annuity income and begin a new job, you will need to file Form W-4 with your new employer. Irs 2012 1040 tax form However, you can choose to split your withholding allowances between your pension and job in any manner. Irs 2012 1040 tax form Changing Your Withholding During the year changes may occur to your marital status, exemptions, adjustments, deductions, or credits you expect to claim on your tax return. Irs 2012 1040 tax form When this happens, you may need to give your employer a new Form W-4 to change your withholding status or your number of allowances. Irs 2012 1040 tax form If the changes reduce the number of allowances you are claiming or changes your marital status from married to single, you must give your employer a new Form W-4 within 10 days. Irs 2012 1040 tax form Generally, you can submit a new Form W-4 whenever you wish to change the number of your withholding allowances for any other reason. Irs 2012 1040 tax form Changing your withholding for 2015. Irs 2012 1040 tax form   If events in 2014 will decrease the number of your withholding allowances for 2015, you must give your employer a new Form W-4 by December 1, 2014. Irs 2012 1040 tax form If the event occurs in December 2014, submit a new Form W-4 within 10 days. Irs 2012 1040 tax form Checking Your Withholding After you have given your employer a Form W-4, you can check to see whether the amount of tax withheld from your pay is too little or too much. Irs 2012 1040 tax form If too much or too little tax is being withheld, you should give your employer a new Form W-4 to change your withholding. Irs 2012 1040 tax form You should try to have your withholding match your actual tax liability. Irs 2012 1040 tax form If not enough tax is withheld, you will owe tax at the end of the year and may have to pay interest and a penalty. Irs 2012 1040 tax form If too much tax is withheld, you will lose the use of that money until you get your refund. Irs 2012 1040 tax form Always check your withholding if there are personal or financial changes in your life or changes in the law that might change your tax liability. Irs 2012 1040 tax form Note. Irs 2012 1040 tax form You cannot give your employer a payment to cover withholding on salaries and wages for past pay periods or a payment for estimated tax. Irs 2012 1040 tax form Completing Form W-4 and Worksheets Form W-4 has worksheets to help you figure how many withholding allowances you can claim. Irs 2012 1040 tax form The worksheets are for your own records. Irs 2012 1040 tax form Do not give them to your employer. Irs 2012 1040 tax form Multiple jobs. Irs 2012 1040 tax form   If you have income from more than one job at the same time, complete only one set of Form W-4 worksheets. Irs 2012 1040 tax form Then split your allowances between the Forms W-4 for each job. Irs 2012 1040 tax form You cannot claim the same allowances with more than one employer at the same time. Irs 2012 1040 tax form You can claim all your allowances with one employer and none with the other(s), or divide them any other way. Irs 2012 1040 tax form Married individuals. Irs 2012 1040 tax form   If both you and your spouse are employed and expect to file a joint return, figure your withholding allowances using your combined income, adjustments, deductions, exemptions, and credits. Irs 2012 1040 tax form Use only one set of worksheets. Irs 2012 1040 tax form You can divide your total allowances any way, but you cannot claim an allowance that your spouse also claims. Irs 2012 1040 tax form   If you and your spouse expect to file separate returns, figure your allowances using separate worksheets based on your own individual income, adjustments, deductions, exemptions, and credits. Irs 2012 1040 tax form Alternative method of figuring withholding allowances. Irs 2012 1040 tax form   You do not have to use the Form W-4 worksheets if you use a more accurate method of figuring the number of withholding allowances. Irs 2012 1040 tax form For more information, see Alternative method of figuring withholding allowances under Completing Form W-4 and Worksheets in Publication 505, chapter 1. Irs 2012 1040 tax form Personal Allowances Worksheet. Irs 2012 1040 tax form   Use the Personal Allowances Worksheet on Form W-4 to figure your withholding allowances based on exemptions and any special allowances that apply. Irs 2012 1040 tax form Deduction and Adjustments Worksheet. Irs 2012 1040 tax form   Use the Deduction and Adjustments Worksheet on Form W-4 if you plan to itemize your deductions, claim certain credits, or claim adjustments to the income on your 2014 tax return and you want to reduce your withholding. Irs 2012 1040 tax form Also, complete this worksheet when you have changes to these items to see if you need to change your withholding. Irs 2012 1040 tax form Two-Earners/Multiple Jobs Worksheet. Irs 2012 1040 tax form   You may need to complete the Two-Earners/Multiple Jobs Worksheet on Form W-4 if you have more than one job, a working spouse, or are also receiving a pension. Irs 2012 1040 tax form Also, on this worksheet you can add any additional withholding necessary to cover any amount you expect to owe other than income tax, such as self-employment tax. Irs 2012 1040 tax form Getting the Right Amount of Tax Withheld In most situations, the tax withheld from your pay will be close to the tax you figure on your return if you follow these two rules. Irs 2012 1040 tax form You accurately complete all the Form W-4 worksheets that apply to you. Irs 2012 1040 tax form You give your employer a new Form W-4 when changes occur. Irs 2012 1040 tax form But because the worksheets and withholding methods do not account for all possible situations, you may not be getting the right amount withheld. Irs 2012 1040 tax form This is most likely to happen in the following situations. Irs 2012 1040 tax form You are married and both you and your spouse work. Irs 2012 1040 tax form You have more than one job at a time. Irs 2012 1040 tax form You have nonwage income, such as interest, dividends, alimony, unemployment compensation, or self-employment income. Irs 2012 1040 tax form You will owe additional amounts with your return, such as self-employment tax. Irs 2012 1040 tax form Your withholding is based on obsolete Form W-4 information for a substantial part of the year. Irs 2012 1040 tax form Your earnings are more than the amount shown under Check your withholding in the instructions at the top of page 1 of Form W-4. Irs 2012 1040 tax form You work only part of the year. Irs 2012 1040 tax form You change the number of your withholding allowances during the year. Irs 2012 1040 tax form Cumulative wage method. Irs 2012 1040 tax form   If you change the number of your withholding allowances during the year, too much or too little tax may have been withheld for the period before you made the change. Irs 2012 1040 tax form You may be able to compensate for this if your employer agrees to use the cumulative wage withholding method for the rest of the year. Irs 2012 1040 tax form You must ask your employer in writing to use this method. Irs 2012 1040 tax form   To be eligible, you must have been paid for the same kind of payroll period (weekly, biweekly, etc. Irs 2012 1040 tax form ) since the beginning of the year. Irs 2012 1040 tax form Publication 505 To make sure you are getting the right amount of tax withheld, get Publication 505. Irs 2012 1040 tax form It will help you compare the total tax to be withheld during the year with the tax you can expect to figure on your return. Irs 2012 1040 tax form It also will help you determine how much, if any, additional withholding is needed each payday to avoid owing tax when you file your return. Irs 2012 1040 tax form If you do not have enough tax withheld, you may have to pay estimated tax, as explained under Estimated Tax for 2014 , later. Irs 2012 1040 tax form You can use the IRS Withholding Calculator at www. Irs 2012 1040 tax form irs. Irs 2012 1040 tax form gov/Individuals, instead of Publication 505 or the worksheets included with Form W-4, to determine whether you need to have your withholding increased or decreased. Irs 2012 1040 tax form Rules Your Employer Must Follow It may be helpful for you to know some of the withholding rules your employer must follow. Irs 2012 1040 tax form These rules can affect how to fill out your Form W-4 and how to handle problems that may arise. Irs 2012 1040 tax form New Form W-4. Irs 2012 1040 tax form   When you start a new job, your employer should have you complete a Form W-4. Irs 2012 1040 tax form Beginning with your first payday, your employer will use the information you give on the form to figure your withholding. Irs 2012 1040 tax form   If you later fill out a new Form W-4, your employer can put it into effect as soon as possible. Irs 2012 1040 tax form The deadline for putting it into effect is the start of the first payroll period ending 30 or more days after you turn it in. Irs 2012 1040 tax form No Form W-4. Irs 2012 1040 tax form   If you do not give your employer a completed Form W-4, your employer must withhold at the highest rate, as if you were single and claimed no withholding allowances. Irs 2012 1040 tax form Repaying withheld tax. Irs 2012 1040 tax form   If you find you are having too much tax withheld because you did not claim all the withholding allowances you are entitled to, you should give your employer a new Form W-4. Irs 2012 1040 tax form Your employer cannot repay any of the tax previously withheld. Irs 2012 1040 tax form Instead, claim the full amount withheld when you file your tax return. Irs 2012 1040 tax form   However, if your employer has withheld more than the correct amount of tax for the Form W-4 you have in effect, you do not have to fill out a new Form W-4 to have your withholding lowered to the correct amount. Irs 2012 1040 tax form Your employer can repay the amount that was withheld incorrectly. Irs 2012 1040 tax form If you are not repaid, your Form W-2 will reflect the full amount actually withheld, which you would claim when you file your tax return. Irs 2012 1040 tax form Exemption From Withholding If you claim exemption from withholding, your employer will not withhold federal income tax from your wages. Irs 2012 1040 tax form The exemption applies only to income tax, not to social security or Medicare tax. Irs 2012 1040 tax form You can claim exemption from withholding for 2014 only if both of the following situations apply. Irs 2012 1040 tax form For 2013 you had a right to a refund of all federal income tax withheld because you had no tax liability. Irs 2012 1040 tax form For 2014 you expect a refund of all federal income tax withheld because you expect to have no tax liability. Irs 2012 1040 tax form Students. Irs 2012 1040 tax form   If you are a student, you are not automatically exempt. Irs 2012 1040 tax form See chapter 1 to find out if you must file a return. Irs 2012 1040 tax form If you work only part time or only during the summer, you may qualify for exemption from withholding. Irs 2012 1040 tax form Age 65 or older or blind. Irs 2012 1040 tax form   If you are 65 or older or blind, use Worksheet 1-3 or 1-4 in chapter 1 of Publication 505, to help you decide if you qualify for exemption from withholding. Irs 2012 1040 tax form Do not use either worksheet if you will itemize deductions, claim exemptions for dependents, or claim tax credits on your 2014 return. Irs 2012 1040 tax form Instead, see Itemizing deductions or claiming exemptions or credits in chapter 1 of Publication 505. Irs 2012 1040 tax form Claiming exemption from withholding. Irs 2012 1040 tax form   To claim exemption, you must give your employer a Form W-4. Irs 2012 1040 tax form Do not complete lines 5 and 6. Irs 2012 1040 tax form Enter “Exempt” on line 7. Irs 2012 1040 tax form   If you claim exemption, but later your situation changes so that you will have to pay income tax after all, you must file a new Form W-4 within 10 days after the change. Irs 2012 1040 tax form If you claim exemption in 2014, but you expect to owe income tax for 2015, you must file a new Form W-4 by December 1, 2014. Irs 2012 1040 tax form   Your claim of exempt status may be reviewed by the IRS. Irs 2012 1040 tax form An exemption is good for only 1 year. Irs 2012 1040 tax form   You must give your employer a new Form W-4 by February 15 each year to continue your exemption. Irs 2012 1040 tax form Supplemental Wages Supplemental wages include bonuses, commissions, overtime pay, vacation allowances, certain sick pay, and expense allowances under certain plans. Irs 2012 1040 tax form The payer can figure withholding on supplemental wages using the same method used for your regular wages. Irs 2012 1040 tax form However, if these payments are identified separately from your regular wages, your employer or other payer of supplemental wages can withhold income tax from these wages at a flat rate. Irs 2012 1040 tax form Expense allowances. Irs 2012 1040 tax form   Reimbursements or other expense allowances paid by your employer under a nonaccountable plan are treated as supplemental wages. Irs 2012 1040 tax form   Reimbursements or other expense allowances paid under an accountable plan that are more than your proven expenses are treated as paid under a nonaccountable plan if you do not return the excess payments within a reasonable period of time. Irs 2012 1040 tax form   For more information about accountable and nonaccountable expense allowance plans, see Reimbursements in chapter 26. Irs 2012 1040 tax form Penalties You may have to pay a penalty of $500 if both of the following apply. Irs 2012 1040 tax form You make statements or claim withholding allowances on your Form W-4 that reduce the amount of tax withheld. Irs 2012 1040 tax form You have no reasonable basis for those statements or allowances at the time you prepare your Form W-4. Irs 2012 1040 tax form There is also a criminal penalty for willfully supplying false or fraudulent information on your Form W-4 or for willfully failing to supply information that would increase the amount withheld. Irs 2012 1040 tax form The penalty upon conviction can be either a fine of up to $1,000 or imprisonment for up to 1 year, or both. Irs 2012 1040 tax form These penalties will apply if you deliberately and knowingly falsify your Form W-4 in an attempt to reduce or eliminate the proper withholding of taxes. Irs 2012 1040 tax form A simple error or an honest mistake will not result in one of these penalties. Irs 2012 1040 tax form For example, a person who has tried to figure the number of withholding allowances correctly, but claims seven when the proper number is six, will not be charged a W-4 penalty. Irs 2012 1040 tax form Tips The tips you receive while working on your job are considered part of your pay. Irs 2012 1040 tax form You must include your tips on your tax return on the same line as your regular pay. Irs 2012 1040 tax form However, tax is not withheld directly from tip income, as it is from your regular pay. Irs 2012 1040 tax form Nevertheless, your employer will take into account the tips you report when figuring how much to withhold from your regular pay. Irs 2012 1040 tax form See chapter 6 for information on reporting your tips to your employer. Irs 2012 1040 tax form For more information on the withholding rules for tip income, see Publication 531, Reporting Tip Income. Irs 2012 1040 tax form How employer figures amount to withhold. Irs 2012 1040 tax form   The tips you report to your employer are counted as part of your income for the month you report them. Irs 2012 1040 tax form Your employer can figure your withholding in either of two ways. Irs 2012 1040 tax form By withholding at the regular rate on the sum of your pay plus your reported tips. Irs 2012 1040 tax form By withholding at the regular rate on your pay plus a percentage of your reported tips. Irs 2012 1040 tax form Not enough pay to cover taxes. Irs 2012 1040 tax form   If your regular pay is not enough for your employer to withhold all the tax (including income tax and social security and Medicare taxes (or the equivalent railroad retirement tax)) due on your pay plus your tips, you can give your employer money to cover the shortage. Irs 2012 1040 tax form See Giving your employer money for taxes in chapter 6. Irs 2012 1040 tax form Allocated tips. Irs 2012 1040 tax form   Your employer should not withhold income tax, Medicare tax, social security tax, or railroad retirement tax on any allocated tips. Irs 2012 1040 tax form Withholding is based only on your pay plus your reported tips. Irs 2012 1040 tax form Your employer should refund to you any incorrectly withheld tax. Irs 2012 1040 tax form See Allocated Tips in chapter 6 for more information. Irs 2012 1040 tax form Taxable Fringe Benefits The value of certain noncash fringe benefits you receive from your employer is considered part of your pay. Irs 2012 1040 tax form Your employer generally must withhold income tax on these benefits from your regular pay. Irs 2012 1040 tax form For information on fringe benefits, see Fringe Benefits under Employee Compensation in chapter 5. Irs 2012 1040 tax form Although the value of your personal use of an employer-provided car, truck, or other highway motor vehicle is taxable, your employer can choose not to withhold income tax on that amount. Irs 2012 1040 tax form Your employer must notify you if this choice is made. Irs 2012 1040 tax form For more information on withholding on taxable fringe benefits, see chapter 1 of Publication 505. Irs 2012 1040 tax form Sick Pay Sick pay is a payment to you to replace your regular wages while you are temporarily absent from work due to sickness or personal injury. Irs 2012 1040 tax form To qualify as sick pay, it must be paid under a plan to which your employer is a party. Irs 2012 1040 tax form If you receive sick pay from your employer or an agent of your employer, income tax must be withheld. Irs 2012 1040 tax form An agent who does not pay regular wages to you may choose to withhold income tax at a flat rate. Irs 2012 1040 tax form However, if you receive sick pay from a third party who is not acting as an agent of your employer, income tax will be withheld only if you choose to have it withheld. Irs 2012 1040 tax form See Form W-4S , later. Irs 2012 1040 tax form If you receive payments under a plan in which your employer does not participate (such as an accident or health plan where you paid all the premiums), the payments are not sick pay and usually are not taxable. Irs 2012 1040 tax form Union agreements. Irs 2012 1040 tax form   If you receive sick pay under a collective bargaining agreement between your union and your employer, the agreement may determine the amount of income tax withholding. Irs 2012 1040 tax form See your union representative or your employer for more information. Irs 2012 1040 tax form Form W-4S. Irs 2012 1040 tax form   If you choose to have income tax withheld from sick pay paid by a third party, such as an insurance company, you must fill out Form W-4S. Irs 2012 1040 tax form Its instructions contain a worksheet you can use to figure the amount you want withheld. Irs 2012 1040 tax form They also explain restrictions that may apply. Irs 2012 1040 tax form   Give the completed form to the payer of your sick pay. Irs 2012 1040 tax form The payer must withhold according to your directions on the form. Irs 2012 1040 tax form Estimated tax. Irs 2012 1040 tax form   If you do not request withholding on Form W-4S, or if you do not have enough tax withheld, you may have to make estimated tax payments. Irs 2012 1040 tax form If you do not pay enough tax, either through estimated tax or withholding, or a combination of both, you may have to pay a penalty. Irs 2012 1040 tax form See Underpayment Penalty for 2013 at the end of this chapter. Irs 2012 1040 tax form Pensions and Annuities Income tax usually will be withheld from your pension or annuity distributions unless you choose not to have it withheld. Irs 2012 1040 tax form This rule applies to distributions from: A traditional individual retirement arrangement (IRA); A life insurance company under an endowment, annuity, or life insurance contract; A pension, annuity, or profit-sharing plan; A stock bonus plan; and Any other plan that defers the time you receive compensation. Irs 2012 1040 tax form The amount withheld depends on whether you receive payments spread out over more than 1 year (periodic payments), within 1 year (nonperiodic payments), or as an eligible rollover distribution (ERD). Irs 2012 1040 tax form Income tax withholding from an ERD is mandatory. Irs 2012 1040 tax form More information. Irs 2012 1040 tax form   For more information on taxation of annuities and distributions (including ERDs) from qualified retirement plans, see chapter 10. Irs 2012 1040 tax form For information on IRAs, see chapter 17. Irs 2012 1040 tax form For more information on withholding on pensions and annuities, including a discussion of Form W-4P, see Pensions and Annuities in chapter 1 of Publication 505. Irs 2012 1040 tax form Gambling Winnings Income tax is withheld at a flat 25% rate from certain kinds of gambling winnings. Irs 2012 1040 tax form Gambling winnings of more than $5,000 from the following sources are subject to income tax withholding. Irs 2012 1040 tax form Any sweepstakes; wagering pool, including payments made to winners of poker tournaments; or lottery. Irs 2012 1040 tax form Any other wager, if the proceeds are at least 300 times the amount of the bet. Irs 2012 1040 tax form It does not matter whether your winnings are paid in cash, in property, or as an annuity. Irs 2012 1040 tax form Winnings not paid in cash are taken into account at their fair market value. Irs 2012 1040 tax form Exception. Irs 2012 1040 tax form   Gambling winnings from bingo, keno, and slot machines generally are not subject to income tax withholding. Irs 2012 1040 tax form However, you may need to provide the payer with a social security number to avoid withholding. Irs 2012 1040 tax form See Backup withholding on gambling winnings in chapter 1 of Publication 505. Irs 2012 1040 tax form If you receive gambling winnings not subject to withholding, you may need to pay estimated tax. Irs 2012 1040 tax form See Estimated Tax for 2014 , later. Irs 2012 1040 tax form 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. Irs 2012 1040 tax form See Underpayment Penalty for 2013 at the end of this chapter. Irs 2012 1040 tax form Form W-2G. Irs 2012 1040 tax form   If a payer withholds income tax from your gambling winnings, you should receive a Form W-2G, Certain Gambling Winnings, showing the amount you won and the amount withheld. Irs 2012 1040 tax form Report the tax withheld on line 62 of Form 1040. Irs 2012 1040 tax form Unemployment Compensation You can choose to have income tax withheld from unemployment compensation. Irs 2012 1040 tax form To make this choice, fill out Form W-4V (or a similar form provided by the payer) and give it to the payer. Irs 2012 1040 tax form All unemployment compensation is taxable. Irs 2012 1040 tax form So, if you do not have income tax withheld, you may have to pay estimated tax. Irs 2012 1040 tax form See Estimated Tax for 2014 , later. Irs 2012 1040 tax form 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. Irs 2012 1040 tax form For information, see Underpayment Penalty for 2013 at the end of this chapter. Irs 2012 1040 tax form Federal Payments You can choose to have income tax withheld from certain federal payments you receive. Irs 2012 1040 tax form These payments are: Social security benefits, Tier 1 railroad retirement benefits, Commodity credit corporation loans you choose to include in your gross income, Payments under the Agricultural Act of 1949 (7 U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form C. Irs 2012 1040 tax form 1421 et. Irs 2012 1040 tax form seq. Irs 2012 1040 tax form ), as amended, or title II of the Disaster Assistance Act of 1988, that are treated as insurance proceeds and that you receive because: Your crops were destroyed or damaged by drought, flood, or any other natural disaster, or You were unable to plant crops because of a natural disaster described in (a), and Any other payment under Federal law as determined by the Secretary. Irs 2012 1040 tax form To make this choice, fill out Form W-4V (or a similar form provided by the payer) and give it to the payer. Irs 2012 1040 tax form If you do not choose to have income tax withheld, you may have to pay estimated tax. Irs 2012 1040 tax form See Estimated Tax for 2014 , later. Irs 2012 1040 tax form 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. Irs 2012 1040 tax form For information, see Underpayment Penalty for 2013 at the end of this chapter. Irs 2012 1040 tax form More information. Irs 2012 1040 tax form   For more information about the tax treatment of social security and railroad retirement benefits, see chapter 11. Irs 2012 1040 tax form Get Publication 225, Farmer's Tax Guide, for information about the tax treatment of commodity credit corporation loans or crop disaster payments. Irs 2012 1040 tax form Backup Withholding Banks or other businesses that pay you certain kinds of income must file an information return (Form 1099) with the IRS. Irs 2012 1040 tax form The information return shows how much you were paid during the year. Irs 2012 1040 tax form It also includes your name and taxpayer identification number (TIN). Irs 2012 1040 tax form TINs are explained in chapter 1 under Social Security Number (SSN) . Irs 2012 1040 tax form These payments generally are not subject to withholding. Irs 2012 1040 tax form However, “backup” withholding is required in certain situations. Irs 2012 1040 tax form Backup withholding can apply to most kinds of payments that are reported on Form 1099. Irs 2012 1040 tax form The payer must withhold at a flat 28% rate in the following situations. Irs 2012 1040 tax form You do not give the payer your TIN in the required manner. Irs 2012 1040 tax form The IRS notifies the payer that the TIN you gave is incorrect. Irs 2012 1040 tax form You are required, but fail, to certify that you are not subject to backup withholding. Irs 2012 1040 tax form The IRS notifies the payer to start withholding on interest or dividends because you have underreported interest or dividends on your income tax return. Irs 2012 1040 tax form The IRS will do this only after it has mailed you four notices over at least a 210-day period. Irs 2012 1040 tax form See Backup Withholding in chapter 1 of Publication 505 for more information. Irs 2012 1040 tax form Penalties. Irs 2012 1040 tax form   There are civil and criminal penalties for giving false information to avoid backup withholding. Irs 2012 1040 tax form The civil penalty is $500. Irs 2012 1040 tax form The criminal penalty, upon conviction, is a fine of up to $1,000 or imprisonment of up to 1 year, or both. Irs 2012 1040 tax form Estimated Tax for 2014 Estimated tax is the method used to pay tax on income that is not subject to withholding. Irs 2012 1040 tax form This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes, and awards. Irs 2012 1040 tax form 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. Irs 2012 1040 tax form 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. Irs 2012 1040 tax form 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. Irs 2012 1040 tax form 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. Irs 2012 1040 tax form For information on when the penalty applies, see Underpayment Penalty for 2013 at the end of this chapter. Irs 2012 1040 tax form Who Does Not Have To Pay Estimated Tax If you receive salaries or wages, you can avoid having to pay estimated tax by asking your employer to take more tax out of your earnings. Irs 2012 1040 tax form To do this, give a new Form W-4 to your employer. Irs 2012 1040 tax form See chapter 1 of Publication 505. Irs 2012 1040 tax form Estimated tax not required. Irs 2012 1040 tax form   You do not have to pay estimated tax for 2014 if you meet all three of the following conditions. Irs 2012 1040 tax form You had no tax liability for 2013. Irs 2012 1040 tax form You were a U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form citizen or resident alien for the whole year. Irs 2012 1040 tax form Your 2013 tax year covered a 12-month period. Irs 2012 1040 tax form   You had no tax liability for 2013 if your total tax was zero or you did not have to file an income tax return. Irs 2012 1040 tax form For the definition of “total tax” for 2013, see Publication 505, chapter 2. Irs 2012 1040 tax form Who Must Pay Estimated Tax If you owe additional tax for 2013, you may have to pay estimated tax for 2014. Irs 2012 1040 tax form You can use the following general rule as a guide during the year to see if you will have enough withholding, or if you should increase your withholding or make estimated tax payments. Irs 2012 1040 tax form General rule. Irs 2012 1040 tax form   In most cases, you must pay estimated tax for 2014 if both of the following apply. Irs 2012 1040 tax form You expect to owe at least $1,000 in tax for 2014, after subtracting your withholding and refundable credits. Irs 2012 1040 tax form You expect your withholding plus your 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 (but see Special rules for farmers, fishermen, and higher income taxpayers, later). Irs 2012 1040 tax form Your 2013 tax return must cover all 12 months. Irs 2012 1040 tax form    If the result from using the general rule above suggests that you will not have enough withholding, complete the 2014 Estimated Tax Worksheet in Publication 505 for a more accurate calculation. Irs 2012 1040 tax form Special rules for farmers, fishermen, and higher income taxpayers. Irs 2012 1040 tax form   If at least two-thirds of your gross income for tax year 2013 or 2014 is from farming or fishing, substitute 662/3% for 90% in (2a) under the General rule, earlier. Irs 2012 1040 tax form 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. Irs 2012 1040 tax form See Figure 4-A and Publication 505, chapter 2 for more information. Irs 2012 1040 tax form Figure 4-A. Irs 2012 1040 tax form Do You Have To Pay Estimated Tax? Please click here for the text description of the image. Irs 2012 1040 tax form Figure 4-A Do You Have To Pay Estimated Tax? Aliens. Irs 2012 1040 tax form   Resident and nonresident aliens also may have to pay estimated tax. Irs 2012 1040 tax form Resident aliens should follow the rules in this chapter unless noted otherwise. Irs 2012 1040 tax form Nonresident aliens should get Form 1040-ES (NR), U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form Estimated Tax for Nonresident Alien Individuals. Irs 2012 1040 tax form   You are an alien if you are not a citizen or national of the United States. Irs 2012 1040 tax form You are a resident alien if you either have a green card or meet the substantial presence test. Irs 2012 1040 tax form For more information about the substantial presence test, see Publication 519, U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form Tax Guide for Aliens. Irs 2012 1040 tax form Married taxpayers. Irs 2012 1040 tax form   If you qualify to make joint estimated tax payments, apply the rules discussed here to your joint estimated income. Irs 2012 1040 tax form   You and your spouse can make joint estimated tax payments even if you are not living together. Irs 2012 1040 tax form   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, or Either spouse is a nonresident alien (unless that spouse elected to be treated as a resident alien for tax purposes (see chapter 1 of Publication 519)). Irs 2012 1040 tax form   If you do not qualify to make joint estimated tax payments, apply these rules to your separate estimated income. Irs 2012 1040 tax form Making joint or separate estimated tax payments will not affect your choice of filing a joint tax return or separate returns for 2014. Irs 2012 1040 tax form 2013 separate returns and 2014 joint return. Irs 2012 1040 tax form   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. Irs 2012 1040 tax form You filed a separate return if you filed as single, head of household, or married filing separately. Irs 2012 1040 tax form 2013 joint return and 2014 separate returns. Irs 2012 1040 tax form   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. Irs 2012 1040 tax form You file a separate return if you file as single, head of household, or married filing separately. Irs 2012 1040 tax form   To figure your share of the tax on the 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 as for 2014. Irs 2012 1040 tax form Then multiply the tax on the joint return by the following fraction. Irs 2012 1040 tax form     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. Irs 2012 1040 tax form Joe and Heather filed a joint return for 2013 showing taxable income of $48,500 and a tax of $6,386. Irs 2012 1040 tax form Of the $48,500 taxable income, $40,100 was Joe's and the rest was Heather's. Irs 2012 1040 tax form For 2014, they plan to file married filing separately. Irs 2012 1040 tax form Joe figures his share of the tax on the 2013 joint return as follows. Irs 2012 1040 tax form   Tax on $40,100 based on a separate return $5,960     Tax on $8,400 based on a separate return 843     Total $6,803     Joe's percentage of total ($5,960 ÷ $6,803) 87. Irs 2012 1040 tax form 6%     Joe's share of tax on joint return  ($6,386 × 87. Irs 2012 1040 tax form 6%) $5,594   How To Figure Estimated Tax To figure your estimated tax, you must figure your expected adjusted gross income (AGI), taxable income, taxes, deductions, and credits for the year. Irs 2012 1040 tax form When figuring your 2014 estimated tax, it may be helpful to use your income, deductions, and credits for 2013 as a starting point. Irs 2012 1040 tax form Use your 2013 federal tax return as a guide. Irs 2012 1040 tax form You can use Form 1040-ES and Publication 505 to figure your estimated tax. Irs 2012 1040 tax form Nonresident aliens use Form 1040-ES (NR) and Publication 505 to figure estimated tax (see chapter 8 of Publication 519 for more information). Irs 2012 1040 tax form You must make adjustments both for changes in your own situation and for recent changes in the tax law. Irs 2012 1040 tax form For a discussion of these changes, visit IRS. Irs 2012 1040 tax form gov. Irs 2012 1040 tax form For more complete information on how to figure your estimated tax for 2014, see chapter 2 of Publication 505. Irs 2012 1040 tax form When To Pay Estimated Tax For estimated tax purposes, the tax year is divided into four payment periods. Irs 2012 1040 tax form Each period has a specific payment due date. Irs 2012 1040 tax form If you do not pay enough tax by the due date of each payment period, you may be charged a penalty even if you are due a refund when you file your income tax return. Irs 2012 1040 tax form The payment periods and due dates for estimated tax payments are shown next. Irs 2012 1040 tax form   For the period: Due date:*     Jan. Irs 2012 1040 tax form 1 – March 31 April 15     April 1 – May 31 June 16     June 1 – August 31 Sept. Irs 2012 1040 tax form 15     Sept. Irs 2012 1040 tax form 1– Dec. Irs 2012 1040 tax form 31 Jan. Irs 2012 1040 tax form 15, next year     *See Saturday, Sunday, holiday rule and January payment . Irs 2012 1040 tax form Saturday, Sunday, holiday rule. Irs 2012 1040 tax form   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 legal holiday. Irs 2012 1040 tax form January payment. Irs 2012 1040 tax form   If you file your 2014 Form 1040 or Form 1040A by January 31, 2015, and pay the rest of the tax you owe, you do not need to make the payment due on January 15, 2015. Irs 2012 1040 tax form Fiscal year taxpayers. Irs 2012 1040 tax form   If your tax year does not start on January 1, see the Form 1040-ES instructions for your payment due dates. Irs 2012 1040 tax form When To Start You do not have to make estimated tax payments until you have income on which you will owe income tax. Irs 2012 1040 tax form 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. Irs 2012 1040 tax form You can pay all your estimated tax at that time, or you can pay it in installments. Irs 2012 1040 tax form If you choose to pay in installments, make your first payment by the due date for the first payment period. Irs 2012 1040 tax form Make your remaining installment payments by the due dates for the later periods. Irs 2012 1040 tax form No income subject to estimated tax during first period. Irs 2012 1040 tax form    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. Irs 2012 1040 tax form 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. Irs 2012 1040 tax form The following chart shows when to make installment payments. Irs 2012 1040 tax form 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. Irs 2012 1040 tax form 15 Jan. Irs 2012 1040 tax form 15 next year April 1–May 31 June 16 Sept. Irs 2012 1040 tax form 15 Jan. Irs 2012 1040 tax form 15 next year June 1–Aug. Irs 2012 1040 tax form 31 Sept. Irs 2012 1040 tax form 15 Jan. Irs 2012 1040 tax form 15 next year After Aug. Irs 2012 1040 tax form 31 Jan. Irs 2012 1040 tax form 15 next year (None) *See Saturday, Sunday, holiday rule and January payment . Irs 2012 1040 tax form How much to pay to avoid a penalty. Irs 2012 1040 tax form   To determine how much you should pay by each payment due date, see How To Figure Each Payment, next. Irs 2012 1040 tax form How To Figure Each Payment You should pay enough estimated tax by the due date of each payment period to avoid a penalty for that period. Irs 2012 1040 tax form You can figure your required payment for each period by using either the regular installment method or the annualized income installment method. Irs 2012 1040 tax form These methods are described in chapter 2 of Publication 505. Irs 2012 1040 tax form If you do not pay enough during each payment period, you may be charged a penalty even if you are due a refund when you file your tax return. Irs 2012 1040 tax form If the earlier discussion of No income subject to estimated tax during first period or the later discussion of Change in estimated tax applies to you, you may benefit from reading Annualized Income Installment Method in chapter 2 of Publication 505 for information on how to avoid a penalty. Irs 2012 1040 tax form Underpayment penalty. Irs 2012 1040 tax form   Under the regular installment method, if your estimated tax payment for any period is less than one-fourth of your estimated tax, you may be charged a penalty for underpayment of estimated tax for that period when you file your tax return. Irs 2012 1040 tax form Under the annualized income installment method, your estimated tax payments vary with your income, but the amount required must be paid each period. Irs 2012 1040 tax form See chapter 4 of Publication 505 for more information. Irs 2012 1040 tax form Change in estimated tax. Irs 2012 1040 tax form   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. Irs 2012 1040 tax form 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. Irs 2012 1040 tax form 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. Irs 2012 1040 tax form You also do not have to pay estimated tax if you will pay enough through withholding to keep the amount you owe with your return under $1,000. Irs 2012 1040 tax form How To Pay Estimated Tax There are several ways to pay estimated tax. Irs 2012 1040 tax form Credit an overpayment on your 2013 return to your 2014 estimated tax. Irs 2012 1040 tax form Pay by direct transfer from your bank account, or pay by credit or debit card using a pay-by-phone system or the Internet. Irs 2012 1040 tax form Send in your payment (check or money order) with a payment voucher from Form 1040-ES. Irs 2012 1040 tax form 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. Irs 2012 1040 tax form On line 75 of Form 1040, or line 44 of Form 1040A, enter the amount you want credited to your estimated tax rather than refunded. Irs 2012 1040 tax form Take the amount you have credited into account when figuring your estimated tax payments. Irs 2012 1040 tax form You cannot have any of the amount you credited to your estimated tax refunded to you until you file your tax return for the following year. Irs 2012 1040 tax form You also cannot use that overpayment in any other way. Irs 2012 1040 tax form Pay Online Paying online is convenient and secure and helps make sure we get your payments on time. Irs 2012 1040 tax form You can pay using either of the following electronic payment methods. Irs 2012 1040 tax form Direct transfer from your bank account. Irs 2012 1040 tax form Credit or debit card. Irs 2012 1040 tax form To pay your taxes online or for more information, go to www. Irs 2012 1040 tax form irs. Irs 2012 1040 tax form gov/e-pay. Irs 2012 1040 tax form Pay by Phone Paying by phone is another safe and secure method of paying electronically. Irs 2012 1040 tax form Use one of the following methods. Irs 2012 1040 tax form Direct transfer from your bank account. Irs 2012 1040 tax form Credit or debit card. Irs 2012 1040 tax form To pay by direct transfer from your bank account, call 1-800-555-4477 (English), 1-800-244-4829 (Espanol). Irs 2012 1040 tax form People who are deaf, hard of hearing, or have a speech disability and who have access to TTY/TDD can call 1-800-733-4829. Irs 2012 1040 tax form To pay using a credit or debit card, you can call one of the following service providers. Irs 2012 1040 tax form There is a convenience fee charged by these providers that varies by provider, card type, and payment amount. Irs 2012 1040 tax form WorldPay 1-888-9-PAY-TAXTM(1-888-972-9829) www. Irs 2012 1040 tax form payUSAtax. Irs 2012 1040 tax form com Official Payments Corporation 1-888-UPAY-TAXTM (1-888-872-9829) www. Irs 2012 1040 tax form officialpayments. Irs 2012 1040 tax form com Link2Gov Corporation 1-888-PAY-1040TM (1-888-729-1040) www. Irs 2012 1040 tax form PAY1040. Irs 2012 1040 tax form com For the latest details on how to pay by phone, go to www. Irs 2012 1040 tax form irs. Irs 2012 1040 tax form gov/e-pay. Irs 2012 1040 tax form 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. Irs 2012 1040 tax form During 2013, if you: made at least one estimated tax payment but not by electronic means, did not use software or a paid preparer to prepare or file your return,  then you should receive a copy of the 2014 Form 1040-ES/V. Irs 2012 1040 tax form The enclosed payment vouchers will be preprinted with your name, address, and social security number. Irs 2012 1040 tax form Using the preprinted vouchers will speed processing, reduce the chance of error, and help save processing costs. Irs 2012 1040 tax form Use the window envelopes that came with your Form 1040-ES package. Irs 2012 1040 tax form If you use your own envelopes, make sure you mail your payment vouchers to the address shown in the Form 1040-ES instructions for the place where you live. Irs 2012 1040 tax form Note. Irs 2012 1040 tax form These criteria can change without notice. Irs 2012 1040 tax form If you do not receive a Form 1040-ES/V package and you are required to make an estimated tax payment, you should go to www. Irs 2012 1040 tax form irs. Irs 2012 1040 tax form gov and print a copy of Form 1040-ES which includes four blank payment vouchers. Irs 2012 1040 tax form Complete one of these and make your payment timely to avoid penalties for paying late. Irs 2012 1040 tax form Do not use the address shown in the Form 1040 or Form 1040A instructions for your estimated tax payments. Irs 2012 1040 tax form If you did not pay estimated tax last year, you can order Form 1040-ES from the IRS (see inside back cover of this publication) or download it from IRS. Irs 2012 1040 tax form gov. Irs 2012 1040 tax form Follow the instructions to make sure you use the vouchers correctly. Irs 2012 1040 tax form Joint estimated tax payments. Irs 2012 1040 tax form   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. Irs 2012 1040 tax form Change of address. Irs 2012 1040 tax form   You must notify the IRS if you are making estimated tax payments and you changed your address during the year. Irs 2012 1040 tax form Complete Form 8822, Change of Address, and mail it to the address shown in the instructions for that form. Irs 2012 1040 tax form Credit for Withholding and Estimated Tax for 2013 When you file your 2013 income tax return, take credit for all the income tax and excess social security or railroad retirement tax withheld from your salary, wages, pensions, etc. Irs 2012 1040 tax form Also take credit for the estimated tax you paid for 2013. Irs 2012 1040 tax form These credits are subtracted from your total tax. Irs 2012 1040 tax form Because these credits are refundable, you should file a return and claim these credits, even if you do not owe tax. Irs 2012 1040 tax form Two or more employers. Irs 2012 1040 tax form   If you had two or more employers in 2013 and were paid wages of more than $113,700, too much social security or tier 1 railroad retirement tax may have been withheld from your pay. Irs 2012 1040 tax form You may be able to claim the excess as a credit against your income tax when you file your return. Irs 2012 1040 tax form See Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld in chapter 37. Irs 2012 1040 tax form Withholding If you had income tax withheld during 2013, you should be sent a statement by January 31, 2014, showing your income and the tax withheld. Irs 2012 1040 tax form Depending on the source of your income, you should receive: Form W-2, Wage and Tax Statement, Form W-2G, Certain Gambling Winnings, or A form in the 1099 series. Irs 2012 1040 tax form Forms W-2 and W-2G. Irs 2012 1040 tax form   If you file a paper return, always file Form W-2 with your income tax return. Irs 2012 1040 tax form File Form W-2G with your return only if it shows any federal income tax withheld from your winnings. Irs 2012 1040 tax form   You should get at least two copies of each form. Irs 2012 1040 tax form If you file a paper return, attach one copy to the front of your federal income tax return. Irs 2012 1040 tax form Keep one copy for your records. Irs 2012 1040 tax form You also should receive copies to file with your state and local returns. Irs 2012 1040 tax form Form W-2 Your employer is required to provide or send Form W-2 to you no later than January 31, 2014. Irs 2012 1040 tax form You should receive a separate Form W-2 from each employer you worked for. Irs 2012 1040 tax form If you stopped working before the end of 2013, your employer could have given you your Form W-2 at any time after you stopped working. Irs 2012 1040 tax form However, your employer must provide or send it to you by January 31, 2014. Irs 2012 1040 tax form If you ask for the form, your employer must send it to you within 30 days after receiving your written request or within 30 days after your final wage payment, whichever is later. Irs 2012 1040 tax form If you have not received your Form W-2 by January 31, you should ask your employer for it. Irs 2012 1040 tax form If you do not receive it by February 15, call the IRS. Irs 2012 1040 tax form Form W-2 shows your total pay and other compensation and the income tax, social security tax, and Medicare tax that was withheld during the year. Irs 2012 1040 tax form Include the federal income tax withheld (as shown in box 2 of Form W-2) on: Line 62 if you file Form 1040, Line 36 if you file Form 1040A, or Line 7 if you file Form 1040EZ. Irs 2012 1040 tax form In addition, Form W-2 is used to report any taxable sick pay you received and any income tax withheld from your sick pay. Irs 2012 1040 tax form Form W-2G If you had gambling winnings in 2013, the payer may have withheld income tax. Irs 2012 1040 tax form If tax was withheld, the payer will give you a Form W-2G showing the amount you won and the amount of tax withheld. Irs 2012 1040 tax form Report the amounts you won on line 21 of Form 1040. Irs 2012 1040 tax form Take credit for the tax withheld on line 62 of Form 1040. Irs 2012 1040 tax form If you had gambling winnings, you must use Form 1040; you cannot use Form 1040A or Form 1040EZ. Irs 2012 1040 tax form The 1099 Series Most forms in the 1099 series are not filed with your return. Irs 2012 1040 tax form These forms should be furnished to you by January 31, 2014 (or, for Forms 1099-B, 1099-S, and certain Forms 1099-MISC, by February 15, 2014). Irs 2012 1040 tax form Unless instructed to file any of these forms with your return, keep them for your records. Irs 2012 1040 tax form There are several different forms in this series, including: Form 1099-B, Proceeds From Broker and Barter Exchange Transactions; Form 1099-DIV, Dividends and Distributions; Form 1099-G, Certain Government Payments; Form 1099-INT, Interest Income; Form 1099-K, Payment Card and Third Party Network Transactions; Form 1099-MISC, Miscellaneous Income; Form 1099-OID, Original Issue Discount; Form 1099-PATR, Taxable Distributions Received from Cooperatives; Form 1099-Q, Payments From Qualified Education Programs; Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Irs 2012 1040 tax form ; Form 1099-S, Proceeds From Real Estate Transactions; Form RRB-1099, Payments by the Railroad Retirement Board. Irs 2012 1040 tax form If you received the types of income reported on some forms in the 1099 series, you may not be able to use Form 1040A or Form 1040EZ. Irs 2012 1040 tax form See the instructions to these forms for details. Irs 2012 1040 tax form Form 1099-R. Irs 2012 1040 tax form   Attach Form 1099-R to your paper return if box 4 shows federal income tax withheld. Irs 2012 1040 tax form Include the amount withheld in the total on line 62 of Form 1040 or line 36 of Form 1040A. Irs 2012 1040 tax form You cannot use Form 1040EZ if you received payments reported on Form 1099-R. Irs 2012 1040 tax form Backup withholding. Irs 2012 1040 tax form   If you were subject to backup withholding on income you received during 2013, include the amount withheld, as shown on your Form 1099, in the total on line 62 of Form 1040, line 36 of Form 1040A, or line 7 of Form 1040EZ. Irs 2012 1040 tax form Form Not Correct If you receive a form with incorrect information on it, you should ask the payer for a corrected form. Irs 2012 1040 tax form Call the telephone number or write to the address given for the payer on the form. Irs 2012 1040 tax form The corrected Form W-2G or Form 1099 you receive will have an “X” in the “CORRECTED” box at the top of the form. Irs 2012 1040 tax form A special form, Form W-2c, Corrected Wage and Tax Statement, is used to correct a Form W-2. Irs 2012 1040 tax form In certain situations, you will receive two forms in place of the original incorrect form. Irs 2012 1040 tax form This will happen when your taxpayer identification number is wrong or missing, your name and address are wrong, or you received the wrong type of form (for example, a Form 1099-DIV instead of a Form 1099-INT). Irs 2012 1040 tax form One new form you receive will be the same incorrect form or have the same incorrect information, but all money amounts will be zero. Irs 2012 1040 tax form This form will have an “X” in the “CORRECTED” box at the top of the form. Irs 2012 1040 tax form The second new form should have all the correct information, prepared as though it is the original (the “CORRECTED” box will not be checked). Irs 2012 1040 tax form Form Received After Filing If you file your return and you later receive a form for income that you did not include on your return, you should report the income and take credit for any income tax withheld by filing Form 1040X, Amended U. Irs 2012 1040 tax form S. Irs 2012 1040 tax form Individual Income Tax Return. Irs 2012 1040 tax form Separate Returns If you are married but file a separate return, you can take credit only for the tax withheld from your own income. Irs 2012 1040 tax form Do not include any amount withheld from your spouse's income. Irs 2012 1040 tax form However, different rules may apply if you live in a community property state. Irs 2012 1040 tax form Community property states are listed in chapter 2. Irs 2012 1040 tax form For more information on these rules, and some exceptions, see Publication 555, Community Property. Irs 2012 1040 tax form Fiscal Years If you file your tax return on the basis of a fiscal year (a 12-month period ending on the last day of any month except December), you must follow special rules to determine your credit for federal income tax withholding. Irs 2012 1040 tax form For a discussion of how to take credit for withholding on a fiscal year return, see Fiscal Years (FY) in chapter 3 of Publication 505. Irs 2012 1040 tax form Estimated Tax Take credit for all your estimated tax payments for 2013 on line 63 of Form 1040 or line 37 of Form 1040A. Irs 2012 1040 tax form Include any overpayment from 2012 that you had credited to your 2013 estimated tax. Irs 2012 1040 tax form You must use Form 1040 or Form 1040A if you paid estimated tax. Irs 2012 1040 tax form You cannot use Form 1040EZ. Irs 2012 1040 tax form Name changed. Irs 2012 1040 tax form   If you changed your name, and you made estimated tax payments using your old name, attach a brief statement to the front of your paper tax return indicating: When you made the payments, The amount of each payment, Your name when you made the payments, and Your social security number. Irs 2012 1040 tax form The statement should cover payments you made jointly with your spouse as well as any you made separately. Irs 2012 1040 tax form   Be sure to report the change to the Social Security Administration. Irs 2012 1040 tax form This prevents delays in processing your return and issuing any refunds. Irs 2012 1040 tax form Separate Returns If you and your spouse made separate estimated tax payments for 2013 and you file separate returns, you can take credit only for your own payments. Irs 2012 1040 tax form If you made joint estimated tax payments, you must decide how to divide the payments between your returns. Irs 2012 1040 tax form One of you can claim all of the estimated tax paid and the other none, or you can divide it in any other way you agree on. Irs 2012 1040 tax form If you cannot agree, you must divide the payments in proportion to each spouse's individual tax as shown on your separate returns for 2013. Irs 2012 1040 tax form Divorced Taxpayers If you made joint estimated tax payments for 2013, and you were divorced during the year, either you or your former spouse can claim all of the joint payments, or you each can claim part of them. Irs 2012 1040 tax form If you cannot agree on how to divide the payments, you must divide them in proportion to each spouse's individual tax as shown on your separate returns for 2013. Irs 2012 1040 tax form If you claim any of the joint payments on your tax return, enter your former spouse's social security number (SSN) in the space provided on the front of Form 1040 or Form 1040A. Irs 2012 1040 tax form If you divorced and remarried in 2013, enter your present spouse's SSN in that space and write your former spouse's SSN, followed by “DIV,” to the left of Form 1040, line 63, or Form 1040A, line 37. Irs 2012 1040 tax form Underpayment Penalty for 2013 If you did not pay enough tax, either through withholding or by making timely estimated tax payments, you will have an underpayment of estimated tax and you may have to pay a penalty. Irs 2012 1040 tax form Generally, you will not have to pay a penalty for 2013 if any of the following apply. Irs 2012 1040 tax form The total of your withholding and estimated tax payments was at least as much as your 2012 tax (or 110% of your 2012 tax if your AGI was more than $150,000, $75,000 if your 2013 filing status is married filing separately) and you paid all required estimated tax payments on time. Irs 2012 1040 tax form The tax balance due on your 2013 return is no more than 10% of your total 2013 tax, and you paid all required estimated tax payments on time. Irs 2012 1040 tax form Your total 2013 tax minus your withholding and refundable credits is less than $1,000. Irs 2012 1040 tax form You did not have a tax liability for 2012 and your 2012 tax year was 12 months, or You did not have any withholding taxes and your current year tax less any household employment taxes is less than $1,000. Irs 2012 1040 tax form See Publication 505, chapter 4, for a definition of “total tax” for 2012 and 2013. Irs 2012 1040 tax form Farmers and fishermen. Irs 2012 1040 tax form   Special rules apply if you are a farmer or fisherman. Irs 2012 1040 tax form See Farmers and Fishermen in chapter 4 of Publication 505 for more information. Irs 2012 1040 tax form IRS can figure the penalty for you. Irs 2012 1040 tax form   If you think you owe the penalty but you do not want to figure it yourself when you file your tax return, you may not have to. Irs 2012 1040 tax form Generally, the IRS will figure the penalty for you and send you a bill. Irs 2012 1040 tax form However, if you think you are able to lower or eliminate your penalty, you must complete Form 2210 or Form 2210-F and attach it to your paper return. Irs 2012 1040 tax form See chapter 4 of Publication 505. Irs 2012 1040 tax form Prev  Up  Next   Home   More Online Publications