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Tax Form 1040x Amended Return

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Tax Form 1040x Amended Return

Tax form 1040x amended return Publication 531 - Additional Material Prev  Up  Next   Home   More Online Publications
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Dealer Versus Private Party Car Purchases

In general, buying from a dealer is a safer option because you are dealing with an institution, which means you are better protected by law. The Federal Trade Commission requires dealers to post a Buyer's Guide in the window of each used car or truck on their lot. This Guide specifies whether the vehicle is being sold "as is" or with a warranty, and what percentage of repair costs a dealer will pay under the warranty. Keep in mind that private sellers generally have less responsibility than dealers for defects or other problems. FTC rules do not apply to private-party sales.

When you buy from a dealer, you have the option of paying up-front or financing the car.

Expect to pay higher prices at a dealer than if you buy from an individual. Many dealers inspect their cars and provide an inspection report with each car. However, this is no substitute for your own inspection. Some dealers provide limited warranties, and most sell extended warranties. Watch out for dealer warranties that are "powertrain" warranties only, and not "bumper-to-bumper" full-coverage warranties. It's best to compare warranties from multiple sources.

Some dealers provide "certified" cars. This generally means that the cars have had a more thorough inspection and come with a limited warranty. Prices for certified cars are generally higher. Be sure to get a list of what was inspected and what is covered under the warranty.

There might be less pressure purchasing a car from a private seller, but there are risks. The car could be stolen, damaged or still under a finance agreement. If a private seller lies to you about the condition of the vehicle, you may sue the individual if you have evidence and you can find him. An individual is very unlikely to give a written warranty.

You may be able to negotiate a lower price with an owner than with a dealership.

If you buy a car from someone you know and trust you are more likely to get full disclosure about any defects.

The Tax Form 1040x Amended Return

Tax form 1040x amended return 15. Tax form 1040x amended return   Estimated Tax Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Special Estimated Tax Rules for Qualified FarmersQualified Farmer Special Rules for Qualified Farmers Estimated Tax Penalty for 2013 What's New Net Investment Income Tax. Tax form 1040x amended return . Tax form 1040x amended return  For tax years beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Tax form 1040x amended return NIIT is a 3. Tax form 1040x amended return 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Tax form 1040x amended return NIIT may need to be included when calculating your estimated tax. Tax form 1040x amended return For more information, see Publication 505,Tax Withholding and Estimated Tax. Tax form 1040x amended return Additional Medicare Tax. Tax form 1040x amended return  For tax years beginning in 2013, a 0. Tax form 1040x amended return 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income over a threshold amount based on your filing status. Tax form 1040x amended return You may need to include this amount when figuring your estimated tax. Tax form 1040x amended return For more information, see Publication 505. Tax form 1040x amended return Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. Tax form 1040x amended return See Publication 505 for the general rules and requirements for paying estimated tax. Tax form 1040x amended return If you are a qualified farmer, defined below, you are subject to the special rules covered in this chapter for paying estimated tax. Tax form 1040x amended return Topics - This chapter discusses: Special estimated tax rules for qualified farmers Estimated tax penalty Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Tax form 1040x amended return S. Tax form 1040x amended return Individual Income Tax Return 1040-ES Estimated Tax for Individuals 2210-F Underpayment of Estimated Tax by Farmers and Fishermen See chapter 16 for information about getting publications and forms. Tax form 1040x amended return Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. Tax form 1040x amended return If you are not a qualified farmer as defined next, see Publication 505 for the estimated tax rules that apply. Tax form 1040x amended return Qualified Farmer An individual is a qualified farmer for 2013 if at least two-thirds of his or her gross income from all sources for 2012 or 2013 was from farming. Tax form 1040x amended return See Gross Income , next, for information on how to figure your gross income from all sources and see Gross Income From Farming , later, for information on how to figure your gross income from farming. Tax form 1040x amended return See also Percentage From Farming , later, for information on how to determine the percentage of your gross income from farming. Tax form 1040x amended return Gross Income Gross income is all income you receive in the form of money, goods, property, and services that is not exempt from income tax. Tax form 1040x amended return On a joint return, you must add your spouse's gross income to your gross income. Tax form 1040x amended return To decide whether two-thirds of your gross income was from farming, use as your gross income the total of the following income (not loss) amounts from your tax return. Tax form 1040x amended return Wages, salaries, tips, etc. Tax form 1040x amended return Taxable interest. Tax form 1040x amended return Ordinary dividends. Tax form 1040x amended return Taxable refunds, credits, or offsets of state and local income taxes. Tax form 1040x amended return Alimony. Tax form 1040x amended return Gross business income from Schedule C (Form 1040). Tax form 1040x amended return Gross business receipts from Schedule C-EZ (Form 1040). Tax form 1040x amended return Capital gains from Schedule D (Form 1040). Tax form 1040x amended return Losses are not netted against gains. Tax form 1040x amended return Gains on sales of business property. Tax form 1040x amended return Taxable IRA distributions, pensions, annuities, and social security benefits. Tax form 1040x amended return Gross rental income from Schedule E (Form 1040). Tax form 1040x amended return Gross royalty income from Schedule E (Form 1040). Tax form 1040x amended return Taxable net income from an estate or trust reported on Schedule E (Form 1040). Tax form 1040x amended return Income from a Real Estate Mortgage Investment Conduit reported on Schedule E (Form 1040). Tax form 1040x amended return Gross farm rental income from Form 4835. Tax form 1040x amended return Gross farm income from Schedule F (Form 1040). Tax form 1040x amended return Your distributive share of gross income from a partnership, or limited liability company treated as a partnership, from Schedule K-1 (Form 1065). Tax form 1040x amended return Your pro rata share of gross income from an S corporation, from Schedule K-1 (Form 1120S). Tax form 1040x amended return Unemployment compensation. Tax form 1040x amended return Other income not included with any of the items listed above. Tax form 1040x amended return Gross Income From Farming Gross income from farming is income from cultivating the soil or raising agricultural commodities. Tax form 1040x amended return It includes the following amounts. Tax form 1040x amended return Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Tax form 1040x amended return Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Tax form 1040x amended return Crop shares for the use of your land. Tax form 1040x amended return Gains from sales of draft, breeding, dairy, or sporting livestock. Tax form 1040x amended return Gross income from farming is the total of the following amounts from your tax return. Tax form 1040x amended return Gross farm income from Schedule F (Form 1040). Tax form 1040x amended return Gross farm rental income from Form 4835. Tax form 1040x amended return Gross farm income from Schedule E (Form 1040), Parts II and III. Tax form 1040x amended return Gains from the sale of livestock used for draft, breeding, sport, or dairy purposes reported on Form 4797. Tax form 1040x amended return For more information about income from farming, see chapter 3. Tax form 1040x amended return Farm income does not include any of the following: Wages you receive as a farm employee. Tax form 1040x amended return Income you receive from contract grain harvesting and hauling with workers and machines you furnish. Tax form 1040x amended return Gains you receive from the sale of farm land and depreciable farm equipment. Tax form 1040x amended return Percentage From Farming Figure your gross income from all sources, discussed earlier. Tax form 1040x amended return Then figure your gross income from farming, discussed earlier. Tax form 1040x amended return Divide your farm gross income by your total gross income to determine the percentage of gross income from farming. Tax form 1040x amended return Example 1. Tax form 1040x amended return Jane Smith had the following total gross income and farm gross income amounts in 2013. Tax form 1040x amended return Gross Income   Total Farm Taxable interest $3,000   Dividends 500   Rental income (Sch E) 41,500   Farm income (Sch F) 75,000 $75,000 Gain (Form 4797) 5,000 5,000 Total $125,000 $80,000 Schedule D showed gain from the sale of dairy cows carried over from Form 4797 ($5,000) in addition to a loss from the sale of corporate stock ($2,000). Tax form 1040x amended return However, that loss is not netted against the gain to figure Ms. Tax form 1040x amended return Smith's total gross income or her gross farm income. Tax form 1040x amended return Her gross farm income is 64% of her total gross income ($80,000 ÷ $125,000 = 0. Tax form 1040x amended return 64). Tax form 1040x amended return Special Rules for Qualified Farmers The following special estimated tax rules apply if you are a qualified farmer for 2013. Tax form 1040x amended return You do not have to pay estimated tax if you file your 2013 tax return and pay all the tax due by March 3, 2014. Tax form 1040x amended return You do not have to pay estimated tax if your 2013 income tax withholding (including any amount applied to your 2013 estimated tax from your 2012 return) will be at least 662/3% (. Tax form 1040x amended return 6667) of the total tax shown on your 2013 tax return or 100% of the total tax shown on your 2012 return. Tax form 1040x amended return If you must pay estimated tax, you are required to make only one estimated tax payment (your required annual payment) by January 15, 2014, using special rules to figure the amount of the payment. Tax form 1040x amended return See Required Annual Payment , next, for details. Tax form 1040x amended return Figure 15-1 presents an overview of the special estimated tax rules that apply to qualified farmers. Tax form 1040x amended return Example 2. Tax form 1040x amended return Assume the same fact as in Example 1. Tax form 1040x amended return Ms. Tax form 1040x amended return Smith's gross farm income is only 64% of her total income. Tax form 1040x amended return Therefore, based on her 2013 income, she does not qualify to use the special estimated tax rules for qualified farmers. Tax form 1040x amended return However, she does qualify if at least two-thirds of her 2012 gross income was from farming. Tax form 1040x amended return Example 3. Tax form 1040x amended return Assume the same facts as in Example 1 except that Ms. Tax form 1040x amended return Smith's farm income from Schedule F was $90,000 instead of $75,000. Tax form 1040x amended return This made her total gross income $140,000 ($3,000 + $500 + $41,500 + $90,000 + $5,000) and her farm gross income $95,000 ($90,000 + $5,000). Tax form 1040x amended return She qualifies to use the special estimated tax rules for qualified farmers, since 67. Tax form 1040x amended return 9% (at least two-thirds) of her gross income is from farming ($95,000 ÷ $140,000 = . Tax form 1040x amended return 679). Tax form 1040x amended return Required Annual Payment If you are a qualified farmer and must pay estimated tax for 2013, use the worksheet on Form 1040-ES to figure the amount of your required annual payment. Tax form 1040x amended return Apply the following special rules for qualified farmers to the worksheet. Tax form 1040x amended return On line 14a, multiply line 13c by 662/3% (. Tax form 1040x amended return 6667). Tax form 1040x amended return On line 14b, enter 100% of the tax shown on your 2012 tax return regardless of the amount of your adjusted gross income. Tax form 1040x amended return For this purpose, the “tax shown on your 2012 tax return” is the amount on line 61 of your 2012 return modified by certain adjustments. Tax form 1040x amended return For more information, see chapter 4 of Publication 505. Tax form 1040x amended return Estimated Tax Penalty for 2013 If you do not pay all your required estimated tax for 2013 by January 15, 2014, or file your 2013 return and pay any tax due by March 3, 2014, you may owe a penalty. Tax form 1040x amended return Use Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to determine if you owe a penalty. Tax form 1040x amended return See the instructions for Form 2210-F. Tax form 1040x amended return Figure 15-1. Tax form 1040x amended return Estimated Tax for Farmers Please click here for the text description of the image. Tax form 1040x amended return Figure 2–A If you receive a penalty notice, do not ignore it, even if you think it is in error. Tax form 1040x amended return You may get a penalty notice even though you filed your return on time, attached Form 2210-F, and met the gross-income-from-farming requirement. Tax form 1040x amended return If you receive a penalty notice for underpaying estimated tax and you think it is in error, write to the address on the notice and explain why you think the notice is in error. Tax form 1040x amended return Include a computation similar to the one in Example 1 (earlier), showing that you met the gross income from farming requirement. Tax form 1040x amended return Prev  Up  Next   Home   More Online Publications