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Tax Return 2012 Form

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Tax Return 2012 Form

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

Tax return 2012 form Publication 524 - Additional Material Prev  Up  Next   Home   More Online Publications