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Turbotax Business Federal E File 2012 For Pc Download

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Turbotax Business Federal E File 2012 For Pc Download

Turbotax business federal e file 2012 for pc download 6. Turbotax business federal e file 2012 for pc download   Tip Income Table of Contents Introduction Useful Items - You may want to see: Keeping a Daily Tip RecordElectronic tip record. Turbotax business federal e file 2012 for pc download Reporting Tips to Your EmployerElectronic tip statement. Turbotax business federal e file 2012 for pc download Final report. Turbotax business federal e file 2012 for pc download Reporting Tips on Your Tax Return Allocated Tips Introduction This chapter is for employees who receive tips. Turbotax business federal e file 2012 for pc download All tips you receive are income and are subject to federal income tax. Turbotax business federal e file 2012 for pc download You must include in gross income all tips you receive directly, charged tips paid to you by your employer, and your share of any tips you receive under a tip-splitting or tip-pooling arrangement. Turbotax business federal e file 2012 for pc download The value of noncash tips, such as tickets, passes, or other items of value, is also income and subject to tax. Turbotax business federal e file 2012 for pc download Reporting your tip income correctly is not difficult. Turbotax business federal e file 2012 for pc download You must do three things. Turbotax business federal e file 2012 for pc download Keep a daily tip record. Turbotax business federal e file 2012 for pc download Report tips to your employer. Turbotax business federal e file 2012 for pc download Report all your tips on your income tax return. Turbotax business federal e file 2012 for pc download  This chapter will explain these three things and show you what to do on your tax return if you have not done the first two. Turbotax business federal e file 2012 for pc download This chapter will also show you how to treat allocated tips. Turbotax business federal e file 2012 for pc download For information on special tip programs and agreements, see Publication 531. Turbotax business federal e file 2012 for pc download Useful Items - You may want to see: Publication 531 Reporting Tip Income 1244 Employee's Daily Record of Tips and Report to Employer Form (and Instructions) 4137 Social Security and Medicare Tax on Unreported Tip Income 4070 Employee's Report of Tips to Employer Keeping a Daily Tip Record Why keep a daily tip record. Turbotax business federal e file 2012 for pc download   You must keep a daily tip record so you can: Report your tips accurately to your employer, Report your tips accurately on your tax return, and Prove your tip income if your return is ever questioned. Turbotax business federal e file 2012 for pc download How to keep a daily tip record. Turbotax business federal e file 2012 for pc download   There are two ways to keep a daily tip record. Turbotax business federal e file 2012 for pc download You can either: Write information about your tips in a tip diary, or Keep copies of documents that show your tips, such as restaurant bills and credit or debit card charge slips. Turbotax business federal e file 2012 for pc download You should keep your daily tip record with your tax or other personal records. Turbotax business federal e file 2012 for pc download You must keep your records for as long as they are important for administration of the federal tax law. Turbotax business federal e file 2012 for pc download For information on how long to keep records, see How long to keep records in chapter 1. Turbotax business federal e file 2012 for pc download    If you keep a tip diary, you can use Form 4070A, Employee's Daily Record of Tips. Turbotax business federal e file 2012 for pc download To get Form 4070A, ask the Internal Revenue Service (IRS) or your employer for Publication 1244. Turbotax business federal e file 2012 for pc download Also, Publication 1244 is available online at www. Turbotax business federal e file 2012 for pc download irs. Turbotax business federal e file 2012 for pc download gov/pub/irs-pdf/p1244. Turbotax business federal e file 2012 for pc download pdf. Turbotax business federal e file 2012 for pc download Publication 1244 includes a 1-year supply of Form 4070A. Turbotax business federal e file 2012 for pc download Each day, write in the information asked for on the form. Turbotax business federal e file 2012 for pc download   In addition to the information asked for on Form 4070A, you also need to keep a record of the date and value of any noncash tips you get, such as tickets, passes, or other items of value. Turbotax business federal e file 2012 for pc download Although you do not report these tips to your employer, you must report them on your tax return. Turbotax business federal e file 2012 for pc download   If you do not use Form 4070A, start your records by writing your name, your employer's name, and the name of the business (if it is different from your employer's name). Turbotax business federal e file 2012 for pc download Then, each workday, write the date and the following information. Turbotax business federal e file 2012 for pc download Cash tips you get directly from customers or from other employees. Turbotax business federal e file 2012 for pc download Tips from credit and debit card charge customers that your employer pays you. Turbotax business federal e file 2012 for pc download The value of any noncash tips you get, such as tickets, passes, or other items of value. Turbotax business federal e file 2012 for pc download The amount of tips you paid out to other employees through tip pools or tip splitting, or other arrangements, and the names of the employees to whom you paid the tips. Turbotax business federal e file 2012 for pc download Electronic tip record. Turbotax business federal e file 2012 for pc download   You can use an electronic system provided by your employer to record your daily tips. Turbotax business federal e file 2012 for pc download If you do, you must receive and keep a paper copy of this record. Turbotax business federal e file 2012 for pc download Service charges. Turbotax business federal e file 2012 for pc download    Do not write in your tip diary the amount of any service charge that your employer adds to a customer's bill and then pays to you and treats as wages. Turbotax business federal e file 2012 for pc download This is part of your wages, not a tip. Turbotax business federal e file 2012 for pc download See examples below. Turbotax business federal e file 2012 for pc download Example 1. Turbotax business federal e file 2012 for pc download Good Food Restaurant adds an 18% charge to the bill for parties of 6 or more customers. Turbotax business federal e file 2012 for pc download Jane’s bill for food and beverages for her party of 8 includes an amount on the tip line equal to 18% of the charges for food and beverages, and the total includes this amount. Turbotax business federal e file 2012 for pc download Because Jane did not have an unrestricted right to determine the amount on the “tip line,” the 18% charge is considered a service charge. Turbotax business federal e file 2012 for pc download Do not include the 18% charge in your tip diary. Turbotax business federal e file 2012 for pc download Service charges that are paid to you are considered wages, not tips. Turbotax business federal e file 2012 for pc download Example 2. Turbotax business federal e file 2012 for pc download Good Food Restaurant also includes sample calculations of tip amounts at the bottom of its bills for food and beverages provided to customers. Turbotax business federal e file 2012 for pc download David’s bill includes a blank “tip line,” with sample tip calculations of 15%, 18%, and 20% of his charges for food and beverages at the bottom of the bill beneath the signature line. Turbotax business federal e file 2012 for pc download Because David is free to enter any amount on the “tip line” or leave it blank, any amount he includes is considered a tip. Turbotax business federal e file 2012 for pc download Be sure to include this amount in your tip diary. Turbotax business federal e file 2012 for pc download Reporting Tips to Your Employer Why report tips to your employer. Turbotax business federal e file 2012 for pc download   You must report tips to your employer so that: Your employer can withhold federal income tax and social security, Medicare, Additional Medicare, or railroad retirement taxes, Your employer can report the correct amount of your earnings to the Social Security Administration or Railroad Retirement Board (which affects your benefits when you retire or if you become disabled, or your family's benefits if you die), and You can avoid the penalty for not reporting tips to your employer (explained later). Turbotax business federal e file 2012 for pc download What tips to report. Turbotax business federal e file 2012 for pc download   Report to your employer only cash, check, and debit and credit card tips you receive. Turbotax business federal e file 2012 for pc download   If your total tips for any 1 month from any one job are less than $20, do not report the tips for that month to that employer. Turbotax business federal e file 2012 for pc download   If you participate in a tip-splitting or tip-pooling arrangement, report only the tips you receive and retain. Turbotax business federal e file 2012 for pc download Do not report to your employer any portion of the tips you receive that you pass on to other employees. Turbotax business federal e file 2012 for pc download However, you must report tips you receive from other employees. Turbotax business federal e file 2012 for pc download    Do not report the value of any noncash tips, such as tickets or passes, to your employer. Turbotax business federal e file 2012 for pc download You do not pay social security, Medicare, Additional Medicare or railroad retirement taxes on these tips. Turbotax business federal e file 2012 for pc download How to report. Turbotax business federal e file 2012 for pc download    If your employer does not give you any other way to report tips, you can use Form 4070. Turbotax business federal e file 2012 for pc download Fill in the information asked for on the form, sign and date the form, and give it to your employer. Turbotax business federal e file 2012 for pc download To get a 1-year supply of the form, ask the IRS or your employer for Publication 1244. Turbotax business federal e file 2012 for pc download   If you do not use Form 4070, give your employer a statement with the following information. Turbotax business federal e file 2012 for pc download Your name, address, and social security number. Turbotax business federal e file 2012 for pc download Your employer's name, address, and business name (if it is different from your employer's name). Turbotax business federal e file 2012 for pc download The month (or the dates of any shorter period) in which you received tips. Turbotax business federal e file 2012 for pc download The total tips required to be reported for that period. Turbotax business federal e file 2012 for pc download You must sign and date the statement. Turbotax business federal e file 2012 for pc download Be sure to keep a copy with your tax or other personal records. Turbotax business federal e file 2012 for pc download   Your employer may require you to report your tips more than once a month. Turbotax business federal e file 2012 for pc download However, the statement cannot cover a period of more than 1 calendar month. Turbotax business federal e file 2012 for pc download Electronic tip statement. Turbotax business federal e file 2012 for pc download   Your employer can have you furnish your tip statements electronically. Turbotax business federal e file 2012 for pc download When to report. Turbotax business federal e file 2012 for pc download   Give your report for each month to your employer by the 10th of the next month. Turbotax business federal e file 2012 for pc download If the 10th falls on a Saturday, Sunday, or legal holiday, give your employer the report by the next day that is not a Saturday, Sunday, or legal holiday. Turbotax business federal e file 2012 for pc download Example. Turbotax business federal e file 2012 for pc download You must report your tips received in September 2014 by October 10, 2014. Turbotax business federal e file 2012 for pc download Final report. Turbotax business federal e file 2012 for pc download   If your employment ends during the month, you can report your tips when your employment ends. Turbotax business federal e file 2012 for pc download Penalty for not reporting tips. Turbotax business federal e file 2012 for pc download   If you do not report tips to your employer as required, you may be subject to a penalty equal to 50% of the social security, Medicare, and Additional Medicare taxes or railroad retirement tax you owe on the unreported tips. Turbotax business federal e file 2012 for pc download (For information about these taxes, see Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer under Reporting Tips on Your Tax Return, later. Turbotax business federal e file 2012 for pc download ) The penalty amount is in addition to the taxes you owe. Turbotax business federal e file 2012 for pc download   You can avoid this penalty if you can show reasonable cause for not reporting the tips to your employer. Turbotax business federal e file 2012 for pc download To do so, attach a statement to your return explaining why you did not report them. Turbotax business federal e file 2012 for pc download Giving your employer money for taxes. Turbotax business federal e file 2012 for pc download   Your regular pay may not be enough for your employer to withhold all the taxes you owe on your regular pay plus your reported tips. Turbotax business federal e file 2012 for pc download If this happens, you can give your employer money until the close of the calendar year to pay the rest of the taxes. Turbotax business federal e file 2012 for pc download   If you do not give your employer enough money, your employer will apply your regular pay and any money you give in the following order. Turbotax business federal e file 2012 for pc download All taxes on your regular pay. Turbotax business federal e file 2012 for pc download Social security, Medicare, and Additional Medicare taxes or railroad retirement taxes on your reported tips. Turbotax business federal e file 2012 for pc download Federal, state, and local income taxes on your reported tips. Turbotax business federal e file 2012 for pc download    Any taxes that remain unpaid can be collected by your employer from your next paycheck. Turbotax business federal e file 2012 for pc download If withholding taxes remain uncollected at the end of the year, you may be subject to a penalty for underpayment of estimated taxes. Turbotax business federal e file 2012 for pc download See Publication 505, Tax Withholding and Estimated Tax, for more information. Turbotax business federal e file 2012 for pc download    Uncollected taxes. Turbotax business federal e file 2012 for pc download You must report on your tax return any social security and Medicare taxes or railroad retirement tax that remained uncollected at the end of 2013. Turbotax business federal e file 2012 for pc download These uncollected taxes will be shown on your 2013 Form W-2. Turbotax business federal e file 2012 for pc download See Reporting uncollected social security, Medicare, or railroad retirement taxes on tips reported to your employer under Reporting Tips on Your Tax Return, later. Turbotax business federal e file 2012 for pc download Reporting Tips on Your Tax Return How to report tips. Turbotax business federal e file 2012 for pc download    Report your tips with your wages on Form 1040, line 7; Form 1040A, line 7; or Form 1040EZ, line 1. Turbotax business federal e file 2012 for pc download What tips to report. Turbotax business federal e file 2012 for pc download   You must report all tips you received in 2013 on your tax return, including both cash tips and noncash tips. Turbotax business federal e file 2012 for pc download Any tips you reported to your employer for 2013 are included in the wages shown in box 1 of your Form W-2. Turbotax business federal e file 2012 for pc download Add to the amount in box 1 only the tips you did not report to your employer. Turbotax business federal e file 2012 for pc download    If you received $20 or more in cash and charge tips in a month and did not report all of those tips to your employer, see Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer, later. Turbotax business federal e file 2012 for pc download    If you did not keep a daily tip record as required and an amount is shown in box 8 of your Form W-2, see Allocated Tips, later. Turbotax business federal e file 2012 for pc download   If you kept a daily tip record and reported tips to your employer as required under the rules explained earlier, add the following tips to the amount in box 1 of your Form W-2. Turbotax business federal e file 2012 for pc download Cash and charge tips you received that totaled less than $20 for any month. Turbotax business federal e file 2012 for pc download The value of noncash tips, such as tickets, passes, or other items of value. Turbotax business federal e file 2012 for pc download Example. Turbotax business federal e file 2012 for pc download Ben Smith began working at the Blue Ocean Restaurant (his only employer in 2013) on June 30 and received $10,000 in wages during the year. Turbotax business federal e file 2012 for pc download Ben kept a daily tip record showing that his tips for June were $18 and his tips for the rest of the year totaled $7,000. Turbotax business federal e file 2012 for pc download He was not required to report his June tips to his employer, but he reported all of the rest of his tips to his employer as required. Turbotax business federal e file 2012 for pc download Ben's Form W-2 from Blue Ocean Restaurant shows $17,000 ($10,000 wages plus $7,000 reported tips) in box 1. Turbotax business federal e file 2012 for pc download He adds the $18 unreported tips to that amount and reports $17,018 as wages on his tax return. Turbotax business federal e file 2012 for pc download Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer. Turbotax business federal e file 2012 for pc download    If you received $20 or more in cash and charge tips in a month from any one job and did not report all of those tips to your employer, you must report the social security, Medicare, and Additional Medicare taxes on the unreported tips as additional tax on your return. Turbotax business federal e file 2012 for pc download To report these taxes, you must file a return even if you would not otherwise have to file. Turbotax business federal e file 2012 for pc download You must use Form 1040. Turbotax business federal e file 2012 for pc download (You cannot file Form 1040EZ or Form 1040A. Turbotax business federal e file 2012 for pc download )    Use Form 4137 to figure social security and Medicare taxes. Turbotax business federal e file 2012 for pc download Enter the tax on your return as instructed, and attach the completed Form 4137 to your return. Turbotax business federal e file 2012 for pc download Use Form 8959 to figure Additional Medicare Tax. Turbotax business federal e file 2012 for pc download    If you are subject to the Railroad Retirement Tax Act, you cannot use Form 4137 to pay railroad retirement tax on unreported tips. Turbotax business federal e file 2012 for pc download To get railroad retirement credit, you must report tips to your employer. Turbotax business federal e file 2012 for pc download Reporting uncollected social security, Medicare, or railroad retirement taxes on tips reported to your employer. Turbotax business federal e file 2012 for pc download   You may have uncollected taxes if your regular pay was not enough for your employer to withhold all the taxes you owe and you did not give your employer enough money to pay the rest of the taxes. Turbotax business federal e file 2012 for pc download For more information, see Giving your employer money for taxes , under Reporting Tips to Your Employer, earlier. Turbotax business federal e file 2012 for pc download   If your employer could not collect all the social security and Medicare taxes or railroad retirement tax you owe on tips reported for 2013, the uncollected taxes will be shown in box 12 of your Form W-2 (codes A and B). Turbotax business federal e file 2012 for pc download You must report these amounts as additional tax on your return. Turbotax business federal e file 2012 for pc download Unlike the uncollected portion of the regular (1. Turbotax business federal e file 2012 for pc download 45%) Medicare tax, the uncollected Additional Medicare Tax is not reported in box 12 of Form W-2 with code B. Turbotax business federal e file 2012 for pc download    To report these uncollected taxes, you must file a return even if you would not otherwise have to file. Turbotax business federal e file 2012 for pc download You must report these taxes on Form 1040, line 60. Turbotax business federal e file 2012 for pc download See the instructions for Form 1040, line 60. Turbotax business federal e file 2012 for pc download (You cannot file Form 1040EZ or Form 1040A. Turbotax business federal e file 2012 for pc download ) Allocated Tips If your employer allocated tips to you, they are shown separately in box 8 of your Form W-2. Turbotax business federal e file 2012 for pc download They are not included in box 1 with your wages and reported tips. Turbotax business federal e file 2012 for pc download If box 8 is blank, this discussion does not apply to you. Turbotax business federal e file 2012 for pc download What are allocated tips. Turbotax business federal e file 2012 for pc download   These are tips that your employer assigned to you in addition to the tips you reported to your employer for the year. Turbotax business federal e file 2012 for pc download Your employer will have done this only if: You worked in an establishment (restaurant, cocktail lounge, or similar business) that must allocate tips to employees, and The tips you reported to your employer were less than your share of 8% of food and drink sales. Turbotax business federal e file 2012 for pc download No income, social security, Medicare, Additional Medicare or railroad retirement taxes are withheld on allocated tips. Turbotax business federal e file 2012 for pc download How were your allocated tips figured. Turbotax business federal e file 2012 for pc download   The tips allocated to you are your share of an amount figured by subtracting the reported tips of all employees from 8% (or an approved lower rate) of food and drink sales (other than carryout sales and sales with a service charge of 10% or more). Turbotax business federal e file 2012 for pc download Your share of that amount was figured using either a method provided by an employer-employee agreement or a method provided by IRS regulations based on employees' sales or hours worked. Turbotax business federal e file 2012 for pc download For information about the exact allocation method used, ask your employer. Turbotax business federal e file 2012 for pc download Must you report your allocated tips on your tax return. Turbotax business federal e file 2012 for pc download   You must report all tips you received in 2013 on your tax return, including both cash tips and noncash tips. Turbotax business federal e file 2012 for pc download Any tips you reported to your employer for 2013 are included in the wages shown in box 1 of your Form W-2. Turbotax business federal e file 2012 for pc download Add to the amount in box 1 only the tips you did not report to your employer. Turbotax business federal e file 2012 for pc download This should include any allocated tips shown in box 8 on your Form(s) W-2, unless you have adequate records to show that you received less tips in the year than the allocated figures. Turbotax business federal e file 2012 for pc download   See What tips to report under Reporting Tips on Your Tax Return, and Keeping a Daily Tip Record , earlier. Turbotax business federal e file 2012 for pc download How to report allocated tips. Turbotax business federal e file 2012 for pc download   Report the amount in box 1 and the allocated tips in box 8 of your Form(s) W-2 as wages on Form 1040, line 7; Form 1040NR, line 8; or Form 1040NR-EZ, line 3. Turbotax business federal e file 2012 for pc download (You cannot file Form 1040A or Form 1040EZ when you have allocated tips. Turbotax business federal e file 2012 for pc download )    Because social security, Medicare, and Additional Medicare taxes were not withheld from the allocated tips, you must report those taxes as additional tax on your return. Turbotax business federal e file 2012 for pc download Complete Form 4137, and include the allocated tips on line 1 of the form. Turbotax business federal e file 2012 for pc download See Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer under Reporting Tips on Your Tax Return, earlier. Turbotax business federal e file 2012 for pc download Prev  Up  Next   Home   More Online Publications
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Online Payment Agreement Application

You can avoid unnecessary penalties and interest by paying your taxes in full and on time. This application will allow you or your authorized representative (Power of Attorney) to apply for an installment agreement if you cannot pay your taxes in full. Learn more about the Online Payment Agreement Application.

 

   

Determine your eligibility...

 

Individuals:
You owe $50,000 or less in combined
tax, penalties and interest, and filed all required returns.

 

Businesses:
You owe $25,000 or less in combined
tax, penalties and interest, and filed all required returns.

 

Gather your information...

 

Have your most recent notice or letter available, if you received one.

 

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Be ready to provide the highest amount you can pay, and when you can pay it.

 

Individuals:

  • Your SSN (& secondary SSN if filed joint) or Individual Tax ID number
  • Date of birth
  • Personal Identification Number (if you don’t have one, you can create one in this application).

 

Businesses:

  • Your EIN
  • Date business established (MM/YYYY)
  • Business address.
 

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Page Last Reviewed or Updated: 31-Mar-2014

The Turbotax Business Federal E File 2012 For Pc Download

Turbotax business federal e file 2012 for pc download Publication 598 - Additional Material Prev  Up  Next   Home   More Online Publications