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1040ez Tax Forms And Instructions

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1040ez Tax Forms And Instructions

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

1040ez tax forms and instructions Publication 529 - Main Content Table of Contents Deductions Subject to the 2% LimitUnreimbursed Employee Expenses Tax Preparation Fees Other Expenses Deductions Not Subject to the 2% LimitList of Deductions Nondeductible ExpensesList of Nondeductible Expenses How To ReportWho can use Form 2106-EZ. 1040ez tax forms and instructions Computer used in a home office. 1040ez tax forms and instructions Example How To Get Tax HelpLow Income Taxpayer Clinics Deductions Subject to the 2% Limit You can deduct certain expenses as miscellaneous itemized deductions on Schedule A (Form 1040 or Form 1040NR). 1040ez tax forms and instructions You can claim the amount of expenses that is more than 2% of your adjusted gross income. 1040ez tax forms and instructions You figure your deduction on Schedule A by subtracting 2% of your adjusted gross income from the total amount of these expenses. 1040ez tax forms and instructions Your adjusted gross income is the amount on Form 1040, line 38, or Form 1040NR, line 37. 1040ez tax forms and instructions Generally, you apply the 2% limit after you apply any other deduction limit. 1040ez tax forms and instructions For example, you apply the 50% (or 80%) limit on business-related meals and entertainment (discussed later under Travel, Transportation, Meals, Entertainment, Gifts, and Local Lodging ) before you apply the 2% limit. 1040ez tax forms and instructions Deductions subject to the 2% limit are discussed in the following three categories. 1040ez tax forms and instructions Unreimbursed employee expenses (Schedule A (Form 1040), line 21 or Schedule A (Form 1040NR), line 7). 1040ez tax forms and instructions Tax preparation fees (Schedule A (Form 1040), line 22 or Schedule A (Form 1040NR), line 8). 1040ez tax forms and instructions Other expenses (Schedule A (Form 1040), line 23 or Schedule A (Form 1040NR), line 9). 1040ez tax forms and instructions Unreimbursed Employee Expenses Generally, the following expenses are deducted on Schedule A (Form 1040), line 21, or Schedule A (Form 1040NR), line 7. 1040ez tax forms and instructions You can deduct only unreimbursed employee expenses that are: Paid or incurred during your tax year, For carrying on your trade or business of being an employee, and Ordinary and necessary. 1040ez tax forms and instructions An expense is ordinary if it is common and accepted in your trade, business, or profession. 1040ez tax forms and instructions An expense is necessary if it is appropriate and helpful to your business. 1040ez tax forms and instructions An expense does not have to be required to be considered necessary. 1040ez tax forms and instructions You may be able to deduct the following items as unreimbursed employee expenses. 1040ez tax forms and instructions Business bad debt of an employee. 1040ez tax forms and instructions Business liability insurance premiums. 1040ez tax forms and instructions Damages paid to a former employer for breach of an employment contract. 1040ez tax forms and instructions Depreciation on a computer your employer requires you to use in your work. 1040ez tax forms and instructions Dues to a chamber of commerce if membership helps you do your job. 1040ez tax forms and instructions Dues to professional societies. 1040ez tax forms and instructions Educator expenses. 1040ez tax forms and instructions Home office or part of your home used regularly and exclusively in your work. 1040ez tax forms and instructions Job search expenses in your present occupation. 1040ez tax forms and instructions Laboratory breakage fees. 1040ez tax forms and instructions Legal fees related to your job. 1040ez tax forms and instructions Licenses and regulatory fees. 1040ez tax forms and instructions Malpractice insurance premiums. 1040ez tax forms and instructions Medical examinations required by an employer. 1040ez tax forms and instructions Occupational taxes. 1040ez tax forms and instructions Passport for a business trip. 1040ez tax forms and instructions Repayment of an income aid payment received under an employer's plan. 1040ez tax forms and instructions Research expenses of a college professor. 1040ez tax forms and instructions Rural mail carriers' vehicle expenses. 1040ez tax forms and instructions Subscriptions to professional journals and trade magazines related to your work. 1040ez tax forms and instructions Tools and supplies used in your work. 1040ez tax forms and instructions Travel, transportation, meals, entertainment, gifts, and local lodging related to your work. 1040ez tax forms and instructions Union dues and expenses. 1040ez tax forms and instructions Work clothes and uniforms if required and not suitable for everyday use. 1040ez tax forms and instructions Work-related education. 1040ez tax forms and instructions Business Bad Debt A business bad debt is a loss from a debt created or acquired in your trade or business. 1040ez tax forms and instructions Any other worthless debt is a business bad debt only if there is a very close relationship between the debt and your trade or business when the debt becomes worthless. 1040ez tax forms and instructions A debt has a very close relationship to your trade or business of being an employee if your main motive for incurring the debt is a business reason. 1040ez tax forms and instructions Example. 1040ez tax forms and instructions You make a bona fide loan to the corporation you work for. 1040ez tax forms and instructions It fails to pay you back. 1040ez tax forms and instructions You had to make the loan in order to keep your job. 1040ez tax forms and instructions You have a business bad debt as an employee. 1040ez tax forms and instructions More information. 1040ez tax forms and instructions   For more information on business bad debts, see chapter 10 in Publication 535. 1040ez tax forms and instructions For information on nonbusiness bad debts, see chapter 4 in Publication 550, Investment Income and Expenses. 1040ez tax forms and instructions Business Liability Insurance You can deduct insurance premiums you paid for protection against personal liability for wrongful acts on the job. 1040ez tax forms and instructions Damages for Breach of Employment Contract If you break an employment contract, you can deduct damages you pay your former employer if the damages are attributable to the pay you received from that employer. 1040ez tax forms and instructions Depreciation on Computers You can claim a depreciation deduction for a computer that you use in your work as an employee if its use is: For the convenience of your employer, and Required as a condition of your employment. 1040ez tax forms and instructions For the convenience of your employer. 1040ez tax forms and instructions   This means that your use of the computer is for a substantial business reason of your employer. 1040ez tax forms and instructions You must consider all facts in making this determination. 1040ez tax forms and instructions Use of your computer during your regular working hours to carry on your employer's business is generally for the convenience of your employer. 1040ez tax forms and instructions Required as a condition of your employment. 1040ez tax forms and instructions   This means that you cannot properly perform your duties without the computer. 1040ez tax forms and instructions Whether you can properly perform your duties without it depends on all the facts and circumstances. 1040ez tax forms and instructions It is not necessary that your employer explicitly requires you to use your computer. 1040ez tax forms and instructions But neither is it enough that your employer merely states that your use of the item is a condition of your employment. 1040ez tax forms and instructions Example. 1040ez tax forms and instructions You are an engineer with an engineering firm. 1040ez tax forms and instructions You occasionally take work home at night rather than work late at the office. 1040ez tax forms and instructions You own and use a computer that is similar to the one you use at the office to complete your work at home. 1040ez tax forms and instructions Since your use of the computer is not for the convenience of your employer and is not required as a condition of your employment, you cannot claim a depreciation deduction for it. 1040ez tax forms and instructions Which depreciation method to use. 1040ez tax forms and instructions   The depreciation method you use depends on whether you meet the more-than-50%-use test. 1040ez tax forms and instructions More-than-50%-use test met. 1040ez tax forms and instructions   You meet this test if you use the computer more than 50% in your work. 1040ez tax forms and instructions If you meet this test, you can claim accelerated depreciation under the General Depreciation System (GDS). 1040ez tax forms and instructions In addition, you may be able to take the section 179 deduction for the year you place the item in service. 1040ez tax forms and instructions More-than-50%-use test not met. 1040ez tax forms and instructions   If you do not meet the more-than-50%-use test, you are limited to the straight line method of depreciation under the Alternative Depreciation System (ADS). 1040ez tax forms and instructions You also cannot claim the section 179 deduction. 1040ez tax forms and instructions (But if you use your computer in a home office, see the exception below. 1040ez tax forms and instructions ) Investment use. 1040ez tax forms and instructions   Your use of a computer in connection with investments (described later under Other Expenses ) does not count as use in your work. 1040ez tax forms and instructions However, you can combine your investment use with your work use in figuring your depreciation deduction. 1040ez tax forms and instructions Exception for computer used in a home office. 1040ez tax forms and instructions   The more-than-50%-use test does not apply to a computer used only in a part of your home that meets the requirements described later under Home Office . 1040ez tax forms and instructions You can claim accelerated depreciation using GDS for a computer used in a qualifying home office, even if you do not use it more than 50% in your work. 1040ez tax forms and instructions You also may be able to take a section 179 deduction for the year you place the computer in service. 1040ez tax forms and instructions See Computer used in a home office under How To Report, later. 1040ez tax forms and instructions More information. 1040ez tax forms and instructions   For more information on depreciation and the section 179 deduction for computers and other items used in a home office, see Business Furniture and Equipment in Publication 587. 1040ez tax forms and instructions Publication 946 has detailed information about the section 179 deduction and depreciation deductions using GDS and ADS. 1040ez tax forms and instructions Reporting your depreciation deduction. 1040ez tax forms and instructions    See How To Report, later, for information about reporting a deduction for depreciation. 1040ez tax forms and instructions You must keep records to prove your percentage of business and investment use. 1040ez tax forms and instructions Dues to Chambers of Commerce and Professional Societies You may be able to deduct dues paid to professional organizations (such as bar associations and medical associations) and to chambers of commerce and similar organizations, if membership helps you carry out the duties of your job. 1040ez tax forms and instructions Similar organizations include: Boards of trade, Business leagues, Civic or public service organizations, Real estate boards, and Trade associations. 1040ez tax forms and instructions Lobbying and political activities. 1040ez tax forms and instructions    You may not be able to deduct that part of your dues that is for certain lobbying and political activities. 1040ez tax forms and instructions See Lobbying Expenses under Nondeductible Expenses, later. 1040ez tax forms and instructions Educator Expenses If you were an eligible educator in 2013, you can deduct up to $250 of qualified expenses you paid in 2013 as an adjustment to gross income on Form 1040, line 23, rather than as a miscellaneous itemized deduction. 1040ez tax forms and instructions If you file Form 1040A, you can deduct these expenses on line 16. 1040ez tax forms and instructions If you and your spouse are filing jointly and both of you were eligible educators, the maximum deduction is $500. 1040ez tax forms and instructions However, neither spouse can deduct more than $250 of his or her qualified expenses. 1040ez tax forms and instructions Eligible educator. 1040ez tax forms and instructions   An eligible educator is a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide in school for at least 900 hours during a school year. 1040ez tax forms and instructions Qualified expenses. 1040ez tax forms and instructions   Qualified expenses include ordinary and necessary expenses paid in connection with books, supplies, equipment (including computer equipment, software, and services), and other materials used in the classroom. 1040ez tax forms and instructions An ordinary expense is one that is common and accepted in your educational field. 1040ez tax forms and instructions A necessary expense is one that is helpful and appropriate for your profession as an educator. 1040ez tax forms and instructions An expense does not have to be required to be considered necessary. 1040ez tax forms and instructions   Qualified expenses do not include expenses for home schooling or for nonathletic supplies for courses in health or physical education. 1040ez tax forms and instructions You must reduce your qualified expenses by the following amounts. 1040ez tax forms and instructions Excludable U. 1040ez tax forms and instructions S. 1040ez tax forms and instructions series EE and I savings bond interest from Form 8815. 1040ez tax forms and instructions Nontaxable qualified state tuition program earnings. 1040ez tax forms and instructions Nontaxable earnings from Coverdell education savings accounts. 1040ez tax forms and instructions Any reimbursements you received for those expenses that were not reported to you on your Form W-2, box 1. 1040ez tax forms and instructions Educator expenses over limit. 1040ez tax forms and instructions   If you were an educator in 2013 and you had qualified expenses that you cannot take as an adjustment to gross income, you can deduct the rest as an itemized deduction subject to the 2% limit. 1040ez tax forms and instructions Home Office If you use a part of your home regularly and exclusively for business purposes, you may be able to deduct a part of the operating expenses and depreciation of your home. 1040ez tax forms and instructions You can claim this deduction for the business use of a part of your home only if you use that part of your home regularly and exclusively: As your principal place of business for any trade or business, As a place to meet or deal with your patients, clients, or customers in the normal course of your trade or business, or In the case of a separate structure not attached to your home, in connection with your trade or business. 1040ez tax forms and instructions The regular and exclusive business use must be for the convenience of your employer and not just appropriate and helpful in your job. 1040ez tax forms and instructions Principal place of business. 1040ez tax forms and instructions   If you have more than one place of business, the business part of your home is your principal place of business if: You use it regularly and exclusively for administrative or management activities of your trade or business, and You have no other fixed location where you conduct substantial administrative or management activities of your trade or business. 1040ez tax forms and instructions   Otherwise, the location of your principal place of business generally depends on the relative importance of the activities performed at each location and the time spent at each location. 1040ez tax forms and instructions You should keep records that will give the information needed to figure the deduction according to these rules. 1040ez tax forms and instructions Also keep canceled checks, substitute checks, or account statements and receipts of the expenses paid to prove the deductions you claim. 1040ez tax forms and instructions More information. 1040ez tax forms and instructions   See Publication 587 for more detailed information and a worksheet for figuring the deduction. 1040ez tax forms and instructions Job Search Expenses You can deduct certain expenses you have in looking for a new job in your present occupation, even if you do not get a new job. 1040ez tax forms and instructions You cannot deduct these expenses if: You are looking for a job in a new occupation, There was a substantial break between the ending of your last job and your looking for a new one, or You are looking for a job for the first time. 1040ez tax forms and instructions Employment and outplacement agency fees. 1040ez tax forms and instructions    You can deduct employment and outplacement agency fees you pay in looking for a new job in your present occupation. 1040ez tax forms and instructions Employer pays you back. 1040ez tax forms and instructions   If, in a later year, your employer pays you back for employment agency fees, you must include the amount you receive in your gross income up to the amount of your tax benefit in the earlier year. 1040ez tax forms and instructions See Recoveries in Publication 525. 1040ez tax forms and instructions Employer pays the employment agency. 1040ez tax forms and instructions   If your employer pays the fees directly to the employment agency and you are not responsible for them, you do not include them in your gross income. 1040ez tax forms and instructions Résumé. 1040ez tax forms and instructions   You can deduct amounts you spend for preparing and mailing copies of a résumé to prospective employers if you are looking for a new job in your present occupation. 1040ez tax forms and instructions Travel and transportation expenses. 1040ez tax forms and instructions   If you travel to an area and, while there, you look for a new job in your present occupation, you may be able to deduct travel expenses to and from the area. 1040ez tax forms and instructions You can deduct the travel expenses if the trip is primarily to look for a new job. 1040ez tax forms and instructions The amount of time you spend on personal activity compared to the amount of time you spend in looking for work is important in determining whether the trip is primarily personal or is primarily to look for a new job. 1040ez tax forms and instructions   Even if you cannot deduct the travel expenses to and from an area, you can deduct the expenses of looking for a new job in your present occupation while in the area. 1040ez tax forms and instructions    You can choose to use the standard mileage rate to figure your car expenses. 1040ez tax forms and instructions The 2013 rate for business use of a vehicle is 56½ cents per mile. 1040ez tax forms and instructions See Publication 463 for more information on travel and car expenses. 1040ez tax forms and instructions Legal Fees You can deduct legal fees related to doing or keeping your job. 1040ez tax forms and instructions Licenses and Regulatory Fees You can deduct the amount you pay each year to state or local governments for licenses and regulatory fees for your trade, business, or profession. 1040ez tax forms and instructions Occupational Taxes You can deduct an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. 1040ez tax forms and instructions If you are an employee, you can claim occupational taxes only as a miscellaneous deduction subject to the 2% limit; you cannot claim them as a deduction for taxes elsewhere on your return. 1040ez tax forms and instructions Repayment of Income Aid Payment An “income aid payment” is one that is received under an employer's plan to aid employees who lose their jobs because of lack of work. 1040ez tax forms and instructions If you repay a lump-sum income aid payment that you received and included in income in an earlier year, you can deduct the repayment. 1040ez tax forms and instructions Research Expenses of a College Professor If you are a college professor, you can deduct your research expenses, including travel expenses, for teaching, lecturing, or writing and publishing on subjects that relate directly to your teaching duties. 1040ez tax forms and instructions You must have undertaken the research as a means of carrying out the duties expected of a professor and without expectation of profit apart from salary. 1040ez tax forms and instructions However, you cannot deduct the cost of travel as a form of education. 1040ez tax forms and instructions Rural Mail Carriers' Vehicle Expenses If your expenses to use a vehicle in performing services as a rural mail carrier are more than the amount of your reimbursements, you can deduct the unreimbursed expenses. 1040ez tax forms and instructions See chapter 4 of Publication 463 for more information. 1040ez tax forms and instructions Tools Used in Your Work Generally, you can deduct amounts you spend for tools used in your work if the tools wear out and are thrown away within 1 year from the date of purchase. 1040ez tax forms and instructions You can depreciate the cost of tools that have a useful life substantially beyond the tax year. 1040ez tax forms and instructions For more information about depreciation, see Publication 946. 1040ez tax forms and instructions Travel, Transportation, Meals, Entertainment, Gifts, and Local Lodging If you are an employee and have ordinary and necessary business-related expenses for travel away from home, local transportation, entertainment, and gifts, you may be able to deduct these expenses. 1040ez tax forms and instructions Generally, you must file Form 2106 or Form 2106-EZ to claim these expenses. 1040ez tax forms and instructions Travel expenses. 1040ez tax forms and instructions   Travel expenses are those incurred while traveling away from home for your employer. 1040ez tax forms and instructions You can deduct travel expenses paid or incurred in connection with a temporary work assignment. 1040ez tax forms and instructions Generally, you cannot deduct travel expenses paid or incurred in connection with an indefinite work assignment. 1040ez tax forms and instructions   Travel expenses may include: The cost of getting to and from your business destination (air, rail, bus, car, etc. 1040ez tax forms and instructions ), Meals and lodging while away from home, Taxi fares, Baggage charges, and Cleaning and laundry expenses. 1040ez tax forms and instructions   Travel expenses are discussed more fully in chapter 1 of Publication 463. 1040ez tax forms and instructions Temporary work assignment. 1040ez tax forms and instructions    If your assignment or job away from home in a single location is realistically expected to last (and does in fact last) for 1 year or less, it is temporary, unless there are facts and circumstances that indicate it is not. 1040ez tax forms and instructions Indefinite work assignment. 1040ez tax forms and instructions   If your assignment or job away from home in a single location is realistically expected to last for more than 1 year, it is indefinite, whether or not it actually lasts for more than 1 year. 1040ez tax forms and instructions If your assignment or job away from home in a single location is realistically expected to last for 1 year or less, but at some later date it is realistically expected to exceed 1 year, it will be treated as temporary (in the absence of facts and circumstances indicating otherwise) until the date that your realistic expectation changes, and it will be treated as indefinite after that date. 1040ez tax forms and instructions Federal crime investigation and prosecution. 1040ez tax forms and instructions   If you are a federal employee participating in a federal crime investigation or prosecution, you are not subject to the 1-year rule for deducting temporary travel expenses. 1040ez tax forms and instructions This means that you may be able to deduct travel expenses even if you are away from your tax home for more than 1 year. 1040ez tax forms and instructions   To qualify, the Attorney General must certify that you are traveling: For the Federal Government, In a temporary duty status, and To investigate, prosecute, or provide support services for the investigation or prosecution of a federal crime. 1040ez tax forms and instructions Armed Forces reservists traveling more than 100 miles from home. 1040ez tax forms and instructions   If you are a member of a reserve component of the Armed Forces of the United States and you travel more than 100 miles away from home in connection with your performance of services as a member of the reserves, you can deduct some of your travel expenses as an adjustment to gross income rather than as a miscellaneous itemized deduction. 1040ez tax forms and instructions The amount of expenses you can deduct as an adjustment to gross income is limited to the regular federal per diem rate (for lodging, meals, and incidental expenses) and the standard mileage rate (for car expenses) plus any parking fees, ferry fees, and tolls. 1040ez tax forms and instructions The balance, if any, is reported on Schedule A. 1040ez tax forms and instructions   You are a member of a reserve component of the Armed Forces of the United States if you are in the Army, Naval, Marine Corps, Air Force, Coast Guard Reserve, the Army National Guard of the United States, the Air National Guard of the United States, or the Reserve Corps of the Public Health Service. 1040ez tax forms and instructions   For more information on travel expenses, see Publication 463. 1040ez tax forms and instructions Local transportation expenses. 1040ez tax forms and instructions   Local transportation expenses are the expenses of getting from one workplace to another when you are not traveling away from home. 1040ez tax forms and instructions They include the cost of transportation by air, rail, bus, taxi, and the cost of using your car. 1040ez tax forms and instructions   You can choose to use the standard mileage rate to figure your car expenses. 1040ez tax forms and instructions The 2013 rate for business use of a vehicle is 56½ cents per mile. 1040ez tax forms and instructions    In general, the costs of commuting between your residence and your place of business are nondeductible. 1040ez tax forms and instructions Work at two places in a day. 1040ez tax forms and instructions   If you work at two places in a day, whether or not for the same employer, you can generally deduct the expenses of getting from one workplace to the other. 1040ez tax forms and instructions Temporary work location. 1040ez tax forms and instructions   You can deduct expenses incurred in going between your home and a temporary work location if at least one of the following applies. 1040ez tax forms and instructions The work location is outside the metropolitan area where you live and normally work. 1040ez tax forms and instructions You have at least one regular work location (other than your home) for the same trade or business. 1040ez tax forms and instructions (If this applies, the distance between your home and the temporary work location does not matter. 1040ez tax forms and instructions )   For this purpose, a work location is generally considered temporary if your work there is realistically expected to last (and does in fact last) for 1 year or less. 1040ez tax forms and instructions It is not temporary if your work there is realistically expected to last for more than 1 year, even if it actually lasts for 1 year or less. 1040ez tax forms and instructions If your work there initially is realistically expected to last for 1 year or less, but later is realistically expected to last for more than 1 year, the work location is generally considered temporary until the date your realistic expectation changes and not temporary after that date. 1040ez tax forms and instructions For more information, see chapter 1 of Publication 463. 1040ez tax forms and instructions Home office. 1040ez tax forms and instructions   You can deduct expenses incurred in going between your home and a workplace if your home is your principal place of business for the same trade or business. 1040ez tax forms and instructions (In this situation, whether the other workplace is temporary or regular and its distance from your home do not matter. 1040ez tax forms and instructions ) See Home Office , earlier, for a discussion on the use of your home as your principal place of business. 1040ez tax forms and instructions Meals and entertainment. 1040ez tax forms and instructions   Generally, you can deduct entertainment expenses (including entertainment-related meals) only if they are directly related to the active conduct of your trade or business. 1040ez tax forms and instructions However, the expense only needs to be associated with the active conduct of your trade or business if it directly precedes or follows a substantial and bona fide business-related discussion. 1040ez tax forms and instructions   You can deduct only 50% of your business-related meal and entertainment expenses unless the expenses meet certain exceptions. 1040ez tax forms and instructions You apply this 50% limit before you apply the 2%-of-adjusted-gross-income limit. 1040ez tax forms and instructions Meals when subject to “hours of service” limits. 1040ez tax forms and instructions   You can deduct 80% of your business-related meal expenses if you consume the meals during or incident to any period subject to the Department of Transportation's “hours of service” limits. 1040ez tax forms and instructions You apply this 80% limit before you apply the 2%-of-adjusted-gross-income limit. 1040ez tax forms and instructions Gift expenses. 1040ez tax forms and instructions   You can generally deduct up to $25 of business gifts you give to any one individual during the year. 1040ez tax forms and instructions The following items do not count toward the $25 limit. 1040ez tax forms and instructions Identical, widely distributed items costing $4 or less that have your name clearly and permanently imprinted. 1040ez tax forms and instructions Signs, racks, and promotional materials to be displayed on the business premises of the recipient. 1040ez tax forms and instructions Local lodging. 1040ez tax forms and instructions   If your employer provides or requires you to obtain lodging while you are not traveling away from home, you can deduct the cost of the lodging if it is: on a temporary basis, necessary for you to participate in or be available for a business meeting or employer function, and the costs are ordinary and necessary, but not lavish or extravagant. 1040ez tax forms and instructions   If your employer provides the lodging or reimburses you for the cost of the lodging, you can deduct the cost only if the value or the reimbursement is included in your gross income because it is reported as wages on your Form W-2. 1040ez tax forms and instructions Additional information. 1040ez tax forms and instructions    See Publication 463 for more information on travel, transportation, meal, entertainment, and gift expenses, and reimbursements for these expenses. 1040ez tax forms and instructions Union Dues and Expenses You can deduct dues and initiation fees you pay for union membership. 1040ez tax forms and instructions You can also deduct assessments for benefit payments to unemployed union members. 1040ez tax forms and instructions However, you cannot deduct the part of the assessments or contributions that provides funds for the payment of sick, accident, or death benefits. 1040ez tax forms and instructions Also, you cannot deduct contributions to a pension fund even if the union requires you to make the contributions. 1040ez tax forms and instructions You may not be able to deduct amounts you pay to the union that are related to certain lobbying and political activities. 1040ez tax forms and instructions See Lobbying Expenses under Nondeductible Expenses, later. 1040ez tax forms and instructions Work Clothes and Uniforms You can deduct the cost and upkeep of work clothes if the following two requirements are met. 1040ez tax forms and instructions You must wear them as a condition of your employment. 1040ez tax forms and instructions The clothes are not suitable for everyday wear. 1040ez tax forms and instructions It is not enough that you wear distinctive clothing. 1040ez tax forms and instructions The clothing must be specifically required by your employer. 1040ez tax forms and instructions Nor is it enough that you do not, in fact, wear your work clothes away from work. 1040ez tax forms and instructions The clothing must not be suitable for taking the place of your regular clothing. 1040ez tax forms and instructions Examples of workers who may be able to deduct the cost and upkeep of work clothes are: delivery workers, firefighters, health care workers, law enforcement officers, letter carriers, professional athletes, and transportation workers (air, rail, bus, etc. 1040ez tax forms and instructions ). 1040ez tax forms and instructions Musicians and entertainers can deduct the cost of theatrical clothing and accessories that are not suitable for everyday wear. 1040ez tax forms and instructions However, work clothing consisting of white cap, white shirt or white jacket, white bib overalls, and standard work shoes, which a painter is required by his union to wear on the job, is not distinctive in character or in the nature of a uniform. 1040ez tax forms and instructions Similarly, the costs of buying and maintaining blue work clothes worn by a welder at the request of a foreman are not deductible. 1040ez tax forms and instructions Protective clothing. 1040ez tax forms and instructions   You can deduct the cost of protective clothing required in your work, such as safety shoes or boots, safety glasses, hard hats, and work gloves. 1040ez tax forms and instructions   Examples of workers who may be required to wear safety items are: carpenters, cement workers, chemical workers, electricians, fishing boat crew members, machinists, oil field workers, pipe fitters, steamfitters, and truck drivers. 1040ez tax forms and instructions Military uniforms. 1040ez tax forms and instructions   You generally cannot deduct the cost of your uniforms if you are on full-time active duty in the armed forces. 1040ez tax forms and instructions However, if you are an armed forces reservist, you can deduct the unreimbursed cost of your uniform if military regulations restrict you from wearing it except while on duty as a reservist. 1040ez tax forms and instructions In figuring the deduction, you must reduce the cost by any nontaxable allowance you receive for these expenses. 1040ez tax forms and instructions   If local military rules do not allow you to wear fatigue uniforms when you are off duty, you can deduct the amount by which the cost of buying and keeping up these uniforms is more than the uniform allowance you receive. 1040ez tax forms and instructions   If you are a student at an armed forces academy, you cannot deduct the cost of your uniforms if they replace regular clothing. 1040ez tax forms and instructions However, you can deduct the cost of insignia, shoulder boards, and related items. 1040ez tax forms and instructions    You can deduct the cost of your uniforms if you are a civilian faculty or staff member of a military school. 1040ez tax forms and instructions Work-Related Education You can deduct expenses you have for education, even if the education may lead to a degree, if the education meets at least one of the following two tests. 1040ez tax forms and instructions It maintains or improves skills required in your present work. 1040ez tax forms and instructions It is required by your employer or the law to keep your salary, status, or job, and the requirement serves a business purpose of your employer. 1040ez tax forms and instructions You cannot deduct expenses you have for education, even though one or both of the preceding tests are met, if the education: Is needed to meet the minimum educational requirements to qualify you in your trade or business, or Is part of a program of study that will lead to qualifying you in a new trade or business. 1040ez tax forms and instructions If your education qualifies, you can deduct expenses for tuition, books, supplies, laboratory fees, and similar items, and certain transportation costs. 1040ez tax forms and instructions If the education qualifies you for a new trade or business, you cannot deduct the educational expenses even if you do not intend to enter that trade or business. 1040ez tax forms and instructions Travel as education. 1040ez tax forms and instructions   You cannot deduct the cost of travel that in itself constitutes a form of education. 1040ez tax forms and instructions For example, a French teacher who travels to France to maintain general familiarity with the French language and culture cannot deduct the cost of the trip as an educational expense. 1040ez tax forms and instructions More information. 1040ez tax forms and instructions    See Publication 970, Tax Benefits for Education, for a complete discussion of the deduction for work-related education expenses. 1040ez tax forms and instructions Education Expenses During Unemployment If you stop working for a year or less in order to get education in order to maintain or improve skills needed in your present work and then return to the same general type of work, your absence is considered temporary. 1040ez tax forms and instructions Education that you get during a temporary absence is qualifying work-related education if it maintains or improves skills needed in your present work. 1040ez tax forms and instructions Tax Preparation Fees You can usually deduct tax preparation fees on the return for the year in which you pay them. 1040ez tax forms and instructions Thus, on your 2013 return, you can deduct fees paid in 2013 for preparing your 2012 return. 1040ez tax forms and instructions These fees include the cost of tax preparation software programs and tax publications. 1040ez tax forms and instructions They also include any fee you paid for electronic filing of your return. 1040ez tax forms and instructions See Tax preparation fees under How To Report, later. 1040ez tax forms and instructions Other Expenses You can deduct certain other expenses as miscellaneous itemized deductions subject to the 2%-of-adjusted-gross-income limit. 1040ez tax forms and instructions On Schedule A (Form 1040), line 23, or Schedule A (Form 1040NR), line 9, you can deduct the ordinary and necessary expenses that you pay: To produce or collect income that must be included in your gross income, To manage, conserve, or maintain property held for producing such income, or To determine, contest, pay, or claim a refund of any tax. 1040ez tax forms and instructions You can deduct expenses you pay for the purposes in (1) and (2) above only if they are reasonable and closely related to these purposes. 1040ez tax forms and instructions These other expenses include the following items. 1040ez tax forms and instructions Appraisal fees for a casualty loss or charitable contribution. 1040ez tax forms and instructions Casualty and theft losses from property used in performing services as an employee. 1040ez tax forms and instructions Clerical help and office rent in caring for investments. 1040ez tax forms and instructions Depreciation on home computers used for investments. 1040ez tax forms and instructions Excess deductions (including administrative expenses) allowed a beneficiary on termination of an estate or trust. 1040ez tax forms and instructions Fees to collect interest and dividends. 1040ez tax forms and instructions Hobby expenses, but generally not more than hobby income. 1040ez tax forms and instructions Indirect miscellaneous deductions from pass-through entities. 1040ez tax forms and instructions Investment fees and expenses. 1040ez tax forms and instructions Legal fees related to producing or collecting taxable income or getting tax advice. 1040ez tax forms and instructions Loss on deposits in an insolvent or bankrupt financial institution. 1040ez tax forms and instructions Loss on traditional IRAs or Roth IRAs, when all amounts have been distributed to you. 1040ez tax forms and instructions Repayments of income. 1040ez tax forms and instructions Repayments of social security benefits. 1040ez tax forms and instructions Safe deposit box rental, except for storing jewelry and other personal effects. 1040ez tax forms and instructions Service charges on dividend reinvestment plans. 1040ez tax forms and instructions Tax advice fees. 1040ez tax forms and instructions Trustee's fees for your IRA, if separately billed and paid. 1040ez tax forms and instructions If the expenses you pay produce income that is only partially taxable, see Tax-Exempt Income Expenses, later, under Nondeductible Expenses. 1040ez tax forms and instructions Appraisal Fees You can deduct appraisal fees if you pay them to figure a casualty loss or the fair market value of donated property. 1040ez tax forms and instructions Casualty and Theft Losses You can deduct a casualty or theft loss as a miscellaneous itemized deduction subject to the 2% limit if you used the damaged or stolen property in performing services as an employee. 1040ez tax forms and instructions First report the loss in Section B of Form 4684, Casualties and Thefts. 1040ez tax forms and instructions You may also have to include the loss on Form 4797, Sales of Business Property, if you are otherwise required to file that form. 1040ez tax forms and instructions To figure your deduction, add all casualty or theft losses from this type of property included on Form 4684, lines 32 and 38b, or Form 4797, line 18a. 1040ez tax forms and instructions For more information on casualty and theft losses, see Publication 547, Casualties, Disasters, and Thefts. 1040ez tax forms and instructions Clerical Help and Office Rent You can deduct office expenses, such as rent and clerical help, that you have in connection with your investments and collecting the taxable income on them. 1040ez tax forms and instructions Credit or Debit Card Convenience Fees You can deduct the convenience fee charged by the card processor for paying your income tax (including estimated tax payments) by credit or debit card. 1040ez tax forms and instructions The fees are deductible on the return for the year in which you paid them. 1040ez tax forms and instructions For example, fees charged to payments made in 2013 can be claimed on the 2013 tax return. 1040ez tax forms and instructions Depreciation on Home Computer You can deduct depreciation on your home computer if you use it to produce income (for example, to manage your investments that produce taxable income). 1040ez tax forms and instructions You generally must depreciate the computer using the straight line method over the Alternative Depreciation System (ADS) recovery period. 1040ez tax forms and instructions But if you work as an employee and also use the computer in that work, see Depreciation on Computers under Unreimbursed Employee Expenses, earlier. 1040ez tax forms and instructions For more information on depreciation, see Publication 946. 1040ez tax forms and instructions Excess Deductions of an Estate If an estate's total deductions in its last tax year are more than its gross income for that year, the beneficiaries succeeding to the estate's property can deduct the excess. 1040ez tax forms and instructions Do not include deductions for the estate's personal exemption and charitable contributions when figuring the estate's total deductions. 1040ez tax forms and instructions The beneficiaries can claim the deduction only for the tax year in which, or with which, the estate terminates, whether the year of termination is a normal year or a short tax year. 1040ez tax forms and instructions For more information, see Termination of Estate in Publication 559, Survivors, Executors, and Administrators. 1040ez tax forms and instructions Fees To Collect Interest and Dividends You can deduct fees you pay to a broker, bank, trustee, or similar agent to collect your taxable bond interest or dividends on shares of stock. 1040ez tax forms and instructions But you cannot deduct a fee you pay to a broker to buy investment property, such as stocks or bonds. 1040ez tax forms and instructions You must add the fee to the cost of the property. 1040ez tax forms and instructions You cannot deduct the fee you pay to a broker to sell securities. 1040ez tax forms and instructions You can use the fee only to figure gain or loss from the sale. 1040ez tax forms and instructions See the instructions for Schedule D (Form 1040) for information on how to report the fee. 1040ez tax forms and instructions Hobby Expenses You can generally deduct hobby expenses, but only up to the amount of hobby income. 1040ez tax forms and instructions A hobby is not a business because it is not carried on to make a profit. 1040ez tax forms and instructions See Not-for-Profit Activities in chapter 1 of Publication 535. 1040ez tax forms and instructions Indirect Deductions of Pass-Through Entities Pass-through entities include partnerships, S corporations, and mutual funds that are not publicly offered. 1040ez tax forms and instructions Deductions of pass-through entities are passed through to the partners or shareholders. 1040ez tax forms and instructions The partners or shareholders can deduct their share of passed-through deductions for investment expenses as miscellaneous itemized deductions subject to the 2% limit. 1040ez tax forms and instructions Example. 1040ez tax forms and instructions You are a member of an investment club that is formed solely to invest in securities. 1040ez tax forms and instructions The club is treated as a partnership. 1040ez tax forms and instructions The partnership's income is solely from taxable dividends, interest, and gains from sales of securities. 1040ez tax forms and instructions In this case, you can deduct your share of the partnership's operating expenses as miscellaneous itemized deductions subject to the 2% limit. 1040ez tax forms and instructions However, if the investment club partnership has investments that also produce nontaxable income, you cannot deduct your share of the partnership's expenses that produce the nontaxable income. 1040ez tax forms and instructions Publicly offered mutual funds. 1040ez tax forms and instructions   Publicly offered mutual funds do not pass deductions for investment expenses through to shareholders. 1040ez tax forms and instructions A mutual fund is “publicly offered” if it is: Continuously offered pursuant to a public offering, Regularly traded on an established securities market, or Held by or for at least 500 persons at all times during the tax year. 1040ez tax forms and instructions   A publicly offered mutual fund will send you a Form 1099-DIV, Dividends and Distributions, or a substitute form, showing the net amount of dividend income (gross dividends minus investment expenses). 1040ez tax forms and instructions This net figure is the amount you report on your return as income. 1040ez tax forms and instructions You cannot further deduct investment expenses related to publicly offered mutual funds because they are already included as part of the net income amount. 1040ez tax forms and instructions Information returns. 1040ez tax forms and instructions   You should receive information returns from pass-through entities. 1040ez tax forms and instructions Partnerships and S corporations. 1040ez tax forms and instructions   These entities issue Schedule K-1, which lists the items and amounts you must report, and identifies the tax return schedules and lines to use. 1040ez tax forms and instructions Nonpublicly offered mutual funds. 1040ez tax forms and instructions   These funds will send you a Form 1099-DIV, or a substitute form, showing your share of gross income and investment expenses. 1040ez tax forms and instructions You can claim the expenses only as a miscellaneous itemized deduction subject to the 2% limit. 1040ez tax forms and instructions Investment Fees and Expenses You can deduct investment fees, custodial fees, trust administration fees, and other expenses you paid for managing your investments that produce taxable income. 1040ez tax forms and instructions Legal Expenses You can usually deduct legal expenses that you incur in attempting to produce or collect taxable income or that you pay in connection with the determination, collection, or refund of any tax. 1040ez tax forms and instructions You can also deduct legal expenses that are: Related to either doing or keeping your job, such as those you paid to defend yourself against criminal charges arising out of your trade or business, For tax advice related to a divorce if the bill specifies how much is for tax advice and it is determined in a reasonable way, or To collect taxable alimony. 1040ez tax forms and instructions You can deduct expenses of resolving tax issues relating to profit or loss from business (Schedule C or C-EZ), rentals or royalties (Schedule E), or farm income and expenses (Schedule F) on the appropriate schedule. 1040ez tax forms and instructions You deduct expenses of resolving nonbusiness tax issues on Schedule A (Form 1040 or Form 1040NR). 1040ez tax forms and instructions See Tax Preparation Fees, earlier. 1040ez tax forms and instructions Unlawful discrimination claims. 1040ez tax forms and instructions   You may be able to deduct, as an adjustment to income on Form 1040, line 36, or Form 1040NR, line 35, rather than as a miscellaneous itemized deduction, attorney fees and court costs for actions settled or decided after October 22, 2004, involving a claim of unlawful discrimination, a claim against the U. 1040ez tax forms and instructions S. 1040ez tax forms and instructions Government, or a claim made under section 1862(b)(3)(A) of the Social Security Act. 1040ez tax forms and instructions However, the amount you can deduct on Form 1040, line 36, or Form 1040NR, line 35, is limited to the amount of the judgment or settlement you are including in income for the tax year. 1040ez tax forms and instructions See Publication 525 for more information. 1040ez tax forms and instructions Loss on Deposits A loss on deposits can occur when a bank, credit union, or other financial institution becomes insolvent or bankrupt. 1040ez tax forms and instructions If you can reasonably estimate the amount of your loss on money you have on deposit in a financial institution that becomes insolvent or bankrupt, you can generally choose to deduct it in the current year even though its exact amount has not been finally determined. 1040ez tax forms and instructions If elected, the casualty loss is subject to certain deduction limitations. 1040ez tax forms and instructions The election is made on Form 4684. 1040ez tax forms and instructions Once you make this choice, you cannot change it without IRS approval. 1040ez tax forms and instructions If none of the deposit is federally insured, you can deduct the loss in either of the following ways. 1040ez tax forms and instructions As an ordinary loss (as a miscellaneous itemized deduction subject to the 2% limit). 1040ez tax forms and instructions Write the name of the financial institution and “Insolvent Financial Institution” beside the amount on Schedule A (Form 1040), line 23, or Schedule A (Form 1040NR), line 9. 1040ez tax forms and instructions This deduction is limited to $20,000 ($10,000 if you are married filing separately) for each financial institution, reduced by any expected state insurance proceeds. 1040ez tax forms and instructions As a casualty loss. 1040ez tax forms and instructions Report it on Form 4684 first and then on Schedule A (Form 1040). 1040ez tax forms and instructions See Publication 547 for details. 1040ez tax forms and instructions As a nonbusiness bad debt. 1040ez tax forms and instructions Report it on Schedule D (Form 1040). 1040ez tax forms and instructions If any part of the deposit is federally insured, you can deduct the loss only as a casualty loss. 1040ez tax forms and instructions Exception. 1040ez tax forms and instructions   You cannot make this choice if you are a 1%-or-more-owner or an officer of the financial institution, or are related to such owner or officer. 1040ez tax forms and instructions For a definition of “related,” see Deposit in Insolvent or Bankrupt Financial Institution in chapter 4 of Publication 550. 1040ez tax forms and instructions Actual loss different from estimated loss. 1040ez tax forms and instructions   If you make this choice and your actual loss is less than your estimated loss, you must include the excess in income. 1040ez tax forms and instructions See Recoveries in Publication 525. 1040ez tax forms and instructions If your actual loss is more than your estimated loss, treat the excess loss as explained under Choice not made, next. 1040ez tax forms and instructions Choice not made. 1040ez tax forms and instructions   If you do not make this choice (or if you have an excess actual loss after choosing to deduct your estimated loss), treat your loss (or excess loss) as a nonbusiness bad debt (deductible as a short-term capital loss) in the year its amount is finally determined. 1040ez tax forms and instructions See Nonbusiness Bad Debts in chapter 4 of Publication 550. 1040ez tax forms and instructions Loss on IRA If you have a loss on your traditional IRA (or Roth IRA) investment, you can deduct the loss as a miscellaneous itemized deduction subject to the 2% limit, but only when all the amounts in all your traditional IRA (or Roth IRA) accounts have been distributed to you and the total distributions are less than your unrecovered basis. 1040ez tax forms and instructions For more information, see Publication 590, Individual Retirement Arrangements (IRAs). 1040ez tax forms and instructions Repayments of Income If you had to repay an amount that you included in income in an earlier year, you may be able to deduct the amount you repaid. 1040ez tax forms and instructions If the amount you had to repay was ordinary income of $3,000 or less, the deduction is subject to the 2% limit. 1040ez tax forms and instructions If it was more than $3,000, see Repayments Under Claim of Right under Deductions Not Subject to the 2% Limit, later. 1040ez tax forms and instructions Repayments of Social Security Benefits If the total of the amounts in box 5 (net benefits for 2013) of all your Forms SSA-1099, Social Security Benefit Statement, and Forms RRB-1099, Payments By the Railroad Retirement Board, is a negative figure (a figure in parentheses), you may be able to take a miscellaneous itemized deduction subject to the 2% limit. 1040ez tax forms and instructions The amount you can deduct is the part of the negative figure that represents an amount you included in gross income in an earlier year. 1040ez tax forms and instructions The amount in box 5 of Form SSA-1099 or RRB-1099 is the net amount of your benefits for the year. 1040ez tax forms and instructions It will be a negative figure if the amount of benefits you repaid in 2013 (box 4) is more than the gross amount of benefits paid to you in 2013 (box 3). 1040ez tax forms and instructions If the deduction is more than $3,000, you will have to use a special computation to figure your tax. 1040ez tax forms and instructions See Publication 915, Social Security and Equivalent Railroad Retirement Benefits, for additional information. 1040ez tax forms and instructions Safe Deposit Box Rent You can deduct safe deposit box rent if you use the box to store taxable income-producing stocks, bonds, or investment-related papers and documents. 1040ez tax forms and instructions You cannot deduct the rent if you use the box only for jewelry, other personal items, or tax-exempt securities. 1040ez tax forms and instructions Service Charges on Dividend Reinvestment Plans You can deduct service charges you pay as a subscriber in a dividend reinvestment plan. 1040ez tax forms and instructions These service charges include payments for: Holding shares acquired through a plan, Collecting and reinvesting cash dividends, and Keeping individual records and providing detailed statements of accounts. 1040ez tax forms and instructions Trustee's Administrative Fees for IRA Trustee's administrative fees that are billed separately and paid by you in connection with your IRA are deductible (if they are ordinary and necessary) as a miscellaneous itemized deduction subject to the 2% limit. 1040ez tax forms and instructions Deductions Not Subject to the 2% Limit You can deduct the items listed below as miscellaneous itemized deductions. 1040ez tax forms and instructions They are not subject to the 2% limit. 1040ez tax forms and instructions Report these items on Schedule A (Form 1040), line 28, or Schedule A (Form 1040NR), line 14. 1040ez tax forms and instructions List of Deductions Amortizable premium on taxable bonds. 1040ez tax forms and instructions Casualty and theft losses from income-producing property. 1040ez tax forms and instructions Federal estate tax on income in respect of a decedent. 1040ez tax forms and instructions Gambling losses up to the amount of gambling winnings. 1040ez tax forms and instructions Impairment-related work expenses of persons with disabilities. 1040ez tax forms and instructions Loss from other activities from Schedule K-1 (Form 1065-B), box 2. 1040ez tax forms and instructions Losses from Ponzi-type investment schemes. 1040ez tax forms and instructions Repayments of more than $3,000 under a claim of right. 1040ez tax forms and instructions Unrecovered investment in an annuity. 1040ez tax forms and instructions Amortizable Premium on Taxable Bonds In general, if the amount you pay for a bond is greater than its stated principal amount, the excess is bond premium. 1040ez tax forms and instructions You can elect to amortize the premium on taxable bonds. 1040ez tax forms and instructions The amortization of the premium is generally an offset to interest income on the bond rather than a separate deduction item. 1040ez tax forms and instructions Pre-1998 election to amortize bond premium. 1040ez tax forms and instructions   Generally, if you first elected to amortize bond premium before 1998, the above treatment of the premium does not apply to bonds you acquired before 1988. 1040ez tax forms and instructions Bonds acquired after October 22, 1986, and before 1988. 1040ez tax forms and instructions   The amortization of the premium on these bonds is investment interest expense subject to the investment interest limit, unless you chose to treat it as an offset to interest income on the bond. 1040ez tax forms and instructions Bonds acquired before October 23, 1986. 1040ez tax forms and instructions   The amortization of the premium on these bonds is a miscellaneous itemized deduction not subject to the 2% limit. 1040ez tax forms and instructions Deduction for excess premium. 1040ez tax forms and instructions   On certain bonds (such as bonds that pay a variable rate of interest or that provide for an interest-free period), the amount of bond premium allocable to a period may exceed the amount of stated interest allocable to the period. 1040ez tax forms and instructions If this occurs, treat the excess as a miscellaneous itemized deduction that is not subject to the 2% limit. 1040ez tax forms and instructions However, the amount deductible is limited to the amount by which your total interest inclusions on the bond in prior periods exceed the total amount you treated as a bond premium deduction on the bond in prior periods. 1040ez tax forms and instructions If any of the excess bond premium cannot be deducted because of the limit, this amount is carried forward to the next period and is treated as bond premium allocable to that period. 1040ez tax forms and instructions    Pre-1998 choice to amortize bond premium. 1040ez tax forms and instructions If you made the choice to amortize the premium on taxable bonds before 1998, you can deduct the bond premium amortization that is more than your interest income only for bonds acquired during 1998 and later years. 1040ez tax forms and instructions More information. 1040ez tax forms and instructions    For more information on bond premium, see Bond Premium Amortization in chapter 3 of Publication 550. 1040ez tax forms and instructions Casualty and Theft Losses of Income-Producing Property You can deduct a casualty or theft loss as a miscellaneous itemized deduction not subject to the 2% limit if the damaged or stolen property was income-producing property (property held for investment, such as stocks, notes, bonds, gold, silver, vacant lots, and works of art). 1040ez tax forms and instructions First report the loss in Section B of Form 4684. 1040ez tax forms and instructions You may also have to include the loss on Form 4797, Sales of Business Property, if you are otherwise required to file that form. 1040ez tax forms and instructions To figure your deduction, add all casualty or theft losses from this type of property included on Form 4684, lines 32 and 38b, or Form 4797, line 18a. 1040ez tax forms and instructions For more information on casualty and theft losses, see Publication 547. 1040ez tax forms and instructions Federal Estate Tax on Income in Respect of a Decedent You can deduct the federal estate tax attributable to income in respect of a decedent that you as a beneficiary include in your gross income. 1040ez tax forms and instructions Income in respect of the decedent is gross income that the decedent would have received had death not occurred and that was not properly includible in the decedent's final income tax return. 1040ez tax forms and instructions See Publication 559 for information about figuring the amount of this deduction. 1040ez tax forms and instructions Gambling Losses Up to the Amount of Gambling Winnings You must report the full amount of your gambling winnings for the year on Form 1040, line 21. 1040ez tax forms and instructions You deduct your gambling losses for the year on Schedule A (Form 1040), line 28. 1040ez tax forms and instructions You cannot deduct gambling losses that are more than your winnings. 1040ez tax forms and instructions Generally, nonresident aliens cannot deduct gambling losses on Schedule A (Form 1040NR). 1040ez tax forms and instructions You cannot reduce your gambling winnings by your gambling losses and report the difference. 1040ez tax forms and instructions You must report the full amount of your winnings as income and claim your losses (up to the amount of winnings) as an itemized deduction. 1040ez tax forms and instructions Therefore, your records should show your winnings separately from your losses. 1040ez tax forms and instructions Diary of winnings and losses. 1040ez tax forms and instructions You must keep an accurate diary or similar record of your losses and winnings. 1040ez tax forms and instructions Your diary should contain at least the following information. 1040ez tax forms and instructions The date and type of your specific wager or wagering activity. 1040ez tax forms and instructions The name and address or location of the gambling establishment. 1040ez tax forms and instructions The names of other persons present with you at the gambling establishment. 1040ez tax forms and instructions The amount(s) you won or lost. 1040ez tax forms and instructions Proof of winnings and losses. 1040ez tax forms and instructions   In addition to your diary, you should also have other documentation. 1040ez tax forms and instructions You can generally prove your winnings and losses through Form W-2G, Certain Gambling Winnings, Form 5754, Statement by Person(s) Receiving Gambling Winnings, wagering tickets, canceled checks, substitute checks, credit records, bank withdrawals, and statements of actual winnings or payment slips provided to you by the gambling establishment. 1040ez tax forms and instructions   For specific wagering transactions, you can use the following items to support your winnings and losses. 1040ez tax forms and instructions    These recordkeeping suggestions are intended as general guidelines to help you establish your winnings and losses. 1040ez tax forms and instructions They are not all-inclusive. 1040ez tax forms and instructions Your tax liability depends on your particular facts and circumstances. 1040ez tax forms and instructions Keno. 1040ez tax forms and instructions   Copies of the keno tickets you purchased that were validated by the gambling establishment, copies of your casino credit records, and copies of your casino check cashing records. 1040ez tax forms and instructions Slot machines. 1040ez tax forms and instructions   A record of the machine number and all winnings by date and time the machine was played. 1040ez tax forms and instructions Table games (twenty-one (blackjack), craps, poker, baccarat, roulette, wheel of fortune, etc. 1040ez tax forms and instructions ). 1040ez tax forms and instructions   The number of the table at which you were playing. 1040ez tax forms and instructions Casino credit card data indicating whether the credit was issued in the pit or at the cashier's cage. 1040ez tax forms and instructions Bingo. 1040ez tax forms and instructions   A record of the number of games played, cost of tickets purchased, and amounts collected on winning tickets. 1040ez tax forms and instructions Supplemental records include any receipts from the casino, parlor, etc. 1040ez tax forms and instructions Racing (horse, harness, dog, etc. 1040ez tax forms and instructions ). 1040ez tax forms and instructions   A record of the races, amounts of wagers, amounts collected on winning tickets, and amounts lost on losing tickets. 1040ez tax forms and instructions Supplemental records include unredeemed tickets and payment records from the racetrack. 1040ez tax forms and instructions Lotteries. 1040ez tax forms and instructions   A record of ticket purchases, dates, winnings, and losses. 1040ez tax forms and instructions Supplemental records include unredeemed tickets, payment slips, and winnings statements. 1040ez tax forms and instructions Impairment-Related Work Expenses If you have a physical or mental disability that limits your being employed, or substantially limits one or more of your major life activities, such as performing manual tasks, walking, speaking, breathing, learning, and working, you can deduct your impairment-related work expenses. 1040ez tax forms and instructions Impairment-related work expenses are ordinary and necessary business expenses for attendant care services at your place of work and other expenses in connection with your place of work that are necessary for you to be able to work. 1040ez tax forms and instructions Example. 1040ez tax forms and instructions You are blind. 1040ez tax forms and instructions You must use a reader to do your work. 1040ez tax forms and instructions You use the reader both during your regular working hours at your place of work and outside your regular working hours away from your place of work. 1040ez tax forms and instructions The reader's services are only for your work. 1040ez tax forms and instructions You can deduct your expenses for the reader as impairment-related work expenses. 1040ez tax forms and instructions Self-employed. 1040ez tax forms and instructions   If you are self-employed, enter your impairment-related work expenses on the appropriate form (Schedule C, C-EZ, E, or F) used to report your business income and expenses. 1040ez tax forms and instructions See Impairment-related work expenses. 1040ez tax forms and instructions , later under How To Report. 1040ez tax forms and instructions Loss From Other Activities From Schedule K-1 (Form 1065-B), Box 2 If the amount reported in Schedule K-1 (Form 1065-B), box 2, is a loss, report it on Schedule A (Form 1040), line 28, or Schedule A (Form 1040NR), line 14 (only if effectively connected with a U. 1040ez tax forms and instructions S. 1040ez tax forms and instructions trade or business). 1040ez tax forms and instructions It is not subject to the passive activity limitations. 1040ez tax forms and instructions Officials Paid on a Fee Basis If you are a fee-basis official, you can claim your expenses in performing services in that job as an adjustment to income rather than as a miscellaneous itemized deduction. 1040ez tax forms and instructions See Publication 463 for more information. 1040ez tax forms and instructions Performing Artists If you are a qualified performing artist, you can deduct your employee business expenses as an adjustment to income rather than as a miscellaneous itemized deduction. 1040ez tax forms and instructions If you are an employee, complete Form 2106 or Form 2106-EZ. 1040ez tax forms and instructions See Publication 463 for more information. 1040ez tax forms and instructions Losses From Ponzi-type Investment Schemes These losses are deductible as theft losses of income-producing property on your tax return for the year the loss was discovered. 1040ez tax forms and instructions You figure the deductible loss in Section B of Form 4684. 1040ez tax forms and instructions However, if you qualify to use Revenue Procedure 2009-20 (as modified by Revenue Procedure 2011-58) and you choose to follow the procedures in the guidance, complete Section C of Form 4684 before completing Section B. 1040ez tax forms and instructions Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. 1040ez tax forms and instructions You do not need to complete Appendix A. 1040ez tax forms and instructions See the Form 4684 instructions and Publication 547, Casualties, Disasters, and Thefts, for more information. 1040ez tax forms and instructions Repayments Under Claim of Right If you had to repay more than $3,000 that you included in your income in an earlier year because at the time you thought you had an unrestricted right to it, you may be able to deduct the amount you repaid, or take a credit against your tax. 1040ez tax forms and instructions See Repayments in Publication 525 for more information. 1040ez tax forms and instructions Unrecovered Investment in Annuity A retiree who contributed to the cost of an annuity can exclude from income a part of each payment received as a tax-free return of the retiree's investment. 1040ez tax forms and instructions If the retiree dies before the entire investment is recovered tax free, any unrecovered investment can be deducted on the retiree's final income tax return. 1040ez tax forms and instructions See Publication 575, Pension and Annuity Income, for more information about the tax treatment of pensions and annuities. 1040ez tax forms and instructions Nondeductible Expenses You cannot deduct the following expenses. 1040ez tax forms and instructions List of Nondeductible Expenses Adoption expenses. 1040ez tax forms and instructions Broker's commissions. 1040ez tax forms and instructions Burial or funeral expenses, including the cost of a cemetery lot. 1040ez tax forms and instructions Campaign expenses. 1040ez tax forms and instructions Capital expenses. 1040ez tax forms and instructions Check-writing fees. 1040ez tax forms and instructions Club dues. 1040ez tax forms and instructions Commuting expenses. 1040ez tax forms and instructions Fees and licenses, such as car licenses, marriage licenses, and dog tags. 1040ez tax forms and instructions Fines and penalties, such as parking tickets. 1040ez tax forms and instructions Health spa expenses. 1040ez tax forms and instructions Hobby losses—but see Hobby Expenses, earlier. 1040ez tax forms and instructions Home repairs, insurance, and rent. 1040ez tax forms and instructions Home security system. 1040ez tax forms and instructions Illegal bribes and kickbacks—see Bribes and kickbacks in chapter 11 of Publication 535. 1040ez tax forms and instructions Investment-related seminars. 1040ez tax forms and instructions Life insurance premiums paid by the insured. 1040ez tax forms and instructions Lobbying expenses. 1040ez tax forms and instructions Losses from the sale of your home, furniture, personal car, etc. 1040ez tax forms and instructions Lost or misplaced cash or property. 1040ez tax forms and instructions Lunches with co-workers. 1040ez tax forms and instructions Meals while working late. 1040ez tax forms and instructions Medical expenses as business expenses other than medical examinations required by your employer. 1040ez tax forms and instructions Personal disability insurance premiums. 1040ez tax forms and instructions Personal legal expenses. 1040ez tax forms and instructions Personal, living, or family expenses. 1040ez tax forms and instructions Political contributions. 1040ez tax forms and instructions Professional accreditation fees. 1040ez tax forms and instructions Professional reputation, expenses to improve. 1040ez tax forms and instructions Relief fund contributions. 1040ez tax forms and instructions Residential telephone line. 1040ez tax forms and instructions Stockholders' meeting, expenses of attending. 1040ez tax forms and instructions Tax-exempt income, expenses of earning or collecting. 1040ez tax forms and instructions The value of wages never received or lost vacation time. 1040ez tax forms and instructions Travel expenses for another individual. 1040ez tax forms and instructions Voluntary unemployment benefit fund contributions. 1040ez tax forms and instructions Wristwatches. 1040ez tax forms and instructions Adoption Expenses You cannot deduct the expenses of adopting a child but you may be able to take a credit for those expenses. 1040ez tax forms and instructions For details, see Form 8839, Qualified Adoption Expenses. 1040ez tax forms and instructions Commissions Commissions paid on the purchase of securities are not deductible, either as business or nonbusiness expenses. 1040ez tax forms and instructions Instead, these fees must be added to the taxpayer's cost of the securities. 1040ez tax forms and instructions Commissions paid on the sale are deductible as business expenses only by dealers. 1040ez tax forms and instructions Campaign Expenses You cannot deduct campaign expenses of a candidate for any office, even if the candidate is running for reelection to the office. 1040ez tax forms and instructions These include qualification and registration fees for primary elections. 1040ez tax forms and instructions Legal fees. 1040ez tax forms and instructions   You cannot deduct legal fees paid to defend charges that arise from participation in a political campaign. 1040ez tax forms and instructions Capital Expenses You cannot currently deduct amounts paid to buy property that has a useful life substantially beyond the tax year or amounts paid to increase the value or prolong the life of property. 1040ez tax forms and instructions If you use such property in your work, you may be able to take a depreciation deduction. 1040ez tax forms and instructions See Publication 946. 1040ez tax forms and instructions If the property is a car used in your work, also see Publication 463. 1040ez tax forms and instructions Check-Writing Fees on Personal Account If you have a personal checking account, you cannot deduct fees charged by the bank for the privilege of writing checks, even if the account pays interest. 1040ez tax forms and instructions Club Dues Generally, you cannot deduct the cost of membership in any club organized for business, pleasure, recreation, or other social purpose. 1040ez tax forms and instructions This includes business, social, athletic, luncheon, sporting, airline, hotel, golf, and country clubs. 1040ez tax forms and instructions You cannot deduct dues paid to an organization if one of its main purposes is to: Conduct entertainment activities for members or their guests, or Provide members or their guests with access to entertainment facilities. 1040ez tax forms and instructions Dues paid to airline, hotel, and luncheon clubs are not deductible. 1040ez tax forms and instructions Commuting Expenses You cannot deduct commuting expenses (the cost of transportation between your home and your main or regular place of work). 1040ez tax forms and instructions If you haul tools, instruments, or other items in your car to and from work, you can deduct only the additional cost of hauling the items, such as the rent on a trailer to carry the items. 1040ez tax forms and instructions Fines or Penalties You cannot deduct fines or penalties you pay to a governmental unit for violating a law. 1040ez tax forms and instructions This includes an amount paid in settlement of your actual or potential liability for a fine or penalty (civil or criminal). 1040ez tax forms and instructions Fines or penalties include parking tickets, tax penalties, and penalties deducted from teachers' paychecks after an illegal strike. 1040ez tax forms and instructions Health Spa Expenses You cannot deduct health spa expenses, even if there is a job requirement to stay in excellent physical condition, such as might be required of a law enforcement officer. 1040ez tax forms and instructions Home Security System You cannot deduct the cost of a home security system as a miscellaneous deduction. 1040ez tax forms and instructions However, you may be able to claim a deduction for a home security system as a business expense if you have a home office. 1040ez tax forms and instructions See Home Office under Unreimbursed Employee Expenses, earlier, and Publication 587. 1040ez tax forms and instructions Investment-Related Seminars You cannot deduct any expenses for attending a convention, seminar, or similar meeting for investment purposes. 1040ez tax forms and instructions Life Insurance Premiums You cannot deduct premiums you pay on your life insurance. 1040ez tax forms and instructions You may be able to deduct, as alimony, premiums you pay on life insurance policies assigned to your former spouse. 1040ez tax forms and instructions See Publication 504, Divorced or Separated Individuals, for information on alimony. 1040ez tax forms and instructions Lobbying Expenses You generally cannot deduct amounts paid or incurred for lobbying expenses. 1040ez tax forms and instructions These include expenses to: Influence legislation, Participate, or intervene, in any political campaign for, or against, any candidate for public office, Attempt to influence the general public, or segments of the public, about elections, legislative matters, or referendums, or Communicate directly with covered executive branch officials in any attempt to influence the official actions or positions of those officials. 1040ez tax forms and instructions Lobbying expenses also include any amounts paid or incurred for research, preparation, planning, or coordination of any of these activities. 1040ez tax forms and instructions Covered executive branch official. 1040ez tax forms and instructions   A covered executive branch official, for the purpose of (4) above, is any of the following officials. 1040ez tax forms and instructions The President. 1040ez tax forms and instructions The Vice President. 1040ez tax forms and instructions Any officer or employee of the White House Office of the Executive Office of the President, and the two most senior level officers of each of the other agencies in the Executive Office. 1040ez tax forms and instructions Any individual serving in a position in Level I of the Executive Schedule under section 5312 of Title 5, United States Code, any other individual designated by the President as having Cabinet-level status, and any immediate deputy of one of these individuals. 1040ez tax forms and instructions Dues used for lobbying. 1040ez tax forms and instructions   If a tax-exempt organization notifies you that part of the dues or other amounts you pay to the organization are used to pay nondeductible lobbying expenses, you cannot deduct that part. 1040ez tax forms and instructions Exceptions. 1040ez tax forms and instructions   You can deduct certain lobbying expenses if they are ordinary and necessary expenses of carrying on your trade or business. 1040ez tax forms and instructions You can deduct expenses for attempting to influence the legislation of any local council or similar governing body (local legislation). 1040ez tax forms and instructions An Indian tribal government is considered a local council or similar governing body. 1040ez tax forms and instructions You can deduct in-house expenses for influencing legislation or communicating directly with a covered executive branch official if the expenses for the tax year are not more than $2,000 (not counting overhead expenses). 1040ez tax forms and instructions If you are a professional lobbyist, you can deduct the expenses you incur in the trade or business of lobbying on behalf of another person. 1040ez tax forms and instructions Payments by the other person to you for lobbying activities cannot be deducted. 1040ez tax forms and instructions Lost or Mislaid Cash or Property You cannot deduct a loss based on the mere disappearance of money or property. 1040ez tax forms and instructions However, an accidental loss or disappearance of property can qualify as a casualty if it results from an identifiable event that is sudden, unexpected, or unusual. 1040ez tax forms and instructions See Publication 547. 1040ez tax forms and instructions Example. 1040ez tax forms and instructions A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. 1040ez tax forms and instructions The diamond falls from the ring and is never found. 1040ez tax forms and instructions The loss of the diamond is a casualty. 1040ez tax forms and instructions Lunches With Co-workers You cannot deduct the expenses of lunches with co-workers, except while traveling away from home on business. 1040ez tax forms and instructions See Publication 463 for information on deductible expenses while traveling away from home. 1040ez tax forms and instructions Meals While Working Late You cannot deduct the cost of meals while working late. 1040ez tax forms and instructions However, you may be able to claim a deduction if the cost of the meals is a deductible entertainment expense, or if you are traveling away from home. 1040ez tax forms and instructions See Publication 463 for information on deductible entertainment expenses and expenses while traveling away from home. 1040ez tax forms and instructions Personal Legal Expenses You cannot deduct personal legal expenses such as those for the following. 1040ez tax forms and instructions Custody of children. 1040ez tax forms and instructions Breach of promise to marry suit. 1040ez tax forms and instructions Civil or criminal charges resulting from a personal relationship. 1040ez tax forms and instructions Damages for personal injury (except certain whistleblower claims and unlawful discrimination claims). 1040ez tax forms and instructions For more information about unlawful discrimination claims, see Deductions Subject to the 2% Limit, earlier. 1040ez tax forms and instructions Preparation of a title (or defense or perfection of a title). 1040ez tax forms and instructions Preparation of a will. 1040ez tax forms and instructions Property claims or property settlement in a divorce. 1040ez tax forms and instructions You cannot deduct these expenses even if a result of the legal proceeding is the loss of income-producing property. 1040ez tax forms and instructions Political Contributions You cannot deduct contributions made to a political candidate, a campaign committee, or a newsletter fund. 1040ez tax forms and instructions Advertisements in convention bulletins and admissions to dinners or programs that benefit a political party or political candidate are not deductible. 1040ez tax forms and instructions Professional Accreditation Fees You cannot deduct professional accreditation fees such as the following. 1040ez tax forms and instructions Accounting certificate fees paid for the initial right to practice accounting. 1040ez tax forms and instructions Bar exam fees and incidental expenses in securing initial admission to the bar. 1040ez tax forms and instructions Medical and dental license fees paid to get initial licensing. 1040ez tax forms and instructions Professional Reputation You cannot deduct expenses of radio and TV appearances to increase your personal prestige or establish your professional reputation. 1040ez tax forms and instructions Relief Fund Contributions You cannot deduct contributions paid to a private plan that pays benefits to any covered employee who cannot work because of any injury or illness not related to the job. 1040ez tax forms and instructions Residential Telephone Service You cannot deduct any charge (including taxes) for basic local telephone service for the first telephone line to your residence, even if it is used in a trade or business. 1040ez tax forms and instructions Stockholders' Meetings You cannot deduct transportation and other expenses you pay to attend stockholders' meetings of companies in which you own stock but have no other interest. 1040ez tax forms and instructions You cannot deduct these expenses even if you are attending the meeting to get information that would be useful in making further investments. 1040ez tax forms and instructions Tax-Exempt Income Expenses You cannot deduct expenses to produce tax-exempt income. 1040ez tax forms and instructions You cannot deduct interest on a debt incurred or continued to buy or carry tax-exempt securities. 1040ez tax forms and instructions If you have expenses to p