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2008 Tax Forms 1040

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2008 Tax Forms 1040

2008 tax forms 1040 8. 2008 tax forms 1040   Distributions and Rollovers Table of Contents DistributionsMinimum Required Distributions No Special 10-Year Tax Option Transfer of Interest in 403(b) ContractAfter-tax contributions. 2008 tax forms 1040 Permissive service credit. 2008 tax forms 1040 Tax-Free RolloversHardship exception to rollover rules. 2008 tax forms 1040 Eligible retirement plans. 2008 tax forms 1040 Nonqualifying distributions. 2008 tax forms 1040 Second rollover. 2008 tax forms 1040 Gift Tax Distributions Permissible distributions. 2008 tax forms 1040   Generally, a distribution cannot be made from a 403(b) account until the employee: Reaches age 59½, Has a severance from employment, Dies, Becomes disabled, In the case of elective deferrals, encounters financial hardship, or Has a qualified reservist distribution. 2008 tax forms 1040 In most cases, the payments you receive or that are made available to you under your 403(b) account are taxable in full as ordinary income. 2008 tax forms 1040 In general, the same tax rules apply to distributions from 403(b) plans that apply to distributions from other retirement plans. 2008 tax forms 1040 These rules are explained in Publication 575. 2008 tax forms 1040 Publication 575 also discusses the additional tax on early distributions from retirement plans. 2008 tax forms 1040 Retired public safety officers. 2008 tax forms 1040   If you are an eligible retired public safety officer, distributions of up to $3,000, made directly from your 403(b) plan to pay accident, health, or long-term care insurance, are not included in your taxable income. 2008 tax forms 1040 The premiums can be for you, your spouse, or your dependents. 2008 tax forms 1040   A public safety officer is a law enforcement officer, fire fighter, chaplain, or member of a rescue squad or ambulance crew. 2008 tax forms 1040   For additional information, see Publication 575. 2008 tax forms 1040 Distribution for active reservist. 2008 tax forms 1040   The 10% penalty for early withdrawals will not apply to a qualified reservist distribution attributable to elective deferrals from a 403(b) plan. 2008 tax forms 1040 A qualified reservist distribution is a distribution that is made: To an individual who is a reservist or national guardsman and who was ordered or called to active duty for a period in excess of 179 days or for an indefinite period; and During the period beginning on the date of the order or call to duty and ending at the close of the active duty period. 2008 tax forms 1040 Minimum Required Distributions You must receive all, or at least a certain minimum, of your interest accruing after 1986 in the 403(b) plan by April 1 of the calendar year following the later of the calendar year in which you become age 70½, or the calendar year in which you retire. 2008 tax forms 1040 Check with your employer, plan administrator, or provider to find out whether this rule also applies to pre-1987 accruals. 2008 tax forms 1040 If not, a minimum amount of these accruals must begin to be distributed by the later of the end of the calendar year in which you reach age 75 or April 1 of the calendar year following retirement. 2008 tax forms 1040 For each year thereafter, the minimum distribution must be made by the last day of the year. 2008 tax forms 1040 If you do not receive the required minimum distribution, you are subject to a nondeductible 50% excise tax on the difference between the required minimum distribution and the amount actually distributed. 2008 tax forms 1040 No Special 10-Year Tax Option A distribution from a 403(b) plan does not qualify as a lump-sum distribution. 2008 tax forms 1040 This means you cannot use the special 10-year tax option to calculate the taxable portion of a 403(b) distribution. 2008 tax forms 1040 For more information, see Publication 575. 2008 tax forms 1040 Transfer of Interest in 403(b) Contract Contract exchanges. 2008 tax forms 1040   If you transfer all or part of your interest from a 403(b) contract to another 403(b) contract (held in the same plan), the transfer is tax free, and is referred to as a contract exchange. 2008 tax forms 1040 This was previously known as a 90-24 transfer. 2008 tax forms 1040 A contract exchange is similar to a 90-24 transfer with one major difference. 2008 tax forms 1040 Previously, you were able to accomplish the transfer without your employer’s involvement. 2008 tax forms 1040 After September 24, 2007, all such transfers are accomplished through a contract exchange requiring your employer’s involvement. 2008 tax forms 1040 In addition, the plan must provide for the exchange and the transferred interest must be subject to the same or stricter distribution restrictions. 2008 tax forms 1040 Finally, your accumulated benefit after the exchange must be equal to what it was before the exchange. 2008 tax forms 1040   Transfers that do not satisfy this rule are plan distributions and are generally taxable as ordinary income. 2008 tax forms 1040 Plan-to-plan transfers. 2008 tax forms 1040   You may also transfer part or all of your interest from a 403(b) plan to another 403(b) plan if you are an employee of (or were formerly employed by) the employer of the plan to which you would like to transfer. 2008 tax forms 1040 Both the initial plan and the receiving plan must provide for transfers. 2008 tax forms 1040 Your accumulated benefit after the transfer must be at least equal to what it was before the transfer. 2008 tax forms 1040 The new plan’s restrictions on distributions must be the same or stricter than those of the original plan. 2008 tax forms 1040 Tax-free transfers for certain cash distributions. 2008 tax forms 1040   A tax-free transfer may also apply to a cash distribution of your 403(b) account from an insurance company that is subject to a rehabilitation, conservatorship, insolvency, or similar state proceeding. 2008 tax forms 1040 To receive tax-free treatment, you must do all of the following: Withdraw all the cash to which you are entitled in full settlement of your contract rights or, if less, the maximum permitted by the state. 2008 tax forms 1040 Reinvest the cash distribution in a single policy or contract issued by another insurance company or in a single custodial account subject to the same or stricter distribution restrictions as the original contract not later than 60 days after you receive the cash distribution. 2008 tax forms 1040 Assign all future distribution rights to the new contract or account for investment in that contract or account if you received an amount that is less than what you are entitled to because of state restrictions. 2008 tax forms 1040   In addition to the preceding requirements, you must provide the new insurer with a written statement containing all of the following information: The gross amount of cash distributed under the old contract. 2008 tax forms 1040 The amount of cash reinvested in the new contract. 2008 tax forms 1040 Your investment in the old contract on the date you receive your first cash distribution. 2008 tax forms 1040   Also, you must attach the following items to your timely filed income tax return in the year you receive the first distribution of cash. 2008 tax forms 1040 A copy of the statement you gave the new insurer. 2008 tax forms 1040 A statement that includes: The words ELECTION UNDER REV. 2008 tax forms 1040 PROC. 2008 tax forms 1040 92-44, The name of the company that issued the new contract, and The new policy number. 2008 tax forms 1040 Direct trustee-to-trustee transfer. 2008 tax forms 1040   If you make a direct trustee-to-trustee transfer, from your governmental 403(b) account to a defined benefit governmental plan, it may not be includible in gross income. 2008 tax forms 1040   The transfer amount is not includible in gross income if it is made to: Purchase permissive service credits, or Repay contributions and earnings that were previously refunded under a forfeiture of service credit under the plan, or under another plan maintained by a state or local government employer within the same state. 2008 tax forms 1040 After-tax contributions. 2008 tax forms 1040   For distributions beginning after December 31, 2006, after-tax contributions can be rolled over between a 403(b) plan and a defined benefit plan, IRA, or a defined contribution plan. 2008 tax forms 1040 If the rollover is to or from a 403(b) plan, it must occur through a direct trustee-to-trustee transfer. 2008 tax forms 1040 Permissive service credit. 2008 tax forms 1040   A permissive service credit is credit for a period of service recognized by a defined benefit governmental plan only if you voluntarily contribute to the plan an amount that does not exceed the amount necessary to fund the benefit attributable to the period of service and the amount contributed is in addition to the regular employee contribution, if any, under the plan. 2008 tax forms 1040   A permissive service credit may also include service credit for up to 5 years where there is no performance of service, or service credited to provide an increased benefit for service credit which a participant is receiving under the plan. 2008 tax forms 1040   Check with your plan administrator as to the type and extent of service that may be purchased by this transfer. 2008 tax forms 1040 Tax-Free Rollovers You can generally roll over tax free all or any part of a distribution from a 403(b) plan to a traditional IRA or a non-Roth eligible retirement plan, except for any nonqualifying distributions, described later. 2008 tax forms 1040 You may also roll over any part of a distribution from a 403(b) plan by converting it through a direct rollover, described below, to a Roth IRA. 2008 tax forms 1040 Conversion amounts are generally includible in your taxable income in the year of the distribution from your 403(b) account. 2008 tax forms 1040 See Publication 590 for more information about conversion into a Roth IRA. 2008 tax forms 1040 Note. 2008 tax forms 1040 A participant is required to roll over distribution amounts received within 60 days in order for the amount to be treated as nontaxable. 2008 tax forms 1040 Distribution amounts that are rolled over within the 60 days are not subject to the 10% early distribution penalty. 2008 tax forms 1040 Rollovers to and from 403(b) plans. 2008 tax forms 1040   You can generally roll over tax free all or any part of a distribution from an eligible retirement plan to a 403(b) plan. 2008 tax forms 1040 Beginning January 1, 2008, distributions from tax-qualified retirement plans and tax-sheltered annuities can be converted by making a direct rollover into a Roth IRA subject to the restrictions that currently apply to rollovers from a traditional IRA into a Roth IRA. 2008 tax forms 1040 Converted amounts are generally includible in your taxable income in the year of the distribution from your 403(b) account. 2008 tax forms 1040 See Publication 590 for more information on conversion into a Roth IRA. 2008 tax forms 1040   If a distribution includes both pre-tax contributions and after-tax contributions, the portion of the distribution that is rolled over is treated as consisting first of pre-tax amounts (contributions and earnings that would be includible in income if no rollover occurred). 2008 tax forms 1040 This means that if you roll over an amount that is at least as much as the pre-tax portion of the distribution, you do not have to include any of the distribution in income. 2008 tax forms 1040   For more information on rollovers and eligible retirement plans, see Publication 575. 2008 tax forms 1040 If you roll over money or other property from a 403(b) plan to an eligible retirement plan, see Publication 575 for information about possible effects on later distributions from the eligible retirement plan. 2008 tax forms 1040 Hardship exception to rollover rules. 2008 tax forms 1040   The IRS may waive the 60-day rollover period if the failure to waive such requirement would be against equity or good conscience, including cases of casualty, disaster, or other events beyond the reasonable control of an individual. 2008 tax forms 1040   To obtain a hardship exception, you must apply to the IRS for a waiver of the 60-day rollover requirement. 2008 tax forms 1040 You apply for the waiver by following the general instructions used in requesting a letter ruling. 2008 tax forms 1040 These instructions are stated in Revenue Procedure 2013-4, 2013-1 I. 2008 tax forms 1040 R. 2008 tax forms 1040 B. 2008 tax forms 1040 126 available at www. 2008 tax forms 1040 irs. 2008 tax forms 1040 gov/irb/2013-01_IRB/ar09. 2008 tax forms 1040 html, or see the latest annual update. 2008 tax forms 1040 You must also pay a user fee with the application. 2008 tax forms 1040 The user fee for a rollover that is less than $50,000 is $500. 2008 tax forms 1040 For rollovers that are $50,000 or more, see Revenue Procedure 2013-8, 2013-1 I. 2008 tax forms 1040 R. 2008 tax forms 1040 B. 2008 tax forms 1040 237 available at www. 2008 tax forms 1040 irs. 2008 tax forms 1040 gov/irb/2013-01_IRB/ar13. 2008 tax forms 1040 html, or see the latest annual update. 2008 tax forms 1040   In determining whether to grant a waiver, the IRS will consider all relevant facts and circumstances, including: Whether errors were made by the financial institution; Whether you were unable to complete the rollover due to death, disability, hospitalization, incarceration, restrictions imposed by a foreign country, or postal error; Whether you used the amount distributed (for example, in the case of payment by check, whether you cashed the check); and How much time has passed since the date of distribution. 2008 tax forms 1040   For additional information on rollovers, see Publication 590. 2008 tax forms 1040 Eligible retirement plans. 2008 tax forms 1040   The following are considered eligible retirement plans. 2008 tax forms 1040 Individual retirement arrangements. 2008 tax forms 1040 Roth IRA. 2008 tax forms 1040 403(b) plans. 2008 tax forms 1040 Government eligible 457 plans. 2008 tax forms 1040 Qualified retirement plans. 2008 tax forms 1040  If the distribution is from a designated Roth account, then the only eligible retirement plan is another designated Roth account or a Roth IRA. 2008 tax forms 1040 Nonqualifying distributions. 2008 tax forms 1040   You cannot roll over tax free: Minimum required distributions (generally required to begin at age 70½), Substantially equal payments over your life or life expectancy, Substantially equal payments over the joint lives or life expectancies of your beneficiary and you, Substantially equal payments for a period of 10 years or more, Hardship distributions, or Corrective distributions of excess contributions or excess deferrals, and any income allocable to the excess, or excess annual additions and any allocable gains. 2008 tax forms 1040 Rollover of nontaxable amounts. 2008 tax forms 1040    You may be able to roll over the nontaxable part of a distribution (such as your after-tax contributions) made to another eligible retirement plan, traditional IRA, or Roth IRA. 2008 tax forms 1040 The transfer must be made either through a direct rollover to an eligible plan that separately accounts for the taxable and nontaxable parts of the rollover or through a rollover to a traditional IRA or Roth IRA. 2008 tax forms 1040   If you roll over only part of a distribution that includes both taxable and nontaxable amounts, the amount you roll over is treated as coming first from the taxable part of the distribution. 2008 tax forms 1040 Direct rollovers of 403(b) plan distributions. 2008 tax forms 1040   You have the option of having your 403(b) plan make the rollover directly to a traditional IRA, Roth IRA, or new plan. 2008 tax forms 1040 Before you receive a distribution, your plan will give you information on this. 2008 tax forms 1040 It is generally to your advantage to choose this option because your plan will not withhold tax on the distribution if you choose it. 2008 tax forms 1040 Distribution received by you. 2008 tax forms 1040   If you receive a distribution that qualifies to be rolled over, you can roll over all or any part of the distribution. 2008 tax forms 1040 Generally, you will receive only 80% of the distribution because 20% must be withheld. 2008 tax forms 1040 If you roll over only the 80% you receive, you must pay tax on the 20% you did not roll over. 2008 tax forms 1040 You can replace the 20% that was withheld with other money within the 60-day period to make a 100% rollover. 2008 tax forms 1040 Voluntary deductible contributions. 2008 tax forms 1040   For tax years 1982 through 1986, employees could make deductible contributions to a 403(b) plan under the individual retirement arrangement (IRA) rules instead of deducting contributions to a traditional IRA. 2008 tax forms 1040   If you made voluntary deductible contributions to a 403(b) plan under these traditional IRA rules, the distribution of all or part of the accumulated deductible contributions may be rolled over if it otherwise qualifies as a distribution you can roll over. 2008 tax forms 1040 Accumulated deductible contributions are the deductible contributions: Plus Income allocable to the contributions, Gain allocable to the contributions, and Minus Expenses and losses allocable to the contributions, and Distributions from the contributions, income, or gain. 2008 tax forms 1040 Excess employer contributions. 2008 tax forms 1040   The portion of a distribution from a 403(b) plan transferred to a traditional IRA that was previously included in income as excess employer contributions (discussed earlier) is not an eligible rollover distribution. 2008 tax forms 1040   Its transfer does not affect the rollover treatment of the eligible portion of the transferred amounts. 2008 tax forms 1040 However, the ineligible portion is subject to the traditional IRA contribution limits and may create an excess IRA contribution subject to a 6% excise tax (see chapter 1 of Publication 590). 2008 tax forms 1040 Qualified domestic relations order. 2008 tax forms 1040   You may be able to roll over tax free all or any part of an eligible rollover distribution from a 403(b) plan that you receive under a qualified domestic relations order (QDRO). 2008 tax forms 1040 If you receive the interest in the 403(b) plan as an employee's spouse or former spouse under a QDRO, all of the rollover rules apply to you as if you were the employee. 2008 tax forms 1040 You can roll over your interest in the plan to a traditional IRA or another 403(b) plan. 2008 tax forms 1040 For more information on the treatment of an interest received under a QDRO, see Publication 575. 2008 tax forms 1040 Spouses of deceased employees. 2008 tax forms 1040   If you are the spouse of a deceased employee, you can roll over the qualifying distribution attributable to the employee. 2008 tax forms 1040 You can make the rollover to any eligible retirement plan. 2008 tax forms 1040   After you roll money and other property over from a 403(b) plan to an eligible retirement plan, and you take a distribution from that plan, you will not be eligible to receive the capital gain treatment or the special averaging treatment for the distribution. 2008 tax forms 1040 Second rollover. 2008 tax forms 1040   If you roll over a qualifying distribution to a traditional IRA, you can, if certain conditions are satisfied, later roll the distribution into another 403(b) plan. 2008 tax forms 1040 For more information, see IRA as a holding account (conduit IRA) for rollovers to other eligible plans in chapter 1 of Publication 590. 2008 tax forms 1040 Nonspouse beneficiary. 2008 tax forms 1040   A nonspouse beneficiary may make a direct rollover of a distribution from a 403(b) plan of a deceased participant if the rollover is a direct transfer to an inherited IRA established to receive the distribution. 2008 tax forms 1040 If the rollover is a direct trustee-to-trustee transfer to an IRA established to receive the distribution: The transfer will be treated as an eligible rollover distribution. 2008 tax forms 1040 The IRA will be considered an inherited account. 2008 tax forms 1040 The required minimum distribution rules that apply in instances where the participant dies before the entire interest is distributed will apply to the transferred IRA. 2008 tax forms 1040    For more information on IRAs, see Publication 590. 2008 tax forms 1040 Frozen deposits. 2008 tax forms 1040   The 60-day period usually allowed for completing a rollover is extended for any time that the amount distributed is a frozen deposit in a financial institution. 2008 tax forms 1040 The 60-day period cannot end earlier than 10 days after the deposit ceases to be a frozen deposit. 2008 tax forms 1040   A frozen deposit is any deposit that on any day during the 60-day period cannot be withdrawn because: The financial institution is bankrupt or insolvent, or The state where the institution is located has placed limits on withdrawals because one or more banks in the state are (or are about to be) bankrupt or insolvent. 2008 tax forms 1040 Gift Tax If, by choosing or not choosing an election, or option, you provide an annuity for your beneficiary at or after your death, you may have made a taxable gift equal to the value of the annuity. 2008 tax forms 1040 Joint and survivor annuity. 2008 tax forms 1040   If the gift is an interest in a joint and survivor annuity where only you and your spouse have the right to receive payments, the gift will generally be treated as qualifying for the unlimited marital deduction. 2008 tax forms 1040 More information. 2008 tax forms 1040   For information on the gift tax, see Publication 559, Survivors, Executors, and Administrators. 2008 tax forms 1040 Prev  Up  Next   Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Virginia Office of the Attorney General

Website: Virginia Office of the Attorney General

Address: Virginia Office of the Attorney General
Consumer Protection Section
900 E. Main St.
Richmond, VA 23219

Phone Number: 804-786-2042

Toll-free: 1-800-552-9963 (VA)

TTY: 1-800-828-1120

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Regional Consumer Protection Offices

Office of the Attorney General- Northern Virginia

Website: Office of the Attorney General- Northern Virginia

Address: Office of the Attorney General- Northern Virginia
10555 Main St., Suite 350
Fairfax, VA 22030

Phone Number: 703-277-3540

Office of the Attorney General- Southwest Region

Website: Office of the Attorney General- Southwest Region

Address: Office of the Attorney General- Southwest Region
204 Abingdon Place
Abingdon, VA 24211

Phone Number: 276-628-2759

Office of the Attorney General- Western Region

Website: Office of the Attorney General- Western Region

Address: Office of the Attorney General- Western Region
3033 Peters Creek Rd.
Roanoke, VA 24019

Phone Number: 540-562-3570

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County Consumer Protection Offices

Fairfax County Department of Cable Communications and Consumer Protection

Website: Fairfax County Department of Cable Communications and Consumer Protection

Address: Fairfax County Department of Cable Communications and Consumer Protection
12000 Government Center Pkwy., Suite 433
Fairfax, VA 22035

Phone Number: 703-222-8435

TTY: 711

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

State Corporation Commission

Website: State Corporation Commission

Address: State Corporation Commission
Bureau of Financial Institutions
PO Box 640
Richmond, VA 23218

Phone Number: 804-371-9657

Toll-free: 1-800-552-7945 (VA)

TTY: 804-371-9206

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

State Corporation Commission

Website: State Corporation Commission

Address: State Corporation Commission
Bureau of Insurance
PO Box 1157
Richmond, VA 23218-1157

Phone Number: 804-371-9741

Toll-free: 1-877-310-6560

TTY: 804-371-9206

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

State Corporation Commission

Website: State Corporation Commission

Address: State Corporation Commission
Division of Securities and Retail Franchising
PO Box 1197
Richmond, VA 23218

Phone Number: 804-371-9051

Toll-free: 1-800-552-7945 (VA)

TTY: 804-371-9206

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

State Corporation Commission

Website: State Corporation Commission

Address: State Corporation Commission
Division of Energy Regulation
PO Box 1197
Richmond, VA 23218

Phone Number: 804-371-9611

Toll-free: 1-800-552-7945 (VA)

TTY: 804-371-9206

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The 2008 Tax Forms 1040

2008 tax forms 1040 2. 2008 tax forms 1040   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. 2008 tax forms 1040 This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes, and awards. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 For information on when the penalty applies, see chapter 4. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 Worksheets. 2008 tax forms 1040   You may need to use several of the blank worksheets included in this chapter. 2008 tax forms 1040 See Worksheets for Chapter 2, later, to locate what you need. 2008 tax forms 1040 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. 2008 tax forms 1040 To do this, file a new Form W-4 with your employer. 2008 tax forms 1040 See chapter 1. 2008 tax forms 1040 Estimated tax not required. 2008 tax forms 1040   You do not have to pay estimated tax for 2014 if you meet all three of the following conditions. 2008 tax forms 1040 You had no tax liability for 2013. 2008 tax forms 1040 You were a U. 2008 tax forms 1040 S. 2008 tax forms 1040 citizen or resident alien for the whole year. 2008 tax forms 1040 Your 2013 tax year covered a 12-month period. 2008 tax forms 1040   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. 2008 tax forms 1040 Please click here for the text description of the image. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 General Rule In most cases, you must pay estimated tax for 2014 if both of the following apply. 2008 tax forms 1040 You expect to owe at least $1,000 in tax for 2014, after subtracting your withholding and refundable credits. 2008 tax forms 1040 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. 2008 tax forms 1040 Your 2013 tax return must cover all 12 months. 2008 tax forms 1040 Note. 2008 tax forms 1040 The percentages in (2a) or (2b) above may be different if you are a farmer, fisherman, or higher income taxpayer. 2008 tax forms 1040 See Special Rules , later. 2008 tax forms 1040 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. 2008 tax forms 1040 Figure 2-A takes you through the general rule. 2008 tax forms 1040 You may find this helpful in determining if you must pay estimated tax. 2008 tax forms 1040 If all your income will be subject to income tax withholding, you probably do not need to pay estimated tax. 2008 tax forms 1040 Example 1. 2008 tax forms 1040 Jane Smart uses Figure 2-A and the following information to figure whether she should pay estimated tax for 2014. 2008 tax forms 1040 She files as head of household claiming her dependent son, takes the standard deduction, and expects no refundable credits for 2014. 2008 tax forms 1040 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). 2008 tax forms 1040 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. 2008 tax forms 1040 50). 2008 tax forms 1040 Jane does not need to pay estimated tax. 2008 tax forms 1040 Example 2. 2008 tax forms 1040 The facts are the same as in Example 1, except that Jane expects only $8,700 tax to be withheld in 2014. 2008 tax forms 1040 Because that is less than $9,913. 2008 tax forms 1040 50, her answer to box 2a is NO. 2008 tax forms 1040 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). 2008 tax forms 1040 Jane must increase her withholding or pay estimated tax for 2014. 2008 tax forms 1040 Example 3. 2008 tax forms 1040 The facts are the same as in Example 2, except that the total tax shown on Jane's 2013 return was $8,600. 2008 tax forms 1040 Because she expects to have more than $8,600 withheld in 2014 ($8,700), her answer to box 2b is YES. 2008 tax forms 1040 Jane does not need to pay estimated tax for 2014. 2008 tax forms 1040 Married Taxpayers If you qualify to make joint estimated tax payments, apply the rules discussed here to your joint estimated income. 2008 tax forms 1040 You and your spouse can make joint estimated tax payments even if you are not living together. 2008 tax forms 1040 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). 2008 tax forms 1040 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. 2008 tax forms 1040 These individuals can take credit only for the estimated tax payments that he or she made. 2008 tax forms 1040 If you and your spouse cannot make joint estimated tax payments, apply these rules to your separate estimated income. 2008 tax forms 1040 Making joint or separate estimated tax payments will not affect your choice of filing a joint tax return or separate returns for 2014. 2008 tax forms 1040 2013 separate returns and 2014 joint return. 2008 tax forms 1040   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. 2008 tax forms 1040 You filed a separate return if you filed as single, head of household, or married filing separately. 2008 tax forms 1040 2013 joint return and 2014 separate returns. 2008 tax forms 1040   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. 2008 tax forms 1040 You file a separate return if you file as single, head of household, or married filing separately. 2008 tax forms 1040   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. 2008 tax forms 1040 Then multiply the tax on the joint return by the following fraction. 2008 tax forms 1040      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. 2008 tax forms 1040 Joe and Heather filed a joint return for 2013 showing taxable income of $48,500 and a tax of $6,386. 2008 tax forms 1040 Of the $48,500 taxable income, $40,100 was Joe's and the rest was Heather's. 2008 tax forms 1040 For 2014, they plan to file married filing separately. 2008 tax forms 1040 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. 2008 tax forms 1040 6% Joe's share of tax on joint return  ($6,386 × 87. 2008 tax forms 1040 6%) $5,594 Special Rules There are special rules for farmers, fishermen, and certain higher income taxpayers. 2008 tax forms 1040 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. 2008 tax forms 1040 Gross income. 2008 tax forms 1040   Your gross income is all income you receive in the form of money, goods, property, and services that is not exempt from tax. 2008 tax forms 1040 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. 2008 tax forms 1040 Joint returns. 2008 tax forms 1040   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. 2008 tax forms 1040 Gross income from farming. 2008 tax forms 1040   This is income from cultivating the soil or raising agricultural commodities. 2008 tax forms 1040 It includes the following amounts. 2008 tax forms 1040 Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. 2008 tax forms 1040 Income from a plantation, ranch, nursery, range, orchard, or oyster bed. 2008 tax forms 1040 Crop shares for the use of your land. 2008 tax forms 1040 Gains from sales of draft, breeding, dairy, or sporting livestock. 2008 tax forms 1040   For 2013, gross income from farming is the total of the following amounts. 2008 tax forms 1040 Schedule F (Form 1040), Profit or Loss From Farming, line 9. 2008 tax forms 1040 Form 4835, Farm Rental Income and Expenses, line 7. 2008 tax forms 1040 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). 2008 tax forms 1040 Your gains from sales of draft, breeding, dairy, or sporting livestock shown on Form 4797, Sales of Business Property. 2008 tax forms 1040   Wages you receive as a farm employee and wages you receive from a farm corporation are not gross income from farming. 2008 tax forms 1040 Gross income from fishing. 2008 tax forms 1040   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. 2008 tax forms 1040   Gross income from fishing includes the following amounts. 2008 tax forms 1040 Schedule C (Form 1040), Profit or Loss From Business. 2008 tax forms 1040 Income for services as an officer or crew member of a vessel while the vessel is engaged in fishing. 2008 tax forms 1040 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). 2008 tax forms 1040 Certain taxable interest and punitive damage awards received in connection with the Exxon Valdez litigation. 2008 tax forms 1040 Income for services normally performed in connection with fishing. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 For 2013, AGI is the amount shown on Form 1040, line 37; Form 1040A, line 21; and Form 1040EZ, line 4. 2008 tax forms 1040 Note. 2008 tax forms 1040 This rule does not apply to farmers and fishermen. 2008 tax forms 1040 Aliens Resident and nonresident aliens also may have to pay estimated tax. 2008 tax forms 1040 Resident aliens should follow the rules in this publication, unless noted otherwise. 2008 tax forms 1040 Nonresident aliens should get Form 1040-ES (NR), U. 2008 tax forms 1040 S. 2008 tax forms 1040 Estimated Tax for Nonresident Alien Individuals. 2008 tax forms 1040 You are an alien if you are not a citizen or national of the United States. 2008 tax forms 1040 You are a resident alien if you either have a green card or meet the substantial presence test. 2008 tax forms 1040 For more information about withholding, the substantial presence test, and Form 1040-ES (NR), see Publication 519. 2008 tax forms 1040 Estates and Trusts Estates and trusts also must pay estimated tax. 2008 tax forms 1040 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. 2008 tax forms 1040 Estates and trusts must use Form 1041-ES, Estimated Income Tax for Estates and Trusts, to figure and pay estimated tax. 2008 tax forms 1040 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. 2008 tax forms 1040 When figuring your 2014 estimated tax, it may be helpful to use your income, deductions, and credits for 2013 as a starting point. 2008 tax forms 1040 Use your 2013 federal tax return as a guide. 2008 tax forms 1040 You can use Form 1040-ES to figure your estimated tax. 2008 tax forms 1040 Nonresident aliens use Form 1040-ES (NR) to figure estimated tax. 2008 tax forms 1040 You must make adjustments both for changes in your own situation and for recent changes in the tax law. 2008 tax forms 1040 Some of these changes are discussed under What's New for 2014 , earlier. 2008 tax forms 1040 For information about these and other changes in the law, visit the IRS website at IRS. 2008 tax forms 1040 gov. 2008 tax forms 1040 The instructions for Form 1040-ES include a worksheet to help you figure your estimated tax. 2008 tax forms 1040 Keep the worksheet for your records. 2008 tax forms 1040 2014 Estimated Tax Worksheet Use Worksheet 2-1 to help guide you through the information about completing the 2014 Estimated Tax Worksheet. 2008 tax forms 1040 You can also find a copy of the worksheet in the Instructions for Form 1040-ES. 2008 tax forms 1040 Expected AGI—Line 1 Your expected AGI for 2014 (line 1) is your expected total income minus your expected adjustments to income. 2008 tax forms 1040 Total income. 2008 tax forms 1040   Include in your total income all the income you expect to receive during the year, even income that is subject to withholding. 2008 tax forms 1040 However, do not include income that is tax exempt. 2008 tax forms 1040   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. 2008 tax forms 1040 Social security and railroad retirement benefits. 2008 tax forms 1040 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. 2008 tax forms 1040 Adjustments to income. 2008 tax forms 1040   Be sure to subtract from your expected total income all of the adjustments you expect to take on your 2014 tax return. 2008 tax forms 1040 Self-employed. 2008 tax forms 1040 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. 2008 tax forms 1040 Include the amount from Worksheet 2-3 in your expected adjustments to income. 2008 tax forms 1040 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. 2008 tax forms 1040 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). 2008 tax forms 1040 Itemized deductions—line 2. 2008 tax forms 1040   If you expect to claim itemized deductions on your 2014 tax return, enter the estimated amount on line 2. 2008 tax forms 1040   Itemized deductions are the deductions that can be claimed on Schedule A (Form 1040). 2008 tax forms 1040    For 2014, your total itemized deductions may be reduced if your AGI is more than the amount shown next for your filing status. 2008 tax forms 1040 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. 2008 tax forms 1040 Standard deduction—line 2. 2008 tax forms 1040   If you expect to claim the standard deduction on your 2014 tax return, enter the amount on line 2. 2008 tax forms 1040 Use Worksheet 2-4 to figure your standard deduction. 2008 tax forms 1040 No standard deduction. 2008 tax forms 1040   The standard deduction for some individuals is zero. 2008 tax forms 1040 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. 2008 tax forms 1040 Exemptions—line 4. 2008 tax forms 1040   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. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040    For 2014, your deduction for personal exemption is reduced if your AGI is more than the amount shown next for your filing status. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 Most people will have entries for only a few of these steps. 2008 tax forms 1040 However, you should check every step to be sure you do not overlook anything. 2008 tax forms 1040 Step 1. 2008 tax forms 1040   Figure your expected income tax (line 6). 2008 tax forms 1040 Generally, you will use the 2014 Tax Rate Schedules, later, to figure your expected income tax. 2008 tax forms 1040   However, see below for situations where you must use a different method to compute your estimated tax. 2008 tax forms 1040 Tax on child's investment income. 2008 tax forms 1040   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. 2008 tax forms 1040 Children under age 18 at the end of 2014. 2008 tax forms 1040 The following children if their earned income is not more than half their support. 2008 tax forms 1040 Children age 18 at the end of 2014. 2008 tax forms 1040 Children who are full-time students over age 18 and under age 24 at the end of 2014. 2008 tax forms 1040 See Publication 929, Tax Rules for Children and Dependents. 2008 tax forms 1040 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. 2008 tax forms 1040 Tax on net capital gain. 2008 tax forms 1040   The regular income tax rates for individuals do not apply to a net capital gain. 2008 tax forms 1040 Instead, your net capital gain is taxed at a lower maximum rate. 2008 tax forms 1040   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. 2008 tax forms 1040 Tax on capital gain and qualified dividends. 2008 tax forms 1040 If the amount on line 1 includes a net capital gain or qualified dividends, use Worksheet 2-7 to figure your tax. 2008 tax forms 1040 Note. 2008 tax forms 1040 For 2014, your capital gains and dividends rate will depend on your income. 2008 tax forms 1040 Tax if excluding foreign earned income or excluding or deducting foreign housing. 2008 tax forms 1040 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. 2008 tax forms 1040 Step 2. 2008 tax forms 1040   Total your expected taxes (line 8). 2008 tax forms 1040 Include on line 8 the sum of the following. 2008 tax forms 1040 Your tax on line 6. 2008 tax forms 1040 Your expected alternative minimum tax (AMT) from Form 6251, or included on Form 1040A. 2008 tax forms 1040 Your expected additional taxes from Form 8814, Parents' Election To Report Child's Interest and Dividends, and Form 4972, Tax on Lump-Sum Distributions. 2008 tax forms 1040 Any recapture of education credits. 2008 tax forms 1040 Step 3. 2008 tax forms 1040   Subtract your expected credits (line 9). 2008 tax forms 1040 If you are using your 2013 return as a guide and filed Form 1040, your total credits for 2013 were shown on line 54. 2008 tax forms 1040 If you filed Form 1040A, your total credits for 2013 were on line 34. 2008 tax forms 1040   If your credits on line 9 are more than your taxes on line 8, enter “-0-” on line 10 and go to Step 4. 2008 tax forms 1040 Step 4. 2008 tax forms 1040   Add your expected self-employment tax (line 11). 2008 tax forms 1040 You already should have figured your self-employment tax (see Self-employed under Expected AGI—Line 1, earlier). 2008 tax forms 1040 Step 5. 2008 tax forms 1040   Add your expected other taxes (line 12). 2008 tax forms 1040   Other taxes include the following. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 Amounts written on Form 1040 on the line for “other taxes” (line 60 on the 2013 Form 1040). 2008 tax forms 1040 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. 2008 tax forms 1040 Repayment of the first-time homebuyer credit. 2008 tax forms 1040 See Form 5405. 2008 tax forms 1040 Additional Medicare Tax. 2008 tax forms 1040 A 0. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 A self-employment loss should not be considered for purposes of this tax. 2008 tax forms 1040 RRTA compensation should be separately compared to the threshold. 2008 tax forms 1040 Your employer is responsible for withholding the 0. 2008 tax forms 1040 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays to you in excess of $200,000 in 2014. 2008 tax forms 1040 You should consider this withholding, if applicable, in determining whether you need to make an estimated payment. 2008 tax forms 1040 For more information on Additional Medicare Tax, go to IRS. 2008 tax forms 1040 gov and enter “Additional Medicare Tax” in the search box. 2008 tax forms 1040 Net Investment Income Tax (NIIT). 2008 tax forms 1040 The NIIT is 3. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 gov and enter “Net Investment Income Tax” in the search box. 2008 tax forms 1040 Step 6. 2008 tax forms 1040   Subtract your refundable credit (line 13b). 2008 tax forms 1040   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. 2008 tax forms 1040   The result of steps 1 through 6 is your total estimated tax for 2014 (line 13c). 2008 tax forms 1040 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. 2008 tax forms 1040 General rule. 2008 tax forms 1040   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. 2008 tax forms 1040 Your 2013 tax return must cover all 12 months. 2008 tax forms 1040 Special rules. 2008 tax forms 1040   There are special rules for higher income taxpayers and for farmers and fishermen. 2008 tax forms 1040 Higher income taxpayers. 2008 tax forms 1040   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. 2008 tax forms 1040 This rule does not apply to farmers and fishermen. 2008 tax forms 1040 For 2013, AGI is the amount shown on Form 1040, line 37; Form 1040A, line 21; and Form 1040EZ, line 4. 2008 tax forms 1040 Example. 2008 tax forms 1040   Jeremy Martin's total tax on his 2013 return was $42,581, and his expected tax for 2014 is $71,253. 2008 tax forms 1040 His 2013 AGI was $180,000. 2008 tax forms 1040 Because Jeremy had more than $150,000 of AGI in 2013, he figures his required annual payment as follows. 2008 tax forms 1040 He determines that 90% of his expected tax for 2014 is $64,128 (. 2008 tax forms 1040 90 × $71,253). 2008 tax forms 1040 Next, he determines that 110% of the tax shown on his 2013 return is $46,839 (1. 2008 tax forms 1040 10 x $42,581). 2008 tax forms 1040 Finally, he determines that his required annual payment is $46,839, the smaller of the two. 2008 tax forms 1040 Farmers and fishermen. 2008 tax forms 1040   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% (. 2008 tax forms 1040 6667) of your total tax for 2014, or 100% of the total tax shown on your 2013 return. 2008 tax forms 1040 (Your 2013 tax return must cover all 12 months. 2008 tax forms 1040 )   For definitions of “gross income from farming” and “gross income from fishing,” see Farmers and Fishermen , under Special Rules discussed earlier. 2008 tax forms 1040 Total tax for 2013—line 14b. 2008 tax forms 1040   Your 2013 total tax, if you filed Form 1040, is the amount on line 61 reduced by the following. 2008 tax forms 1040 Unreported social security and Medicare tax or RRTA tax from Forms 4137 or 8919 (line 57). 2008 tax forms 1040 The following amounts from Form 5329 included on line 58. 2008 tax forms 1040 Any tax on excess contributions to IRAs, Archer MSAs, Coverdell education savings accounts, and health savings accounts. 2008 tax forms 1040 Any tax on excess accumulations in qualified retirement plans. 2008 tax forms 1040 The following write-ins on line 60. 2008 tax forms 1040 Excise tax on excess golden parachute payments (identified as “EPP”). 2008 tax forms 1040 Excise tax on insider stock compensation from an expatriated corporation (identified as “ISC”). 2008 tax forms 1040 Look-back interest due under section 167(g) (identified as “From Form 8866”). 2008 tax forms 1040 Look-back interest due under section 460(b) (identified as “From Form 8697”). 2008 tax forms 1040 Recapture of federal mortgage subsidy (identified as “FMSR”). 2008 tax forms 1040 Additional tax on advance payments of health coverage tax credit when not eligible (identified as “HCTC”). 2008 tax forms 1040 Uncollected social security and Medicare tax or RRTA tax on tips or group-term life insurance (identified as “UT”). 2008 tax forms 1040 Any refundable credit amounts. 2008 tax forms 1040   If you filed Form 1040A, your 2013 total tax is the amount on line 35 reduced by any refundable credits. 2008 tax forms 1040   If you filed Form 1040EZ, your 2013 total tax is the amount on line 10 reduced by the amount on line 8a. 2008 tax forms 1040 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. 2008 tax forms 1040 Subtract your expected withholding from your required annual payment (line 14c). 2008 tax forms 1040 You usually must pay this difference in four equal installments. 2008 tax forms 1040 See When To Pay Estimated Tax and How To Figure Each Payment . 2008 tax forms 1040 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. 2008 tax forms 1040 Withholding—line 15. 2008 tax forms 1040   Your expected withholding for 2014 (line 15) includes the income tax you expect to be withheld from all sources (wages, pensions and annuities, etc. 2008 tax forms 1040 ). 2008 tax forms 1040 It includes excess social security, and tier 1 railroad retirement tax you expect to be withheld from your wages and compensation. 2008 tax forms 1040 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. 2008 tax forms 1040 See Excess Social Security or Railroad Retirement Tax Withholding in chapter 3. 2008 tax forms 1040   It also includes Additional Medicare Tax you expect to be withheld from your wages or compensation. 2008 tax forms 1040 Your employer is responsible for withholding the 0. 2008 tax forms 1040 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays to you in excess of $200,000. 2008 tax forms 1040 When To Pay Estimated Tax For estimated tax purposes, the year is divided into four payment periods. 2008 tax forms 1040 Each period has a specific payment due date. 2008 tax forms 1040 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. 2008 tax forms 1040 If a payment is mailed, the date of the U. 2008 tax forms 1040 S. 2008 tax forms 1040 postmark is considered the date of payment. 2008 tax forms 1040 The payment periods and due dates for estimated tax payments are shown next. 2008 tax forms 1040 For exceptions to the dates listed, see Saturday, Sunday, holiday rule below. 2008 tax forms 1040 For the period: Due date: Jan. 2008 tax forms 1040 11 – March 31 April 15 April 1 – May 31 June 16 June 1 – August 31 September 15 Sept. 2008 tax forms 1040 1 – Dec. 2008 tax forms 1040 31 January 15  next year2 1If your tax year does not begin on January 1,  see Fiscal year taxpayers . 2008 tax forms 1040 2See January payment . 2008 tax forms 1040 Saturday, Sunday, holiday rule. 2008 tax forms 1040   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. 2008 tax forms 1040 January payment. 2008 tax forms 1040   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. 2008 tax forms 1040 Example. 2008 tax forms 1040 Janet Adams does not pay any estimated tax for 2014. 2008 tax forms 1040 She files her 2014 income tax return and pays the balance due shown on her return on January 26, 2015. 2008 tax forms 1040 Janet's estimated tax for the fourth payment period is considered to have been paid on time. 2008 tax forms 1040 However, she may owe a penalty for not making the first three estimated tax payments, if required. 2008 tax forms 1040 Any penalty for not making those payments will be figured up to January 26, 2015. 2008 tax forms 1040 Fiscal year taxpayers. 2008 tax forms 1040   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. 2008 tax forms 1040   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. 2008 tax forms 1040 When To Start You do not have to make estimated tax payments until you have income on which you will owe income tax. 2008 tax forms 1040 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. 2008 tax forms 1040 You have several options when paying estimated taxes. 2008 tax forms 1040 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. 2008 tax forms 1040 If you choose to pay in installments, make your first payment by the due date for the first payment period. 2008 tax forms 1040 Make your remaining installment payments by the due dates for the later periods. 2008 tax forms 1040 To avoid any estimated tax penalties, all installments must be paid by their due date and for the required amount. 2008 tax forms 1040 No income subject to estimated tax during first period. 2008 tax forms 1040   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. 2008 tax forms 1040 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. 2008 tax forms 1040 Table 2-1 shows the dates for making installment payments. 2008 tax forms 1040    Table 2-1. 2008 tax forms 1040 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. 2008 tax forms 1040 15     Jan. 2008 tax forms 1040 15 next year April 1–May 31 June 16 Sept. 2008 tax forms 1040 15     Jan. 2008 tax forms 1040 15 next year June 1–Aug. 2008 tax forms 1040 31 Sept. 2008 tax forms 1040 15 Jan. 2008 tax forms 1040 15 next year After Aug. 2008 tax forms 1040 31 Jan. 2008 tax forms 1040 15 next year (None) *See January payment and Saturday, Sunday, holiday rule . 2008 tax forms 1040 How much to pay to avoid penalty. 2008 tax forms 1040   To determine how much you should pay by each payment due date, see How To Figure Each Payment , later. 2008 tax forms 1040 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. 2008 tax forms 1040 The due dates for the first three payment periods, discussed under When To Pay Estimated Tax , earlier, do not apply to you. 2008 tax forms 1040 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. 2008 tax forms 1040 Fiscal year farmers and fishermen. 2008 tax forms 1040   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. 2008 tax forms 1040 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. 2008 tax forms 1040 You should pay enough by each due date to avoid a penalty for that period. 2008 tax forms 1040 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. 2008 tax forms 1040 The penalty is discussed in chapter 4. 2008 tax forms 1040 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. 2008 tax forms 1040 Enter this amount on line 17. 2008 tax forms 1040 However, use this method only if your income is basically the same throughout the year. 2008 tax forms 1040 Change in estimated tax. 2008 tax forms 1040   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. 2008 tax forms 1040 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. 2008 tax forms 1040 If you do not receive your income evenly throughout the year, your required estimated tax payments may not be the same for each period. 2008 tax forms 1040 See Annualized Income Installment Method . 2008 tax forms 1040 Amended estimated tax. 2008 tax forms 1040 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. 2008 tax forms 1040 Example. 2008 tax forms 1040 Early in 2014, Mira Roberts figures that her estimated tax due is $1,800. 2008 tax forms 1040 She makes estimated tax payments on April 15 and June 16 of $450 each ($1,800 ÷ 4). 2008 tax forms 1040 On July 10, she sells investment property at a gain. 2008 tax forms 1040 Her refigured estimated tax is $4,100. 2008 tax forms 1040 Her required estimated tax payment for the third payment period is $2,175, as shown in her filled-in Worksheet 2-14. 2008 tax forms 1040 If Mira's estimated tax does not change again, her required estimated tax payment for the fourth payment period will be $1,025. 2008 tax forms 1040 Worksheet 2-14. 2008 tax forms 1040 Amended Estimated Tax Worksheet—Illustrated               1. 2008 tax forms 1040 Amended total estimated tax due 1. 2008 tax forms 1040 $4,100 2. 2008 tax forms 1040 Multiply line 1 by:           50% (. 2008 tax forms 1040 50) if next payment is due June 16, 2014           75% (. 2008 tax forms 1040 75) if next payment is due September 15,  2014           100% (1. 2008 tax forms 1040 00) if next payment is due January 15,  2015 2. 2008 tax forms 1040 3,075     3. 2008 tax forms 1040 Estimated tax payments for all previous periods 3. 2008 tax forms 1040 900     4. 2008 tax forms 1040 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. 2008 tax forms 1040 $2,175       Note. 2008 tax forms 1040 If the payment on line 4 is due January 15, 2015, stop here. 2008 tax forms 1040 Otherwise, go to line 5. 2008 tax forms 1040         5. 2008 tax forms 1040 Add lines 3 and 4 5. 2008 tax forms 1040 3,075 6. 2008 tax forms 1040 Subtract line 5 from line 1 and enter the result (but not less than zero) 6. 2008 tax forms 1040 1,025 7. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 $1,025 Worksheet 2-14. 2008 tax forms 1040 Amended Estimated Tax Worksheet—Blank               1. 2008 tax forms 1040 Amended total estimated tax due 1. 2008 tax forms 1040   2. 2008 tax forms 1040 Multiply line 1 by:           50% (. 2008 tax forms 1040 50) if next payment is due June 16, 2014           75% (. 2008 tax forms 1040 75) if next payment is due September 15,  2014           100% (1. 2008 tax forms 1040 00) if next payment is due January 15,  2015 2. 2008 tax forms 1040       3. 2008 tax forms 1040 Estimated tax payments for all previous periods 3. 2008 tax forms 1040       4. 2008 tax forms 1040 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. 2008 tax forms 1040         Note. 2008 tax forms 1040 If the payment on line 4 is due January 15, 2015, stop here. 2008 tax forms 1040 Otherwise, go to line 5. 2008 tax forms 1040         5. 2008 tax forms 1040 Add lines 3 and 4 5. 2008 tax forms 1040   6. 2008 tax forms 1040 Subtract line 5 from line 1 and enter the result (but not less than zero) 6. 2008 tax forms 1040   7. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040   Underpayment penalty. 2008 tax forms 1040   The penalty is figured separately for each payment period. 2008 tax forms 1040 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. 2008 tax forms 1040 To see how you may be able to avoid or reduce this penalty, see Annualized Income Installment Method (Schedule AI) in chapter 4. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 To see whether you can pay less for any period, complete the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9). 2008 tax forms 1040 You first must complete the 2014 Estimated Tax Worksheet (Worksheet 2-1) through line 16b. 2008 tax forms 1040 Use the result you figure on line 32 of Worksheet 2-9 to make your estimated tax payments and complete your payment vouchers. 2008 tax forms 1040 Note. 2008 tax forms 1040 If you use the annualized income installment method to figure your estimated tax payments, you must file Form 2210 with your 2014 tax return. 2008 tax forms 1040 See Annualized Income Installment Method (Schedule AI) in chapter 4 for more information. 2008 tax forms 1040 Instructions for the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9) Use Worksheet 2-9 to help you follow these instructions. 2008 tax forms 1040 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. 2008 tax forms 1040 The top of the worksheet shows the dates for each payment period. 2008 tax forms 1040 The periods build; that is, each period includes all previous periods. 2008 tax forms 1040 After the end of each payment period, complete the corresponding worksheet column to figure the payment due for that period. 2008 tax forms 1040 Line 1. 2008 tax forms 1040   Enter your AGI for the period. 2008 tax forms 1040 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. 2008 tax forms 1040 See Expected AGI—Line 1 , earlier. 2008 tax forms 1040 Self-employment income. 2008 tax forms 1040   If you had self-employment income, first complete Section B of this worksheet. 2008 tax forms 1040 Use the amounts on line 43 when figuring your expected AGI to enter in each column of Section A, line 1. 2008 tax forms 1040 Line 4. 2008 tax forms 1040   Be sure to consider all deduction limits figured on Schedule A (Form 1040), such as reducing your medical expenses by 10% (7. 2008 tax forms 1040 5% if either you or your spouse was born before January 2, 1950) or reducing certain miscellaneous deductions by 2% of your AGI. 2008 tax forms 1040 Figure your deduction limits using your expected AGI in the corresponding column of line 1 (2014 Annualized Estimated Tax Worksheet (Worksheet 2-9)). 2008 tax forms 1040 Line 6. 2008 tax forms 1040   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. 2008 tax forms 1040 In that case, use Worksheet 2-10 to figure the amount to enter on line 6. 2008 tax forms 1040 Complete Worksheet 2–10 for each period, as necessary. 2008 tax forms 1040 Line 7. 2008 tax forms 1040   If you will not itemize your deductions, use Worksheet 2-4 to figure your standard deduction. 2008 tax forms 1040 Line 10. 2008 tax forms 1040   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. 2008 tax forms 1040   In that case, use Worksheet 2-11 to figure the amount to enter on line 10. 2008 tax forms 1040 Line 12. 2008 tax forms 1040   Generally, you will use the Tax Rate Schedules to figure the tax on your annualized income. 2008 tax forms 1040 However, see below for situations where you must use a different method to compute your estimated tax. 2008 tax forms 1040 Tax on child's investment income. 2008 tax forms 1040   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. 2008 tax forms 1040 Children under age 18 at the end of 2014. 2008 tax forms 1040 The following children if their earned income is not more than half their support. 2008 tax forms 1040 Children age 18 at the end of 2014. 2008 tax forms 1040 Children who are full-time students over age 18 and under age 24 at the end of 2014. 2008 tax forms 1040 See Publication 929. 2008 tax forms 1040 Tax on net capital gain. 2008 tax forms 1040   The regular income tax rates for individuals do not apply to a net capital gain. 2008 tax forms 1040 Instead, your net capital gain is taxed at a lower maximum rate. 2008 tax forms 1040   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. 2008 tax forms 1040 Tax on qualified dividends and capital gains. 2008 tax forms 1040   For 2014, your capital gain and dividends rate will depend on your income. 2008 tax forms 1040 Tax on capital gain or qualified dividends. 2008 tax forms 1040 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. 2008 tax forms 1040 Tax if excluding foreign earned income or excluding or deducting foreign housing. 2008 tax forms 1040 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. 2008 tax forms 1040 Line 13. 2008 tax forms 1040   If you file Form 1040, add the tax from Forms 8814, 4972, and 6251 for the period. 2008 tax forms 1040 If you file Form 1040A, add the amount from the Alternative Minimum Tax Worksheet found in the instructions. 2008 tax forms 1040 Also include any recapture of an education credit for each period. 2008 tax forms 1040 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. 2008 tax forms 1040   Use the 2013 forms or worksheets to see if you will owe any of the taxes discussed above. 2008 tax forms 1040 Figure the tax based on your income and deductions during the period shown in the column headings. 2008 tax forms 1040 Multiply this amount by the annualization amounts shown for each column on line 2 of the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9). 2008 tax forms 1040 Enter the result on line 13 of this worksheet. 2008 tax forms 1040 Line 15. 2008 tax forms 1040   Include all the nonrefundable credits you expect to claim because of events that will occur during the period. 2008 tax forms 1040 Note. 2008 tax forms 1040 When figuring your credits for each period, annualize any item of income or deduction to figure each credit. 2008 tax forms 1040 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. 2008 tax forms 1040 Line 18. 2008 tax forms 1040   Add your expected other taxes. 2008 tax forms 1040   Other taxes include the following. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 Amounts on Form 1040 written on the line for “other taxes” (line 60 on the 2013 Form 1040). 2008 tax forms 1040 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. 2008 tax forms 1040 Repayment of the first-time homebuyer credit if the home will cease to be your main home in 2014. 2008 tax forms 1040 See Form 5405 for exceptions. 2008 tax forms 1040 Additional Medicare Tax. 2008 tax forms 1040 A 0. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 A self-employment loss should not be considered for purposes of this tax. 2008 tax forms 1040 RRTA compensation should be separately compared to the threshold. 2008 tax forms 1040 Your employer is responsible for withholding the 0. 2008 tax forms 1040 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays you in excess of $200,000 in 2014. 2008 tax forms 1040 You should consider this withholding, if applicable, in determining whether you need to make an estimated payment. 2008 tax forms 1040 For more information on Additional Medicare Tax, go to IRS. 2008 tax forms 1040 gov and enter “Additional Medicare Tax” in the search box. 2008 tax forms 1040 Net Investment Income Tax (NIIT). 2008 tax forms 1040 The NIIT is 3. 2008 tax forms 1040 8% of the lesser of your net investment income or the excess of your modified adjusted gross income over a specified threshold amount. 2008 tax forms 1040 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. 2008 tax forms 1040 gov and enter “Net Investment Income Tax” in the search box. 2008 tax forms 1040 Line 20. 2008 tax forms 1040   Include all the refundable credits (other than withholding credits) you can claim because of events that occurred during the period. 2008 tax forms 1040 Note. 2008 tax forms 1040 When figuring your refundable credits for each period, annualize any item of income or deduction used to figure each credit. 2008 tax forms 1040 Line 29. 2008 tax forms 1040   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. 2008 tax forms 1040 Line 31. 2008 tax forms 1040   For each period, include estimated tax payments made and any excess social security and railroad retirement tax. 2008 tax forms 1040   Also include estimated federal income tax withholding. 2008 tax forms 1040 One-fourth of your estimated withholding is considered withheld on the due date of each payment period. 2008 tax forms 1040 To figure the amount to include on line 31 for each period, multiply your total expected withholding for 2014 by: 25% (. 2008 tax forms 1040 25) for the first period, 50% (. 2008 tax forms 1040 50) for the second period, 75% (. 2008 tax forms 1040 75) for the third period, and 100% (1. 2008 tax forms 1040 00) for the fourth period. 2008 tax forms 1040   However, you may choose to include your withholding according to the actual dates on which the amounts will be withheld. 2008 tax forms 1040 For each period, include withholding made from the beginning of the period up to and including the payment due date. 2008 tax forms 1040 You can make this choice separately for the taxes withheld from your wages and all other withholding. 2008 tax forms 1040 For an explanation of what to include in withholding, see Total Estimated Tax Payments Needed—Line 16a , earlier. 2008 tax forms 1040 Nonresident aliens. 2008 tax forms 1040   If you will file Form 1040NR and you do not receive wages as an employee subject to U. 2008 tax forms 1040 S. 2008 tax forms 1040 income tax withholding, the instructions for the worksheet are modified as follows. 2008 tax forms 1040 Skip column (a). 2008 tax forms 1040 On line 1, enter your income for the period that is effectively connected with a U. 2008 tax forms 1040 S. 2008 tax forms 1040 trade or business. 2008 tax forms 1040 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. 2008 tax forms 1040 S. 2008 tax forms 1040 trade or business by the following. 2008 tax forms 1040 72% for column (b). 2008 tax forms 1040 45% for column (c). 2008 tax forms 1040 30% for column (d). 2008 tax forms 1040 However, if you can use a treaty rate lower than 30%, use the percentages determined by multiplying your treaty rate by 2. 2008 tax forms 1040 4, 1. 2008 tax forms 1040 5, and 1, respectively. 2008 tax forms 1040 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. 2008 tax forms 1040 On lines 24 and 27, skip column (b). 2008 tax forms 1040 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). 2008 tax forms 1040 See Publication 519 for more information. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 How To Pay Estimated Tax There are several ways to pay estimated tax. 2008 tax forms 1040 Credit an overpayment on your 2013 return to your 2014 estimated tax. 2008 tax forms 1040 Pay by direct transfer from your bank account, or pay by credit or debit card using a pay-by-phone system or the Internet. 2008 tax forms 1040 Send in your payment (check or money order) with a payment voucher from Form 1040-ES. 2008 tax forms 1040 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. 2008 tax forms 1040 On Form 1040, or Form 1040A, enter the amount you want credited to your estimated tax rather than refunded. 2008 tax forms 1040 Take the amount you have credited into account when figuring your estimated tax payments. 2008 tax forms 1040 If you timely file your 2013 return, treat the credit as a payment made on April 15, 2014. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 You also cannot use that overpayment in any other way. 2008 tax forms 1040 Example. 2008 tax forms 1040 When Kathleen finished filling out her 2013 tax return, she saw that she had overpaid her taxes by $750. 2008 tax forms 1040 Kathleen knew she would owe additional tax in 2014. 2008 tax forms 1040 She credited $600 of the overpayment to her 2014 estimated tax and had the remaining $150 refunded to her. 2008 tax forms 1040 In September, she amended her 2013 return by filing Form 1040X, Amended U. 2008 tax forms 1040 S. 2008 tax forms 1040 Individual Income Tax Return. 2008 tax forms 1040 It turned out that she owed $250 more in tax than she had thought. 2008 tax forms 1040 This reduced her 2013 overpayment from $750 to $500. 2008 tax forms 1040 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. 2008 tax forms 1040 Kathleen could not use any of the $600 she had credited to her 2014 estimated tax to pay this bill. 2008 tax forms 1040 Pay Online Paying online is convenient and secure and helps make sure we get your payments on time. 2008 tax forms 1040 You can make your estimated tax payments online when you e-file or at any time during the year. 2008 tax forms 1040 You can pay using either of the following electronic payment methods. 2008 tax forms 1040 Direct transfer from your bank account. 2008 tax forms 1040 Credit or debit card. 2008 tax forms 1040 To pay your taxes online or for more information, go to www. 2008 tax forms 1040 irs. 2008 tax forms 1040 gov/e-pay. 2008 tax forms 1040 Pay by Phone Paying by phone is another safe and secure method of paying electronically. 2008 tax forms 1040 Use one of the following methods. 2008 tax forms 1040 Direct transfer from your bank account. 2008 tax forms 1040 Credit or debit card. 2008 tax forms 1040 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. 2008 tax forms 1040 To pay using a credit or debit card, you can call one of the following service providers. 2008 tax forms 1040 There is a convenience fee charged by these providers that varies by provider, card type, and payment amount. 2008 tax forms 1040 WorldPay 1-888-9-PAY-TAXTM (1-888-972-9829) www. 2008 tax forms 1040 payUSAtax. 2008 tax forms 1040 com Official Payments Corporation 1-888-UPAY-TAXTM (1-888-872-9829) www. 2008 tax forms 1040 officialpayments. 2008 tax forms 1040 com Link2GOV Corporation 1-888-PAY-1040TM (1-888-729-1040) www. 2008 tax forms 1040 PAY1040. 2008 tax forms 1040 com For the latest details on how to pay by phone, go to www. 2008 tax forms 1040 irs. 2008 tax forms 1040 gov/e-pay. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 Do not use the address shown in the Form 1040 or Form 1040A instructions. 2008 tax forms 1040 If you did not pay estimated tax last year, get a copy of Form 1040-ES from the IRS (see chapter 5). 2008 tax forms 1040 Follow the instructions to make sure you use the vouchers correctly. 2008 tax forms 1040 Joint estimated tax payments. 2008 tax forms 1040    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. 2008 tax forms 1040 Change of address. 2008 tax forms 1040    You must notify the IRS if you are making estimated tax payments and you changed your address during the year. 2008 tax forms 1040 Complete Form 8822, Change of Address, and mail it to the address shown in the instructions for that form. 2008 tax forms 1040 Worksheets for Chapter 2 Use the following worksheets and tables to figure your correct estimated tax. 2008 tax forms 1040 IF you need. 2008 tax forms 1040 . 2008 tax forms 1040 . 2008 tax forms 1040 THEN use. 2008 tax forms 1040 . 2008 tax forms 1040 . 2008 tax forms 1040 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. 2008 tax forms 1040 Use them only to figure your 2014 estimated taxes. 2008 tax forms 1040 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. 2008 tax forms 1040 0%   $0 $0 $12,950     10. 2008 tax forms 1040 0%   $0 9,075 36,900 $907. 2008 tax forms 1040 50 + 15. 2008 tax forms 1040 0%   9,075 12,950 49,400 $1,295. 2008 tax forms 1040 00 + 15. 2008 tax forms 1040 0%   12,950 36,900 89,350 5,081. 2008 tax forms 1040 25 + 25. 2008 tax forms 1040 0%   36,900 49,400 127,550 6,762. 2008 tax forms 1040 50 + 25. 2008 tax forms 1040 0%   49,400 89,350 186,350 18,193. 2008 tax forms 1040 75 + 28. 2008 tax forms 1040 0%   89,350 127,550 206,600 26,300. 2008 tax forms 1040 00 + 28. 2008 tax forms 1040 0%   127,550 186,350 405,100 45,353. 2008 tax forms 1040 75 + 33. 2008 tax forms 1040 0%   186,350 206,600 405,100 48,434. 2008 tax forms 1040 00 + 33. 2008 tax forms 1040 0%   206,600 405,100 406,750 117,541. 2008 tax forms 1040 25 + 35. 2008 tax forms 1040 0%   405,100 405,100 432,200 113,939. 2008 tax forms 1040 00 + 35. 2008 tax forms 1040 0%   405,100 406,750 - - - - - - 118,118. 2008 tax forms 1040 75 + 39. 2008 tax forms 1040 6%   406,750 432,200 - - - - - - 123,424. 2008 tax forms 1040 00 + 39. 2008 tax forms 1040 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. 2008 tax forms 1040 0%   $0 $0 $9,075     10. 2008 tax forms 1040 0%   $0 18,150 73,800 $1,815. 2008 tax forms 1040 00 + 15. 2008 tax forms 1040 0%   18,150 9,075 36,900 $907. 2008 tax forms 1040 50 + 15. 2008 tax forms 1040 0%   9,075 73,800 148,850 10,162. 2008 tax forms 1040 50 + 25. 2008 tax forms 1040 0%   73,800 36,900 74,425 5,081. 2008 tax forms 1040 25 + 25. 2008 tax forms 1040 0%   36,900 148,850 226,850 28,925. 2008 tax forms 1040 00 + 28. 2008 tax forms 1040 0%   148,850 74,425 113,425 14,462. 2008 tax forms 1040 50 + 28. 2008 tax forms 1040 0%   74,425 226,850 405,100 50,765. 2008 tax forms 1040 00 + 33. 2008 tax forms 1040 0%   226,850 113,425 202,550 25,382. 2008 tax forms 1040 50 + 33. 2008 tax forms 1040 0%   113,425 405,100 457,600 109,587. 2008 tax forms 1040 50 + 35. 2008 tax forms 1040 0%   405,100 202,550 228,800 54,793. 2008 tax forms 1040 75 + 35. 2008 tax forms 1040 0%   202,550 457,600 - - - - - - 127,962. 2008 tax forms 1040 50 + 39. 2008 tax forms 1040 6%   457,600 228,800 - - - - - - 63,981. 2008 tax forms 1040 25 + 39. 2008 tax forms 1040 6%   228,800                             Worksheet 2-1. 2008 tax forms 1040 2014 Estimated Tax Worksheet When this worksheet refers you to instructions, you can find those instructions in the Instructions for 2014 Form 1040-ES. 2008 tax forms 1040 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. 2008 tax forms 1040  Caution: If line 1 is over $152,525, your deduction may be reduced. 2008 tax forms 1040 See Worksheet 2-5. 2008 tax forms 1040 If you do not plan to itemize deductions, enter your standard deduction. 2008 tax forms 1040 2     3 Subtract line 2 from line 1 3     4 Exemptions. 2008 tax forms 1040 Multiply $3,950 by the number of personal exemptions. 2008 tax forms 1040  Caution: If line 1 is over $152,525, the amount of your personal exemptions may be limited. 2008 tax forms 1040 See Worksheet 2-6. 2008 tax forms 1040 4     5 Subtract line 4 from line 3 5     6 Tax. 2008 tax forms 1040 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. 2008 tax forms 1040 Add to this amount any other taxes you expect to include in the total on Form 1040, line 44 8     9 Credits (see instructions). 2008 tax forms 1040 Do not include any income tax withholding on this line 9     10 Subtract line 9 from line 8. 2008 tax forms 1040 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. 2008 tax forms 1040 Subtract line 13b from line 13a. 2008 tax forms 1040 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. 2008 tax forms 1040 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. 2008 tax forms 1040 To avoid a penalty, make sure your estimate on line 13c is as accurate as possible. 2008 tax forms 1040 Even if you pay the required annual payment, you may still owe tax when you file your return. 2008 tax forms 1040 If you prefer, you can pay the amount shown on line 13c. 2008 tax forms 1040                         15 Income tax withheld and estimated to be withheld during 2014 (including income tax withholding on pensions, annuities, certain deferred income, etc. 2008 tax forms 1040 ) 15     16a Subtract line 15 from line 14c 16a             Is the result zero or less? □ Yes. 2008 tax forms 1040 Stop here. 2008 tax forms 1040 You are not required to make estimated tax payments. 2008 tax forms 1040  □ No. 2008 tax forms 1040 Go to line 16b. 2008 tax forms 1040             b Subtract line 15 from line 13c 16b             Is the result less than $1,000? □ Yes. 2008 tax forms 1040 Stop here. 2008 tax forms 1040 You are not required to make estimated tax payments. 2008 tax forms 1040  □ No. 2008 tax forms 1040 Go to line 17 to figure your required payment. 2008 tax forms 1040                         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. 2008 tax forms 1040 2014 Estimated Tax Worksheet—Line 1 Estimated Taxable Social Security and Railroad Retirement Benefits Note. 2008 tax forms 1040 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. 2008 tax forms 1040     1. 2008 tax forms 1040 Enter your expected social security and railroad retirement benefits 1. 2008 tax forms 1040   2. 2008 tax forms 1040 Enter one-half of line 1 2. 2008 tax forms 1040   3. 2008 tax forms 1040 Enter your expected total income. 2008 tax forms 1040 Do not include any social security and railroad retirement benefits, nontaxable interest income, nontaxable IRA distributions, or nontaxable pension distributions 3. 2008 tax forms 1040   4. 2008 tax forms 1040 Enter your expected nontaxable interest income 4. 2008 tax forms 1040   5. 2008 tax forms 1040 Enter (as a positive amount) the total of any expected exclusions or deductions for: U. 2008 tax forms 1040 S. 2008 tax forms 1040 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. 2008 tax forms 1040   6. 2008 tax forms 1040 Add lines 2, 3, 4, and 5 6. 2008 tax forms 1040   7. 2008 tax forms 1040 Enter your expected adjustments to income. 2008 tax forms 1040 Do not include any student loan interest deduction 7. 2008 tax forms 1040   8. 2008 tax forms 1040 Subtract line 7 from line 6. 2008 tax forms 1040 If zero or less, stop here. 2008 tax forms 1040  Note. 2008 tax forms 1040 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. 2008 tax forms 1040   9. 2008 tax forms 1040 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. 2008 tax forms 1040   10. 2008 tax forms 1040 Subtract line 9 from line 8. 2008 tax forms 1040 If zero or less, stop here. 2008 tax forms 1040  Note. 2008 tax forms 1040 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. 2008 tax forms 1040   11. 2008 tax forms 1040 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. 2008 tax forms 1040   12. 2008 tax forms 1040 Subtract line 11 from line 10. 2008 tax forms 1040 If zero or less, enter -0- 12. 2008 tax forms 1040   13. 2008 tax forms 1040 Enter the smaller of line 10 or line 11 13. 2008 tax forms 1040   14. 2008 tax forms 1040 Enter one-half of line 13 14. 2008 tax forms 1040   15