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Do My 2007 Taxes Online

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Do My 2007 Taxes Online

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Do my 2007 taxes online 15. Do my 2007 taxes online   Estimated Tax Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Special Estimated Tax Rules for Qualified FarmersQualified Farmer Special Rules for Qualified Farmers Estimated Tax Penalty for 2013 What's New Net Investment Income Tax. Do my 2007 taxes online . Do my 2007 taxes online  For tax years beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Do my 2007 taxes online NIIT is a 3. Do my 2007 taxes online 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Do my 2007 taxes online NIIT may need to be included when calculating your estimated tax. Do my 2007 taxes online For more information, see Publication 505,Tax Withholding and Estimated Tax. Do my 2007 taxes online Additional Medicare Tax. Do my 2007 taxes online  For tax years beginning in 2013, a 0. Do my 2007 taxes online 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income over a threshold amount based on your filing status. Do my 2007 taxes online You may need to include this amount when figuring your estimated tax. Do my 2007 taxes online For more information, see Publication 505. Do my 2007 taxes online Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. Do my 2007 taxes online See Publication 505 for the general rules and requirements for paying estimated tax. Do my 2007 taxes online If you are a qualified farmer, defined below, you are subject to the special rules covered in this chapter for paying estimated tax. Do my 2007 taxes online Topics - This chapter discusses: Special estimated tax rules for qualified farmers Estimated tax penalty Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Do my 2007 taxes online S. Do my 2007 taxes online Individual Income Tax Return 1040-ES Estimated Tax for Individuals 2210-F Underpayment of Estimated Tax by Farmers and Fishermen See chapter 16 for information about getting publications and forms. Do my 2007 taxes online Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. Do my 2007 taxes online If you are not a qualified farmer as defined next, see Publication 505 for the estimated tax rules that apply. Do my 2007 taxes online Qualified Farmer An individual is a qualified farmer for 2013 if at least two-thirds of his or her gross income from all sources for 2012 or 2013 was from farming. Do my 2007 taxes online See Gross Income , next, for information on how to figure your gross income from all sources and see Gross Income From Farming , later, for information on how to figure your gross income from farming. Do my 2007 taxes online See also Percentage From Farming , later, for information on how to determine the percentage of your gross income from farming. Do my 2007 taxes online Gross Income Gross income is all income you receive in the form of money, goods, property, and services that is not exempt from income tax. Do my 2007 taxes online On a joint return, you must add your spouse's gross income to your gross income. Do my 2007 taxes online To decide whether two-thirds of your gross income was from farming, use as your gross income the total of the following income (not loss) amounts from your tax return. Do my 2007 taxes online Wages, salaries, tips, etc. Do my 2007 taxes online Taxable interest. Do my 2007 taxes online Ordinary dividends. Do my 2007 taxes online Taxable refunds, credits, or offsets of state and local income taxes. Do my 2007 taxes online Alimony. Do my 2007 taxes online Gross business income from Schedule C (Form 1040). Do my 2007 taxes online Gross business receipts from Schedule C-EZ (Form 1040). Do my 2007 taxes online Capital gains from Schedule D (Form 1040). Do my 2007 taxes online Losses are not netted against gains. Do my 2007 taxes online Gains on sales of business property. Do my 2007 taxes online Taxable IRA distributions, pensions, annuities, and social security benefits. Do my 2007 taxes online Gross rental income from Schedule E (Form 1040). Do my 2007 taxes online Gross royalty income from Schedule E (Form 1040). Do my 2007 taxes online Taxable net income from an estate or trust reported on Schedule E (Form 1040). Do my 2007 taxes online Income from a Real Estate Mortgage Investment Conduit reported on Schedule E (Form 1040). Do my 2007 taxes online Gross farm rental income from Form 4835. Do my 2007 taxes online Gross farm income from Schedule F (Form 1040). Do my 2007 taxes online Your distributive share of gross income from a partnership, or limited liability company treated as a partnership, from Schedule K-1 (Form 1065). Do my 2007 taxes online Your pro rata share of gross income from an S corporation, from Schedule K-1 (Form 1120S). Do my 2007 taxes online Unemployment compensation. Do my 2007 taxes online Other income not included with any of the items listed above. Do my 2007 taxes online Gross Income From Farming Gross income from farming is income from cultivating the soil or raising agricultural commodities. Do my 2007 taxes online It includes the following amounts. Do my 2007 taxes online Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Do my 2007 taxes online Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Do my 2007 taxes online Crop shares for the use of your land. Do my 2007 taxes online Gains from sales of draft, breeding, dairy, or sporting livestock. Do my 2007 taxes online Gross income from farming is the total of the following amounts from your tax return. Do my 2007 taxes online Gross farm income from Schedule F (Form 1040). Do my 2007 taxes online Gross farm rental income from Form 4835. Do my 2007 taxes online Gross farm income from Schedule E (Form 1040), Parts II and III. Do my 2007 taxes online Gains from the sale of livestock used for draft, breeding, sport, or dairy purposes reported on Form 4797. Do my 2007 taxes online For more information about income from farming, see chapter 3. Do my 2007 taxes online Farm income does not include any of the following: Wages you receive as a farm employee. Do my 2007 taxes online Income you receive from contract grain harvesting and hauling with workers and machines you furnish. Do my 2007 taxes online Gains you receive from the sale of farm land and depreciable farm equipment. Do my 2007 taxes online Percentage From Farming Figure your gross income from all sources, discussed earlier. Do my 2007 taxes online Then figure your gross income from farming, discussed earlier. Do my 2007 taxes online Divide your farm gross income by your total gross income to determine the percentage of gross income from farming. Do my 2007 taxes online Example 1. Do my 2007 taxes online Jane Smith had the following total gross income and farm gross income amounts in 2013. Do my 2007 taxes online Gross Income   Total Farm Taxable interest $3,000   Dividends 500   Rental income (Sch E) 41,500   Farm income (Sch F) 75,000 $75,000 Gain (Form 4797) 5,000 5,000 Total $125,000 $80,000 Schedule D showed gain from the sale of dairy cows carried over from Form 4797 ($5,000) in addition to a loss from the sale of corporate stock ($2,000). Do my 2007 taxes online However, that loss is not netted against the gain to figure Ms. Do my 2007 taxes online Smith's total gross income or her gross farm income. Do my 2007 taxes online Her gross farm income is 64% of her total gross income ($80,000 ÷ $125,000 = 0. Do my 2007 taxes online 64). Do my 2007 taxes online Special Rules for Qualified Farmers The following special estimated tax rules apply if you are a qualified farmer for 2013. Do my 2007 taxes online You do not have to pay estimated tax if you file your 2013 tax return and pay all the tax due by March 3, 2014. Do my 2007 taxes online You do not have to pay estimated tax if your 2013 income tax withholding (including any amount applied to your 2013 estimated tax from your 2012 return) will be at least 662/3% (. Do my 2007 taxes online 6667) of the total tax shown on your 2013 tax return or 100% of the total tax shown on your 2012 return. Do my 2007 taxes online If you must pay estimated tax, you are required to make only one estimated tax payment (your required annual payment) by January 15, 2014, using special rules to figure the amount of the payment. Do my 2007 taxes online See Required Annual Payment , next, for details. Do my 2007 taxes online Figure 15-1 presents an overview of the special estimated tax rules that apply to qualified farmers. Do my 2007 taxes online Example 2. Do my 2007 taxes online Assume the same fact as in Example 1. Do my 2007 taxes online Ms. Do my 2007 taxes online Smith's gross farm income is only 64% of her total income. Do my 2007 taxes online Therefore, based on her 2013 income, she does not qualify to use the special estimated tax rules for qualified farmers. Do my 2007 taxes online However, she does qualify if at least two-thirds of her 2012 gross income was from farming. Do my 2007 taxes online Example 3. Do my 2007 taxes online Assume the same facts as in Example 1 except that Ms. Do my 2007 taxes online Smith's farm income from Schedule F was $90,000 instead of $75,000. Do my 2007 taxes online This made her total gross income $140,000 ($3,000 + $500 + $41,500 + $90,000 + $5,000) and her farm gross income $95,000 ($90,000 + $5,000). Do my 2007 taxes online She qualifies to use the special estimated tax rules for qualified farmers, since 67. Do my 2007 taxes online 9% (at least two-thirds) of her gross income is from farming ($95,000 ÷ $140,000 = . Do my 2007 taxes online 679). Do my 2007 taxes online Required Annual Payment If you are a qualified farmer and must pay estimated tax for 2013, use the worksheet on Form 1040-ES to figure the amount of your required annual payment. Do my 2007 taxes online Apply the following special rules for qualified farmers to the worksheet. Do my 2007 taxes online On line 14a, multiply line 13c by 662/3% (. Do my 2007 taxes online 6667). Do my 2007 taxes online On line 14b, enter 100% of the tax shown on your 2012 tax return regardless of the amount of your adjusted gross income. Do my 2007 taxes online For this purpose, the “tax shown on your 2012 tax return” is the amount on line 61 of your 2012 return modified by certain adjustments. Do my 2007 taxes online For more information, see chapter 4 of Publication 505. Do my 2007 taxes online Estimated Tax Penalty for 2013 If you do not pay all your required estimated tax for 2013 by January 15, 2014, or file your 2013 return and pay any tax due by March 3, 2014, you may owe a penalty. Do my 2007 taxes online Use Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to determine if you owe a penalty. Do my 2007 taxes online See the instructions for Form 2210-F. Do my 2007 taxes online Figure 15-1. Do my 2007 taxes online Estimated Tax for Farmers Please click here for the text description of the image. Do my 2007 taxes online Figure 2–A If you receive a penalty notice, do not ignore it, even if you think it is in error. Do my 2007 taxes online You may get a penalty notice even though you filed your return on time, attached Form 2210-F, and met the gross-income-from-farming requirement. Do my 2007 taxes online If you receive a penalty notice for underpaying estimated tax and you think it is in error, write to the address on the notice and explain why you think the notice is in error. Do my 2007 taxes online Include a computation similar to the one in Example 1 (earlier), showing that you met the gross income from farming requirement. Do my 2007 taxes online Prev  Up  Next   Home   More Online Publications