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H&r Block Basic

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H&r Block Basic

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

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Every year, the IRS issues refunds to millions of taxpayers. Refund data are reported in multiple ways, including by the number issued and refund amounts. Historical refund data are also available from 1987 to 2007.

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Fiscal Year Data

The tables below were originally published in the IRS Data Book, which is IRS Publication 55B, and are complied by various divisions throughout the IRS. The IRS's fiscal year runs from October 1 to September 30.

Refunds Issued and Refund Amounts

Number of Internal Revenue Refunds Issued
The number of refunds issued are shown for selected returns, including corporation, individual, employment, estate, gift, and excise taxes, by state.

• Prior to 2000, the number of refunds for selected tax return types are classified by Internal Revenue region and district.

Fiscal Years available:
1999     1998     1997     1996     1995

 

Amount of Internal Revenue Refunds Issued, Including Interest
These tables show the total dollar amount refunded, by state and type of tax.

• Prior to 2000, the total dollar amounts refunded are shown by Internal Revenue region and district and by type of tax return. 

Fiscal Years available:
1999     1998     1997     1996     1995


Historical IRS Tax Refunds
Total dollar amounts refunded by quarter and fiscal year, by type of return.

SOI Bulletin Historical Table 19
Fiscal Years covered:  1987-2007




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Page Last Reviewed or Updated: 24-Mar-2014

The H&r Block Basic

H&r block basic Publication 534 - Introductory Material Table of Contents Important Change for 1995 Introduction How To Use This Publication Important Change for 1995 Major changes to Publications 534 and 946. H&r block basic  This publication, as well as Publication 946,How To Depreciate Property, has been changed. H&r block basic Publication 534 has been shortened. H&r block basic It no longer contains general information on MACRS and the section 179 deduction. H&r block basic It contains a discussion of the accelerated cost recovery system (ACRS), the ACRS Percentage Tables, a discussion of other methods of depreciation, and a limited discussion of listed property. H&r block basic We expanded Publication 946 by adding material taken from Publication 534. H&r block basic We added more detail to the discussions of the section 179 deduction, the modified accelerated cost recovery system (MACRS), and listed property. H&r block basic We replaced the partialMACRS Percentage Tables with the complete ones from Publication 534. H&r block basic We also added the Table of Class Lives and Recovery Periods from Publication 534. H&r block basic We made these changes to eliminate most of the duplication that existed in the two publications. H&r block basic This will save money and make it easier for you to decide which publication you need. H&r block basic Use this publication to figure depreciation on property you placed in service before 1987; use Publication 946 to figure depreciation on property you placed in service after 1986. H&r block basic Introduction The law allows you to recover your cost in business or income-producing property through yearly tax deductions. H&r block basic You do this by depreciating your property, that is, by deducting some of your cost on your tax return each year. H&r block basic You can depreciate both tangible property, such as a car, building, or machinery, and certain intangible property, such as a copyright or a patent. H&r block basic The amount you can deduct depends on: How much the property cost, When you began using it, How long it will take to recover your cost, and Which of several depreciation methods you use. H&r block basic Depreciation defined. H&r block basic   Depreciation is a loss in the value of property over the time the property is being used. H&r block basic Events that can cause property to depreciate include wear and tear, age, deterioration, and obsolescence. H&r block basic You can get back your cost of certain property, such as equipment you use in your business or property used for the production of income by taking deductions for depreciation. H&r block basic Black's Law Dictionary Amortization. H&r block basic   Amortization is similar to depreciation. H&r block basic Using amortization, you can recover your cost or basis in certain property proportionately over a specific number of years or months. H&r block basic Examples of costs you can amortize are the costs of starting a business, reforestation, and pollution control facilities. H&r block basic You can find information on amortization inchapter 12 of Publication 535, Business Expenses. H&r block basic Alternative minimum tax. H&r block basic   If you use accelerated depreciation for real property, or personal property that is leased to others, you may be liable for the alternative minimum tax. H&r block basic Accelerated depreciation is any method, that allows recovery at a faster rate in the earlier years than the straight line method. H&r block basic For more information, you may wish to see the following: Form 6251, Alternative Minimum Tax-Individuals, and Publication 542, Tax Information on Corporations. H&r block basic Ordering publications and forms. H&r block basic   To order free publications and forms, 1-800-TAX-FORM (1-800-829-3676). H&r block basic You can also write to the IRS Forms Distribution Center nearest you. H&r block basic Check your income tax package for the address. H&r block basic   If you have access to a personal computer and a modem, you can also get many forms and publications electronically. H&r block basic See How To Get Forms and Publications in your income tax package for details. H&r block basic Telephone help. H&r block basic   You can call the IRS with your tax question Monday through Friday during regular business hours. H&r block basic Check your telephone book for the local number or you can call1-800-829-1040. H&r block basic Telephone help for hearing-impaired persons. H&r block basic   If you have access to TDD equipment, you can call 1-800-829-4059 with your tax question or to order forms and publications. H&r block basic See your tax package for the hours of operation. H&r block basic How To Use This Publication This publication describes the kinds of property that can be depreciated and the methods used to figure depreciation on property placed in service before 1987. H&r block basic It is divided into three chapters and contains an appendix. H&r block basic Chapter 1 explains the rules for depreciating property under the Accelerated Cost Recovery System (ACRS). H&r block basic Chapter 2 explains the rules for depreciating property first used before 1981. H&r block basic Chapter 3 explains the rules for listed property. H&r block basic Also this chapter defines listed property. H&r block basic The appendix contains the ACRS Percentage Tables. H&r block basic Prev  Up  Next   Home   More Online Publications