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Hrblock Taxcut

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Hrblock Taxcut

Hrblock taxcut Publication 571 - Additional Material Prev  Up  Next   Home   More Online Publications

The Hrblock Taxcut

Hrblock taxcut 5. Hrblock taxcut   Illustrated Examples Table of Contents Illustrated Example of Form 4563Line 1. Hrblock taxcut Line 2. Hrblock taxcut Lines 3a and 3b. Hrblock taxcut Lines 4a and 4b. Hrblock taxcut Line 5. Hrblock taxcut Line 6. Hrblock taxcut Line 7. Hrblock taxcut Line 9. Hrblock taxcut Line 15. Hrblock taxcut Illustrated Example of Form 5074Part I. Hrblock taxcut Part II. Hrblock taxcut Part III. Hrblock taxcut Illustrated Example of Form 8689Part I. Hrblock taxcut Part II. Hrblock taxcut Part III. Hrblock taxcut Part IV. Hrblock taxcut Use the following examples to help you complete the correct attachment to your Form 1040. Hrblock taxcut The completed form for each example is shown on the pages that follow. Hrblock taxcut Illustrated Example of Form 4563 John Black is a U. Hrblock taxcut S. Hrblock taxcut citizen, single, and under 65. Hrblock taxcut He was a bona fide resident of American Samoa during all of 2013. Hrblock taxcut John must file Form 1040 because his gross income from sources outside the possessions ($10,000 of dividends from U. Hrblock taxcut S. Hrblock taxcut corporations) is more than his adjusted filing requirement for single filers under 65. Hrblock taxcut (See Filing Requirement if Possession Income Is Excluded in chapter 4. Hrblock taxcut ) Because he must file Form 1040 (not illustrated), he fills out Form 4563 to determine the amount of income from American Samoa he can exclude. Hrblock taxcut See Bona Fide Resident of American Samoa in chapter 3. Hrblock taxcut Completing Form 4563. Hrblock taxcut   John enters his name and social security number at the top of the form. Hrblock taxcut Line 1. Hrblock taxcut   On Form 4563 (see later), John enters the date his bona fide residence began in American Samoa, June 2, 2012. Hrblock taxcut Because he is still a bona fide resident, he enters “not ended” in the second blank space. Hrblock taxcut Line 2. Hrblock taxcut   He checks the box labeled “Rented house or apartment” to describe his type of living quarters in American Samoa. Hrblock taxcut Lines 3a and 3b. Hrblock taxcut   He checks “No” on line 3a because no family members lived with him. Hrblock taxcut He leaves line 3b blank. Hrblock taxcut Lines 4a and 4b. Hrblock taxcut   He checks “No” on line 4a because he did not maintain a home outside American Samoa. Hrblock taxcut He leaves line 4b blank. Hrblock taxcut Line 5. Hrblock taxcut   He enters the name and address of his employer, Samoa Products Co. Hrblock taxcut It is a private American Samoa corporation. Hrblock taxcut Line 6. Hrblock taxcut   He enters the dates of his 2-week vacation to New Zealand from November 11 to November 25. Hrblock taxcut That was his only trip outside American Samoa during the year. Hrblock taxcut Line 7. Hrblock taxcut   He enters the $24,000 in wages he received from Samoa Products Co. Hrblock taxcut Line 9. Hrblock taxcut   He received $220 in dividends from an American Samoa corporation, which he enters here. Hrblock taxcut He also received $10,000 of dividends from a U. Hrblock taxcut S. Hrblock taxcut corporation, but he will enter that amount only on his Form 1040 because the U. Hrblock taxcut S. Hrblock taxcut dividends do not qualify for the possession exclusion. Hrblock taxcut Line 15. Hrblock taxcut   John totals the amounts on lines 7 and 9 to get the amount he can exclude from his gross income in 2013. Hrblock taxcut He will not enter his excluded income on Form 1040. Hrblock taxcut However, he will attach his completed Form 4563 to his Form 1040. Hrblock taxcut Illustrated Example of Form 5074 Tracy Grey is a U. Hrblock taxcut S. Hrblock taxcut citizen who is a self-employed fisheries consultant with a tax home in New York. Hrblock taxcut Her only income for 2013 was net self-employment income of $80,000. Hrblock taxcut Of the $80,000, $20,000 was from consulting work in Guam and the rest was earned in the United States. Hrblock taxcut Thinking she would owe tax to Guam on the $20,000, Tracy made estimated tax payments of $1,409 to Guam. Hrblock taxcut She was not a bona fide resident of Guam during 2013. Hrblock taxcut Tracy completes Form 1040 (not illustrated), reporting her worldwide income. Hrblock taxcut Because the adjusted gross income on her Form 1040 was $50,000 or more and at least $5,000 of her gross income is from Guam, Tracy must file Form 5074 with her Form 1040. Hrblock taxcut All amounts reported on Form 5074 are also reported on her Form 1040. Hrblock taxcut See U. Hrblock taxcut S. Hrblock taxcut Citizen or Resident Alien (Other Than a Bona Fide Resident of Guam) in chapter 3. Hrblock taxcut Completing Form 5074. Hrblock taxcut   Tracy enters her name and social security number at the top of the form. Hrblock taxcut Part I. Hrblock taxcut   On Form 5074 (see later), Tracy enters her self-employment income from Guam ($20,000) on line 6. Hrblock taxcut She has no other income from Guam, so the total on line 16 is $20,000. Hrblock taxcut Part II. Hrblock taxcut   Tracy's only adjustment in Part II is the deductible part of the self-employment tax on her net income earned in Guam. Hrblock taxcut She enters $1,413 on line 21 and line 28. Hrblock taxcut Her adjusted gross income on line 29 is $18,587. Hrblock taxcut Part III. Hrblock taxcut   Tracy made estimated tax payments of $1,409. Hrblock taxcut She enters this amount on line 30, and again on line 34 as the total payments. Hrblock taxcut Illustrated Example of Form 8689 Juan and Carla Moreno live and work in the United States. Hrblock taxcut In 2013, they received $14,400 in income from the rental of a condominium they own in the U. Hrblock taxcut S. Hrblock taxcut Virgin Islands (USVI). Hrblock taxcut The rental income was deposited in a bank in the USVI and they received $500 of interest on this income. Hrblock taxcut They were not bona fide residents of the USVI during the entire tax year. Hrblock taxcut The Morenos complete Form 1040 (not illustrated), reporting their income from all sources, including their interest income and the income and expenses from their USVI rental property (reported on Schedule E (Form 1040)). Hrblock taxcut The Morenos take the standard deduction for married filing jointly, both are under 65, and they have no dependents. Hrblock taxcut The Morenos also complete Form 8689 to determine how much of their U. Hrblock taxcut S. Hrblock taxcut tax shown on Form 1040, line 61 (with certain adjustments), must be paid to the U. Hrblock taxcut S. Hrblock taxcut Virgin Islands. Hrblock taxcut See U. Hrblock taxcut S. Hrblock taxcut Citizen or Resident Alien (Other Than a Bona Fide Resident of the USVI) in chapter 3. Hrblock taxcut The Morenos file their Form 1040, attaching Form 8689 and all other schedules, with the Internal Revenue Service. Hrblock taxcut At the same time, they send a copy of their Form 1040 with all attachments, including Form 8689, to the Virgin Islands Bureau of Internal Revenue. Hrblock taxcut The Virgin Islands Bureau of Internal Revenue will process this copy. Hrblock taxcut Completing Form 8689. Hrblock taxcut   Juan and Carla enter their names and Juan's social security number at the top of the form. Hrblock taxcut Part I. Hrblock taxcut   The Morenos enter their income from the USVI in Part I (see later). Hrblock taxcut The interest income is entered on line 2 and the net rental income of $6,200 ($14,400 of rental income minus $8,200 of rental expenses) is entered on line 11. Hrblock taxcut The Morenos' total USVI income of $6,700 is entered on line 16. Hrblock taxcut Part II. Hrblock taxcut   The Morenos have no adjustments to their USVI income, so they enter zero (-0-) on line 28, and $6,700 on line 29. Hrblock taxcut Their USVI adjusted gross income (AGI) is $6,700. Hrblock taxcut Part III. Hrblock taxcut   On line 30, the Morenos enter the amount from Form 1040, line 61 ($4,539). Hrblock taxcut Their Form 1040 does not show any entries required on line 31, so they leave that line blank and enter $4,539 on line 32. Hrblock taxcut   The Morenos enter their worldwide AGI, $54,901 (Form 1040, line 38), on line 33. Hrblock taxcut Next, they find what percentage of their AGI is from USVI sources ($6,700 ÷ $54,901 = 0. Hrblock taxcut 122) and enter that as a decimal on line 34. Hrblock taxcut They then apply that percentage to the U. Hrblock taxcut S. Hrblock taxcut tax entered on line 32 to find the amount of U. Hrblock taxcut S. Hrblock taxcut tax allocated to USVI income ($4,539 x 0. Hrblock taxcut 122 = $554), and enter that amount on line 35. Hrblock taxcut Part IV. Hrblock taxcut   Part IV is used to show payments of income tax to the USVI only. Hrblock taxcut The Morenos had no tax withheld by the U. Hrblock taxcut S. Hrblock taxcut Virgin Islands, but made estimated tax payments to the USVI of $400, which they entered on lines 37 and 39. Hrblock taxcut They include this amount ($400) in the total payments on Form 1040, line 72. Hrblock taxcut On the dotted line next to the entry space for line 72, they enter “Form 8689” and show the amount. Hrblock taxcut The Morenos do not complete Form 1116 because they receive credit on Form 1040, line 72, for the tax paid to the USVI. Hrblock taxcut   The income tax they owe to the USVI ($154) is shown on Form 8689, line 44. Hrblock taxcut They enter this amount on line 45. Hrblock taxcut They also include this additional amount ($154) on the dotted line next to the entry space and in the total on Form 1040, line 72. Hrblock taxcut The Morenos will pay their USVI tax at the same time they file the copy of their U. Hrblock taxcut S. Hrblock taxcut income tax return with the U. Hrblock taxcut S. Hrblock taxcut Virgin Islands. Hrblock taxcut This image is too large to be displayed in the current screen. Hrblock taxcut Please click the link to view the image. Hrblock taxcut Form 4563, page 1 for John Black This image is too large to be displayed in the current screen. Hrblock taxcut Please click the link to view the image. Hrblock taxcut Form 5074, for Tracy Grey This image is too large to be displayed in the current screen. Hrblock taxcut Please click the link to view the image. Hrblock taxcut Form 8689, page 1 for Juan and Carla Moreno Prev  Up  Next   Home   More Online Publications