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Sample 1040x Filled Out

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Sample 1040x Filled Out

Sample 1040x filled out 5. Sample 1040x filled out   Illustrated Examples Table of Contents Illustrated Example of Form 4563Line 1. Sample 1040x filled out Line 2. Sample 1040x filled out Lines 3a and 3b. Sample 1040x filled out Lines 4a and 4b. Sample 1040x filled out Line 5. Sample 1040x filled out Line 6. Sample 1040x filled out Line 7. Sample 1040x filled out Line 9. Sample 1040x filled out Line 15. Sample 1040x filled out Illustrated Example of Form 5074Part I. Sample 1040x filled out Part II. Sample 1040x filled out Part III. Sample 1040x filled out Illustrated Example of Form 8689Part I. Sample 1040x filled out Part II. Sample 1040x filled out Part III. Sample 1040x filled out Part IV. Sample 1040x filled out Use the following examples to help you complete the correct attachment to your Form 1040. Sample 1040x filled out The completed form for each example is shown on the pages that follow. Sample 1040x filled out Illustrated Example of Form 4563 John Black is a U. Sample 1040x filled out S. Sample 1040x filled out citizen, single, and under 65. Sample 1040x filled out He was a bona fide resident of American Samoa during all of 2013. Sample 1040x filled out John must file Form 1040 because his gross income from sources outside the possessions ($10,000 of dividends from U. Sample 1040x filled out S. Sample 1040x filled out corporations) is more than his adjusted filing requirement for single filers under 65. Sample 1040x filled out (See Filing Requirement if Possession Income Is Excluded in chapter 4. Sample 1040x filled out ) 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. Sample 1040x filled out See Bona Fide Resident of American Samoa in chapter 3. Sample 1040x filled out Completing Form 4563. Sample 1040x filled out   John enters his name and social security number at the top of the form. Sample 1040x filled out Line 1. Sample 1040x filled out   On Form 4563 (see later), John enters the date his bona fide residence began in American Samoa, June 2, 2012. Sample 1040x filled out Because he is still a bona fide resident, he enters “not ended” in the second blank space. Sample 1040x filled out Line 2. Sample 1040x filled out   He checks the box labeled “Rented house or apartment” to describe his type of living quarters in American Samoa. Sample 1040x filled out Lines 3a and 3b. Sample 1040x filled out   He checks “No” on line 3a because no family members lived with him. Sample 1040x filled out He leaves line 3b blank. Sample 1040x filled out Lines 4a and 4b. Sample 1040x filled out   He checks “No” on line 4a because he did not maintain a home outside American Samoa. Sample 1040x filled out He leaves line 4b blank. Sample 1040x filled out Line 5. Sample 1040x filled out   He enters the name and address of his employer, Samoa Products Co. Sample 1040x filled out It is a private American Samoa corporation. Sample 1040x filled out Line 6. Sample 1040x filled out   He enters the dates of his 2-week vacation to New Zealand from November 11 to November 25. Sample 1040x filled out That was his only trip outside American Samoa during the year. Sample 1040x filled out Line 7. Sample 1040x filled out   He enters the $24,000 in wages he received from Samoa Products Co. Sample 1040x filled out Line 9. Sample 1040x filled out   He received $220 in dividends from an American Samoa corporation, which he enters here. Sample 1040x filled out He also received $10,000 of dividends from a U. Sample 1040x filled out S. Sample 1040x filled out corporation, but he will enter that amount only on his Form 1040 because the U. Sample 1040x filled out S. Sample 1040x filled out dividends do not qualify for the possession exclusion. Sample 1040x filled out Line 15. Sample 1040x filled out   John totals the amounts on lines 7 and 9 to get the amount he can exclude from his gross income in 2013. Sample 1040x filled out He will not enter his excluded income on Form 1040. Sample 1040x filled out However, he will attach his completed Form 4563 to his Form 1040. Sample 1040x filled out Illustrated Example of Form 5074 Tracy Grey is a U. Sample 1040x filled out S. Sample 1040x filled out citizen who is a self-employed fisheries consultant with a tax home in New York. Sample 1040x filled out Her only income for 2013 was net self-employment income of $80,000. Sample 1040x filled out Of the $80,000, $20,000 was from consulting work in Guam and the rest was earned in the United States. Sample 1040x filled out Thinking she would owe tax to Guam on the $20,000, Tracy made estimated tax payments of $1,409 to Guam. Sample 1040x filled out She was not a bona fide resident of Guam during 2013. Sample 1040x filled out Tracy completes Form 1040 (not illustrated), reporting her worldwide income. Sample 1040x filled out 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. Sample 1040x filled out All amounts reported on Form 5074 are also reported on her Form 1040. Sample 1040x filled out See U. Sample 1040x filled out S. Sample 1040x filled out Citizen or Resident Alien (Other Than a Bona Fide Resident of Guam) in chapter 3. Sample 1040x filled out Completing Form 5074. Sample 1040x filled out   Tracy enters her name and social security number at the top of the form. Sample 1040x filled out Part I. Sample 1040x filled out   On Form 5074 (see later), Tracy enters her self-employment income from Guam ($20,000) on line 6. Sample 1040x filled out She has no other income from Guam, so the total on line 16 is $20,000. Sample 1040x filled out Part II. Sample 1040x filled out   Tracy's only adjustment in Part II is the deductible part of the self-employment tax on her net income earned in Guam. Sample 1040x filled out She enters $1,413 on line 21 and line 28. Sample 1040x filled out Her adjusted gross income on line 29 is $18,587. Sample 1040x filled out Part III. Sample 1040x filled out   Tracy made estimated tax payments of $1,409. Sample 1040x filled out She enters this amount on line 30, and again on line 34 as the total payments. Sample 1040x filled out Illustrated Example of Form 8689 Juan and Carla Moreno live and work in the United States. Sample 1040x filled out In 2013, they received $14,400 in income from the rental of a condominium they own in the U. Sample 1040x filled out S. Sample 1040x filled out Virgin Islands (USVI). Sample 1040x filled out The rental income was deposited in a bank in the USVI and they received $500 of interest on this income. Sample 1040x filled out They were not bona fide residents of the USVI during the entire tax year. Sample 1040x filled out 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)). Sample 1040x filled out The Morenos take the standard deduction for married filing jointly, both are under 65, and they have no dependents. Sample 1040x filled out The Morenos also complete Form 8689 to determine how much of their U. Sample 1040x filled out S. Sample 1040x filled out tax shown on Form 1040, line 61 (with certain adjustments), must be paid to the U. Sample 1040x filled out S. Sample 1040x filled out Virgin Islands. Sample 1040x filled out See U. Sample 1040x filled out S. Sample 1040x filled out Citizen or Resident Alien (Other Than a Bona Fide Resident of the USVI) in chapter 3. Sample 1040x filled out The Morenos file their Form 1040, attaching Form 8689 and all other schedules, with the Internal Revenue Service. Sample 1040x filled out 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. Sample 1040x filled out The Virgin Islands Bureau of Internal Revenue will process this copy. Sample 1040x filled out Completing Form 8689. Sample 1040x filled out   Juan and Carla enter their names and Juan's social security number at the top of the form. Sample 1040x filled out Part I. Sample 1040x filled out   The Morenos enter their income from the USVI in Part I (see later). Sample 1040x filled out 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. Sample 1040x filled out The Morenos' total USVI income of $6,700 is entered on line 16. Sample 1040x filled out Part II. Sample 1040x filled out   The Morenos have no adjustments to their USVI income, so they enter zero (-0-) on line 28, and $6,700 on line 29. Sample 1040x filled out Their USVI adjusted gross income (AGI) is $6,700. Sample 1040x filled out Part III. Sample 1040x filled out   On line 30, the Morenos enter the amount from Form 1040, line 61 ($4,539). Sample 1040x filled out 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. Sample 1040x filled out   The Morenos enter their worldwide AGI, $54,901 (Form 1040, line 38), on line 33. Sample 1040x filled out Next, they find what percentage of their AGI is from USVI sources ($6,700 ÷ $54,901 = 0. Sample 1040x filled out 122) and enter that as a decimal on line 34. Sample 1040x filled out They then apply that percentage to the U. Sample 1040x filled out S. Sample 1040x filled out tax entered on line 32 to find the amount of U. Sample 1040x filled out S. Sample 1040x filled out tax allocated to USVI income ($4,539 x 0. Sample 1040x filled out 122 = $554), and enter that amount on line 35. Sample 1040x filled out Part IV. Sample 1040x filled out   Part IV is used to show payments of income tax to the USVI only. Sample 1040x filled out The Morenos had no tax withheld by the U. Sample 1040x filled out S. Sample 1040x filled out Virgin Islands, but made estimated tax payments to the USVI of $400, which they entered on lines 37 and 39. Sample 1040x filled out They include this amount ($400) in the total payments on Form 1040, line 72. Sample 1040x filled out On the dotted line next to the entry space for line 72, they enter “Form 8689” and show the amount. Sample 1040x filled out The Morenos do not complete Form 1116 because they receive credit on Form 1040, line 72, for the tax paid to the USVI. Sample 1040x filled out   The income tax they owe to the USVI ($154) is shown on Form 8689, line 44. Sample 1040x filled out They enter this amount on line 45. Sample 1040x filled out 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. Sample 1040x filled out The Morenos will pay their USVI tax at the same time they file the copy of their U. Sample 1040x filled out S. Sample 1040x filled out income tax return with the U. Sample 1040x filled out S. Sample 1040x filled out Virgin Islands. Sample 1040x filled out This image is too large to be displayed in the current screen. Sample 1040x filled out Please click the link to view the image. Sample 1040x filled out Form 4563, page 1 for John Black This image is too large to be displayed in the current screen. Sample 1040x filled out Please click the link to view the image. Sample 1040x filled out Form 5074, for Tracy Grey This image is too large to be displayed in the current screen. Sample 1040x filled out Please click the link to view the image. 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Interest Rates Remain the Same for the Second Quarter of 2014

Interest Rates Remain the Same for the Second Quarter of 2014

IR-2014-29, March 14, 2014  

 

WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2014.  The rates will be: 

  • three (3) percent for overpayments [two (2) percent in the case of a corporation];
  • three (3) percent for underpayments;
  • five (5) percent for large corporate underpayments; and
  • one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis.  For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. 

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate determined during January 2014 to take effect February 1, 2014, based on daily compounding.

Revenue Ruling 2014-11 providing the rates of interest will appear in Internal Revenue Bulletin 2014-14, dated March 31, 2014.

 

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Page Last Reviewed or Updated: 14-Mar-2014

The Sample 1040x Filled Out

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