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Tax Return Forms 2012

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Tax Return Forms 2012

Tax return forms 2012 Publication 908 - Introductory Material Table of Contents Future Developments What's New Reminders Introduction Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 908, such as legislation enacted after it was published, go to www. Tax return forms 2012 irs. Tax return forms 2012 gov/pub908. Tax return forms 2012 What's New Expiration of provision for catch-up contributions for IRC section 401(k) participants whose employer filed bankruptcy. Tax return forms 2012  The Pension Protection Act of 2006, P. Tax return forms 2012 L. Tax return forms 2012 109-280, previously allowed additional contributions of up to $7,000 in a traditional or Roth IRA for employees who participated in an IRC section 401(k) plan of an employer that filed bankruptcy in an earlier year. Tax return forms 2012 This provision was not extended for tax years beginning on or after January 1, 2010. Tax return forms 2012 Automatic 6-month extension of time to file a bankruptcy estate return now available for individuals in Chapter 7 or 11 bankruptcy. Tax return forms 2012  Beginning June 24, 2011, the IRS clarified in T. Tax return forms 2012 D. Tax return forms 2012 9531 that there is available an automatic 6-month extension of time to file a bankruptcy estate income tax return for individuals in Chapter 7 or Chapter 11 bankruptcy proceedings upon filing a required application. Tax return forms 2012 The previous extension of time to file a bankruptcy estate return was 5 months. Tax return forms 2012 Reminders The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005. Tax return forms 2012  The changes to the U. Tax return forms 2012 S. Tax return forms 2012 Bankruptcy Code enacted by BAPCA are incorporated throughout this publication. Tax return forms 2012 Debtors filing under chapters 7, 11, 12, and 13 of the Bankruptcy Code must file all applicable federal, state, and local tax returns that become due after a case commences. Tax return forms 2012 Failure to file tax returns timely or obtain an extension can cause a bankruptcy case to be converted to another chapter or dismissed. Tax return forms 2012 In chapter 13 cases, the debtor must file all required tax returns for tax periods ending within 4 years of the filing of the bankruptcy petition. Tax return forms 2012 Photographs of missing children. Tax return forms 2012  The IRS is a proud partner with the National Center for Missing and Exploited Children. Tax return forms 2012 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Tax return forms 2012 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Tax return forms 2012 Introduction This publication is not intended to cover bankruptcy law in general, or to provide detailed discussions of the tax rules for the more complex corporate bankruptcy reorganizations or other highly technical transactions. Tax return forms 2012 Additionally, this publication is not updated on an annual basis and may not reflect recent developments in bankruptcy or tax law. Tax return forms 2012 If you need more guidance on the bankruptcy or tax laws applicable to your case, you should seek professional advice. Tax return forms 2012 This publication explains the basic federal income tax aspects of bankruptcy. Tax return forms 2012 A fundamental goal of the bankruptcy laws enacted by Congress is to give an honest debtor a financial “fresh start”. Tax return forms 2012 This is accomplished through the bankruptcy discharge, which is a permanent injunction (court ordered prohibition) against the collection of certain debts as a personal liability of the debtor. Tax return forms 2012 Bankruptcy proceedings begin with the filing of either a voluntary petition in the United States Bankruptcy Court, or in certain cases an involuntary petition filed by creditors. Tax return forms 2012 This filing creates the bankruptcy estate. Tax return forms 2012 The bankruptcy estate generally consists of all of the assets the individual or entity owns on the date the bankruptcy petition was filed. Tax return forms 2012 The bankruptcy estate is treated as a separate taxable entity for individuals filing bankruptcy petitions under chapter 7 or 11 of the Bankruptcy Code, discussed later. Tax return forms 2012 The tax obligations of taxable bankruptcy estates are discussed later under Individuals in Chapter 7 or 11. Tax return forms 2012 Generally, when a debt owed to another person or entity is canceled, the amount canceled or forgiven is considered income that is taxed to the person owing the debt. Tax return forms 2012 If a debt is canceled under a bankruptcy proceeding, the amount canceled is not income. Tax return forms 2012 However, the canceled debt reduces other tax benefits to which the debtor would otherwise be entitled. Tax return forms 2012 See Debt Cancellation, later. Tax return forms 2012 Useful Items - You may want to see: Publication 225 Farmer's Tax Guide 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 538 Accounting Periods and Methods 544 Sales and Other Dispositions of Assets 551 Basis of Assets 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Form (and Instructions) SS-4 Application for Employer Identification Number, and separate instructions 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) 1040 U. Tax return forms 2012 S. Tax return forms 2012 Individual Income Tax Return, and separate instructions Schedule SE (Form 1040) Self-Employment Tax 1040X Amended U. Tax return forms 2012 S. Tax return forms 2012 Individual Income Tax Return, and separate instructions 1041 U. Tax return forms 2012 S. Tax return forms 2012 Income Tax Return for Estates and Trusts, and separate instructions 1041-ES Estimated Income Tax for Estates and Trusts 1041-V Payment Voucher 4506 Request for Copy of Tax Return 4506-T Request for Transcript of Tax Return 4852 Substitute for Form W-2, Wage and Tax Statement, or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Tax return forms 2012 4868 Application for Automatic Extension of Time To File U. Tax return forms 2012 S. Tax return forms 2012 Individual Income Tax Return 7004 Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns See How To Get Tax Help, later, for information about getting these publications and forms. Tax return forms 2012 Prev  Up  Next   Home   More Online Publications
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IRS Warns of Pervasive Telephone Scam

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IR-2013-84, Oct. 31, 2013

WASHINGTON — The Internal Revenue Service today warned consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country.

Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation or suspension of a business or driver’s license. In many cases, the caller becomes hostile and insulting.

“This scam has hit taxpayers in nearly every state in the country.  We want to educate taxpayers so they can help protect themselves.  Rest assured, we do not and will not ask for credit card numbers over the phone, nor request a pre-paid debit card or wire transfer,” says IRS Acting Commissioner Danny Werfel. “If someone unexpectedly calls claiming to be from the IRS and threatens police arrest, deportation or license revocation if you don’t pay immediately, that is a sign that it really isn’t the IRS calling.” Werfel noted that the first IRS contact with taxpayers on a tax issue is likely to occur via mail

Other characteristics of this scam include:

  • Scammers use fake names and IRS badge numbers. They generally use common names and surnames to identify themselves.
  • Scammers may be able to recite the last four digits of a victim’s Social Security Number.
  • Scammers spoof the IRS toll-free number on caller ID to make it appear that it’s the IRS calling.
  • Scammers sometimes send bogus IRS emails to some victims to support their bogus calls.
  • Victims hear background noise of other calls being conducted to mimic a call site.
  • After threatening victims with jail time or driver’s license revocation, scammers hang up and others soon call back pretending to be from the local police or DMV, and the caller ID supports their claim.

If you get a phone call from someone claiming to be from the IRS, here’s what you should do:

  • If you know you owe taxes or you think you might owe taxes, call the IRS at 1.800.829.1040. The IRS employees at that line can help you with a payment issue – if there really is such an issue.
  • If you know you don’t owe taxes or have no reason to think that you owe any taxes (for example, you’ve never received a bill or the caller made some bogus threats as described above), then call and report the incident to the Treasury Inspector General for Tax Administration at 1.800.366.4484.
  • If you’ve been targeted by this scam, you should also contact the Federal Trade Commission and use their “FTC Complaint Assistant” at FTC.gov.  Please add "IRS Telephone Scam" to the comments of your complaint.

Taxpayers should be aware that there are other unrelated scams (such as a lottery sweepstakes) and solicitations (such as debt relief) that fraudulently claim to be from the IRS.

The IRS encourages taxpayers to be vigilant against phone and email scams that use the IRS as a lure. The IRS does not initiate contact with taxpayers by email to request personal or financial information.  This includes any type of electronic communication, such as text messages and social media channels. The IRS also does not ask for PINs, passwords or similar confidential access information for credit card, bank or other financial accounts. Recipients should not open any attachments or click on any links contained in the message. Instead, forward the e-mail to phishing@irs.gov.

More information on how to report phishing scams involving the IRS is available on the genuine IRS website, IRS.gov.

You can reblog the IRS tax scam alert via Tumblr.

 

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Page Last Reviewed or Updated: 01-Nov-2013

The Tax Return Forms 2012

Tax return forms 2012 2. Tax return forms 2012   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. Tax return forms 2012 This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes, and awards. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 For information on when the penalty applies, see chapter 4. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 Worksheets. Tax return forms 2012   You may need to use several of the blank worksheets included in this chapter. Tax return forms 2012 See Worksheets for Chapter 2, later, to locate what you need. Tax return forms 2012 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. Tax return forms 2012 To do this, file a new Form W-4 with your employer. Tax return forms 2012 See chapter 1. Tax return forms 2012 Estimated tax not required. Tax return forms 2012   You do not have to pay estimated tax for 2014 if you meet all three of the following conditions. Tax return forms 2012 You had no tax liability for 2013. Tax return forms 2012 You were a U. Tax return forms 2012 S. Tax return forms 2012 citizen or resident alien for the whole year. Tax return forms 2012 Your 2013 tax year covered a 12-month period. Tax return forms 2012   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. Tax return forms 2012 Please click here for the text description of the image. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 General Rule In most cases, you must pay estimated tax for 2014 if both of the following apply. Tax return forms 2012 You expect to owe at least $1,000 in tax for 2014, after subtracting your withholding and refundable credits. Tax return forms 2012 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. Tax return forms 2012 Your 2013 tax return must cover all 12 months. Tax return forms 2012 Note. Tax return forms 2012 The percentages in (2a) or (2b) above may be different if you are a farmer, fisherman, or higher income taxpayer. Tax return forms 2012 See Special Rules , later. Tax return forms 2012 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. Tax return forms 2012 Figure 2-A takes you through the general rule. Tax return forms 2012 You may find this helpful in determining if you must pay estimated tax. Tax return forms 2012 If all your income will be subject to income tax withholding, you probably do not need to pay estimated tax. Tax return forms 2012 Example 1. Tax return forms 2012 Jane Smart uses Figure 2-A and the following information to figure whether she should pay estimated tax for 2014. Tax return forms 2012 She files as head of household claiming her dependent son, takes the standard deduction, and expects no refundable credits for 2014. Tax return forms 2012 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). Tax return forms 2012 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. Tax return forms 2012 50). Tax return forms 2012 Jane does not need to pay estimated tax. Tax return forms 2012 Example 2. Tax return forms 2012 The facts are the same as in Example 1, except that Jane expects only $8,700 tax to be withheld in 2014. Tax return forms 2012 Because that is less than $9,913. Tax return forms 2012 50, her answer to box 2a is NO. Tax return forms 2012 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). Tax return forms 2012 Jane must increase her withholding or pay estimated tax for 2014. Tax return forms 2012 Example 3. Tax return forms 2012 The facts are the same as in Example 2, except that the total tax shown on Jane's 2013 return was $8,600. Tax return forms 2012 Because she expects to have more than $8,600 withheld in 2014 ($8,700), her answer to box 2b is YES. Tax return forms 2012 Jane does not need to pay estimated tax for 2014. Tax return forms 2012 Married Taxpayers If you qualify to make joint estimated tax payments, apply the rules discussed here to your joint estimated income. Tax return forms 2012 You and your spouse can make joint estimated tax payments even if you are not living together. Tax return forms 2012 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). Tax return forms 2012 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. Tax return forms 2012 These individuals can take credit only for the estimated tax payments that he or she made. Tax return forms 2012 If you and your spouse cannot make joint estimated tax payments, apply these rules to your separate estimated income. Tax return forms 2012 Making joint or separate estimated tax payments will not affect your choice of filing a joint tax return or separate returns for 2014. Tax return forms 2012 2013 separate returns and 2014 joint return. Tax return forms 2012   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. Tax return forms 2012 You filed a separate return if you filed as single, head of household, or married filing separately. Tax return forms 2012 2013 joint return and 2014 separate returns. Tax return forms 2012   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. Tax return forms 2012 You file a separate return if you file as single, head of household, or married filing separately. Tax return forms 2012   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. Tax return forms 2012 Then multiply the tax on the joint return by the following fraction. Tax return forms 2012      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. Tax return forms 2012 Joe and Heather filed a joint return for 2013 showing taxable income of $48,500 and a tax of $6,386. Tax return forms 2012 Of the $48,500 taxable income, $40,100 was Joe's and the rest was Heather's. Tax return forms 2012 For 2014, they plan to file married filing separately. Tax return forms 2012 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. Tax return forms 2012 6% Joe's share of tax on joint return  ($6,386 × 87. Tax return forms 2012 6%) $5,594 Special Rules There are special rules for farmers, fishermen, and certain higher income taxpayers. Tax return forms 2012 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. Tax return forms 2012 Gross income. Tax return forms 2012   Your gross income is all income you receive in the form of money, goods, property, and services that is not exempt from tax. Tax return forms 2012 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. Tax return forms 2012 Joint returns. Tax return forms 2012   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. Tax return forms 2012 Gross income from farming. Tax return forms 2012   This is income from cultivating the soil or raising agricultural commodities. Tax return forms 2012 It includes the following amounts. Tax return forms 2012 Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Tax return forms 2012 Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Tax return forms 2012 Crop shares for the use of your land. Tax return forms 2012 Gains from sales of draft, breeding, dairy, or sporting livestock. Tax return forms 2012   For 2013, gross income from farming is the total of the following amounts. Tax return forms 2012 Schedule F (Form 1040), Profit or Loss From Farming, line 9. Tax return forms 2012 Form 4835, Farm Rental Income and Expenses, line 7. Tax return forms 2012 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). Tax return forms 2012 Your gains from sales of draft, breeding, dairy, or sporting livestock shown on Form 4797, Sales of Business Property. Tax return forms 2012   Wages you receive as a farm employee and wages you receive from a farm corporation are not gross income from farming. Tax return forms 2012 Gross income from fishing. Tax return forms 2012   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. Tax return forms 2012   Gross income from fishing includes the following amounts. Tax return forms 2012 Schedule C (Form 1040), Profit or Loss From Business. Tax return forms 2012 Income for services as an officer or crew member of a vessel while the vessel is engaged in fishing. Tax return forms 2012 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). Tax return forms 2012 Certain taxable interest and punitive damage awards received in connection with the Exxon Valdez litigation. Tax return forms 2012 Income for services normally performed in connection with fishing. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 For 2013, AGI is the amount shown on Form 1040, line 37; Form 1040A, line 21; and Form 1040EZ, line 4. Tax return forms 2012 Note. Tax return forms 2012 This rule does not apply to farmers and fishermen. Tax return forms 2012 Aliens Resident and nonresident aliens also may have to pay estimated tax. Tax return forms 2012 Resident aliens should follow the rules in this publication, unless noted otherwise. Tax return forms 2012 Nonresident aliens should get Form 1040-ES (NR), U. Tax return forms 2012 S. Tax return forms 2012 Estimated Tax for Nonresident Alien Individuals. Tax return forms 2012 You are an alien if you are not a citizen or national of the United States. Tax return forms 2012 You are a resident alien if you either have a green card or meet the substantial presence test. Tax return forms 2012 For more information about withholding, the substantial presence test, and Form 1040-ES (NR), see Publication 519. Tax return forms 2012 Estates and Trusts Estates and trusts also must pay estimated tax. Tax return forms 2012 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. Tax return forms 2012 Estates and trusts must use Form 1041-ES, Estimated Income Tax for Estates and Trusts, to figure and pay estimated tax. Tax return forms 2012 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. Tax return forms 2012 When figuring your 2014 estimated tax, it may be helpful to use your income, deductions, and credits for 2013 as a starting point. Tax return forms 2012 Use your 2013 federal tax return as a guide. Tax return forms 2012 You can use Form 1040-ES to figure your estimated tax. Tax return forms 2012 Nonresident aliens use Form 1040-ES (NR) to figure estimated tax. Tax return forms 2012 You must make adjustments both for changes in your own situation and for recent changes in the tax law. Tax return forms 2012 Some of these changes are discussed under What's New for 2014 , earlier. Tax return forms 2012 For information about these and other changes in the law, visit the IRS website at IRS. Tax return forms 2012 gov. Tax return forms 2012 The instructions for Form 1040-ES include a worksheet to help you figure your estimated tax. Tax return forms 2012 Keep the worksheet for your records. Tax return forms 2012 2014 Estimated Tax Worksheet Use Worksheet 2-1 to help guide you through the information about completing the 2014 Estimated Tax Worksheet. Tax return forms 2012 You can also find a copy of the worksheet in the Instructions for Form 1040-ES. Tax return forms 2012 Expected AGI—Line 1 Your expected AGI for 2014 (line 1) is your expected total income minus your expected adjustments to income. Tax return forms 2012 Total income. Tax return forms 2012   Include in your total income all the income you expect to receive during the year, even income that is subject to withholding. Tax return forms 2012 However, do not include income that is tax exempt. Tax return forms 2012   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. Tax return forms 2012 Social security and railroad retirement benefits. Tax return forms 2012 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. Tax return forms 2012 Adjustments to income. Tax return forms 2012   Be sure to subtract from your expected total income all of the adjustments you expect to take on your 2014 tax return. Tax return forms 2012 Self-employed. Tax return forms 2012 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. Tax return forms 2012 Include the amount from Worksheet 2-3 in your expected adjustments to income. Tax return forms 2012 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. Tax return forms 2012 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). Tax return forms 2012 Itemized deductions—line 2. Tax return forms 2012   If you expect to claim itemized deductions on your 2014 tax return, enter the estimated amount on line 2. Tax return forms 2012   Itemized deductions are the deductions that can be claimed on Schedule A (Form 1040). Tax return forms 2012    For 2014, your total itemized deductions may be reduced if your AGI is more than the amount shown next for your filing status. Tax return forms 2012 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. Tax return forms 2012 Standard deduction—line 2. Tax return forms 2012   If you expect to claim the standard deduction on your 2014 tax return, enter the amount on line 2. Tax return forms 2012 Use Worksheet 2-4 to figure your standard deduction. Tax return forms 2012 No standard deduction. Tax return forms 2012   The standard deduction for some individuals is zero. Tax return forms 2012 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. Tax return forms 2012 Exemptions—line 4. Tax return forms 2012   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. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012    For 2014, your deduction for personal exemption is reduced if your AGI is more than the amount shown next for your filing status. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 Most people will have entries for only a few of these steps. Tax return forms 2012 However, you should check every step to be sure you do not overlook anything. Tax return forms 2012 Step 1. Tax return forms 2012   Figure your expected income tax (line 6). Tax return forms 2012 Generally, you will use the 2014 Tax Rate Schedules, later, to figure your expected income tax. Tax return forms 2012   However, see below for situations where you must use a different method to compute your estimated tax. Tax return forms 2012 Tax on child's investment income. Tax return forms 2012   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. Tax return forms 2012 Children under age 18 at the end of 2014. Tax return forms 2012 The following children if their earned income is not more than half their support. Tax return forms 2012 Children age 18 at the end of 2014. Tax return forms 2012 Children who are full-time students over age 18 and under age 24 at the end of 2014. Tax return forms 2012 See Publication 929, Tax Rules for Children and Dependents. Tax return forms 2012 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. Tax return forms 2012 Tax on net capital gain. Tax return forms 2012   The regular income tax rates for individuals do not apply to a net capital gain. Tax return forms 2012 Instead, your net capital gain is taxed at a lower maximum rate. Tax return forms 2012   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. Tax return forms 2012 Tax on capital gain and qualified dividends. Tax return forms 2012 If the amount on line 1 includes a net capital gain or qualified dividends, use Worksheet 2-7 to figure your tax. Tax return forms 2012 Note. Tax return forms 2012 For 2014, your capital gains and dividends rate will depend on your income. Tax return forms 2012 Tax if excluding foreign earned income or excluding or deducting foreign housing. Tax return forms 2012 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. Tax return forms 2012 Step 2. Tax return forms 2012   Total your expected taxes (line 8). Tax return forms 2012 Include on line 8 the sum of the following. Tax return forms 2012 Your tax on line 6. Tax return forms 2012 Your expected alternative minimum tax (AMT) from Form 6251, or included on Form 1040A. Tax return forms 2012 Your expected additional taxes from Form 8814, Parents' Election To Report Child's Interest and Dividends, and Form 4972, Tax on Lump-Sum Distributions. Tax return forms 2012 Any recapture of education credits. Tax return forms 2012 Step 3. Tax return forms 2012   Subtract your expected credits (line 9). Tax return forms 2012 If you are using your 2013 return as a guide and filed Form 1040, your total credits for 2013 were shown on line 54. Tax return forms 2012 If you filed Form 1040A, your total credits for 2013 were on line 34. Tax return forms 2012   If your credits on line 9 are more than your taxes on line 8, enter “-0-” on line 10 and go to Step 4. Tax return forms 2012 Step 4. Tax return forms 2012   Add your expected self-employment tax (line 11). Tax return forms 2012 You already should have figured your self-employment tax (see Self-employed under Expected AGI—Line 1, earlier). Tax return forms 2012 Step 5. Tax return forms 2012   Add your expected other taxes (line 12). Tax return forms 2012   Other taxes include the following. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 Amounts written on Form 1040 on the line for “other taxes” (line 60 on the 2013 Form 1040). Tax return forms 2012 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. Tax return forms 2012 Repayment of the first-time homebuyer credit. Tax return forms 2012 See Form 5405. Tax return forms 2012 Additional Medicare Tax. Tax return forms 2012 A 0. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 A self-employment loss should not be considered for purposes of this tax. Tax return forms 2012 RRTA compensation should be separately compared to the threshold. Tax return forms 2012 Your employer is responsible for withholding the 0. Tax return forms 2012 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays to you in excess of $200,000 in 2014. Tax return forms 2012 You should consider this withholding, if applicable, in determining whether you need to make an estimated payment. Tax return forms 2012 For more information on Additional Medicare Tax, go to IRS. Tax return forms 2012 gov and enter “Additional Medicare Tax” in the search box. Tax return forms 2012 Net Investment Income Tax (NIIT). Tax return forms 2012 The NIIT is 3. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 gov and enter “Net Investment Income Tax” in the search box. Tax return forms 2012 Step 6. Tax return forms 2012   Subtract your refundable credit (line 13b). Tax return forms 2012   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. Tax return forms 2012   The result of steps 1 through 6 is your total estimated tax for 2014 (line 13c). Tax return forms 2012 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. Tax return forms 2012 General rule. Tax return forms 2012   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. Tax return forms 2012 Your 2013 tax return must cover all 12 months. Tax return forms 2012 Special rules. Tax return forms 2012   There are special rules for higher income taxpayers and for farmers and fishermen. Tax return forms 2012 Higher income taxpayers. Tax return forms 2012   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. Tax return forms 2012 This rule does not apply to farmers and fishermen. Tax return forms 2012 For 2013, AGI is the amount shown on Form 1040, line 37; Form 1040A, line 21; and Form 1040EZ, line 4. Tax return forms 2012 Example. Tax return forms 2012   Jeremy Martin's total tax on his 2013 return was $42,581, and his expected tax for 2014 is $71,253. Tax return forms 2012 His 2013 AGI was $180,000. Tax return forms 2012 Because Jeremy had more than $150,000 of AGI in 2013, he figures his required annual payment as follows. Tax return forms 2012 He determines that 90% of his expected tax for 2014 is $64,128 (. Tax return forms 2012 90 × $71,253). Tax return forms 2012 Next, he determines that 110% of the tax shown on his 2013 return is $46,839 (1. Tax return forms 2012 10 x $42,581). Tax return forms 2012 Finally, he determines that his required annual payment is $46,839, the smaller of the two. Tax return forms 2012 Farmers and fishermen. Tax return forms 2012   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% (. Tax return forms 2012 6667) of your total tax for 2014, or 100% of the total tax shown on your 2013 return. Tax return forms 2012 (Your 2013 tax return must cover all 12 months. Tax return forms 2012 )   For definitions of “gross income from farming” and “gross income from fishing,” see Farmers and Fishermen , under Special Rules discussed earlier. Tax return forms 2012 Total tax for 2013—line 14b. Tax return forms 2012   Your 2013 total tax, if you filed Form 1040, is the amount on line 61 reduced by the following. Tax return forms 2012 Unreported social security and Medicare tax or RRTA tax from Forms 4137 or 8919 (line 57). Tax return forms 2012 The following amounts from Form 5329 included on line 58. Tax return forms 2012 Any tax on excess contributions to IRAs, Archer MSAs, Coverdell education savings accounts, and health savings accounts. Tax return forms 2012 Any tax on excess accumulations in qualified retirement plans. Tax return forms 2012 The following write-ins on line 60. Tax return forms 2012 Excise tax on excess golden parachute payments (identified as “EPP”). Tax return forms 2012 Excise tax on insider stock compensation from an expatriated corporation (identified as “ISC”). Tax return forms 2012 Look-back interest due under section 167(g) (identified as “From Form 8866”). Tax return forms 2012 Look-back interest due under section 460(b) (identified as “From Form 8697”). Tax return forms 2012 Recapture of federal mortgage subsidy (identified as “FMSR”). Tax return forms 2012 Additional tax on advance payments of health coverage tax credit when not eligible (identified as “HCTC”). Tax return forms 2012 Uncollected social security and Medicare tax or RRTA tax on tips or group-term life insurance (identified as “UT”). Tax return forms 2012 Any refundable credit amounts. Tax return forms 2012   If you filed Form 1040A, your 2013 total tax is the amount on line 35 reduced by any refundable credits. Tax return forms 2012   If you filed Form 1040EZ, your 2013 total tax is the amount on line 10 reduced by the amount on line 8a. Tax return forms 2012 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. Tax return forms 2012 Subtract your expected withholding from your required annual payment (line 14c). Tax return forms 2012 You usually must pay this difference in four equal installments. Tax return forms 2012 See When To Pay Estimated Tax and How To Figure Each Payment . Tax return forms 2012 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. Tax return forms 2012 Withholding—line 15. Tax return forms 2012   Your expected withholding for 2014 (line 15) includes the income tax you expect to be withheld from all sources (wages, pensions and annuities, etc. Tax return forms 2012 ). Tax return forms 2012 It includes excess social security, and tier 1 railroad retirement tax you expect to be withheld from your wages and compensation. Tax return forms 2012 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. Tax return forms 2012 See Excess Social Security or Railroad Retirement Tax Withholding in chapter 3. Tax return forms 2012   It also includes Additional Medicare Tax you expect to be withheld from your wages or compensation. Tax return forms 2012 Your employer is responsible for withholding the 0. Tax return forms 2012 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays to you in excess of $200,000. Tax return forms 2012 When To Pay Estimated Tax For estimated tax purposes, the year is divided into four payment periods. Tax return forms 2012 Each period has a specific payment due date. Tax return forms 2012 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. Tax return forms 2012 If a payment is mailed, the date of the U. Tax return forms 2012 S. Tax return forms 2012 postmark is considered the date of payment. Tax return forms 2012 The payment periods and due dates for estimated tax payments are shown next. Tax return forms 2012 For exceptions to the dates listed, see Saturday, Sunday, holiday rule below. Tax return forms 2012 For the period: Due date: Jan. Tax return forms 2012 11 – March 31 April 15 April 1 – May 31 June 16 June 1 – August 31 September 15 Sept. Tax return forms 2012 1 – Dec. Tax return forms 2012 31 January 15  next year2 1If your tax year does not begin on January 1,  see Fiscal year taxpayers . Tax return forms 2012 2See January payment . Tax return forms 2012 Saturday, Sunday, holiday rule. Tax return forms 2012   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. Tax return forms 2012 January payment. Tax return forms 2012   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. Tax return forms 2012 Example. Tax return forms 2012 Janet Adams does not pay any estimated tax for 2014. Tax return forms 2012 She files her 2014 income tax return and pays the balance due shown on her return on January 26, 2015. Tax return forms 2012 Janet's estimated tax for the fourth payment period is considered to have been paid on time. Tax return forms 2012 However, she may owe a penalty for not making the first three estimated tax payments, if required. Tax return forms 2012 Any penalty for not making those payments will be figured up to January 26, 2015. Tax return forms 2012 Fiscal year taxpayers. Tax return forms 2012   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. Tax return forms 2012   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. Tax return forms 2012 When To Start You do not have to make estimated tax payments until you have income on which you will owe income tax. Tax return forms 2012 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. Tax return forms 2012 You have several options when paying estimated taxes. Tax return forms 2012 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. Tax return forms 2012 If you choose to pay in installments, make your first payment by the due date for the first payment period. Tax return forms 2012 Make your remaining installment payments by the due dates for the later periods. Tax return forms 2012 To avoid any estimated tax penalties, all installments must be paid by their due date and for the required amount. Tax return forms 2012 No income subject to estimated tax during first period. Tax return forms 2012   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. Tax return forms 2012 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. Tax return forms 2012 Table 2-1 shows the dates for making installment payments. Tax return forms 2012    Table 2-1. Tax return forms 2012 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. Tax return forms 2012 15     Jan. Tax return forms 2012 15 next year April 1–May 31 June 16 Sept. Tax return forms 2012 15     Jan. Tax return forms 2012 15 next year June 1–Aug. Tax return forms 2012 31 Sept. Tax return forms 2012 15 Jan. Tax return forms 2012 15 next year After Aug. Tax return forms 2012 31 Jan. Tax return forms 2012 15 next year (None) *See January payment and Saturday, Sunday, holiday rule . Tax return forms 2012 How much to pay to avoid penalty. Tax return forms 2012   To determine how much you should pay by each payment due date, see How To Figure Each Payment , later. Tax return forms 2012 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. Tax return forms 2012 The due dates for the first three payment periods, discussed under When To Pay Estimated Tax , earlier, do not apply to you. Tax return forms 2012 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. Tax return forms 2012 Fiscal year farmers and fishermen. Tax return forms 2012   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. Tax return forms 2012 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. Tax return forms 2012 You should pay enough by each due date to avoid a penalty for that period. Tax return forms 2012 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. Tax return forms 2012 The penalty is discussed in chapter 4. Tax return forms 2012 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. Tax return forms 2012 Enter this amount on line 17. Tax return forms 2012 However, use this method only if your income is basically the same throughout the year. Tax return forms 2012 Change in estimated tax. Tax return forms 2012   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. Tax return forms 2012 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. Tax return forms 2012 If you do not receive your income evenly throughout the year, your required estimated tax payments may not be the same for each period. Tax return forms 2012 See Annualized Income Installment Method . Tax return forms 2012 Amended estimated tax. Tax return forms 2012 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. Tax return forms 2012 Example. Tax return forms 2012 Early in 2014, Mira Roberts figures that her estimated tax due is $1,800. Tax return forms 2012 She makes estimated tax payments on April 15 and June 16 of $450 each ($1,800 ÷ 4). Tax return forms 2012 On July 10, she sells investment property at a gain. Tax return forms 2012 Her refigured estimated tax is $4,100. Tax return forms 2012 Her required estimated tax payment for the third payment period is $2,175, as shown in her filled-in Worksheet 2-14. Tax return forms 2012 If Mira's estimated tax does not change again, her required estimated tax payment for the fourth payment period will be $1,025. Tax return forms 2012 Worksheet 2-14. Tax return forms 2012 Amended Estimated Tax Worksheet—Illustrated               1. Tax return forms 2012 Amended total estimated tax due 1. Tax return forms 2012 $4,100 2. Tax return forms 2012 Multiply line 1 by:           50% (. Tax return forms 2012 50) if next payment is due June 16, 2014           75% (. Tax return forms 2012 75) if next payment is due September 15,  2014           100% (1. Tax return forms 2012 00) if next payment is due January 15,  2015 2. Tax return forms 2012 3,075     3. Tax return forms 2012 Estimated tax payments for all previous periods 3. Tax return forms 2012 900     4. Tax return forms 2012 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. Tax return forms 2012 $2,175       Note. Tax return forms 2012 If the payment on line 4 is due January 15, 2015, stop here. Tax return forms 2012 Otherwise, go to line 5. Tax return forms 2012         5. Tax return forms 2012 Add lines 3 and 4 5. Tax return forms 2012 3,075 6. Tax return forms 2012 Subtract line 5 from line 1 and enter the result (but not less than zero) 6. Tax return forms 2012 1,025 7. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 $1,025 Worksheet 2-14. Tax return forms 2012 Amended Estimated Tax Worksheet—Blank               1. Tax return forms 2012 Amended total estimated tax due 1. Tax return forms 2012   2. Tax return forms 2012 Multiply line 1 by:           50% (. Tax return forms 2012 50) if next payment is due June 16, 2014           75% (. Tax return forms 2012 75) if next payment is due September 15,  2014           100% (1. Tax return forms 2012 00) if next payment is due January 15,  2015 2. Tax return forms 2012       3. Tax return forms 2012 Estimated tax payments for all previous periods 3. Tax return forms 2012       4. Tax return forms 2012 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. Tax return forms 2012         Note. Tax return forms 2012 If the payment on line 4 is due January 15, 2015, stop here. Tax return forms 2012 Otherwise, go to line 5. Tax return forms 2012         5. Tax return forms 2012 Add lines 3 and 4 5. Tax return forms 2012   6. Tax return forms 2012 Subtract line 5 from line 1 and enter the result (but not less than zero) 6. Tax return forms 2012   7. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012   Underpayment penalty. Tax return forms 2012   The penalty is figured separately for each payment period. Tax return forms 2012 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. Tax return forms 2012 To see how you may be able to avoid or reduce this penalty, see Annualized Income Installment Method (Schedule AI) in chapter 4. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 To see whether you can pay less for any period, complete the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9). Tax return forms 2012 You first must complete the 2014 Estimated Tax Worksheet (Worksheet 2-1) through line 16b. Tax return forms 2012 Use the result you figure on line 32 of Worksheet 2-9 to make your estimated tax payments and complete your payment vouchers. Tax return forms 2012 Note. Tax return forms 2012 If you use the annualized income installment method to figure your estimated tax payments, you must file Form 2210 with your 2014 tax return. Tax return forms 2012 See Annualized Income Installment Method (Schedule AI) in chapter 4 for more information. Tax return forms 2012 Instructions for the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9) Use Worksheet 2-9 to help you follow these instructions. Tax return forms 2012 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. Tax return forms 2012 The top of the worksheet shows the dates for each payment period. Tax return forms 2012 The periods build; that is, each period includes all previous periods. Tax return forms 2012 After the end of each payment period, complete the corresponding worksheet column to figure the payment due for that period. Tax return forms 2012 Line 1. Tax return forms 2012   Enter your AGI for the period. Tax return forms 2012 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. Tax return forms 2012 See Expected AGI—Line 1 , earlier. Tax return forms 2012 Self-employment income. Tax return forms 2012   If you had self-employment income, first complete Section B of this worksheet. Tax return forms 2012 Use the amounts on line 43 when figuring your expected AGI to enter in each column of Section A, line 1. Tax return forms 2012 Line 4. Tax return forms 2012   Be sure to consider all deduction limits figured on Schedule A (Form 1040), such as reducing your medical expenses by 10% (7. Tax return forms 2012 5% if either you or your spouse was born before January 2, 1950) or reducing certain miscellaneous deductions by 2% of your AGI. Tax return forms 2012 Figure your deduction limits using your expected AGI in the corresponding column of line 1 (2014 Annualized Estimated Tax Worksheet (Worksheet 2-9)). Tax return forms 2012 Line 6. Tax return forms 2012   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. Tax return forms 2012 In that case, use Worksheet 2-10 to figure the amount to enter on line 6. Tax return forms 2012 Complete Worksheet 2–10 for each period, as necessary. Tax return forms 2012 Line 7. Tax return forms 2012   If you will not itemize your deductions, use Worksheet 2-4 to figure your standard deduction. Tax return forms 2012 Line 10. Tax return forms 2012   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. Tax return forms 2012   In that case, use Worksheet 2-11 to figure the amount to enter on line 10. Tax return forms 2012 Line 12. Tax return forms 2012   Generally, you will use the Tax Rate Schedules to figure the tax on your annualized income. Tax return forms 2012 However, see below for situations where you must use a different method to compute your estimated tax. Tax return forms 2012 Tax on child's investment income. Tax return forms 2012   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. Tax return forms 2012 Children under age 18 at the end of 2014. Tax return forms 2012 The following children if their earned income is not more than half their support. Tax return forms 2012 Children age 18 at the end of 2014. Tax return forms 2012 Children who are full-time students over age 18 and under age 24 at the end of 2014. Tax return forms 2012 See Publication 929. Tax return forms 2012 Tax on net capital gain. Tax return forms 2012   The regular income tax rates for individuals do not apply to a net capital gain. Tax return forms 2012 Instead, your net capital gain is taxed at a lower maximum rate. Tax return forms 2012   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. Tax return forms 2012 Tax on qualified dividends and capital gains. Tax return forms 2012   For 2014, your capital gain and dividends rate will depend on your income. Tax return forms 2012 Tax on capital gain or qualified dividends. Tax return forms 2012 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. Tax return forms 2012 Tax if excluding foreign earned income or excluding or deducting foreign housing. Tax return forms 2012 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. Tax return forms 2012 Line 13. Tax return forms 2012   If you file Form 1040, add the tax from Forms 8814, 4972, and 6251 for the period. Tax return forms 2012 If you file Form 1040A, add the amount from the Alternative Minimum Tax Worksheet found in the instructions. Tax return forms 2012 Also include any recapture of an education credit for each period. Tax return forms 2012 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. Tax return forms 2012   Use the 2013 forms or worksheets to see if you will owe any of the taxes discussed above. Tax return forms 2012 Figure the tax based on your income and deductions during the period shown in the column headings. Tax return forms 2012 Multiply this amount by the annualization amounts shown for each column on line 2 of the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9). Tax return forms 2012 Enter the result on line 13 of this worksheet. Tax return forms 2012 Line 15. Tax return forms 2012   Include all the nonrefundable credits you expect to claim because of events that will occur during the period. Tax return forms 2012 Note. Tax return forms 2012 When figuring your credits for each period, annualize any item of income or deduction to figure each credit. Tax return forms 2012 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. Tax return forms 2012 Line 18. Tax return forms 2012   Add your expected other taxes. Tax return forms 2012   Other taxes include the following. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 Amounts on Form 1040 written on the line for “other taxes” (line 60 on the 2013 Form 1040). Tax return forms 2012 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. Tax return forms 2012 Repayment of the first-time homebuyer credit if the home will cease to be your main home in 2014. Tax return forms 2012 See Form 5405 for exceptions. Tax return forms 2012 Additional Medicare Tax. Tax return forms 2012 A 0. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 A self-employment loss should not be considered for purposes of this tax. Tax return forms 2012 RRTA compensation should be separately compared to the threshold. Tax return forms 2012 Your employer is responsible for withholding the 0. Tax return forms 2012 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays you in excess of $200,000 in 2014. Tax return forms 2012 You should consider this withholding, if applicable, in determining whether you need to make an estimated payment. Tax return forms 2012 For more information on Additional Medicare Tax, go to IRS. Tax return forms 2012 gov and enter “Additional Medicare Tax” in the search box. Tax return forms 2012 Net Investment Income Tax (NIIT). Tax return forms 2012 The NIIT is 3. Tax return forms 2012 8% of the lesser of your net investment income or the excess of your modified adjusted gross income over a specified threshold amount. Tax return forms 2012 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. Tax return forms 2012 gov and enter “Net Investment Income Tax” in the search box. Tax return forms 2012 Line 20. Tax return forms 2012   Include all the refundable credits (other than withholding credits) you can claim because of events that occurred during the period. Tax return forms 2012 Note. Tax return forms 2012 When figuring your refundable credits for each period, annualize any item of income or deduction used to figure each credit. Tax return forms 2012 Line 29. Tax return forms 2012   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. Tax return forms 2012 Line 31. Tax return forms 2012   For each period, include estimated tax payments made and any excess social security and railroad retirement tax. Tax return forms 2012   Also include estimated federal income tax withholding. Tax return forms 2012 One-fourth of your estimated withholding is considered withheld on the due date of each payment period. Tax return forms 2012 To figure the amount to include on line 31 for each period, multiply your total expected withholding for 2014 by: 25% (. Tax return forms 2012 25) for the first period, 50% (. Tax return forms 2012 50) for the second period, 75% (. Tax return forms 2012 75) for the third period, and 100% (1. Tax return forms 2012 00) for the fourth period. Tax return forms 2012   However, you may choose to include your withholding according to the actual dates on which the amounts will be withheld. Tax return forms 2012 For each period, include withholding made from the beginning of the period up to and including the payment due date. Tax return forms 2012 You can make this choice separately for the taxes withheld from your wages and all other withholding. Tax return forms 2012 For an explanation of what to include in withholding, see Total Estimated Tax Payments Needed—Line 16a , earlier. Tax return forms 2012 Nonresident aliens. Tax return forms 2012   If you will file Form 1040NR and you do not receive wages as an employee subject to U. Tax return forms 2012 S. Tax return forms 2012 income tax withholding, the instructions for the worksheet are modified as follows. Tax return forms 2012 Skip column (a). Tax return forms 2012 On line 1, enter your income for the period that is effectively connected with a U. Tax return forms 2012 S. Tax return forms 2012 trade or business. Tax return forms 2012 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. Tax return forms 2012 S. Tax return forms 2012 trade or business by the following. Tax return forms 2012 72% for column (b). Tax return forms 2012 45% for column (c). Tax return forms 2012 30% for column (d). Tax return forms 2012 However, if you can use a treaty rate lower than 30%, use the percentages determined by multiplying your treaty rate by 2. Tax return forms 2012 4, 1. Tax return forms 2012 5, and 1, respectively. Tax return forms 2012 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. Tax return forms 2012 On lines 24 and 27, skip column (b). Tax return forms 2012 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). Tax return forms 2012 See Publication 519 for more information. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 How To Pay Estimated Tax There are several ways to pay estimated tax. Tax return forms 2012 Credit an overpayment on your 2013 return to your 2014 estimated tax. Tax return forms 2012 Pay by direct transfer from your bank account, or pay by credit or debit card using a pay-by-phone system or the Internet. Tax return forms 2012 Send in your payment (check or money order) with a payment voucher from Form 1040-ES. Tax return forms 2012 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. Tax return forms 2012 On Form 1040, or Form 1040A, enter the amount you want credited to your estimated tax rather than refunded. Tax return forms 2012 Take the amount you have credited into account when figuring your estimated tax payments. Tax return forms 2012 If you timely file your 2013 return, treat the credit as a payment made on April 15, 2014. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 You also cannot use that overpayment in any other way. Tax return forms 2012 Example. Tax return forms 2012 When Kathleen finished filling out her 2013 tax return, she saw that she had overpaid her taxes by $750. Tax return forms 2012 Kathleen knew she would owe additional tax in 2014. Tax return forms 2012 She credited $600 of the overpayment to her 2014 estimated tax and had the remaining $150 refunded to her. Tax return forms 2012 In September, she amended her 2013 return by filing Form 1040X, Amended U. Tax return forms 2012 S. Tax return forms 2012 Individual Income Tax Return. Tax return forms 2012 It turned out that she owed $250 more in tax than she had thought. Tax return forms 2012 This reduced her 2013 overpayment from $750 to $500. Tax return forms 2012 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. Tax return forms 2012 Kathleen could not use any of the $600 she had credited to her 2014 estimated tax to pay this bill. Tax return forms 2012 Pay Online Paying online is convenient and secure and helps make sure we get your payments on time. Tax return forms 2012 You can make your estimated tax payments online when you e-file or at any time during the year. Tax return forms 2012 You can pay using either of the following electronic payment methods. Tax return forms 2012 Direct transfer from your bank account. Tax return forms 2012 Credit or debit card. Tax return forms 2012 To pay your taxes online or for more information, go to www. Tax return forms 2012 irs. Tax return forms 2012 gov/e-pay. Tax return forms 2012 Pay by Phone Paying by phone is another safe and secure method of paying electronically. Tax return forms 2012 Use one of the following methods. Tax return forms 2012 Direct transfer from your bank account. Tax return forms 2012 Credit or debit card. Tax return forms 2012 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. Tax return forms 2012 To pay using a credit or debit card, you can call one of the following service providers. Tax return forms 2012 There is a convenience fee charged by these providers that varies by provider, card type, and payment amount. Tax return forms 2012 WorldPay 1-888-9-PAY-TAXTM (1-888-972-9829) www. Tax return forms 2012 payUSAtax. Tax return forms 2012 com Official Payments Corporation 1-888-UPAY-TAXTM (1-888-872-9829) www. Tax return forms 2012 officialpayments. Tax return forms 2012 com Link2GOV Corporation 1-888-PAY-1040TM (1-888-729-1040) www. Tax return forms 2012 PAY1040. Tax return forms 2012 com For the latest details on how to pay by phone, go to www. Tax return forms 2012 irs. Tax return forms 2012 gov/e-pay. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 Do not use the address shown in the Form 1040 or Form 1040A instructions. Tax return forms 2012 If you did not pay estimated tax last year, get a copy of Form 1040-ES from the IRS (see chapter 5). Tax return forms 2012 Follow the instructions to make sure you use the vouchers correctly. Tax return forms 2012 Joint estimated tax payments. Tax return forms 2012    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. Tax return forms 2012 Change of address. Tax return forms 2012    You must notify the IRS if you are making estimated tax payments and you changed your address during the year. Tax return forms 2012 Complete Form 8822, Change of Address, and mail it to the address shown in the instructions for that form. Tax return forms 2012 Worksheets for Chapter 2 Use the following worksheets and tables to figure your correct estimated tax. Tax return forms 2012 IF you need. Tax return forms 2012 . Tax return forms 2012 . Tax return forms 2012 THEN use. Tax return forms 2012 . Tax return forms 2012 . Tax return forms 2012 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. Tax return forms 2012 Use them only to figure your 2014 estimated taxes. Tax return forms 2012 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. Tax return forms 2012 0%   $0 $0 $12,950     10. Tax return forms 2012 0%   $0 9,075 36,900 $907. Tax return forms 2012 50 + 15. Tax return forms 2012 0%   9,075 12,950 49,400 $1,295. Tax return forms 2012 00 + 15. Tax return forms 2012 0%   12,950 36,900 89,350 5,081. Tax return forms 2012 25 + 25. Tax return forms 2012 0%   36,900 49,400 127,550 6,762. Tax return forms 2012 50 + 25. Tax return forms 2012 0%   49,400 89,350 186,350 18,193. Tax return forms 2012 75 + 28. Tax return forms 2012 0%   89,350 127,550 206,600 26,300. Tax return forms 2012 00 + 28. Tax return forms 2012 0%   127,550 186,350 405,100 45,353. Tax return forms 2012 75 + 33. Tax return forms 2012 0%   186,350 206,600 405,100 48,434. Tax return forms 2012 00 + 33. Tax return forms 2012 0%   206,600 405,100 406,750 117,541. Tax return forms 2012 25 + 35. Tax return forms 2012 0%   405,100 405,100 432,200 113,939. Tax return forms 2012 00 + 35. Tax return forms 2012 0%   405,100 406,750 - - - - - - 118,118. Tax return forms 2012 75 + 39. Tax return forms 2012 6%   406,750 432,200 - - - - - - 123,424. Tax return forms 2012 00 + 39. Tax return forms 2012 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. Tax return forms 2012 0%   $0 $0 $9,075     10. Tax return forms 2012 0%   $0 18,150 73,800 $1,815. Tax return forms 2012 00 + 15. Tax return forms 2012 0%   18,150 9,075 36,900 $907. Tax return forms 2012 50 + 15. Tax return forms 2012 0%   9,075 73,800 148,850 10,162. Tax return forms 2012 50 + 25. Tax return forms 2012 0%   73,800 36,900 74,425 5,081. Tax return forms 2012 25 + 25. Tax return forms 2012 0%   36,900 148,850 226,850 28,925. Tax return forms 2012 00 + 28. Tax return forms 2012 0%   148,850 74,425 113,425 14,462. Tax return forms 2012 50 + 28. Tax return forms 2012 0%   74,425 226,850 405,100 50,765. Tax return forms 2012 00 + 33. Tax return forms 2012 0%   226,850 113,425 202,550 25,382. Tax return forms 2012 50 + 33. Tax return forms 2012 0%   113,425 405,100 457,600 109,587. Tax return forms 2012 50 + 35. Tax return forms 2012 0%   405,100 202,550 228,800 54,793. Tax return forms 2012 75 + 35. Tax return forms 2012 0%   202,550 457,600 - - - - - - 127,962. Tax return forms 2012 50 + 39. Tax return forms 2012 6%   457,600 228,800 - - - - - - 63,981. Tax return forms 2012 25 + 39. Tax return forms 2012 6%   228,800                             Worksheet 2-1. Tax return forms 2012 2014 Estimated Tax Worksheet When this worksheet refers you to instructions, you can find those instructions in the Instructions for 2014 Form 1040-ES. Tax return forms 2012 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. Tax return forms 2012  Caution: If line 1 is over $152,525, your deduction may be reduced. Tax return forms 2012 See Worksheet 2-5. Tax return forms 2012 If you do not plan to itemize deductions, enter your standard deduction. Tax return forms 2012 2     3 Subtract line 2 from line 1 3     4 Exemptions. Tax return forms 2012 Multiply $3,950 by the number of personal exemptions. Tax return forms 2012  Caution: If line 1 is over $152,525, the amount of your personal exemptions may be limited. Tax return forms 2012 See Worksheet 2-6. Tax return forms 2012 4     5 Subtract line 4 from line 3 5     6 Tax. Tax return forms 2012 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. Tax return forms 2012 Add to this amount any other taxes you expect to include in the total on Form 1040, line 44 8     9 Credits (see instructions). Tax return forms 2012 Do not include any income tax withholding on this line 9     10 Subtract line 9 from line 8. Tax return forms 2012 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. Tax return forms 2012 Subtract line 13b from line 13a. Tax return forms 2012 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. Tax return forms 2012 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. Tax return forms 2012 To avoid a penalty, make sure your estimate on line 13c is as accurate as possible. Tax return forms 2012 Even if you pay the required annual payment, you may still owe tax when you file your return. Tax return forms 2012 If you prefer, you can pay the amount shown on line 13c. Tax return forms 2012                         15 Income tax withheld and estimated to be withheld during 2014 (including income tax withholding on pensions, annuities, certain deferred income, etc. Tax return forms 2012 ) 15     16a Subtract line 15 from line 14c 16a             Is the result zero or less? □ Yes. Tax return forms 2012 Stop here. Tax return forms 2012 You are not required to make estimated tax payments. Tax return forms 2012  □ No. Tax return forms 2012 Go to line 16b. Tax return forms 2012             b Subtract line 15 from line 13c 16b             Is the result less than $1,000? □ Yes. Tax return forms 2012 Stop here. Tax return forms 2012 You are not required to make estimated tax payments. Tax return forms 2012  □ No. Tax return forms 2012 Go to line 17 to figure your required payment. Tax return forms 2012                         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. Tax return forms 2012 2014 Estimated Tax Worksheet—Line 1 Estimated Taxable Social Security and Railroad Retirement Benefits Note. Tax return forms 2012 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. Tax return forms 2012     1. Tax return forms 2012 Enter your expected social security and railroad retirement benefits 1. Tax return forms 2012   2. Tax return forms 2012 Enter one-half of line 1 2. Tax return forms 2012   3. Tax return forms 2012 Enter your expected total income. Tax return forms 2012 Do not include any social security and railroad retirement benefits, nontaxable interest income, nontaxable IRA distributions, or nontaxable pension distributions 3. Tax return forms 2012   4. Tax return forms 2012 Enter your expected nontaxable interest income 4. Tax return forms 2012   5. Tax return forms 2012 Enter (as a positive amount) the total of any expected exclusions or deductions for: U. Tax return forms 2012 S. Tax return forms 2012 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. Tax return forms 2012   6. Tax return forms 2012 Add lines 2, 3, 4, and 5 6. Tax return forms 2012   7. Tax return forms 2012 Enter your expected adjustments to income. Tax return forms 2012 Do not include any student loan interest deduction 7. Tax return forms 2012   8. Tax return forms 2012 Subtract line 7 from line 6. Tax return forms 2012 If zero or less, stop here. Tax return forms 2012  Note. Tax return forms 2012 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. Tax return forms 2012   9. Tax return forms 2012 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. Tax return forms 2012   10. Tax return forms 2012 Subtract line 9 from line 8. Tax return forms 2012 If zero or less, stop here. Tax return forms 2012  Note. Tax return forms 2012 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. Tax return forms 2012   11. Tax return forms 2012 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. Tax return forms 2012   12. Tax return forms 2012 Subtract line 11 from line 10. Tax return forms 2012 If zero or less, enter -0- 12. Tax return forms 2012   13. Tax return forms 2012 Enter the smaller of line 10 or line 11 13. Tax return forms 2012   14. Tax return forms 2012 Enter one-half of line 13 14. Tax return forms 2012   15