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Tax slayer 9. Tax slayer Obligations Not in Registered Form Tax is imposed on any person who issues a registration-required obligation not in registered form. Tax slayer The tax is: 1% of the principal of the obligation, multiplied by The number of calendar years (or portions of calendar years) during the period starting on the date the obligation was issued and ending on the date it matures. Tax slayer A registration-required obligation is any obligation other than one that meets any of the following conditions. Tax slayer It is issued by a natural person. Tax slayer It is not of a type offered to the public. Tax slayer It has a maturity (at issue) of not more than 1 year. Tax slayer It can only be issued to a foreign person. Tax slayer For item (4), if the obligation is not in registered form, the interest on the obligation must be payable only outside the United States and its possessions. Tax slayer Also, the obligation must state on its face that any U. Tax slayer S. Tax slayer person who holds it shall be subject to limits under the U. Tax slayer S. Tax slayer income tax laws. Tax slayer Prev Up Next Home More Online Publications
Understanding your CP521 Notice
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Page Last Reviewed or Updated: 05-Mar-2014
The Tax Slayer
Tax slayer 15. Tax slayer Estimated Tax Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Special Estimated Tax Rules for Qualified FarmersQualified Farmer Special Rules for Qualified Farmers Estimated Tax Penalty for 2013 What's New Net Investment Income Tax. Tax slayer . Tax slayer For tax years beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Tax slayer NIIT is a 3. Tax slayer 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Tax slayer NIIT may need to be included when calculating your estimated tax. Tax slayer For more information, see Publication 505,Tax Withholding and Estimated Tax. Tax slayer Additional Medicare Tax. Tax slayer For tax years beginning in 2013, a 0. Tax slayer 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income over a threshold amount based on your filing status. Tax slayer You may need to include this amount when figuring your estimated tax. Tax slayer For more information, see Publication 505. Tax slayer Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. Tax slayer See Publication 505 for the general rules and requirements for paying estimated tax. Tax slayer If you are a qualified farmer, defined below, you are subject to the special rules covered in this chapter for paying estimated tax. Tax slayer Topics - This chapter discusses: Special estimated tax rules for qualified farmers Estimated tax penalty Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Tax slayer S. Tax slayer Individual Income Tax Return 1040-ES Estimated Tax for Individuals 2210-F Underpayment of Estimated Tax by Farmers and Fishermen See chapter 16 for information about getting publications and forms. Tax slayer Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. Tax slayer If you are not a qualified farmer as defined next, see Publication 505 for the estimated tax rules that apply. Tax slayer Qualified Farmer An individual is a qualified farmer for 2013 if at least two-thirds of his or her gross income from all sources for 2012 or 2013 was from farming. Tax slayer See Gross Income , next, for information on how to figure your gross income from all sources and see Gross Income From Farming , later, for information on how to figure your gross income from farming. Tax slayer See also Percentage From Farming , later, for information on how to determine the percentage of your gross income from farming. Tax slayer Gross Income Gross income is all income you receive in the form of money, goods, property, and services that is not exempt from income tax. Tax slayer On a joint return, you must add your spouse's gross income to your gross income. Tax slayer To decide whether two-thirds of your gross income was from farming, use as your gross income the total of the following income (not loss) amounts from your tax return. Tax slayer Wages, salaries, tips, etc. Tax slayer Taxable interest. Tax slayer Ordinary dividends. Tax slayer Taxable refunds, credits, or offsets of state and local income taxes. Tax slayer Alimony. Tax slayer Gross business income from Schedule C (Form 1040). Tax slayer Gross business receipts from Schedule C-EZ (Form 1040). Tax slayer Capital gains from Schedule D (Form 1040). Tax slayer Losses are not netted against gains. Tax slayer Gains on sales of business property. Tax slayer Taxable IRA distributions, pensions, annuities, and social security benefits. Tax slayer Gross rental income from Schedule E (Form 1040). Tax slayer Gross royalty income from Schedule E (Form 1040). Tax slayer Taxable net income from an estate or trust reported on Schedule E (Form 1040). Tax slayer Income from a Real Estate Mortgage Investment Conduit reported on Schedule E (Form 1040). Tax slayer Gross farm rental income from Form 4835. Tax slayer Gross farm income from Schedule F (Form 1040). Tax slayer Your distributive share of gross income from a partnership, or limited liability company treated as a partnership, from Schedule K-1 (Form 1065). Tax slayer Your pro rata share of gross income from an S corporation, from Schedule K-1 (Form 1120S). Tax slayer Unemployment compensation. Tax slayer Other income not included with any of the items listed above. Tax slayer Gross Income From Farming Gross income from farming is income from cultivating the soil or raising agricultural commodities. Tax slayer It includes the following amounts. Tax slayer Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Tax slayer Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Tax slayer Crop shares for the use of your land. Tax slayer Gains from sales of draft, breeding, dairy, or sporting livestock. Tax slayer Gross income from farming is the total of the following amounts from your tax return. Tax slayer Gross farm income from Schedule F (Form 1040). Tax slayer Gross farm rental income from Form 4835. Tax slayer Gross farm income from Schedule E (Form 1040), Parts II and III. Tax slayer Gains from the sale of livestock used for draft, breeding, sport, or dairy purposes reported on Form 4797. Tax slayer For more information about income from farming, see chapter 3. Tax slayer Farm income does not include any of the following: Wages you receive as a farm employee. Tax slayer Income you receive from contract grain harvesting and hauling with workers and machines you furnish. Tax slayer Gains you receive from the sale of farm land and depreciable farm equipment. Tax slayer Percentage From Farming Figure your gross income from all sources, discussed earlier. Tax slayer Then figure your gross income from farming, discussed earlier. Tax slayer Divide your farm gross income by your total gross income to determine the percentage of gross income from farming. Tax slayer Example 1. Tax slayer Jane Smith had the following total gross income and farm gross income amounts in 2013. Tax slayer Gross Income Total Farm Taxable interest $3,000 Dividends 500 Rental income (Sch E) 41,500 Farm income (Sch F) 75,000 $75,000 Gain (Form 4797) 5,000 5,000 Total $125,000 $80,000 Schedule D showed gain from the sale of dairy cows carried over from Form 4797 ($5,000) in addition to a loss from the sale of corporate stock ($2,000). Tax slayer However, that loss is not netted against the gain to figure Ms. Tax slayer Smith's total gross income or her gross farm income. Tax slayer Her gross farm income is 64% of her total gross income ($80,000 ÷ $125,000 = 0. Tax slayer 64). Tax slayer Special Rules for Qualified Farmers The following special estimated tax rules apply if you are a qualified farmer for 2013. Tax slayer You do not have to pay estimated tax if you file your 2013 tax return and pay all the tax due by March 3, 2014. Tax slayer You do not have to pay estimated tax if your 2013 income tax withholding (including any amount applied to your 2013 estimated tax from your 2012 return) will be at least 662/3% (. Tax slayer 6667) of the total tax shown on your 2013 tax return or 100% of the total tax shown on your 2012 return. Tax slayer If you must pay estimated tax, you are required to make only one estimated tax payment (your required annual payment) by January 15, 2014, using special rules to figure the amount of the payment. Tax slayer See Required Annual Payment , next, for details. Tax slayer Figure 15-1 presents an overview of the special estimated tax rules that apply to qualified farmers. Tax slayer Example 2. Tax slayer Assume the same fact as in Example 1. Tax slayer Ms. Tax slayer Smith's gross farm income is only 64% of her total income. Tax slayer Therefore, based on her 2013 income, she does not qualify to use the special estimated tax rules for qualified farmers. Tax slayer However, she does qualify if at least two-thirds of her 2012 gross income was from farming. Tax slayer Example 3. Tax slayer Assume the same facts as in Example 1 except that Ms. Tax slayer Smith's farm income from Schedule F was $90,000 instead of $75,000. Tax slayer This made her total gross income $140,000 ($3,000 + $500 + $41,500 + $90,000 + $5,000) and her farm gross income $95,000 ($90,000 + $5,000). Tax slayer She qualifies to use the special estimated tax rules for qualified farmers, since 67. Tax slayer 9% (at least two-thirds) of her gross income is from farming ($95,000 ÷ $140,000 = . Tax slayer 679). Tax slayer Required Annual Payment If you are a qualified farmer and must pay estimated tax for 2013, use the worksheet on Form 1040-ES to figure the amount of your required annual payment. Tax slayer Apply the following special rules for qualified farmers to the worksheet. Tax slayer On line 14a, multiply line 13c by 662/3% (. Tax slayer 6667). Tax slayer On line 14b, enter 100% of the tax shown on your 2012 tax return regardless of the amount of your adjusted gross income. Tax slayer For this purpose, the “tax shown on your 2012 tax return” is the amount on line 61 of your 2012 return modified by certain adjustments. Tax slayer For more information, see chapter 4 of Publication 505. Tax slayer Estimated Tax Penalty for 2013 If you do not pay all your required estimated tax for 2013 by January 15, 2014, or file your 2013 return and pay any tax due by March 3, 2014, you may owe a penalty. Tax slayer Use Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to determine if you owe a penalty. Tax slayer See the instructions for Form 2210-F. Tax slayer Figure 15-1. Tax slayer Estimated Tax for Farmers Please click here for the text description of the image. Tax slayer Figure 2–A If you receive a penalty notice, do not ignore it, even if you think it is in error. Tax slayer You may get a penalty notice even though you filed your return on time, attached Form 2210-F, and met the gross-income-from-farming requirement. Tax slayer If you receive a penalty notice for underpaying estimated tax and you think it is in error, write to the address on the notice and explain why you think the notice is in error. Tax slayer Include a computation similar to the one in Example 1 (earlier), showing that you met the gross income from farming requirement. Tax slayer Prev Up Next Home More Online Publications