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Taxact FreeTaxact free Publication 505 - Introductory Material Table of Contents IntroductionNonresident aliens. Taxact free Ordering forms and publications. Taxact free Tax questions. Taxact free What's New for 2014 Reminders Introduction The federal income tax is a pay-as-you-go tax. Taxact free You must pay the tax as you earn or receive income during the year. Taxact free There are two ways to pay as you go. Taxact free Withholding. Taxact free If you are an employee, your employer probably withholds income tax from your pay. Taxact free In addition, tax may be withheld from certain other income, such as pensions, bonuses, commissions, and gambling winnings. Taxact free The amount withheld is paid to the Internal Revenue Service (IRS) in your name. Taxact free Estimated tax. Taxact free If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. Taxact free People who are in business for themselves generally will have to pay their tax this way. Taxact free You may have to pay estimated tax if you receive income such as dividends, interest, capital gains, rents, and royalties. Taxact free Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax. Taxact free This publication explains both of these methods. Taxact free It also explains how to take credit on your return for the tax that was withheld and for your estimated tax payments. Taxact free If you did not pay enough tax during the year, either through withholding or by making estimated tax payments, you may have to pay a penalty. Taxact free Generally, the IRS can figure this penalty for you. Taxact free This underpayment penalty, and the exceptions to it, are discussed in chapter 4. Taxact free Nonresident aliens. Taxact free Before completing Form W-4, nonresident alien employees should see the Instructions for Form 8233, Exemption From Withholding on Compensation for Independent (and Certain Dependent) Personal Services of a Nonresident Alien Individual. Taxact free Also see chapter 8 of Publication 519, U. Taxact free S. Taxact free Tax Guide for Aliens, for important information on withholding. Taxact free What's new for 2013 and 2014. Taxact free See What's New for 2014 in this Introduction, and What's New for 2013 in chapter 4. Taxact free Comments and suggestions. Taxact free We welcome your comments about this publication and your suggestions for future editions. Taxact free You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Taxact free NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Taxact free Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxact free You can send your comments from www. Taxact free irs. Taxact free gov/formspubs/. Taxact free Click on “More Information” and then on Give us feedback on forms and publications. Taxact free Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Taxact free Ordering forms and publications. Taxact free Visit www. Taxact free irs. Taxact free gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 business days after your request is received. Taxact free Internal Revenue Service 1201 N. Taxact free Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Taxact free If you have a tax question, check the information available on IRS. Taxact free gov or call 1-800-829-1040. Taxact free We cannot answer tax questions sent to either of the above addresses. Taxact free What's New for 2014 Use your 2013 tax return as a guide in figuring your 2014 estimated tax, but be sure to consider the following. Taxact free Standard mileage rates. Taxact free The 2014 rate for business use of your vehicle is 56 cents per mile. Taxact free The rate for use of your vehicle to get medical care or move is 23½ cents per mile. Taxact free The rate of 14 cents per mile for charitable use is unchanged. Taxact free Personal exemption increased for certain taxpayers. Taxact free For 2014, the personal exemption amount is increased to $3,950 for taxpayers with adjusted gross income at or below $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. Taxact free The personal exemption amount for taxpayers with adjusted gross income above these thresholds may be reduced. Taxact free Limitation on itemized deductions. Taxact free For 2014, itemized deductions for taxpayers with adjusted gross income above $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, and $152,525 if married filing separately may be reduced. Taxact free Health care coverage. Taxact free When you file your 2014 tax return in 2015, you will need to either (1) indicate on your return that you and your family had health care coverage throughout 2014, (2) claim an exemption from the health care coverage requirement for some or all of 2014, or (3) make a payment if you do not have coverage or an exemption(s) for all 12 months of 2014. Taxact free For examples on how this payment works, go to www. Taxact free IRS. Taxact free gov/aca and click under the “Individuals & Families” section. Taxact free You may want to consider this when figuring your “Other taxes” on Line 12 of the 2014 Estimated Tax Worksheet (Worksheet 2-1). Taxact free For general information on these requirements, go to www. Taxact free IRS. Taxact free gov/aca. Taxact free Advance payments of the Premium Tax Credit. Taxact free If you buy health care insurance through the Health Insurance Marketplace, you may be eligible for advance payments of the Premium Tax Credit to help pay for your insurance coverage. Taxact free Receiving too little or too much in advance will affect your refund or balance due. Taxact free Promptly report changes in your income or family size to your Marketplace. Taxact free You may want to consider this when figuring your estimated taxes for 2014. Taxact free For more information, go to www. Taxact free IRS. Taxact free gov/aca and see Publication 5120 and Publication 5121. Taxact free http://www. Taxact free IRS. Taxact free gov/pub5120 Alternative minimum tax (AMT) exemption amount increased. Taxact free The AMT exemption amount is increased to $52,800 ($82,100 if married filing jointly or qualifying widow(er); $41,050 if married filing separately). Taxact free Lifetime learning credit income limits. Taxact free In order to claim a lifetime learning credit, your MAGI must be less than $54,000 ($108,000 if married filing jointly). Taxact free Retirement savings contribution credit income limits increased. Taxact free In order to claim this credit for 2014, your MAGI must be less than $30,000 ($60,000 if married filing jointly; $45,000 if head of household). Taxact free Adoption credit or exclusion. Taxact free The maximum adoption credit or exclusion for employer-provided adoption benefits has increased to $13,190. Taxact free In order to claim either the credit or exclusion, your MAGI must be less than $237,880. Taxact free Earned income credit (EIC). Taxact free You may be able to take the EIC in 2014 if: Three or more children lived with you and you earned less than $46,997 ($52,427 if married filing jointly), Two children lived with you and you earned less than $43,756 ($49,186 if married filing jointly), One child lived with you and you earned less than $38,511 ($43,941 if married filing jointly), or A child did not live with you and you earned less than $14,590 ($20,020 if married filing jointly). Taxact free Also, the maximum MAGI you can have and still get the credit has increased. Taxact free You may be able to take the credit if your MAGI is less than the amount in the above list that applies to you. Taxact free The maximum investment income you can have and get the credit has increased to $3,350. Taxact free Reminders Future developments. Taxact free The IRS has created a page on IRS. Taxact free gov for information about Publication 505 at www. Taxact free irs. Taxact free gov/pub505. Taxact free Information about any future developments affecting Publication 505 (such as legislation enacted after we release it) will be posted on that page. Taxact free Social security tax. Taxact free Generally, each employer for whom you work during the tax year must withhold social security tax up to the annual limit. Taxact free The annual limit is $117,000 in 2014. Taxact free Photographs of missing children. Taxact free The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Taxact free Photographs of missing children selected by the Center may appear in this publication on pages that otherwise would be blank. Taxact free 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. Taxact free Additional Medicare Tax. Taxact free Beginning in 2013, a 0. Taxact free 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act compensation, and self-employment income over a threshold amount based on your filing status. Taxact free You may need to include this amount when figuring your estimated tax. Taxact free See the instructions for line 12 of the 2014 Estimated Tax Worksheet. Taxact free You may also request that your employer deduct and withhold an additional amount of income tax withholding from your wages on Form W-4, Employee's Withholding Allowance Certificate. Taxact free For more information on Additional Medicare Tax, go to IRS. Taxact free gov and enter “Additional Medicare Tax” in the search box. Taxact free Net Investment Income Tax. Taxact free Beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Taxact free NIIT is a 3. Taxact free 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Taxact free NIIT may need to be included when figuring estimated tax. Taxact free See the instructions for line 12 of the 2014 Estimated Tax Worksheet. Taxact free You may also request that your employer deduct and withhold an additional amount of income tax withholding from your wages on Form W-4. Taxact free For more information on NIIT, go to IRS. Taxact free gov and enter “Net Investment Income Tax” in the search box. Taxact free Prev Up Next Home More Online Publications
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