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Taxes software 15. Taxes software 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. Taxes software . Taxes software For tax years beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Taxes software NIIT is a 3. Taxes software 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Taxes software NIIT may need to be included when calculating your estimated tax. Taxes software For more information, see Publication 505,Tax Withholding and Estimated Tax. Taxes software Additional Medicare Tax. Taxes software For tax years beginning in 2013, a 0. Taxes software 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. Taxes software You may need to include this amount when figuring your estimated tax. Taxes software For more information, see Publication 505. Taxes software Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. Taxes software See Publication 505 for the general rules and requirements for paying estimated tax. Taxes software If you are a qualified farmer, defined below, you are subject to the special rules covered in this chapter for paying estimated tax. Taxes software 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. Taxes software S. Taxes software 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. Taxes software Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. Taxes software If you are not a qualified farmer as defined next, see Publication 505 for the estimated tax rules that apply. Taxes software 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. Taxes software 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. Taxes software See also Percentage From Farming , later, for information on how to determine the percentage of your gross income from farming. Taxes software 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. Taxes software On a joint return, you must add your spouse's gross income to your gross income. Taxes software 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. Taxes software Wages, salaries, tips, etc. Taxes software Taxable interest. Taxes software Ordinary dividends. Taxes software Taxable refunds, credits, or offsets of state and local income taxes. Taxes software Alimony. Taxes software Gross business income from Schedule C (Form 1040). Taxes software Gross business receipts from Schedule C-EZ (Form 1040). Taxes software Capital gains from Schedule D (Form 1040). Taxes software Losses are not netted against gains. Taxes software Gains on sales of business property. Taxes software Taxable IRA distributions, pensions, annuities, and social security benefits. Taxes software Gross rental income from Schedule E (Form 1040). Taxes software Gross royalty income from Schedule E (Form 1040). Taxes software Taxable net income from an estate or trust reported on Schedule E (Form 1040). Taxes software Income from a Real Estate Mortgage Investment Conduit reported on Schedule E (Form 1040). Taxes software Gross farm rental income from Form 4835. Taxes software Gross farm income from Schedule F (Form 1040). Taxes software Your distributive share of gross income from a partnership, or limited liability company treated as a partnership, from Schedule K-1 (Form 1065). Taxes software Your pro rata share of gross income from an S corporation, from Schedule K-1 (Form 1120S). Taxes software Unemployment compensation. Taxes software Other income not included with any of the items listed above. Taxes software Gross Income From Farming Gross income from farming is income from cultivating the soil or raising agricultural commodities. Taxes software It includes the following amounts. Taxes software Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Taxes software Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Taxes software Crop shares for the use of your land. Taxes software Gains from sales of draft, breeding, dairy, or sporting livestock. Taxes software Gross income from farming is the total of the following amounts from your tax return. Taxes software Gross farm income from Schedule F (Form 1040). Taxes software Gross farm rental income from Form 4835. Taxes software Gross farm income from Schedule E (Form 1040), Parts II and III. Taxes software Gains from the sale of livestock used for draft, breeding, sport, or dairy purposes reported on Form 4797. Taxes software For more information about income from farming, see chapter 3. Taxes software Farm income does not include any of the following: Wages you receive as a farm employee. Taxes software Income you receive from contract grain harvesting and hauling with workers and machines you furnish. Taxes software Gains you receive from the sale of farm land and depreciable farm equipment. Taxes software Percentage From Farming Figure your gross income from all sources, discussed earlier. Taxes software Then figure your gross income from farming, discussed earlier. Taxes software Divide your farm gross income by your total gross income to determine the percentage of gross income from farming. Taxes software Example 1. Taxes software Jane Smith had the following total gross income and farm gross income amounts in 2013. Taxes software 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). Taxes software However, that loss is not netted against the gain to figure Ms. Taxes software Smith's total gross income or her gross farm income. Taxes software Her gross farm income is 64% of her total gross income ($80,000 ÷ $125,000 = 0. Taxes software 64). Taxes software Special Rules for Qualified Farmers The following special estimated tax rules apply if you are a qualified farmer for 2013. Taxes software 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. Taxes software 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% (. Taxes software 6667) of the total tax shown on your 2013 tax return or 100% of the total tax shown on your 2012 return. Taxes software 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. Taxes software See Required Annual Payment , next, for details. Taxes software Figure 15-1 presents an overview of the special estimated tax rules that apply to qualified farmers. Taxes software Example 2. Taxes software Assume the same fact as in Example 1. Taxes software Ms. Taxes software Smith's gross farm income is only 64% of her total income. Taxes software Therefore, based on her 2013 income, she does not qualify to use the special estimated tax rules for qualified farmers. Taxes software However, she does qualify if at least two-thirds of her 2012 gross income was from farming. Taxes software Example 3. Taxes software Assume the same facts as in Example 1 except that Ms. Taxes software Smith's farm income from Schedule F was $90,000 instead of $75,000. Taxes software 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). Taxes software She qualifies to use the special estimated tax rules for qualified farmers, since 67. Taxes software 9% (at least two-thirds) of her gross income is from farming ($95,000 ÷ $140,000 = . Taxes software 679). Taxes software 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. Taxes software Apply the following special rules for qualified farmers to the worksheet. Taxes software On line 14a, multiply line 13c by 662/3% (. Taxes software 6667). Taxes software On line 14b, enter 100% of the tax shown on your 2012 tax return regardless of the amount of your adjusted gross income. Taxes software 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. Taxes software For more information, see chapter 4 of Publication 505. Taxes software 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. Taxes software Use Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to determine if you owe a penalty. Taxes software See the instructions for Form 2210-F. Taxes software Figure 15-1. Taxes software Estimated Tax for Farmers Please click here for the text description of the image. Taxes software Figure 2–A If you receive a penalty notice, do not ignore it, even if you think it is in error. Taxes software 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. Taxes software 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. Taxes software Include a computation similar to the one in Example 1 (earlier), showing that you met the gross income from farming requirement. Taxes software Prev Up Next Home More Online Publications
Form 8903, Domestic Production Activities Deduction
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Taxes software Publication 561 - Introductory Material Table of Contents IntroductionOrdering forms and publications. Taxes software Tax questions. Taxes software Useful Items - You may want to see: Introduction This publication is designed to help donors and appraisers determine the value of property (other than cash) that is given to qualified organizations. Taxes software It also explains what kind of information you must have to support the charitable contribution deduction you claim on your return. Taxes software This publication does not discuss how to figure the amount of your deduction for charitable contributions or written records and substantiation required. Taxes software See Publication 526, Charitable Contributions, for this information. Taxes software Comments and suggestions. Taxes software We welcome your comments about this publication and your suggestions for future editions. Taxes software You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Taxes software NW, IR-6406 Washington, DC 20224 We respond to many letters by telephone. Taxes software Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxes software You can email us at *taxforms@irs. Taxes software gov. Taxes software (The asterisk must be included in the address. Taxes software ) Please put “Publications Comment” on the subject line. Taxes software Although we cannot respond individually to each email, we do appreciate your feedback and will consider your comments as we revise our tax products. Taxes software Ordering forms and publications. Taxes software Visit www. Taxes software irs. Taxes software gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 business days after your request is received. Taxes software National Distribution Center P. Taxes software O. Taxes software Box 8903 Bloomington, IL 61702-8903 Tax questions. Taxes software If you have a tax question, visit www. Taxes software irs. Taxes software gov or call 1-800-829-1040. Taxes software We cannot answer tax questions sent to either of the above addresses. Taxes software Useful Items - You may want to see: Publication 526 Charitable Contributions Form (and Instructions) 8282Donee Information Return 8283Noncash Charitable Contributions 8283-VPayment Voucher for Filing Fee Under Section 170(f)(13) See How To Get Tax Help, near the end of this publication, for information about getting these publications and forms. Taxes software Prev Up Next Home More Online Publications