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Www freetaxusa Publication 554 - Introductory Material Table of Contents What's New Reminders IntroductionVolunteer Income Tax Assistance and Tax Counseling for the Elderly. Www freetaxusa Ordering forms and publications. Www freetaxusa Tax questions. Www freetaxusa What's New Alternative minimum tax exemption increased. Www freetaxusa  The AMT exemption amount has increased to $51,900 ($80,800 if married filing jointly or qualifying widow(er); $40,400 if married filing separately). Www freetaxusa Earned income credit. Www freetaxusa  The maximum amount of income you can earn and still get the credit has increased. Www freetaxusa You may be able to take the credit if you earn less than: $14,340 ($19,680 if married filing jointly), do not have a qualifying child, and are at least 25 years old and under 65, $37,870 ($43,210 if married filing jointly), and you have one qualifying child, $43,038 ($48,378 if married filing jointly), and you have two qualifying children, or $46,227 ($51,567 if married filing jointly), and you have three or more qualifying children. Www freetaxusa For more information, see Earned Income Credit , later. Www freetaxusa Exemption phaseout. Www freetaxusa  You lose at least part of the benefit of your exemptions if your adjusted gross income is above a certain amount. Www freetaxusa For 2013, the phaseout begins at $150,000 for married individuals filing separate returns; $250,000 for single individuals; $275,000 for heads of household; and $300,000 for married individuals filing joint returns or qualifying widow(er)s. Www freetaxusa For more information, see Phaseout of Exemptions in Publication 501. Www freetaxusa Limit on itemized deductions. Www freetaxusa   Beginning January 1, 2013, itemized deductions for taxpayers with adjusted gross incomes above $150,000 may be reduced. Www freetaxusa See Overall limitation , later. Www freetaxusa Medical and dental expenses. Www freetaxusa   Beginning January 1, 2013, taxpayers 65 and older can deduct only the part of their medical and dental expenses that exceed 7. Www freetaxusa 5% of their adjusted gross income (10% for taxpayers under 65). Www freetaxusa Same-sex marriages. Www freetaxusa  If you have a same-sex spouse whom you legally married in a state (or foreign country) that recognizes same-sex marriage, you and your spouse generally must use the married filing jointly or married filing separately filing status on your 2013 return, even if you and your spouse now live in a state (or foreign country) that does not recognize same-sex marriage. Www freetaxusa For more information, see Publication 501. Www freetaxusa Reminders Future developments. Www freetaxusa  For the latest information about developments related to Publication 554, such as legislation enacted after it was published, go to www. Www freetaxusa irs. Www freetaxusa gov/pub554. Www freetaxusa Tax return preparers. Www freetaxusa  Choose your preparer carefully. Www freetaxusa If you pay someone to prepare your return, the preparer is required, under the law, to sign the return and fill in the other blanks in the Paid Preparer's area of your return. Www freetaxusa Remember, however, that you are still responsible for the accuracy of every item entered on your return. Www freetaxusa If there is any underpayment, you are responsible for paying it, plus any interest and penalty that may be due. Www freetaxusa Sale of home by surviving spouse. Www freetaxusa  If you are an unmarried widow or widower, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home. Www freetaxusa For more information, see Sale of Home , later. Www freetaxusa Third party designee. Www freetaxusa  You can check the “Yes” box in the Third Party Designee area of your return to authorize the IRS to discuss your return with your preparer, a friend, family member, or any other person you choose. Www freetaxusa This allows the IRS to call the person you identified as your designee to answer any questions that may arise during the processing of your return. Www freetaxusa It also allows your designee to perform certain actions. Www freetaxusa See your income tax return instructions for details. Www freetaxusa Employment tax withholding. Www freetaxusa  Your wages are subject to withholding for income tax, social security tax, and Medicare tax even if you are receiving social security benefits. Www freetaxusa Photographs of missing children. Www freetaxusa  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Www freetaxusa Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Www freetaxusa 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. Www freetaxusa Introduction The purpose of this publication is to provide a general overview of selected topics that are of interest to older taxpayers. Www freetaxusa The publication will help you determine if you need to file a return and, if so, what items to report on your return. Www freetaxusa Each topic is discussed only briefly, so you will find references to other free IRS publications that provide more detail on these topics if you need it. Www freetaxusa Table I has a list of questions you may have about filing your federal tax return. Www freetaxusa To the right of each question is the location of the answer in this publication. Www freetaxusa Also, at the back of this publication there is an index to help you search for the topic you need. Www freetaxusa While most federal income tax laws apply equally to all taxpayers, regardless of age, there are some provisions that give special treatment to older taxpayers. Www freetaxusa The following are some examples. Www freetaxusa Higher gross income threshold for filing. Www freetaxusa You must be age 65 or older at the end of the year to get this benefit. Www freetaxusa You are considered age 65 on the day before your 65th birthday. Www freetaxusa Therefore, you are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year. Www freetaxusa Higher standard deduction. Www freetaxusa If you do not itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. Www freetaxusa You are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year. Www freetaxusa Credit for the elderly or the disabled. Www freetaxusa If you qualify, you may benefit from the credit for the elderly or the disabled. Www freetaxusa To determine if you qualify and how to figure this credit, see Credit for the Elderly or the Disabled , later. Www freetaxusa Return preparation assistance. Www freetaxusa   The IRS wants to make it easier for you to file your federal tax return. Www freetaxusa You may find it helpful to visit a Volunteer Income Tax Assistance (VITA), Tax Counseling for the Elderly (TCE), or American Association of Retired Persons (AARP) Tax-Aide site near you. Www freetaxusa Volunteer Income Tax Assistance and Tax Counseling for the Elderly. Www freetaxusa   These programs provide free help for low-income taxpayers and taxpayers age 60 or older to fill in and file their returns. Www freetaxusa For the VITA/TCE site nearest you, contact your local IRS office. Www freetaxusa For more information, see Free help with your tax return under How To Get Tax Help. Www freetaxusa   For the location of an AARP Tax-Aide site in your community, call 1-888-227-7669. Www freetaxusa When asked, be ready to press in or speak your 5-digit ZIP code. Www freetaxusa Or, you can visit their website on the Internet at www. Www freetaxusa aarp. Www freetaxusa org/money/taxaide. Www freetaxusa Comments and suggestions. Www freetaxusa   We welcome your comments about this publication and your suggestions for future editions. Www freetaxusa   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Www freetaxusa NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Www freetaxusa Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Www freetaxusa   You can send your comments from www. Www freetaxusa irs. Www freetaxusa gov/formspubs/. Www freetaxusa Click on “More Information” and then on “Comment on Tax Forms and Publications. Www freetaxusa ”   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. Www freetaxusa Ordering forms and publications. Www freetaxusa   Visit www. Www freetaxusa irs. Www freetaxusa 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. Www freetaxusa Internal Revenue Service 1201 N. Www freetaxusa Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Www freetaxusa   If you have a tax question, check the information available on IRS. Www freetaxusa gov or call 1-800-829-1040. Www freetaxusa We cannot answer tax questions sent to either of the above addresses. Www freetaxusa Table I. Www freetaxusa What You Should Know About Federal Taxes Note. Www freetaxusa The following is a list of questions you may have about filling out your federal income tax return. Www freetaxusa  To the right of each question is the location of the answer in this publication. Www freetaxusa What I Should Know Where To Find the Answer Do I need to file a return? See chapter 1. Www freetaxusa Is my income taxable or nontaxable?  If it is nontaxable, must I still report it? See chapter 2. Www freetaxusa How do I report benefits I received from the Social Security Administration or the Railroad Retirement Board?  Are these benefits taxable? See Social Security and Equivalent Railroad Retirement Benefits in chapter 2. Www freetaxusa Must I report the sale of my home?  If I had a gain, is any part of it taxable? See Sale of Home in chapter 2. Www freetaxusa What are some of the items that I can deduct to reduce my income? See chapters 3 and 4. Www freetaxusa How do I report the amounts I set aside for my IRA? See Individual Retirement Arrangement (IRA) Contributions and Deductions in chapter 3. Www freetaxusa Would it be better for me to claim the standard deduction or itemize my deductions? See chapter 4. Www freetaxusa What are some of the credits I can claim to reduce my tax? See chapter 5 for discussions on the credit for the elderly or the disabled, the child and dependent care credit, and the earned income credit. Www freetaxusa Must I make estimated tax payments? See chapter 6. Www freetaxusa How do I contact the IRS or get more information? See chapter 7. Www freetaxusa Prev  Up  Next   Home   More Online Publications
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Www freetaxusa 15. Www freetaxusa   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. Www freetaxusa . Www freetaxusa  For tax years beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Www freetaxusa NIIT is a 3. Www freetaxusa 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Www freetaxusa NIIT may need to be included when calculating your estimated tax. Www freetaxusa For more information, see Publication 505,Tax Withholding and Estimated Tax. Www freetaxusa Additional Medicare Tax. Www freetaxusa  For tax years beginning in 2013, a 0. Www freetaxusa 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. Www freetaxusa You may need to include this amount when figuring your estimated tax. Www freetaxusa For more information, see Publication 505. Www freetaxusa Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. Www freetaxusa See Publication 505 for the general rules and requirements for paying estimated tax. Www freetaxusa If you are a qualified farmer, defined below, you are subject to the special rules covered in this chapter for paying estimated tax. Www freetaxusa 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. Www freetaxusa S. Www freetaxusa 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. Www freetaxusa Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. Www freetaxusa If you are not a qualified farmer as defined next, see Publication 505 for the estimated tax rules that apply. Www freetaxusa 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. Www freetaxusa 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. Www freetaxusa See also Percentage From Farming , later, for information on how to determine the percentage of your gross income from farming. Www freetaxusa 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. Www freetaxusa On a joint return, you must add your spouse's gross income to your gross income. Www freetaxusa 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. Www freetaxusa Wages, salaries, tips, etc. Www freetaxusa Taxable interest. Www freetaxusa Ordinary dividends. Www freetaxusa Taxable refunds, credits, or offsets of state and local income taxes. Www freetaxusa Alimony. Www freetaxusa Gross business income from Schedule C (Form 1040). Www freetaxusa Gross business receipts from Schedule C-EZ (Form 1040). Www freetaxusa Capital gains from Schedule D (Form 1040). Www freetaxusa Losses are not netted against gains. Www freetaxusa Gains on sales of business property. Www freetaxusa Taxable IRA distributions, pensions, annuities, and social security benefits. Www freetaxusa Gross rental income from Schedule E (Form 1040). Www freetaxusa Gross royalty income from Schedule E (Form 1040). Www freetaxusa Taxable net income from an estate or trust reported on Schedule E (Form 1040). Www freetaxusa Income from a Real Estate Mortgage Investment Conduit reported on Schedule E (Form 1040). Www freetaxusa Gross farm rental income from Form 4835. Www freetaxusa Gross farm income from Schedule F (Form 1040). Www freetaxusa Your distributive share of gross income from a partnership, or limited liability company treated as a partnership, from Schedule K-1 (Form 1065). Www freetaxusa Your pro rata share of gross income from an S corporation, from Schedule K-1 (Form 1120S). Www freetaxusa Unemployment compensation. Www freetaxusa Other income not included with any of the items listed above. Www freetaxusa Gross Income From Farming Gross income from farming is income from cultivating the soil or raising agricultural commodities. Www freetaxusa It includes the following amounts. Www freetaxusa Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Www freetaxusa Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Www freetaxusa Crop shares for the use of your land. Www freetaxusa Gains from sales of draft, breeding, dairy, or sporting livestock. Www freetaxusa Gross income from farming is the total of the following amounts from your tax return. Www freetaxusa Gross farm income from Schedule F (Form 1040). Www freetaxusa Gross farm rental income from Form 4835. Www freetaxusa Gross farm income from Schedule E (Form 1040), Parts II and III. Www freetaxusa Gains from the sale of livestock used for draft, breeding, sport, or dairy purposes reported on Form 4797. Www freetaxusa For more information about income from farming, see chapter 3. Www freetaxusa Farm income does not include any of the following: Wages you receive as a farm employee. Www freetaxusa Income you receive from contract grain harvesting and hauling with workers and machines you furnish. Www freetaxusa Gains you receive from the sale of farm land and depreciable farm equipment. Www freetaxusa Percentage From Farming Figure your gross income from all sources, discussed earlier. Www freetaxusa Then figure your gross income from farming, discussed earlier. Www freetaxusa Divide your farm gross income by your total gross income to determine the percentage of gross income from farming. Www freetaxusa Example 1. Www freetaxusa Jane Smith had the following total gross income and farm gross income amounts in 2013. Www freetaxusa 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). Www freetaxusa However, that loss is not netted against the gain to figure Ms. Www freetaxusa Smith's total gross income or her gross farm income. Www freetaxusa Her gross farm income is 64% of her total gross income ($80,000 ÷ $125,000 = 0. Www freetaxusa 64). Www freetaxusa Special Rules for Qualified Farmers The following special estimated tax rules apply if you are a qualified farmer for 2013. Www freetaxusa 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. Www freetaxusa 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% (. Www freetaxusa 6667) of the total tax shown on your 2013 tax return or 100% of the total tax shown on your 2012 return. Www freetaxusa 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. Www freetaxusa See Required Annual Payment , next, for details. Www freetaxusa Figure 15-1 presents an overview of the special estimated tax rules that apply to qualified farmers. Www freetaxusa Example 2. Www freetaxusa Assume the same fact as in Example 1. Www freetaxusa Ms. Www freetaxusa Smith's gross farm income is only 64% of her total income. Www freetaxusa Therefore, based on her 2013 income, she does not qualify to use the special estimated tax rules for qualified farmers. Www freetaxusa However, she does qualify if at least two-thirds of her 2012 gross income was from farming. Www freetaxusa Example 3. Www freetaxusa Assume the same facts as in Example 1 except that Ms. Www freetaxusa Smith's farm income from Schedule F was $90,000 instead of $75,000. Www freetaxusa 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). Www freetaxusa She qualifies to use the special estimated tax rules for qualified farmers, since 67. Www freetaxusa 9% (at least two-thirds) of her gross income is from farming ($95,000 ÷ $140,000 = . Www freetaxusa 679). Www freetaxusa 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. Www freetaxusa Apply the following special rules for qualified farmers to the worksheet. Www freetaxusa On line 14a, multiply line 13c by 662/3% (. Www freetaxusa 6667). Www freetaxusa On line 14b, enter 100% of the tax shown on your 2012 tax return regardless of the amount of your adjusted gross income. Www freetaxusa 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. Www freetaxusa For more information, see chapter 4 of Publication 505. Www freetaxusa 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. Www freetaxusa Use Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to determine if you owe a penalty. Www freetaxusa See the instructions for Form 2210-F. Www freetaxusa Figure 15-1. Www freetaxusa Estimated Tax for Farmers Please click here for the text description of the image. Www freetaxusa Figure 2–A If you receive a penalty notice, do not ignore it, even if you think it is in error. Www freetaxusa 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. Www freetaxusa 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. Www freetaxusa Include a computation similar to the one in Example 1 (earlier), showing that you met the gross income from farming requirement. Www freetaxusa Prev  Up  Next   Home   More Online Publications