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H R Block 2011 Taxes

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H R Block 2011 Taxes

H r block 2011 taxes 15. H r block 2011 taxes   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. H r block 2011 taxes . H r block 2011 taxes  For tax years beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). H r block 2011 taxes NIIT is a 3. H r block 2011 taxes 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. H r block 2011 taxes NIIT may need to be included when calculating your estimated tax. H r block 2011 taxes For more information, see Publication 505,Tax Withholding and Estimated Tax. H r block 2011 taxes Additional Medicare Tax. H r block 2011 taxes  For tax years beginning in 2013, a 0. H r block 2011 taxes 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. H r block 2011 taxes You may need to include this amount when figuring your estimated tax. H r block 2011 taxes For more information, see Publication 505. H r block 2011 taxes Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. H r block 2011 taxes See Publication 505 for the general rules and requirements for paying estimated tax. H r block 2011 taxes If you are a qualified farmer, defined below, you are subject to the special rules covered in this chapter for paying estimated tax. H r block 2011 taxes 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. H r block 2011 taxes S. H r block 2011 taxes 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. H r block 2011 taxes Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. H r block 2011 taxes If you are not a qualified farmer as defined next, see Publication 505 for the estimated tax rules that apply. H r block 2011 taxes 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. H r block 2011 taxes 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. H r block 2011 taxes See also Percentage From Farming , later, for information on how to determine the percentage of your gross income from farming. H r block 2011 taxes 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. H r block 2011 taxes On a joint return, you must add your spouse's gross income to your gross income. H r block 2011 taxes 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. H r block 2011 taxes Wages, salaries, tips, etc. H r block 2011 taxes Taxable interest. H r block 2011 taxes Ordinary dividends. H r block 2011 taxes Taxable refunds, credits, or offsets of state and local income taxes. H r block 2011 taxes Alimony. H r block 2011 taxes Gross business income from Schedule C (Form 1040). H r block 2011 taxes Gross business receipts from Schedule C-EZ (Form 1040). H r block 2011 taxes Capital gains from Schedule D (Form 1040). H r block 2011 taxes Losses are not netted against gains. H r block 2011 taxes Gains on sales of business property. H r block 2011 taxes Taxable IRA distributions, pensions, annuities, and social security benefits. H r block 2011 taxes Gross rental income from Schedule E (Form 1040). H r block 2011 taxes Gross royalty income from Schedule E (Form 1040). H r block 2011 taxes Taxable net income from an estate or trust reported on Schedule E (Form 1040). H r block 2011 taxes Income from a Real Estate Mortgage Investment Conduit reported on Schedule E (Form 1040). H r block 2011 taxes Gross farm rental income from Form 4835. H r block 2011 taxes Gross farm income from Schedule F (Form 1040). H r block 2011 taxes Your distributive share of gross income from a partnership, or limited liability company treated as a partnership, from Schedule K-1 (Form 1065). H r block 2011 taxes Your pro rata share of gross income from an S corporation, from Schedule K-1 (Form 1120S). H r block 2011 taxes Unemployment compensation. H r block 2011 taxes Other income not included with any of the items listed above. H r block 2011 taxes Gross Income From Farming Gross income from farming is income from cultivating the soil or raising agricultural commodities. H r block 2011 taxes It includes the following amounts. H r block 2011 taxes Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. H r block 2011 taxes Income from a plantation, ranch, nursery, range, orchard, or oyster bed. H r block 2011 taxes Crop shares for the use of your land. H r block 2011 taxes Gains from sales of draft, breeding, dairy, or sporting livestock. H r block 2011 taxes Gross income from farming is the total of the following amounts from your tax return. H r block 2011 taxes Gross farm income from Schedule F (Form 1040). H r block 2011 taxes Gross farm rental income from Form 4835. H r block 2011 taxes Gross farm income from Schedule E (Form 1040), Parts II and III. H r block 2011 taxes Gains from the sale of livestock used for draft, breeding, sport, or dairy purposes reported on Form 4797. H r block 2011 taxes For more information about income from farming, see chapter 3. H r block 2011 taxes Farm income does not include any of the following: Wages you receive as a farm employee. H r block 2011 taxes Income you receive from contract grain harvesting and hauling with workers and machines you furnish. H r block 2011 taxes Gains you receive from the sale of farm land and depreciable farm equipment. H r block 2011 taxes Percentage From Farming Figure your gross income from all sources, discussed earlier. H r block 2011 taxes Then figure your gross income from farming, discussed earlier. H r block 2011 taxes Divide your farm gross income by your total gross income to determine the percentage of gross income from farming. H r block 2011 taxes Example 1. H r block 2011 taxes Jane Smith had the following total gross income and farm gross income amounts in 2013. H r block 2011 taxes 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). H r block 2011 taxes However, that loss is not netted against the gain to figure Ms. H r block 2011 taxes Smith's total gross income or her gross farm income. H r block 2011 taxes Her gross farm income is 64% of her total gross income ($80,000 ÷ $125,000 = 0. H r block 2011 taxes 64). H r block 2011 taxes Special Rules for Qualified Farmers The following special estimated tax rules apply if you are a qualified farmer for 2013. H r block 2011 taxes 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. H r block 2011 taxes 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% (. H r block 2011 taxes 6667) of the total tax shown on your 2013 tax return or 100% of the total tax shown on your 2012 return. H r block 2011 taxes 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. H r block 2011 taxes See Required Annual Payment , next, for details. H r block 2011 taxes Figure 15-1 presents an overview of the special estimated tax rules that apply to qualified farmers. H r block 2011 taxes Example 2. H r block 2011 taxes Assume the same fact as in Example 1. H r block 2011 taxes Ms. H r block 2011 taxes Smith's gross farm income is only 64% of her total income. H r block 2011 taxes Therefore, based on her 2013 income, she does not qualify to use the special estimated tax rules for qualified farmers. H r block 2011 taxes However, she does qualify if at least two-thirds of her 2012 gross income was from farming. H r block 2011 taxes Example 3. H r block 2011 taxes Assume the same facts as in Example 1 except that Ms. H r block 2011 taxes Smith's farm income from Schedule F was $90,000 instead of $75,000. H r block 2011 taxes 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). H r block 2011 taxes She qualifies to use the special estimated tax rules for qualified farmers, since 67. H r block 2011 taxes 9% (at least two-thirds) of her gross income is from farming ($95,000 ÷ $140,000 = . H r block 2011 taxes 679). H r block 2011 taxes 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. H r block 2011 taxes Apply the following special rules for qualified farmers to the worksheet. H r block 2011 taxes On line 14a, multiply line 13c by 662/3% (. H r block 2011 taxes 6667). H r block 2011 taxes On line 14b, enter 100% of the tax shown on your 2012 tax return regardless of the amount of your adjusted gross income. H r block 2011 taxes 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. H r block 2011 taxes For more information, see chapter 4 of Publication 505. H r block 2011 taxes 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. H r block 2011 taxes Use Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to determine if you owe a penalty. H r block 2011 taxes See the instructions for Form 2210-F. H r block 2011 taxes Figure 15-1. H r block 2011 taxes Estimated Tax for Farmers Please click here for the text description of the image. H r block 2011 taxes Figure 2–A If you receive a penalty notice, do not ignore it, even if you think it is in error. H r block 2011 taxes 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. H r block 2011 taxes 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. H r block 2011 taxes Include a computation similar to the one in Example 1 (earlier), showing that you met the gross income from farming requirement. H r block 2011 taxes Prev  Up  Next   Home   More Online Publications
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The H R Block 2011 Taxes

H r block 2011 taxes 3. H r block 2011 taxes   Abandonments Table of Contents You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership but without passing it on to anyone else. H r block 2011 taxes Whether an abandonment has occurred is determined in light of all the facts and circumstances. H r block 2011 taxes You must both show an intention to abandon the property and affirmatively act to abandon the property. H r block 2011 taxes A voluntary conveyance of the property in lieu of foreclosure is not an abandonment and is treated as the exchange of property to satisfy a debt. H r block 2011 taxes For more information, see Sales and Exchanges in Publication 544. H r block 2011 taxes The tax consequences of abandonment of property that secures a debt depend on whether you were personally liable for the debt (recourse debt) or were not personally liable for the debt (nonrecourse debt). H r block 2011 taxes See Publication 544 if you abandoned property that did not secure debt. H r block 2011 taxes This publication only discusses the tax consequences of abandoning property that secured a debt. H r block 2011 taxes Abandonment of property securing recourse debt. H r block 2011 taxes    In most cases, if you abandon property that secures debt for which you are personally liable (recourse debt), you do not have gain or loss until the later foreclosure is completed. H r block 2011 taxes For details on figuring gain or loss on the foreclosure, see chapter 2. H r block 2011 taxes Example 1—abandonment of personal-use property securing recourse debt. H r block 2011 taxes In 2009, Anne purchased a home for $200,000. H r block 2011 taxes She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. H r block 2011 taxes In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. H r block 2011 taxes Because her mortgage loan balance was $185,000 and the FMV of her home was only $150,000, Anne decided to abandon her home by permanently moving out on August 1, 2013. H r block 2011 taxes Because Anne was personally liable for the debt and the bank did not complete a foreclosure of the property in 2013, Anne has neither gain nor loss in tax year 2013 from abandoning the home. H r block 2011 taxes If the bank sells the house at a foreclosure sale in 2014, Anne will have to figure her gain or nondeductible loss for tax year 2014 as discussed earlier in chapter 2. H r block 2011 taxes Example 2—abandonment of business or investment property securing recourse debt. H r block 2011 taxes In 2009, Sue purchased business property for $200,000. H r block 2011 taxes She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. H r block 2011 taxes In 2013, Sue was unable to continue making her loan payments. H r block 2011 taxes Because her loan balance was $185,000 and the FMV of the property was only $150,000, Sue abandoned the property on August 1, 2013. H r block 2011 taxes Because Sue was personally liable for the debt and the lender did not complete a foreclosure of the property in 2013, Sue has neither gain nor loss in tax year 2013 from abandoning the property. H r block 2011 taxes If the lender sells the property at a foreclosure sale in 2014, Sue will have to figure her gain or deductible loss for tax year 2014 as discussed earlier in chapter 2. H r block 2011 taxes Abandonment of property securing nonrecourse debt. H r block 2011 taxes    If you abandon property that secures debt for which you are not personally liable (nonrecourse debt), the abandonment is treated as a sale or exchange. H r block 2011 taxes   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. H r block 2011 taxes If the amount you realize is more than your adjusted basis, then you have a gain. H r block 2011 taxes If your adjusted basis is more than the amount you realize, then you have a loss. H r block 2011 taxes For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. H r block 2011 taxes   Loss from abandonment of business or investment property is deductible as a loss. H r block 2011 taxes The character of the loss depends on the character of the property. H r block 2011 taxes The amount of deductible capital loss may be limited. H r block 2011 taxes For more information, see Treatment of Capital Losses in Publication 544. H r block 2011 taxes You cannot deduct any loss from abandonment of your home or other property held for personal use. H r block 2011 taxes Example 1—abandonment of personal-use property securing nonrecourse debt. H r block 2011 taxes In 2009, Timothy purchased a home for $200,000. H r block 2011 taxes He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. H r block 2011 taxes In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. H r block 2011 taxes Because his mortgage loan balance was $185,000 and the FMV of his home was only $150,000, Timothy decided to abandon his home by permanently moving out on August 1, 2013. H r block 2011 taxes Because Timothy was not personally liable for the debt, the abandonment is treated as a sale or exchange of the home in tax year 2013. H r block 2011 taxes Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. H r block 2011 taxes Timothy has a $15,000 nondeductible loss in tax year 2013. H r block 2011 taxes (Had Timothy’s adjusted basis been less than the amount realized, Timothy would have had a gain that he would have to include in gross income. H r block 2011 taxes ) The bank sells the house at a foreclosure sale in 2014. H r block 2011 taxes Timothy has neither gain nor loss from the foreclosure sale. H r block 2011 taxes Because he was not personally liable for the debt, he also has no cancellation of debt income. H r block 2011 taxes Example 2—abandonment of business or investment property securing nonrecourse debt. H r block 2011 taxes In 2009, Robert purchased business property for $200,000. H r block 2011 taxes He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. H r block 2011 taxes In 2013, Robert was unable to continue making his loan payments. H r block 2011 taxes Because his loan balance was $185,000 and the FMV of the property was only $150,000, Robert decided to abandon the property on August 1, 2013. H r block 2011 taxes Because Robert was not personally liable for the debt, the abandonment is treated as a sale or exchange of the property in tax year 2013. H r block 2011 taxes Robert's amount realized is $185,000 and his adjusted basis in the property is $180,000 (as a result of $20,000 of depreciation deductions on the property). H r block 2011 taxes Robert has a $5,000 gain in tax year 2013. H r block 2011 taxes (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. H r block 2011 taxes ) The lender sells the property at a foreclosure sale in 2014. H r block 2011 taxes Robert has neither gain nor loss from the foreclosure sale. H r block 2011 taxes Because he was not personally liable for the debt, he also has no cancellation of debt income. H r block 2011 taxes Canceled debt. H r block 2011 taxes    If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you will realize ordinary income equal to the canceled debt. H r block 2011 taxes This income is separate from any amount realized from abandonment of the property. H r block 2011 taxes You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. H r block 2011 taxes See chapter 1 for more details. H r block 2011 taxes Forms 1099-A and 1099-C. H r block 2011 taxes    In most cases, if you abandon real property (such as a home), intangible property, or tangible personal property held (wholly or partly) for use in a trade or business or for investment, that secures a loan and the lender knows the property has been abandoned, the lender should send you Form 1099-A showing information you need to figure your gain or loss from the abandonment. H r block 2011 taxes Also, if your debt is canceled and the lender must file Form 1099-C, the lender can include the information about the abandonment on that form instead of on Form 1099-A. H r block 2011 taxes The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. H r block 2011 taxes For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. H r block 2011 taxes Prev  Up  Next   Home   More Online Publications