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H&r Block Military Tax

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H&r Block Military Tax

H&r block military tax Publication 4492 - Main Contents Table of Contents DefinitionsHurricane Katrina Disaster Area Katrina Covered Disaster Area Gulf Opportunity (GO) Zone (Core Disaster Area) Hurricane Rita Disaster Area (Rita Covered Disaster Area) Rita GO Zone Hurricane Wilma Disaster Area Wilma Covered Disaster Area Wilma GO Zone Extended Tax Deadlines Charitable Giving IncentivesTemporary Suspension of Limits on Charitable Contributions Standard Mileage Rate for Charitable Use of Vehicles Mileage Reimbursements to Charitable Volunteers Charitable Deduction for Contributions of Food Inventory Charitable Deduction for Contributions of Book Inventories to Public Schools Casualty and Theft LossesTime limit for making election. H&r block military tax Replacement Period for Nonrecognition of Gain Net Operating Losses IRAs and Other Retirement PlansDefinitions Taxation of Qualified Hurricane Distributions Repayment of Qualified Hurricane Distributions Repayment of Qualified Distributions for the Purchase or Construction of a Main Home Loans From Qualified Plans Additional Tax Relief for IndividualsEarned Income Credit and Child Tax Credit Additional Exemption for Housing Individuals Displaced by Hurricane Katrina Education Credits Recapture of Federal Mortgage Subsidy Exclusion of Certain Cancellations of Indebtedness by Reason of Hurricane Katrina Tax Relief for Temporary Relocation Additional Tax Relief for BusinessesSpecial Depreciation Allowance Increased Section 179 Deduction Work Opportunity Credit Employee Retention Credit Hurricane Katrina Housing Credit Reforestation Costs Demolition and Clean-up Costs Increase in Rehabilitation Tax Credit Request for Copy or Transcript of Tax Return How To Get Tax Help Definitions The following definitions are used throughout this publication. H&r block military tax Hurricane Katrina Disaster Area The Hurricane Katrina disaster area covers the area for which the President declared a major disaster before September 14, 2005, because of Hurricane Katrina. H&r block military tax The Hurricane Katrina disaster area covers the entire states of Alabama, Florida, Louisiana, and Mississippi. H&r block military tax Katrina Covered Disaster Area A portion of the Hurricane Katrina disaster area has been designated by the IRS as a covered disaster area. H&r block military tax The Katrina covered disaster area covers the following areas in four states. H&r block military tax Alabama. H&r block military tax   The counties of Baldwin, Bibb, Choctaw, Clarke, Colbert, Cullman, Greene, Hale, Jefferson, Lamar, Lauderdale, Marengo, Marion, Mobile, Monroe, Perry, Pickens, Sumter, Tuscaloosa, Washington, Wilcox, and Winston. H&r block military tax Florida. H&r block military tax   The counties of Bay, Broward, Collier, Escambia, Franklin, Gulf, Miami-Dade, Monroe, Okaloosa, Santa Rosa, and Walton. H&r block military tax Louisiana. H&r block military tax   All parishes. H&r block military tax Mississippi. H&r block military tax   All counties. H&r block military tax Gulf Opportunity (GO) Zone (Core Disaster Area) The GO Zone (also called the core disaster area) covers the portion of the Hurricane Katrina disaster area determined by the Federal Emergency Management Agency (FEMA) to be eligible for either individual only or both individual and public assistance from the Federal Government. H&r block military tax The GO Zone covers the following areas in three states. H&r block military tax Alabama. H&r block military tax   The counties of Baldwin, Choctaw, Clarke, Greene, Hale, Marengo, Mobile, Pickens, Sumter, Tuscaloosa, and Washington. H&r block military tax Louisiana. H&r block military tax   The parishes of Acadia, Ascension, Assumption, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Iberia, Iberville, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, St. H&r block military tax Bernard, St. H&r block military tax Charles, St. H&r block military tax Helena, St. H&r block military tax James, St. H&r block military tax John the Baptist, St. H&r block military tax Martin, St. H&r block military tax Mary, St. H&r block military tax Tammany, Tangipahoa, Terrebonne, Vermilion, Washington, West Baton Rouge, and West Feliciana. H&r block military tax Mississippi. H&r block military tax   The counties of Adams, Amite, Attala, Choctaw, Claiborne, Clarke, Copiah, Covington, Forrest, Franklin, George, Greene, Hancock, Harrison, Hinds, Holmes, Humphreys, Jackson, Jasper, Jefferson, Jefferson Davis, Jones, Kemper, Lamar, Lauderdale, Lawrence, Leake, Lincoln, Lowndes, Madison, Marion, Neshoba, Newton, Noxubee, Oktibbeha, Pearl River, Perry, Pike, Rankin, Scott, Simpson, Smith, Stone, Walthall, Warren, Wayne, Wilkinson, Winston, and Yazoo. H&r block military tax Hurricane Rita Disaster Area (Rita Covered Disaster Area) The Hurricane Rita disaster area (also designated by the IRS as the Rita covered disaster area) covers the area for which the President declared a major disaster before October 6, 2005, because of Hurricane Rita. H&r block military tax This area covers the entire states of Louisiana and Texas. H&r block military tax Rita GO Zone The Rita GO Zone covers the portion of the Hurricane Rita disaster area determined by FEMA to be eligible for either individual only or both individual and public assistance from the Federal Government. H&r block military tax The Rita GO Zone covers the following areas in two states. H&r block military tax Louisiana. H&r block military tax   The parishes of Acadia, Allen, Ascension, Beauregard, Calcasieu, Cameron, Evangeline, Iberia, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Plaquemines, Sabine, St. H&r block military tax Landry, St. H&r block military tax Martin, St. H&r block military tax Mary, St. H&r block military tax Tammany, Terrebonne, Vermilion, Vernon, and West Baton Rouge. H&r block military tax Texas. H&r block military tax   The counties of Angelina, Brazoria, Chambers, Fort Bend, Galveston, Hardin, Harris, Jasper, Jefferson, Liberty, Montgomery, Nacogdoches, Newton, Orange, Polk, Sabine, San Augustine, San Jacinto, Shelby, Trinity, Tyler, and Walker. H&r block military tax Hurricane Wilma Disaster Area The Hurricane Wilma disaster area covers the area for which the President declared a major disaster before November 14, 2005, because of Hurricane Wilma. H&r block military tax The Hurricane Wilma disaster area covers the entire state of Florida. H&r block military tax Wilma Covered Disaster Area A portion of the Hurricane Wilma disaster area has been designated by the IRS as a covered disaster area. H&r block military tax The Wilma covered disaster area covers the following counties. H&r block military tax Florida. H&r block military tax   Brevard, Broward, Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Highlands, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Osceola, Palm Beach, Polk, St. H&r block military tax Lucie, and Sarasota. H&r block military tax Wilma GO Zone The Wilma GO Zone covers the portion of the Hurricane Wilma disaster area determined by FEMA to be eligible for either individual only or both individual and public assistance from the Federal Government. H&r block military tax The Wilma GO Zone covers the following counties. H&r block military tax Florida. H&r block military tax   Brevard, Broward, Collier, Glades, Hendry, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Palm Beach, and St. H&r block military tax Lucie. H&r block military tax Extended Tax Deadlines The IRS has extended deadlines that apply to filing returns, paying taxes, and performing certain other time-sensitive acts for certain taxpayers affected by Hurricane Katrina, Rita, or Wilma, until February 28, 2006. H&r block military tax The extension applies to deadlines (either an original or extended due date) that occur during the following periods. H&r block military tax After August 28, 2005 (August 23, 2005, for Florida affected taxpayers), and before February 28, 2006, for taxpayers affected by Hurricane Katrina. H&r block military tax After September 22, 2005, and before February 28, 2006, for taxpayers affected by Hurricane Rita. H&r block military tax After October 22, 2005, and before February 28, 2006, for taxpayers affected by Hurricane Wilma. H&r block military tax Affected taxpayer. H&r block military tax   The following taxpayers are eligible for the extension. H&r block military tax Any individual whose main home is located in a covered disaster area. H&r block military tax Any business entity or sole proprietor whose principal place of business is located in a covered disaster area. H&r block military tax Any individual, business entity, or sole proprietor whose records needed to meet a postponed deadline are maintained or whose tax professional's office is in a covered disaster area. H&r block military tax The main home or principal place of business does not have to be located in the covered area. H&r block military tax Any individual visiting a county or parish in the Hurricane Katrina or Hurricane Rita covered disaster area that was injured or killed (and the estate of an individual killed) as a result of the hurricane or its aftermath. H&r block military tax Any estate or trust whose tax records needed to meet a filing or payment deadline are maintained in a covered disaster area. H&r block military tax Generally, any individual who is a worker assisting in the relief activities in a covered disaster area. H&r block military tax However, a relief worker assisting in the Wilma covered disaster area is not an affected taxpayer unless the worker is affiliated with a recognized government or philanthropic organization assisting in the relief activities. H&r block military tax The spouse of an affected taxpayer, solely with regard to a joint income tax return with that taxpayer. H&r block military tax   To ensure correct processing, affected taxpayers should write the assigned disaster designation (for example, “Hurricane Katrina”) in red ink at the top of any forms or documents filed with the IRS. H&r block military tax Affected taxpayers can also identify themselves to the IRS or ask hurricane-related questions by calling the special IRS disaster hotline at 1-866-562-5227. H&r block military tax Acts extended. H&r block military tax   Deadlines for performing the following acts are extended. H&r block military tax Filing any return of income, estate, gift, generation-skipping transfer, excise, or employment tax. H&r block military tax Paying any income, estate, gift, generation-skipping transfer, excise, or employment tax. H&r block military tax This includes making estimated tax payments. H&r block military tax Making certain contributions, distributions, recharacterizing contributions, or making a rollover to or from a qualified retirement plan. H&r block military tax Filing certain petitions with the Tax Court. H&r block military tax Filing a claim for credit or refund of any tax. H&r block military tax Bringing suit upon a claim for credit or refund. H&r block military tax Certain other acts described in Revenue Procedure 2005-27. H&r block military tax You can find Revenue Procedure 2005-27 on page 1050 of Internal Revenue Bulletin 2005-20 at www. H&r block military tax irs. H&r block military tax gov/pub/irs-irbs/irb05-20. H&r block military tax pdf. H&r block military tax Forgiveness of interest and penalties. H&r block military tax   The IRS may forgive the interest and penalties on any underpaid income, estate, gift, employment, or excise tax for the length of any extension. H&r block military tax Charitable Giving Incentives Temporary Suspension of Limits on Charitable Contributions Individuals. H&r block military tax   Qualified contributions are not subject to the overall limit on itemized deductions or the 50% adjusted gross income (AGI) limit. H&r block military tax A qualified contribution is a charitable contribution paid in cash or by check after August 27, 2005, and before January 1, 2006, to a 50% limit organization (other than certain private foundations described in section 509(a)(3)) if you make an election to have the 50% limit not apply to these contributions. H&r block military tax   Your deduction for qualified contributions is limited to your AGI minus your deduction for all other charitable contributions. H&r block military tax You can carry over any contributions you are not able to deduct for 2005 because of this limit. H&r block military tax In 2006, treat the carryover of your unused qualified contributions as a carryover of contributions subject to the 50% limit. H&r block military tax Exception. H&r block military tax   Qualified contributions do not include a contribution to a segregated fund or account for which you (or any person you appoint or designate) have or expect to have advisory privileges with respect to distributions or investments based on your contribution. H&r block military tax Corporations. H&r block military tax   A corporation may elect to deduct qualified cash contributions without regard to the 10% taxable income limit if the contributions were made after August 27, 2005, and before January 1, 2006, to a qualified charitable organization (other than certain private foundations described in section 509(a)(3)), for Hurricane Katrina, Rita, or Wilma relief efforts. H&r block military tax The corporation's deduction for these qualified contributions is limited to 100% of taxable income (as modified for the 10% limit) minus the corporation's deduction for all other charitable contributions. H&r block military tax Any qualified contributions over this limit can be carried over to the next 5 years, subject to the 10% limit. H&r block military tax Partners and shareholders. H&r block military tax   Each partner in a partnership and each shareholder in an S corporation makes a separate election to have the appropriate limit not apply. H&r block military tax More information. H&r block military tax   For more information, see Publication 526 or Publication 542, Corporations. H&r block military tax Publication 526 includes a worksheet you can use to figure your deduction if any limits apply to your charitable contributions. H&r block military tax Standard Mileage Rate for Charitable Use of Vehicles The following are special standard mileage rates in effect in 2005 and 2006 for the cost of operating your automobile for providing charitable services solely related to Hurricane Katrina. H&r block military tax 29 cents per mile for the period August 25 through August 31, 2005. H&r block military tax 34 cents per mile for the period September 1 through December 31, 2005. H&r block military tax 32 cents per mile for the period January 1 through December 31, 2006. H&r block military tax Mileage Reimbursements to Charitable Volunteers You can exclude from income amounts you receive as mileage reimbursements for the use of a private passenger automobile for the benefit of a qualified charitable organization in providing relief related to Hurricane Katrina during the period beginning on August 25, 2005, and ending on December 31, 2006. H&r block military tax You cannot claim a deduction or credit for amounts you receive as a mileage reimbursement. H&r block military tax You must keep records of miles driven, time, place (or use), and purpose of the mileage. H&r block military tax The amount you can exclude from income cannot exceed the standard business mileage rate (shown below) for expenses incurred during the following periods. H&r block military tax 40. H&r block military tax 5 cents per mile for the period August 25 through August 31, 2005. H&r block military tax 48. H&r block military tax 5 cents per mile for the period September 1 through December 31, 2005. H&r block military tax 44. H&r block military tax 5 cents per mile for the period January 1 through December 31, 2006. H&r block military tax Charitable Deduction for Contributions of Food Inventory Any taxpayer engaged in a trade or business is eligible to claim a deduction for a contribution of “apparently wholesome food” inventory to a qualified charitable organization described in section 501(c)(3) (except for private nonoperating foundations) after August 27, 2005, and before January 1, 2006. H&r block military tax “Apparently wholesome food” is food that meets all quality and labeling standards imposed by federal, state, and local laws and regulations even though the food may not be readily marketable due to appearance, age, freshness, grade, size, surplus, or other conditions. H&r block military tax The deduction is equal to the lesser of: The basis of the donated food plus one-half of the gain that would have been realized if the donated food had been sold at fair market value on the date of the donation, or Two times the basis of the donated food. H&r block military tax The taxpayer must receive written certification from the donee stating: The donated food is related to the purpose or function of the donee's basis for exemption under section 501(c)(3) and is to be used solely for the care of the ill, the needy, or infants; and The food was not given in exchange for money, other property, or services. H&r block military tax For a taxpayer other than a C corporation, the deduction is limited to 10% of the taxpayer's total net income from all trades or businesses from which the food contributions were made (figured without regard to the deduction for charitable contributions). H&r block military tax For example, if a taxpayer is a sole proprietor, a shareholder in an S corporation, and a partner in a partnership, and each made a contribution of apparently wholesome food inventory, the taxpayer's deduction is limited to 10% of the taxpayer's total net income from the sole proprietorship, S corporation, and partnership (figured without regard to the deduction for charitable contributions). H&r block military tax Charitable Deduction for Contributions of Book Inventories to Public Schools A corporation (other than an S corporation) may be allowed a charitable deduction for a qualified book contribution made after August 27, 2005, and before January 1, 2006, to a public school that: Provides elementary or secondary education (kindergarten through grade 12), and Normally maintains a regular faculty and curriculum and has a regular enrolled body of pupils or students in attendance at the place where its educational activities are regularly carried on. H&r block military tax . H&r block military tax The deduction is equal to the lesser of: The basis of the donated books plus one-half of the gain that would have been realized if the donated books had been sold at fair market value on the date of the donation, or Two times the basis of the donated books. H&r block military tax The corporation must receive written certification from the school stating that the donated books are suitable for the organization's educational programs and will be used for such programs. H&r block military tax Casualty and Theft Losses The following paragraphs explain changes to casualty and theft losses that were caused by Hurricane Katrina, Rita, or Wilma. H&r block military tax For more information, see Publication 547. H&r block military tax Limits on personal casualty or theft losses caused by Hurricane Katrina, Rita, or Wilma. H&r block military tax   The following losses to personal use property are not subject to the $100 or 10% of adjusted gross income limits. H&r block military tax Losses that arose in the Hurricane Katrina disaster area after August 24, 2005, and that were caused by Hurricane Katrina. H&r block military tax Losses that arose in the Hurricane Rita disaster area after September 22, 2005, and that were caused by Hurricane Rita. H&r block military tax Losses that arose in the Hurricane Wilma disaster area after October 22, 2005, and that were caused by Hurricane Wilma. H&r block military tax Qualifying losses include losses from flooding or other casualty, and from theft, that arose in the hurricane disaster area and that were caused by the hurricane. H&r block military tax Special instructions for individuals who elect to claim a Hurricane Katrina, Rita, or Wilma casualty or theft loss for 2004. H&r block military tax   Casualty and theft losses are generally deductible only in the year the casualty occurred or theft was discovered. H&r block military tax However, Hurricane Katrina, Rita, and Wilma are Presidentially declared disasters. H&r block military tax Therefore, you can elect to deduct losses from these hurricanes on your tax return for the previous year. H&r block military tax If you make this election, use the following additional instructions to complete your forms. H&r block military tax   Individuals filing or amending their 2004 tax return whose only casualty or theft losses to personal use property claimed on that return were caused by Hurricane Katrina, Rita, or Wilma should write “Hurricane Katrina,” “Hurricane Rita,” or “Hurricane Wilma” at the top of Form 1040 or 1040X. H&r block military tax They must also complete and attach the 2004 Form 4684 and write “Hurricane Katrina,”“Hurricane Rita,” or “Hurricane Wilma” on the dotted line next to line 11 and enter -0- on lines 11 and 17. H&r block military tax   Individuals filing or amending their 2004 tax return who also have casualty or theft losses to personal use property not related to Hurricane Katrina, Rita, or Wilma should disregard the caution directing taxpayers to use only one Form 4684, located above line 13, and complete lines 13 through 18 on two Forms 4684. H&r block military tax The Form 1040 or 1040X and the first Form 4684 should be prepared as explained above for Hurricane Katrina, Rita, or Wilma losses only. H&r block military tax The second Form 4684 should be prepared in the normal manner for all gains and non-Hurricane Katrina, Rita or Wilma losses. H&r block military tax If both Forms 4684 have a loss on line 18, they should carry the combined losses from that line to Schedule A (Form 1040), line 19. H&r block military tax If there is a gain on line 15 of the second Form 4684, disregard the instruction to enter it on Schedule D (Form 1040), and instead enter on Schedule A (Form 1040), line 19, the excess of the loss from the first Form 4684 over the gain on line 15 of the second Form 4684. H&r block military tax , Time limit for making election. H&r block military tax   You must make this election to claim your casualty or theft loss in 2004 by the later of the following dates. H&r block military tax The due date (without extensions) for filing your 2005 income tax return. H&r block military tax The due date (with extensions) for filing your 2004 income tax return. H&r block military tax Example. H&r block military tax If you are a calendar year individual taxpayer, you have until April 17, 2006, to amend your 2004 tax return to claim a casualty or theft loss that occurred during 2005. H&r block military tax Replacement Period for Nonrecognition of Gain Generally, an involuntary conversion occurs when property is damaged, destroyed, stolen, seized, requisitioned, or condemned, and you receive other property or money in payment, such as insurance or a condemnation award. H&r block military tax Generally, you do not have to report a gain (if any) if you replace the property within 2 years (4 years for a main home in a Presidentially declared disaster area). H&r block military tax However, for property that was involuntarily converted after August 24, 2005, as a result of Hurricane Katrina, a 5-year replacement period applies if substantially all of the use of the replacement property is in the Hurricane Katrina disaster area. H&r block military tax For more information, see the Instructions for Form 4684. H&r block military tax Net Operating Losses Qualified GO Zone loss. H&r block military tax   Generally, you can carry a net operating loss (NOL) back to the 2 tax years before the NOL year. H&r block military tax However, the portion of an NOL that is a qualified GO Zone loss can be carried back to the 5 tax years before the NOL year. H&r block military tax In addition, the 90% limit on the alternative tax NOL deduction (ATNOLD) does not apply to such portion of the ATNOLD. H&r block military tax   A qualified GO Zone loss is the smaller of: The excess of the NOL for the year over the specified liability loss for the year to which a 10-year carryback applies, or The total of the following deductions (to the extent they are taken into account in computing the NOL for the tax year): Qualified GO Zone casualty loss (as defined below), Moving expenses paid or incurred after August 27, 2005, and before January 1, 2008, for the employment of an individual whose main home was in the GO Zone before August 28, 2005, who was unable to remain in that home because of Hurricane Katrina, and whose main job location (after the move) is in the GO Zone, Temporary housing expenses paid or incurred after August 27, 2005, and before January 1, 2008, to house employees of the taxpayer whose main job location is in the GO Zone, Depreciation or amortization allowable for any qualified GO Zone property (even if you elected not to claim the special GO Zone depreciation allowance for such property) for the year placed in service, and Repair expenses (including expenses for the removal of debris) paid or incurred after August 27, 2005, and before January 1, 2008, for any damage from Hurricane Katrina to property located in the GO Zone. H&r block military tax Qualified GO Zone casualty loss. H&r block military tax   A qualified GO Zone casualty loss is any deductible section 1231 loss of property located in the GO Zone if the loss was caused by Hurricane Katrina. H&r block military tax For this purpose, the amount of the loss is reduced by any recognized gain from an involuntary conversion caused by Hurricane Katrina of property located in the GO Zone. H&r block military tax Any such loss taken into account in figuring your qualified GO Zone loss is not eligible for the election to be treated as having occurred in the previous tax year. H&r block military tax 5-year NOL carryback of certain timber losses. H&r block military tax   Generally, you can carry the portion of an NOL due to income and deductions attributable to a farming business back to the 5 tax years before the NOL year. H&r block military tax You can treat income and deductions attributable to qualified timber property as attributable to a farming business if any portion of the property is located in the GO Zone, Rita GO Zone, or Wilma GO Zone, and the income and deductions are allocable to the part of your tax year which is after the applicable date below. H&r block military tax August 27, 2005, if any portion of the property is located in the GO Zone. H&r block military tax September 22, 2005, if any portion of the property is located in the Rita GO Zone (but not in the GO Zone). H&r block military tax October 22, 2005, if any portion of the property is located in the Wilma GO Zone (but not in the GO Zone or the RITA GO Zone). H&r block military tax   These rules will not apply after 2006. H&r block military tax   However, these rules apply only to a timber producer who: Held qualified timber property (defined in Publication 535, Business Expenses) on the applicable date below: August 28, 2005, if any portion of the property is located in the GO Zone, September 23, 2005, if any portion of the property is located in the Rita GO Zone (but not in the GO Zone), or October 23, 2005, if any portion of the property is located in the Wilma GO Zone (but not in the GO Zone or the Rita GO Zone); Is not a corporation with stock publicly traded on an established securities market; Is not a real estate investment trust; and Did not hold more than 500 acres of qualified timber property on the applicable date above. H&r block military tax More information. H&r block military tax   For more information on NOLs, see Publication 536 or Publication 542, Corporations. H&r block military tax IRAs and Other Retirement Plans New rules provide for tax-favored withdrawals, repayments, and loans from certain retirement plans for taxpayers who suffered economic losses as a result of Hurricane Katrina, Rita, or Wilma. H&r block military tax Definitions Qualified hurricane distribution. H&r block military tax   A qualified hurricane distribution is any distribution you received from an eligible retirement plan if all of the following apply. H&r block military tax The distribution was made: After August 24, 2005, and before January 1, 2007, for Hurricane Katrina; After September 22, 2005, and before January 1, 2007, for Hurricane Rita; or After October 22, 2005, and before January 1, 2007, for Hurricane Wilma. H&r block military tax Your main home was located in a hurricane disaster area listed below on the date shown for that area. H&r block military tax August 28, 2005, for the Hurricane Katrina disaster area. H&r block military tax September 23, 2005, for the Hurricane Rita disaster area. H&r block military tax October 23, 2005, for the Hurricane Wilma disaster area. H&r block military tax You sustained an economic loss because of Hurricane Katrina, Rita, or Wilma and your main home was in that hurricane disaster area on the date shown in (2) above for that hurricane. H&r block military tax Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. H&r block military tax   If (1) through (3) above apply, you can generally designate any distribution (including periodic payments and required minimum distributions) from an eligible retirement plan as a qualified hurricane distribution, regardless of whether the distribution was made on account of Hurricane Katrina, Rita, or Wilma. H&r block military tax Qualified hurricane distributions are permitted without regard to your need or the actual amount of your economic loss. H&r block military tax   The total of your qualified hurricane distributions from all plans is limited to $100,000. H&r block military tax If you have distributions in excess of $100,000 from more than one type of plan, such as a 401(k) plan and an IRA, you may allocate the $100,000 limit among the plans any way you choose. H&r block military tax   A reduction or offset (after August 24, 2005, for Katrina; after September 22, 2005, for Rita; or after October 22, 2005, for Wilma) of your account balance in an eligible retirement plan in order to repay a loan can also be designated as a qualified hurricane distribution. H&r block military tax Eligible retirement plan. H&r block military tax   An eligible retirement plan can be any of the following. H&r block military tax A qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan). H&r block military tax A qualified annuity plan. H&r block military tax A tax-sheltered annuity contract. H&r block military tax A governmental section 457 deferred compensation plan. H&r block military tax A traditional, SEP, SIMPLE, or Roth IRA. H&r block military tax Main home. H&r block military tax   Generally, your main home is the home where you live most of the time. H&r block military tax A temporary absence due to special circumstances, such as illness, education, business, military service, evacuation, or vacation, will not change your main home. H&r block military tax Taxation of Qualified Hurricane Distributions Qualified hurricane distributions are included in income in equal amounts over three years. H&r block military tax However, if you elect, you can include the entire distribution in your income in the year it was received. H&r block military tax Qualified hurricane distributions are not subject to the additional 10% tax (or the additional 25% tax for certain distributions from SIMPLE IRAs) on early distributions from qualified retirement plans (including IRAs). H&r block military tax However, any distributions you receive in excess of the $100,000 qualified hurricane distribution limit may be subject to the additional tax on early distributions. H&r block military tax For more information, see Form 8915. H&r block military tax Repayment of Qualified Hurricane Distributions If you choose, you generally can repay any portion of a qualified hurricane distribution that is eligible for tax-free rollover treatment to an eligible retirement plan. H&r block military tax Also, you can repay a qualified hurricane distribution made on account of a hardship from a retirement plan. H&r block military tax However, see Exceptions below for qualified hurricane distributions you cannot repay. H&r block military tax You have three years from the day after the date you received the distribution to make a repayment. H&r block military tax Amounts that are repaid are treated as a qualified rollover and are not included in income. H&r block military tax Also, for purposes of the one-rollover-per-year limitation for IRAs, a repayment to an IRA is not considered a qualified rollover. H&r block military tax See Form 8915 for more information on how to report repayments. H&r block military tax Exceptions. H&r block military tax   You cannot repay the following types of distributions. H&r block military tax Qualified hurricane distributions received as a beneficiary (other than a surviving spouse). H&r block military tax Required minimum distributions. H&r block military tax Periodic payments (other than from an IRA) that are for: A period of 10 years or more, Your life or life expectancy, or The joint lives or joint life expectancies of you and your beneficiary. H&r block military tax Repayment of Qualified Distributions for the Purchase or Construction of a Main Home If you received a qualified distribution to purchase or construct a main home in the Hurricane Katrina, Rita, or Wilma disaster area, you can repay that distribution before March 1, 2006, to an eligible retirement plan after August 24, 2005 (Katrina); after September 22, 2005 (Rita); or after October 22, 2005 (Wilma). H&r block military tax For this purpose, an eligible retirement plan is any plan, annuity, or IRA to which a qualified rollover can be made. H&r block military tax To be a qualified distribution, the distribution must meet all of the following requirements. H&r block military tax The distribution is a hardship distribution from a 401(k) plan, a hardship distribution from a tax-sheltered annuity contract, or a qualified first-time homebuyer distribution from an IRA. H&r block military tax The distribution was received in 2005 after February 28 and before: August 29 for Hurricane Katrina; September 24 for Hurricane Rita; or October 24 for Hurricane Wilma. H&r block military tax The distribution was to be used to purchase or construct a main home in the Hurricane Katrina, Rita, or Wilma disaster area that was not purchased or constructed because of Hurricane Katrina, Rita, or Wilma. H&r block military tax Amounts that are repaid before March 1, 2006, are treated as a qualified rollover and are not included in income. H&r block military tax Also, for purposes of the one-rollover-per-year limitation for IRAs, a repayment to an IRA is not considered a qualified rollover. H&r block military tax A qualified distribution not repaid before March 1, 2006, may be taxable for 2005 and subject to the additional 10% tax (or the additional 25% tax for certain SIMPLE IRAs) on early distributions. H&r block military tax You must file Form 8915 if you received a qualified distribution that you repaid, in whole or in part, before March 1, 2006. H&r block military tax Loans From Qualified Plans The following benefits are available to qualified individuals. H&r block military tax Increases to the limits for distributions treated as loans from employer plans. H&r block military tax A 1-year suspension for payments due on plan loans. H&r block military tax Qualified individual. H&r block military tax   You are a qualified individual if any of the following apply. H&r block military tax Your main home on August 28, 2005, was located in the Hurricane Katrina disaster area and you had an economic loss because of Hurricane Katrina. H&r block military tax Your main home on September 23, 2005, was located in the Hurricane Rita disaster area and you had an economic loss because of Hurricane Rita. H&r block military tax Your main home on October 23, 2005, was located in the Hurricane Wilma disaster area and you had an economic loss because of Hurricane Wilma. H&r block military tax Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. H&r block military tax Limits on plan loans. H&r block military tax   The $50,000 limit for distributions treated as plan loans is increased to $100,000. H&r block military tax In addition, the limit based on 50% of your vested accrued benefit is increased to 100% of that benefit. H&r block military tax The higher limits apply only to loans received during the following period. H&r block military tax If your main home was located in the Hurricane Katrina disaster area, the period began on September 24, 2005, and ends on December 31, 2006. H&r block military tax If your main home was located in the Hurricane Rita or Wilma disaster area, the period began on December 21, 2005, and ends on December 31, 2006. H&r block military tax If you are a qualified individual based on Hurricane Katrina and another hurricane, use the period based on Hurricane Katrina. H&r block military tax One-year suspension of loan payments. H&r block military tax   Payments on plan loans due before 2007 may be suspended for 1 year by the plan administrator. H&r block military tax To qualify for the suspension, the due date for any loan payment must occur during the period beginning on: August 28, 2005, if your main home was located in the Hurricane Katrina disaster area. H&r block military tax September 23, 2005, if your main home was located in the Hurricane Rita disaster area. H&r block military tax October 23, 2005, if your main home was located in the Hurricane Wilma disaster area. H&r block military tax If you are a qualified individual based on more than one hurricane, use the period with the earliest beginning date. H&r block military tax Additional Tax Relief for Individuals Earned Income Credit and Child Tax Credit You can elect to use your 2004 earned income to figure your earned income credit (EIC) and additional child tax credit for 2005 if: Your 2005 earned income is less than your 2004 earned income, and At least one of the following statements is true. H&r block military tax Your main home on August 25, 2005, was in the Gulf Opportunity (GO) Zone. H&r block military tax Your main home on August 25, 2005, was in the Hurricane Katrina disaster area and you were displaced from that home because of Hurricane Katrina. H&r block military tax Your main home on September 23, 2005, was in the Rita GO Zone. H&r block military tax Your main home on September 23, 2005, was in the Hurricane Rita disaster area and you were displaced from that home because of Hurricane Rita. H&r block military tax Your main home on October 23, 2005, was in the Wilma GO Zone. H&r block military tax Your main home on October 23, 2005, was in the Hurricane Wilma disaster area and you were displaced from that home because of Hurricane Wilma. H&r block military tax Earned income. H&r block military tax    For the purpose of this election, your earned income for both the EIC and the additional child tax credit is the amount of earned income used to figure your EIC, even if you did not take the EIC and even if that amount is different than your earned income for the additional child tax credit. H&r block military tax If you are claiming only the additional child tax credit, you must figure the amount of your earned income for EIC purposes to determine your eligibility to make the election and the amount of the credit. H&r block military tax Joint returns. H&r block military tax   If you file a joint return, you qualify to make this election even if only one spouse meets the requirements. H&r block military tax If you make the election, your 2004 earned income is the sum of your 2004 earned income and your spouse's 2004 earned income. H&r block military tax Making the election. H&r block military tax   If you make the election to use your 2004 earned income, the election applies for figuring both the EIC and the additional child tax credit. H&r block military tax However, you can make the election for the additional child tax credit even if you do not take the EIC. H&r block military tax   Electing to use your 2004 earned income may increase or decrease your EIC. H&r block military tax Take the following steps to decide whether to make the election. H&r block military tax Figure your 2005 EIC using your 2004 earned income. H&r block military tax Figure your 2005 additional child tax credit using your 2004 earned income for EIC purposes. H&r block military tax Add the results of (1) and (2). H&r block military tax Figure your 2005 EIC using your 2005 earned income. H&r block military tax Figure your 2005 additional child tax credit using your 2005 earned income for additional child tax credit purposes. H&r block military tax Add the results of (4) and (5). H&r block military tax Compare the results of (3) and (6). H&r block military tax If (3) is larger than (6), it is to your benefit to make the election. H&r block military tax If (3) is equal to or smaller than (6), making the election will not help you. H&r block military tax   If you elect to use your 2004 earned income and you are claiming the EIC, enter “PYEI” and the amount of your 2004 earned income on the dotted line next to line 66a of Form 1040, on the line next to line 41a of Form 1040A, or in the space to the left of line 8a of Form 1040EZ. H&r block military tax   If you elect to use your 2004 earned income and you are claiming the additional child tax credit, enter your 2004 earned income for EIC purposes (even if you did not claim the EIC) on Form 8812, Additional Child Tax Credit, line 4a, and check the box on that line. H&r block military tax   Because Form 8812 was released before the GO Zone legislation was enacted, the instructions refer only to individuals whose main home was in the Hurricane Katrina disaster area. H&r block military tax When completing Form 8812, line 4a, use the above rules to determine your eligibility to make the election (instead of the Form 8812 instructions). H&r block military tax Getting your 2004 tax return information. H&r block military tax   If you do not have your 2004 tax records, you can get the amount of earned income used to figure your 2004 EIC by calling 1-866-562-5227. H&r block military tax You can also get this information by visiting the IRS website at www. H&r block military tax irs. H&r block military tax gov. H&r block military tax   If you prefer to figure your 2004 earned income yourself, copies or transcripts of your filed and processed tax returns can help you reconstruct your tax records. H&r block military tax See Request for Copy or Transcript of Tax Return on page 16. H&r block military tax Additional Exemption for Housing Individuals Displaced by Hurricane Katrina You may be able to claim an additional exemption amount of $500 for providing housing in your main home for each individual displaced by Hurricane Katrina. H&r block military tax The additional exemption amount is claimed on new Form 8914. H&r block military tax The additional exemption amount is allowable once per taxpayer for a specific individual in 2005 or 2006, but not in both years. H&r block military tax The maximum additional exemption amount you can claim for all displaced individuals is $2,000 ($1,000 if married filing separately). H&r block military tax The additional exemption amount you claim for displaced individuals in 2005 will reduce the $2,000 maximum for 2006. H&r block military tax If two or more taxpayers share the same main home, only one taxpayer in that main home can claim the additional exemption amount for a specific displaced individual. H&r block military tax If married filing separately, only one spouse may claim the additional exemption amount for a specific displaced individual. H&r block military tax In order for you to be considered to have provided housing, you must have a legal interest in the main home (that is, own or rent the home). H&r block military tax To qualify as a displaced individual, the individual: Must have had his or her main home in the Hurricane Katrina disaster area on August 28, 2005, and he or she must have been displaced from that home. H&r block military tax If the individual's main home was located outside the core disaster area, that home must have been damaged by Hurricane Katrina or the individual must have been evacuated from that home because of Hurricane Katrina, Must have been provided housing in your main home for a period of at least 60 consecutive days ending in the tax year in which the exemption is claimed, and Cannot be your spouse or dependent. H&r block military tax You cannot claim the additional exemption amount if you received rent (or any other amount) from any source for providing the housing. H&r block military tax You are permitted to receive payments or reimbursements that do not relate to normal housing costs, including the following. H&r block military tax Food, clothing, or personal items consumed or used by the displaced individual. H&r block military tax Reimbursement for the cost of any long distance telephone calls made by the displaced individual. H&r block military tax Reimbursement for the cost of gasoline for the displaced individual's use of your vehicle. H&r block military tax However, you cannot claim the additional exemption amount if you received any reimbursement for the extra costs of heat, electricity, or water used by the displaced individual. H&r block military tax Also, you must report on Form 8914 the displaced individual's social security number or individual taxpayer identification number to claim an additional exemption amount. H&r block military tax For more information, see Form 8914. H&r block military tax Education Credits The education credits have been expanded for students attending an eligible educational institution located in the Gulf Opportunity Zone (GOZ students) for any tax year beginning in 2005 or 2006. H&r block military tax The Hope credit for a GOZ student is increased to 100% of the first $2,000 in qualified education expenses and 50% of the next $2,000 of qualified education expenses for a maximum credit of $3,000 per student. H&r block military tax The lifetime learning credit rate for a GOZ student is increased from 20% to 40%. H&r block military tax The definition of qualified education expenses for a GOZ student also has been expanded. H&r block military tax In addition to tuition and fees required for the student's enrollment or attendance at an eligible educational institution, qualified education expenses for a GOZ student include the following. H&r block military tax Books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. H&r block military tax For a special needs student, expenses that are necessary for that person's enrollment or attendance at an eligible educational institution. H&r block military tax For a student who is at least a half-time student, the reasonable costs of room and board, but only to the extent that the costs are not more than the greater of the following two amounts. H&r block military tax The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. H&r block military tax The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. H&r block military tax You will need to contact the eligible educational institution for qualified room and board costs. H&r block military tax For more information, see Form 8863. H&r block military tax Recapture of Federal Mortgage Subsidy Generally, if you financed your home under a federally subsidized program (loans from tax-exempt qualified mortgage bonds or loans with mortgage credit certificates), you may have to recapture all or part of the benefit you received from that program when you sell or otherwise dispose of your home. H&r block military tax However, you do not have to recapture any benefit if your mortgage loan was a qualified home improvement loan of not more than $15,000. H&r block military tax This amount is increased to $150,000 if the loan was provided before 2011 and was used to: Repair damage caused by Hurricane Katrina to a residence in the Hurricane Katrina disaster area, or Alter, repair, or improve an existing owner-occupied residence in the GO Zone, Rita GO Zone, or Wilma GO Zone. H&r block military tax Exclusion of Certain Cancellations of Indebtedness by Reason of Hurricane Katrina Generally, discharges of nonbusiness debts (such as mortgages) made after August 24, 2005, and before January 1, 2007, are excluded from income for individuals whose main home was in the Hurricane Katrina disaster area on August 25, 2005. H&r block military tax If the individual's main home was located outside the core disaster area, the individual also must have had an economic loss because of Hurricane Katrina. H&r block military tax Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. H&r block military tax This relief does not apply to any debt secured by real property located outside the Hurricane Katrina disaster area. H&r block military tax You may also have to reduce certain tax attributes by the amount excluded. H&r block military tax For more information, see Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment). H&r block military tax Tax Relief for Temporary Relocation Under the Gulf Opportunity Zone Act of 2005, the IRS may adjust the internal revenue laws to ensure that taxpayers do not lose a deduction or credit or experience a change of filing status in 2005 or 2006 as a result of a temporary relocation caused by Hurricane Katrina, Rita, or Wilma. H&r block military tax However, any such adjustment must ensure that an individual is not taken into account by more than one taxpayer for the same tax benefit. H&r block military tax The IRS has exercised this authority as follows. H&r block military tax In determining whether you furnished over one-half of the cost of maintaining a household, you can exclude from total household costs any assistance received from the government or charitable organizations because you were temporarily relocated as a result of Hurricane Katrina, Rita, or Wilma. H&r block military tax In determining whether you provided more than one-half of an individual's support, you can disregard any assistance received from the government or charitable organizations because you were temporarily relocated as a result of Hurricane Katrina, Rita, or Wilma. H&r block military tax You can treat as a student an individual who enrolled in school before August 25, 2005, and who is unable to attend classes because of Hurricane Katrina, for each month of the enrollment period that individual is prevented by Hurricane Katrina from attending school as planned. H&r block military tax You can treat as a student an individual who enrolled in school before September 23, 2005, and who is unable to attend classes because of Hurricane Rita, for each month of the enrollment period that individual is prevented by Hurricane Rita from attending school as planned. H&r block military tax You can treat as a student an individual who enrolled in school before October 23, 2005, and who is unable to attend classes because of Hurricane Wilma, for each month of the enrollment period that individual is prevented by Hurricane Wilma from attending school as planned. H&r block military tax Additional Tax Relief for Businesses Special Depreciation Allowance You can take a special depreciation allowance for qualified Gulf Opportunity (GO) Zone property (as defined below) you place in service after August 27, 2005. H&r block military tax The allowance is an additional deduction of 50% of the property's depreciable basis (after any section 179 deduction and before figuring your regular depreciation deduction). H&r block military tax The special allowance applies only for the first year the property is placed in service. H&r block military tax The allowance is deductible for both the regular tax and the alternative minimum tax (AMT). H&r block military tax There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. H&r block military tax You can elect not to deduct the special GO Zone depreciation allowance for qualified property. H&r block military tax If you make this election for any property, it applies to all property in the same class placed in service during the year. H&r block military tax Qualified GO Zone property. H&r block military tax   Property that qualifies for the special GO Zone depreciation allowance includes the following. H&r block military tax Tangible property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. H&r block military tax Water utility property. H&r block military tax Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. H&r block military tax (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. H&r block military tax ) Qualified leasehold improvement property. H&r block military tax Nonresidential real property and residential rental property. H&r block military tax   For more information on this property, see Publication 946. H&r block military tax Other tests to be met. H&r block military tax   To be qualified GO Zone property, the property must also meet all of the following tests. H&r block military tax You must have acquired the property, by purchase, after August 27, 2005, but only if no binding written contract for the acquisition was in effect before August 28, 2005. H&r block military tax The property must be placed in service before 2008 (2009 in the case of nonresidential real property and residential rental property). H&r block military tax Substantially all of the use of the property must be in the GO Zone and in the active conduct of your trade or business in the GO Zone. H&r block military tax The original use of the property in the GO Zone must begin with you after August 27, 2005. H&r block military tax Used property can be qualified GO Zone property if it has not previously been used within the GO Zone. H&r block military tax Also, additional capital expenditures you incurred after August 27, 2005, to recondition or rebuild your property meet the original use test if the original use of the property in the GO Zone began with you. H&r block military tax Excepted property. H&r block military tax   Qualified GO Zone property does not include any of the following. H&r block military tax Property required to be depreciated using the Alternative Depreciation System (ADS). H&r block military tax Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103. H&r block military tax Property for which you are claiming a commercial revitalization deduction. H&r block military tax Any property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store, the principal business of which is the sale of alcoholic beverages for consumption off premises. H&r block military tax Any gambling or animal racing property (as defined below). H&r block military tax Property in the same class as that for which you elected not to claim the special GO Zone depreciation allowance. H&r block military tax   Gambling or animal racing property is: Any equipment, furniture, software, or other property used directly in connection with gambling, the racing of animals, or the on-site viewing of such racing, and The portion of any real property (determined by square footage) that is dedicated to gambling, the racing of animals, or the on-site viewing of such racing, unless this portion is less than 100 square feet. H&r block military tax Recapture of special allowance. H&r block military tax   If, in any year after the year you claim the special allowance, the property ceases to be qualified GO Zone property, you may have to recapture as ordinary income any excess benefit you received from claiming the special allowance. H&r block military tax Increased Section 179 Deduction An increased section 179 deduction is allowable for qualified section 179 Gulf Opportunity (GO) Zone property (as defined later) placed in service in the GO Zone. H&r block military tax Increased dollar limit. H&r block military tax   The limit on the section 179 deduction ($105,000 for 2005, $108,000 for 2006) for qualified section 179 GO Zone property acquired after August 27, 2005, is increased by the smaller of: $100,000, or The cost of qualified section 179 GO Zone property placed in service during the year (including such property placed in service by your spouse, even if you are filing a separate return). H&r block military tax   The amount for which you can make the election is reduced if the cost of all qualified section 179 GO Zone property you placed in service during the year exceeds $420,000 for 2005 ($430,000 for 2006) increased by the smaller of: $600,000, or The cost of qualified section 179 GO Zone property placed in service during the year. H&r block military tax Qualified section 179 GO Zone property. H&r block military tax   Qualified section 179 GO Zone property is section 179 property that is qualified GO Zone property (explained earlier under Special Depreciation Allowance). H&r block military tax Section 179 property does not include nonresidential real property or residential rental property. H&r block military tax For more information, including the requirements that must be met for property to qualify for the section 179 deduction, see chapter 2 of Publication 946. H&r block military tax Work Opportunity Credit For the work opportunity credit, the definition of “targeted group employee” has been expanded to include a Hurricane Katrina employee. H&r block military tax Hurricane Katrina employee. H&r block military tax   A Hurricane Katrina employee is: A person who, on August 28, 2005, had a main home in the core disaster area and, within a two-year period beginning on that date, is hired to perform services principally in the core disaster area; or A person who, on August 28, 2005, had a main home in the core disaster area, was displaced from that main home as a result of Hurricane Katrina, and was hired during the period beginning on August 28, 2005, and ending on December 31, 2005. H&r block military tax Qualified wages. H&r block military tax   Generally, qualified wages do not include wages you paid to a targeted group employee who worked for you previously. H&r block military tax However, wages will qualify if: You paid them to an employee who is a Hurricane Katrina employee, The employee was not in your employment on August 28, 2005, and This is your first hire of the employee as a Hurricane Katrina employee after August 28, 2005. H&r block military tax   For more information, see Form 5884. H&r block military tax Certification requirements. H&r block military tax   An employee must provide to the employer reasonable evidence that he or she is a Hurricane Katrina employee. H&r block military tax An employer may accept a completed Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity and Welfare-to-Work Credits, as such evidence. H&r block military tax The certification requirements described in Form 8850 do not apply to a Hurricane Katrina employee. H&r block military tax Do not send any Forms 8850 that have only box 1 checked to the state employment security agency. H&r block military tax Instead, the employer should keep these Forms 8850 with the employer's other records. H&r block military tax For more information, see Form 8850 and its instructions. H&r block military tax Employee Retention Credit An eligible employer who conducted an active trade or business in the Gulf Opportunity (GO) Zone, the Rita GO Zone, or the Wilma GO Zone can claim the employee retention credit. H&r block military tax The credit is 40% of qualified wages for each eligible employee (up to a maximum of $6,000 in qualified wages per employee). H&r block military tax Generally, you must reduce your deduction for salaries and wages by the amount of this credit (before the tax liability limit). H&r block military tax Use Form 5884-A to claim the credit. H&r block military tax See the following rules and definitions for each hurricane. H&r block military tax Employers affected by Hurricane Katrina. H&r block military tax   The following definitions apply to employers affected by Hurricane Katrina. H&r block military tax Eligible employer. H&r block military tax   For this purpose, an eligible employer is any employer who conducted an active trade or business on August 28, 2005, in the GO Zone and whose trade or business was inoperable on any day after August 28, 2005, and before January 1, 2006, because of damage caused by Hurricane Katrina. H&r block military tax Eligible employee. H&r block military tax   For this purpose, an eligible employee is an employee whose principal place of employment on August 28, 2005, with such eligible employer was in the GO Zone. H&r block military tax An employee is not an eligible employee for purposes of Hurricane Katrina if the employee is treated as an eligible employee for the work opportunity credit. H&r block military tax Employers affected by Hurricane Rita. H&r block military tax   The following definitions apply to employers affected by Hurricane Rita. H&r block military tax Eligible employer. H&r block military tax   For this purpose, an eligible employer is any employer who conducted an active trade or business on September 23, 2005, in the Rita GO Zone and whose trade or business was inoperable on any day after September 23, 2005, and before January 1, 2006, because of damage caused by Hurricane Rita. H&r block military tax Eligible employee. H&r block military tax   For this purpose, an eligible employee is an employee whose principal place of employment on September 23, 2005, with such eligible employer was in the Rita GO Zone. H&r block military tax An employee is not an eligible employee for purposes of Hurricane Rita if the employee is treated as an eligible employee for the work opportunity credit or the Hurricane Katrina employee retention credit. H&r block military tax Employers affected by Hurricane Wilma. H&r block military tax   The following definitions apply to employers affected by Hurricane Wilma. H&r block military tax Eligible employer. H&r block military tax   For this purpose, an eligible employer is any employer who conducted an active trade or business on October 23, 2005, in the Wilma GO Zone and whose trade or business was inoperable on any day after October 23, 2005, and before January 1, 2006, because of damage caused by Hurricane Wilma. H&r block military tax Eligible employee. H&r block military tax   For this purpose, an eligible employee is an employee whose principal place of employment on October 23, 2005, with such eligible employer was in the Wilma GO Zone. H&r block military tax An employee is not an eligible employee for purposes of Hurricane Wilma if the employee is treated as an eligible employee for the work opportunity credit or the Hurricane Katrina or Rita employee retention credit. H&r block military tax Qualified wages. H&r block military tax   Qualified wages are wages you paid or incurred before January 1, 2006, (up to $6,000 per employee) for an eligible employee beginning on the date your trade or business first became inoperable at the employee's principal place of employment immediately before the applicable hurricane, and ending on the date your trade or business resumed significant operations at that place. H&r block military tax In addition, the wages must have been paid or incurred after the following date. H&r block military tax August 28, 2005, for Hurricane Katrina. H&r block military tax September 23, 2005, for Hurricane Rita. H&r block military tax October 23, 2005, for Hurricane Wilma. H&r block military tax    This includes wages paid even if the employee performed no services, performed services at a place of employment other than the principal place of employment, or performed services at the principal place of employment before significant operations resumed. H&r block military tax    Wages qualifying for the credit generally have the same meaning as wages subject to the Federal Unemployment Tax Act (FUTA). H&r block military tax Qualified wages also include amounts you paid for medical or hospitalization expenses in connection with sickness or accident disability. H&r block military tax Qualified wages for any employee must be reduced by the amount of any work supplementation payment you received under the Social Security Act. H&r block military tax   For agricultural employees, if the work performed by any employee during more than half of any pay period qualified under FUTA as agricultural labor, that employee's wages subject to social security and Medicare taxes are qualified wages. H&r block military tax For a special rule that applies to railroad employees, see section 51(h)(1)(B). H&r block military tax   Qualified wages do not include the following. H&r block military tax Wages paid to your dependent or a related individual. H&r block military tax See section 51(i)(1). H&r block military tax Wages paid to any employee during the period for which you received payment for the employee from a federally funded on-the-job training program. H&r block military tax Wages for services of replacement workers during a strike or lockout. H&r block military tax   For more information, see Form 5884-A. H&r block military tax Hurricane Katrina Housing Credit An employer who conducted an active trade or business in the Gulf Opportunity (GO) Zone can claim the Hurricane Katrina housing credit. H&r block military tax The credit is equal to 30% of the value (up to $600 per month per employee) of in-kind lodging furnished to a qualified employee (and the employee's spouse or dependents) from January 1, 2006, through July 1, 2006. H&r block military tax The value of the lodging is excluded from the income of the qualified employee but is treated as wages for purposes of taxes imposed under the Federal Insurance Contributions Act (FICA) and the Federal Unemployment Tax Act (FUTA). H&r block military tax Generally, you must reduce your deduction for salaries and wages by the amount of this credit (before the tax liability limit). H&r block military tax The employer must use Form 5884-A to claim the credit. H&r block military tax A qualified employee is an individual who had a main home in the GO Zone on August 28, 2005, and who performs substantially all employment services in the GO Zone for the employer furnishing the lodging. H&r block military tax The employee cannot be your dependent or a related individual. H&r block military tax See section 51(i)(1). H&r block military tax For more information, see Form 5884-A. H&r block military tax Reforestation Costs You may be able to elect to deduct a limited amount of reforestation costs for each qualified timber property. H&r block military tax The deduction for any tax year generally is limited to $10,000 ($5,000 if married filing separately, $0 for a trust). H&r block military tax However, this limit is increased if you paid or incurred reforestation costs after the applicable date below and any portion of the qualified timber property is located in one of the following areas. H&r block military tax August 27, 2005, if any portion of the property is located in the GO Zone. H&r block military tax September 22, 2005, if any portion of the property is located in the Rita GO Zone (but not in the GO Zone). H&r block military tax October 22, 2005, if any portion of the property is located in the Wilma GO Zone. H&r block military tax The limit for each qualified timber property is increased by the smaller of: $10,000 ($5,000 if married filing separately, $0 for a trust), or The amount of reforestation costs you paid or incurred after the applicable date for the qualified timber property, any portion of which is located in the zone described above. H&r block military tax The increase in the limit applies only to costs paid or incurred before 2008. H&r block military tax However, these rules do not apply to any timber producer who: Held more than 500 acres of qualified timber property at any time during the tax year, Is a corporation with stock publicly traded on an established securities market, or Is a real estate investment trust. H&r block military tax For more information about the election to deduct reforestation costs, see chapter 8 in Publication 535, Business Expenses. H&r block military tax Demolition and Clean-up Costs You can elect to deduct 50% of any qualified GO Zone clean-up costs for the tax year in which the costs are paid or incurred, instead of capitalizing them. H&r block military tax Qualified GO Zone clean-up costs are any amounts paid or incurred after August 27, 2005, and before January 1, 2008, for the removal of debris from, or the demolition of structures on, real property located in the GO Zone that is: Held by you for use in a trade or business or for the production of income, or Inventory or other property held primarily for sale to customers in the ordinary course of your trade or business. H&r block military tax Increase in Rehabilitation Tax Credit The rehabilitation credit is increased for qualified rehabilitation expenditures paid or incurred after August 27, 2005, and before January 1, 2009, on buildings located in the GO Zone as follows. H&r block military tax For pre-1936 buildings (other than certified historic structures), the credit percentage is increased from 10% to 13%. H&r block military tax For certified historic structures, the credit percentage is increased from 20% to 26%. H&r block military tax For more information, see Form 3468, Investment Credit. H&r block military tax Request for Copy or Transcript of Tax Return Request for copy of tax return. H&r block military tax   You can use Form 4506 to order a copy of your tax return. H&r block military tax Generally, there is a $39. H&r block military tax 00 fee for requesting each copy of a tax return. H&r block military tax If your main home, principal place of business, or tax records are located in a Presidentially declared disaster area, the fee will be waived if the assigned disaster designation (for example, “Hurricane Katrina”) is written in red across the top of the form when filed. H&r block military tax Request for transcript of tax return. H&r block military tax   You can use Form 4506-T to order a free transcript of your tax return. H&r block military tax A transcript provides most of the line entries from a tax return and usually contains the information that a third party requires. H&r block military tax You can also call 1-800-829-1040 to order a transcript. H&r block military tax How To Get Tax Help Special IRS assistance. H&r block military tax   The IRS is providing special help for those affected by Hurricane Katrina, Rita, or Wilma, as well as survivors and personal representatives of the victims. H&r block military tax We have set up a special toll-free number for people who may have trouble filing or paying their taxes because they were affected by Hurricane Katrina, Rita, or Wilma, or who have other tax issues related to the hurricanes. H&r block military tax Call 1-866-562-5227 Monday through Friday In English-7 a. H&r block military tax m. H&r block military tax to 10 p. H&r block military tax m. H&r block military tax local time In Spanish-8 a. H&r block military tax m. H&r block military tax to 9:30 p. H&r block military tax m. H&r block military tax local time   The IRS website at www. H&r block military tax irs. H&r block military tax gov has notices and other tax relief information. H&r block military tax Check it periodically for any new guidance. H&r block military tax Other help from the IRS. H&r block military tax   You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get more information from the IRS in several ways. H&r block military tax By selecting the method that is best for you, you will have quick and easy access to tax help. H&r block military tax Contacting your Taxpayer Advocate. H&r block military tax   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. H&r block military tax   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. H&r block military tax While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. H&r block military tax   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778. H&r block military tax Call, write, or fax the Taxpayer Advocate office in your area. H&r block military tax Call 1-800-829-4059 if you are a TTY/TDD user. H&r block military tax Visit www. H&r block military tax irs. H&r block military tax gov/advocate. H&r block military tax   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). H&r block military tax Free tax services. H&r block military tax   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. H&r block military tax It contains a list of free tax publications and an index of tax topics. H&r block military tax It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. H&r block military tax Internet. H&r block military tax You can access the IRS website 24 hours a day, 7 days a week, at www. H&r block military tax irs. H&r block military tax gov to: E-file your return. H&r block military tax Find out about commercial tax preparation and e-file services available free to eligible taxpayers. H&r block military tax Check the status of your refund. H&r block military tax Click on Where's My Refund. H&r block military tax Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). H&r block military tax Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. H&r block military tax Download forms, instructions, and publications. H&r block military tax Order IRS products online. H&r block military tax Research your tax questions online. H&r block military tax Search publications online by topic or keyword. H&r block military tax View Internal Revenue Bulletins (IRBs) published in the last few years. H&r block military tax Figure your withholdin
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The H&r Block Military Tax

H&r block military tax 2. H&r block military tax   Estimated Tax for 2014 Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Who Does Not Have To Pay Estimated Tax Who Must Pay Estimated TaxGeneral Rule Married Taxpayers Special Rules Aliens Estates and Trusts How To Figure Estimated Tax2014 Estimated Tax Worksheet When To Pay Estimated TaxWhen To Start Farmers and Fishermen How To Figure Each PaymentRegular Installment Method Annualized Income Installment Method Estimated Tax Payments Not Required How To Pay Estimated TaxCredit an Overpayment Pay Online Pay by Phone Pay by Check or Money Order Using the Estimated Tax Payment Voucher Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. H&r block military tax This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes, and awards. H&r block military tax You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough. H&r block military tax Estimated tax is used to pay both income tax and self-employment tax, as well as other taxes and amounts reported on your tax return. H&r block military tax If you do not pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty. H&r block military tax If you do not pay enough by the due date of each payment period (see When To Pay Estimated Tax , later), you may be charged a penalty even if you are due a refund when you file your tax return. H&r block military tax For information on when the penalty applies, see chapter 4. H&r block military tax It would be helpful for you to have a copy of your 2013 tax return and an estimate of your 2014 income nearby while reading this chapter. H&r block military tax Topics - This chapter discusses: Who must pay estimated tax, How to figure estimated tax (including illustrated examples), When to pay estimated tax, How to figure each payment, and How to pay estimated tax. H&r block military tax Useful Items - You may want to see: Form (and Instructions) 1040-ES Estimated Tax for Individuals See chapter 5 for information about how to get this publication and form. H&r block military tax Worksheets. H&r block military tax   You may need to use several of the blank worksheets included in this chapter. H&r block military tax See Worksheets for Chapter 2, later, to locate what you need. H&r block military tax Who Does Not Have To Pay Estimated Tax If you receive salaries and wages, you may be able to avoid paying estimated tax by asking your employer to take more tax out of your earnings. H&r block military tax To do this, file a new Form W-4 with your employer. H&r block military tax See chapter 1. H&r block military tax Estimated tax not required. H&r block military tax   You do not have to pay estimated tax for 2014 if you meet all three of the following conditions. H&r block military tax You had no tax liability for 2013. H&r block military tax You were a U. H&r block military tax S. H&r block military tax citizen or resident alien for the whole year. H&r block military tax Your 2013 tax year covered a 12-month period. H&r block military tax   You had no tax liability for 2013 if your total tax (defined later under Total tax for 2013—line 14b ) was zero or you did not have to file an income tax return. H&r block military tax Please click here for the text description of the image. H&r block military tax Figure 2-A: Do You Have To Pay Estimated Tax? Who Must Pay Estimated Tax If you owed additional tax for 2013, you may have to pay estimated tax for 2014. H&r block military tax You can use the following general rule as a guide during the year to see if you will have enough withholding, or should increase your withholding or make estimated tax payments. H&r block military tax General Rule In most cases, you must pay estimated tax for 2014 if both of the following apply. H&r block military tax You expect to owe at least $1,000 in tax for 2014, after subtracting your withholding and refundable credits. H&r block military tax You expect your withholding and refundable credits to be less than the smaller of: 90% of the tax to be shown on your 2014 tax return, or 100% of the tax shown on your 2013 tax return. H&r block military tax Your 2013 tax return must cover all 12 months. H&r block military tax Note. H&r block military tax The percentages in (2a) or (2b) above may be different if you are a farmer, fisherman, or higher income taxpayer. H&r block military tax See Special Rules , later. H&r block military tax If the result from using the general rule above suggests that you will not have enough withholding, complete the 2014 Estimated Tax Worksheet for a more accurate calculation. H&r block military tax Figure 2-A takes you through the general rule. H&r block military tax You may find this helpful in determining if you must pay estimated tax. H&r block military tax If all your income will be subject to income tax withholding, you probably do not need to pay estimated tax. H&r block military tax Example 1. H&r block military tax Jane Smart uses Figure 2-A and the following information to figure whether she should pay estimated tax for 2014. H&r block military tax She files as head of household claiming her dependent son, takes the standard deduction, and expects no refundable credits for 2014. H&r block military tax Expected adjusted gross income (AGI) for 2014 $82,800 AGI for 2013 $73,700 Total tax on 2013 return (Form 1040,  line 61) $  8,746 Total 2014 estimated tax (line 13c of the 2014 Estimated Tax Worksheet) $11,015 Tax expected to be withheld in 2014 $10,000 Jane's answer to Figure 2-A, box 1, is YES; she expects to owe at least $1,000 for 2014 after subtracting her withholding from her expected total tax ($11,015 − $10,000 = $1,015). H&r block military tax Her answer to box 2a is YES; she expects her income tax withholding ($10,000) to be at least 90% of the tax to be shown on her 2014 return ($11,015 × 90% = $9,913. H&r block military tax 50). H&r block military tax Jane does not need to pay estimated tax. H&r block military tax Example 2. H&r block military tax The facts are the same as in Example 1, except that Jane expects only $8,700 tax to be withheld in 2014. H&r block military tax Because that is less than $9,913. H&r block military tax 50, her answer to box 2a is NO. H&r block military tax Jane's answer to box 2b is also NO; she does not expect her income tax withholding ($8,700) to be at least 100% of the total tax shown on her 2013 return ($8,746). H&r block military tax Jane must increase her withholding or pay estimated tax for 2014. H&r block military tax Example 3. H&r block military tax The facts are the same as in Example 2, except that the total tax shown on Jane's 2013 return was $8,600. H&r block military tax Because she expects to have more than $8,600 withheld in 2014 ($8,700), her answer to box 2b is YES. H&r block military tax Jane does not need to pay estimated tax for 2014. H&r block military tax Married Taxpayers If you qualify to make joint estimated tax payments, apply the rules discussed here to your joint estimated income. H&r block military tax You and your spouse can make joint estimated tax payments even if you are not living together. H&r block military tax However, you and your spouse cannot make joint estimated tax payments if: You are legally separated under a decree of divorce or separate maintenance, You and your spouse have different tax years, Either spouse is a nonresident alien (unless that spouse elected to be treated as a resident alien for tax purposes). H&r block military tax See Choosing Resident Alien Status in Publication 519, or Individuals of the same sex and opposite sex who are in registered domestic partnerships, civil unions, or other similar formal relationships that are not marriages under state law cannot make joint estimated tax payments. H&r block military tax These individuals can take credit only for the estimated tax payments that he or she made. H&r block military tax If you and your spouse cannot make joint estimated tax payments, apply these rules to your separate estimated income. H&r block military tax Making joint or separate estimated tax payments will not affect your choice of filing a joint tax return or separate returns for 2014. H&r block military tax 2013 separate returns and 2014 joint return. H&r block military tax   If you plan to file a joint return with your spouse for 2014, but you filed separate returns for 2013, your 2013 tax is the total of the tax shown on your separate returns. H&r block military tax You filed a separate return if you filed as single, head of household, or married filing separately. H&r block military tax 2013 joint return and 2014 separate returns. H&r block military tax   If you plan to file a separate return for 2014, but you filed a joint return for 2013, your 2013 tax is your share of the tax on the joint return. H&r block military tax You file a separate return if you file as single, head of household, or married filing separately. H&r block military tax   To figure your share of the tax on a joint return, first figure the tax both you and your spouse would have paid had you filed separate returns for 2013 using the same filing status for 2014. H&r block military tax Then multiply the tax on the joint return by the following fraction. H&r block military tax      The tax you would have paid had you filed a separate return   The total tax you and your spouse would have paid had you filed separate returns Example. H&r block military tax Joe and Heather filed a joint return for 2013 showing taxable income of $48,500 and a tax of $6,386. H&r block military tax Of the $48,500 taxable income, $40,100 was Joe's and the rest was Heather's. H&r block military tax For 2014, they plan to file married filing separately. H&r block military tax Joe figures his share of the tax on the 2013 joint return as follows: Tax on $40,100 based on separate return $5,960 Tax on $8,400 based on separate return 843 Total $6,803 Joe's percentage of total ($5,960 ÷ $6,803) 87. H&r block military tax 6% Joe's share of tax on joint return  ($6,386 × 87. H&r block military tax 6%) $5,594 Special Rules There are special rules for farmers, fishermen, and certain higher income taxpayers. H&r block military tax Farmers and Fishermen If at least two-thirds of your gross income for 2013 or 2014 is from farming or fishing, substitute 662/3% for 90% in (2a) under General Rule , earlier. H&r block military tax Gross income. H&r block military tax   Your gross income is all income you receive in the form of money, goods, property, and services that is not exempt from tax. H&r block military tax To determine whether two-thirds of your gross income for 2013 was from farming or fishing, use as your gross income the total of the income (not loss) amounts. H&r block military tax Joint returns. H&r block military tax   On a joint return, you must add your spouse's gross income to your gross income to determine if at least two-thirds of your total gross income is from farming or fishing. H&r block military tax Gross income from farming. H&r block military tax   This is income from cultivating the soil or raising agricultural commodities. H&r block military tax It includes the following amounts. H&r block military tax Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. H&r block military tax Income from a plantation, ranch, nursery, range, orchard, or oyster bed. H&r block military tax Crop shares for the use of your land. H&r block military tax Gains from sales of draft, breeding, dairy, or sporting livestock. H&r block military tax   For 2013, gross income from farming is the total of the following amounts. H&r block military tax Schedule F (Form 1040), Profit or Loss From Farming, line 9. H&r block military tax Form 4835, Farm Rental Income and Expenses, line 7. H&r block military tax Your share of the gross farming income from a partnership, S corporation, estate or trust, from: Schedule K-1 (Form 1065), Schedule K-1 (Form 1120S), or Schedule K-1 (Form 1041). H&r block military tax Your gains from sales of draft, breeding, dairy, or sporting livestock shown on Form 4797, Sales of Business Property. H&r block military tax   Wages you receive as a farm employee and wages you receive from a farm corporation are not gross income from farming. H&r block military tax Gross income from fishing. H&r block military tax   This is income from catching, taking, harvesting, cultivating, or farming any kind of fish, shellfish (for example, clams and mussels), crustaceans (for example, lobsters, crabs, and shrimp), sponges, seaweeds, or other aquatic forms of animal and vegetable life. H&r block military tax   Gross income from fishing includes the following amounts. H&r block military tax Schedule C (Form 1040), Profit or Loss From Business. H&r block military tax Income for services as an officer or crew member of a vessel while the vessel is engaged in fishing. H&r block military tax Your share of the gross fishing income from a partnership, S corporation, estate or trust, from: Schedule K-1 (Form 1065), Schedule K-1 (Form 1120S), or Schedule K-1 (Form 1041). H&r block military tax Certain taxable interest and punitive damage awards received in connection with the Exxon Valdez litigation. H&r block military tax Income for services normally performed in connection with fishing. H&r block military tax Services normally performed in connection with fishing include: Shore service as an officer or crew member of a vessel engaged in fishing, and Services that are necessary for the immediate preservation of the catch, such as cleaning, icing, and packing the catch. H&r block military tax Higher Income Taxpayers If your AGI for 2013 was more than $150,000 ($75,000 if your filing status for 2014 is married filing a separate return), substitute 110% for 100% in (2b) under General Rule , earlier. H&r block military tax For 2013, AGI is the amount shown on Form 1040, line 37; Form 1040A, line 21; and Form 1040EZ, line 4. H&r block military tax Note. H&r block military tax This rule does not apply to farmers and fishermen. H&r block military tax Aliens Resident and nonresident aliens also may have to pay estimated tax. H&r block military tax Resident aliens should follow the rules in this publication, unless noted otherwise. H&r block military tax Nonresident aliens should get Form 1040-ES (NR), U. H&r block military tax S. H&r block military tax Estimated Tax for Nonresident Alien Individuals. H&r block military tax You are an alien if you are not a citizen or national of the United States. H&r block military tax You are a resident alien if you either have a green card or meet the substantial presence test. H&r block military tax For more information about withholding, the substantial presence test, and Form 1040-ES (NR), see Publication 519. H&r block military tax Estates and Trusts Estates and trusts also must pay estimated tax. H&r block military tax However, estates (and certain grantor trusts that receive the residue of the decedent's estate under the decedent's will) are exempt from paying estimated tax for the first 2 years after the decedent's death. H&r block military tax Estates and trusts must use Form 1041-ES, Estimated Income Tax for Estates and Trusts, to figure and pay estimated tax. H&r block military tax How To Figure Estimated Tax To figure your estimated tax, you must figure your expected AGI, taxable income, taxes, deductions, and credits for the year. H&r block military tax When figuring your 2014 estimated tax, it may be helpful to use your income, deductions, and credits for 2013 as a starting point. H&r block military tax Use your 2013 federal tax return as a guide. H&r block military tax You can use Form 1040-ES to figure your estimated tax. H&r block military tax Nonresident aliens use Form 1040-ES (NR) to figure estimated tax. H&r block military tax You must make adjustments both for changes in your own situation and for recent changes in the tax law. H&r block military tax Some of these changes are discussed under What's New for 2014 , earlier. H&r block military tax For information about these and other changes in the law, visit the IRS website at IRS. H&r block military tax gov. H&r block military tax The instructions for Form 1040-ES include a worksheet to help you figure your estimated tax. H&r block military tax Keep the worksheet for your records. H&r block military tax 2014 Estimated Tax Worksheet Use Worksheet 2-1 to help guide you through the information about completing the 2014 Estimated Tax Worksheet. H&r block military tax You can also find a copy of the worksheet in the Instructions for Form 1040-ES. H&r block military tax Expected AGI—Line 1 Your expected AGI for 2014 (line 1) is your expected total income minus your expected adjustments to income. H&r block military tax Total income. H&r block military tax   Include in your total income all the income you expect to receive during the year, even income that is subject to withholding. H&r block military tax However, do not include income that is tax exempt. H&r block military tax   Total income includes all income and loss for 2014 that, if you had received it in 2013, would have been included on your 2013 tax return in the total on line 22 of Form 1040, line 15 of Form 1040A, or line 4 of Form 1040EZ. H&r block military tax Social security and railroad retirement benefits. H&r block military tax If you expect to receive social security or tier 1 railroad retirement benefits during 2014, use Worksheet 2-2 to figure the amount of expected taxable benefits you should include on line 1. H&r block military tax Adjustments to income. H&r block military tax   Be sure to subtract from your expected total income all of the adjustments you expect to take on your 2014 tax return. H&r block military tax Self-employed. H&r block military tax If you expect to have income from self-employment, use Worksheet 2-3 to figure your expected self-employment tax and your allowable deduction for self-employment tax. H&r block military tax Include the amount from Worksheet 2-3 in your expected adjustments to income. H&r block military tax If you file a joint return and both you and your spouse have net earnings from self-employment, each of you must complete a separate worksheet. H&r block military tax Expected Taxable Income— Lines 2–5 Reduce your expected AGI for 2014 (line 1) by either your expected itemized deductions or your standard deduction and by your exemptions (lines 2 through 5). H&r block military tax Itemized deductions—line 2. H&r block military tax   If you expect to claim itemized deductions on your 2014 tax return, enter the estimated amount on line 2. H&r block military tax   Itemized deductions are the deductions that can be claimed on Schedule A (Form 1040). H&r block military tax    For 2014, your total itemized deductions may be reduced if your AGI is more than the amount shown next for your filing status. H&r block military tax Single $254,200 Married filing jointly or qualifying widow(er) $305,050 Married filing separately $152,525 Head of household $279,650   If you expect your AGI to be more than this amount, use Worksheet 2-5 to figure the amount to enter on line 2. H&r block military tax Standard deduction—line 2. H&r block military tax   If you expect to claim the standard deduction on your 2014 tax return, enter the amount on line 2. H&r block military tax Use Worksheet 2-4 to figure your standard deduction. H&r block military tax No standard deduction. H&r block military tax   The standard deduction for some individuals is zero. H&r block military tax Your standard deduction will be zero if you: File a separate return and your spouse itemizes deductions, Are a dual-status alien, or File a return for a period of less than 12 months because you change your accounting period. H&r block military tax Exemptions—line 4. H&r block military tax   After you have subtracted either your expected itemized deductions or your standard deduction from your expected AGI, reduce the amount remaining by $3,950 for each exemption you expect to take on your 2014 tax return. H&r block military tax If another person (such as your parent) can claim an exemption for you on his or her tax return, you cannot claim your own personal exemption. H&r block military tax This is true even if the other person will not claim your exemption or the exemption will be reduced or eliminated under the phaseout rule. H&r block military tax    For 2014, your deduction for personal exemption is reduced if your AGI is more than the amount shown next for your filing status. H&r block military tax Single $254,200 Married filing jointly or qualifying widow(er) $305,050 Married filing separately $152,525 Head of household $279,650   If you expect your AGI to be more than this amount, use Worksheet 2-6 to figure the amount to enter on line 4. H&r block military tax Expected Taxes and Credits— Lines 6–13c After you have figured your expected taxable income (line 5), follow the steps next to figure your expected taxes, credits, and total tax for 2014. H&r block military tax Most people will have entries for only a few of these steps. H&r block military tax However, you should check every step to be sure you do not overlook anything. H&r block military tax Step 1. H&r block military tax   Figure your expected income tax (line 6). H&r block military tax Generally, you will use the 2014 Tax Rate Schedules, later, to figure your expected income tax. H&r block military tax   However, see below for situations where you must use a different method to compute your estimated tax. H&r block military tax Tax on child's investment income. H&r block military tax   You must use a special method to figure tax on the income of the following children who have more than $2,000 of investment income. H&r block military tax Children under age 18 at the end of 2014. H&r block military tax The following children if their earned income is not more than half their support. H&r block military tax Children age 18 at the end of 2014. H&r block military tax Children who are full-time students over age 18 and under age 24 at the end of 2014. H&r block military tax See Publication 929, Tax Rules for Children and Dependents. H&r block military tax Although the ages and dollar amounts in the publication may be different in the 2014 revision, this reference will give you basic information for figuring the tax. H&r block military tax Tax on net capital gain. H&r block military tax   The regular income tax rates for individuals do not apply to a net capital gain. H&r block military tax Instead, your net capital gain is taxed at a lower maximum rate. H&r block military tax   The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. H&r block military tax Tax on capital gain and qualified dividends. H&r block military tax If the amount on line 1 includes a net capital gain or qualified dividends, use Worksheet 2-7 to figure your tax. H&r block military tax Note. H&r block military tax For 2014, your capital gains and dividends rate will depend on your income. H&r block military tax Tax if excluding foreign earned income or excluding or deducting foreign housing. H&r block military tax If you expect to claim the foreign earned income exclusion or the housing exclusion or deduction on Form 2555 or Form 2555-EZ, use Worksheet 2-8 to figure your estimated tax. H&r block military tax Step 2. H&r block military tax   Total your expected taxes (line 8). H&r block military tax Include on line 8 the sum of the following. H&r block military tax Your tax on line 6. H&r block military tax Your expected alternative minimum tax (AMT) from Form 6251, or included on Form 1040A. H&r block military tax Your expected additional taxes from Form 8814, Parents' Election To Report Child's Interest and Dividends, and Form 4972, Tax on Lump-Sum Distributions. H&r block military tax Any recapture of education credits. H&r block military tax Step 3. H&r block military tax   Subtract your expected credits (line 9). H&r block military tax If you are using your 2013 return as a guide and filed Form 1040, your total credits for 2013 were shown on line 54. H&r block military tax If you filed Form 1040A, your total credits for 2013 were on line 34. H&r block military tax   If your credits on line 9 are more than your taxes on line 8, enter “-0-” on line 10 and go to Step 4. H&r block military tax Step 4. H&r block military tax   Add your expected self-employment tax (line 11). H&r block military tax You already should have figured your self-employment tax (see Self-employed under Expected AGI—Line 1, earlier). H&r block military tax Step 5. H&r block military tax   Add your expected other taxes (line 12). H&r block military tax   Other taxes include the following. H&r block military tax Additional tax on early distributions from: An IRA or other qualified retirement plan, A tax-sheltered annuity, or A modified endowment contract entered into after June 20, 1988. H&r block military tax Household employment taxes if: You will have federal income tax withheld from wages, pensions, annuities, gambling winnings, or other income, or You would be required to make estimated tax payments even if you did not include household employment taxes when figuring your estimated tax. H&r block military tax Amounts written on Form 1040 on the line for “other taxes” (line 60 on the 2013 Form 1040). H&r block military tax But, do not include recapture of a federal mortgage subsidy; tax on excess golden parachute payments; look-back interest due under section 167(g) or 460(b) of the Internal Revenue Code; excise tax on insider stock compensation from an expatriated corporation; uncollected social security and Medicare tax or RRTA tax on tips or group-term life insurance; or additional tax on advance payments of health coverage tax credit when not eligible. H&r block military tax Repayment of the first-time homebuyer credit. H&r block military tax See Form 5405. H&r block military tax Additional Medicare Tax. H&r block military tax A 0. H&r block military tax 9% Additional Medicare Tax applies to your combined Medicare wages and self-employment income and/or your RRTA compensation that exceeds the amount listed in the following chart, based on your filing status. H&r block military tax Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household $200,000 Qualifying Widow(er) $200,000 Medicare wages and self-employment income are combined to determine if your income exceeds the threshold. H&r block military tax A self-employment loss should not be considered for purposes of this tax. H&r block military tax RRTA compensation should be separately compared to the threshold. H&r block military tax Your employer is responsible for withholding the 0. H&r block military tax 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays to you in excess of $200,000 in 2014. H&r block military tax You should consider this withholding, if applicable, in determining whether you need to make an estimated payment. H&r block military tax For more information on Additional Medicare Tax, go to IRS. H&r block military tax gov and enter “Additional Medicare Tax” in the search box. H&r block military tax Net Investment Income Tax (NIIT). H&r block military tax The NIIT is 3. H&r block military tax 8% of the lesser of your net investment income or the excess of your modified adjusted gross income over the amount listed in the following chart, based on your filing status. H&r block military tax Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household $200,000 Qualifying Widow(er) $250,000 For more information on Net Investment Income Tax, go to IRS. H&r block military tax gov and enter “Net Investment Income Tax” in the search box. H&r block military tax Step 6. H&r block military tax   Subtract your refundable credit (line 13b). H&r block military tax   To figure your expected fuel tax credit, do not include fuel tax for the first three quarters of the year that you expect to have refunded to you. H&r block military tax   The result of steps 1 through 6 is your total estimated tax for 2014 (line 13c). H&r block military tax Required Annual Payment— Line 14c On lines 14a through 14c, figure the total amount you must pay for 2014, through withholding and estimated tax payments, to avoid paying a penalty. H&r block military tax General rule. H&r block military tax   The total amount you must pay is the smaller of: 90% of your total expected tax for 2014, or 100% of the total tax shown on your 2013 return. H&r block military tax Your 2013 tax return must cover all 12 months. H&r block military tax Special rules. H&r block military tax   There are special rules for higher income taxpayers and for farmers and fishermen. H&r block military tax Higher income taxpayers. H&r block military tax   If your AGI for 2013 was more than $150,000 ($75,000 if your filing status for 2014 is married filing separately), substitute 110% for 100% in (2) above. H&r block military tax This rule does not apply to farmers and fishermen. H&r block military tax For 2013, AGI is the amount shown on Form 1040, line 37; Form 1040A, line 21; and Form 1040EZ, line 4. H&r block military tax Example. H&r block military tax   Jeremy Martin's total tax on his 2013 return was $42,581, and his expected tax for 2014 is $71,253. H&r block military tax His 2013 AGI was $180,000. H&r block military tax Because Jeremy had more than $150,000 of AGI in 2013, he figures his required annual payment as follows. H&r block military tax He determines that 90% of his expected tax for 2014 is $64,128 (. H&r block military tax 90 × $71,253). H&r block military tax Next, he determines that 110% of the tax shown on his 2013 return is $46,839 (1. H&r block military tax 10 x $42,581). H&r block military tax Finally, he determines that his required annual payment is $46,839, the smaller of the two. H&r block military tax Farmers and fishermen. H&r block military tax   If at least two-thirds of your gross income for 2013 or 2014 is from farming or fishing, your required annual payment is the smaller of: 662/3% (. H&r block military tax 6667) of your total tax for 2014, or 100% of the total tax shown on your 2013 return. H&r block military tax (Your 2013 tax return must cover all 12 months. H&r block military tax )   For definitions of “gross income from farming” and “gross income from fishing,” see Farmers and Fishermen , under Special Rules discussed earlier. H&r block military tax Total tax for 2013—line 14b. H&r block military tax   Your 2013 total tax, if you filed Form 1040, is the amount on line 61 reduced by the following. H&r block military tax Unreported social security and Medicare tax or RRTA tax from Forms 4137 or 8919 (line 57). H&r block military tax The following amounts from Form 5329 included on line 58. H&r block military tax Any tax on excess contributions to IRAs, Archer MSAs, Coverdell education savings accounts, and health savings accounts. H&r block military tax Any tax on excess accumulations in qualified retirement plans. H&r block military tax The following write-ins on line 60. H&r block military tax Excise tax on excess golden parachute payments (identified as “EPP”). H&r block military tax Excise tax on insider stock compensation from an expatriated corporation (identified as “ISC”). H&r block military tax Look-back interest due under section 167(g) (identified as “From Form 8866”). H&r block military tax Look-back interest due under section 460(b) (identified as “From Form 8697”). H&r block military tax Recapture of federal mortgage subsidy (identified as “FMSR”). H&r block military tax Additional tax on advance payments of health coverage tax credit when not eligible (identified as “HCTC”). H&r block military tax Uncollected social security and Medicare tax or RRTA tax on tips or group-term life insurance (identified as “UT”). H&r block military tax Any refundable credit amounts. H&r block military tax   If you filed Form 1040A, your 2013 total tax is the amount on line 35 reduced by any refundable credits. H&r block military tax   If you filed Form 1040EZ, your 2013 total tax is the amount on line 10 reduced by the amount on line 8a. H&r block military tax Total Estimated Tax Payments Needed—Line 16a Use lines 15 and 16a to figure the total estimated tax you may be required to pay for 2014. H&r block military tax Subtract your expected withholding from your required annual payment (line 14c). H&r block military tax You usually must pay this difference in four equal installments. H&r block military tax See When To Pay Estimated Tax and How To Figure Each Payment . H&r block military tax You do not have to pay estimated tax if: Line 14c minus line 15 is zero or less, or Line 13c minus line 15 is less than $1,000. H&r block military tax Withholding—line 15. H&r block military tax   Your expected withholding for 2014 (line 15) includes the income tax you expect to be withheld from all sources (wages, pensions and annuities, etc. H&r block military tax ). H&r block military tax It includes excess social security, and tier 1 railroad retirement tax you expect to be withheld from your wages and compensation. H&r block military tax For this purpose, you will have excess social security or tier 1 railroad retirement tax withholding for 2014 only if your wages and compensation from two or more employers are more than $117,000. H&r block military tax See Excess Social Security or Railroad Retirement Tax Withholding in chapter 3. H&r block military tax   It also includes Additional Medicare Tax you expect to be withheld from your wages or compensation. H&r block military tax Your employer is responsible for withholding the 0. H&r block military tax 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays to you in excess of $200,000. H&r block military tax When To Pay Estimated Tax For estimated tax purposes, the year is divided into four payment periods. H&r block military tax Each period has a specific payment due date. H&r block military tax If you do not pay enough tax by the due date of each of the payment periods, you may be charged a penalty even if you are due a refund when you file your income tax return. H&r block military tax If a payment is mailed, the date of the U. H&r block military tax S. H&r block military tax postmark is considered the date of payment. H&r block military tax The payment periods and due dates for estimated tax payments are shown next. H&r block military tax For exceptions to the dates listed, see Saturday, Sunday, holiday rule below. H&r block military tax For the period: Due date: Jan. H&r block military tax 11 – March 31 April 15 April 1 – May 31 June 16 June 1 – August 31 September 15 Sept. H&r block military tax 1 – Dec. H&r block military tax 31 January 15  next year2 1If your tax year does not begin on January 1,  see Fiscal year taxpayers . H&r block military tax 2See January payment . H&r block military tax Saturday, Sunday, holiday rule. H&r block military tax   If the due date for an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be on time if you make it on the next day that is not a Saturday, Sunday, or a holiday. H&r block military tax January payment. H&r block military tax   If you file your 2014 Form 1040 or Form 1040A by February 2, 2015, and pay the rest of the tax you owe, you do not need to make the payment due on January 15, 2015. H&r block military tax Example. H&r block military tax Janet Adams does not pay any estimated tax for 2014. H&r block military tax She files her 2014 income tax return and pays the balance due shown on her return on January 26, 2015. H&r block military tax Janet's estimated tax for the fourth payment period is considered to have been paid on time. H&r block military tax However, she may owe a penalty for not making the first three estimated tax payments, if required. H&r block military tax Any penalty for not making those payments will be figured up to January 26, 2015. H&r block military tax Fiscal year taxpayers. H&r block military tax   If your tax year does not start on January 1, your payment due dates are: The 15th day of the 4th month of your fiscal year, The 15th day of the 6th month of your fiscal year, The 15th day of the 9th month of your fiscal year, and The 15th day of the 1st month after the end of your fiscal year. H&r block military tax   You do not have to make the last payment listed above if you file your income tax return by the last day of the first month after the end of your fiscal year and pay all the tax you owe with your return. H&r block military tax When To Start You do not have to make estimated tax payments until you have income on which you will owe income tax. H&r block military tax If you have income subject to estimated tax during the first payment period, you must make your first payment by the due date for the first payment period. H&r block military tax You have several options when paying estimated taxes. H&r block military tax You can: apply an overpayment from the previous tax year, pay all your estimated tax by the due date of your first payment, or pay it in installments. H&r block military tax If you choose to pay in installments, make your first payment by the due date for the first payment period. H&r block military tax Make your remaining installment payments by the due dates for the later periods. H&r block military tax To avoid any estimated tax penalties, all installments must be paid by their due date and for the required amount. H&r block military tax No income subject to estimated tax during first period. H&r block military tax   If you do not have income subject to estimated tax until a later payment period, you must make your first payment by the due date for that period. H&r block military tax You can pay your entire estimated tax by the due date for that period or you can pay it in installments by the due date for that period and the due dates for the remaining periods. H&r block military tax Table 2-1 shows the dates for making installment payments. H&r block military tax    Table 2-1. H&r block military tax Due Dates for Estimated Tax Installment Payments If you first have income on which you must pay estimated tax: Make a payment  by:* Make later  installments  by:* Before April 1 April 15 June 16     Sept. H&r block military tax 15     Jan. H&r block military tax 15 next year April 1–May 31 June 16 Sept. H&r block military tax 15     Jan. H&r block military tax 15 next year June 1–Aug. H&r block military tax 31 Sept. H&r block military tax 15 Jan. H&r block military tax 15 next year After Aug. H&r block military tax 31 Jan. H&r block military tax 15 next year (None) *See January payment and Saturday, Sunday, holiday rule . H&r block military tax How much to pay to avoid penalty. H&r block military tax   To determine how much you should pay by each payment due date, see How To Figure Each Payment , later. H&r block military tax Farmers and Fishermen If at least two-thirds of your gross income for 2013 or 2014 is from farming or fishing, you have only one payment due date for your 2014 estimated tax, January 15, 2015. H&r block military tax The due dates for the first three payment periods, discussed under When To Pay Estimated Tax , earlier, do not apply to you. H&r block military tax If you file your 2014 Form 1040 by March 2, 2015, and pay all the tax you owe at that time, you do not need to make an estimated tax payment. H&r block military tax Fiscal year farmers and fishermen. H&r block military tax   If you are a farmer or fisherman, but your tax year does not start on January 1, you can either: Pay all your estimated tax by the 15th day after the end of your tax year, or File your return and pay all the tax you owe by the 1st day of the 3rd month after the end of your tax year. H&r block military tax How To Figure Each Payment After you have figured your total estimated tax, figure how much you must pay by the due date of each payment period. H&r block military tax You should pay enough by each due date to avoid a penalty for that period. H&r block military tax If you do not pay enough during any payment period, you may be charged a penalty even if you are due a refund when you file your tax return. H&r block military tax The penalty is discussed in chapter 4. H&r block military tax Regular Installment Method If your first estimated tax payment is due April 15, 2014, you can figure your required payment for each period by dividing your annual estimated tax due (line 16a of the 2014 Estimated Tax Worksheet (Worksheet 2-1)) by 4. H&r block military tax Enter this amount on line 17. H&r block military tax However, use this method only if your income is basically the same throughout the year. H&r block military tax Change in estimated tax. H&r block military tax   After you make an estimated tax payment, changes in your income, adjustments, deductions, credits, or exemptions may make it necessary for you to refigure your estimated tax. H&r block military tax Pay the unpaid balance of your amended estimated tax by the next payment due date after the change or in installments by that date and the due dates for the remaining payment periods. H&r block military tax If you do not receive your income evenly throughout the year, your required estimated tax payments may not be the same for each period. H&r block military tax See Annualized Income Installment Method . H&r block military tax Amended estimated tax. H&r block military tax If you refigure your estimated tax during the year, or if your first estimated tax payment is due after April 15, 2014, figure your required payment for each remaining payment period using Worksheet 2-14. H&r block military tax Example. H&r block military tax Early in 2014, Mira Roberts figures that her estimated tax due is $1,800. H&r block military tax She makes estimated tax payments on April 15 and June 16 of $450 each ($1,800 ÷ 4). H&r block military tax On July 10, she sells investment property at a gain. H&r block military tax Her refigured estimated tax is $4,100. H&r block military tax Her required estimated tax payment for the third payment period is $2,175, as shown in her filled-in Worksheet 2-14. H&r block military tax If Mira's estimated tax does not change again, her required estimated tax payment for the fourth payment period will be $1,025. H&r block military tax Worksheet 2-14. H&r block military tax Amended Estimated Tax Worksheet—Illustrated               1. H&r block military tax Amended total estimated tax due 1. H&r block military tax $4,100 2. H&r block military tax Multiply line 1 by:           50% (. H&r block military tax 50) if next payment is due June 16, 2014           75% (. H&r block military tax 75) if next payment is due September 15,  2014           100% (1. H&r block military tax 00) if next payment is due January 15,  2015 2. H&r block military tax 3,075     3. H&r block military tax Estimated tax payments for all previous periods 3. H&r block military tax 900     4. H&r block military tax Next required payment: Subtract line 3 from line 2 and enter the result (but not less than zero) here and on your payment voucher for your next required payment 4. H&r block military tax $2,175       Note. H&r block military tax If the payment on line 4 is due January 15, 2015, stop here. H&r block military tax Otherwise, go to line 5. H&r block military tax         5. H&r block military tax Add lines 3 and 4 5. H&r block military tax 3,075 6. H&r block military tax Subtract line 5 from line 1 and enter the result (but not less than zero) 6. H&r block military tax 1,025 7. H&r block military tax Each following required payment: If the payment on line 4 is due June 16, 2014, enter one-half of the amount on line 6 here and on the payment vouchers for your payments due September 15, 2014, and January 15, 2015. H&r block military tax If the amount on line 4 is due September 15, 2014, enter the amount from line 6 here and on the payment voucher for your payment due January 15, 2015 7. H&r block military tax $1,025 Worksheet 2-14. H&r block military tax Amended Estimated Tax Worksheet—Blank               1. H&r block military tax Amended total estimated tax due 1. H&r block military tax   2. H&r block military tax Multiply line 1 by:           50% (. H&r block military tax 50) if next payment is due June 16, 2014           75% (. H&r block military tax 75) if next payment is due September 15,  2014           100% (1. H&r block military tax 00) if next payment is due January 15,  2015 2. H&r block military tax       3. H&r block military tax Estimated tax payments for all previous periods 3. H&r block military tax       4. H&r block military tax Next required payment: Subtract line 3 from line 2 and enter the result (but not less than zero) here and on your payment voucher for your next required payment 4. H&r block military tax         Note. H&r block military tax If the payment on line 4 is due January 15, 2015, stop here. H&r block military tax Otherwise, go to line 5. H&r block military tax         5. H&r block military tax Add lines 3 and 4 5. H&r block military tax   6. H&r block military tax Subtract line 5 from line 1 and enter the result (but not less than zero) 6. H&r block military tax   7. H&r block military tax Each following required payment: If the payment on line 4 is due June 16, 2014, enter one-half of the amount on line 6 here and on the payment vouchers for your payments due September 15, 2014, and January 15, 2015. H&r block military tax If the amount on line 4 is due September 15, 2014, enter the amount from line 6 here and on the payment voucher for your payment due January 15, 2015 7. H&r block military tax   Underpayment penalty. H&r block military tax   The penalty is figured separately for each payment period. H&r block military tax If you figure your payments using the regular installment method and later refigure your payments because of an increase in income, you may be charged a penalty for underpayment of estimated tax for the period(s) before you changed your payments. H&r block military tax To see how you may be able to avoid or reduce this penalty, see Annualized Income Installment Method (Schedule AI) in chapter 4. H&r block military tax Annualized Income Installment Method If you do not receive your income evenly throughout the year (for example, your income from a repair shop you operate is much larger in the summer than it is during the rest of the year), your required estimated tax payment for one or more periods may be less than the amount figured using the regular installment method. H&r block military tax The annualized income installment method annualizes your tax at the end of each period based on a reasonable estimate of your income, deductions, and other items relating to events that occurred from the beginning of the tax year through the end of the period. H&r block military tax To see whether you can pay less for any period, complete the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9). H&r block military tax You first must complete the 2014 Estimated Tax Worksheet (Worksheet 2-1) through line 16b. H&r block military tax Use the result you figure on line 32 of Worksheet 2-9 to make your estimated tax payments and complete your payment vouchers. H&r block military tax Note. H&r block military tax If you use the annualized income installment method to figure your estimated tax payments, you must file Form 2210 with your 2014 tax return. H&r block military tax See Annualized Income Installment Method (Schedule AI) in chapter 4 for more information. H&r block military tax Instructions for the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9) Use Worksheet 2-9 to help you follow these instructions. H&r block military tax The purpose of this worksheet is to determine your estimated tax liability as your income accumulates throughout the year, rather than dividing your entire year's estimated tax liability by four as if your income was earned equally throughout the year. H&r block military tax The top of the worksheet shows the dates for each payment period. H&r block military tax The periods build; that is, each period includes all previous periods. H&r block military tax After the end of each payment period, complete the corresponding worksheet column to figure the payment due for that period. H&r block military tax Line 1. H&r block military tax   Enter your AGI for the period. H&r block military tax This is your gross income for the period, including your share of partnership or S corporation income or loss, minus your adjustments to income for that period. H&r block military tax See Expected AGI—Line 1 , earlier. H&r block military tax Self-employment income. H&r block military tax   If you had self-employment income, first complete Section B of this worksheet. H&r block military tax Use the amounts on line 43 when figuring your expected AGI to enter in each column of Section A, line 1. H&r block military tax Line 4. H&r block military tax   Be sure to consider all deduction limits figured on Schedule A (Form 1040), such as reducing your medical expenses by 10% (7. H&r block military tax 5% if either you or your spouse was born before January 2, 1950) or reducing certain miscellaneous deductions by 2% of your AGI. H&r block military tax Figure your deduction limits using your expected AGI in the corresponding column of line 1 (2014 Annualized Estimated Tax Worksheet (Worksheet 2-9)). H&r block military tax Line 6. H&r block military tax   Multiply line 4 by line 5 and enter the result on line 6 unless line 3 is more than $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. H&r block military tax In that case, use Worksheet 2-10 to figure the amount to enter on line 6. H&r block military tax Complete Worksheet 2–10 for each period, as necessary. H&r block military tax Line 7. H&r block military tax   If you will not itemize your deductions, use Worksheet 2-4 to figure your standard deduction. H&r block military tax Line 10. H&r block military tax   Multiply $3,950 by your total expected exemptions and enter the result on line 10 unless line 3 is more than $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. H&r block military tax   In that case, use Worksheet 2-11 to figure the amount to enter on line 10. H&r block military tax Line 12. H&r block military tax   Generally, you will use the Tax Rate Schedules to figure the tax on your annualized income. H&r block military tax However, see below for situations where you must use a different method to compute your estimated tax. H&r block military tax Tax on child's investment income. H&r block military tax   You must use a special method to figure tax on the income of the following children who have more than $2,000 of investment income. H&r block military tax Children under age 18 at the end of 2014. H&r block military tax The following children if their earned income is not more than half their support. H&r block military tax Children age 18 at the end of 2014. H&r block military tax Children who are full-time students over age 18 and under age 24 at the end of 2014. H&r block military tax See Publication 929. H&r block military tax Tax on net capital gain. H&r block military tax   The regular income tax rates for individuals do not apply to a net capital gain. H&r block military tax Instead, your net capital gain is taxed at a lower maximum rate. H&r block military tax   The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. H&r block military tax Tax on qualified dividends and capital gains. H&r block military tax   For 2014, your capital gain and dividends rate will depend on your income. H&r block military tax Tax on capital gain or qualified dividends. H&r block military tax If the amount on line 1 includes a net capital gain or qualified dividends, use Worksheet 2-12 to figure the amount to enter on line 12. H&r block military tax Tax if excluding foreign earned income or excluding or deducting foreign housing. H&r block military tax If you expect to claim the foreign earned income exclusion or the housing exclusion or deduction on Form 2555 or Form 2555-EZ, use Worksheet 2-13 to figure the amount to enter on line 12. H&r block military tax Line 13. H&r block military tax   If you file Form 1040, add the tax from Forms 8814, 4972, and 6251 for the period. H&r block military tax If you file Form 1040A, add the amount from the Alternative Minimum Tax Worksheet found in the instructions. H&r block military tax Also include any recapture of an education credit for each period. H&r block military tax You may owe this tax if you claimed an education credit in an earlier year and you received either tax-free educational assistance or a refund of qualifying expenses for the same student after filing your 2013 return. H&r block military tax   Use the 2013 forms or worksheets to see if you will owe any of the taxes discussed above. H&r block military tax Figure the tax based on your income and deductions during the period shown in the column headings. H&r block military tax Multiply this amount by the annualization amounts shown for each column on line 2 of the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9). H&r block military tax Enter the result on line 13 of this worksheet. H&r block military tax Line 15. H&r block military tax   Include all the nonrefundable credits you expect to claim because of events that will occur during the period. H&r block military tax Note. H&r block military tax When figuring your credits for each period, annualize any item of income or deduction to figure each credit. H&r block military tax For example, if you need to use your AGI to figure a credit, use line 3 of Worksheet 2-9 to figure the credit for each column. H&r block military tax Line 18. H&r block military tax   Add your expected other taxes. H&r block military tax   Other taxes include the following. H&r block military tax Additional tax on early distributions from: An IRA or other qualified retirement plan, A tax-sheltered annuity, or A modified endowment contract entered into after June 20, 1988. H&r block military tax Household employment taxes if: You will have federal income tax withheld from wages, pensions, annuities, gambling winnings, or other income, or You would be required to make estimated tax payments even if you did not include household employment taxes when figuring your estimated tax. H&r block military tax Amounts on Form 1040 written on the line for “other taxes” (line 60 on the 2013 Form 1040). H&r block military tax But do not include recapture of a federal mortgage subsidy; tax on excess golden parachute payments; look-back interest due under section 167(g) or 460(b) of the Internal Revenue Code; excise tax on insider stock compensation from an expatriated corporation; uncollected social security, Medicare, or RRTA tax on tips or group-term life insurance; or additional tax on advance payments of health coverage tax credit when not eligible. H&r block military tax Repayment of the first-time homebuyer credit if the home will cease to be your main home in 2014. H&r block military tax See Form 5405 for exceptions. H&r block military tax Additional Medicare Tax. H&r block military tax A 0. H&r block military tax 9% Additional Medicare Tax applies to your combined Medicare wages and self-employment income and/or your RRTA compensation that exceeds the amount listed in the following chart, based on your filing status. H&r block military tax Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household $200,000 Qualifying Widow(er) $200,000 Medicare wages and self-employment income are combined to determine if your income exceeds the threshold. H&r block military tax A self-employment loss should not be considered for purposes of this tax. H&r block military tax RRTA compensation should be separately compared to the threshold. H&r block military tax Your employer is responsible for withholding the 0. H&r block military tax 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays you in excess of $200,000 in 2014. H&r block military tax You should consider this withholding, if applicable, in determining whether you need to make an estimated payment. H&r block military tax For more information on Additional Medicare Tax, go to IRS. H&r block military tax gov and enter “Additional Medicare Tax” in the search box. H&r block military tax Net Investment Income Tax (NIIT). H&r block military tax The NIIT is 3. H&r block military tax 8% of the lesser of your net investment income or the excess of your modified adjusted gross income over a specified threshold amount. H&r block military tax Threshold amounts: Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household $200,000 Qualifying Widow(er) $250,000 For more information on Net Investment Income Tax, go to IRS. H&r block military tax gov and enter “Net Investment Income Tax” in the search box. H&r block military tax Line 20. H&r block military tax   Include all the refundable credits (other than withholding credits) you can claim because of events that occurred during the period. H&r block military tax Note. H&r block military tax When figuring your refundable credits for each period, annualize any item of income or deduction used to figure each credit. H&r block military tax Line 29. H&r block military tax   If line 28 is smaller than line 25 and you are not certain of the estimate of your 2014 tax, you can avoid a penalty by entering the amount from line 25 on line 29. H&r block military tax Line 31. H&r block military tax   For each period, include estimated tax payments made and any excess social security and railroad retirement tax. H&r block military tax   Also include estimated federal income tax withholding. H&r block military tax One-fourth of your estimated withholding is considered withheld on the due date of each payment period. H&r block military tax To figure the amount to include on line 31 for each period, multiply your total expected withholding for 2014 by: 25% (. H&r block military tax 25) for the first period, 50% (. H&r block military tax 50) for the second period, 75% (. H&r block military tax 75) for the third period, and 100% (1. H&r block military tax 00) for the fourth period. H&r block military tax   However, you may choose to include your withholding according to the actual dates on which the amounts will be withheld. H&r block military tax For each period, include withholding made from the beginning of the period up to and including the payment due date. H&r block military tax You can make this choice separately for the taxes withheld from your wages and all other withholding. H&r block military tax For an explanation of what to include in withholding, see Total Estimated Tax Payments Needed—Line 16a , earlier. H&r block military tax Nonresident aliens. H&r block military tax   If you will file Form 1040NR and you do not receive wages as an employee subject to U. H&r block military tax S. H&r block military tax income tax withholding, the instructions for the worksheet are modified as follows. H&r block military tax Skip column (a). H&r block military tax On line 1, enter your income for the period that is effectively connected with a U. H&r block military tax S. H&r block military tax trade or business. H&r block military tax On line 21, increase your entry by the amount determined by multiplying your income for the period that is not effectively connected with a U. H&r block military tax S. H&r block military tax trade or business by the following. H&r block military tax 72% for column (b). H&r block military tax 45% for column (c). H&r block military tax 30% for column (d). H&r block military tax However, if you can use a treaty rate lower than 30%, use the percentages determined by multiplying your treaty rate by 2. H&r block military tax 4, 1. H&r block military tax 5, and 1, respectively. H&r block military tax On line 26, enter one-half of the amount from line 16c of the Form 1040-ES (NR) 2014 Estimated Tax Worksheet in column (b), and one-fourth in columns (c) and (d) of Worksheet 2-9. H&r block military tax On lines 24 and 27, skip column (b). H&r block military tax On line 31, if you do not use the actual withholding method, include one-half of your total expected withholding in column (b) and one-fourth in columns (c) and (d). H&r block military tax See Publication 519 for more information. H&r block military tax Estimated Tax Payments Not Required You do not have to pay estimated tax if your withholding in each payment period is at least as much as: One-fourth of your required annual payment, or Your required annualized income installment for that period. H&r block military tax You also do not have to pay estimated tax if you will pay enough through withholding to keep the amount you will owe with your return under $1,000. H&r block military tax How To Pay Estimated Tax There are several ways to pay estimated tax. H&r block military tax Credit an overpayment on your 2013 return to your 2014 estimated tax. H&r block military tax Pay by direct transfer from your bank account, or pay by credit or debit card using a pay-by-phone system or the Internet. H&r block military tax Send in your payment (check or money order) with a payment voucher from Form 1040-ES. H&r block military tax Credit an Overpayment If you show an overpayment of tax after completing your Form 1040 or Form 1040A for 2013, you can apply part or all of it to your estimated tax for 2014. H&r block military tax On Form 1040, or Form 1040A, enter the amount you want credited to your estimated tax rather than refunded. H&r block military tax Take the amount you have credited into account when figuring your estimated tax payments. H&r block military tax If you timely file your 2013 return, treat the credit as a payment made on April 15, 2014. H&r block military tax If you are a beneficiary of an estate or trust, and the trustee elects to credit 2014 trust payments of estimated tax to you, you can treat the amount credited as paid by you on January 15, 2015. H&r block military tax If you choose to have an overpayment of tax credited to your estimated tax, you cannot have any of that amount refunded to you until you file your tax return for the following year. H&r block military tax You also cannot use that overpayment in any other way. H&r block military tax Example. H&r block military tax When Kathleen finished filling out her 2013 tax return, she saw that she had overpaid her taxes by $750. H&r block military tax Kathleen knew she would owe additional tax in 2014. H&r block military tax She credited $600 of the overpayment to her 2014 estimated tax and had the remaining $150 refunded to her. H&r block military tax In September, she amended her 2013 return by filing Form 1040X, Amended U. H&r block military tax S. H&r block military tax Individual Income Tax Return. H&r block military tax It turned out that she owed $250 more in tax than she had thought. H&r block military tax This reduced her 2013 overpayment from $750 to $500. H&r block military tax Because the $750 had already been applied to her 2014 estimated tax or refunded to her, the IRS billed her for the additional $250 she owed, plus penalties and interest. H&r block military tax Kathleen could not use any of the $600 she had credited to her 2014 estimated tax to pay this bill. H&r block military tax Pay Online Paying online is convenient and secure and helps make sure we get your payments on time. H&r block military tax You can make your estimated tax payments online when you e-file or at any time during the year. H&r block military tax You can pay using either of the following electronic payment methods. H&r block military tax Direct transfer from your bank account. H&r block military tax Credit or debit card. H&r block military tax To pay your taxes online or for more information, go to www. H&r block military tax irs. H&r block military tax gov/e-pay. H&r block military tax Pay by Phone Paying by phone is another safe and secure method of paying electronically. H&r block military tax Use one of the following methods. H&r block military tax Direct transfer from your bank account. H&r block military tax Credit or debit card. H&r block military tax To pay by direct transfer from your bank account, call EFTPS Customer Service at 1-800-555-4477 (English), 1-800-244-4829 (Espanol), or TTY/TDD 1-800-733-4829. H&r block military tax To pay using a credit or debit card, you can call one of the following service providers. H&r block military tax There is a convenience fee charged by these providers that varies by provider, card type, and payment amount. H&r block military tax WorldPay 1-888-9-PAY-TAXTM (1-888-972-9829) www. H&r block military tax payUSAtax. H&r block military tax com Official Payments Corporation 1-888-UPAY-TAXTM (1-888-872-9829) www. H&r block military tax officialpayments. H&r block military tax com Link2GOV Corporation 1-888-PAY-1040TM (1-888-729-1040) www. H&r block military tax PAY1040. H&r block military tax com For the latest details on how to pay by phone, go to www. H&r block military tax irs. H&r block military tax gov/e-pay. H&r block military tax Pay by Check or Money Order Using the Estimated Tax Payment Voucher Each payment of estimated tax by check or money order must be accompanied by a payment voucher from Form 1040-ES. H&r block military tax If you use your own envelopes (and not the window envelope that comes with the 1040-ES package), make sure you mail your payment vouchers to the address shown in the Form 1040-ES instructions for the place where you live. H&r block military tax Do not use the address shown in the Form 1040 or Form 1040A instructions. H&r block military tax If you did not pay estimated tax last year, get a copy of Form 1040-ES from the IRS (see chapter 5). H&r block military tax Follow the instructions to make sure you use the vouchers correctly. H&r block military tax Joint estimated tax payments. H&r block military tax    If you file a joint return and are making joint estimated tax payments, enter the names and social security numbers on the payment voucher in the same order as they will appear on the joint return. H&r block military tax Change of address. H&r block military tax    You must notify the IRS if you are making estimated tax payments and you changed your address during the year. H&r block military tax Complete Form 8822, Change of Address, and mail it to the address shown in the instructions for that form. H&r block military tax Worksheets for Chapter 2 Use the following worksheets and tables to figure your correct estimated tax. H&r block military tax IF you need. H&r block military tax . H&r block military tax . H&r block military tax THEN use. H&r block military tax . H&r block military tax . H&r block military tax 2014 Tax Rate Schedules   the 2014 Estimated Tax Worksheet Worksheet 2-1 to estimate your taxable social security and railroad retirement benefits—line 1 of ES Worksheet (or Annualized ES Worksheet (Worksheet 2-9)) Worksheet 2-2 to estimate your self-employment (SE) tax and your deduction for SE tax—lines 1 and 11 of ES Worksheet (lines 1 and 17 of Annualized ES Worksheet (Worksheet 2-9)) Worksheet 2-3 to estimate your standard deduction—line 2 of ES Worksheet (line 7 of Annualized ES Worksheet (Worksheet 2-9)) Worksheet 2-4 to reduce your itemized deductions because your estimated AGI is more than $152,525—line 2 of ES Worksheet Worksheet 2-5 to reduce your exemption amount because your estimated AGI is more than $152,525—line 4 of ES Worksheet Worksheet 2-6 to estimate your income tax if line 1 of your ES Worksheet includes a net capital gain or qualified dividends—line 6 of ES Worksheet Worksheet 2-7 to estimate your income tax if you expect to claim a foreign earned income exclusion or foreign housing exclusion or deduction on Form 2555 or Form 2555-EZ—line 6 of ES Worksheet Worksheet 2-8 the 2014 Annualized Estimated Tax Worksheet (Annualized ES Worksheet) Worksheet 2-9 to reduce your itemized deductions because your estimated annualized AGI is more than $152,525—line 6 of Annualized ES Worksheet Worksheet 2-10 to reduce your exemption amount because your estimated annualized AGI is more than $152,525—line 10 of Annualized ES Worksheet Worksheet 2-11 to estimate your income tax if line 1 of your Annualized ES Worksheet includes a net capital gain or qualified dividends—line 12 of Annualized ES Worksheet Worksheet 2-12 to estimate your income tax if you expect to claim a foreign earned income exclusion or foreign housing exclusion or deduction on Form 2555 or Form 2555-EZ—line 12 of Annualized ES Worksheet Worksheet 2-13 to refigure (amend) your estimated tax during the year Worksheet 2-14 2014 Tax Rate Schedules Do not use these Tax Rate Schedules to figure your 2013 taxes. H&r block military tax Use them only to figure your 2014 estimated taxes. H&r block military tax Schedule X—Use if your 2014 filing status is  Single Schedule Z—Use if your 2014 filing status is Head of household If line 5 is: The tax is:     If line 5 is: The tax is:     Over— But not  over—         of the  amount  over— Over— But not  over—         of the  amount  over— $0 $9,075     10. H&r block military tax 0%   $0 $0 $12,950     10. H&r block military tax 0%   $0 9,075 36,900 $907. H&r block military tax 50 + 15. H&r block military tax 0%   9,075 12,950 49,400 $1,295. H&r block military tax 00 + 15. H&r block military tax 0%   12,950 36,900 89,350 5,081. H&r block military tax 25 + 25. H&r block military tax 0%   36,900 49,400 127,550 6,762. H&r block military tax 50 + 25. H&r block military tax 0%   49,400 89,350 186,350 18,193. H&r block military tax 75 + 28. H&r block military tax 0%   89,350 127,550 206,600 26,300. H&r block military tax 00 + 28. H&r block military tax 0%   127,550 186,350 405,100 45,353. H&r block military tax 75 + 33. H&r block military tax 0%   186,350 206,600 405,100 48,434. H&r block military tax 00 + 33. H&r block military tax 0%   206,600 405,100 406,750 117,541. H&r block military tax 25 + 35. H&r block military tax 0%   405,100 405,100 432,200 113,939. H&r block military tax 00 + 35. H&r block military tax 0%   405,100 406,750 - - - - - - 118,118. H&r block military tax 75 + 39. H&r block military tax 6%   406,750 432,200 - - - - - - 123,424. H&r block military tax 00 + 39. H&r block military tax 6%   432,200 Schedule Y-1—Use if your 2014 filing status is Married filing jointly or Qualifying widow(er) Schedule Y-2—Use if your 2014 filing status is  Married filing separately If line 5 is: The tax is:     If line 5 is: The tax is:     Over— But not  over—         of the  amount  over— Over— But not  over—         of the  amount  over— $0 $18,150     10. H&r block military tax 0%   $0 $0 $9,075     10. H&r block military tax 0%   $0 18,150 73,800 $1,815. H&r block military tax 00 + 15. H&r block military tax 0%   18,150 9,075 36,900 $907. H&r block military tax 50 + 15. H&r block military tax 0%   9,075 73,800 148,850 10,162. H&r block military tax 50 + 25. H&r block military tax 0%   73,800 36,900 74,425 5,081. H&r block military tax 25 + 25. H&r block military tax 0%   36,900 148,850 226,850 28,925. H&r block military tax 00 + 28. H&r block military tax 0%   148,850 74,425 113,425 14,462. H&r block military tax 50 + 28. H&r block military tax 0%   74,425 226,850 405,100 50,765. H&r block military tax 00 + 33. H&r block military tax 0%   226,850 113,425 202,550 25,382. H&r block military tax 50 + 33. H&r block military tax 0%   113,425 405,100 457,600 109,587. H&r block military tax 50 + 35. H&r block military tax 0%   405,100 202,550 228,800 54,793. H&r block military tax 75 + 35. H&r block military tax 0%   202,550 457,600 - - - - - - 127,962. H&r block military tax 50 + 39. H&r block military tax 6%   457,600 228,800 - - - - - - 63,981. H&r block military tax 25 + 39. H&r block military tax 6%   228,800                             Worksheet 2-1. H&r block military tax 2014 Estimated Tax Worksheet When this worksheet refers you to instructions, you can find those instructions in the Instructions for 2014 Form 1040-ES. H&r block military tax 1 Adjusted gross income you expect in 2014 (see instructions) 1     2 If you plan to itemize deductions, enter the estimated total of your itemized deductions. H&r block military tax  Caution: If line 1 is over $152,525, your deduction may be reduced. H&r block military tax See Worksheet 2-5. H&r block military tax If you do not plan to itemize deductions, enter your standard deduction. H&r block military tax 2     3 Subtract line 2 from line 1 3     4 Exemptions. H&r block military tax Multiply $3,950 by the number of personal exemptions. H&r block military tax  Caution: If line 1 is over $152,525, the amount of your personal exemptions may be limited. H&r block military tax See Worksheet 2-6. H&r block military tax 4     5 Subtract line 4 from line 3 5     6 Tax. H&r block military tax Figure your tax on the amount on line 5 by using the 2014 Tax Rate Schedules Caution: If you will have qualified dividends or a net capital gain, or expect to exclude or deduct foreign earned income or housing, see Worksheets 2-7 and 2-8 to figure the tax 6     7 Alternative minimum tax from Form 6251 or included on Form 1040A, line 28 7     8 Add lines 6 and 7. H&r block military tax Add to this amount any other taxes you expect to include in the total on Form 1040, line 44 8     9 Credits (see instructions). H&r block military tax Do not include any income tax withholding on this line 9     10 Subtract line 9 from line 8. H&r block military tax If zero or less, enter -0- 10     11 Self-employment tax (see instructions) 11     12 Other taxes including, if applicable, Additional Medicare Tax and/or NIIT (see instructions) 12     13a Add lines 10 through 12 13a     b Earned income credit, additional child tax credit, fuel tax credit, and refundable American opportunity credit 13b     c Total 2014 estimated tax. H&r block military tax Subtract line 13b from line 13a. H&r block military tax If zero or less, enter -0- ▶ 13c     14a Multiply line 13c by 90% (662/3% for farmers and fishermen) 14a           b Required annual payment based on prior year's tax (see instructions) 14b           c Required annual payment to avoid a penalty. H&r block military tax Enter the smaller of line 14a or 14b ▶ 14c        Caution: Generally, if you do not prepay (through income tax withholding and estimated tax payments) at least the amount on line 14c, you may owe a penalty for not paying enough estimated tax. H&r block military tax To avoid a penalty, make sure your estimate on line 13c is as accurate as possible. H&r block military tax Even if you pay the required annual payment, you may still owe tax when you file your return. H&r block military tax If you prefer, you can pay the amount shown on line 13c. H&r block military tax                         15 Income tax withheld and estimated to be withheld during 2014 (including income tax withholding on pensions, annuities, certain deferred income, etc. H&r block military tax ) 15     16a Subtract line 15 from line 14c 16a             Is the result zero or less? □ Yes. H&r block military tax Stop here. H&r block military tax You are not required to make estimated tax payments. H&r block military tax  □ No. H&r block military tax Go to line 16b. H&r block military tax             b Subtract line 15 from line 13c 16b             Is the result less than $1,000? □ Yes. H&r block military tax Stop here. H&r block military tax You are not required to make estimated tax payments. H&r block military tax  □ No. H&r block military tax Go to line 17 to figure your required payment. H&r block military tax                         17 If the first payment you are required to make is due April 15, 2014, enter ¼ of line 16a (minus any 2013 overpayment that you are applying to this installment) here, and on your estimated tax payment voucher(s) if you are paying by check or money order 17     Worksheet 2-2. H&r block military tax 2014 Estimated Tax Worksheet—Line 1 Estimated Taxable Social Security and Railroad Retirement Benefits Note. H&r block military tax If you are using this worksheet to estimate your taxable social security or railroad retirement benefits for Worksheet 2-9, 2014 Annualized Estimated Tax Worksheet, multiply the expected amount of benefits for each period by the annualization amount shown on Worksheet 2-9, line 2, for the same period before entering it on line 1 below. H&r block military tax     1. H&r block military tax Enter your expected social security and railroad retirement benefits 1. H&r block military tax   2. H&r block military tax Enter one-half of line 1 2. H&r block military tax   3. H&r block military tax Enter your expected total income. H&r block military tax Do not include any social security and railroad retirement benefits, nontaxable interest income, nontaxable IRA distributions, or nontaxable pension distributions 3. H&r block military tax   4. H&r block military tax Enter your expected nontaxable interest income 4. H&r block military tax   5. H&r block military tax Enter (as a positive amount) the total of any expected exclusions or deductions for: U. H&r block military tax S. H&r block military tax savings bond interest used for higher education expenses (Form 8815) Employer-provided adoption benefits (Form 8839) Foreign earned income or housing (Form 2555 or 2555-EZ) Income by bona fide residents of American Samoa (Form 4563) or Puerto Rico 5. H&r block military tax   6. H&r block military tax Add lines 2, 3, 4, and 5 6. H&r block military tax   7. H&r block military tax Enter your expected adjustments to income. H&r block military tax Do not include any student loan interest deduction 7. H&r block military tax   8. H&r block military tax Subtract line 7 from line 6. H&r block military tax If zero or less, stop here. H&r block military tax  Note. H&r block military tax Do not include any social security or railroad retirement benefits in the amount on line 1 of your 2014 Estimated Tax Worksheet (Worksheet 2-1) (or Annualized Estimated Tax Worksheet (Worksheet 2-9)) 8. H&r block military tax   9. H&r block military tax Enter $25,000 ($32,000 if you expect to file married filing jointly; $0 if you expect to file married filing separately and expect to live with your spouse at any time during the year) 9. H&r block military tax   10. H&r block military tax Subtract line 9 from line 8. H&r block military tax If zero or less, stop here. H&r block military tax  Note. H&r block military tax Do not include any social security or railroad retirement benefits in the amount on line 1 of your Worksheet 2-1 (or Annualized Estimated Tax Worksheet (Worksheet 2-9)) 10. H&r block military tax   11. H&r block military tax Enter $9,000 ($12,000 if you expect to file married filing jointly; $0 if you expect to file married filing separately and expect to live with your spouse at any time during the year) 11. H&r block military tax   12. H&r block military tax Subtract line 11 from line 10. H&r block military tax If zero or less, enter -0- 12. H&r block military tax   13. H&r block military tax Enter the smaller of line 10 or line 11 13. H&r block military tax   14. H&r block military tax Enter one-half of line 13 14. H&r block military tax   15