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Hrblock 1040xHrblock 1040x 15. Hrblock 1040x Estimated Tax Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Special Estimated Tax Rules for Qualified FarmersQualified Farmer Special Rules for Qualified Farmers Estimated Tax Penalty for 2013 What's New Net Investment Income Tax. Hrblock 1040x . Hrblock 1040x For tax years beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Hrblock 1040x NIIT is a 3. Hrblock 1040x 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Hrblock 1040x NIIT may need to be included when calculating your estimated tax. Hrblock 1040x For more information, see Publication 505,Tax Withholding and Estimated Tax. Hrblock 1040x Additional Medicare Tax. Hrblock 1040x For tax years beginning in 2013, a 0. Hrblock 1040x 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income over a threshold amount based on your filing status. Hrblock 1040x You may need to include this amount when figuring your estimated tax. Hrblock 1040x For more information, see Publication 505. Hrblock 1040x Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. Hrblock 1040x See Publication 505 for the general rules and requirements for paying estimated tax. Hrblock 1040x If you are a qualified farmer, defined below, you are subject to the special rules covered in this chapter for paying estimated tax. Hrblock 1040x Topics - This chapter discusses: Special estimated tax rules for qualified farmers Estimated tax penalty Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Hrblock 1040x S. Hrblock 1040x Individual Income Tax Return 1040-ES Estimated Tax for Individuals 2210-F Underpayment of Estimated Tax by Farmers and Fishermen See chapter 16 for information about getting publications and forms. Hrblock 1040x Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. Hrblock 1040x If you are not a qualified farmer as defined next, see Publication 505 for the estimated tax rules that apply. Hrblock 1040x Qualified Farmer An individual is a qualified farmer for 2013 if at least two-thirds of his or her gross income from all sources for 2012 or 2013 was from farming. Hrblock 1040x See Gross Income , next, for information on how to figure your gross income from all sources and see Gross Income From Farming , later, for information on how to figure your gross income from farming. Hrblock 1040x See also Percentage From Farming , later, for information on how to determine the percentage of your gross income from farming. Hrblock 1040x Gross Income Gross income is all income you receive in the form of money, goods, property, and services that is not exempt from income tax. Hrblock 1040x On a joint return, you must add your spouse's gross income to your gross income. Hrblock 1040x To decide whether two-thirds of your gross income was from farming, use as your gross income the total of the following income (not loss) amounts from your tax return. Hrblock 1040x Wages, salaries, tips, etc. Hrblock 1040x Taxable interest. Hrblock 1040x Ordinary dividends. Hrblock 1040x Taxable refunds, credits, or offsets of state and local income taxes. Hrblock 1040x Alimony. Hrblock 1040x Gross business income from Schedule C (Form 1040). Hrblock 1040x Gross business receipts from Schedule C-EZ (Form 1040). Hrblock 1040x Capital gains from Schedule D (Form 1040). Hrblock 1040x Losses are not netted against gains. Hrblock 1040x Gains on sales of business property. Hrblock 1040x Taxable IRA distributions, pensions, annuities, and social security benefits. Hrblock 1040x Gross rental income from Schedule E (Form 1040). Hrblock 1040x Gross royalty income from Schedule E (Form 1040). Hrblock 1040x Taxable net income from an estate or trust reported on Schedule E (Form 1040). Hrblock 1040x Income from a Real Estate Mortgage Investment Conduit reported on Schedule E (Form 1040). Hrblock 1040x Gross farm rental income from Form 4835. Hrblock 1040x Gross farm income from Schedule F (Form 1040). Hrblock 1040x Your distributive share of gross income from a partnership, or limited liability company treated as a partnership, from Schedule K-1 (Form 1065). Hrblock 1040x Your pro rata share of gross income from an S corporation, from Schedule K-1 (Form 1120S). Hrblock 1040x Unemployment compensation. Hrblock 1040x Other income not included with any of the items listed above. Hrblock 1040x Gross Income From Farming Gross income from farming is income from cultivating the soil or raising agricultural commodities. Hrblock 1040x It includes the following amounts. Hrblock 1040x Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Hrblock 1040x Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Hrblock 1040x Crop shares for the use of your land. Hrblock 1040x Gains from sales of draft, breeding, dairy, or sporting livestock. Hrblock 1040x Gross income from farming is the total of the following amounts from your tax return. Hrblock 1040x Gross farm income from Schedule F (Form 1040). Hrblock 1040x Gross farm rental income from Form 4835. Hrblock 1040x Gross farm income from Schedule E (Form 1040), Parts II and III. Hrblock 1040x Gains from the sale of livestock used for draft, breeding, sport, or dairy purposes reported on Form 4797. Hrblock 1040x For more information about income from farming, see chapter 3. Hrblock 1040x Farm income does not include any of the following: Wages you receive as a farm employee. Hrblock 1040x Income you receive from contract grain harvesting and hauling with workers and machines you furnish. Hrblock 1040x Gains you receive from the sale of farm land and depreciable farm equipment. Hrblock 1040x Percentage From Farming Figure your gross income from all sources, discussed earlier. Hrblock 1040x Then figure your gross income from farming, discussed earlier. Hrblock 1040x Divide your farm gross income by your total gross income to determine the percentage of gross income from farming. Hrblock 1040x Example 1. Hrblock 1040x Jane Smith had the following total gross income and farm gross income amounts in 2013. Hrblock 1040x Gross Income Total Farm Taxable interest $3,000 Dividends 500 Rental income (Sch E) 41,500 Farm income (Sch F) 75,000 $75,000 Gain (Form 4797) 5,000 5,000 Total $125,000 $80,000 Schedule D showed gain from the sale of dairy cows carried over from Form 4797 ($5,000) in addition to a loss from the sale of corporate stock ($2,000). Hrblock 1040x However, that loss is not netted against the gain to figure Ms. Hrblock 1040x Smith's total gross income or her gross farm income. Hrblock 1040x Her gross farm income is 64% of her total gross income ($80,000 ÷ $125,000 = 0. Hrblock 1040x 64). Hrblock 1040x Special Rules for Qualified Farmers The following special estimated tax rules apply if you are a qualified farmer for 2013. Hrblock 1040x You do not have to pay estimated tax if you file your 2013 tax return and pay all the tax due by March 3, 2014. Hrblock 1040x You do not have to pay estimated tax if your 2013 income tax withholding (including any amount applied to your 2013 estimated tax from your 2012 return) will be at least 662/3% (. Hrblock 1040x 6667) of the total tax shown on your 2013 tax return or 100% of the total tax shown on your 2012 return. Hrblock 1040x If you must pay estimated tax, you are required to make only one estimated tax payment (your required annual payment) by January 15, 2014, using special rules to figure the amount of the payment. Hrblock 1040x See Required Annual Payment , next, for details. Hrblock 1040x Figure 15-1 presents an overview of the special estimated tax rules that apply to qualified farmers. Hrblock 1040x Example 2. Hrblock 1040x Assume the same fact as in Example 1. Hrblock 1040x Ms. Hrblock 1040x Smith's gross farm income is only 64% of her total income. Hrblock 1040x Therefore, based on her 2013 income, she does not qualify to use the special estimated tax rules for qualified farmers. Hrblock 1040x However, she does qualify if at least two-thirds of her 2012 gross income was from farming. Hrblock 1040x Example 3. Hrblock 1040x Assume the same facts as in Example 1 except that Ms. Hrblock 1040x Smith's farm income from Schedule F was $90,000 instead of $75,000. Hrblock 1040x This made her total gross income $140,000 ($3,000 + $500 + $41,500 + $90,000 + $5,000) and her farm gross income $95,000 ($90,000 + $5,000). Hrblock 1040x She qualifies to use the special estimated tax rules for qualified farmers, since 67. Hrblock 1040x 9% (at least two-thirds) of her gross income is from farming ($95,000 ÷ $140,000 = . Hrblock 1040x 679). Hrblock 1040x Required Annual Payment If you are a qualified farmer and must pay estimated tax for 2013, use the worksheet on Form 1040-ES to figure the amount of your required annual payment. Hrblock 1040x Apply the following special rules for qualified farmers to the worksheet. Hrblock 1040x On line 14a, multiply line 13c by 662/3% (. Hrblock 1040x 6667). Hrblock 1040x On line 14b, enter 100% of the tax shown on your 2012 tax return regardless of the amount of your adjusted gross income. Hrblock 1040x For this purpose, the “tax shown on your 2012 tax return” is the amount on line 61 of your 2012 return modified by certain adjustments. Hrblock 1040x For more information, see chapter 4 of Publication 505. Hrblock 1040x Estimated Tax Penalty for 2013 If you do not pay all your required estimated tax for 2013 by January 15, 2014, or file your 2013 return and pay any tax due by March 3, 2014, you may owe a penalty. Hrblock 1040x Use Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to determine if you owe a penalty. Hrblock 1040x See the instructions for Form 2210-F. Hrblock 1040x Figure 15-1. Hrblock 1040x Estimated Tax for Farmers Please click here for the text description of the image. Hrblock 1040x Figure 2–A If you receive a penalty notice, do not ignore it, even if you think it is in error. Hrblock 1040x You may get a penalty notice even though you filed your return on time, attached Form 2210-F, and met the gross-income-from-farming requirement. Hrblock 1040x If you receive a penalty notice for underpaying estimated tax and you think it is in error, write to the address on the notice and explain why you think the notice is in error. Hrblock 1040x Include a computation similar to the one in Example 1 (earlier), showing that you met the gross income from farming requirement. Hrblock 1040x Prev Up Next Home More Online Publications
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