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Military Turbotax

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Military Turbotax

Military turbotax Part Two -   Ingresos Los ocho capítulos de esta sección abordan distintos tipos de ingresos. Military turbotax Explican cuáles ingresos están y cuáles no están sujetos a impuestos. Military turbotax Vea la Parte Tres para información sobre ganancias y pérdidas que se declaran en el Formulario 8949 y el Anexo D (Formulario 1040) y para información que debe saber al vender su vivienda. Military turbotax Table of Contents 5. Military turbotax   Salarios, Sueldos y Otros IngresosRecordatorio Introduction Useful Items - You may want to see: Remuneración del EmpleadoNiñeras. Military turbotax Otras Clases de Remuneración Beneficios Marginales Aportaciones a un Plan de Jubilación Opciones de Compra de Acciones Bienes Restringidos Reglas Especiales para Algunos EmpleadosClero Miembros de Órdenes Religiosas Empleador Extranjero Fuerzas Armadas Voluntarios Beneficios por Enfermedad y LesionesPensiones por Incapacidad Contratos de Seguro de Cuidados a Largo Plazo Compensación del Seguro Obrero Otros Beneficios por Enfermedad y Lesiones 6. Military turbotax   Ingresos de PropinasIntroduction Useful Items - You may want to see: Cómo Mantener un Registro Diario de PropinasRegistro electrónico de propinas. Military turbotax Cómo Declarar las Propinas a su EmpleadorInforme electrónico de propinas. Military turbotax Declaración final. Military turbotax Cómo se Declaran las Propinas en la Declaración de Impuestos Asignación de Propinas 7. Military turbotax   Ingresos de InteresesRecordatorio Introduction Useful Items - You may want to see: Información General SSN para una cuenta conjunta. Military turbotax Cuenta de custodia para su hijo. Military turbotax Multa por no facilitar un SSN. Military turbotax Cómo se declara la retención adicional. Military turbotax Cuenta de ahorros con uno de los padres como fideicomisario. Military turbotax Intereses que no se declaran en el Formulario 1099-INT. Military turbotax Nominatarios. Military turbotax Cantidad incorrecta. Military turbotax Requisito de declarar ciertos datos. Military turbotax Intereses Sujetos a ImpuestosIntereses sujetos a la multa por retiro prematuro de fondos. Military turbotax Préstamo para invertir en un certificado de depósito. Military turbotax Bonos de Ahorro de los Estados Unidos Programa de Bonos de Ahorro para Estudios Letras, Pagarés y Bonos del Tesoro de los Estados Unidos Bonos que se Venden Entre las Fechas de Pago de los Intereses Seguros Obligaciones del Gobierno Estatal o Local Descuento de la Emisión Original (OID) Cuándo Se Deben Declarar los Ingresos de InteresesRecibo implícito. Military turbotax Cómo se Declaran los Ingresos de InteresesAnexo B (Formulario 1040A o Formulario 1040). Military turbotax Cómo declarar los intereses exentos de impuesto. Military turbotax Intereses de bonos de ahorro de los EE. Military turbotax UU. Military turbotax declarados anteriormente. Military turbotax 8. Military turbotax   Dividendos y Otras DistribucionesRecordatorio Introduction Useful Items - You may want to see: Información GeneralDividendos no declarados en el Formulario 1099-DIV. Military turbotax Cómo se le informa del impuesto retenido. Military turbotax Nominatarios. Military turbotax Dividendos OrdinariosDividendos Calificados Dividendos Utilizados para la Compra de más Acciones Fondos de Inversión del Mercado Monetario Distribuciones de Ganancias de CapitalAjuste a la base. Military turbotax Distribuciones que no son DividendosDistribuciones de Liquidación Distribuciones de Acciones y Derechos a Acciones Otras DistribucionesRequisito de declarar ciertos datos. Military turbotax Tratamiento del impuesto mínimo alternativo. Military turbotax Cómo Declarar el Ingreso de DividendosDeducción de los intereses de inversiones. Military turbotax 9. Military turbotax   Ingresos y Gastos de AlquilerIntroduction Useful Items - You may want to see: Ingresos de Alquiler Gastos de AlquilerDesocupada mientras está en venta. Military turbotax Reparaciones y Mejoras Otros Gastos Propiedad que Pasa a Ser de Alquiler Alquiler de Parte de una Propiedad Alquiler sin Fines de Lucro Uso Personal de una Unidad Habitable (Incluyendo una Casa de Vacaciones)Cómo Dividir los Gastos Unidad Habitable Usada como Vivienda Cómo Declarar Ingresos y Deducciones DepreciaciónCambio de método contable para deducir depreciación no declarada. Military turbotax Límites sobre las Pérdidas de AlquilerReglas sobre el Monto de Riesgo Límites sobre las Actividades Pasivas Cómo Declarar Ingresos y Gastos de AlquilerAnexo E (Formulario 1040) 10. Military turbotax   Planes de Jubilación, Pensiones y AnualidadesQué Hay de Nuevo Recordatorio IntroductionLa Regla General. Military turbotax Arreglos de ahorros para la jubilación (IRA, por sus siglas en inglés). Military turbotax Beneficios de la jubilación del gobierno federal. Military turbotax Useful Items - You may want to see: Información GeneralReinversiones en arreglos de ahorros para la jubilación designados Roth IRA dentro del mismo plan. Military turbotax Cómo Hacer la Declaración Costo (Inversión en el Contrato) Tributación de Pagos PeriódicosExclusión limitada al costo. Military turbotax Exclusión no limitada al costo. Military turbotax Método Simplificado Tributación de Pagos no PeriódicosDistribuciones de Suma Global ReinversionesReinversiones en arreglos de ahorros para la jubilación designados Roth IRA dentro del mismo plan. Military turbotax Impuestos Adicionales EspecialesImpuesto sobre Distribuciones Prematuras Impuestos sobre Acumulación en Exceso Sobrevivientes y Beneficiarios 11. Military turbotax   Beneficios del Seguro Social y Beneficios Equivalentes de la Jubilación para Empleados FerroviariosIntroduction Useful Items - You may want to see: ¿Está Sujeta a Impuestos Alguna Parte de los Beneficios? Cómo Declarar los Beneficios¿Cuánto Está Sujeto a Impuestos? Ejemplos Deducciones Relacionadas con los BeneficiosReintegros Superiores a los Beneficios Brutos 12. Military turbotax   Otros IngresosIntroduction Useful Items - You may want to see: Trueque Deudas CanceladasIntereses incluidos en una deuda cancelada. Military turbotax Excepciones Anfitrión o Anfitriona Ganancias de un Seguro de VidaCónyuge sobreviviente. Military turbotax Ganancias de un Contrato de Dotación Beneficios Acelerados por Fallecimiento Funcionario de Seguridad Pública Fallecido en el Cumplimiento del Deber Ingresos de Sociedades Colectivas Ingresos de Sociedad Anónima de Tipo S Recuperación de FondosRecuperaciones de Deducciones Detalladas Alquileres de Bienes Muebles ReintegrosMétodo 1. Military turbotax Método 2. Military turbotax RegalíasAgotamiento. Military turbotax Carbón y mineral de hierro. Military turbotax Venta de participación de bienes. Military turbotax Parte de una futura producción vendida. Military turbotax Beneficios por DesempleoTipos de compensación por desempleo. Military turbotax Programa gubernamental. Military turbotax Reintegro de compensación por desempleo. Military turbotax Retención de impuestos. Military turbotax Reintegro de beneficios. Military turbotax Beneficios del Bienestar Social y Otros Beneficios de Asistencia Pública Otros IngresosAngustia emocional. Military turbotax Deducción por costos relativos a una demanda por discriminación ilegal. Military turbotax Medidas de ahorro de energía. Military turbotax Unidad habitable. Military turbotax Ingreso actual que se requiere distribuir. Military turbotax Ingreso actual que no se requiere distribuir. Military turbotax Cómo hacer la declaración. Military turbotax Pérdidas. Military turbotax Fideicomiso de un cesionario. Military turbotax Remuneración para personas que no son empleados. Military turbotax Director de una sociedad anónima. Military turbotax Representante personal. Military turbotax Administrador de una ocupación o negocio de patrimonio en quiebra. Military turbotax Notario público. Military turbotax Funcionario de distrito electoral. Military turbotax Pagos por complejidad del cuidado. Military turbotax Mantenimiento del espacio en el hogar. Military turbotax Declaración de pagos sujetos a impuestos. Military turbotax Loterías y rifas. Military turbotax Formulario W-2G. Military turbotax Cómo declarar ganancias de juegos y apuestas y mantenimiento de documentación. Military turbotax Pensión o arreglo IRA heredado. Military turbotax Recompensas o bonificaciones para empleados. Military turbotax Premio Pulitzer, Premio Nobel y premios similares. Military turbotax Pago por servicios. Military turbotax Pagos del Departamento de Asuntos de Veteranos (VA). Military turbotax Premios. Military turbotax Indemnización por huelga y cierre patronal. Military turbotax Prev  Up  Next   Home   More Online Publications
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The Military Turbotax

Military turbotax 2. Military turbotax   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. Military turbotax This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes, and awards. Military turbotax 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. Military turbotax 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. Military turbotax 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. Military turbotax 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. Military turbotax For information on when the penalty applies, see chapter 4. Military turbotax 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. Military turbotax 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. Military turbotax 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. Military turbotax Worksheets. Military turbotax   You may need to use several of the blank worksheets included in this chapter. Military turbotax See Worksheets for Chapter 2, later, to locate what you need. Military turbotax 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. Military turbotax To do this, file a new Form W-4 with your employer. Military turbotax See chapter 1. Military turbotax Estimated tax not required. Military turbotax   You do not have to pay estimated tax for 2014 if you meet all three of the following conditions. Military turbotax You had no tax liability for 2013. Military turbotax You were a U. Military turbotax S. Military turbotax citizen or resident alien for the whole year. Military turbotax Your 2013 tax year covered a 12-month period. Military turbotax   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. Military turbotax Please click here for the text description of the image. Military turbotax 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. Military turbotax 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. Military turbotax General Rule In most cases, you must pay estimated tax for 2014 if both of the following apply. Military turbotax You expect to owe at least $1,000 in tax for 2014, after subtracting your withholding and refundable credits. Military turbotax 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. Military turbotax Your 2013 tax return must cover all 12 months. Military turbotax Note. Military turbotax The percentages in (2a) or (2b) above may be different if you are a farmer, fisherman, or higher income taxpayer. Military turbotax See Special Rules , later. Military turbotax 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. Military turbotax Figure 2-A takes you through the general rule. Military turbotax You may find this helpful in determining if you must pay estimated tax. Military turbotax If all your income will be subject to income tax withholding, you probably do not need to pay estimated tax. Military turbotax Example 1. Military turbotax Jane Smart uses Figure 2-A and the following information to figure whether she should pay estimated tax for 2014. Military turbotax She files as head of household claiming her dependent son, takes the standard deduction, and expects no refundable credits for 2014. Military turbotax 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). Military turbotax 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. Military turbotax 50). Military turbotax Jane does not need to pay estimated tax. Military turbotax Example 2. Military turbotax The facts are the same as in Example 1, except that Jane expects only $8,700 tax to be withheld in 2014. Military turbotax Because that is less than $9,913. Military turbotax 50, her answer to box 2a is NO. Military turbotax 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). Military turbotax Jane must increase her withholding or pay estimated tax for 2014. Military turbotax Example 3. Military turbotax The facts are the same as in Example 2, except that the total tax shown on Jane's 2013 return was $8,600. Military turbotax Because she expects to have more than $8,600 withheld in 2014 ($8,700), her answer to box 2b is YES. Military turbotax Jane does not need to pay estimated tax for 2014. Military turbotax Married Taxpayers If you qualify to make joint estimated tax payments, apply the rules discussed here to your joint estimated income. Military turbotax You and your spouse can make joint estimated tax payments even if you are not living together. Military turbotax 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). Military turbotax 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. Military turbotax These individuals can take credit only for the estimated tax payments that he or she made. Military turbotax If you and your spouse cannot make joint estimated tax payments, apply these rules to your separate estimated income. Military turbotax Making joint or separate estimated tax payments will not affect your choice of filing a joint tax return or separate returns for 2014. Military turbotax 2013 separate returns and 2014 joint return. Military turbotax   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. Military turbotax You filed a separate return if you filed as single, head of household, or married filing separately. Military turbotax 2013 joint return and 2014 separate returns. Military turbotax   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. Military turbotax You file a separate return if you file as single, head of household, or married filing separately. Military turbotax   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. Military turbotax Then multiply the tax on the joint return by the following fraction. Military turbotax      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. Military turbotax Joe and Heather filed a joint return for 2013 showing taxable income of $48,500 and a tax of $6,386. Military turbotax Of the $48,500 taxable income, $40,100 was Joe's and the rest was Heather's. Military turbotax For 2014, they plan to file married filing separately. Military turbotax 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. Military turbotax 6% Joe's share of tax on joint return  ($6,386 × 87. Military turbotax 6%) $5,594 Special Rules There are special rules for farmers, fishermen, and certain higher income taxpayers. Military turbotax 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. Military turbotax Gross income. Military turbotax   Your gross income is all income you receive in the form of money, goods, property, and services that is not exempt from tax. Military turbotax 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. Military turbotax Joint returns. Military turbotax   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. Military turbotax Gross income from farming. Military turbotax   This is income from cultivating the soil or raising agricultural commodities. Military turbotax It includes the following amounts. Military turbotax Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Military turbotax Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Military turbotax Crop shares for the use of your land. Military turbotax Gains from sales of draft, breeding, dairy, or sporting livestock. Military turbotax   For 2013, gross income from farming is the total of the following amounts. Military turbotax Schedule F (Form 1040), Profit or Loss From Farming, line 9. Military turbotax Form 4835, Farm Rental Income and Expenses, line 7. Military turbotax 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). Military turbotax Your gains from sales of draft, breeding, dairy, or sporting livestock shown on Form 4797, Sales of Business Property. Military turbotax   Wages you receive as a farm employee and wages you receive from a farm corporation are not gross income from farming. Military turbotax Gross income from fishing. Military turbotax   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. Military turbotax   Gross income from fishing includes the following amounts. Military turbotax Schedule C (Form 1040), Profit or Loss From Business. Military turbotax Income for services as an officer or crew member of a vessel while the vessel is engaged in fishing. Military turbotax 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). Military turbotax Certain taxable interest and punitive damage awards received in connection with the Exxon Valdez litigation. Military turbotax Income for services normally performed in connection with fishing. Military turbotax 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. Military turbotax 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. Military turbotax For 2013, AGI is the amount shown on Form 1040, line 37; Form 1040A, line 21; and Form 1040EZ, line 4. Military turbotax Note. Military turbotax This rule does not apply to farmers and fishermen. Military turbotax Aliens Resident and nonresident aliens also may have to pay estimated tax. Military turbotax Resident aliens should follow the rules in this publication, unless noted otherwise. Military turbotax Nonresident aliens should get Form 1040-ES (NR), U. Military turbotax S. Military turbotax Estimated Tax for Nonresident Alien Individuals. Military turbotax You are an alien if you are not a citizen or national of the United States. Military turbotax You are a resident alien if you either have a green card or meet the substantial presence test. Military turbotax For more information about withholding, the substantial presence test, and Form 1040-ES (NR), see Publication 519. Military turbotax Estates and Trusts Estates and trusts also must pay estimated tax. Military turbotax 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. Military turbotax Estates and trusts must use Form 1041-ES, Estimated Income Tax for Estates and Trusts, to figure and pay estimated tax. Military turbotax 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. Military turbotax When figuring your 2014 estimated tax, it may be helpful to use your income, deductions, and credits for 2013 as a starting point. Military turbotax Use your 2013 federal tax return as a guide. Military turbotax You can use Form 1040-ES to figure your estimated tax. Military turbotax Nonresident aliens use Form 1040-ES (NR) to figure estimated tax. Military turbotax You must make adjustments both for changes in your own situation and for recent changes in the tax law. Military turbotax Some of these changes are discussed under What's New for 2014 , earlier. Military turbotax For information about these and other changes in the law, visit the IRS website at IRS. Military turbotax gov. Military turbotax The instructions for Form 1040-ES include a worksheet to help you figure your estimated tax. Military turbotax Keep the worksheet for your records. Military turbotax 2014 Estimated Tax Worksheet Use Worksheet 2-1 to help guide you through the information about completing the 2014 Estimated Tax Worksheet. Military turbotax You can also find a copy of the worksheet in the Instructions for Form 1040-ES. Military turbotax Expected AGI—Line 1 Your expected AGI for 2014 (line 1) is your expected total income minus your expected adjustments to income. Military turbotax Total income. Military turbotax   Include in your total income all the income you expect to receive during the year, even income that is subject to withholding. Military turbotax However, do not include income that is tax exempt. Military turbotax   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. Military turbotax Social security and railroad retirement benefits. Military turbotax 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. Military turbotax Adjustments to income. Military turbotax   Be sure to subtract from your expected total income all of the adjustments you expect to take on your 2014 tax return. Military turbotax Self-employed. Military turbotax 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. Military turbotax Include the amount from Worksheet 2-3 in your expected adjustments to income. Military turbotax 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. Military turbotax 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). Military turbotax Itemized deductions—line 2. Military turbotax   If you expect to claim itemized deductions on your 2014 tax return, enter the estimated amount on line 2. Military turbotax   Itemized deductions are the deductions that can be claimed on Schedule A (Form 1040). Military turbotax    For 2014, your total itemized deductions may be reduced if your AGI is more than the amount shown next for your filing status. Military turbotax 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. Military turbotax Standard deduction—line 2. Military turbotax   If you expect to claim the standard deduction on your 2014 tax return, enter the amount on line 2. Military turbotax Use Worksheet 2-4 to figure your standard deduction. Military turbotax No standard deduction. Military turbotax   The standard deduction for some individuals is zero. Military turbotax 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. Military turbotax Exemptions—line 4. Military turbotax   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. Military turbotax 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. Military turbotax 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. Military turbotax    For 2014, your deduction for personal exemption is reduced if your AGI is more than the amount shown next for your filing status. Military turbotax 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. Military turbotax 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. Military turbotax Most people will have entries for only a few of these steps. Military turbotax However, you should check every step to be sure you do not overlook anything. Military turbotax Step 1. Military turbotax   Figure your expected income tax (line 6). Military turbotax Generally, you will use the 2014 Tax Rate Schedules, later, to figure your expected income tax. Military turbotax   However, see below for situations where you must use a different method to compute your estimated tax. Military turbotax Tax on child's investment income. Military turbotax   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. Military turbotax Children under age 18 at the end of 2014. Military turbotax The following children if their earned income is not more than half their support. Military turbotax Children age 18 at the end of 2014. Military turbotax Children who are full-time students over age 18 and under age 24 at the end of 2014. Military turbotax See Publication 929, Tax Rules for Children and Dependents. Military turbotax 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. Military turbotax Tax on net capital gain. Military turbotax   The regular income tax rates for individuals do not apply to a net capital gain. Military turbotax Instead, your net capital gain is taxed at a lower maximum rate. Military turbotax   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. Military turbotax Tax on capital gain and qualified dividends. Military turbotax If the amount on line 1 includes a net capital gain or qualified dividends, use Worksheet 2-7 to figure your tax. Military turbotax Note. Military turbotax For 2014, your capital gains and dividends rate will depend on your income. Military turbotax Tax if excluding foreign earned income or excluding or deducting foreign housing. Military turbotax 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. Military turbotax Step 2. Military turbotax   Total your expected taxes (line 8). Military turbotax Include on line 8 the sum of the following. Military turbotax Your tax on line 6. Military turbotax Your expected alternative minimum tax (AMT) from Form 6251, or included on Form 1040A. Military turbotax Your expected additional taxes from Form 8814, Parents' Election To Report Child's Interest and Dividends, and Form 4972, Tax on Lump-Sum Distributions. Military turbotax Any recapture of education credits. Military turbotax Step 3. Military turbotax   Subtract your expected credits (line 9). Military turbotax If you are using your 2013 return as a guide and filed Form 1040, your total credits for 2013 were shown on line 54. Military turbotax If you filed Form 1040A, your total credits for 2013 were on line 34. Military turbotax   If your credits on line 9 are more than your taxes on line 8, enter “-0-” on line 10 and go to Step 4. Military turbotax Step 4. Military turbotax   Add your expected self-employment tax (line 11). Military turbotax You already should have figured your self-employment tax (see Self-employed under Expected AGI—Line 1, earlier). Military turbotax Step 5. Military turbotax   Add your expected other taxes (line 12). Military turbotax   Other taxes include the following. Military turbotax 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. Military turbotax 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. Military turbotax Amounts written on Form 1040 on the line for “other taxes” (line 60 on the 2013 Form 1040). Military turbotax 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. Military turbotax Repayment of the first-time homebuyer credit. Military turbotax See Form 5405. Military turbotax Additional Medicare Tax. Military turbotax A 0. Military turbotax 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. Military turbotax 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. Military turbotax A self-employment loss should not be considered for purposes of this tax. Military turbotax RRTA compensation should be separately compared to the threshold. Military turbotax Your employer is responsible for withholding the 0. Military turbotax 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays to you in excess of $200,000 in 2014. Military turbotax You should consider this withholding, if applicable, in determining whether you need to make an estimated payment. Military turbotax For more information on Additional Medicare Tax, go to IRS. Military turbotax gov and enter “Additional Medicare Tax” in the search box. Military turbotax Net Investment Income Tax (NIIT). Military turbotax The NIIT is 3. Military turbotax 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. Military turbotax 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. Military turbotax gov and enter “Net Investment Income Tax” in the search box. Military turbotax Step 6. Military turbotax   Subtract your refundable credit (line 13b). Military turbotax   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. Military turbotax   The result of steps 1 through 6 is your total estimated tax for 2014 (line 13c). Military turbotax 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. Military turbotax General rule. Military turbotax   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. Military turbotax Your 2013 tax return must cover all 12 months. Military turbotax Special rules. Military turbotax   There are special rules for higher income taxpayers and for farmers and fishermen. Military turbotax Higher income taxpayers. Military turbotax   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. Military turbotax This rule does not apply to farmers and fishermen. Military turbotax For 2013, AGI is the amount shown on Form 1040, line 37; Form 1040A, line 21; and Form 1040EZ, line 4. Military turbotax Example. Military turbotax   Jeremy Martin's total tax on his 2013 return was $42,581, and his expected tax for 2014 is $71,253. Military turbotax His 2013 AGI was $180,000. Military turbotax Because Jeremy had more than $150,000 of AGI in 2013, he figures his required annual payment as follows. Military turbotax He determines that 90% of his expected tax for 2014 is $64,128 (. Military turbotax 90 × $71,253). Military turbotax Next, he determines that 110% of the tax shown on his 2013 return is $46,839 (1. Military turbotax 10 x $42,581). Military turbotax Finally, he determines that his required annual payment is $46,839, the smaller of the two. Military turbotax Farmers and fishermen. Military turbotax   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% (. Military turbotax 6667) of your total tax for 2014, or 100% of the total tax shown on your 2013 return. Military turbotax (Your 2013 tax return must cover all 12 months. Military turbotax )   For definitions of “gross income from farming” and “gross income from fishing,” see Farmers and Fishermen , under Special Rules discussed earlier. Military turbotax Total tax for 2013—line 14b. Military turbotax   Your 2013 total tax, if you filed Form 1040, is the amount on line 61 reduced by the following. Military turbotax Unreported social security and Medicare tax or RRTA tax from Forms 4137 or 8919 (line 57). Military turbotax The following amounts from Form 5329 included on line 58. Military turbotax Any tax on excess contributions to IRAs, Archer MSAs, Coverdell education savings accounts, and health savings accounts. Military turbotax Any tax on excess accumulations in qualified retirement plans. Military turbotax The following write-ins on line 60. Military turbotax Excise tax on excess golden parachute payments (identified as “EPP”). Military turbotax Excise tax on insider stock compensation from an expatriated corporation (identified as “ISC”). Military turbotax Look-back interest due under section 167(g) (identified as “From Form 8866”). Military turbotax Look-back interest due under section 460(b) (identified as “From Form 8697”). Military turbotax Recapture of federal mortgage subsidy (identified as “FMSR”). Military turbotax Additional tax on advance payments of health coverage tax credit when not eligible (identified as “HCTC”). Military turbotax Uncollected social security and Medicare tax or RRTA tax on tips or group-term life insurance (identified as “UT”). Military turbotax Any refundable credit amounts. Military turbotax   If you filed Form 1040A, your 2013 total tax is the amount on line 35 reduced by any refundable credits. Military turbotax   If you filed Form 1040EZ, your 2013 total tax is the amount on line 10 reduced by the amount on line 8a. Military turbotax 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. Military turbotax Subtract your expected withholding from your required annual payment (line 14c). Military turbotax You usually must pay this difference in four equal installments. Military turbotax See When To Pay Estimated Tax and How To Figure Each Payment . Military turbotax 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. Military turbotax Withholding—line 15. Military turbotax   Your expected withholding for 2014 (line 15) includes the income tax you expect to be withheld from all sources (wages, pensions and annuities, etc. Military turbotax ). Military turbotax It includes excess social security, and tier 1 railroad retirement tax you expect to be withheld from your wages and compensation. Military turbotax 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. Military turbotax See Excess Social Security or Railroad Retirement Tax Withholding in chapter 3. Military turbotax   It also includes Additional Medicare Tax you expect to be withheld from your wages or compensation. Military turbotax Your employer is responsible for withholding the 0. Military turbotax 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays to you in excess of $200,000. Military turbotax When To Pay Estimated Tax For estimated tax purposes, the year is divided into four payment periods. Military turbotax Each period has a specific payment due date. Military turbotax 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. Military turbotax If a payment is mailed, the date of the U. Military turbotax S. Military turbotax postmark is considered the date of payment. Military turbotax The payment periods and due dates for estimated tax payments are shown next. Military turbotax For exceptions to the dates listed, see Saturday, Sunday, holiday rule below. Military turbotax For the period: Due date: Jan. Military turbotax 11 – March 31 April 15 April 1 – May 31 June 16 June 1 – August 31 September 15 Sept. Military turbotax 1 – Dec. Military turbotax 31 January 15  next year2 1If your tax year does not begin on January 1,  see Fiscal year taxpayers . Military turbotax 2See January payment . Military turbotax Saturday, Sunday, holiday rule. Military turbotax   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. Military turbotax January payment. Military turbotax   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. Military turbotax Example. Military turbotax Janet Adams does not pay any estimated tax for 2014. Military turbotax She files her 2014 income tax return and pays the balance due shown on her return on January 26, 2015. Military turbotax Janet's estimated tax for the fourth payment period is considered to have been paid on time. Military turbotax However, she may owe a penalty for not making the first three estimated tax payments, if required. Military turbotax Any penalty for not making those payments will be figured up to January 26, 2015. Military turbotax Fiscal year taxpayers. Military turbotax   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. Military turbotax   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. Military turbotax When To Start You do not have to make estimated tax payments until you have income on which you will owe income tax. Military turbotax 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. Military turbotax You have several options when paying estimated taxes. Military turbotax 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. Military turbotax If you choose to pay in installments, make your first payment by the due date for the first payment period. Military turbotax Make your remaining installment payments by the due dates for the later periods. Military turbotax To avoid any estimated tax penalties, all installments must be paid by their due date and for the required amount. Military turbotax No income subject to estimated tax during first period. Military turbotax   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. Military turbotax 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. Military turbotax Table 2-1 shows the dates for making installment payments. Military turbotax    Table 2-1. Military turbotax 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. Military turbotax 15     Jan. Military turbotax 15 next year April 1–May 31 June 16 Sept. Military turbotax 15     Jan. Military turbotax 15 next year June 1–Aug. Military turbotax 31 Sept. Military turbotax 15 Jan. Military turbotax 15 next year After Aug. Military turbotax 31 Jan. Military turbotax 15 next year (None) *See January payment and Saturday, Sunday, holiday rule . Military turbotax How much to pay to avoid penalty. Military turbotax   To determine how much you should pay by each payment due date, see How To Figure Each Payment , later. Military turbotax 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. Military turbotax The due dates for the first three payment periods, discussed under When To Pay Estimated Tax , earlier, do not apply to you. Military turbotax 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. Military turbotax Fiscal year farmers and fishermen. Military turbotax   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. Military turbotax 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. Military turbotax You should pay enough by each due date to avoid a penalty for that period. Military turbotax 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. Military turbotax The penalty is discussed in chapter 4. Military turbotax 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. Military turbotax Enter this amount on line 17. Military turbotax However, use this method only if your income is basically the same throughout the year. Military turbotax Change in estimated tax. Military turbotax   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. Military turbotax 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. Military turbotax If you do not receive your income evenly throughout the year, your required estimated tax payments may not be the same for each period. Military turbotax See Annualized Income Installment Method . Military turbotax Amended estimated tax. Military turbotax 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. Military turbotax Example. Military turbotax Early in 2014, Mira Roberts figures that her estimated tax due is $1,800. Military turbotax She makes estimated tax payments on April 15 and June 16 of $450 each ($1,800 ÷ 4). Military turbotax On July 10, she sells investment property at a gain. Military turbotax Her refigured estimated tax is $4,100. Military turbotax Her required estimated tax payment for the third payment period is $2,175, as shown in her filled-in Worksheet 2-14. Military turbotax If Mira's estimated tax does not change again, her required estimated tax payment for the fourth payment period will be $1,025. Military turbotax Worksheet 2-14. Military turbotax Amended Estimated Tax Worksheet—Illustrated               1. Military turbotax Amended total estimated tax due 1. Military turbotax $4,100 2. Military turbotax Multiply line 1 by:           50% (. Military turbotax 50) if next payment is due June 16, 2014           75% (. Military turbotax 75) if next payment is due September 15,  2014           100% (1. Military turbotax 00) if next payment is due January 15,  2015 2. Military turbotax 3,075     3. Military turbotax Estimated tax payments for all previous periods 3. Military turbotax 900     4. Military turbotax 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. Military turbotax $2,175       Note. Military turbotax If the payment on line 4 is due January 15, 2015, stop here. Military turbotax Otherwise, go to line 5. Military turbotax         5. Military turbotax Add lines 3 and 4 5. Military turbotax 3,075 6. Military turbotax Subtract line 5 from line 1 and enter the result (but not less than zero) 6. Military turbotax 1,025 7. Military turbotax 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. Military turbotax 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. Military turbotax $1,025 Worksheet 2-14. Military turbotax Amended Estimated Tax Worksheet—Blank               1. Military turbotax Amended total estimated tax due 1. Military turbotax   2. Military turbotax Multiply line 1 by:           50% (. Military turbotax 50) if next payment is due June 16, 2014           75% (. Military turbotax 75) if next payment is due September 15,  2014           100% (1. Military turbotax 00) if next payment is due January 15,  2015 2. Military turbotax       3. Military turbotax Estimated tax payments for all previous periods 3. Military turbotax       4. Military turbotax 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. Military turbotax         Note. Military turbotax If the payment on line 4 is due January 15, 2015, stop here. Military turbotax Otherwise, go to line 5. Military turbotax         5. Military turbotax Add lines 3 and 4 5. Military turbotax   6. Military turbotax Subtract line 5 from line 1 and enter the result (but not less than zero) 6. Military turbotax   7. Military turbotax 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. Military turbotax 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. Military turbotax   Underpayment penalty. Military turbotax   The penalty is figured separately for each payment period. Military turbotax 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. Military turbotax To see how you may be able to avoid or reduce this penalty, see Annualized Income Installment Method (Schedule AI) in chapter 4. Military turbotax 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. Military turbotax 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. Military turbotax To see whether you can pay less for any period, complete the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9). Military turbotax You first must complete the 2014 Estimated Tax Worksheet (Worksheet 2-1) through line 16b. Military turbotax Use the result you figure on line 32 of Worksheet 2-9 to make your estimated tax payments and complete your payment vouchers. Military turbotax Note. Military turbotax If you use the annualized income installment method to figure your estimated tax payments, you must file Form 2210 with your 2014 tax return. Military turbotax See Annualized Income Installment Method (Schedule AI) in chapter 4 for more information. Military turbotax Instructions for the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9) Use Worksheet 2-9 to help you follow these instructions. Military turbotax 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. Military turbotax The top of the worksheet shows the dates for each payment period. Military turbotax The periods build; that is, each period includes all previous periods. Military turbotax After the end of each payment period, complete the corresponding worksheet column to figure the payment due for that period. Military turbotax Line 1. Military turbotax   Enter your AGI for the period. Military turbotax 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. Military turbotax See Expected AGI—Line 1 , earlier. Military turbotax Self-employment income. Military turbotax   If you had self-employment income, first complete Section B of this worksheet. Military turbotax Use the amounts on line 43 when figuring your expected AGI to enter in each column of Section A, line 1. Military turbotax Line 4. Military turbotax   Be sure to consider all deduction limits figured on Schedule A (Form 1040), such as reducing your medical expenses by 10% (7. Military turbotax 5% if either you or your spouse was born before January 2, 1950) or reducing certain miscellaneous deductions by 2% of your AGI. Military turbotax Figure your deduction limits using your expected AGI in the corresponding column of line 1 (2014 Annualized Estimated Tax Worksheet (Worksheet 2-9)). Military turbotax Line 6. Military turbotax   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. Military turbotax In that case, use Worksheet 2-10 to figure the amount to enter on line 6. Military turbotax Complete Worksheet 2–10 for each period, as necessary. Military turbotax Line 7. Military turbotax   If you will not itemize your deductions, use Worksheet 2-4 to figure your standard deduction. Military turbotax Line 10. Military turbotax   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. Military turbotax   In that case, use Worksheet 2-11 to figure the amount to enter on line 10. Military turbotax Line 12. Military turbotax   Generally, you will use the Tax Rate Schedules to figure the tax on your annualized income. Military turbotax However, see below for situations where you must use a different method to compute your estimated tax. Military turbotax Tax on child's investment income. Military turbotax   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. Military turbotax Children under age 18 at the end of 2014. Military turbotax The following children if their earned income is not more than half their support. Military turbotax Children age 18 at the end of 2014. Military turbotax Children who are full-time students over age 18 and under age 24 at the end of 2014. Military turbotax See Publication 929. Military turbotax Tax on net capital gain. Military turbotax   The regular income tax rates for individuals do not apply to a net capital gain. Military turbotax Instead, your net capital gain is taxed at a lower maximum rate. Military turbotax   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. Military turbotax Tax on qualified dividends and capital gains. Military turbotax   For 2014, your capital gain and dividends rate will depend on your income. Military turbotax Tax on capital gain or qualified dividends. Military turbotax 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. Military turbotax Tax if excluding foreign earned income or excluding or deducting foreign housing. Military turbotax 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. Military turbotax Line 13. Military turbotax   If you file Form 1040, add the tax from Forms 8814, 4972, and 6251 for the period. Military turbotax If you file Form 1040A, add the amount from the Alternative Minimum Tax Worksheet found in the instructions. Military turbotax Also include any recapture of an education credit for each period. Military turbotax 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. Military turbotax   Use the 2013 forms or worksheets to see if you will owe any of the taxes discussed above. Military turbotax Figure the tax based on your income and deductions during the period shown in the column headings. Military turbotax Multiply this amount by the annualization amounts shown for each column on line 2 of the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9). Military turbotax Enter the result on line 13 of this worksheet. Military turbotax Line 15. Military turbotax   Include all the nonrefundable credits you expect to claim because of events that will occur during the period. Military turbotax Note. Military turbotax When figuring your credits for each period, annualize any item of income or deduction to figure each credit. Military turbotax 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. Military turbotax Line 18. Military turbotax   Add your expected other taxes. Military turbotax   Other taxes include the following. Military turbotax 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. Military turbotax 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. Military turbotax Amounts on Form 1040 written on the line for “other taxes” (line 60 on the 2013 Form 1040). Military turbotax 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. Military turbotax Repayment of the first-time homebuyer credit if the home will cease to be your main home in 2014. Military turbotax See Form 5405 for exceptions. Military turbotax Additional Medicare Tax. Military turbotax A 0. Military turbotax 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. Military turbotax 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. Military turbotax A self-employment loss should not be considered for purposes of this tax. Military turbotax RRTA compensation should be separately compared to the threshold. Military turbotax Your employer is responsible for withholding the 0. Military turbotax 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays you in excess of $200,000 in 2014. Military turbotax You should consider this withholding, if applicable, in determining whether you need to make an estimated payment. Military turbotax For more information on Additional Medicare Tax, go to IRS. Military turbotax gov and enter “Additional Medicare Tax” in the search box. Military turbotax Net Investment Income Tax (NIIT). Military turbotax The NIIT is 3. Military turbotax 8% of the lesser of your net investment income or the excess of your modified adjusted gross income over a specified threshold amount. Military turbotax 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. Military turbotax gov and enter “Net Investment Income Tax” in the search box. Military turbotax Line 20. Military turbotax   Include all the refundable credits (other than withholding credits) you can claim because of events that occurred during the period. Military turbotax Note. Military turbotax When figuring your refundable credits for each period, annualize any item of income or deduction used to figure each credit. Military turbotax Line 29. Military turbotax   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. Military turbotax Line 31. Military turbotax   For each period, include estimated tax payments made and any excess social security and railroad retirement tax. Military turbotax   Also include estimated federal income tax withholding. Military turbotax One-fourth of your estimated withholding is considered withheld on the due date of each payment period. Military turbotax To figure the amount to include on line 31 for each period, multiply your total expected withholding for 2014 by: 25% (. Military turbotax 25) for the first period, 50% (. Military turbotax 50) for the second period, 75% (. Military turbotax 75) for the third period, and 100% (1. Military turbotax 00) for the fourth period. Military turbotax   However, you may choose to include your withholding according to the actual dates on which the amounts will be withheld. Military turbotax For each period, include withholding made from the beginning of the period up to and including the payment due date. Military turbotax You can make this choice separately for the taxes withheld from your wages and all other withholding. Military turbotax For an explanation of what to include in withholding, see Total Estimated Tax Payments Needed—Line 16a , earlier. Military turbotax Nonresident aliens. Military turbotax   If you will file Form 1040NR and you do not receive wages as an employee subject to U. Military turbotax S. Military turbotax income tax withholding, the instructions for the worksheet are modified as follows. Military turbotax Skip column (a). Military turbotax On line 1, enter your income for the period that is effectively connected with a U. Military turbotax S. Military turbotax trade or business. Military turbotax 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. Military turbotax S. Military turbotax trade or business by the following. Military turbotax 72% for column (b). Military turbotax 45% for column (c). Military turbotax 30% for column (d). Military turbotax However, if you can use a treaty rate lower than 30%, use the percentages determined by multiplying your treaty rate by 2. Military turbotax 4, 1. Military turbotax 5, and 1, respectively. Military turbotax 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. Military turbotax On lines 24 and 27, skip column (b). Military turbotax 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). Military turbotax See Publication 519 for more information. Military turbotax 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. Military turbotax 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. Military turbotax How To Pay Estimated Tax There are several ways to pay estimated tax. Military turbotax Credit an overpayment on your 2013 return to your 2014 estimated tax. Military turbotax Pay by direct transfer from your bank account, or pay by credit or debit card using a pay-by-phone system or the Internet. Military turbotax Send in your payment (check or money order) with a payment voucher from Form 1040-ES. Military turbotax 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. Military turbotax On Form 1040, or Form 1040A, enter the amount you want credited to your estimated tax rather than refunded. Military turbotax Take the amount you have credited into account when figuring your estimated tax payments. Military turbotax If you timely file your 2013 return, treat the credit as a payment made on April 15, 2014. Military turbotax 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. Military turbotax 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. Military turbotax You also cannot use that overpayment in any other way. Military turbotax Example. Military turbotax When Kathleen finished filling out her 2013 tax return, she saw that she had overpaid her taxes by $750. Military turbotax Kathleen knew she would owe additional tax in 2014. Military turbotax She credited $600 of the overpayment to her 2014 estimated tax and had the remaining $150 refunded to her. Military turbotax In September, she amended her 2013 return by filing Form 1040X, Amended U. Military turbotax S. Military turbotax Individual Income Tax Return. Military turbotax It turned out that she owed $250 more in tax than she had thought. Military turbotax This reduced her 2013 overpayment from $750 to $500. Military turbotax 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. Military turbotax Kathleen could not use any of the $600 she had credited to her 2014 estimated tax to pay this bill. Military turbotax Pay Online Paying online is convenient and secure and helps make sure we get your payments on time. Military turbotax You can make your estimated tax payments online when you e-file or at any time during the year. Military turbotax You can pay using either of the following electronic payment methods. Military turbotax Direct transfer from your bank account. Military turbotax Credit or debit card. Military turbotax To pay your taxes online or for more information, go to www. Military turbotax irs. Military turbotax gov/e-pay. Military turbotax Pay by Phone Paying by phone is another safe and secure method of paying electronically. Military turbotax Use one of the following methods. Military turbotax Direct transfer from your bank account. Military turbotax Credit or debit card. Military turbotax 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. Military turbotax To pay using a credit or debit card, you can call one of the following service providers. Military turbotax There is a convenience fee charged by these providers that varies by provider, card type, and payment amount. Military turbotax WorldPay 1-888-9-PAY-TAXTM (1-888-972-9829) www. Military turbotax payUSAtax. Military turbotax com Official Payments Corporation 1-888-UPAY-TAXTM (1-888-872-9829) www. Military turbotax officialpayments. Military turbotax com Link2GOV Corporation 1-888-PAY-1040TM (1-888-729-1040) www. Military turbotax PAY1040. Military turbotax com For the latest details on how to pay by phone, go to www. Military turbotax irs. Military turbotax gov/e-pay. Military turbotax 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. Military turbotax 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. Military turbotax Do not use the address shown in the Form 1040 or Form 1040A instructions. Military turbotax If you did not pay estimated tax last year, get a copy of Form 1040-ES from the IRS (see chapter 5). Military turbotax Follow the instructions to make sure you use the vouchers correctly. Military turbotax Joint estimated tax payments. Military turbotax    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. Military turbotax Change of address. Military turbotax    You must notify the IRS if you are making estimated tax payments and you changed your address during the year. Military turbotax Complete Form 8822, Change of Address, and mail it to the address shown in the instructions for that form. Military turbotax Worksheets for Chapter 2 Use the following worksheets and tables to figure your correct estimated tax. Military turbotax IF you need. Military turbotax . Military turbotax . Military turbotax THEN use. Military turbotax . Military turbotax . Military turbotax 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. Military turbotax Use them only to figure your 2014 estimated taxes. Military turbotax 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. Military turbotax 0%   $0 $0 $12,950     10. Military turbotax 0%   $0 9,075 36,900 $907. Military turbotax 50 + 15. Military turbotax 0%   9,075 12,950 49,400 $1,295. Military turbotax 00 + 15. Military turbotax 0%   12,950 36,900 89,350 5,081. Military turbotax 25 + 25. Military turbotax 0%   36,900 49,400 127,550 6,762. Military turbotax 50 + 25. Military turbotax 0%   49,400 89,350 186,350 18,193. Military turbotax 75 + 28. Military turbotax 0%   89,350 127,550 206,600 26,300. Military turbotax 00 + 28. Military turbotax 0%   127,550 186,350 405,100 45,353. Military turbotax 75 + 33. Military turbotax 0%   186,350 206,600 405,100 48,434. Military turbotax 00 + 33. Military turbotax 0%   206,600 405,100 406,750 117,541. Military turbotax 25 + 35. Military turbotax 0%   405,100 405,100 432,200 113,939. Military turbotax 00 + 35. Military turbotax 0%   405,100 406,750 - - - - - - 118,118. Military turbotax 75 + 39. Military turbotax 6%   406,750 432,200 - - - - - - 123,424. Military turbotax 00 + 39. Military turbotax 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. Military turbotax 0%   $0 $0 $9,075     10. Military turbotax 0%   $0 18,150 73,800 $1,815. Military turbotax 00 + 15. Military turbotax 0%   18,150 9,075 36,900 $907. Military turbotax 50 + 15. Military turbotax 0%   9,075 73,800 148,850 10,162. Military turbotax 50 + 25. Military turbotax 0%   73,800 36,900 74,425 5,081. Military turbotax 25 + 25. Military turbotax 0%   36,900 148,850 226,850 28,925. Military turbotax 00 + 28. Military turbotax 0%   148,850 74,425 113,425 14,462. Military turbotax 50 + 28. Military turbotax 0%   74,425 226,850 405,100 50,765. Military turbotax 00 + 33. Military turbotax 0%   226,850 113,425 202,550 25,382. Military turbotax 50 + 33. Military turbotax 0%   113,425 405,100 457,600 109,587. Military turbotax 50 + 35. Military turbotax 0%   405,100 202,550 228,800 54,793. Military turbotax 75 + 35. Military turbotax 0%   202,550 457,600 - - - - - - 127,962. Military turbotax 50 + 39. Military turbotax 6%   457,600 228,800 - - - - - - 63,981. Military turbotax 25 + 39. Military turbotax 6%   228,800                             Worksheet 2-1. Military turbotax 2014 Estimated Tax Worksheet When this worksheet refers you to instructions, you can find those instructions in the Instructions for 2014 Form 1040-ES. Military turbotax 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. Military turbotax  Caution: If line 1 is over $152,525, your deduction may be reduced. Military turbotax See Worksheet 2-5. Military turbotax If you do not plan to itemize deductions, enter your standard deduction. Military turbotax 2     3 Subtract line 2 from line 1 3     4 Exemptions. Military turbotax Multiply $3,950 by the number of personal exemptions. Military turbotax  Caution: If line 1 is over $152,525, the amount of your personal exemptions may be limited. Military turbotax See Worksheet 2-6. Military turbotax 4     5 Subtract line 4 from line 3 5     6 Tax. Military turbotax 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. Military turbotax Add to this amount any other taxes you expect to include in the total on Form 1040, line 44 8     9 Credits (see instructions). Military turbotax Do not include any income tax withholding on this line 9     10 Subtract line 9 from line 8. Military turbotax 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. Military turbotax Subtract line 13b from line 13a. Military turbotax 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. Military turbotax 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. Military turbotax To avoid a penalty, make sure your estimate on line 13c is as accurate as possible. Military turbotax Even if you pay the required annual payment, you may still owe tax when you file your return. Military turbotax If you prefer, you can pay the amount shown on line 13c. Military turbotax                         15 Income tax withheld and estimated to be withheld during 2014 (including income tax withholding on pensions, annuities, certain deferred income, etc. Military turbotax ) 15     16a Subtract line 15 from line 14c 16a             Is the result zero or less? □ Yes. Military turbotax Stop here. Military turbotax You are not required to make estimated tax payments. Military turbotax  □ No. Military turbotax Go to line 16b. Military turbotax             b Subtract line 15 from line 13c 16b             Is the result less than $1,000? □ Yes. Military turbotax Stop here. Military turbotax You are not required to make estimated tax payments. Military turbotax  □ No. Military turbotax Go to line 17 to figure your required payment. Military turbotax                         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. Military turbotax 2014 Estimated Tax Worksheet—Line 1 Estimated Taxable Social Security and Railroad Retirement Benefits Note. Military turbotax 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. Military turbotax     1. Military turbotax Enter your expected social security and railroad retirement benefits 1. Military turbotax   2. Military turbotax Enter one-half of line 1 2. Military turbotax   3. Military turbotax Enter your expected total income. Military turbotax Do not include any social security and railroad retirement benefits, nontaxable interest income, nontaxable IRA distributions, or nontaxable pension distributions 3. Military turbotax   4. Military turbotax Enter your expected nontaxable interest income 4. Military turbotax   5. Military turbotax Enter (as a positive amount) the total of any expected exclusions or deductions for: U. Military turbotax S. Military turbotax 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. Military turbotax   6. Military turbotax Add lines 2, 3, 4, and 5 6. Military turbotax   7. Military turbotax Enter your expected adjustments to income. Military turbotax Do not include any student loan interest deduction 7. Military turbotax   8. Military turbotax Subtract line 7 from line 6. Military turbotax If zero or less, stop here. Military turbotax  Note. Military turbotax 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. Military turbotax   9. Military turbotax 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. Military turbotax   10. Military turbotax Subtract line 9 from line 8. Military turbotax If zero or less, stop here. Military turbotax  Note. Military turbotax 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. Military turbotax   11. Military turbotax 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. Military turbotax   12. Military turbotax Subtract line 11 from line 10. Military turbotax If zero or less, enter -0- 12. Military turbotax   13. Military turbotax Enter the smaller of line 10 or line 11 13. Military turbotax   14. Military turbotax Enter one-half of line 13 14. Military turbotax   15