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Prior Year Tax Returns

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Prior Year Tax Returns

Prior year tax returns 12. Prior year tax returns   Self-Employment Tax Table of Contents What's New for 2013 What's New for 2014 Introduction Topics - This chapter discusses: Useful Items - You may want to see: Why Pay Self-Employment Tax? How To Pay Self-Employment TaxReplacing a lost social security card. Prior year tax returns Name change. Prior year tax returns Penalty for underpayment of estimated tax. Prior year tax returns Who Must Pay Self-Employment Tax?Limited partner. Prior year tax returns Community property. Prior year tax returns Figuring Self-Employment EarningsLandlord Participation in Farming Methods for Figuring Net EarningsRegular Method Farm Optional Method Nonfarm Optional Method Using Both Optional Methods Reporting Self-Employment Tax What's New for 2013 Tax rates. Prior year tax returns  For tax years beginning in 2013, the social security part of the self-employment tax increases from 10. Prior year tax returns 4% to 12. Prior year tax returns 4%. Prior year tax returns The Medicare part of the tax remains at 2. Prior year tax returns 9%. Prior year tax returns As a result, the self-employment tax is increased from 13. Prior year tax returns 3% to 15. Prior year tax returns 3%. Prior year tax returns Additional Medicare Tax. Prior year tax returns . Prior year tax returns  For tax years beginning in 2013, a 0. Prior year tax returns 9% Additional Medicare Tax applies to your Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income above a threshold amount. Prior year tax returns Use Form 8959, Additional Medicare Tax, to figure this tax. Prior year tax returns For more information, see the Instructions for Form 8959. Prior year tax returns Maximum net earnings. Prior year tax returns  The maximum net self-employment earnings subject to the social security part (12. Prior year tax returns 4%) of the self-employment tax increased to $113,700 for 2013. Prior year tax returns There is no maximum limit on earnings subject to the Medicare part (2. Prior year tax returns 9%). Prior year tax returns What's New for 2014 Maximum net earnings. Prior year tax returns  The maximum net self-employment earnings subject to the social security part of the self-employment tax for 2014 will be discussed in the 2013 Publication 334. Prior year tax returns Introduction Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Prior year tax returns It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. Prior year tax returns You usually have to pay SE tax if you are self-employed. Prior year tax returns You are usually self-employed if you operate your own farm on land you either own or rent. Prior year tax returns You have to figure SE tax on Schedule SE (Form 1040). Prior year tax returns Farmers who have employees may have to pay the employer's share of social security and Medicare taxes, as well. Prior year tax returns See chapter 13 for information on employment taxes. Prior year tax returns Self-employment tax rate. Prior year tax returns   For tax years beginning in 2013, the self-employment tax rate is 15. Prior year tax returns 3%. Prior year tax returns The rate consists of two parts: 12. Prior year tax returns 4% for social security (old-age, survivors, and disability insurance) and 2. Prior year tax returns 9% for Medicare (hospital insurance). Prior year tax returns Topics - This chapter discusses: Why pay self-employment tax How to pay self-employment tax Who must pay self-employment tax Figuring self-employment earnings Landlord participation in farming Methods for figuring net earnings Reporting self-employment tax Useful Items - You may want to see: Publication 541 Partnerships Form (and Instructions) 1040 U. Prior year tax returns S. Prior year tax returns Individual Income Tax Return Sch F (Form 1040) Profit or Loss From Farming Sch SE (Form 1040) Self-Employment Tax 1065 U. Prior year tax returns S. Prior year tax returns Return of Partnership Income Sch K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. Prior year tax returns See chapter 16 for information about getting publications and forms. Prior year tax returns Why Pay Self-Employment Tax? Social security benefits are available to self-employed persons just as they are to wage earners. Prior year tax returns Your payments of SE tax contribute to your coverage under the social security system. Prior year tax returns Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. Prior year tax returns How to become insured under social security. Prior year tax returns   You must be insured under the social security system before you begin receiving social security benefits. Prior year tax returns You are insured if you have the required number of credits (also called quarters of coverage). Prior year tax returns Earning credits in 2013. Prior year tax returns   You can earn a maximum of four credits per year. Prior year tax returns For 2013, you earn one credit for each $1,160 of combined wages and self-employment earnings subject to social security tax. Prior year tax returns You need $4,640 ($1,160 × 4) of combined wages and self-employment earnings subject to social security tax to earn four credits in 2013. Prior year tax returns It does not matter whether the income is earned in 1 quarter or is spread over 2 or more quarters. Prior year tax returns For an explanation of the number of credits you must have to be insured and the benefits available to you and your family under the social security program, consult your nearest Social Security Administration (SSA) office or visit the SSA website at www. Prior year tax returns socialsecurity. Prior year tax returns gov. Prior year tax returns Making false statements to get or to increase social security benefits may subject you to penalties. Prior year tax returns The Social Security Administration (SSA) time limit for posting self-employment earnings. Prior year tax returns   Generally, the SSA will give you credit only for self-employment earnings reported on a tax return filed within 3 years, 3 months, and 15 days after the tax year you earned the income. Prior year tax returns    If you file your tax return or report a change in your self-employment earnings after the SSA time limit for posting self-employment earnings, the SSA may change its records, but only to remove or reduce the amount. Prior year tax returns The SSA will not change its records to increase your self-employment earnings after the SSA time limit listed above. Prior year tax returns How To Pay Self-Employment Tax To pay SE tax, you must have a social security number (SSN) or an individual taxpayer identification number (ITIN). Prior year tax returns This section explains how to: Obtain an SSN or ITIN, and Pay your SE tax using estimated tax. Prior year tax returns An ITIN does not entitle you to social security benefits. Prior year tax returns Obtaining an ITIN does not change your immigration or employment status under U. Prior year tax returns S. Prior year tax returns law. Prior year tax returns Obtaining a social security number. Prior year tax returns   If you have never had an SSN, apply for one using Form SS-5, Application for a Social Security Card. Prior year tax returns The application is also available in Spanish. Prior year tax returns You can get this form at any Social Security office or by calling 1-800-772-1213. Prior year tax returns    You can also download Form SS-5 from the Social Security Administration website at  www. Prior year tax returns socialsecurity. Prior year tax returns gov. Prior year tax returns   If you have a social security number from the time you were an employee, you must use that number. Prior year tax returns Do not apply for a new one. Prior year tax returns Replacing a lost social security card. Prior year tax returns   If you have a number but lost your card, file Form SS-5. Prior year tax returns You will get a new card showing your original number, not a new number. Prior year tax returns Name change. Prior year tax returns   If your name has changed since you received your social security card, complete Form SS-5 to report a name change. Prior year tax returns Obtaining an individual taxpayer identification number. Prior year tax returns   The IRS will issue you an ITIN, for tax use only, if you are a nonresident or resident alien and you do not have, and are not eligible to get, an SSN. Prior year tax returns To apply for an ITIN, file Form W-7, Application for IRS Individual Taxpayer Identification Number. Prior year tax returns You can get this form by calling 1-800-829-3676. Prior year tax returns For more information on ITINs, see Publication 1915, Understanding Your IRS Individual Taxpayer Identification Number. Prior year tax returns Form W-7 and Publication 1915 are also available in Spanish. Prior year tax returns    You can also download Form W-7 from the IRS website at IRS. Prior year tax returns gov. Prior year tax returns Paying estimated tax. Prior year tax returns   Estimated tax is the method used to pay tax (including SE tax) on income not subject to withholding. Prior year tax returns You generally have to make estimated tax payments if you expect to owe tax, including SE tax, of $1,000 or more when you file your return. Prior year tax returns Use Form 1040-ES, Estimated Tax for Individuals, to figure and pay the tax. Prior year tax returns   However, if at least two-thirds of your gross income for 2013 or 2014 was from farming and you file your 2014 Form 1040 and pay all the tax due by March 2, 2015, you do not have to pay any estimated tax. Prior year tax returns For more information about estimated tax for farmers, see chapter 15. Prior year tax returns Penalty for underpayment of estimated tax. Prior year tax returns   You may have to pay a penalty if you do not pay enough estimated tax by its due date. Prior year tax returns Who Must Pay Self-Employment Tax? You must pay SE tax and file Schedule SE (Form 1040) if your net earnings from self-employment were $400 or more. Prior year tax returns The SE tax rules apply no matter how old you are and even if you are already receiving social security or Medicare benefits. Prior year tax returns Aliens. Prior year tax returns   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. Prior year tax returns S. Prior year tax returns citizens. Prior year tax returns Nonresident aliens are not subject to self-employment tax. Prior year tax returns However, residents of the Virgin Islands, Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, or American Samoa are subject to self-employment tax, as they are considered U. Prior year tax returns S. Prior year tax returns residents for self-employment tax purposes. Prior year tax returns For more information on aliens, see Publication 519, U. Prior year tax returns S. Prior year tax returns Tax Guide for Aliens. Prior year tax returns Are you self-employed?   You are self-employed if you carry on a trade or business (such as running a farm) as a sole proprietor, an independent contractor, a member of a partnership, or are otherwise in business for yourself. Prior year tax returns A trade or business is generally an activity carried on for a livelihood or in good faith to make a profit. Prior year tax returns Share farmer. Prior year tax returns   You are a self-employed farmer under an income-sharing arrangement if both the following apply. Prior year tax returns You produce a crop or raise livestock on land belonging to another person. Prior year tax returns Your share of the crop or livestock, or the proceeds from their sale, depends on the amount produced. Prior year tax returns Your net farm profit or loss from the income-sharing arrangement is reported on Schedule F (Form 1040) and included in your self-employment earnings. Prior year tax returns   If you produce a crop or livestock on land belonging to another person and are to receive a specified rate of pay, a fixed sum of money, or a fixed quantity of the crop or livestock, and not a share of the crop or livestock or their proceeds, you may be either self-employed or an employee of the landowner. Prior year tax returns This will depend on whether the landowner has the right to direct or control your performance of services. Prior year tax returns Example. Prior year tax returns A share farmer produces a crop on land owned by another person on a 50-50 crop-share basis. Prior year tax returns Under the terms of their agreement, the share farmer furnishes the labor and half the cost of seed and fertilizer. Prior year tax returns The landowner furnishes the machinery and equipment used to produce and harvest the crop, and half the cost of seed and fertilizer. Prior year tax returns The share farmer is provided a house in which to live. Prior year tax returns The landowner and the share farmer decide on a cropping plan. Prior year tax returns The share farmer is a self-employed farmer for purposes of the agreement to produce the crops, and the share farmer's part of the profit or loss from the crops is reported on Schedule F (Form 1040) and included in self-employment earnings. Prior year tax returns The tax treatment of the landowner is discussed later under Landlord Participation in Farming. Prior year tax returns Contract farming. Prior year tax returns   Under typical contract farming arrangements, the grower receives a fixed payment per unit of crops or finished livestock delivered to the processor or packing company. Prior year tax returns Since the grower typically furnishes labor and bears some production risk, the payments are reported on Schedule F and are therefore subject to self-employment tax. Prior year tax returns 4-H Club or FFA project. Prior year tax returns   If an individual participates in a 4-H Club or Future Farmers of America (FFA) project, any net income received from sales or prizes related to the project may be subject to income tax. Prior year tax returns Report the net income as “Other income” on line 21 of Form 1040. Prior year tax returns If necessary, attach a statement showing the gross income and expenses. Prior year tax returns The net income may not be subject to SE tax if the project is primarily for educational purposes and not for profit, and is completed by the individual under the rules and economic restrictions of the sponsoring 4-H or FFA organization. Prior year tax returns Such a project is generally not considered a trade or business. Prior year tax returns Partners in a partnership. Prior year tax returns   Generally, you are self-employed if you are a member of a partnership that carries on a trade or business. Prior year tax returns Limited partner. Prior year tax returns   If you are a limited partner, your partnership income is generally not subject to SE tax. Prior year tax returns However, guaranteed payments you receive for services you perform for the partnership are subject to SE tax and should be reported to you in box 14 of your Schedule K-1 (Form 1065). Prior year tax returns Business Owned and Operated by Spouses. Prior year tax returns   If you and your spouse jointly own and operate a farm as an unincorporated business and share in the profits and losses, you are partners in a partnership whether or not you have a formal partnership agreement. Prior year tax returns You must file Form 1065, instead of Schedule F, unless you make a joint election to be treated as a qualified joint venture. Prior year tax returns Making this election will allow you to avoid the complexity of Form 1065 but still give each spouse credit for social security earnings on which retirement benefits are based. Prior year tax returns Qualified joint venture. Prior year tax returns   If you and your spouse each materially participate as the only members of a jointly owned and operated farm, and you file a joint tax return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership for the tax year. Prior year tax returns For an explanation of “material participation,” see the instructions for Schedule C, line G, and the instructions for Schedule F, line E. Prior year tax returns   To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. Prior year tax returns Each of you must file a separate Schedule F and a separate Schedule SE. Prior year tax returns For more information, see Qualified Joint Venture in the Instructions for Schedule SE (Form 1040). Prior year tax returns Spouse employee. Prior year tax returns   If your spouse is your employee, not your partner, you must withhold and pay social security and Medicare taxes for him or her. Prior year tax returns For more information about employment taxes, see chapter 13. Prior year tax returns Community property. Prior year tax returns   If you are a partner and your distributive share of any income or loss from a trade or business carried on by the partnership is community property, treat your share as your self-employment earnings. Prior year tax returns Do not treat any of your share as self-employment earnings of your spouse. Prior year tax returns Figuring Self-Employment Earnings Farmer. Prior year tax returns   If you are self-employed as a farmer, use Schedule F (Form 1040) to figure your self-employment earnings. Prior year tax returns Partnership income or loss. Prior year tax returns   If you are a member of a partnership that carries on a trade or business, the partnership should report your self-employment earnings in box 14, code A, of your Schedule K-1 (Form 1065). Prior year tax returns Box 14 of Schedule K-1 may also provide amounts for gross farming or fishing income (code B) and gross nonfarm income (code C). Prior year tax returns Use these amounts if you use the farm or nonfarm optional method to figure net earnings from self-employment (see Methods for Figuring Net Earnings , later). Prior year tax returns   If you are a general partner, you may need to reduce these reported earnings by amounts you claim as a section 179 deduction, unreimbursed partnership expenses, or depletion on oil and gas properties. Prior year tax returns   If the amount reported is a loss, include only the deductible amount when you figure your total self-employment earnings. Prior year tax returns   For more information, see the Partner's Instructions for Schedule K-1 (Form 1065). Prior year tax returns   For general information on partnerships, see Publication 541. Prior year tax returns More than one business. Prior year tax returns   If you have self-employment earnings from more than one trade, business, or profession, you generally must combine the net profit or loss from each to determine your total self-employment earnings. Prior year tax returns A loss from one business reduces your profit from another business. Prior year tax returns However, do not combine earnings from farm and nonfarm businesses if you are using one of the optional methods (discussed later) to figure net earnings. Prior year tax returns Community property. Prior year tax returns   If any of the income from a farm or business, other than a partnership, is community property under state law, it is included in the self-employment earnings of the spouse carrying on the trade or business. Prior year tax returns Lost income payments. Prior year tax returns   Lost income payments received from insurance or other sources for reducing or stopping farming activities are included in self-employment earnings. Prior year tax returns These include USDA payments to compensate for lost income resulting from reductions in tobacco quotas and allotments. Prior year tax returns Even if you are not farming when you receive the payment, it is included in self-employment earnings if it relates to your farm business (even though it is temporarily inactive). Prior year tax returns A connection exists if it is clear the payment would not have been made but for your conduct of your farm business. Prior year tax returns Gain or loss. Prior year tax returns   A gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers is not included in self-employment earnings. Prior year tax returns It does not matter whether the disposition is a sale, exchange, or involuntary conversion. Prior year tax returns For example, gains or losses from the disposition of the following types of property are not included in self-employment earnings. Prior year tax returns Investment property. Prior year tax returns Depreciable property or other fixed assets used in your trade or business. Prior year tax returns Livestock held for draft, breeding, sport, or dairy purposes, and not held primarily for sale, regardless of how long the livestock was held, or whether it was raised or purchased. Prior year tax returns Unharvested standing crops sold with land held more than 1 year. Prior year tax returns Timber, coal, or iron ore held for more than 1 year if an economic interest was retained, such as a right to receive coal royalties. Prior year tax returns   A gain or loss from the cutting of timber is not included in self-employment earnings if the cutting is treated as a sale or exchange. Prior year tax returns For more information on electing to treat the cutting of timber as a sale or exchange, see Timber in chapter 8. Prior year tax returns Wages and salaries. Prior year tax returns   Wages and salaries received for services performed as an employee and covered by social security or railroad retirement are not included in self-employment earnings. Prior year tax returns   Wages paid in kind to you for agricultural labor, such as commodity wages, are not included in self-employment earnings. Prior year tax returns Retired partner. Prior year tax returns   Retirement income received by a partner from his or her partnership under a written plan is not included in self-employment earnings if all the following apply. Prior year tax returns The retired partner performs no services for the partnership during the year. Prior year tax returns The retired partner is owed only the retirement payments. Prior year tax returns The retired partner's share (if any) of the partnership capital was fully paid to the retired partner. Prior year tax returns The payments to the retired partner are lifelong periodic payments. Prior year tax returns Conservation Reserve Program (CRP) payments. Prior year tax returns   Under the Conservation Reserve Program (CRP), if you own or operate highly erodible or other specified cropland, you may enter into a longterm contract with the USDA, agreeing to convert to a less intensive use of that cropland. Prior year tax returns You must include the annual rental payments and any onetime incentive payment you receive under the program on Schedule F, lines 4a and 4b. Prior year tax returns Cost share payments you receive may qualify for the costsharing exclusion. Prior year tax returns See Cost-Sharing Exclusion (Improvements), above. Prior year tax returns CRP payments are reported to you on Form 1099G. Prior year tax returns Individuals who are receiving Social Security retirement or disability benefits may exclude CRP payments when calculating self-employment tax. Prior year tax returns See the instructions for Schedule SE (Form 1040). Prior year tax returns Self-employed health insurance deduction. Prior year tax returns   You cannot deduct the self-employed health insurance deduction you report on Form 1040, line 29, from self-employment earnings on Schedule SE (Form 1040). Prior year tax returns Landlord Participation in Farming As a general rule, income and deductions from rentals and from personal property leased with real estate are not included in determining self-employment earnings. Prior year tax returns However, income and deductions from farm rentals, including government commodity program payments received by a landowner who rents land, are included if the rental arrangement provides that the landowner will, and does, materially participate in the production or management of production of the farm products on the land. Prior year tax returns Crop shares. Prior year tax returns   Rent paid in the form of crop shares is included in self-employment earnings for the year you sell, exchange, give away, or use the crop shares if you meet one of the four material participation tests (discussed next) at the time the crop shares are produced. Prior year tax returns Feeding such crop shares to livestock is considered using them. Prior year tax returns Your gross income for figuring your self-employment earnings includes the fair market value of the crop shares when they are used as feed. Prior year tax returns Material participation for landlords. Prior year tax returns   You materially participate if you have an arrangement with your tenant for your participation and you meet one or more of the following tests. Prior year tax returns You do at least three of the following. Prior year tax returns Pay, using cash or credit, at least half the direct costs of producing the crop or livestock. Prior year tax returns Furnish at least half the tools, equipment, and livestock used in the production activities. Prior year tax returns Advise or consult with your tenant. Prior year tax returns Inspect the production activities periodically. Prior year tax returns You regularly and frequently make, or take an important part in making, management decisions substantially contributing to or affecting the success of the enterprise. Prior year tax returns You work 100 hours or more spread over a period of 5 weeks or more in activities connected with agricultural production. Prior year tax returns You do things that, considered in their totality, show you are materially and significantly involved in the production of the farm commodities. Prior year tax returns These tests may be used as general guides for determining whether you are a material participant. Prior year tax returns Example. Prior year tax returns Drew Houston agrees to produce a crop on J. Prior year tax returns Clarke's cotton farm, with each receiving half the proceeds. Prior year tax returns Clarke advises Houston when to plant, spray, and pick the cotton. Prior year tax returns During the growing season, Clarke inspects the crop every few days to determine whether Houston is properly taking care of the crop. Prior year tax returns Houston furnishes all labor needed to grow and harvest the crop. Prior year tax returns The management decisions made by Clarke in connection with the care of the cotton crop and his regular inspection of the crop establish that he participates to a material degree in the cotton production operations. Prior year tax returns The income Clarke receives from his cotton farm is included in his self-employment earnings. Prior year tax returns Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. Prior year tax returns The regular method. Prior year tax returns The farm optional method. Prior year tax returns The nonfarm optional method. Prior year tax returns You must use the regular method unless you are eligible to use one or both of the optional methods. Prior year tax returns See Figure 12-1 , shown later. Prior year tax returns Figure 12-1. Prior year tax returns Can I Use the Optional Methods? Please click here for the text description of the image. Prior year tax returns Figure 12–1. Prior year tax returns Can I Use the Optional Methods? Why use an optional method?   You may want to use the optional methods (discussed later) when you have a loss or a small net profit and any one of the following applies. Prior year tax returns You want to receive credit for social security benefit coverage. Prior year tax returns You incurred child or dependent care expenses for which you could claim a credit. Prior year tax returns (An optional method may increase your earned income, which could increase your credit. Prior year tax returns ) You are entitled to the earned income credit. Prior year tax returns (An optional method may increase your earned income, which could increase your credit. Prior year tax returns ) You are entitled to the additional child tax credit. Prior year tax returns (An optional method may increase your earned income, which could increase your credit. Prior year tax returns ) Effects of using an optional method. Prior year tax returns   Using an optional method could increase your SE tax. Prior year tax returns Paying more SE tax may result in you getting higher social security disability or retirement benefits. Prior year tax returns   If you use either or both optional methods, you must figure and pay the SE tax due under these methods even if you would have had a smaller SE tax or no SE tax using the regular method. Prior year tax returns   The optional methods may be used only to figure your SE tax. Prior year tax returns To figure your income tax, include your actual self-employment earnings in gross income, regardless of which method you use to determine SE tax. Prior year tax returns Regular Method Multiply your total self-employment earnings by 92. Prior year tax returns 35% (. Prior year tax returns 9235) to get your net earnings under the regular method. Prior year tax returns See Short Schedule SE, line 4, or Long Schedule SE, line 4a. Prior year tax returns Net earnings figured using the regular method are also called “actual net earnings. Prior year tax returns ” Farm Optional Method Use the farm optional method only for self-employment earnings from a farming business. Prior year tax returns You can use this method if you meet either of the following tests. Prior year tax returns Your gross farm income is $6,960 or less. Prior year tax returns Your net farm profits are less than $5,024. Prior year tax returns Gross farm income. Prior year tax returns   Your gross farm income is the total of the amounts from: Schedule F (Form 1040), line 9, and Schedule K-1 (Form 1065), box 14, code B (from farm partnerships). Prior year tax returns Net farm profits. Prior year tax returns   Net farm profits generally are the total of the amounts from: Schedule F (Form 1040), line 34, and Schedule K-1 (Form 1065), box 14, code A (from farm partnerships). Prior year tax returns However, you may need to adjust the amount reported on Schedule K-1 if you are a general partner or if it is a loss. Prior year tax returns For more information, see Partnership income or loss , earlier. Prior year tax returns Figuring farm net earnings. Prior year tax returns   If you meet either of the two tests explained above, use Table 12-1. Prior year tax returns Figuring Farm Net Earnings , to figure your net earnings from self-employment under the farm optional method. Prior year tax returns Table 12-1. Prior year tax returns Figuring Farm Net Earnings IF your gross farm income  is. Prior year tax returns . Prior year tax returns . Prior year tax returns THEN your net earnings are equal to. Prior year tax returns . Prior year tax returns . Prior year tax returns $6,960 or less Two-thirds of your gross farm income. Prior year tax returns More than $6,960 $4,640 Optional method can reduce or eliminate SE tax. Prior year tax returns   If your gross farm income is $6,960 or less and your farm net earnings figured under the farm optional method are less than your actual net earnings, you can use the farm optional method to reduce or eliminate your SE tax. Prior year tax returns Your actual net earnings are your net earnings figured using the regular method, explained earlier. Prior year tax returns Example. Prior year tax returns Your gross farm income is $540 and your net farm profit is $460. Prior year tax returns Consequently, your net earnings figured under the farm optional method are $360 (2/3 of $540) and your actual net earnings are $425 (92. Prior year tax returns 35% of $460). Prior year tax returns You owe no SE tax if you use the optional method because your net earnings under the farm optional method are less than $400. Prior year tax returns Nonfarm Optional Method This is an optional method available for determining net earnings from nonfarm self-employment, much like the farm optional method. Prior year tax returns If you are also engaged in a nonfarm business, you may be able to use this method to figure your nonfarm net earnings. Prior year tax returns You can use this method even if you do not use the farm optional method for determining your farm net earnings and even if you have a net loss from your nonfarm business. Prior year tax returns For more information about the nonfarm optional method, see Publication 334. Prior year tax returns You cannot combine farm and nonfarm self-employment earnings to figure your net earnings under either of the optional methods. Prior year tax returns Using Both Optional Methods If you use both optional methods, you must add the net earnings figured under each method to arrive at your total net earnings from self-employment. Prior year tax returns You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. Prior year tax returns If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. Prior year tax returns Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. Prior year tax returns Then, enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. Prior year tax returns Most taxpayers can use Section A–Short Schedule SE to figure their SE tax. Prior year tax returns However, certain taxpayers must use Section B–Long Schedule SE. Prior year tax returns Use the chart on page 1 of Schedule SE to find out which one to use. Prior year tax returns If you have to pay SE tax, you must file Form 1040 (with Schedule SE attached) even if you do not otherwise have to file a federal income tax return. Prior year tax returns Deduction for employer-equivalent portion of self-employment tax. Prior year tax returns   You can deduct the employer-equivalent portion of your SE tax in figuring your adjusted gross income. Prior year tax returns This deduction only affects your income tax. Prior year tax returns It does not affect either your net earnings from self-employment or your SE tax. Prior year tax returns   To deduct the tax, enter on Form 1040, line 27, the amount shown on Section A, Line 6, or Section B, line 13, Deduction for employer-equivalent portion of self-employment tax, of the Schedule SE. Prior year tax returns Joint return. Prior year tax returns   Even if you file a joint return, you cannot file a joint Schedule SE. Prior year tax returns This is true whether one spouse or both spouses have self-employment earnings. Prior year tax returns Your spouse is not considered self-employed just because you are. Prior year tax returns If both of you have self-employment earnings, each of you must complete a separate Schedule SE. Prior year tax returns However, if one spouse uses the Short Schedule SE and the other spouse has to use the Long Schedule SE, both can use the same form. Prior year tax returns Attach both schedules to the joint return. Prior year tax returns If you and your spouse operate a business as a partnership, see Business Owned and Operated by Spouses and Qualified joint venture , earlier, under Who Must Pay Self-Employment Tax . Prior year tax returns Prev  Up  Next   Home   More Online Publications
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Federal Housing Administration (FHA)

FHA provides mortgage insurance on single-family, multifamily, manufactured home, and hospital loans made by FHA-approved lenders throughout the United States and its territories.

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Website: Federal Housing Administration (FHA)

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Address: 451 7th St., SW
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Toll-free: 1-800-225-5342

TTY: 1-877-833-2483

The Prior Year Tax Returns

Prior year tax returns Publication 554 - Additional Material Prev  Up  Next   Home   More Online Publications