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