2004 Instructions for Form 1040 (ALL) - Supreme Law Firm

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Form 1040—Line 39 Standard Deduction Worksheet for Dependents—Line 39 Use this worksheet only if someone can claim you, or your spouse if filing jointly, as a dependent. Keep for Your Records 1. Add $250 to your earned income*. Enter the total ................................... 1. 2. Minimum standard deduction ................................................... 2. 800.00 3. Enter the larger of line 1 or line 2 ............................................... 3. 4. Enter the amount shown below for your filing status. • Single or married filing separately—$4,850 } • Married filing jointly or qualifying widow(er)—$9,700 . ..................... 4. • Head of household—$7,150 5. Standard deduction. a. Enter the smaller of line 3 or line 4. If born after January 1, 1940, and not blind, stop here and enter this amount on Form 1040, line 39. Otherwise, go to line 5b ........................ 5a. b. If born before January 2, 1940, or blind, multiply the number on Form 1040, line 38a, by $950 ($1,200 if single or head of household) ....................................... 5b. c. Add lines 5a and 5b. Enter the total here and on Form 1040, line 39 ...................... 5c. * Earned income includes wages, salaries, tips, professional fees, and other compensation received for personal services you performed. It also includes any amount received as a scholarship that you must include in your income. Generally, your earned income is the total of the amount(s) you reported on Form 1040, lines 7, 12, and 18, minus the amount, if any, on line 30. Standard Deduction Chart for People Who Were Born Before January 2, 1940, or Were Blind—Line 39 Do not use this chart if someone can claim you, or your spouse if filing jointly, as a dependent. Instead, use the worksheet above. Enter the number from the box on Do not use the number of exemptions from Form 1040, line 38a ................ line 6d. IF your filing AND the number in THEN your standard status is . . . the box above is . . . deduction is . . . 1 $6,050 Single 2 7,250 1 $10,650 Married filing jointly 2 11,600 or 3 12,550 Qualifying widow(er) 4 13,500 1 $5,800 2 6,750 Married filing separately 3 7,700 4 8,650 1 $8,350 Head of household 2 9,550 ! CAUTION Need more information or forms? See page 7. -32-
Form 1040—Lines 41 and 43 Tax Table or Tax Computation Work- Schedule D Tax Worksheet. If you have to Line 43 sheet. If your taxable income is less than file Schedule D and Schedule D, line 18 or $100,000, you must use the Tax Table that 19, is more than zero, use the Schedule D Tax begins on page 60 to figure your tax. Be Tax Worksheet on page D-9 of the Instrucsure you use the correct column. If your tions for Schedule D to figure your tax. Do you want the IRS to figure your tax for you? taxable income is $100,000 or more, use Qualified Dividends and Capital Gain Tax the Tax Computation Worksheet on Yes. See Pub. 967 for details, in- Worksheet. If you do not have to use the page 72. cluding who is eligible and what to do. If Schedule D Tax Worksheet (see above), you have paid too much, we will send you a However, do not use the Tax Table or use the worksheet on page 34 to figure your refund. If you did not pay enough, we will Tax Computation Worksheet to figure your tax if any of the following apply. send you a bill. tax if any of the following apply. • You reported qualified dividends on Form 8615. Form 8615 must generally be Form 1040, line 9b. No. Use one of the following methused to figure the tax for any child who was • You do not have to file Schedule D ods to figure your tax. Also include in the total on line 43 any of the following taxes. under age 14 at the end of 2004, and who and you reported capital gain distributions had more than $1,600 of investment in- on Form 1040, line 13. 1. Tax from Forms 8814 and 4972. Be come, such as taxable interest, ordinary • You are filing Schedule D and Schedsure to check the appropriate box(es). dividends, or capital gains (including capiule D, lines 15 and 16, are both more than 2. Tax from recapture of an education tal gain distributions). But if neither of the zero. credit. You may owe this tax if (a) you child’s parents was alive at the end of 2004, claimed an education credit in an earlier do not use Form 8615 to figure the child’s Schedule J. If you had income from farm- year, and (b) you, your spouse if filing tax. Also, a child born on January 1, 1991, ing or fishing, your tax may be less if you jointly, or your dependent received in 2004 is considered to be age 14 at the end of choose to figure it using income averaging either tax-free educational assistance or a 2004. Do not use Form 8615 for such a on Schedule J. refund of qualified expenses. See Form child. 8863 for more details. If you owe this tax, enter the amount and “ECR” on the dotted line next to line 43. Deduction for Exemptions Worksheet—Line 41 Keep for Your Records 1. Is the amount on Form 1040, line 37, more than the amount shown on line 4 below for your filing status? No. STOP Multiply $3,100 by the total number of exemptions claimed on Form 1040, line 6d, and enter the result on line 41. Yes. Continue 2. Multiply $3,100 by the total number of exemptions claimed on Form 1040, line 6d .................. 2. 3. Enter the amount from Form 1040, line 37 ................................. 3. 4. Enter the amount shown below for your filing status. • Single—$142,700 • Married filing jointly or qualifying widow(er)—$214,050 • Married filing separately—$107,025 • Head of household—$178,350 5. Subtract line 4 from line 3. If the result is more than $122,500 ($61,250 if married } ..... 4. filing separately), STOP You cannot take a deduction for exemptions ............... 5. 6. Divide line 5 by $2,500 ($1,250 if married filing separately). If the result is not a whole number, increase it to the next higher whole number (for example, increase 0.0004 to 1) 6. 7. Multiply line 6 by 2% (.02) and enter the result as a decimal .................................. 7. . 8. Multiply line 2 by line 7 ........................................................... 8. 9. Deduction for exemptions. Subtract line 8 from line 2. Enter the result here and on Form 1040, line 41 . . . 9. -33- Need more information or forms? See page 7.
Page 1 and 2: Note. This booklet does not contain
Page 3 and 4: What is IRS e-file? It’s the fast
Page 5 and 6: Tax Return Page Reference Questions
Page 7 and 8: Quick and Easy Access to Tax Help a
Page 9 and 10: Topic TeleTax Topics No. Subject No
Page 11 and 12: Before You Fill In Form 1040 See Ho
Page 13 and 14: Chart B—For Children and Other De
Page 15 and 16: Form Item and Box in Which it Shoul
Page 17 and 18: Line 2 December 31, 2004, you were
Page 19 and 20: Form 1040—Lines 7 and 8a less tha
Page 21 and 22: gross income was over $139,500 ($69
Page 23 and 24: Form 1040—Lines 16a and 16b Age (
Page 25 and 26: Form 1040—Lines 20a and 20b Socia
Page 27 and 28: Form 1040—Line 25 IRA Deduction W
Page 29 and 30: Form 1040—Lines 27 Through 29 for
Page 31: Line 35 Include in the total on lin
Page 35 and 36: Line 44 • Tax-exempt interest fro
Page 37 and 38: Line 51—Child Tax Credit What Is
Page 39 and 40: ured the credit. Check box c and en
Page 41 and 42: Lines 65a and 65b— Earned Income
Page 43 and 44: Form 1040—Lines 65a and 65b Conti
Page 45 and 46: Worksheet A—Earned Income Credit
Page 47 and 48: Form 1040—Lines 65a and 65b Works
Page 49 and 50: 2004 Earned Income Credit (EIC) Tab
Page 55 and 56: number is 20202086. Do not include
Page 57 and 58: You cannot sign your return are not
Page 59 and 60: site at www.aarp.org/taxaide or cal
Page 61 and 62: 2004 Tax Table—Continued If line
Page 71 and 72: If line 42 (taxable income) is— A
Page 73 and 74: Order Blank for Forms and Publicati
Page 75 and 76: Disclosure, Privacy Act, and Paperw
Page 77 and 78: Department of the Treasury Internal
Page 79 and 80: more than the general sales tax rat
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Instructions for Schedule B, after
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Department of the Treasury Internal
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ing the tax year, and you did not m
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also include the amount collected i
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line 36. The amount you can deduct
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Principal Business or Professional
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Partnership Interests vestment. Thi
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If there is an amount in box 1c, se
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sale of your main home if you are n
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follow the applicable instructions
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which you entered the combined tota
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If your rental real estate loss is
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gain results from redemption of the
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• Deducting the prepayment will n
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2001 Capital Gain Tax Worksheet—L
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2002 Tax Rate Schedules—Line 12 S
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2003 Tax Rate Schedules—Line 16 S
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homes, parking lots, warehouses, an
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Index to Instructions A Foreign Tax
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2004 Instructions for Form 1040 (ALL) - Supreme Law Firm

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