2004 Instructions for Form 1040 (ALL) - Supreme Law Firm
2004 Instructions for Form 1040 (ALL) - Supreme Law Firm
2004 Instructions for Form 1040 (ALL) - Supreme Law Firm
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
ured the credit. Check box c and enter<br />
<strong>Form</strong> <strong>1040</strong>—Lines 52 Through 61<br />
Exception. If only item 1 applies to you<br />
Line 52 “FNS” on the line to the right of box c. and distribution code 1 is correctly shown<br />
• Qualified zone academy bond credit. in <strong>Form</strong> 1099-R, box 7, you do not have to<br />
Adoption Credit<br />
This credit applies only to S corporation file <strong>Form</strong> 5329. Instead, multiply the tax-<br />
You may be able to take this credit if either shareholders. See <strong>Form</strong> 8860.<br />
able amount of the distribution by 10%<br />
of the following applies.<br />
(.10) and enter the result on line 59. The<br />
• You paid expenses to adopt a child.<br />
taxable amount of the distribution is the<br />
• You adopted a child with special<br />
part of the distribution you reported on<br />
needs and the adoption became final in Other Taxes<br />
<strong>Form</strong> <strong>1040</strong>, line 15b or line 16b, or on<br />
<strong>2004</strong>.<br />
<strong>Form</strong> 4972. Also, put “No” under the head-<br />
See the <strong>Instructions</strong> <strong>for</strong> <strong>Form</strong> 8839 <strong>for</strong><br />
ing “Other Taxes” to the left of line 59 to<br />
details.<br />
Line 58<br />
indicate that you do not have to file <strong>Form</strong><br />
5329. But if distribution code 1 is incorrectly<br />
shown in <strong>Form</strong> 1099-R, box 7, or<br />
Social Security and<br />
Medicare Tax on Tip Income you qualify <strong>for</strong> an exception <strong>for</strong> qualified<br />
Line 53<br />
medical expenses, qualified higher educa-<br />
Not Reported to Employer<br />
Include the following credits on line 53 and<br />
tion expenses, or qualified first-time<br />
check the appropriate box(es). To find out If you received tips of $20 or more in any homebuyer distributions, you must file<br />
if you can take the credit, see the <strong>for</strong>m month and you did not report the full <strong>Form</strong> 5329.<br />
indicated.<br />
amount to your employer, you must pay the<br />
social security and Medicare or railroad re-<br />
• Mortgage interest credit. If a state or<br />
tirement (RRTA) tax on the unreported<br />
local government gave you a mortgage<br />
tips. You must also pay this tax if your Line 60<br />
credit certificate, see <strong>Form</strong> 8396.<br />
<strong>Form</strong>(s) W-2 shows allocated tips that you<br />
• District of Columbia first-time<br />
Advance Earned Income<br />
are including in your income on <strong>Form</strong><br />
homebuyer credit. See <strong>Form</strong> 8859. <strong>1040</strong>, line 7.<br />
Credit Payments<br />
Enter the total amount of advance earned<br />
To figure the social security and Medi- income credit (EIC) payments you recare<br />
tax, use <strong>Form</strong> 4137. If you owe RRTA ceived. These payments are shown in<br />
Line 54<br />
tax, contact your employer. Your employer <strong>Form</strong>(s) W-2, box 9.<br />
Other Credits<br />
Include the following credits on line 54 and<br />
will figure and collect the RRTA tax.<br />
check the appropriate box(es). If box c is<br />
Line 61<br />
You may be charged a penalty<br />
equal to 50% of the social se-<br />
!<br />
curity and Medicare tax due on<br />
CAUTION<br />
tips you received but did not re-<br />
port to your employer.<br />
checked, also enter the <strong>for</strong>m number, if ap-<br />
plicable. To find out if you can take the<br />
credit, see the <strong>for</strong>m or publication indicated.<br />
• Credit <strong>for</strong> prior year minimum tax. If<br />
you paid alternative minimum tax in a prior<br />
Household Employment<br />
Taxes<br />
If any of the following apply, see<br />
Schedule H and its instructions to find out<br />
year, see <strong>Form</strong> 8801. Line 59 if you owe these taxes.<br />
• Qualified electric vehicle credit. If<br />
Additional Tax on IRAs,<br />
1. You paid any one household emyou<br />
placed a new electric vehicle in service<br />
ployee (defined below) cash wages of<br />
in <strong>2004</strong>, see <strong>Form</strong> 8834.<br />
Other Qualified Retirement<br />
$1,400 or more in <strong>2004</strong>. Cash wages in-<br />
• General business credit. This credit Plans, etc.<br />
clude wages paid by check, money order,<br />
consists of a number of credits that usually If any of the following apply, see<br />
etc.<br />
apply only to individuals who are partners, <strong>Form</strong> 5329 and its instructions to find out if 2. You withheld federal income tax durshareholders<br />
in an S corporation, self-em- you owe this tax and if you must file<br />
ployed, or who have rental property. See<br />
ing <strong>2004</strong> at the request of any household<br />
<strong>Form</strong> 5329.<br />
<strong>Form</strong> 3800 or Pub. 334.<br />
employee.<br />
• Empowerment zone and renewal<br />
1. You received an early distribution 3. You paid total cash wages of $1,000<br />
community employment credit. See<br />
from (a) an IRA or other qualified retire- or more in any calendar quarter of 2003 or<br />
<strong>Form</strong> 8844.<br />
ment plan, (b) an annuity, or (c) a modified <strong>2004</strong> to household employees.<br />
endowment contract entered into after June<br />
• New York Liberty Zone business em-<br />
20, 1988, and the total distribution was not<br />
ployee credit. See <strong>Form</strong> 8884.<br />
rolled over in a qualified rollover contribu-<br />
For item (1), do not count<br />
• Nonconventional source fuel credit. If tion. amounts paid to an employee<br />
you sold fuel produced from a nonconven-<br />
TIP<br />
2. Excess contributions were made to<br />
who was under age 18 at any<br />
tional source, or you were an owner of royyour<br />
IRAs, Coverdell education savings acalty<br />
interests and you received income from<br />
time in <strong>2004</strong> and was a student.<br />
counts (ESAs), Archer MSAs, or health<br />
the sale of fuel produced from a nonconsavings<br />
accounts.<br />
ventional source, you may be able to take<br />
Household employee. Any person who<br />
this credit. See Internal Revenue Code secfrom<br />
Coverdell ESAs or qualified tuition ployee if you can control what will be done<br />
3. You received taxable distributions does household work is a household em-<br />
tion 29 and, if an owner of royalty interests,<br />
Rev. Proc. <strong>2004</strong>-27, <strong>2004</strong>-17 I.R.B. 831. programs.<br />
and how it will be done. Household work<br />
You can find Rev. Proc. <strong>2004</strong>-27 on page 4. You were born be<strong>for</strong>e July 1, 1933, includes work done in or around your home<br />
831 of Internal Revenue Bulletin <strong>2004</strong>-17 and did not take the minimum required dis- by babysitters, nannies, health aides,<br />
at www.irs.gov/pub/irs-irbs/irb04-17.pdf. tribution from your IRA or other qualified maids, yard workers, and similar domestic<br />
Attach a schedule showing how you fig- retirement plan.<br />
workers.<br />
-39- Need more in<strong>for</strong>mation or <strong>for</strong>ms? See page 7.