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

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Form 1040—Lines 62 Through 64 Line 62 8. Golden parachute payments. If you received an excess parachute payment Line 64 (EPP), you must pay a 20% tax on it. This Total Tax 2004 Estimated Tax tax should be shown in Form W-2, box 12, Include in the total on line 62 any of the with code K. If you received a Form Payments following taxes. To find out if you owe the 1099-MISC, the tax is 20% of the EPP Enter any estimated federal income tax tax, see the form or publication indicated. shown in box 13. Identify as “EPP.” payments you made using Form 1040-ES On the dotted line next to line 62, enter the 9. Tax on accumulation distribution of for 2004. Include any overpayment from amount of the tax and identify it as inditrusts (see Form 4970). Identify as “ADT.” your 2003 return that you applied to your cated. 10. Excise tax on insider stock compen- 2004 estimated tax. 1. Additional tax on health savings ac- sation from an expatriated corporation. count distributions (see Form 8889). Iden- You may owe a 15% excise tax on the If you and your spouse paid joint estitify as “HSA.” value of nonstatutory stock options and cercome tax returns, you can divide the mated tax but are now filing separate in- 2. Additional tax on Archer MSA distri- tain other stock-based compensation held butions (see Form 8853). Identify as by you or a member of your family from an amount paid in any way you choose as long “MSA.” as you both agree. If you cannot agree, you expatriated corporation or its expanded afmust divide the payments in proportion to 3. Additional tax on Medicare Advan- filiated group in which you were an officer, tage MSA distributions (see Form 8853). each spouse’s individual tax as shown on director, or more-than-10% owner. See Inyour separate returns for 2004. For an ex- Identify as “Med MSA.” ternal Revenue Code section 4985. Identify ample of how to do this, see Pub. 505. Be 4. Recapture of the following credits. as “ISC.” sure to show both social security numbers a. Investment credit (see Form 4255). (SSNs) in the space provided on the sepa- Identify as “ICR.” rate returns. If you or your spouse paid b. Low-income housing credit (see separate estimated tax but you are now fil- Form 8611). Identify as “LIHCR.” Payments ing a joint return, add the amounts you each paid. Follow these instructions even if your c. Qualified electric vehicle credit (see spouse died in 2004 or in 2005 before filing Pub. 535). Identify as “QEVCR.” a 2004 return. d. Indian employment credit (see Form Line 63 8845). Identify as “IECR.” Federal Income Tax Divorced Taxpayers e. New markets credit (see Form 8874). Withheld If you got divorced in 2004 and you made Identify as “NMCR.” joint estimated tax payments with your forf. Credit for employer-provided child Add the amounts shown as federal income mer spouse, put your former spouse’s SSN care facilities (see Form 8882). Identify as tax withheld on your Forms W-2, W-2G, in the space provided on the front of “ECCFR.” and 1099-R. Enter the total on line 63. The Form 1040. If you were divorced and reamount withheld should be shown in Form married in 2004, put your present spouse’s 5. Recapture of federal mortgage subsidy. If you sold your home in 2004 and it W-2 or W-2G, box 2, and in Form 1099-R, SSN in the space provided on the front of was financed (in whole or in part) from the box 4. Attach Forms W-2G and 1099-R to Form 1040. Also, under the heading Pay- proceeds of any tax-exempt qualified morttax was withheld. spouse’s SSN, followed by “DIV.” the front of your return if federal income ments to the left of line 64, put your former gage bond or you claimed the mortgage interest credit, see Form 8828. Identify as “FMSR.” If you received a 2004 Form 1099 Name Change showing federal income tax withheld on 6. Section 72(m)(5) excess benefits tax dividends, interest income, unemployment If you changed your name because of mar- (see Pub. 560). Identify as ‘‘Sec. compensation, social security benefits, or riage, divorce, etc., and you made esti- 72(m)(5).’’ other income you received, include the mated tax payments using your former 7. Uncollected social security and amount withheld in the total on line 63. name, attach a statement to the front of Medicare or RRTA tax on tips or This should be shown in Form 1099, box 4, Form 1040. On the statement, explain all group-term life insurance. This tax should or Form SSA-1099, box 6. the payments you and your spouse made in be shown in Form W-2, box 12, with codes 2004 and the name(s) and SSN(s) under A and B or M and N. Identify as “UT.” which you made them. Need more information or forms? See page 7. -40-
Lines 65a and 65b— Earned Income Credit (EIC) What Is the EIC? Step 2 1. Add the amounts from Form 1040: Investment Income The EIC is a credit for certain people who work. The credit may Line 8a give you a refund even if you do not owe any tax. Line 8b + To Take the EIC: Line 9a + • Follow the steps below. • Complete the worksheet that applies to you or let the IRS figure the credit for you. Line 13* + • If you have a qualifying child, complete and attach Investment Income = Schedule EIC. ! CAUTION Form 1040—Lines 65a and 65b If you take the EIC even though you are not eligible and *Do not include if line 13 is a loss. it is determined that your error is due to reckless or intentional disregard of the EIC rules, you will not be 2. Is your investment income more than $2,650? allowed to take the credit for 2 years even if you are Yes. Continue No. Skip question 3; go to otherwise eligible to do so. If you fraudulently take the EIC, you question 4. will not be allowed to take the credit for 10 years. See Form 8862, Who must file, on page 44. You may also have to pay penalties. 3. Are you filing Form 4797 (relating to sales of business property)? Yes. See Form 4797 No. STOP Step 1 All Filers filers on page 44. You cannot take the credit. 1. If, in 2004: • 2 children lived with you, is the amount on Form 1040, 4. Do any of the following apply for 2004? line 37, less than $34,458 ($35,458 if married filing • You are filing Schedule E. jointly)? • 1 child lived with you, is the amount on Form 1040, line 37, less than $30,338 ($31,338 if married filing jointly)? • No children lived with you, is the amount on Form 1040, line 37, less than $11,490 ($12,490 if married filing jointly)? Yes. Continue No. STOP You cannot take the credit. 2. Do you, and your spouse if filing a joint return, have a social security number that allows you to work or is valid for EIC purposes (see page 44)? Yes. Continue No. STOP You cannot take the credit. Put “No” on the dotted line next to line 65a. • You are reporting income or a loss from the rental of personal property not used in a trade or business. • You are reporting income on Form 1040, line 21, from Form 8814 (relating to election to report child’s interest and dividends). Yes. You must use Worksheet 1 in Pub. 596 to see if you can take the credit. To get Pub. 596, see page 7. 5. Did a child live with you in 2004? No. Continue Yes. Go to Step 3 No. Go to Step 4 on on page 42. page 42. 3. Is your filing status married filing separately? Yes. STOP No. Continue You cannot take the credit. 4. Are you filing Form 2555 or 2555-EZ (relating to foreign earned income)? Yes. STOP No. Continue You cannot take the credit. 5. Were you a nonresident alien for any part of 2004? Yes. See Nonresident No. Go to Step 2. aliens on page 44. -41- 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 and 32: Line 35 Include in the total on lin
Page 33 and 34: Form 1040—Lines 41 and 43 Tax Tab
Page 35 and 36: Line 44 • Tax-exempt interest fro
Page 37 and 38: Line 51—Child Tax Credit What Is
Page 39: ured the credit. Check box c and en
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
Page 81 and 82: • You gave gifts of property that
Page 83 and 84: Instructions for Schedule B, after
Page 85 and 86: Department of the Treasury Internal
Page 87 and 88: ing the tax year, and you did not m
Page 89 and 90: 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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Department of the Treasury Internal
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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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