Form Ir - Individual Income Tax Return - Norwood

NORWOOD INCOME TAX FORM IR

SIDE TWO SCHEDULE

(Calculation for Line 2 Front Page)

19. Net profit(s)/loss from profession and/or business operation(s) Attach Federal Schedule C………………….

19. $__________

20. Net profit(s)/loss from rental property and/or partnership(s) Attach Federal Schedule E……………………..

20. $__________

21. Net profit(s)/loss from farm income Attach Federal Schedule F……………………………………………....

21. $__________

22. Total net profit(s)/losses from business activities (Total lines 19, 20 and 21)…………………………………. 22. $__________

23. Business losses from previous years’ tax returns (if available) Maximum of three (3) years carryover………. 23. $__________

24. Other taxable income from business activities (Total line 22 minus 23)………………………………………. 24. $__________

25. Other taxable income (see instructions – Lines 2 and 25)……………………………………………………… 25. $__________

26. Total other taxable income (report this amount on Line 2 – front page)……………………………………….

26. $__________

ADDITIONAL INFORMATION

If your tax status has changed, please complete applicable items below:

A. I permanently discontinued work and have no taxable income after:___________________________ (State reason in “C”

below)

B. I sold the following rental property subject to Norwood tax:

Location Address

Date Sold:

Purchaser’s Name and Address

____________________________

_________________

__________________________________________

____________________________

_________________

__________________________________________

C. Additional Notations:______________________________________________________________________________________

_____________________________________________________________________________________________________

FILING INSTRUCTIONS

MANDATORY FILING: All residents 16 years and older are required to file a return whether or not any tax is due and regardless if you rent or own. If for some

reason, you do not have any taxable income, please return your form with an explanation and applicable verification and documentation. If you do not respond, your

account will be considered delinquent. To avoid penalties and interest, your tax return and payment must be received on or before April 16

Line 1 Is to be grand total of all gross wages, salaries and compensation from

Line 13 Your overpayment may either be credited to next year’s taxes or

all W-2 forms for the year. Generally use box 5 on the W-2.

refunded to you.

Attach copies of W-2s and a copy of your Federal 1040 Form.

Line 14 through 18 – Calculate estimated tax due for 2012.

Line 2 Is for reporting such items as income from business activities, non-

employee income listed on a 1099-MISC, sales commissions, fees,

Line 19 through 23 Self Explanatory – call office with further questions.

gambling winnings and other 1099 income received not pursuant to

retirement and other taxable income. (See note for Line 24.)

Line 24 Total of other taxable income from business activities. NOTE:

LOSSES FROM BUSINESS, INCLUDING RENTALS, MAY

Line 3 If during the tax year, you incurred expenses directly connected with

NOT BE OFFSET AGAINST PERSONAL SERVICES

your employment and essential to your earnings, they are allowable as a

COMPENSATION. HOWEVER, LOSSES MAY BE CARRIED

deduction from your gross earnings. Expenses are deductible only if

OVER FOR A MAXIMUM OF THREE YEARS.

recognized for Federal Income Tax purposes authorized by Norwood

Earnings Tax Regulations and required by your employer. Such items as

Line 25 Show other taxable income not from business activities – see items

clothing, lodging, transportation to and from place of employment are

listed in Line 2 instructions.

not allowable. An itemized statement of all claimed expenses (copy of

Federal travel expense sheet) must be furnished. All claimed expenses

Line 26 Total of other income. Add Line 24 and 25. This amount should

must be substantiated by actual records. Federal 2106 expenses are

be shown on front page, Line 2.

allowed with accompanying Schedule A.

PENALTIES AND INTEREST : UNPAID TAXES ACCUMULATE

Line 4 Total taxable income for Norwood.

PENALTIES AND INTEREST AT 1% PER MONTH EACH (2% TOTAL

PER MONTH). MINIMUM LATE PENALTY IS $20.00.

Line 5 Tax due before credits – multiply Line 4 by 2%.

EXTENSION POLICY – A copy of your federal extension or other written

Line 6 Estimated tax payments made to Norwood for tax year 2011.

request must be filed with the Norwood Tax Office by the due date of the

Norwood return. An extension does not extend the time to pay taxes.

Line 7 Taxes withheld by employer and paid to Norwood.

NOTES: Protection of Taxpayer Information – Any information gained

Line 8 Taxes withheld by employer and paid to other localities.

as a result of returns, investigations, etc., shall be confidential. No

Credit is only allowed on income taxed in another city or county.

disclosures shall be made except for official purposes or as ordered by a

court of competent jurisdiction or where disclosure is necessary to

Line 9 Overpayments from prior years’ tax returns.

conduct a hearing before the Board of Appeals.

Line 10 Total credit for the tax year.

Be sure to complete an estimated tax form for 2012.

Line 11 This is your tax due. Subtract Line 10 from Line 5. Balance must

RETIREES: If you no longer work at all, please attach a copy of your annual

be remitted with this return.

Social Security statement and a copy of your annual 1099 Form for your

pension received, if any. Also, indicate the date of your retirement on Line C

Line 12 This is the amount you overpaid. Subtract Line 5 from Line 10.

above OR provide a statement from your former employer showing your

retirement date. Please advise your date of birth on Line C above, also.

TAX FORMS ARE ALSO AVAILABLE AT - CLICK ON TAX DEPARTMENT

Form Ir - Individual Income Tax Return - Norwood - 2011 Page 2

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