City Of Montgomery Individual Income Tax Return - 2014 Page 2
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2City of Montgomery Individual Income Tax Return 2014
Page 2
To be completed only by those who have taxable income other than wages or who claim expenses as a deduction from such wages.
13.
Income not reported on W-2 form(s) or Schedule C (attach 1099-MISC or federal forms/schedules) …………………..……$
14.
Net profit (loss) from profession and/or business operation: Attach Federal Schedule C ............. $
15.
Net profit (loss) from rents*, partnership(s), farming, estates, trusts, etc.
Attach copy of Federal Schedule(s) E, F, and Form(s) K-1 .......................................................... $
*If rental property is located within the City of Montgomery, a current tenant listing must accompany this tax filing.
A tenant listing includes name, address, move in/move out date, and phone number, if available.
0.00
16.
Total net profit (loss) from business activities: Line 14 plus Line 15 .............................................. $
17.
Business loss total from previous tax returns: Limited to five (5) prior years ................................. $(
)
Note: Losses from business activities may not be used as a deduction from W-2 wages or other compensation
18.
Subtotal Line 16 and Line 17
a. If the result is a loss, enter the amount to be carried forward… ……….……………………….…$(
)
b. If the result is a gain, enter the amount on this line……………………………………………………………………………….$
19.
Credits
a. Deductible expenses: (attach IRS Schedule(s) 2106 and/or 3903—see instructions below) .....................
$
b. Nontaxable income: (explain—see instructions below) ________________________________ $
0.00
20.
Total of Lines 19a and19b ...............................................................................................................................................
$
21.
Net other taxable income or deductions: (Line 13 plus Line 18b, less Line 20) Enter on Line 2, Page 1 .......................
$
Exemptions from filing: Any person under 18 years of age who has not previously filed a return and has no earned income; or any retired person who has
previously filed a return establishing retired status with the City’s tax office and who will continue to have no earned income.
Instructions:
Lines 1 through 21, on pages 1 and 2
(For complete line-by-line instructions, visit our website at and click on Tax Forms)
This form is to be used by individuals who receive income reported on Federal Forms W-2, W-2G, Form 5754, 1099-MISC, or
Federal Schedules C, E, F or K-1. Individuals who file as Sole Proprietors of Single Member LLCs should also use this form.
LINE 1:
List total of all qualifying wages from all W-2 forms. “Qualifying” wages: generally includes amounts reported in the Medicare
wage base; and compensation of pre-1986 employees exempt from Medicare solely because of the Medicare grandfathering
provision. Qualifying wages include, but are not limited to: 401-K contributions (Deferred Compensation), deferred
annuity plans and stock options. Attach W-2 Form(s), page one of the applicable Federal form (1040, 1040A or 1040EZ)
and Federal Schedules from Form 1040 for income shown on Lines 12, 17, 18 and 21, if any.
*****Interest, dividends, capital gains, pension/retirement income are not taxable.*****
LINE 2:
All other taxable income. Gambling winnings are taxable and should be included on this line. Business losses may not
be used to offset W-2 wages or other compensation.
LINE 5c: Credit for tax withheld and paid to another municipality may not exceed 1%. Tax withheld at a rate higher than 1%
must be reduced (e.g., tax paid to Cincinnati divided by 2.1 equals Montgomery credit). If a refund was issued from another
city, please provide documentation, such as the city tax return or refund request.
No credit is given for county taxes or school district taxes.
LINE 6:
Balance of tax due must accompany return. If paying by credit card, please include full 16-digit card number, expiration
date, and verification code from back of the card.
LINE 7:
Overpayment will be applied to 2015 estimate unless a refund is requested in writing. By law, all refunds and credits in
excess of $10 are reported to IRS.
LINE 8:
Estimate 2015 income: multiply estimated income by 1%
LINE 11: You may pay the full amount of estimated tax with the filing of this form. First quarter payment of at least 25%, or amount
calculated on Line 11c, must accompany this form.
LINE 12: Total of payment accompanying return (Line 6 plus Line 11c).
LINE 13: Enter any taxable income not reported on W-2 form(s). Income reported on 1099-INT, 1099-R and 1099-D is not taxable.
LINE 14: Attach copy of Federal Schedule(s) C. If tax paid to another city, attach copy of other city return.
LINE 15: Attach copy of Federal Schedule(s) E, Schedule F, and/or K-1 form(s). If landlord property is within City of Montgomery,
a listing of current tenants, including name, address, move in/move out date, and phone number, if available, must be
provided for the tax filing to be complete.
LINE 17: Business losses may not be used to offset W-2 wages or other compensation. Operating loss may be carried forward;
maximum period of five years.
LINE 19a: Deductible expenses: Allowable only on wages taxable to Montgomery. Attach Federal Form 2106.
Moving expense deduction may not be used unless reimbursement is included in Line 1. Attach Federal Form 3903.
LINE 19b: Income may be pro-rated for residents who move into or from Montgomery during the current year. It is also necessary to
adjust any credit claimed for other city tax withheld or paid.
Examples of deductions that are NOT allowed:
Individual Retirement Account (IRA); Simplified Employee Pension (SEP) plan; Keogh (H.R. 10) Retirement Plan.
Extension Policy: Extension requests must be made in writing and received by the Montgomery Tax Office on or before April
15, 2015. The City of Montgomery Tax Office accepts a copy of the Federal Extension form as an extension request. Only those
extension requests received in duplicate with a self-addressed, postpaid envelope will have a copy returned after being appropriately
marked. Filing an extension does not grant an extension of time to pay.
Note: Unless accompanied by a payment of the balance of the 2014 tax declared due (Line 6) and at least 25% of the estimated
tax for 2015 (Line 11), this form is not a complete legal final return or declaration.
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