Instructions For Form 1040-Ss - U.s. Self-Employment Tax Return (Including The Additional Child Tax Credit For Bona Fide Residents Of Puerto Rico) - Internal Revenue Service - 2007 Page 4
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8jointly owned and operated business, and
joint return. If you choose to file a joint
“Uncollected Tax” on the dotted line next
you file a joint Form 1040-SS, you can
return, check the box for married filing
to line 5.
make a joint election to be taxed as a
jointly and be sure to include your
Uncollected employee social security
qualified joint venture instead of a
spouse’s name and SSN on the lines
and Medicare tax on wages. If you are
partnership. To make this election, you
provided below your name and SSN. If
an employee who received wages from
must divide all items of income, gain,
your spouse also had self-employment
an employer who did not withhold social
loss, deduction, and credit between you
income, complete and attach a separate
security and Medicare tax from your
and your spouse in accordance with your
Part V and, if applicable, Part VI. If
wages, complete Form 8919, Uncollected
respective interests in the venture. Each
necessary, attach a separate Part III or
Social Security and Medicare Tax on
of you must file a separate Part III or Part
Part IV for your spouse’s farm or nonfarm
Wages, to figure your share of the
IV, as well as a separate Part V. On each
business.
unreported tax. Enter the amount of tax
line of your separate Part III or Part IV,
Joint and several tax liability. If you
due (from Form 8919, line 13) and
you must enter your share of the
file a joint return, both you and your
“Uncollected Tax” on the dotted line next
applicable income, deduction, or loss.
spouse are generally responsible for the
to line 5, and include this tax in the total
Exception — Community income. If
tax and any interest or penalties due on
for line 5. Attach to Form 1040-SS the
you and your spouse wholly own an
the return. This means that if one spouse
completed Form 8919.
unincorporated business as community
does not pay the tax due, the other may
Line 6
property under the community property
have to.
laws of a state, foreign country, or U.S.
Enter any estimated tax payments you
Married filing separately. You can
possession, you can treat the business
made for 2007 including any overpayment
choose this filing status if you were
either as a sole proprietorship (of the
from your 2006 return that you applied to
married. This method may benefit you if
spouse who carried on the business) or a
your 2007 estimated tax. If you or your
you want to be responsible only for your
partnership. A change in your reporting
spouse paid separate estimated tax but
own tax.
position will be treated as a conversion of
are now filing a joint return, add the
the entity.
amounts you each paid and enter the
Line 4
total on line 6. If you and your spouse
If either of the following applies, see
Fiscal Year Filers
paid joint estimated tax but are now filing
Schedule H (Form 1040), Household
separate returns, you can divide the
If your tax year is a fiscal year, use the
Employment Taxes, and its instructions to
amount paid in any way you choose as
tax rate and earnings base that apply at
find out if you owe these taxes.
long as you both agree. If you cannot
•
the time the fiscal year begins. Do not
You paid any one household employee
agree, you must divide the payments in
prorate the tax or earnings base for a
cash wages of $1,500 or more in 2007.
proportion to each spouse’s individual tax
•
fiscal year that overlaps the date of a rate
You paid total cash wages of $1,000 or
as shown on your separate returns for
or earnings base change.
more in any calendar quarter of 2006 or
2007. For an example of how to do this,
2007 to household employees.
see chapter 3 of Pub. 505, Tax
Withholding and Estimated Tax.
Line 5
Specific Instructions
Line 7
Employee social security and Medicare
tax on tips not reported to employer.
Part I—Total Tax and
If you, or your spouse if filing a joint
Complete Form 4137, Social Security and
return, had more than one employer for
Credits
Medicare Tax on Unreported Tip Income,
2007 and total wages of more than
if you received cash and charge tips of
$97,500, too much social security tax may
Line 1
$20 or more in any month and did not
have been withheld. You can take a credit
report all of those tips to your employer.
Check the filing status that applies to you.
on this line for the amount withheld in
On the dotted line next to line 5, enter
excess of $6,045. But if any one employer
Single. Your filing status is single if:
“Tax on Tips,” and the amount of tax due
withheld more than $6,045, you must ask
1. On the last day of the year, you are
(from Form 4137, line 13). Be sure to
that employer to refund the excess to you.
unmarried or legally separated from your
include this tax in the total for line 5.
You cannot claim it on Form 1040-SS.
spouse under a divorce or separate
Attach to Form 1040-SS the completed
Figure this amount separately for you and
maintenance decree, or
Form 4137.
your spouse. You must attach Form
2. You meet all of the following
W-2AS, W-2CM, W-2GU, W-2VI, or
Uncollected employee social security
conditions.
499R-2/W-2PR. See chapter 3 of Pub.
and Medicare tax on tips. If you did not
a. You lived apart from your spouse
505 for more information.
have enough wages to cover the social
for the last 6 months of 2007. Temporary
security and Medicare tax due on tips you
Line 9
absences for special circumstances, such
reported to your employer, the amount of
as business, medical care, school, or
If, during 2007, you were a bona fide
tax due should be identified with codes A
military service, count as time lived in the
resident of Puerto Rico and an eligible
and B in box 12 of your Form W-2AS,
home.
trade adjustment assistance (TAA)
W-2CM, W-2GU, or W-2VI; or entered in
b. You file a separate return from your
recipient, alternative TAA recipient, or
boxes 22 and 23 of your Form 499R-2/
spouse.
Pension Benefit Guaranty Corporation
W-2PR. Include this tax in the total for line
c. You paid over half the cost of
(PBGC) pension recipient, see Form
5. Enter the amount of this tax and
keeping up your home for 2007.
8885, Health Coverage Tax Credit, to
“Uncollected Tax” on the dotted line next
d. Your home was the main home of
figure the amount of your credit, if any.
to line 5.
your child, adopted child, stepchild, or
See chapter 1 of Pub. 570 for the new
Uncollected employee social security
eligible foster child for more than half of
bona fide residency rules.
and Medicare tax on group-term life
2007.
insurance. If you had group-term life
e. You can claim the child as a
Lines 12a Through 12d
insurance through a former employer, you
dependent or the child’s other parent can
may have to pay social security and
Complete lines 12b through 12d if you
claim the child under the rules for children
Medicare tax on part of the cost of the life
want us to directly deposit the amount
of divorced or separated parents (see
insurance. The amount of tax due should
shown on line 12a to your checking or
Pub. 501).
be identified with codes M and N in box
savings account at a U.S. bank or other
Married filing jointly. You can choose
12 of your Form W-2AS, W-2CM, W-2GU,
U.S. financial institution (such as a mutual
this filing status if you were married and
or W-2VI. Include this tax in the total for
fund, brokerage firm, or credit union).
both you and your spouse agree to file a
line 5. Enter the amount of this tax and
Otherwise, we will send you a check.
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