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 - 2008 Page 7
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8livestock produced (or a share of the
amounts you recaptured on the
b. Certain transactions in timber, coal,
proceeds from the sale of them). This
disposition of property. See Form 4797,
or domestic iron ore; or
applies even if you paid another person
Sales of Business Property.
c. The sale, exchange, involuntary
(an agent) to do the actual work or
conversion, or other disposition of
12. Fees you received as a
management for you. For details, see
professional fiduciary. This may also
property unless the property is stock in
Pub. 225.
trade or other property that would be
apply to fees paid to you as a
nonprofessional fiduciary if the fees relate
includible in inventory, or held mainly for
Other Income and Losses
sale to customers in the ordinary course
to active participation in the operation of
Included in Net Earnings
the estate’s business or the management
of the business.
From Self-Employment
9. Net operating losses from other
of an estate that required extensive
management activities over a long period
years.
1. Rental income from a farm if, as
10. Termination payments you received
of time.
landlord, you materially participated in the
as a former insurance salesperson if all of
13. Gain or loss from section 1256
production or management of the
contracts or related property by an
the following conditions are met.
production of farm products on this land.
options or commodities dealer in the
a. The payment was received from an
This income is farm earnings. To
normal course of dealing in or trading
insurance company because of services
determine if you materially participated in
section 1256 contracts.
you performed as an insurance
farm management or production, do not
salesperson for the company.
consider the activities of any agent who
b. The payment was received after
acted for you. The material participation
Income and Losses
termination of your agreement to perform
tests for landlords are explained in
Not Included in Net Earnings
services for the company.
chapter 12 of Pub. 225.
From Self-Employment
c. You did not perform any services
2. Cash or a payment-in-kind from the
for the company after termination and
1. Salaries, fees, etc., subject to
Department of Agriculture for participating
before the end of the year in which you
social security or Medicare tax that you
in a land diversion program.
received the payment.
received for performing services as an
3. Payments for the use of rooms or
d. You entered into a covenant not to
employee, including services performed
other space when you also provided
compete against the company for at least
as a public official (except as a fee basis
substantial services for the convenience
government employee as explained in
a 1-year period beginning on the date of
of your tenants. Examples are hotel
termination.
item 8 under Other Income and Losses
rooms, boarding houses, tourist camps or
Included in Net Earnings From
e. The amount of the payment
homes, parking lots, warehouses, and
depended primarily on policies sold by or
Self-Employment).
storage garages. See chapter 5 of Pub.
credited to your account during the last
2. Fees received for services
334 for more information.
year of the agreement, or the extent to
performed as a notary public. However, if
4. Income from the retail sale of
which those policies remain in force for
you have other earnings of $400 or more
newspapers and magazines if you were
some period after termination, or both.
subject to SE tax, on the dotted line next
age 18 or older and kept the profits.
f. The amount of the payment did not
to Part V, line 3, enter “Exempt — Notary”
5. Income you receive as a direct
depend to any extent on length of service
and the amount of your net profit as a
seller. Newspaper carriers or distributors
or overall earnings from services
notary public from line 2. Subtract that
of any age are direct sellers if certain
performed for the company (regardless of
amount from the total of lines 1a, 1b, and
conditions apply. See chapter 5 of Pub.
whether eligibility for the payment
2 and enter the result on line 3.
334 for details.
depended on length of service).
6. Amounts received by current or
3. Income you received as a retired
partner under a written partnership plan
former self-employed insurance agents
and salespersons that are:
that provides lifelong periodic retirement
Line 8b
payments if you had no other interest in
a. Paid after retirement but figured as
If you received tips of $20 or more in any
the partnership and did not perform
a percentage of commissions received
month and did not report the full amount
services for it during the year.
from the paying company before
to your employer, you must file Form
4. Income from real estate rentals if
retirement,
4137 (see instructions for Part I, line 5, on
you did not receive the income in the
b. Renewal commissions, or
page SS-4). Disregard the references to
course of a trade or business as a real
c. Deferred commissions paid after
Form 1040 shown on Form 4137. Enter
estate dealer. Report this income in Part
retirement for sales made before
on line 8b the amount from Form 4137,
IV if you and your spouse made an
retirement.
line 10.
election to be taxed as a qualified joint
However, certain termination
venture.
Line 8c
payments received by former insurance
5. Income from farm rentals (including
salespersons are not included in net
If you are an employee who received
rentals paid in crop shares) if, as landlord,
earnings from self-employment (as
wages from an employer who did not
you did not materially participate in the
explained in item 10 under Income and
withhold social security and Medicare tax,
production or management of the
Losses Not Included in Net Earnings
you must file Form 8919 (see instructions
production of farm products on the land.
From Self-Employment).
for Part I, line 5, on page SS-4). Enter on
See chapter 12 of Pub. 225 for details.
7. Income of certain crew members of
line 8c the amount from Form 8919, line
Report this income on Form 4835,
fishing vessels with crews of normally
10.
Farm Rental Income and Expenses, and
fewer than 10 people. See chapter 10 of
Form 1040. Use two Forms 4835 if you
Pub. 334 for details.
Part VI—Optional Methods
and your spouse made an election to be
8. Fees as a state or local
taxed as a qualified joint venture.
To Figure Net Earnings
government employee if you were paid
6. Payments you receive from the
only on a fee basis and the job was not
The optional methods may give you credit
Conservation Reserve Program if you are
covered under a federal-state social
toward your social security coverage even
receiving social security benefits for
security coverage agreement.
though you have a loss or a small amount
retirement or disability. Deduct these
9. Interest received in the course of
of income from self-employment. But the
payments on line 1b of Part V.
any trade or business, such as interest on
optional methods may require you to pay
7. Dividends on shares of stock and
notes or accounts receivable.
SE tax when you would otherwise not be
interest on bonds, notes, etc., if you did
10. Fees and other payments received
required to pay.
not receive the income in the course of
by you for services as a director of a
your trade or business as a dealer in
corporation.
If you are filing a joint return and both
stocks or securities.
11. Recapture amounts under sections
you and your spouse choose to use an
8. Gain or loss from:
179 and 280F included in gross income
optional method to figure net earnings
because the business use of the property
a. The sale or exchange of a capital
from self-employment, you must each
dropped to 50% or less. Do not include
asset;
complete and attach a separate Part VI.
SS-7
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