Instruction For Schedule J - 2005 Page 7
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82004 Taxable Income Worksheet—Line 13
Keep for Your Records
Complete this worksheet if your 2004 taxable income is zero or less. See the instructions that begin on page J-6 before
completing this worksheet.
1. Figure the taxable income from your 2004 tax return (or as previously adjusted) without limiting it to
zero. If you had an NOL for 2004, do not include any NOL carryovers or carrybacks to 2004. Enter
the result as a positive amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2. If there is a loss on your 2004 Schedule D, line 21, add that loss (as a positive
amount) and your 2004 capital loss carryover to 2005. Subtract from that sum the
amount of the loss on your 2004 Schedule D, line 16, and enter the result . . . . . .
2.
3. If you had an NOL for 2004, enter it as a positive amount. Otherwise, enter as a
positive amount the portion, if any, of the NOL carryovers and carrybacks to
2004 that were not used in 2004 and were carried to years after 2004 . . . . . . . . .
3.
4. Add lines 2 and 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
5. Subtract line 4 from line 1. Enter the result as a negative amount on Schedule J, line 13 . . . . . . . . . .
5.
he enters as a positive amount on line 1 of
2004 and did not have an NOL carryover
Line 16
the 2004 worksheet.
from 2004 available to carry to 2005 and
later years. The NOLD for 2004 of $2,000
If line 15 is zero or less, enter -0- on line 16.
When John filed his 2004 tax return, he
was reduced to zero because it did not ex-
Otherwise, figure the tax on the amount on
had a $3,000 net capital loss deduction on
line 15 using:
ceed his modified taxable income of
Schedule D, line 21(which was also entered
•
$4,000. Modified taxable income is figured
The 2004 Tax Rate Schedules below,
on Form 1040, line 13), a $7,000 loss on
•
by adding back the $3,000 net capital loss
The 2004 Qualified Dividends and
Schedule D, line 16, and a $5,000 capital
deduction and the $3,100 of exemptions to
loss carryover to 2005 (his 2004 capital
Capital Gain Tax Worksheet on page J-8,
negative taxable income (figured without
or
loss carryover to 2005 was $5,000, not
•
regard to the NOLD) of $2,100. John enters
$4,000, because the amount on his Form
The 2004 Schedule D Tax Worksheet
1040, line 40, was a negative $1,000). John
$1,000 on line 4 and $3,100 on line 5. He
(but use the 2004 Tax Rate Schedules be-
adds the $3,000 from Schedule D, line 21,
enters $3,100 as a negative amount on
low instead of the 2004 Tax Table when
and the $5,000 carryover. He subtracts
Schedule J, line 13. He enters $6,000 on
figuring the tax on the Schedule D Tax
from the result the $7,000 loss on his
Schedule J, line 14, and $2,900 on Sched-
Worksheet, lines 34 and 36).
Schedule D, line 16, and enters $1,000 on
ule J, line 15. If he uses Schedule J to figure
line 2 of the worksheet.
his tax for 2006, he will enter $2,900 on his
2006 Schedule J as his 2004 taxable in-
John enters -0- on line 3 of the work-
come for income averaging purposes.
sheet because he does not have an NOL for
2004 Tax Rate Schedules—Line 16
Schedule Y-2 — Use if your 2004 filing status was
Schedule X — Use if your 2004 filing status was Single
Married filing separately
of the
of the
If Schedule J,
Enter on
If Schedule J,
Enter on
line 15, is:
But not
Schedule J,
amount
line 15, is:
But not
Schedule J,
amount
Over —
over —
line 16
over —
Over —
over —
line 16
over —
$0
$7,150
...........
10%
$0
$0
$7,150
...........
10%
$0
7,150
29,050
$715.00 +
15%
7,150
7,150
29,050
$715.00 +
15%
7,150
29,050
70,350
4,000.00 +
25%
29,050
29,050
58,625
4,000.00 +
25%
29,050
70,350
146,750
14,325.00 +
28%
70,350
58,625
89,325
11,393.75 +
28%
58,625
146,750
319,100
35,717.00 +
33%
146,750
89,325
159,550
19,989.75 +
33%
89,325
319,100
.............
92,592.50 +
35%
319,100
159,550
.............
43,164.00 +
35%
159,550
Schedule Y-1 — Use if your 2004 filing status was Married
Schedule Z — Use if your 2004 filing status was Head of
filing jointly or Qualifying widow(er)
household
of the
of the
If Schedule J,
Enter on
If Schedule J,
Enter on
line 15, is:
But not
Schedule J,
amount
line 15, is:
But not
Schedule J,
amount
Over —
over —
line 16
over —
Over —
over —
line 16
over —
$0
$14,300
...........
10%
$0
$0
$10,200
...........
10%
$0
14,300
58,100
$1,430.00 +
15%
14,300
10,200
38,900
$1,020.00 +
15%
10,200
58,100
117,250
8,000.00 +
25%
58,100
38,900
100,500
5,325.00 +
25%
38,900
117,250
178,650
22,787.50 +
28%
117,250
100,500
162,700
20,725.00 +
28%
100,500
178,650
319,100
39,979.50 +
33%
178,650
162,700
319,100
38,141.00 +
33%
162,700
319,100
............
86,328.00 +
35%
319,100
319,100
.............
89,753.00 +
35%
319,100
J-7
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