Schedule Co Individual - Optional Computation Of Tax - 2010
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1
2Schedule CO Individual
2010
OPTIONAL COMPUTATION OF TAX
Rev. 01.11
Taxable year beginning on ______________, _____ and ending on ______________, _____
Taxpayer's name
Social Security Number
Use this Schedule only if you choose the optional computation of tax for married individuals living together, filing a joint return and both working.
Wages, Commissions, Allowances and Tips
Wages, Commissions, Allowances and Tips
1.
16
A - Income Tax Withheld
B - TAXPAYER
C - SPOUSE
ATTACH ALL YOUR WITHHOLDING STATEMENTS
(Forms 499R-2/W-2PR, 499R-2c/W-2cPR or W-2, as applicable).
00
00
00
00
00
00
00
00
00
00
00
00
Total of withholding statements with this schedule ......................................
Total ........................................................................................................................
00
00
00
(01)
(03)
(30)
Federal Government Wages (See instructions)
.....................................................
2.
00
00
00
(04)
(02)
(31)
Other Income (or Losses):
3.
00
00
A)
Interest income (Schedule F Individual, Part I, line 10) (50% of the total to each spouse).................................
(05)
(32)
00
00
B)
Distributable share on special partnerships profits (Submit Schedule F Individual and Schedule R) ................
(06)
(33)
00
00
C)
Distributable share on special partnerships losses (Submit Schedule R) ..........................................................
(07)
(34)
D)
Dividends from corporations and distributions from partnerships subject to withholding (Schedule F Individual,
00
Part II, line 1A) (50% of the total to each spouse) ..........................................................................................
00
(08)
(35)
E)
Dividends from corporations and distributions from partnerships not subject to withholding (Schedule F
00
00
Individual, Part II, line 3B) (50% of the total to each spouse).........................................................................
(09)
(36)
F)
00
00
Distributable share on profits from corporations of individuals (Submit Schedule F Individual) .........................
(10)
(37)
G)
00
00
Distributions from Governmental Plans (Schedule F Individual, Part V, lines 1C and 1D) ..................................
(11)
(38)
H)
00
00
Miscellaneous income (Submit Schedule F Individual) (50% of the total to each spouse or as applicable. See inst.)
(12)
(39)
I)
00
00
Distributions from Individual Retirement Accounts and Educational Contribution Accounts (Submit Schedule F Individual)
(13)
(40)
J)
00
00
Dividends from Capital Investment or Tourism Fund (Submit Schedule Q1) (50% of the total to each spouse)..
(14)
(41)
00
00
K)
Income from annuities and pensions (Schedule H Individual, Part II, line 12) .................................................
(15)
(42)
00
00
L)
Alimony received (Payer's social security No. _________________________ )
.........................................
(17)
(16)
(43)
00
00
M)
Gain (or loss) from industry or business (Submit Schedule K Individual) ......................................................
(18)
(44)
00
00
N)
Gain (or loss) from farming (Submit Schedule L Individual) .........................................................................
(19)
(45)
00
00
O)
Gain (or loss) from professions and commissions (Submit Schedule M Individual) .......................................
(20)
(46)
00
00
P)
Gain (or loss) from rental business (Submit Schedule N Individual) (50% of the total to each spouse)..........
(21)
(47)
Q)
Gain (or loss) from sale or exchange of capital assets (Submit Schedule D Individual) (50% of the total to each
spouse) ................................................................................................................................................
00
00
(22)
(48)
R)
00
00
Qualified plans and Variable Annuity Contracts (Submit Schedule D Individual) ..........................................
(23)
(49)
S)
00
00
Net long-term capital gain on Investment Funds (Submit Schedule Q1) (50% of the total to each spouse) .....
(24)
(50)
00
00
4.
Total Gross Income (Add lines 1, 2 and 3A through 3S, of Columns B and C, respectively) ...........................
(25)
(51)
Alimony Paid (Recipient's social security No. _________________________ )
5.
(26)
00
00
(Judgment No. _______________)
..................................................................................................................
(28)
(27)
(52)
00
00
Adjusted Gross Income (Subtract line 5 from line 4, of Columns B and C, respectively) ........................................
(29)
6.
(53)
1,575
1,575
STANDARD DEDUCTION ....................................................................................................................................
7.
00
00
(01)
(21)
8. ITEMIZED DEDUCTIONS (See instructions):
17
A) Home mortgage interest
Employer
Name of entity to which payment was made Mortgage
Loan Number
Amount
Identification No.
First
Principal residence:
00
(02)
(06)
Second
00
(03)
(07)
Second residence:
First
00
(04)
(08)
Second
00
(05)
(09)
00
Loan Origination Fees (Points) Paid Directly by Borrower (See instructions) .............................
(10)
00
Loan Discounts (Points) Paid Directly by Borrower (See instructions) ......................................
(11)
1) Total home mortgage interest paid .................................................................................
(12)
00
2) Limit (Multiply the sum of Part 1, line D of the return and line 6, Columns B and C of this Schedule
(13)
00
by 30% and enter here) ..........................................................................................................
3) Allowable deduction for mortgage interest (Enter the smaller of lines A(1) and A(2). If the total interest
(14)
00
does not exceed 30% of the income for any of the 3 previous years, fill in here
) (See instructions) ....
(15)
00
B)
License plates paid for automobiles used for personal purposes (See instructions) ........
(16)
00
C)
Child care expenses (See instructions. $1,500 - one child; $3,000 - two or more children) .....
(17)
00
D)
Expenses incurred in the care of elderly persons (See instructions) ................................
(19)
00
E)
Rent paid (Landlord's social security No. _________________________)
................
(18)
(20)
00
F)
Property tax on principal residence ................................................................................
Retention Period: Ten (10) years
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