Schedule Co Individual - Optional Computation Of Tax (Long Form) - 2011
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1
2Schedule CO Individual
2011
OPTIONAL COMPUTATION OF TAX
(Long Form)
Rev. Mar 9 12
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 and filing a joint return.
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
00
00
(Forms 499R-2/W-2PR, 499R-2c/W-2cPR or W-2, as applicable).
00
00
00
00
00
00
00
00
00
00
Total of withholding statements with this schedule ..........................................
Total ............................................................................................................................
00
00
00
(01)
(03)
(27)
Federal Government Wages (See instructions)
........................................................
2.
00
(28)
(04)
00
00
(02)
Other Income (or Losses):
3.
A)
00
00
Total distributions from qualified retirement plans (Schedule D Individual, Part IV, line 27) ..........................
(05)
(29)
B)
Gain (or loss) from sale or exchange of capital assets (Schedule D Individual, Part V, line 36 or 37, as
00
00
applicable) (50% of the total to each spouse) ................................................................................................
(30)
(06)
C)
Interest (Schedule F Individual, Part I, line 5) (50% of the total to each spouse) ...........................................
00
00
(31)
(07)
D)
Dividends from corporations (Schedule F Individual, Part II, line 4) (50% of the total to each spouse) ..........
00
00
(32)
(08)
E)
00
00
Distributions from Governmental Plans (Schedule F Individual, Part III, line 3) .............................................
(09)
(33)
F)
00
00
Distributions from Individual Retirement Accounts and Educational Contribution Accounts (Schedule F Ind., Part IV, line 2)
(34)
(10)
G)
00
00
Miscellaneous income (Schedule F Ind., Part VII, line 6) (50% of the total to each spouse or as applicable. See inst.) ........
(35)
(11)
H)
Income from annuities and pensions (Schedule H Individual, Part II, line 12) ...............................................
00
00
(36)
(12)
I)
00
Gain (or loss) from industry or business (Schedule K Individual, Part II, line 10) ...........................................
00
(13)
(37)
J)
00
00
Gain (or loss) from farming (Schedule L Individual, Part II, line 12) ...............................................................
(14)
(38)
K)
00
00
Gain (or loss) from professions and commissions (Schedule M Individual, Part II, line 6) .............................
(39)
(15)
L)
00
00
Gain (or loss) from rental business (Schedule N Individual, Part II, line 7) (50% of the total to each spouse)
(40)
(16)
M)
Dividends from Capital Investment or Tourism Fund (Submit Schedule Q1) (50% of the total to each spouse) ......
00
00
(41)
(17)
N)
00
Net long-term capital gain on Investment Funds (Submit Schedule Q1) (50% of the total to each spouse) ...
00
(18)
(42)
O)
Distributable share on profits from partnerships, special partnerships and corporations of individuals
00
00
(Submit Schedule R Individual) ......................................................................................................................
(43)
(19)
P)
Alimony received (Payer’s social security No. ____________________ )
….......................................…..
00
00
(44)
(20)
(21)
Total Income (Add lines 1, 2 and 3A through 3P, of Columns B and C, respectively) .........................................
00
00
4.
(45)
(22)
Alimony Paid (Recipient’s social security No. __________________________)
5.
(23)
00
00
(Judgment No. ___________________)
.........................................................................................................
(46)
(24)
(25)
00
00
Adjusted Gross Income (Subtract line 5 from line 4, of Columns B and C, respectively) ...................................
6.
(47)
(26)
DEDUCTIONS ALLOCATED IN HALF (50%) OF THE TOTAL (See instructions)
7.
17
A) Home mortgage Interest
Name of entity to which payment was made
Mortgage
Loan Number
Amount
Employer Ident. No.
First residence:
First
00
(01)
(05)
Second
00
(02)
(06)
Second residence:
First
00
(03)
(07)
Second
00
(04)
(08)
00
Loan Origination Fees (Points) Paid Directly by Borrower (See instructions) ..........................................
(09)
Loan Discounts (Points) Paid Directly by Borrower (See instructions) .....................................................
(10)
00
1) Total home mortgage interest paid ............................................................................................
(11)
00
2) Limit (Multiply the sum of line 6, Columns B and C of this Schedule and line 1, Part III of Schedule
IE Individual by 30% and enter here) ..................................................................................................
00
(12)
3) Allowable deduction for mortgage interest (Enter the smaller of lines A(1) and A(2). If the total interest
does not exced 30% of the income for any of the 3 previous years, fill in here
1)
(13)
(See instructions) ................................................................................................................................
00
(14)
00
B)
Casualty loss on your principal residence (See instructions) .............................................................
(15)
00
C)
Medical expenses (Schedule A Individual, Part III, line 3) ..................................................................
(16)
00
(17)
D)
Charitable contributions (Schedule A Individual, line 8) ......................................................................
00
(18)
E)
Loss of personal property as a result of certain casualties (See instructions) ....................................
C - SPOUSE
B - TAXPAYER
00
(19)
F)
Total deductions allocated in half (50%) of the total (Add lines 7A through 7E) .................
G)
Enter 50% of the total of line 7F in Columns B and C ………………….............................................................……………..
00
00
(20)
(21)
Retention Period: Ten (10) years
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