Schedule Co Individual - Optional Computation Of Tax (Short Form) - 2011
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1
2Schedule CO Individual
2011
OPTIONAL COMPUTATION OF TAX
(Short Form)
Rev. Feb 13 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
(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
.............................................
00
00
00
Total ..................................................................................................................
(01)
(03)
(07)
Federal Government Wages (See instructions) ............
2.
...........................................
00
(02)
00
00
(04)
(08)
00
00
Income from annuities and pensions (Schedule H Individual, Part II, line 12) ..............................................
3.
(05)
(09)
Adjusted Gross Income (Add total of lines 1, 2 and 3 of Columns B and C, respectively) ..................................
4.
00
00
(06)
(10)
5.
DEDUCTIONS ALLOCATED IN HALF (50%) OF THE TOTAL (See instructions)
17
A) Home mortgage interest
Name of entity to which payment was made
Mortgage
Loan Number
Employer Ident. No.
Amount
First
First residence:
(01)
(05)
00
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) ......................................
00
(10)
1) Total home mortgage interest paid ..................................................................................
00
(11)
2) Limit (Multiply the sum of line 4, Columns B and C of this Schedule and line 1, Part III
00
of Schedule IE Individual by 30% and enter here) ..............................................................
(12)
3) Allowable deduction for mortgage interest (Enter the smaller of lines A(1) and A(2).
If the total interest does not exceed 30% of the income for any of the 3 previous years, fill in
here
1)
(See instructions) .....................................................................................
00
(13)
(14)
00
B)
Casualty loss on your principal residence (See instructions) .......................................................
(15)
00
Medical expenses (Schedule A Individual, Part III, line 3) ........................................................
C)
(16)
00
Charitable contributions (Schedule A Individual, Part III, line 8) ................................................
(17)
D)
00
E)
Loss of personal property as a result of certain casualties (See instructions) .........................
(18)
B - TAXPAYER
C - SPOUSE
00
F)
Total deductions allocated in half (50%) of the total (Add lines 5A through 5E) ....................
(19)
00
00
G)
Enter 50% of the total on line 5F in Columns B and C .................................................................................
(21)
(20)
Retention Period: Ten (10) years
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