Instructions For Schedule J - Income Averaging For Farmers And Fishermen - 2004 Page 2
ADVERTISEMENT
1
2
3
4
5
6
7
82001 Taxable Income Worksheet—Line 5
Keep for Your Records
Complete this worksheet if you did not use Schedule J to figure your tax for both 2002 and 2003 and your 2001 taxable
income was zero or less. See the instructions below before completing this worksheet.
1. Figure the taxable income from your 2001 tax return (or as previously adjusted) without limiting it
to zero. If you had an NOL for 2001, do not include any NOL carryovers or carrybacks to 2001.
Enter the result as a positive amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2. If there is a loss on your 2001 Schedule D, line 18, add that loss (as a positive
amount) and your 2001 capital loss carryover to 2002. Subtract from that sum
the amount of the loss on your 2001 Schedule D, line 17, and enter the result . . .
2.
3. If you had an NOL for 2001, enter it as a positive amount. Otherwise, enter as a
positive amount the portion, if any, of the NOL carryovers and carrybacks to
2001 that were not used in 2001 and were carried to years after 2001 . . . . . . . . .
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 5 . . . . . . . . . .
5.
on line 5 the amount from your 2001
Instructions for 2001 Taxable
Line 4
Schedule J, line 3.
Income Worksheet
Figure the tax on the amount on line 3 using
Any net capital loss deduction on
Line 2.
If you figured your tax for 2001, 2002,
the 2004 Tax Table, Tax Computation
your 2001 Schedule D, line 18, is not al-
and 2003 without using Schedule J, enter
Worksheet, or Qualified Dividends and
lowed for income averaging purposes to the
on line 5 the taxable income from your
Capital Gain Tax Worksheet from your
extent it did not reduce your capital loss
2001 tax return (or as previously adjusted
2004 Form 1040 instruction booklet, or use
carryover to 2002. This could happen if the
by the IRS, an amended return, etc.). But if
the Schedule D Tax Worksheet. Enter the
taxable income before subtracting exemp-
that amount is zero or less, complete the
tax on line 4.
tions shown on your 2001 Form 1040,
worksheet above to figure the amount to
line 37 (or as previously adjusted), was less
enter on line 5.
than zero. Enter the amount by which your
Line 5
2001 capital loss carryover to 2002 (the
If you filed your 2001 tax return using
sum of your short- and long-term capital
TeleFile, enter the taxable income from
If you used Schedule J to figure your tax for
loss carryovers) exceeds the excess of the
your TeleFile Tax Record. If you did not
2003 (that is, you entered the amount from
loss on your 2001 Schedule D, line 17, over
file a tax return for 2001, use the amount
that Schedule J, line 22, on Form 1040,
the loss on your 2001 Schedule D, line 18.
you would have reported as your taxable
line 41, or on Form 1040X), enter on line 5
If you had any net operating loss (NOL)
income had you been required to file a tax
the amount from your 2003 Schedule J, line
carrybacks to 2001, be sure you refigured
return. Be sure to keep all your records for
11. If you used Schedule J to figure your
your 2001 capital loss carryover to 2002.
2001 for at least 3 years after April 15,
tax for 2002 but not 2003, enter on line 5
2005 (or the date you file your 2004 tax
the amount from your 2002 Schedule J, line
If you had an NOL for 2001, enter
Line 3.
return, if later), even if you did not file a tax
15. If you used Schedule J to figure your
the amount of that NOL as figured on the
tax for 2001 but not 2002 nor 2003, enter
return for 2001.
2001 Form 1045, Schedule A, line 27, you
2001 Tax Rate Schedules—Line 8
Schedule Y-2 — Use if your 2001 filing status was
Schedule X — Use if your 2001 filing status was Single
Married filing separately
If Schedule
Enter on
of the
If Schedule J,
Enter on
of the
J, line 7, is:
But not
Schedule J,
amount
line 7, is:
But not
Schedule J,
amount
Over —
over —
over —
Over —
over —
over —
line 8
line 8
$0
$27,050
...........
15%
$0
$0
$22,600
...........
15%
$0
27,050
65,550
$4,057.50 +
27.5%
27,050
22,600
54,625
$3,390.00 +
27.5%
22,600
65,550
136,750
14,645.00 +
30.5%
65,550
54,625
83,250
12,196.88 +
30.5%
54,625
136,750
297,350
36,361.00 +
35.5%
136,750
83,250
148,675
20,927.50 +
35.5%
83,250
297,350
.............
93,374.00 +
39.1%
297,350
148,675
.............
44,153.38 +
39.1%
148,675
Schedule Y-1 — Use if your 2001 filing status was Married
Schedule Z — Use if your 2001 filing status was Head of
filing jointly or Qualifying widow(er)
household
If Schedule
Enter on
of the
If Schedule J,
Enter on
of the
J, line 7, is:
But not
Schedule J,
amount
line 7, is:
But not
Schedule J,
amount
Over —
over —
line 8
over —
Over —
over —
line 8
over —
$0
$45,200
...........
15%
$0
$0
$36,250
...........
15%
$0
45,200
109,250
$6,780.00 +
27.5%
45,200
36,250
93,650
$5,437.50 +
27.5%
36,250
109,250
166,500
24,393.75 +
30.5%
109,250
93,650
151,650
21,222.50 +
30.5%
93,650
166,500
297,350
41,855.00 +
35.5%
166,500
151,650
297,350
38,912.50 +
35.5%
151,650
297,350
............
88,306.75 +
39.1%
297,350
297,350
.............
90,636.00 +
39.1%
297,350
J-2
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial