Instructions For Schedule J - Income Averaging For Farmers And Fishermen - 2004 Page 5
ADVERTISEMENT
1
2
3
4
5
6
7
82002 Tax Rate Schedules—Line 12
Schedule Y-2 — Use if your 2002 filing status was
Schedule X — Use if your 2002 filing status was Single
Married filing separately
of the
of the
If Schedule J,
Enter on
If Schedule J,
Enter on
But not
amount
But not
amount
line 11, is:
Schedule J,
line 11, is:
Schedule J,
Over —
over —
over —
Over —
over —
over —
line 12
line 12
$0
$6,000
...........
10%
$0
$0
$6,000
...........
10%
$0
6,000
27,950
$600.00 +
15%
6,000
6,000
23,350
$600.00 +
15%
6,000
27,950
67,700
3,892.50 +
27%
27,950
23,350
56,425
3,202.50 +
27%
23,350
67,700
141,250
14,625.00 +
30%
67,700
56,425
85,975
12,132.75 +
30%
56,425
141,250
307,050
36,690.00 +
35%
141,250
85,975
153,525
20,997.75 +
35%
85,975
307,050
.............
94,720.00 +
38.6%
307,050
153,525
.............
44,640.25 +
38.6%
153,525
Schedule Y-1 — Use if your 2002 filing status was Married
Schedule Z — Use if your 2002 filing status was Head of
filing jointly or Qualifying widow(er)
household
If Schedule J,
Enter on
of the
If Schedule J,
Enter on
of the
line 11, is:
But not
Schedule J,
amount
line 11, is:
But not
Schedule J,
amount
Over —
over —
line 12
over —
Over —
over —
line 12
over —
$0
$12,000
..........
10%
$0
$0
$10,000
...........
10%
$0
12,000
46,700
$1,200.00 +
15%
12,000
10,000
37,450
$1,000.00 +
15%
10,000
46,700
112,850
6,405.00 +
27%
46,700
37,450
96,700
5,117.50 +
27%
37,450
112,850
171,950
24,265.50 +
30%
112,850
96,700
156,600
21,115.00 +
30%
96,700
171,950
307,050
41,995.50 +
35%
171,950
156,600
307,050
39,085.00 +
35%
156,600
307,050
............
89,280.50 +
38.6%
307,050
307,050
.............
91,742.50 +
38.6%
307,050
2002 Capital Gain Tax Worksheet—Line 12
Keep for Your Records
Use this worksheet only if you entered capital gain distributions directly on line 13 of your 2002 Form 1040 (or line 10 of your 2002 Form 1040A)
and checked the box on that line and elected farm income on Schedule J, lines 9 and 10, does not include any net capital gain.
1.
Amount from Schedule J, line 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2.
Amount from your 2002 Form 1040, line 13 (or Form 1040A, line 10) . . . . . . . . . . .
2.
3.
Subtract line 2 from line 1. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . .
3.
4.
Figure the tax on the amount on line 3. Use the 2002 Tax Rate Schedules above . . . . . . . . . . . . . . . . . . . . . .
4.
5.
Enter the smaller of:
•
The amount on line 1 above or
}
•
$27,950 if single for 2002; $46,700 if married
. . . . . . . . . . . . . . . . .
5.
filing jointly or qualifying widow(er); $23,350 if
married filing separately; or $37,450 if head of
household.
6.
Enter the amount from line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
7.
Subtract line 6 from line 5. If zero or less, enter -0- and go to line 9 . . . . . . . . . . . . .
7.
8.
Multiply line 7 by 10% (.10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
9.
Enter the smaller of line 1 or line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
10.
Enter the amount from line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
11.
Subtract line 10 from line 9. If zero or less, enter -0- and go to line 13 . . . . . . . . . . .
11.
12.
Multiply line 11 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
13.
Add lines 4, 8, and 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13.
14.
Figure the tax on the amount on line 1. Use the 2002 Tax Rate Schedules above . . . . . . . . . . . . . . . . . . . . . .
14.
15.
Tax. Enter the smaller of line 13 or line 14 here and on Schedule J, line 12 . . . . . . . . . . . . . . . . . . . . . . . . .
15.
justed). He also had a $7,000 capital loss
$3,000 capital loss deduction, and his
2005, he will enter the negative $1,700
carryover to 2003. John adds the $3,000
$4,700 standard deduction were not al-
amount on his 2005 Schedule J as his 2002
from Schedule D, line 18, and the $7,000
lowed in figuring the NOL. John had a
taxable income for income averaging pur-
carryover. He subtracts from the result the
$22,300 loss on his 2002 Schedule F, the
poses.
$7,000 loss on his Schedule D, line 17, and
only other item on his 2002 tax return.
enters $3,000 on line 2 of the worksheet.
John enters $25,300 on line 4 and
John enters $22,300 on line 3 of the
$7,700 on line 5. He enters $7,700 as a
Line 12
worksheet, the 2002 NOL from his 2002
negative amount on Schedule J, line 9. He
If line 11 is zero or less, enter -0- on line 12.
Form 1045, Schedule A, line 27. Of the
enters $6,000 on Schedule J, line 10, and a
Otherwise, figure the tax on the amount on
$33,000 negative taxable income, the
negative $1,700 on Schedule J, line 11. If
$3,000 deduction for exemptions, the
he uses Schedule J to figure his tax for
line 11 using:
J-5
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial