Instructions For Schedule J - Income Averaging For Farmers And Fishermen - 2004 Page 8
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8amended your return or the IRS made
Lines 18, 19, and 20
changes to it, enter the corrected amount.
If you filed your 2001, 2002, or 2003 tax
return using TeleFile, enter your tax from
your TeleFile Tax Record. If you
2003 Qualified Dividends and Capital Gain Tax Worksheet—Line 16
Keep for Your Records
Use this worksheet only if:
•
You entered (a) qualified dividends on your 2003 Form 1040, line 9b (or your 2003 Form 1040A, line 9b) or (b) capital gain
distributions directly on your 2003 Form 1040, line 13a (or your 2003 Form 1040A, line 10a) and checked the box on that line and
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Your elected farm income on Schedule J, line 2, does not include any net capital gain.
1. Amount from Schedule J, line 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2. Enter the total of the amounts from your 2003 Form 1040, lines
9b and 13a (or Form 1040A, lines 9b and 10a) . . . . . . . . . . . . . . 2.
3. Amount, if any, from your 2003 Form 4952, line 4g . . . . . . . . . . 3.
4. Subtract line 3 from 2. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
5. Enter the smaller of:
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The amount on line 1 above or
}
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$56,800 if married filing jointly or qualifying widow(er) for
. . . . . . . . . . . . . . .
5.
2003,
$28,400 if single or married filing separately, or
$38,050 if head of household.
6. Subtract line 4 from line 1. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
7. Subtract line 6 from line 5. If zero or less, enter -0- and go to line 13 . . . . . . . . . . . . . . . . . .
7.
8. Enter the total of the amounts from your 2003 Form 1040, lines
9b and 13b (or Form 1040A, lines 9b and 10b) . . . . . . . . . . . . . 8.
9. Enter the smaller of line 7 or 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
10. Multiply line 8 by 5% (.05) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.
11. Subtract line 9 from line 7. If zero, go to line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.
12. Multiply line 11 by 10% (.10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.
13. Enter the smaller of line 1 or line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.
14. Enter the amount from line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.
15. Subtract line 14 from line 13. If zero or less, enter -0- and go to line 23 . . . . . . . . . . . . . . . . 15.
16. Enter the total of the amounts from your 2003 Form 1040, lines
9b and 13b (or Form 1040A, lines 9b and 10b) . . . . . . . . . . . . . 16.
17. Enter the amount from line 9 (if line 9 is blank, enter -0-) . . . . . . 17.
18. Subtract line 17 from line 16 . . . . . . . . . . . . . . . . . . . . . . . . . . 18.
19. Enter the smaller of line 15 or line 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.
20. Multiply line 19 by 15% (.15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.
21. Subtract line 19 from line 15. If zero, go to line 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.
22. Multiply line 21 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.
23. Figure the tax on the amount on line 6. Use the 2003 Tax Rate Schedules on page J-7 . . . . . . . . . . . . . . . . . . . . . 23.
24. Add lines 10, 12, 20, 22, and 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.
25. Figure the tax on the amount on line 1. Use the 2003 Tax Rate Schedules on page J-7 . . . . . . . . . . . . . . . . . . . . . 25.
26. Tax. Enter the smaller of line 24 or line 25 here and on Schedule J, line 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.
J-8
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