Instructions For Schedule J (Form 1040) - Income Averaging For Farmers And Fishermen - 2017 Page 5
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14Keep for Your Records
2014 Qualified Dividends and Capital Gain Tax Worksheet—Line 8
Use this worksheet only if both of the following apply.
Your elected farm income on your 2017 Schedule J, line 2a, doesn't include any net capital gain.
You (a) entered qualified dividends on your 2014 Form 1040, line 9b (or your 2014 Form 1040A, line 9b, or 2014 Form 1040NR,
line 10b); (b) entered capital gain distributions directly on your 2014 Form 1040, line 13 (or your 2014 Form 1040A, line 10, or 2014 Form
1040NR, line 14) and weren't required to file Schedule D; or (c) filed Schedule D in 2014 and you answered “Yes” on lines 17 and 20 of
that Schedule D.
1.
Amount from your 2017 Schedule J, line 7. If for 2014 you filed Form 2555 or
2555-EZ, enter the amount from line 3 of the 2014 Foreign Earned Income Tax
Worksheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2.
Amount from your 2014 Form 1040, line 9b* (or your 2014
Form 1040A, line 9b, or 2014 Form 1040NR,
line 10b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
3.
Did you file Schedule D in 2014?*
Yes. Enter the smaller of line 15 or 16 of your
2014 Schedule D, but don't enter less
than -0-
. . . . .
3.
No. Enter the amount from your 2014 Form
1040, line 13 (or your 2014 Form 1040A,
line 10, or 2014 Form 1040NR, line 14)
4.
Add lines 2 and 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
5.
Amount, if any, from your 2014 Form 4952, line 4g
. . . . . .
5.
6.
Subtract line 5 from line 4. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
7.
Subtract line 6 from line 1. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
8.
Enter one of the following three amounts depending on your filing status:
$36,900 if single or married filing separately, or if you
checked filing status box 1, 2, 3, 4, or 5 on Form 1040NR;
$73,800 if married filing jointly or qualifying widow(er) or if
you checked filing status box 6 on Form 1040NR;
. . . . . . . . . . .
8.
$49,400 if head of household.
9.
Enter the smaller of line 1 or line 8
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
10.
Enter the smaller of line 7 or line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
11.
Subtract line 10 from line 9. This amount is taxed at 0% . . . . . . . . . . . . . . . . . . . . . . .
11.
12.
Enter the smaller of line 1 or line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
13.
Enter the amount from line 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13.
14.
Subtract line 13 from line 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14.
15.
Enter one of the following amounts depending on your filing status:
$406,750 if single, or if you checked filing status box 1 or 2 on Form 1040NR;
$228,800 if married filing separately, or if you checked filing status box 3, 4, or
5 on Form 1040NR;
$457,600 if married filing jointly or qualifying widow(er), or if you checked
filing status box 6 on Form 1040NR;
$432,200 if head of household. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15.
16.
Enter the smaller of line 1 or line 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16.
17
Add lines 7 and 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17.
18.
Subtract line 17 from line 16. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . .
18.
19.
Enter the smaller of line 14 or line 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19.
20.
Multiply line 19 by 15% (0.15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20.
21
Add lines 11 and 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21.
22.
Subtract line 21 from line 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22.
23.
Multiply line 22 by 20% (0.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23.
J-5
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial