Instructions For Form 1040 - U.s. Individual Income Tax Return - 2016 Page 41

ADVERTISEMENT

2017 Form 1040—Lines 42 and 44
Deduction for Exemptions Worksheet—Line 42
Keep for Your Records
1.
Is the amount on Form 1040, line 38, more than the amount shown on line 4 below for your filing status?
No.
STOP
Multiply $4,050 by the total number of exemptions claimed on Form 1040, line 6d, and enter the
result on line 42.
Yes. Continue.
2.
Multiply $4,050 by the total number of exemptions claimed on Form 1040, line 6d . . . . . . . . . 2.
3.
Enter the amount from Form 1040, line 38 . . . . . . . . . . . . . . . . . . . . . 3.
4.
Enter the amount shown below for your filing status.
Single —$261,500
Married filing jointly or qualifying
. . . . 4.
widow(er)—$313,800
Married filing separately—$156,900
Head of household—$287,650
5.
Subtract line 4 from line 3. If the result is more than $122,500
STOP
($61,250 if married filing separately) ,
Enter -0- on
line 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.
6.
Divide line 5 by $2,500 ($1,250 if married filing separately). If the
result isn't a whole number, increase it to the next higher whole
number (for example, increase 0.00004 to 1) . . . . . . . . . . . . . . . . . . . . 6.
7.
Multiply line 6 by 2% (0.02) and enter the result as a decimal (rounded to at least three
7.
places) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
Multiply line 2 by line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.
9.
Deduction for exemptions. Subtract line 8 from line 2. Enter the result here and on Form
1040, line 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.
education credit in an earlier year, and
Line 44
No. Use one of the following meth-
either tax-free educational assistance or
ods to figure your tax.
a refund of qualified expenses was re-
Tax
Tax Table or Tax Computation
ceived in 2017 for the student. See Form
Worksheet. If your taxable income is
Include in the total on line 44 all of the
8863 for more details. Check box c and
less than $100,000, you must use the
following taxes that apply.
enter the amount and “ECR” in the
Tax Table, later in these instructions, to
Tax on your taxable income. Fig-
space next to that box.
figure your tax. Be sure you use the cor-
ure the tax using one of the methods de-
Any tax from Form 8621, line 16e,
rect column. If your taxable income is
scribed here.
relating to a section 1291 fund. Check
$100,000 or more, use the Tax Compu-
Tax from Form(s) 8814 (relating to
box c and enter the amount of the tax
tation Worksheet right after the Tax Ta-
the election to report child's interest or
and “1291TAX” in the space next to that
ble.
dividends). Check the appropriate box.
box.
Tax from Form 4972 (relating to
Repayment of any excess advance
However, don’t use the Tax Table or
lump-sum distributions). Check the ap-
payments of the health coverage tax
Tax Computation Worksheet to figure
propriate box.
credit from Form 8885. Check box c and
your tax if any of the following applies.
Tax due to making a section 962
enter the amount of the repayment and
Form 8615. Form 8615 generally must
election (the election made by a domes-
“HCTC” in the space next to that box.
be used to figure the tax for any child
tic shareholder of a controlled foreign
who had more than $2,100 of unearned
Do you want the IRS to figure the
corporation to be taxed at corporate
income, such as taxable interest, ordina-
tax on your taxable income for you?
rates). See section 962 for details. Check
ry dividends, or capital gains (including
Yes. See chapter 30 of Pub. 17 for
box c and enter the amount and “962” in
capital gain distributions), and who ei-
details, including who is eligible and
the space next to that box. Attach a
ther:
what to do. If you have paid too much,
statement showing how you figured the
1. Was under age 18 at the end of
we will send you a refund. If you didn't
tax.
2017,
pay enough, we will send you a bill.
Recapture of an education credit.
You may owe this tax if you claimed an
-41-
Need more information or forms? Visit IRS.gov.

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial