Publication 505 - Tax Withholding And Estimated Tax Page 34
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49Forms W – 2 and W – 2G. You file Form W – 2
than the gambling winnings you report on line
21.
with your income tax return. File Form W – 2G
with your return if it shows any federal income
3.
The 1099 Series
tax withheld from your winnings.
You should get at least two copies of each
Most forms in the 1099 series are not filed with
form you receive. Attach one copy to the front of
your return. You should receive these forms by
your federal income tax return. Keep one copy
Credit for
February 1, 2002. Keep these forms for your
for your records. You should also receive copies
records. There are several different forms in this
to file with your state and local returns.
series, including:
Withholding and
•
Form W–2
Form 1099 – B, Proceeds From Broker and
Barter Exchange Transactions,
Estimated Tax
Your employer should give you a Form W – 2 for
•
Form 1099 – DIV, Dividends and Distribu-
2001 by January 31, 2002. You should receive a
tions,
separate Form W – 2 from each employer you
for 2001
•
worked for.
Form 1099 – G, Certain Government and
If you stop working before the end of the
Qualified State Tuition Program Pay-
year, your employer can give you your Form
ments,
W – 2 at any time after you leave your job. How-
Important Change
•
Form 1099 – INT, Interest Income,
ever, your employer must give it to you by Janu-
•
ary 31 of the following year (or the next day that
Form 1099 – MISC, Miscellaneous Income,
Excess social security or railroad retirement
is not a Saturday, Sunday, or holiday if January
•
Form 1099 – OID, Original Issue Discount,
tax withholding. You can claim a credit for
31 is a Saturday, Sunday, or holiday).
•
excess social security or tier 1 railroad retire-
Form 1099 – R, Distributions from Pen-
If you ask for the form, your employer must
ment tax withholding for 2001 only if your total
sions, Annuities, Retirement or
give it to you within 30 days after receiving your
wages from two or more employers were more
Profit-Sharing Plans, IRAs, Insurance
written request or within 30 days after your final
than $80,400.
Contracts, etc.,
wage payment, whichever is later.
•
If you have not received your Form W – 2 by
Form SSA – 1099, Social Security Benefit
February 1, 2002, you should ask your employer
Statement, and
for it. If you do not receive it by February 15, call
•
Introduction
Form RRB – 1099, Payments by the Rail-
the IRS. The number is listed in the Form 1040,
road Retirement Board.
Form 1040A, and Form 1040EZ instructions.
When you file your 2001 income tax return, take
You will be asked for the following information:
credit for all the income tax and excess social
If you received the types of income reported
security or railroad retirement tax withheld from
on some forms in the 1099 series, you may not
1) Your employer’s name, address, and tele-
your salary, wages, pensions, etc. Also, take
be able to use Form 1040A or Form 1040EZ.
phone number, and, if known, your
credit for the estimated tax you paid for 2001.
See the instructions to these forms for details.
employer’s identification number.
These credits are subtracted from your tax. You
Form 1099 – R. Attach Form 1099 – R to your
2) Your address, social security number, and
should file a return and claim these credits, even
return if federal income tax withholding is shown
daytime telephone number.
if you do not owe tax.
in box 4. Include the amount withheld in the total
If the total of your withholding and your esti-
3) The dates of employment.
on line 59 of Form 1040, or on line 37 of Form
mated tax payments for any payment period is
1040A. You cannot use Form 1040EZ if you
4) An estimate of your total wages and fed-
less than the amount you needed to pay by the
received payments reported on Form 1099 – R.
eral income tax withheld.
due date for that period, you may be charged a
penalty, even if the total of these credits is more
Backup withholding. If you were subject to
Form W – 2 shows your total pay and other
than your tax for the year.
backup withholding on income you received dur-
compensation and the income tax, social secur-
ing 2001, include the amount withheld, as
ity tax, and Medicare tax that was withheld dur-
Topics
shown on your Form 1099, in the total on line 59
ing the year. Include the federal income tax
of Form 1040, or line 37 of Form 1040A.
withheld (as shown on Form W-2) on:
This chapter discusses:
•
Line 59, if you file Form 1040,
•
Form Not Correct
How to take credit for withholding,
•
Line 37, if you file Form 1040A, or
•
How to take credit for estimated taxes you
If you receive a form with incorrect information
•
Line 8, if you file Form 1040EZ.
paid, and
on it, you should ask the payer for a corrected
•
form. Call the telephone number or write to the
How to take credit for excess social secur-
Form W – 2 is also used to report any taxable
address given for the payer on the form. The
ity or railroad retirement tax withholding.
sick pay you received and any income tax with-
corrected Form W – 2G or Form 1099 you re-
held from your sick pay.
ceive will be marked “Corrected.” A special form,
Form W – 2c, Corrected Wage and Tax State-
Form W–2G
ment, is used to correct a Form W – 2.
If you had gambling winnings in 2001, the payer
Withholding
Form Received After Filing
may have withheld 27
1
/
% or 28% as income tax.
2
If tax was withheld, the payer will give you a
If you file your return and you later receive a
If you had income tax withheld during 2001, you
Form W – 2G showing the amount you won and
form for income that you did not include on your
should receive a statement by January 31,
the amount of tax withheld.
return, you should report the income and take
2002, showing your income and the tax with-
Report the amounts you won on line 21 of
credit for any income tax withheld by filing Form
held. Depending on the source of your income,
Form 1040. Take credit for the tax withheld on
1040X.
you will receive:
line 59 of Form 1040. If you had gambling win-
•
nings, you must use Form 1040; you cannot use
Separate Returns
Form W – 2, Wage and Tax Statement,
Form 1040A or Form 1040EZ.
•
Form W – 2G, Certain Gambling Winnings,
Gambling losses can be deducted on Sched-
If you are married but file a separate return, you
or
ule A (Form 1040) as a miscellaneous itemized
can take credit only for the tax withheld from
•
deduction. However, you cannot deduct more
A form in the 1099 series.
your own income. Do not include any amount
Page 34
Chapter 3 Credit for Withholding and Estimated Tax for 2001
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