Form 5074 - Allocation Of Individual Income Tax To Guam Or The Commonwealth Of The Northern Mariana Islands (Cnmi) - 2014 Page 2
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Form 5074 (2014)
Page
Section references are to the Internal Revenue Code unless otherwise
• Generally, dividends are sourced where the paying corporation is
noted.
created or organized.
• Taxable refunds, credits, or offsets of local Guam or CNMI income
Instructions
taxes only include nonmirror code income taxes.
Purpose of form. Form 5074 provides information to the United States
• Alimony received from a person who is a bona fide resident of Guam
so the IRS can figure the individual income tax that is due to Guam or
or the CNMI is sourced in that specific territory.
the CNMI.
• Except as provided in regulations, income earned after December 31,
Who must file. If you were a U.S. citizen or resident alien (other than a
2004, that is from sources within the United States or effectively
bona fide resident of Guam or the CNMI), you may need to file Form
connected with the conduct of a trade or business in the United States
5074. Complete this form if all of the following apply to you (and to your
is not income from Guam or the CNMI.
spouse if filing a joint return).
• The source of gains, profits, or income from the sale or disposition of
• You file a U.S. income tax return.
real property (and any interest in real property) is generally where the
real property is located.
• You report adjusted gross income (AGI) of $50,000 or more.
Personal property. The source of income from the sale of
• At least $5,000 of the gross income on your return is from either Guam
nondepreciable personal property is generally the seller's residence. For
or CNMI sources.
example, if you are a bona fide resident of Guam or the CNMI, gain from
Do not use this form if you were a bona fide resident of
!
the sale or disposition of personal property is generally from sources
Guam or the CNMI during the entire tax year, or were
within Guam or the CNMI. Income from the sale of inventory is generally
considered a bona fide resident of Guam or the CNMI for
sourced where the title to the property passes. See section 865 for
the entire tax year under the special rules for the year
CAUTION
details.
of a move (see chapter 1 of Pub. 570, Tax Guide for Individuals With
Income From U.S. Possessions).
Special rules may apply to bona fide residents of U.S.
!
territories who have gain from dispositions of certain
Joint returns. If you file jointly and only one spouse is a bona fide
investment property within the 10-year period beginning
resident of Guam or the CNMI for the entire tax year, the resident status
when they became a bona fide resident. For details, see
CAUTION
for both spouses and subsequent tax treatment is determined by the
spouse with the higher AGI (disregarding community property laws). File
Special Rules for Gains From Dispositions of Certain Property, in
Form 5074 only if the spouse with the higher AGI is not a bona fide
chapter 2 of Pub. 570, Regulations section 1.937-2(f)(1), and Examples 1
resident of Guam or the CNMI for the entire tax year.
and 2 of section 1.937-2(k).
Where to file. If you are not enclosing a check or money order, file your
Part II—Adjusted Gross Income From Guam or the
Form 1040 (including Form 5074) with the Department of the Treasury,
CNMI Reported on Form 1040
Internal Revenue Service Center, Austin, TX 73301-0215 USA.
Lines 21 through 23. If you had Guam or CNMI source self-
If you are including a check or money order, file your return with the
employment income, figure the amount to enter on each line by (1)
Internal Revenue Service, P.O. Box 1303, Charlotte, NC 28201-1303 USA.
dividing your Guam or CNMI source self-employment income by your
Additional information. Pub. 570 has more information and an example
total (worldwide) self-employment income and (2) multiplying the total
of how to complete Form 5074. To get Pub. 570, see How To Get Tax
amount of each deduction that applies to you by the result in (1).
Help in the Instructions for Form 1040.
Line 24. Enter the amount of penalty on early withdrawals from savings
Part I—Income From Guam or the CNMI Reported on
accounts in banks or branches of U.S. banks located in Guam or the
Form 1040
CNMI. The Form 1099-INT or Form 1099-OID you received will show the
amount of any penalty you were charged.
Source of income. The rules for determining the source of income are
Line 25. Enter the total of your and your spouse’s IRA deductions
explained in sections 861 through 865 and section 937, Regulations
attributable to Guam or CNMI compensation or earned income. Figure
section 1.937-2, and chapter 2 of Pub. 570. Some general rules are:
the amount to report on line 25 by (1) dividing your Guam or CNMI
• The source of wages, salaries, or tips is generally where the services
compensation or earned income by your total (worldwide) compensation
are performed. If you worked both in and outside Guam or the CNMI,
or earned income and (2) multiplying the amount of your IRA deduction
include on line 1 only wages, salaries, or tips earned while you were in
by the result in (1). Figure the amount of your spouse’s IRA deduction
Guam or the CNMI. However, certain income earned while temporarily
the same way.
performing services in Guam or the CNMI will not be considered income
Line 28. Include in the total on line 28 the amount of any other
from Guam or the CNMI.
deductions included on Form 1040, line 36, that are attributable to your
De minimis exception. This is an exception to the general rule for
Guam or CNMI income. On the dotted line next to line 28, enter the
determining the source of income earned in Guam or the CNMI.
amount of each deduction attributable to your Guam or CNMI income
Generally, income from Guam or the CNMI does not include
and identify it as you did on Form 1040, line 36. If you or your spouse
compensation for services performed in Guam or the CNMI if during
had an Archer Medical Savings Account deduction on Form 1040, line
2014 you:
36, figure the amount to report on line 28 the same way you would an
• Were a U.S. citizen or resident;
IRA deduction (see Line 25 above).
• Were not a bona fide resident of Guam or the CNMI;
Penalty for Failure To Furnish Information
• Were not employed by or under contract with an individual,
partnership, or corporation that is engaged in a trade or business in
If you became or ceased to be a bona fide resident of a U.S. territory,
Guam or the CNMI;
you may be required to file Form 8898, Statement for Individuals Who
Begin or End Bona Fide Residence in a U.S. Possession. If you fail to
• Temporarily performed services in Guam or the CNMI for 90 days or
provide the required information, you may have to pay a $1,000 penalty
less; and
for each failure unless you can show the failure was due to reasonable
• Earned $3,000 or less from such services.
cause and not willful neglect. This penalty is in addition to any criminal
Military spouses. If you are the civilian spouse of a member of the
penalty provided by law. For details, see the Instructions for Form 8898.
U.S. Armed Forces, work in Guam or the CNMI, and retain a residence
or domicile in one of the 50 states or the District of Columbia under the
Military Spouses Residency Relief Act (MSRRA), your wages, salaries,
tips, and self-employment income will not be considered income from
Guam or the CNMI. Under MSRRA, the military spouse must be in
Guam or the CNMI solely to be with his/her servicemember spouse who
is serving in compliance with military orders. For details on MSRRA, see
Pub. 570.
• The source of interest income is generally where the payer is located.
For example, Guam or CNMI source income includes interest from a
certificate of deposit issued by a bank or branch of a U.S. bank in Guam
or the CNMI.
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