Publication 505 - Tax Withholding And Estimated Tax Page 33
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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, 2003. 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-
2002 by January 31, 2003. You should receive a
tions,
separate Form W – 2 from each employer you
for 2002
•
worked for.
Form 1099 – INT, Interest Income,
If you stop working before the end of the
•
Form 1099 – MISC, Miscellaneous Income,
year, your employer can give you your Form
•
W – 2 at any time after you leave your job. How-
Important Change
Form 1099 – OID, Original Issue Discount,
ever, your employer must give it to you by Janu-
•
Form 1099 – Q, Qualified Tuition Program
ary 31 of the following year (or the next day that
Payments,
Excess social security or railroad retirement
is not a Saturday, Sunday, or holiday if January
•
tax withholding. You can claim a credit for
31 is a Saturday, Sunday, or holiday).
Form 1099 – R, Distributions from Pen-
excess social security or tier 1 railroad retire-
sions, Annuities, Retirement or
If you ask for the form, your employer must
ment tax withholding for 2002 only if your total
Profit-Sharing Plans, IRAs, Insurance
give it to you within 30 days after receiving your
wages from two or more employers were more
Contracts, etc.,
written request or within 30 days after your final
than $84,900.
•
wage payment, whichever is later.
Form SSA – 1099, Social Security Benefit
If you have not received your Form W – 2 by
Statement, and
February 1, 2003, you should ask your employer
•
Form RRB – 1099, Payments by the Rail-
for it. If you do not receive it by February 15, call
Introduction
road Retirement Board.
the IRS. The number is listed in the Form 1040,
Form 1040A, and Form 1040EZ instructions.
When you file your 2002 income tax return, take
If you received the types of income reported
You will be asked for the following information:
credit for all the income tax and excess social
on some forms in the 1099 series, you may not
security or railroad retirement tax withheld from
be able to use Form 1040A or Form 1040EZ.
1) Your employer’s name, address, and tele-
your salary, wages, pensions, etc. Also, take
See the instructions to these forms for details.
phone number, and, if known, your
credit for the estimated tax you paid for 2002.
employer’s identification number.
Form 1099 – R. Attach Form 1099 – R to your
These credits are subtracted from your tax. You
return if federal income tax withholding is shown
2) Your address, social security number, and
should file a return and claim these credits, even
in box 4. Include the amount withheld in the total
daytime telephone number.
if you do not owe tax.
on line 62 of Form 1040, or on line 39 of Form
If the total of your withholding and your esti-
3) The dates of employment.
1040A. You cannot use Form 1040EZ if you
mated tax payments for any payment period is
received payments reported on Form 1099 – R.
4) An estimate of your total wages and fed-
less than the amount you needed to pay by the
eral income tax withheld.
due date for that period, you may be charged a
Backup withholding. If you were subject to
penalty, even if the total of these credits is more
backup withholding on income you received dur-
Form W – 2 shows your total pay and other
than your tax for the year.
ing 2002, include the amount withheld, as
compensation and the income tax, social secur-
shown on your Form 1099, in the total on line 62
ity tax, and Medicare tax that was withheld dur-
Topics
of Form 1040, or line 39 of Form 1040A.
ing the year. Include the federal income tax
withheld (as shown on Form W – 2) on:
This chapter discusses:
Form Not Correct
•
Line 62, if you file Form 1040,
•
How to take credit for withholding,
•
If you receive a form with incorrect information,
Line 39, if you file Form 1040A, or
•
How to take credit for estimated taxes you
you should ask the payer for a corrected form.
•
Line 7, if you file Form 1040EZ.
paid, and
Call the telephone number or write to the ad-
•
dress given for the payer on the form. The cor-
How to take credit for excess social secur-
Form W – 2 is also used to report any taxable
rected Form W – 2G or Form 1099 you receive
ity or railroad retirement tax withholding.
sick pay you received and any income tax with-
will be marked “Corrected.” A special form, Form
held from your sick pay.
W – 2c, Corrected Wage and Tax Statement, is
used to correct a Form W – 2.
Form W–2G
Form Received After Filing
If you had gambling winnings in 2002, the payer
Withholding
may have withheld 27% as income tax. If tax
If you file your return and you later receive a
was withheld, the payer will give you a Form
form for income that you did not include on your
If you had income tax withheld during 2002, you
W – 2G showing the amount you won and the
return, you should report the income and take
should receive a statement by January 31,
amount of tax withheld.
credit for any income tax withheld by filing Form
2003, showing your income and the tax with-
Report the amounts you won on line 21 of
1040X.
held. Depending on the source of your income,
Form 1040. Take credit for the tax withheld on
you will receive:
line 62 of Form 1040. If you had gambling win-
Separate Returns
•
nings, you must use Form 1040; you cannot use
Form W – 2, Wage and Tax Statement,
Form 1040A or Form 1040EZ.
If you are married but file a separate return, you
•
Form W – 2G, Certain Gambling Winnings,
Gambling losses can be deducted on Sched-
can take credit only for the tax withheld from
or
ule A (Form 1040) as a miscellaneous itemized
your own income. Do not include any amount
•
deduction. However, you cannot deduct more
A form in the 1099 series.
withheld from your spouse’s income. However,
Chapter 3 Credit for Withholding and Estimated Tax for 2002
Page 33
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