Form 1040 Instructions - 2015 Page 41
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105 2015 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 $4,000 by the total number of exemptions claimed on Form 1040, line 6d, and enter the
result on line 42.
Yes. Continue.
2.
Multiply $4,000 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 —$258,250
Married filing jointly or qualifying
. . . . 4.
widow(er)—$309,900
Married filing separately—$154,950
Head of household—$284,050
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 .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.
statement showing how you figured the
Line 44
No. Use one of the following meth-
tax.
ods to figure your tax.
Recapture of an education credit.
Tax
Tax Table or Tax Computation
You may owe this tax if you claimed an
Worksheet. If your taxable income is
Include in the total on line 44 all of the
education credit in an earlier year, and
less than $100,000, you must use the
following taxes that apply.
either tax-free educational assistance or
Tax Table, later in these instructions, to
Tax on your taxable income. Fig-
a refund of qualified expenses was re-
figure your tax. Be sure you use the cor-
ure the tax using one of the methods de-
ceived in 2015 for the student. See Form
rect column. If your taxable income is
scribed here.
8863 for more details. Check box c and
$100,000 or more, use the Tax Compu-
Tax from Form(s) 8814 (relating to
enter the amount and “ECR” in the
tation Worksheet right after the Tax Ta-
the election to report child's interest or
space next to that box.
ble.
dividends). Check the appropriate box.
Any tax from Form 8621, line 16e,
Tax from Form 4972 (relating to
relating to a section 1291 fund. Check
However, do not use the Tax Table or
lump-sum distributions). Check the ap-
box c and enter the amount of the tax
Tax Computation Worksheet to figure
propriate box.
and “1291TAX” in the space next to that
your tax if any of the following applies.
Tax due to making a section 962
box.
Form 8615. Form 8615 generally must
election (the election made by a domes-
be used to figure the tax for any child
Do you want the IRS to figure the
tic shareholder of a controlled foreign
who had more than $2,100 of unearned
tax on your taxable income for you?
corporation to be taxed at corporate
income, such as taxable interest, ordina-
Yes. See chapter 30 of Pub. 17 for
rates). See section 962 for details. Check
ry dividends, or capital gains (including
details, including who is eligible and
box c and enter the amount and “962” in
capital gain distributions), and who ei-
what to do. If you have paid too much,
the space next to that box. Attach a
ther:
we will send you a refund. If you didn't
pay enough, we will send you a bill.
-41-
Need more information or forms? Visit IRS.gov.
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