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Note that this is to get the number for ONE LINE of Form 1040.

1 a Enter your taxable income from Form 1040, line 43
b Enter the amount from your (and your spouse’s) Form 2555, line 45
c Add lines 1a and 1b
2 a Enter your qualified dividends from Form 1040, line 9b
b Enter any capital gain excess attributable to qualified dividends
c Subtract line 2b from line 2a
3 Amount from Form 4952, line 4g
4 a Amount from Form 4952, line 4e
b Amount from the dotted line next to Form 4952, line 4e
c Line 4b, if applicable, 4a, if not
5 Subtract line 4c from line 3.
6 Subtract line 5 from line 2c. If zero or less, enter -0-
7 a Enter line 15 of Schedule D
b Enter line 16 of Schedule D
c Enter the smaller of line 7a or line 7b
8 Enter the smaller of line 3 or line 4c
9 a Subtract line 8 from line 7.
b Enter any capital gain excess attributable to capital gains
c Subtract line 9b from line 9a
10 Add lines 6 and 9c
11 a Enter the amount from Schedule D, line 18
b Enter the amount from Schedule D, line 19
c Add lines 11a and 11b
12 Enter the smaller of line 9c or line 11c
13 Subtract line 12 from line 10
14 Subtract line 13 from line 1c. If zero or less, enter -0-
15 Enter:
$35,350 if single or married filing separately;
$70,700 if married filing jointly or qualifying widow(er); or
$47,350 if head of household.
16 Enter the smaller of line 1c or line 15
17 Enter the smaller of line 14 or line 16
18 Subtr ln 10 from ln 1c. If zero or less, enter -0-
19 Enter the larger of line 17 or line 18
20 Subtract line 17 from line 16. This amount is taxed at 0% If lines 1c and 16 are the same, skip lines 21 through 33 and go to line 34. Otherwise, go to line 21.
21 Enter the smaller of line 1c or line 13
22 Enter the amount from line 20 (if line 20 is blank, enter -0-)
23 Subtract line 22 from line 21. If zero or less, enter -0-
24 Multiply line 23 by 15% (.15) If Schedule D, line 19, is zero or blank, skip lines 25 through 30 and go to line 31. Otherwise, go to line 25.
25 Enter the smaller of line 9c above or Schedule D, line 19
26 Add lines 10 and 19
27 Enter the amount from line 1c above
28 Subtract line 27 from line 26. If zero or less, enter -0-
29 Subtract line 28 from line 25. If zero or less, enter -0-
30 Multiply line 29 by 25% (.25) If Schedule D, line 18, is zero or blank, skip lines 31 through 33 and go to line 34. Otherwise, go to line 31.
31 Add lines 19, 20, 23, and 29
32 Subtract line 31 from line 1c
33 Multiply line 32 by 28% (.28)
34 Figure the tax on the amount on line 19. If the amount on line 19 is less than $100,000, use the Tax Table to figure this tax. If the amount on line 19 is $100,000 or more, use the Tax Computation Worksheet
35 Add lines 24, 30, 33, and 34
36 Figure the tax on the amount on line 1c. If the amount on line 1c is less than $100,000, use the Tax Table to figure this tax. If the amount on line 1c is $100,000 or more, use the Tax Computation Worksheet
37 Tax on all taxable income (including capital gains and qualified dividends). Enter the smaller of line 35 or line 36. Also include this amount on Form 1040, line 44

I really love this bit: "Amount from the dotted line next to Form 4952, line 4e". And I'm very glad there's TurboTax around these days.

Comments

( 1 comment — Leave a comment )
filkferengi
Apr. 23rd, 2013 02:44 am (UTC)
Eep!
( 1 comment — Leave a comment )

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