Line 56 -
Self-employed tax. Attach Schedule SE
If you owe self-employment taxes, enter in on this line.
Line 57 –
Unreported social security and Medicare tax form: a. 4137; b. 8919
Enter the total of any taxes from Form
4137 and Form 8919. Check the appropriate box(es).
Form 4137
If you received tips of $20 or more in
any month and you did not report the full amount to your employer, you must pay
the social security and Medicare or railroad retirement (RRTA) tax on the un-
reported tips. Do not include the
value of any noncash tips, such as tickets or passes. You do not pay social
security and Medicare taxes or RRTA tax on these noncash tips. To figure the
social security and Medicare tax, use Form 4137. If you owe RRTA tax, contact
your employer. Your employer will figure and collect the RRTA tax.
CAUTION
You may be charged a penalty equal to
50% of the social security and Medicare or RRTA tax due on tips you received but
did not report to your employer.
Form 8919
If you are an employee who received
wages from an employer who did not withhold social security and Medicare tax from
your wages, use Form 8919 to figure your share of the unreported tax. Include
on line 57 the amount from line 13 of Form 8919. Include the amount from line 6
of Form 8919 on Form 1040, line 7.
Line 58 –
Additional tax on IRAs, other qualified retirement plans, etc. Attach Form 5329
if required
If any of the following apply, see
Form 5329 and its instructions to find out if you owe this tax and if you must
file Form 5329.
1) You received an early distribution from (a) an IRA or other
qualified retirement plan, (b) an annuity, or (c) a modified endowment contract
entered into after June 20, 1988, and the total distribution was not rolled
over in a qualified rollover contribution.
2) Excess contributions were made to your IRAs, Coverdell
education savings ac-counts (ESAs), Archer MSAs, or health savings accounts
(HSAs).
3) You received
taxable distributions from Coverdell ESAs or qualified tuition programs.
4) You were born before July 1, 1940, and did not take the minimum
required distribution from your IRA or other qualified retirement plan
Exception
If only item (1) applies and distribution
code 1 is correctly shown in box 7 of Form 1099-R, you do not have to file Form
5329. Instead, multiply the taxable amount of the distribution by 10% (.10) and
enter the result on line 58. The taxable amount of the distribution is the part
of the distribution you reported on Form 1040, line 15b or line 16b, or on Form
4972. Also, enter “No” under the heading Other Taxes to the left of line 58 to
indicate that you do not have to file Form 5329. But you must file Form 5329 if
distribution code 1 is incorrectly shown in box 7 of Form 1099-R or you qualify
for an exception, such as the exceptions for qualified medical expenses,
qualified higher education expenses, qualified first-time homebuyer distributions,
or a qualified reservist distribution.
Line 59a –
Household employment taxes from Schedule H and
Enter the household employment taxes
you owe for having a household employee. If any of the following apply, see
Schedule H and its instructions to find out if you owe these taxes.
1) You paid any one household employee (defined below) cash wages
of $1,700 or more in 2011. Cash wages include wages paid by check, money order,
etc. But do not count amounts paid to an employee who was under age 18 at any time
in 2011 and was a student.
2) You withheld
federal income tax during 2011 at the request of any household employee.
3) You paid total cash wages of $1,000 or more in any calendar
quarter of 2010 or 2011 to household employees.
Any person who does household work is
a household employee if you can control what will be done and how it will be
done. Household work includes work done in or around your home by babysitters,
nannies, health aides, maids, yard workers, and similar domestic workers.
Line 59b –
First-time homebuyer credit repayment. Attach Form 5405 if required
Enter the first-time homebuyer credit
you have to repay if you:
1)
Disposed of the home within 36 months after buying it,
2) Stopped
using the home as your main home within 36 months after buying it, or
3) Bought the home in 2008. If you bought the home in 2008 and owned
and used it as your main home for all of 2011, you can enter your 2011 repayment
on this line without attaching Form 5405.
See the Form 5405 instructions for details
and for exceptions to the repayment rule. Also see the Form 5405 instructions
if the home you bought was destroyed, condemned, or disposed of under threat of
condemnation and you did not buy a new home within 2 years.
Line 60 –
other taxes. Enter code(s) from instructions
Use line 60 to report any taxes not
reported elsewhere on your return or other schedules. To find out if you owe
the tax, see the form or publication indicated. In the space next to line 60,
enter the amount of the tax and the code that identifies it. If you need more
room, attach a statement listing the line 60 the total of all of the following
taxes amount of each tax and the code. Enter on you owe.
1) Additional tax on health savings account
(HSA) distributions (see Form 8889, Part II). Identify as “HSA.”
2) Additional tax on an HSA because you
did not remain an eligible individual during the testing period (see Form 8889,
Part III). Identify as “HDHP.”
3) Additional tax on Archer MSA distributions
(see Form 8853). Identify as “MSA.”
4) Additional tax on Medicare Advantage
MSA distributions (see Form 8853). Identify as “Med MSA.”
5) Recapture of the following credits.
a)
Investment credit (see Form 4255). Identify as “ICR.”
b)
Low-income housing credit (see Form 8611). Identify as “LIHCR.”
c)
Qualified plug-in electric vehicle credit (see Form 8834, Part I). Identify as “8834.”
d) Indian
employment credit (see Form 8845). Identify as “IECR.”
e) New
markets credit (see Form 8874). Identify as “NMCR.”
f) Credit
for employer-provided childcare facilities (see Form 8882). Identify as “ECCFR.”
g) Alternative
motor vehicle credit (see Form 8910). Identify as “AMVCR.”
h) Alternative
fuel vehicle refueling property credit (see Form 8911). Identify as “ARPCR.”
i) Qualified
plug-in electric drive motor vehicle credit (see Form 8936). Identify as “8936.”
6) Recapture of federal mortgage subsidy.
If you sold your home in 2011 and it was financed (in whole or in part) from
the proceeds of any tax-exempt qualified mortgage bond or you claimed the
mortgage interest credit, see Form 8828. Identify as “FMSR.”
7) Recapture of COBRA premium assistance.
If you received premium assistance under COBRA continuation coverage that covered
you, your spouse, or any of your dependents, and your modified adjusted gross
income is more than $125,000 ($250,000 if married filing jointly), see Pub.
502. Identify as “COBRA.”
8) Section 72(m)(5) excess benefits
tax (see Pub. 560). Identify as “Sec. 72(m)(5).”
9) Uncollected social security and
Medicare or RRTA tax on tips or group-term life insurance. This tax should be shown
in box 12 of Form W-2 with codes A and B or M and N. Identify as “UT.”
10) Golden parachute payments. If you received
an excess parachute payment (EPP), you must pay a 20% tax on it. This tax
should be shown in box 12 of Form W-2 with code K. If you received a Form
1099-MISC, the tax is 20% of the EPP shown
in box 13. Identify as “EPP.”
11) Tax on accumulation distribution
of trusts (see Form 4970). Identify as “ADT.”
12) Excise tax on insider stock compensation
from an expatriated corporation. You may owe a 15% excise tax on the value of
nonstatutory stock options and certain other stock-based compensation held by
you or a member of your family from an expatriated corporation or its expanded
affiliated group in which you were an officer, director, or more-than-10%
owner. See section 4985. Identify as “ISC.”
13) Interest on the tax due on
installment income from the sale of certain residential lots and timeshares.
Identify as “453(l)(3).”
14) Interest on the deferred tax on
gain from certain installment sales with a sales price over $150,000. Identify
as “453A(c).”
15) Additional tax on recapture of a
charitable contribution deduction relating to a fractional interest in tangible
personal property. See Pub. 526. Identify as “FITPP.”
16) Look-back interest under section 167(g)
or 460(b). See Form 8697 or 8866. Identify as “From Form 8697” or “From Form
8866.”
17) Any negative amount on Form 8885, line
7, because of advance payments of the health coverage tax credit you received
for months you were not eligible. Enter this additional tax as a positive
amount. Identify as “HCTC.”
18) Additional tax on income you received
from a nonqualified deferred compensation plan that fails to meet the requirements
of section 409A. This income should be shown in box 12 of Form W-2 with code Z,
or in box 15b of Form 1099-MISC. The tax is 20% of the amount required to be
included in income plus an interest amount determined under section
409A(a)(1)(B)(ii). See section 409A(a)(1)(B) for details. Identify as “NQDC.”
19) Additional tax on compensation you
received from a nonqualified deferred compensation plan described in section
457A if the compensation would have been includible in your income in an
earlier year except that the amount was not determinable until 2011. The tax is
20% of the amount required to be included in income plus an interest amount
determined under section 457A(c)(2). See section 457A for details. Identify as
“457A.”
Line 61
Add lines 55 through 60 to get your
total tax. If you are reading “Total Tax” because of what you read in the 2011
Form W-2 Instructions for Employee, see the line 60 instructions instead.
This concludes the section on Other Taxes of the 2011 Form 1040.
Next up: The payments section of the 2011 Form 1040.
No comments:
Post a Comment