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What is the Alternative Minimum Tax?
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The tax law gives preferential treatment to some kinds of income and allows special deductions and credits for some kinds of expenses. Taxpayers who benefit from these provisions of the law may have to pay an additional tax called the alternative minimum tax. It is a separate tax computation that, ...
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Do I have to file Schedule SE? |
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You must file Schedule SE if: Your net earnings from self-employment from other than church employee income were $400 or more or You had church employee income of $108.28 or more see Employees of Churches and Church Organizations below. You must pay SE tax if you had net earnin...
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What is Form 4029?
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Purpose of form. Form 4029 is used by members of recognized religious groups to apply for exemption from social security and Medicare taxes. The exemption is for individuals and partnerships (when all the partners have approved certification).Note. The election to waive social security benefits, in...
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Schedule SE - Self-Employment Tax |
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You must file Schedule SE (self-employment income) if: Your net earnings from self-employment from other than church employee income were $400 or more, or You had church employee income of $108.28 or more. You must pay SE tax if you had net earnings of $400 or more as a self-employed...
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Form 4972 Tax on Lump-Sum Distributions
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Purpose of Form Use Form 4972 to figure the tax on a qualified lump-sum distribution (defined below) you received in 2020 using the 20% capital gain election, the 10-year tax option, or both. These are special formulas used to figure a separate tax on the distribution that may result in a smaller...
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Form 8828 - Recapture of Federal Mortgage Subsidy |
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Purpose of Form Use this form to figure and report the recapture tax on the mortgage subsidy if you sold or otherwise disposed of your federally subsidized home. Federal Mortgage Subsidy You have a federal mortgage subsidy if you received either of the following benefits: A mortgage loan (...
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Who Should File Form 4970 (Tax on Accumulation Distribution of Trusts)?
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Purpose of FormA beneficiary of certain domestic trusts (see Who Must File below) uses Form 4970 to figure the partial tax on accumulation distributions under section 667. The fiduciary notifies the beneficiary of an "accumulation distribution" by completing Part IV of Schedule J (Form 1041). Thus...
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