Q40 Table of Contents

Transcription

1 Q40 Table of Contents Tab 1: 2014 Tax Table 2014 Tax Computation Worksheet State Individual Income Tax Quick Reference Chart (2014) General Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Tab 2: 2014 States Quick Reference

2 Vermont Virginia Washington West Virginia Wisconsin Wyoming Quick Facts Data Sheet Business Use of Home Worksheet Capital Loss Carryover Worksheet (2014) Child Tax Credit Worksheet (2014) Donations Noncash Donated Goods Valuation Guide Donations Substantiation Guide Earned Income Credit (EIC) Worksheet (2014) Net Operating Loss Worksheet #1 Net Operating Loss Worksheet #2 Computation of NOL Net Operating Loss Worksheet #3 NOL Carryover Social Security Benefits Worksheet (2014) Reporting Capital Gains and Losses Form 8949 Deduction for Exemptions Worksheet Itemized Deductions Worksheet 2014 State and Local Sales Tax Deduction Health Coverage Exemptions Where to File 2014 Form 1040, 1040A, 1040EZ Where to File Form 1040-ES for 2015 Where to File Form 4868 for 2014 Return Tab 3: Quick Facts, Worksheets, Where to File Line-By-Line Quick Reference to 2014 Form 1040 Taxable and Nontaxable Income Determining Filing Status Form W-2, Box 12 Codes Filing Status Exemptions Dependents Qualifying Child (QC) Tie-Breaker Rules Examples Children of Divorced or Separated Parents Medical Benefits for Dependents Income Adjustments to Income Taxes and Credits Other Taxes Payments Refund/Amount Owed Signatures and Designees Assembling the Return Tab 4: 2014 Form 1040 Line-By-Line

3 Phase-Out of Itemized Deductions Medical Deductions Taxes Interest Tracing Investment Interest Expense Interest Mortgages Points Mortgages Other Mortgage Interest Deduction Rules Charitable Contributions Casualty and Theft Losses Miscellaneous Itemized Deductions Miscellaneous Job Costs Work-Related Education Costs Investment Expenses Legal Fees Interest Income Dividends Foreign Accounts and Trusts Imputed Interest on Below Market Loans U.S. Government Bonds Bond Discount and Premium Tab 5: Schedule A Itemized Deductions Quick Guide to Business Entities Schedule C Principal Business or Professional Activity Codes Schedule C Profit/Loss From Business Business Use of Home Daycare Providers Business vs. Hobby Losses Independent Contractors Starting a Business Net Operating Loss (NOL) Schedule SE Self-Employment Tax Schedule F Profit/Loss From Farming Domestic Producer Deduction (DPD) Tab 6: Schedules C, F and SE Real Estate Comparison Chart Schedule D/Form 8949 General Rules Stocks and Other Securities Mutual Funds Employee Stock Options Bad Debts Sales of Business Property Installment Sales Involuntary Conversions Home Ownership Sale of Residence Tab 7: Schedule D; Form 4797; Sales and Exchanges

4 Residence Gain Exclusion Business or Rental Use of Home Foreclosures Like-Kind Exchanges Rents and Royalties Renting Out a Home Partners and S Corporation Shareholders Passive Activities Special Passive Loss Rules for Rental Activities At-Risk Rules Partner Codes for Schedule K-1 (Form 1065) Shareholder Codes For Schedule K-1 (Form 1120S) Tab 8: Schedule E, Passive Activities, At-Risk Tab 9: Form 2106, Travel, Meals and Entertainment Employee Business Expenses Meals and Entertainment Business Gifts Travel Substantiation Requirements Above-the-Line Deduction for Certain Employees Per Diem Rates High-Cost Localities for the High-Low Method Effective October 1, 2013 Meals and Incidental Expenses Per Diem Rates Depreciation Rules MACRS Tables (Various) Special Depreciation Allowance Alternative Minimum Tax Adjustments Alternative Depreciation System Section 179 Deduction Section 179 Recapture Change of Use of MACRS Property Dispositions of MACRS Property Depreciation Recapture Like-Kind Exchanges Depreciation Rules Computer Software Leasehold Improvements Qualified Real Property Correcting Depreciation Errors Intangible Assets Tab 10: Depreciation

5 Business Vehicles Quick Facts Deducting Vehicle Expenses Depreciating Vehicles Maximizing Vehicle Section 179 Expense Depreciation After Recovery Period Ends Depreciation Recapture Basis Autos Auto Trade-In Rules Selling a Business Auto Alternative Motor Vehicle Tax Credit Credits for Plug-In Vehicles Commuting Expenses Autos Documenting Business Use Employer-Provided Vehicles Listed Property Leased Vehicles Tab 11: Autos and Listed Property Tax Credits Summary (2014) Adoption Credit or Benefit Exclusion Child and Dependent Care Credit Child Tax Credit Earned Income Credit Education Tax Credits First-Time Homebuyer Credit Foreign Tax Credit Premium Tax Credit Residential Energy Tax Credits Retirement Saver s Credit Small Employer Health Insurance Credit Alternative Minimum Tax (AMT) 3.8% Net Investment Income Tax Household Employers Ministers/Clergy Military Personnel Community Property U.S. Taxpayers Working Abroad Non-U.S. Citizens Oil and Gas Investors Tab 12: Credits, AMT, NII Tax and Special Taxpayers Kiddie Tax Foster Parents Child Employed By Parents Family Loans Custodial Accounts Savings Bonds Interest Exclusion Student Loan Interest Deduction Tab 13: Children, Education and Divorce

6 Tuition and Fees Deduction Education Tax Incentives Comparison Chart (2014) Qualified Tuition Programs Education Savings Accounts Scholarships and Fellowships Divorce Tab 14: Retirement 2014 IRA Chart 2014 Employer and Self-Employed Retirement Plan Chart Exceptions to 10% Withdrawal Penalty Before Age 591/2 Traditional IRAs Deducting Traditional IRA Contributions Roth IRAs Roth IRA Conversions Rollovers and Transfers Withdrawals and Distributions Required Minimum Distributions Lump-Sum Distributions Reporting Penalty Taxes IRAs at Death Simplified Employee Pensions (SEPs) Contribution Limits for the Self-Employed SIMPLE IRA Plans Qualified Retirement Plans One-Person 401(k) Plans Losses From IRAs and Pensions Annuity Distributions Railroad Retirement Contacting the Social Security Administration (SSA) Social Security Benefits Social Security Quick Chart Retirement Benefits (2015) Social Security Quick Chart Family, Survivor and Disability Benefits (2015) Retirement Benefits Family and Survivor Benefits Disability Benefits Medicare Medigap Insurance Medicaid Supplemental Security Income Quick Facts on Estate Planning Filing Income Tax Returns for Decedent (Form 1040) Estate Distributions and Schedule K-1 (Form 1041) Probate Basis of Inherited Property Co-Ownership Wills Planning for Illness/Disability Tab 15: Estate Planning

7 Estate and Gift Tax Gifts and Gift Tax Returns Charitable Gifts and Bequests Life Insurance Trusts Basics of Financial Planning Investment Planning Mutual Funds Tax Saving Techniques Home Mortgages Retirement Planning How Long Savings Will Last Figure Future Value of Assets at Retirement Monthly Investments to Reach Financial Goals Will Projected Pensions and Assets Provide for Future Retirement? A Quick Check Method Future Value Tables Present Value Tables Tax-Free Investments Insurance Planning Life Insurance Types of Life Insurance Policies Annuities Disability Insurance Long-Term Care Insurance Selected Taxpayer Penalties IRS General Information Options for Taxpayers Unable to Pay Tax Due Selected Tax Preparer Penalties Avoiding IRS Penalties and Interest Underpayment/Estimated Tax Penalty Electronic Filing Extension of Time to File Amended Returns Return Preparers and Representatives Injured Spouse Claim Audits and Examinations Collections Relief From Collections Offers in Compromise Innocent Spouse Relief IRS Forms Individual Tax IRS Publications Individual Tax Tab 16: IRS, Penalties, Audits

8 Inflation-Adjusted Amounts Expired Tax Provisions Affordable Care Act New for 2014 New Forms and Reporting Affordable Care Act (ACA) Glossary Tax Provisions That Expired on December 31, 2013 Tab 17: What s New Treasury Department Circular No. 230 (Rev ) Tab 18: IRS Circular 230 Easy to Use Topical Index Index