Previous Page: Publication 17 - Your Federal Income Tax - Estimated Tax Next Page: Publication 17 - Your Federal Income Tax - Underpayment Penalty Use   to find additional instances of index items.

Taxmap/pub17/p17-024.htm#TXMP4201bd70 Credit for Withholding   and Estimated Tax

Estimated Tax

When you file your 2004 income tax return, take credit for all the income tax and excess social security or railroad retirement tax withheld from your salary, wages, pensions, etc. Also, take credit for the estimated tax you paid for 2004. These credits are subtracted from your tax. You should file a return and claim these credits, even if you do not owe tax.

If you had two or more employers and were paid wages of more than $87,900 during 2004, too much social security or railroad retirement tax may have been withheld from your wages. See Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld in chapter 39.

Taxmap/pub17/p17-024.htm#TXMP7847416c Withholding

Withholding

If you had income tax withheld during 2004, you should be sent a statement by January 31, 2005, showing your income and the tax withheld. Depending on the source of your income, you will receive:

• Form W-2, Wage and Tax Statement,
• Form W-2G, Certain Gambling Winnings, or
• A form in the 1099 series.

Taxmap/pub17/p17-024.htm#TXMP470a7c46 Forms W-2 and W-2G.

Forms W-2 and W-2G.

You file Form W-2 with your income tax return. File Form W-2G with your return if it shows any federal income tax withheld from your winnings.

You should get at least two copies of each form you receive. Attach one copy to the front of your federal income tax return. Keep one copy for your records. You should also receive copies to file with your state and local returns.

Taxmap/pub17/p17-024.htm#TXMP50fcc6c3 Form W-2

FW2

Your employer should send you a Form W-2 for 2004 by January 31, 2005. You should receive a separate Form W-2 from each employer you worked for.

If you stopped working before the end of the year, your employer could have given you your Form W-2 at any time after you stopped working. However, your employer must send it to you by January 31, 2005.

If you ask for the form, your employer must send it to you within 30 days after receiving your written request or within 30 days after your final wage payment, whichever is later.

If you have not received your Form W-2 on time, you should ask your employer for it. If you do not receive it by February 15, call the IRS.

Form W-2 shows your total pay and other compensation and the income tax, social security tax, and Medicare tax that was withheld during the year. Include the federal income tax withheld (as shown on Form W-2) on:

• Line 63 if you file Form 1040,
• Line 39 if you file Form 1040A, or
• Line 7 if you file Form 1040EZ.

Form W-2 is also used to report any taxable sick pay you received and any income tax withheld from your sick pay.

Taxmap/pub17/p17-024.htm#TXMP38875472 Form W-2G

FW2G

If you had gambling winnings in 2004, the payer may have withheld income tax. If tax was withheld, the payer will give you a Form W-2G showing the amount you won and the amount of tax withheld.

Report the amounts you won on line 21 of Form 1040. Take credit for the tax withheld on line 63 of Form 1040. If you had gambling winnings, you must use Form 1040; you cannot use Form 1040A or Form 1040EZ.

Taxmap/pub17/p17-024.htm#TXMP4349ef50 The 1099 Series

1099 Series

Most forms in the 1099 series are not filed with your return. You should be sent these forms by January 31, 2005. Keep these forms for your records. There are several different forms in this series, including:

• Form 1099-B, Proceeds From Broker and Barter Exchange Transactions,
• Form 1099-DIV, Dividends and Distributions,
• Form 1099-G, Certain Government Payments,
• Form 1099-INT, Interest Income,
• Form 1099-MISC, Miscellaneous Income,
• Form 1099-OID, Original Issue Discount,
• Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.,
• Form SSA-1099, Social Security Benefit Statement, and
• Form RRB-1099, Payments by the Railroad Retirement Board.

If you received the types of income reported on some forms in the 1099 series, you may not be able to use Form 1040A or Form 1040EZ. See the instructions to these forms for details.

Taxmap/pub17/p17-024.htm#TXMP35107db7 Form 1099-R.

F1099R

Attach Form 1099-R to your return if box 4 shows federal income tax withheld. Include the amount withheld in the total on line 63 of Form 1040 or line 39 of Form 1040A. You cannot use Form 1040EZ if you received payments reported on Form 1099-R.

Taxmap/pub17/p17-024.htm#TXMP08fb3b05 Backup withholding.

Backup Withholding

If you were subject to backup withholding on income you received during 2004, include the amount withheld, as shown on your Form 1099, in the total on line 63 of Form 1040, or line 39 of Form 1040A.

Taxmap/pub17/p17-024.htm#TXMP19b1640c Form Not Correct

If you receive a form with incorrect information on it, you should ask the payer for a corrected form. Call the telephone number or write to the address given for the payer on the form. The corrected Form W-2G or Form 1099 you receive will be marked "Corrected." A special form, Form W-2c, Corrected Wage and Tax Statement, is used to correct a Form W-2.

Taxmap/pub17/p17-024.htm#TXMP6295a2e9 Form Received After Filing

Amended Return

If you file your return and you later receive a form for income that you did not include on your return, you should report the income and take credit for any income tax withheld by filing Form 1040X, Amended U.S. Individual Income Tax Return.

Taxmap/pub17/p17-024.htm#TXMP525c062d Separate Returns

Separate Return

If you are married but file a separate return, you can take credit only for the tax withheld from your own income. Do not include any amount withheld from your spouse's income. However, different rules may apply if you live in a community property state.

Community property states are listed in chapter 2. For more information on these rules, and some exceptions, see Publication 555, Community Property.

Taxmap/pub17/p17-024.htm#TXMP408e0a21 Fiscal Years

Fiscal Year

If you file your tax return on the basis of a fiscal year (a 12-month period ending on the last day of any month except December), you must follow special rules to determine your credit for federal income tax withholding. For a discussion of how to take credit for withholding on a fiscal year return, see Fiscal Years in chapter 3 of Publication 505.

Taxmap/pub17/p17-024.htm#TXMP3fe28880 Estimated Tax

Estimated Tax

Take credit for all your estimated tax payments for 2004 on line 64 of Form 1040 or line 40 of Form 1040A. Include any overpayment from 2003 that you had credited to your 2004 estimated tax. You must use Form 1040 or Form 1040A if you paid estimated tax. You cannot use Form 1040EZ.

Taxmap/pub17/p17-024.htm#TXMP2e39a297 Name changed.

If you changed your name, and you made estimated tax payments using your old name, attach a brief statement to the front of your tax return indicating:

• When you made the payments,
• The amount of each payment,
• The IRS address to which you sent the payments,
• Your name when you made the payments, and
• Your social security number.

The statement should cover payments you made jointly with your spouse as well as any you made separately.

Taxmap/pub17/p17-024.htm#TXMP362cd896 Separate Returns

Separate Return

If you and your spouse made separate estimated tax payments for 2004 and you file separate returns, you can take credit only for your own payments.

If you made joint estimated tax payments, you must decide how to divide the payments between your returns. One of you can claim all of the estimated tax paid and the other none, or you can divide it in any other way you agree on. If you cannot agree, you must divide the payments in proportion to each spouse's individual tax as shown on your separate returns for 2004.

Taxmap/pub17/p17-024.htm#TXMP36dc6cf7 Divorced Taxpayers

Divorced Taxpayers

If you made joint estimated tax payments for 2004, and you were divorced during the year, either you or your former spouse can claim all of the joint payments, or you each can claim part of them. If you cannot agree on how to divide the payments, you must divide them in proportion to each spouse's individual tax as shown on your separate returns for 2004.

If you claim any of the joint payments on your tax return, enter your former spouse's social security number (SSN) in the space provided on the front of Form 1040 or Form 1040A. If you divorced and remarried in 2004, enter your present spouse's SSN in that space and write your former spouse's SSN, followed by "DIV," to the left of line 64, Form 1040, or line 40, Form 1040A.

Previous Page:  Publication 17 - Your Federal Income Tax - Estimated Tax Next Page:  Publication 17 - Your Federal Income Tax - Underpayment Penalty Use     to find additional instances of index items.