Tax Calculator - Overview

Instructions You may move from worksheet to worksheet by clicking on the dark blue buttons located at the top of each worksheet or the blue tabs at the bottom of this workbook. Enter data in only the white cells with gray borders: $400 Use the drop down boxes to choose tax filing status.
Itemized or Standard Deduction? Interest & Dividends Worksheet

Quick Tax Estimator

Detailed Tax Calculator

Child Tax Credit Worksheet

W-4 Tax Withholding Calculator

1040 Worksheet

Quick Tax Estimator Calculate your Federal Income Tax estimate with just a few keystrokes. The Tax Estimator takes into consideration all the necessary information and rules as stated on the 2013 tax year 1040 form. Use the drop down box to choose your tax filing status and fill out all the white cells with your information. If you are planning to take the Standard Deduction (see Itemized or Standard Deduction Calculator), make sure $0 is entered into the Itemized Deduction cell. Standard Deduction, Exemption and Taxable income figures are calculated for you. Enter in your taxes paid during 2013 to calculate your payment or refund. Detailed Tax Calculator The Detailed Tax Calculator works just like the Quick Tax Estimator but offers all the detailed categories listed on the form 1040. Use the "Itemized or Standard Deduction Calculator" for further precision and to minimize your tax liability. 1040 Worksheet The 1040 worksheet will help you double check your math for you so you don't make any costly errors when filling out your official tax form. Make sure to use the Tax Estimator and the Itemized or Standard Deduction Calculator for the more complex calculations. -Save a soft copy of all your 1040 tax information for future reference. -Avoid careless calculation errors -(Not to be submitted in place of the official IRS 1040 form) Itemized or Standard Deduction Calculator Make sure you are taking the appropriate deduction on your tax form. With this calculator, you'll find out which deduction work's best for you. As in the Tax Estimator, use the drop down box to choose your tax filing status and fill out only the white cells with your information. Financial Calculators available at www.simpleplanning.com - Budget Planner - Mortgage Calculator - Investment Calculator - Tax Calculator - Retirement Planner - 401k Calculator - P&L Planner - Invoice Template

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Quick Tax Estimator

Detailed Tax Calculator

Itemized or Standard Deduction?

Interest & Dividends Worksheet

Child Tax Credit Worksheet

W-4 Tax Withholding Calculator

1040 Worksheet

Overview

Quick Tax Estimator

Tax Assumptions
Tax filing status Number of filers over age 65 Number of personal exemptions (spouse, yourself) Number of dependent children Gross Annual Income Adjustments (click here to view list) Adjusted Gross Income (AGI) Itemized deductions - (enter $0 for standard) Standard Deduction Exemption Dollars Taxable Income Other Credits (child, retirement, etc.) Tax Estimate Taxes Paid Refund $ $ $ $ $ $ $ $ $ $ $ $861 0 2 1 60,000 3,000 57,000 10,225 9,900 36,875 1,000 3,639 4,500 861 $3,639

Quick Tax Estimate

$4,500

$0

$1,000

$2,000

$3,000
Taxes Paid

$4,000
Tax Estimate

$5,000

(Payment)/Refund

Results
Tax Estimate Refund $ $ 3,639 861

Quick Tax Estimator

Detailed Tax Calculator

Itemized or Standard Deduction?

Interest & Dividends Worksheet

Child Tax Credit Worksheet

W-4 Tax Withholding Calculator

1040 Worksheet

Results
Overview

Amount you owe

(1,809)

Detailed Tax Calculator

Tax Assumptions
Tax filing status Number of filers over age 65 Number of personal exemptions (spouse, yourself) Number of dependent children Gross Annual Income Wages, salaries, tips, etc Taxable interest Interest & Dividends Worksheet Ordinary dividends Alimony received Business income or (loss) Capital gain or (loss) IRA distributions Pensions and annuities Rental real estate, royalities, partnerships, trusts, etc. Farm income or (loss) Unemployment compensation Social security benefits Taxable Social security benefits Other income Adjustments Educator expenses IRA deduction Student loan interest deduction Tuition and fees deduction Health savings account deduction. (Form 8889) Moving expenses.(Form 3903) One-half of self-employment tax Self-employed health insurance deduction Self-employed SEP, SIMPLE, and qualified plans Penalty on early withdrawal of savings Alimony paid Adjusted Gross Income (AGI) $ $ $ $ Adjusted Gross Income (AGI) Itemized deductions - (enter $0 for standard)
Itemized or Standard Deduction Calculator

$ $ $ $ $ $ $

76,600 10,225 11,700 54,675 7,309 1,000

0 2 1 79,600 56,000 200 800

Standard Deduction Exemption Dollars Taxable income Tax Estimate Tax Credits Foreign tax credit Credit for child and dependent care expenses Credit for the elderly or the disabled Education credits Retirement savings contributions credit Child Tax Credit Worksheet Child tax credit Adoption credit Other Credits Other Taxes Self-employment tax Taxes on tip income not reported to employer Additional tax on IRAs, other qualified retirement plans Advance earned income credit payments from Form(s) W-2 Household employment taxes Total Tax Payments Federal income tax withheld from Forms W-2 and 1099 2013 estimated tax payments & amount applied from 2012 Earned income credit (EIC) Excess social security and tier 1 RRTA tax withheld Additional child tax credit Other Payments Amount you owe

3,000

$ $

500 500

$ $

24,000 19,600

$ $ $

3,000 2,200 800

$ $ $

6,309 4,500 4,500

(1,809)

76,600

Quick Tax Estimator

Detailed Tax Calculator

Itemized or Standard Deduction?

Interest & Dividends Worksheet

Child Tax Credit Worksheet

W-4 Tax Withholding Calculator

1040 Worksheet

Overview

?Itemized or Standard Deduction

Tax Assumptions
Tax filing status Number of blind filers Number of filers over age 65 Estimated AGI: (adjusted gross income) Dental and Medical Expenses Medical expenses Dental expenses Total Deductible Portion Taxes You Paid State and local income taxes Real estate taxes Personal property taxes Other taxes Total Interest (Paid/Received) Home mortgage interest and points Investment interest and dividends received Investment interest you paid Total Charitable Contributions Cash contributions "In-kind" contributions "Carryover" contributions Total Casualty and Theft Losses Job Expenses and Most Other Miscellaneous Unreimbursed employee expenses Tax preparation fees Investment expenses Safe deposit box expenses Deductible Portion Other Miscellaneous Gambling losses Other Total Itemized Deductions $ 500
$12,000

Itemized vs Standard Deduction

0 0 57,000 5,000 160 5,160 885 1,400 1,500 1,000 3,900 2,900 40 2,940 1,000 1,000 2,000

$10,225
$10,000 $8,000

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

$6,100
$6,000 $4,000

$2,000 $0
Itemize Deduction Standard Deduction

Results
Itemized or Standard Deduction? Itemize Standard
Back to Detailed Tax Calculator

Itemized $ 10,225 $ 6,100

$ $

500 10,225

Quick Tax Estimator

Detailed Tax Calculator

Itemized or Standard Deduction?

Interest & Dividends Worksheet

Child Tax Credit Worksheet

W-4 Tax Withholding Calculator

1040 Worksheet

Overview

Schedule BInterest and Ordinary Dividends

Part I - Interest
Name of payer
Citibank Savings Interest Bank of America Savings Interest Citibank CD Interest New York City Muni Bond $ $ $ $

Interest and Ordinary Dividends

Amount
77.00 58.00 555.00 150.00
$1,800

$1,600 $1,400 $1,200 $1,000

$800 $600 $1,550

Total Interest Excludable interest (on series EE and I U.S. savings bonds issued after 1989. Taxable Interest

$ $

840.00 840.00

$400 $200 $0

$840

Part II - Ordinary Dividends

Name of payer
MSFT GM ATT MO IBM $ $ $ $ $

Taxable Interest

Total Ordinary Dividends

Amount
700.00 300.00 250.00 200.00 100.00

Total Ordinary Dividends

See Part III

$ 1,550.00

Part III - Foreign Accounts and Trusts

Foreign Accounts If at any time during 2013, you had an interest in or a signature or other authority over a financial account in a foreign country, such as a bank account, securities account, or other financial account, see page B-2 for exceptions and filing requirements for Form TD F 90-22.1 Foreign Trusts During 2013, if you received a distribution from, or were the grantor of, or transferor to, a foreign trust, then you may have to file Form 3520. See page B-2

Quick Tax Estimator

Detailed Tax Calculator

Itemized or Standard Deduction?

Interest & Dividends Worksheet

Child Tax Credit Worksheet

W-4 Tax Withholding Calculator

1040 Worksheet

Overview

Child Tax Credit Worksheet

Tax Credit Assumptions

Working Families Tax Relief Act of 2004 (HR1308) Child Tax Credit. The child tax credit remains $1,000 per child through 2013

To be a qualifying child for the child tax credit, the child must be under age 17 at the end of 2013
Number of qualifying children Number of qualifying children x $1,000 Form 1040, line 45 (Tax plus Alternative minimum tax) Form 1040, line 46 (Foreign tax credit) Form 1040, line 47 (Credit for child and dependent care expenses - Form 2441) Form 1040, line 48 (Credit for the elderly or the disabled - Schedule R) Form 1040, line 49 (Education credits - Form 8863) Form 1040, line 50 (Retirement savings contributions credit - Form 8880) Sum of Line 46-50 $ $ $ $ $ $ $ 1 1,000 4,500 500 1,500 2,000 4,000

This is your Child Tax Credit You may be able to take the additional child tax credit. See Form 8812.

500

Part III - Foreign Accounts and Trusts

Quick Tax Estimator

Detailed Tax Calculator

Itemized or Standard Deduction?

Interest & Dividends Worksheet

Child Tax Credit Worksheet

W-4 Tax Withholding Calculator

1040 Worksheet

Overview

Tax Withholding (Form W-4) Calculator

Personal Allowances
Tax filing status Enter number of dependents (other than your spouse or yourself) Total number of jobs in which you and your spouse are currently employed Wages from Job #1 Wages from Job #2 Total Annual Income Personal Allowances

2
1 2 $ 40,000 $ 20,000

Results
$ 60,000 3 Enter on Form 4-W, line 5 (Total Allowances) 3

Deductions, Adjustments & Credits

Itemized Deduction Worksheet Estimated Itemized Deductions. Standard Deduction Itemized Deductions less Standard Deduction Adjustments to Income click to view complete list Tax Credits click to view complete list $ Estimate of your nonwage income (such as dividends or interest) Deductions, Adjustments & Credits Deduction, Adjustment & Credit Allowances (previous line divided by $3,500)

1,500

$ $ $ $ x 6.7 = $ $ $

10,225 12,200 3,000 10,050 1,555 11,495 3

Results
Two-Earner/ Two-Job Allowance adjustment Total Allowances - Enter on Form 4-W, line 5 -3 3 26

Form

1040
LA BE L

Department of the Treasury---Internal Revenue Service

U.S. Individual Income Tax Return

For the year Jan. 1--Dec. 31, 2013, or other tax year beginning

2013
2013 ,ending Last name Last name

(99)

IRS Use Only - Do Not Write Or Staple in This Space

.20

OMB No. 1545-0074 Your social security number Spouse's social security number

Label
(See instructions on page 12.)

Your first name and initial If joint return, spouses's name and initial

Use the IRS label. Otherwise, please print or type.

HE RE

Home address (number & street). If you have a PO box, see pg.16. City, town or post office, state and ZIP code. If you have a foreign address, see page 16.

Apt. no.

Important!
You must enter your SSN(s) above. You Spouse
No Yes No

Presidential Election Campaign (See

page 16.)

Note: Checking "Yes" will not change your tax or reduce your refund. Do you, or your spouse if filing a joint return, want $3 to go to this fund? Single Married filing joint return (even if only one had income) Married filing separately. Enter spouse's SSN above and full name here. u

. . . . . .
4

Yes

Filing Status
Check only one box.

1 2 3

Head of household (with qualifying person). (See page 17.) If the qualifying person is a child but not your dependent, enter this childs name here. u Qualifying widow(er) with dependent child (See page 17.)

0 0 0

Exemptions

Yourself. If someone can claim you as a dependent, do not check box 6a . . . 6a Spouse . . . . . . . . . . . . . . . . . . . . b (2) Dependent's (3) Dependent's c Dependents:
(1) First name Last name social security number relationship to you

. . . . . . . . . . .
(4) if qualifying child for child tax credit (See page 15)

If more than four dependents, see page 15.

Boxes checked on 6a and 6b. No. of your children on 6c who: lived with you did not live with you due to divorce or separation (see page 18) Depenedents on 6c not entered above Add numbers on lines above u

Income
Attach Form(s) W2 here. Also attach Forms W2G and 1099-R if tax was withheld.

7 8 a b 9 a b 10 11 12 13 14 15 a 16 a 17 18 19

. . . . . . . . Wages, salaries, tips, etc. Attach Form(s) W-2. . . . Taxable interest. Attach Schedule B if required . . . Tax-exempt interest. Do not include on line 8a . . . Ordinary dividends. Attach Schedule B if required. . . . . . .. . . Qualified dividends (see page 20) . . . . . . . .
Total number of exemptions claimed

. . . . . . . . .. . .

. . . . . . . . . . . . . 8b . . $. . .. . . . . . ..
9b $

. . . . . . . . . .. ..

. . . . . . . -. . .. ..
-

.7. . 8a . . . ..9a.. .

.$ .$ . .. $

. . . .

. . . .

. . . .

-. -

Taxable refunds, credits, or offsets of state and local income taxes (see page 20) . . . . Alimony received . . . . . . . . . . . . . . . . . . . Business income or (loss). Attach Schedule C or C-EZ . . . . . . . . . . Capital gain or (loss). Attach Schedule D if required. If not required, check here u Other gains or (losses). Attach Form 4797 . . . . . . . . . . . . . b Taxable amount (see pg. 22) IRA distributions . . 15a $ b Taxable amount (see pg. 22) Pensions and annuities 16a $ Rental real estate, royalities, partnerships, S corporations, trusts, etc. Attach Schedule E. Farm income or (loss). Attach Schedule F . . . . . . . . . . . . Unemployment compensation . . . . . . . . . . . . . .

. . . 10 $ . . . . 11 $ . . . . .12 . .$ . . .
13 15b 16b 17 18 19 20b 21 22

$ $ $ $ $ $ $ $ $

. . . . 14 . . $. . . . .

Enclose, but do not attach, any payment. Also please use Form 1040-V.

. . . . . . .

b Taxable amount (see page 24) 20 a Social security benefits 20a $ 21 Other income. List type and amount (see page 24). Add the amounts in the far right column for lines 7 through 21. This is your total income u 22 23 Educator expenses (see page 26). . . . . . . . . 23 $ Adjusted 24 Certain business expenses of reservists, performing artists, and Gross fee-basis government officials. Attach Form 2106 or 2106-EZ 24 $ Income 25 IRA deduction (see page 26) . . . . . . . . . . 25 $ 26 Student loan interest deduction (see page 28) . . . . . 26 $ 27 Tuition and fees deduction (see page 29) . . . . . . . 27 $ 28 Health savings account deduction. Attach Form 8889 28 $ 29 Moving expenses. Attach Form 3903 . . . . . . . . 29 $ 30 One-half of self-employment tax. Attach Schedule SE . . . . 30 $ 31 Self-employed health insurance deduction (see page 30) . . 31 $ 32 Self-employed SEP, SIMPLE, and qualified plans . . . . . 32 $ 33 Penalty on early withdrawal of savings . . . . . . . . 33 $ 34 a Alimony paid b Recipient's SSN u 34a $ 35 Add lines 23 through 34a . . . . . . . . . . . . . . . . . . . . 36 Subtract line 35 from line 22. This is your adjusted gross income . . . . . . . . u . Cat. No. 11320B For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see page 75.

35

.36 . .$ .

Form 1040 (2013)

Form 1040 (2013)

Page

Tax and Credits

Standard Deduction for --People who checked any box on line 38a or 38b or who can be claimed as a dependent, see page 31. All others: Single or Married filing separately, $6,100 Married filing jointly or Qualifying widow(er): $12,200

37 Amount from line 36 (adjusted gross income) 38 a Check You were born before January 2, 1949 if: Spouse was born before January 2, 1949

37 Blind Blind Total boxes checked u 38a

0
38b

39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63

b If your spouse itemizes on a separate return or you were a dual-status alien, see page 31 and check here Itemized deductions (from Schedule A) or your standard deduction (see left margin) . Subtract line 39 from line 37 . . . . . . . . . . . . . . .

. . . 39 $ . . . . . 40. . $ .

Exemptions. Multiply $3,900 by the total number of exemptions claimed on . . . . . . . . . .41 . . $ Taxable income. Subtract line 41 from line 40. If line 41 is more than line 40, enter -0- . . . . 42 $ Tax (see page 33). Check if any tax from: a Form(s) 8814 b Form 4972 . . . . . 43 $ Alternative minimum tax (see page 35). Attach Form 6251. . . . . . . . . . . . . 44 . . $ . Add lines 43 and 44 . . . . . . . . . . . . . . . . . . . . . u . . 45 . . $ Foreign tax credit. Attach Form 1116 if required . . . . . . . 46 . . $ . . . . . -. . . Credit for child and dependent care expenses. Attach Form 2441 47 $ Credit for the elderly or the disabled. Attach Schedule R . . . . 48 . . .$ Education credits. Attach Form 8863 . . . . . . . . . . 49 . . $ . Retirement savings contributions credit. Attach Form 8880 . . . . .50 $ Child tax credit (see page 37) . . . . . . . . . . . . 51 . . $ Adoption credit. Attach Form 8839 . . . . . . . . . . 52 . . $ Credits: a Form 8396 b Form 8859 . . . . . .53 . . $ Other credits. Check applicable box(es): a Form 3800 b Form 8801 c Specify . . . . 54 $

. . . . .- . . . . . . . . . .
-. -

. .

. . . . -. . . . . . . . . . . . . . . . . . . . . -. . . . . . . . . . . . . . . . .
.-

. . . .

. . . . . . . . . . . . . . . .

Head of Household: $8,950

Other Taxes

Add lines 46 through 54. These are your total credits . . . . . . . . . . . u . . 55. . $ . . . . . - . Subtract line 55 from line 45. If line 55 is more than line 45, enter -0 . . . . . . . . . . 56 . . $ . . . . . . Self-employment tax. Attach Schedule SE . . . . . . . . . . . . . . . . . 57 . . $. . . . . - . Social security and Medicare tax on tip income not reported to employer. Attach Form 4137 . . . 58 $ Additional tax on IRAs, other qualified retirement plans, etc. Attach Form 5329 if required . . . . . . 59 . . $ . Advance earned income credit payments from Form(s) W-2 . . . . . . . . . . . . .60 . .$ . . . . Household employment taxes. Attach Schedule H . . . . . . . . . . . . . . . .61 . .$ . . Add lines 56 through 61. This is your total tax . Federal income tax withheld from Forms W-2 and 1099

. . . .

. . . . . . . . . . . . u. . 62. . $ . . .
63 64

Payments
If you have a qualifying child, attach Schedule EIC.

64 2013 estimated tax payments and amount applied from 2012 return 65 a Earned income credit (EIC) . . . . . . . . . . 66 67 68 69 70
65b b Nontaxable combat pay election $ Excess social security and tier 1 RRTA tax withheld (see pg 54) Additional child tax credit. Attach form 8812. Amount paid with request for extension to file (see page 54)

. .65a. .
-

$ $ $.

Refund
Direct deposit? See page 54 and fill in 72b, 72c and 72d

Amount You Owe Third Party Designee

Sign Here
Joint return? See page 17. Keep a copy for your records.

66 $ 67 $ 68 $ Other payments from : a Form 2439 b Form 4136 c Form 8885 69 $ Add lines 63, 64, 65a, and 66 through 69. These are your total payments . If line 70 is more than line 62, subtract line 62 from line 70. This is the amount you overpaid 71 72 a Amount of line 71 you want refunded to you . . . . . . . . . . . . . u u c Type: b Routing number Checking u d Account number 73 Amount of line 71 you want applied to your 2013 estimated tax 73 $ 74 Amount you owe. Subtract line 70 from line 62. For details on how to pay, see page 55. Estimated tax penalty (see page 55) . . . . . . . . . . 75 . . .$ . . 75 Do you want to allow another person to discuss this return with the IRS (see page 56)?
Designee's name u Phone no. u

. . .u . . u . .
Savings

70 71 72a

$ $ $

.- . . . . . . . . . . . . . . . . . .
Yes. Complete the following.
u

74

No.

Personal Identification number. (PIN)

Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Your signature Date Your occupation Daytime phone number

Spouses signature. If a joint return, both must sign.

Date

Spouse's occupation Date Preparers SSN or PTIN

Paid Preparer's Use Only

Preparer's signature
Firm's name (or yours if self employed) address, and ZIP code

Check if Selfemployed

EIN

Phone no. Form 1040 (2013)