Instructions For Form 1040-Ss - U.s. Self-Employment Tax Return (Including The Additional Child Tax Credit For Bona Fide Residents Of Puerto Rico) - Department Of The Treasury Internal Revenue Service - 2009 Page 6
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10What Is Included in Net
Part III—Profit or Loss
Part IV—Profit or Loss
Earnings From
From Farming
From Business (Sole
Self-Employment
For assistance with Part III (Profit or Loss
Proprietorship)
Generally, net earnings include your net
From Farming), see the 2009 Instructions
profit from a farm or nonfarm business. If
For assistance with Part IV (Profit or Loss
for Schedule F (Form 1040), Profit or
you were a partner in a partnership, see
From Business (Sole Proprietorship)), see
Loss From Farming, and Pub. 225,
the following instructions.
the 2009 Instructions for Schedule C
Farmer’s Tax Guide.
(Form 1040), Profit or Loss From
Partnership Income or Loss
Accounting Methods
Business, and Pub. 334, Tax Guide for
When figuring your total net earnings from
Small Business (For Individuals Who Use
The accounting method you used to
self-employment, include your share of
Schedule C or C-EZ).
record your farm income determines
partnership income or loss attributable to
whether you complete, in addition to
a trade or business and any guaranteed
Section B, Section A or C.
payments for services or the use of
Part V—Self-Employment
Cash method. Include in income both
capital. However, if you were a limited
the cash actually or constructively
Tax
partner, include only guaranteed
received and the fair market value of
payments for services you actually
goods or other property you received.
If you are filing a joint return and
rendered to or on behalf of the
Generally, you deduct your expenses
!
both you and your spouse have
partnership.
when you pay them.
income subject to
CAUTION
If you were a general partner, reduce
Accrual method. Include your income in
self-employment tax, you must each
the year you earned it. It does not matter
complete a separate Part V. This includes
Part V, lines 1a and 2, for any section 179
expense deduction, oil or gas depletion,
when you get it. Deduct your expenses
those who made a joint election to be
when you incur them.
taxed as a qualified joint venture.
and unreimbursed partnership expenses.
Additional Child Tax Credit Worksheet —Part II, Line 3
Keep for Your Records
1. Do you have three or more qualifying children?
No. Stop. You cannot claim the credit.
Yes. Go to line 2.
2. Number of qualifying children: _______ × $1,000. Enter the result . . . . . . . . . . . . . . . . . . . . . . . .
2.
3. Enter the amount from Part II, line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
4. Enter the amount shown below for your filing status . . . . . . . . . . . . . . . . . . .
4.
•
Married filing jointly — $110,000
•
Single — $75,000
•
Married filing separately — $55,000
5. Is the amount on line 3 more than the amount on line 4?
No. Leave line 5 blank. Enter -0- on line 6.
Yes. Subtract line 4 from line 3. If the result is not a multiple of
$1,000, increase it to the next multiple of $1,000 (for example,
increase $425 to $1,000, increase $1,025 to $2,000, etc.) . . . . . . . . . . . .
5.
6. Multiply the amount on line 5 by 5% (.05). Enter the result . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
7. Is the amount on line 2 more than the amount on line 6?
No. Stop. You cannot claim the credit.
Yes. Subtract line 6 from line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
8. Enter one-half of the amount from Part V, line 12 . . . . . . . . . . . . . . . . . . . . .
8.
9. Enter the total of any:
•
Amount from Part II, line 2, plus
•
Employee social security and Medicare tax on tips not reported to
employer and shown on the dotted line next to Part I, line 5, plus
•
Uncollected employee social security and Medicare tax shown on the
dotted line next to Part I, line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
10. Add lines 8 and 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.
11. Enter the amount, if any, from Part I, line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . 11.
12. Is the amount on line 10 more than the amount on line 11?
No. Stop. You cannot claim the credit.
Yes. Subtract line 11 from line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.
13. Additional child tax credit. Enter the smaller of line 7 or line 12 here and on
Form 1040-SS, Part II, line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.
SS-6
Instructions for Form 1040-SS (2009)
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