Instructions For Form 1040-Ss - U.s. Self-Employment Tax Return (Including The Additional Child Tax Credit For Bona Fide Residents Of Puerto Rico) - Internal Revenue Service - 2007
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Department of the Treasury
Internal Revenue Service
Instructions for Form
1040-SS
U.S. Self-Employment Tax Return (Including the Additional Child Tax Credit for
Bona Fide Residents of Puerto Rico)
social security and Medicare tax on tips or
Even if you have a loss or little
Section references are to the Internal
group-term life insurance (see the
TIP
income from self-employment, it
Revenue Code unless otherwise noted.
instructions for Part I, line 5, on page 4).
may benefit you to file Form
•
General Instructions
Claim excess social security tax
1040-SS and use either ‘‘optional
withheld.
method’’ in Part VI. See pages 7 and 8.
•
Claim the additional child tax credit
What’s New
If (2) and (3) above apply, you also
(bona fide residents of Puerto Rico only).
•
•
must file Form 1040-SS (or you may use
For 2007, the maximum amount of
Claim the health coverage tax credit
Form 1040-PR in Spanish if you are a
self-employment income subject to social
(bona fide residents of Puerto Rico only).
resident of Puerto Rico) to:
security tax is $97,500.
•
You may also be required to file an
•
Report and pay household employment
For 2007, you may be able to e-file
income tax return with the government of
taxes;
Form 1040-SS if you are claiming only
•
Guam, American Samoa, the USVI, the
Report and pay employee social
the additional child tax credit. For general
CNMI, or Puerto Rico. Check with your
security and Medicare tax on (a)
information about electronic filing, visit
local tax office for more details.
unreported tips, (b) wages from an
and click on “Individual
employer with no social security or
Taxpayer.”
Additional Information
Medicare tax withheld, or (c) uncollected
•
If you and your spouse file a joint return
social security and Medicare tax on tips or
For assistance with Part III (Profit or Loss
and jointly own and operate a farm or
group-term life insurance (see the
From Farming), see the 2007 Instructions
nonfarm business, you may be able to
instructions for Part I, line 5, on page 4);
for Schedule F (Form 1040), Profit or
make a joint election to be taxed as a
•
Claim excess social security tax
Loss From Farming, and Pub. 225,
qualified joint venture instead of a
withheld;
Farmer’s Tax Guide.
partnership and determine
•
Claim the additional child tax credit
self-employment tax based on your
For assistance with Part IV (Profit or
(bona fide residents of Puerto Rico only);
respective share of the business. See
Loss From Business (Sole
and
Husband-Wife Business beginning on
•
Proprietorship)), see the 2007 Instructions
Claim the health coverage tax credit
page 3.
for Schedule C (Form 1040), Profit or
(bona fide residents of Puerto Rico only).
Loss From Business, and Pub. 334, Tax
Reminder
Guide for Small Business (For Individuals
When To File
The rules for determining whether you are
Who Use Schedule C or C-EZ).
a bona fide resident of a possession
If you file on a calendar year basis, file by
For details on 2007 tax law changes,
changed in 2006. For details, see Pub.
April 15, 2008. If you file on a fiscal year
see Pub. 553, Highlights of 2007 Tax
570, Tax Guide for Individuals With
basis, file by the 15th day of the 4th
Changes.
Income From U.S. Possessions.
month after the close of your fiscal year.
If you expect to owe SE tax of $1,000
or more for 2008, you may have to make
Purpose of Form
Where To File
estimated tax payments. Use Form
Residents of the U.S. Virgin Islands
Department of the Treasury
1040-ES, Estimated Tax for Individuals,
(USVI), Guam, American Samoa, the
Internal Revenue Service Center
to make estimated tax payments.
Commonwealth of the Northern Mariana
Austin, TX 73301-0215.
Islands (CNMI), and the Commonwealth
Who Must File
of Puerto Rico (Puerto Rico) use Form
Amount You Owe
You must file Form 1040-SS if:
1040-SS for the following purposes.
•
Report net earnings from
1. You, or your spouse if filing a joint
Pay by Check or Money Order
self-employment and pay
return, had net earnings from
Enclose your check or money order for
self-employment (SE) tax. The Social
self-employment (from other than church
the full amount due with Form 1040-SS.
Security Administration (SSA) uses this
employee income) of $400 or more (or
Make it payable to the “United States
information to figure your benefits under
you had church employee income of
Treasury.” Do not send cash. Enter “2007
the social security program. SE tax
$108.28 or more — see Church
Form 1040-SS” and your name, address,
applies no matter how old you are and
Employees beginning on page 2);
daytime phone number, and social
even if you already are receiving social
2. You do not have to file Form 1040
security number (SSN) on your payment.
security or Medicare benefits.
with the United States; and
If you are filing a joint return, enter the
•
3. You are a resident of:
Report and pay household employment
SSN shown first on your Form 1040-SS.
taxes.
a. Guam,
•
Report and pay employee social
b. American Samoa,
To help process your payment, enter
security and Medicare tax on (a)
c. The USVI,
the amount on the right side of the check
unreported tips, (b) wages from an
d. The CNMI, or
like this: $ XXX.XX. Do not use dashes or
employer with no social security or
e. Puerto Rico (you may file either
lines (for example, do not enter “$ XXX – ”
xx
Medicare tax withheld, or (c) uncollected
Form 1040-PR or Form 1040-SS).
or “$ XXX
”).
100
Cat. No. 26341Y
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