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 Page 6
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8Additional 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, here . . . . . . . . . . . . . . . .
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.
Share Farming
2. Cash or a payment-in-kind from the
b. Renewal commissions, or
Department of Agriculture for participating
c. Deferred commissions paid after
You are considered self-employed if you
in a land diversion program.
retirement for sales made before
produced crops or livestock on someone
3. Payments for the use of rooms or
retirement.
else’s land for a share of the crops or
other space when you also provided
livestock produced (or a share of the
However, certain termination
substantial services. Examples are hotel
proceeds from the sale of them). This
payments received by former insurance
rooms, boarding houses, tourist camps or
applies even if you paid another person
salespersons are not included in net
homes, parking lots, warehouses, and
(or agent) to do the actual work or
earnings from self-employment (as
storage garages.
management for you. For details, see
explained in item 9 under Income and
4. Income from the retail sale of
Pub. 225.
Losses Not Included in Net Earnings
newspapers and magazines if you were
From Self-Employment on page 7).
Other Income and Losses Included
age 18 or older and kept the profits.
7. Income of certain crew members of
in Net Earnings From
5. Income you receive as a direct
fishing vessels with crews of normally
Self-Employment
seller. Newspaper carriers or distributors
fewer than 10 people. See Pub. 334 for
of any age are direct sellers if certain
1. Rental income from a farm if, as
details.
conditions apply. See chapter 5 of Pub.
landlord, you materially participated in the
8. Fees as a state or local
334 for details.
production or management of the
government employee if you were paid
6. Amounts received by current or
production of farm products on this land.
only on a fee basis and the job was not
former self-employed insurance agents
This income is farm earnings. To
covered under a federal-state social
and salespersons that are:
determine if you materially participated in
security coverage agreement.
farm management or production, do not
a. Paid after retirement but figured as
9. Interest received in the course of
consider the activities of any agent who
a percentage of commissions received
any trade or business, such as interest on
acted for you. The material participation
from the paying company before
tests are explained in Pub. 225.
retirement,
notes or accounts receivable.
-6-
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