186 lines
5.6 KiB
Plaintext
186 lines
5.6 KiB
Plaintext
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PAGER/SGML
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Page 1 of 48
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Leadpct: 0% Pt. size: 9.5 ❏ Draft
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Userid: ________ DTD INSTR04
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(Init. & date)
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Fileid:
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D:\USERS\8fllb\documents\epicfiles\2007Instructions1040NR.sgm
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7:48 - 6-DEC-2007
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Instructions for Form 1040NR
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❏ Ok to Print
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The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.
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2007
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Instructions for
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Form 1040NR
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U.S. Nonresident Alien Income Tax Return
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Department of the Treasury
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Internal Revenue Service
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retirement plan and your 2008 modified
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AGI is less than $63,000 ($105,000) if a
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qualifying widow(er)).
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use a different address this year. See
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Section references are to the Internal
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Where To File on page 4.
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Revenue Code unless otherwise noted.
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General Instructions deduction. The deduction rate for
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Domestic production activities
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You may be able to deduct up to an
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2007 is increased to 6%.
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additional $3,000 if you were a
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What’s New for 2007
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Unreported social security and
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participant in a 401(k) plan and your
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Medicare tax on wages. If you are
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employer was in bankruptcy in an
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Tax benefits extended. The following
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an employee and your employer did not
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earlier year.
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tax benefits were extended through
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withhold social security and Medicare
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2007.
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Personal exemption and itemized
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• Deduction for educator expenses in
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tax, see Form 8919 to figure and report
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deduction phaseouts reduced.
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this tax.
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figuring adjusted gross income.
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Taxpayers with adjusted gross income
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• District of Columbia first-time
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Refundable credit for prior-year
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above a certain amount may lose part
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minimum tax. If you have an unused
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homebuyer credit.
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of their deduction for personal
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minimum tax credit carryforward from
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Alternative minimum tax (AMT)
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exemptions and itemized deductions.
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2004, see Form 8801 to find if you can
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exemption amount decreased. The
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The amount by which these deductions
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take this credit.
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AMT exemption amount is decreased to
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are reduced in 2008 will be only 1/2 of
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Health savings account (HSA)
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$33,750 ($45,000 if a qualifying
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the amount of the reduction that
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funding distributions. You may be
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widow(er); $22,500 if married filing
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otherwise would have applied in 2007.
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able to elect to exclude from income a
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separately).
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Capital gain tax rate reduced. The
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distribution made from your IRA to your
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At the time these instructions
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5% capital gain tax rate is reduced to
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HSA. See the instructions for lines 16a
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!
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went to print, Congress was
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zero.
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and 16b beginning on page 12.
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considering legislation that
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CAUTION
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New recordkeeping requirements for
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Tax on children’s income. Form
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would increase the amounts above. To
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contributions of money. For
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8615 will be required to figure the tax
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find out if this legislation was enacted,
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charitable contributions of money,
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for the following children with
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and for more details, see the
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regardless of the amount, you must
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investment income of more than
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Instructions for Form 6251.
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maintain as a record of the contribution $1,800.
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IRA deduction expanded. If you were a bank record (such as a cancelled
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1. Children under age 18 at the end
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covered by a retirement plan, you may
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check) or a written record from the
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of 2008.
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be able to take an IRA deduction if your
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charity. The written record must include
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2. The following children if their
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2007 modified adjusted gross income
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the name of the charity, date, and
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earned income is not more than half
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(AGI) is less than $62,000 ($103,000 if
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amount of the contribution. See Gifts to
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their support.
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a qualifying widow(er)).
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U.S. Charities that begins on page 26.
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a. Children age 18 at the end of
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You may be able to deduct up to an
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Exemption for housing a person
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2008.
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additional $3,000 if you were a
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displaced by Hurricane Katrina
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b. Children over age 18 and under
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participant in a 401(k) plan and your
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expires. The additional exemption
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age 24 at the end of 2008 who are
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employer was in bankruptcy in an
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amount for housing a person displaced
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full-time students.
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earlier year.
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by Hurricane Katrina does not apply for
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2007 or later years.
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The election to report a child’s
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Standard mileage rates. The 2007
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investment income on a parent’s return
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Telephone excise tax credit. This
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rate for business use of your vehicle is
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and the special rule for when a child
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481/2 cents a mile. The 2007 rate for
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credit was available only on your 2006
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must file Form 6251 will also apply to
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use of your vehicle to move is 20 cents
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return. If you filed but did not request it
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the children listed above.
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a mile. The special rate for charitable
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on your 2006 return, file Form 1040X
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use of your vehicle to provide relief
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using a simplified procedure explained
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Expiring tax benefits. The following
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related to Hurricane Katrina has
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in its instructions to amend your 2006
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benefits are scheduled to expire and
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expired.
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return. If you were not required to file a
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will not apply for 2008.
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• Deduction for educator expenses in
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2006 return, see the 2006 Form
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Elective salary deferrals. The
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1040EZ-T.
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maximum amount you can defer under
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figuring adjusted gross income.
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• The exclusion from income of
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all plans is generally limited to $15,500
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What’s New for 2008
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($10,500 if you only have SIMPLE
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qualified charitable deductions.
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• Credit for nonbusiness energy
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plans; $18,500 for section 403(b) plans
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IRA deduction expanded. You may
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if you qualify for the 15-year rule). See
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property.
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be able to deduct up to $5,000 ($6,000
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• District of Columbia first-time
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the instructions for line 8 on page 10.
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if age 50 or older at the end of the
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Mailing your return. If you are filing
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homebuyer credit (for homes
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year). You may be able to take an IRA
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purchased after 2007).
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deduction if you were covered by a
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the return for an estate or trust, you will
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Cat. No. 11368V
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