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taxmap/instr/i1040sj-008.htm#TXMP26072182

Line 12(p7)


rule
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If line 11 is zero or less, enter -0- on line 12. Otherwise, figure the tax on the amount on line 11 using:
If your elected farm income includes net capital gain, you must use the 2007 Schedule D Tax Worksheet to figure the tax on the amount on line 11. However, if you filed Form 2555 or 2555-EZ for 2007, you must first complete the 2007 Foreign Earned Income Tax Worksheet, and then use the 2007 Schedule D Tax Worksheet to figure the tax on the amount on line 3 of that worksheet.
When completing the Schedule D Tax Worksheet, you must allocate 1/3 of the amount on line 2b (and 1/3 of the amount on line 2c, if any) to 2007. If for 2007 you had a capital loss that resulted in a capital loss carryover to 2008, do not reduce the elected farm income allocated to 2007 by any part of the carryover.
taxmap/instr/i1040sj-008.htm#w25514j10
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2007 Tax Rate Schedules—Line 12Keep for Your Records

Schedule X—Use if your 2007 filing status was Single or you checked filing status box 1 or 2 on Form 1040NR Schedule Y-2—Use if your 2007 filing status was Married filing separately or you checked filing status box 3, 4, or 5 on Form 1040NR
If Schedule J, line 11, is:
Over—
But not over— Enter on     
Schedule J,     
line 12     
of the amount over—If Schedule J, line 11, is:
Over—
But not over— Enter on     
Schedule J,     
line 12     
of the amount over—
$0
7,825
31,850
77,100
160,850
349,700
$7,825
31,850
77,100
160,850
349,700
.............
...........
$782.50 +
4,386.25 +
15,698.75 +
39,148.75 +
101,469.25 +


10%
15%
25%

28%
33%
35%
$0
7,825
31,850

77,100
160,850
349,700
$0
7,825
31,850
64,250
97,925
174,850
$7,825 31,850
64,250
97,925
174,850
.............
...........
$782.50 + 4,386.25 +
12,486.25 +
21,915.25 +
47,300.50 +
10%
15%
25%
28%
33%
35%
$0
7,825

31,850
64,250
97,925
174,850
Schedule Y-1—Use if your 2007 filing status was Married filing jointly or Qualifying widow(er) or you checked filing status box 6 on Form 1040NR


Schedule Z—Use if your 2007 filing status was Head of household
If Schedule J, line 11, is:
Over—
But not over— Enter on     
Schedule J,     
line 12     
of the amount over— If Schedule J, line 11, is:
Over—
But not over— Enter on     
Schedule J,     
line 12     
of the amount over—
$0
15,650
63,700
128,500
195,850
349,700
$15,650
63,700
128,500
195,850
349,700
............
...........
$1,565.00 +
8,772.50 +
24,972.50+
43,830.50 +
94,601.00 +


10%
15%
25%

28%
33%
35%
$0
15,650

63,700
128,500
195,850
349,700
$0
11,200
42,650
110,100
178,350
349,700
$11,200 42,650
110,100
178,350
349,700
.............
...........
$1,120.00 + 5,837.50 +
22,700.00 +
41,810.00 +
98,355.50 +
10%
15%

25%
28%
33%
35%
$0
11,200

42,650
110,100
178,350
349,700
taxmap/instr/i1040sj-008.htm#w25514j05
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2007 Qualified Dividends and Capital Gain Tax Worksheet—Line 12

Use this worksheet only if both of the following apply.
  • Your elected farm income on your 2009 Schedule J, line 2a, does not include any net capital gain.
  • You (a) entered qualified dividends on your 2007 Form 1040, line 9b (or your 2007 Form 1040A, line 9b, or 2007 Form 1040NR, line 10b); (b) entered capital gain distributions directly on your 2007 Form 1040, line 13 (or your 2007 Form 1040A, line 10, or 2007 Form 1040NR, line 14) and were not required to file Schedule D; or (c) filed Schedule D in 2007 and you answered "Yes" on lines 17 and 20 of that Schedule D.
 
1.  Amount from your 2009 Schedule J, line 11. If for 2007 you filed Form 2555 or 2555-EZ, enter the amount from line 3 of the worksheet on page J-91.                 
2.  Amount from your 2007 Form 1040, line 9b* (or your 2007 Form 1040A, line 9b, or 2007 Form 1040NR, line 10b)2.                 
3. Did you file Schedule D in 2007?*    
   Box Yes. Enter the smaller of line 15 or 16 of your 2007 Schedule D, but do not enter less than -0- Right brace3.                 
   Box No. Enter the amount from your 2007 Form 1040, line 13 (or your 2007 Form 1040A, line 10, or 2007 Form 1040NR, line 14)    
4.  Add lines 2 and 34.                 
5.  Amount, if any, from your 2007 Form 4952, line 4g5.                 
6.  Subtract line 5 from line 4. If zero or less, enter -0-6.                 
7. Subtract line 6 from line 1. If zero or less, enter -0-7.                 
8. Enter the smaller of:  
  
  • The amount on line 1, or
  
  
  • $31,850 if single or married filing separately or if you
       checked filing status box 1, 2, 3, 4, or 5 on Form 1040NR;
Right brace 8.                 
    $63,700 if married filing jointly or qualifying widow(er)
  or if you checked filing status box 6 on Form 1040NR;
  $42,650 if head of household. 
  
9.  Is the amount on line 7 equal to or more than the amount on line 8?  
   Box Yes. Skip lines 9 through 11; go to line 12 and check the "No" box.  
   Box No. Enter the amount from line 79.                 
10.  Subtract line 9 from line 810.                 
11.  Multiply line 10 by 5% (.05)11.                
12. Are the amounts on lines 6 and 10 the same?  
   Box Yes. Skip lines 12 through 15; go to line 16.  
   Box No. Enter the smaller of line 1 or line 612.                 
13. Enter the amount from line 10 (if line 10 is blank, enter -0-)13.                 
14. Subtract line 13 from line 1214.                 
15. Multiply line 14 by 15% (.15)15.                
16. Figure the tax on the amount on line 7. Use the 2007 Tax Rate Schedules on page J-716.                
17. Add lines 11, 15, and 1617.                
18. Figure the tax on the amount on line 1. Use the 2007 Tax Rate Schedules on page J-718.                
19.  Tax. Enter the smaller of line 17 or line 18 here and on your 2009 Schedule J, line 12. If for 2007 you filed Form 2555 or 2555-EZ, do not enter this amount on Schedule J, line 12. Instead, enter it on line 4 of the worksheet on page J-919.                
*If for 2007 you filed Form 2555 or 2555-EZ, see the footnote in the worksheet on page J-9 before completing this line.
  
taxmap/instr/i1040sj-008.htm#w25514j20
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2007 Foreign Earned Income Tax Worksheet—Line 12

Use this worksheet if you claimed the foreign earned income exclusion or housing exclusion on your 2007 Form 1040 using Form 2555 or 2555-EZ. However, if Schedule J, line 11, is zero or less do not complete this worksheet.
1.Enter the amount from your 2009 Schedule J, line 111.             
2.Enter the amount from your (and your spouse's, if filing jointly) 2007 Form 2555, line 45, or Form 2555-EZ, line 182.             
3.Add lines 1 and 23.             
4. Tax on the amount on line 3. Use the 2007 Tax Rate Schedules on page J-7, the 2007 Qualified Dividends and Capital Gain Tax Worksheet on page J-8,* or the 2007 Schedule D Tax Worksheet in the 2007 Schedule D instructions,* whichever applies.4.             
5. Tax on the amount on line 2. Use the 2007 Tax Rate Schedules on page J-7.5.             
6.Subtract line 5 from line 4. Enter the result. If zero or less, enter -0-. Also include this amount on your 2009 Schedule J, line 126.             
*Enter the amount from line 3 above on line 1 of the 2007 Qualified Dividends and Capital Gain Tax Worksheet or the 2007 Schedule D Tax Worksheet if you use either of those worksheets to figure the tax on line 4 above. Complete the rest of that worksheet through line 6 (line 10 if you use the Schedule D Tax Worksheet). Next, you must determine if you had a capital gain excess. To find out if you had a capital gain excess, subtract the amount from your 2009 Schedule J, line 11, from line 6 of your 2007 Qualified Dividends and Capital Gain Tax Worksheet (line 10 of your 2007 Schedule D Tax Worksheet). If the result is more than zero, that amount is your capital gain excess.
 If you did not have a capital gain excess, complete the rest of either of those worksheets according to the worksheet's instructions. Then complete lines 5 and 6 above.
 If you had a capital gain excess, complete a second 2007 Qualified Dividends and Capital Gain Tax Worksheet or 2007 Schedule D Tax Worksheet (whichever applies) as instructed above but in its entirety and with the following additional modifications. Then complete lines 5 and 6 above. These modifications are to be made only for purposes of filling out the 2007 Foreign Earned Income Tax Worksheet above.
 1. Reduce the amount you would otherwise enter on line 3 of your 2007 Qualified Dividends and Capital Gain Tax Worksheet or line 9 of your 2007 Schedule D Tax Worksheet (but not below zero) by your capital gain excess.
 2. Reduce the amount you would otherwise enter on your 2007 Form 1040, line 9b, (but not below zero) by any of your capital gain excess not used in (1) above.
 3. Reduce the amount on your 2007 Schedule D (Form 1040), line 18, (but not below zero) by your capital gain excess.
 4. Include your capital gain excess as a loss on line 16 of your 2007 Unrecaptured Section 1250 Gain Worksheet on page D-9 of the 2007 Instructions for Schedule D (Form 1040).