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taxmap/pubs/p570-020.htm#en_us_publink1000221444

Illustrated Example  
of Form 5074(p21)


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Illustrated Example of Form 5074

Tracy Grey is a U.S. citizen who is a self-employed fisheries consultant with a tax home in New York. Her only income for 2009 was net self-employment income of $80,000. Of the $80,000, $20,000 was from consulting work in Guam and the rest was earned in the United States. Thinking she would owe tax to Guam on the $20,000, Tracy made estimated tax payments of $1,409 to Guam. She was not a bona fide resident of Guam during 2009.
Tracy completes Form 1040 (not illustrated), reporting her worldwide income. Because she earned more than $50,000 and at least $5,000 of her gross income is from Guam, Tracy must file Form 5074 with her Form 1040. All amounts reported on Form 5074 are also reported on her Form 1040.
taxmap/pubs/p570-020.htm#en_us_publink1000221445

Completing Form 5074.(p21)


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Tracy enters her name and social security number at the top of the form.
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Part I.(p21)
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On Form 5074 (see page 24), Tracy enters her self-employment income from Guam ($20,000) on line 6. She has no other income, so the total on line 16 is $20,000.
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Part II.(p21)
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Tracy's only adjustment in Part II is the deduction for one-half of the self-employment tax on her net income earned in Guam. She enters $1,413 on line 21 and line 28. Her adjusted gross income on line 29 is $18,587.
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Part III.(p22)
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Tracy made estimated tax payments of $1,409. She enters this amount on line 30, and again on line 34 as the total payments.