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H and R Block 2002 Income Tax Guide : Preparing America's Taxes for Over 45 Years,9780743204415

H and R Block 2002 Income Tax Guide : Preparing America's Taxes for Over 45 Years

by
Edition:
1st
ISBN13:

9780743204415

ISBN10:
0743204417
Format:
Paperback
Pub. Date:
2/5/2002
Publisher(s):
Fireside
List Price: $16.00
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Summary

For over forty-five years H&R Block, the world's largest tax preparer, has been helping you and your family file the best tax return possible. The H&R Block 2002 Income Tax Guide will show you how to take advantage of the latest tax laws to save even more money. H&R Block's Special Features Block's Tax Organizer to help you get started Special Tax Planning Worksheets to help you save $$$ Answers to the most asked questions about federal tax returns Charts, tables, examples, and tips for information at a glance Directory of Special Topics to help pinpoint areas of concern for you and your family Encyclopedia of Tax:A through Z answers to tax problems, questions, and issues Sample federal tax forms 2002 Tax Calendar: important dates to help you keep track of next year's deadlines As always, Block's tax professionals provide the most concise and comprehensive answers to all your questions, such as How will tax law changes and rulings affect me, my family, and my business? How will a change in filing status affect my return this year? What is the best way to use my business deductions? How should I respond if my return is questioned by the IRS? Now you can also take advantage of these bonus features! $10 OFF tax preparation and electronic filing at participating H&R Block offices Personal answers to your tax questions: call your local H&R Block office www.hrblock.com We invite you to visit our one-stop Website For information on how the latest tax laws affect you To complete a quick questionnaire and let our Refund Calculator estimate your refund For tax tips that may save you dollars To locate the nearest H&R Block tax office in your zip code area

Table of Contents

Directory of Tables and Illustrated Forms ix
Directory of Special Topics xi
Foreword: The Form 1040 Family 15(1)
Finding Information in Your Guide
15(1)
How to Use Your Guide
16(1)
Commonly Asked Tax Questions
17(2)
Line-by-Line Overview of Form 1040
19(2)
A Look at the Current Tax Scene 21(12)
What's New for 2001
21(2)
Looking Ahead to 2002
23(4)
Tried and True Tax-Saving Ideas
27(1)
Most Overlooked Deductions
27(2)
Filled-In Form 1040
29(4)
I. Taking Time to Organize 33(18)
Chart: Where to File Your Return
34(1)
Determine If You Must File a Tax Return
Gross Income Filing Requirements
35(2)
Other Filing Requirements
37(1)
Filing Requirements of Foreign Nationals
38(1)
Decide Which Form to File
Form 1040EZ
39(1)
Form 1040A
40(1)
Form 1040
40(1)
Form 1040NR
41(2)
Prepare and File Your Tax Return
Step 1: Gather Your Tax Data
43(3)
Step 2: Set Up Your Worksheets
46(1)
Step 3: Complete Your Tax Forms
46(1)
Step 4: Review and Check Your Work
46(1)
File Your Tax Return
47(4)
II. Getting Started on Form 1040 51(20)
Chart: Qualifying a Dependent
52(1)
Fill in the Heading Completely and Accurately
Heading Information
53(2)
Presidential Election Campaign Fund
54(1)
Use the Most Favorable Filing Status
Your Marital Status
55(1)
Married Taxpayers
56(1)
Married Filing Jointly
56(1)
Married Filing Separately
56(1)
Married, Qualifying as Unmarried
57(1)
Unmarried Taxpayers
57(3)
Single
58(1)
Head of Household
58(1)
Widow(er) With Dependent Child
59(1)
Flowchart: What Filing Status Should I Use?
60(2)
Claim All of Your Personal and Dependent Exemptions
Personal Exemptions
62(1)
Exemptions for Dependents
62(7)
Test 1: Gross Income
63(1)
Test 2: Support
64(3)
Test 3: Member of Household or Relationship
67(1)
Test 4: Citizenship or Residence
68(1)
Test 5: Joint Return
69(1)
Filled-In Dependency Support Worksheet
69(2)
III. Reporting Your Income On Form 1040 71(98)
Chart: Where to Report W-2, 1098, and 1099 Items
72(1)
Wages, Tips, and Other Compensation
Employee Compensation
73(5)
Your Form W-2, Box by Box
74(3)
Figuring Your Wages and Withholding
77(1)
Tip Income
77(1)
Interest Income
Form 1099-INT
78(1)
Deposit Arrangements
79(1)
U.S. Savings Bonds
79(1)
Other Bond Interest
80(1)
Unstated Interest
80(1)
Exempt Interest
80(1)
Reporting Interest on Schedule B
81(1)
Dividends
Form 1099-DIV
82(1)
Ordinary Dividends
83(1)
Capital Gain Distributions
83(1)
Nontaxable Distributions
84(1)
Liquidation Distributions
84(1)
Stock Dividends and Rights
84(1)
Nondividend Dividends
85(1)
Reporting Dividends on Schedule B
85(1)
State and Local Income Tax Refunds
Form 1099-G
86(1)
State and Local Tax Refunds
86(1)
Filled-In State and Local Income Tax Refund Worksheet
87(1)
Alimony Received
Alimony Received
88(1)
Agreements Made or Modified After 1984
88(1)
Pre-1985 Agreements
89(1)
Child Support
90(1)
Other Payments That Are Not Alimony
90(1)
Business Income or Loss
Schedule C-EZ
91(1)
Net Business Loss
92(1)
Completing Schedule C
92(4)
Self-Employment Tax
96(1)
Information Returns
96(1)
Filled-In Schedule C
97(4)
Gains or Losses I
Reporting Sales and Exchanges
101(6)
Bad Debts
107(1)
Sales and Exchanges of Securities
108(3)
Schedule-D Transactions
111(1)
Sale of Your Home
112(2)
Filled-In Schedule D
114(1)
Gains or Losses II
Selling Business Property
115(3)
Like-Kind Exchanges
118(1)
Filled-In Form 4797
119(3)
Installment Sales
122(1)
Filled-In Form 8824
123(2)
Involuntary Conversions
125(1)
Filled-In Form 6252
126(3)
Filled-In Form 4684, Section B
129(1)
Flowchart: How to Use Form 4797 and Schedule D
130(1)
Income From Retirement Plans
Reporting Retirement Income
131(2)
Form 1099-R
132(1)
Penalty Taxes
133(1)
Distributions From Traditional IRAs
134(2)
Pensions and Annuities
136(1)
Lump-Sum Distributions
137(1)
Rollovers Between Retirement Plans
137(1)
Distributions From Employer Plans
137(1)
Distributions From Roth IRAs
138(1)
Distributions From Coverdell Education Savings Accounts
139(1)
Rents, Royalities, and Other Schedule E Income
Rents
140(5)
Gross Rental Income
141(1)
Rental Expenses
141(3)
Checklist of Rental Expenses
144(1)
Royalties
145(1)
Partnership Income
145(1)
S Corporation Income
146(1)
Estate and Trust Income
146(1)
At-Risk Limitations
146(1)
Passive Loss Limitations
146(1)
Real Estate Mortgage Investment Conduits
146(2)
Filled-In Worksheet for Supplemental Income
148(1)
Filled-In Schedule E
149(3)
Farm Income or Loss
Completing Schedule F
152(3)
Farm Income
152(2)
Farm Expenses
154(1)
Completing Form 4835
155(1)
Self-Employment Tax
155(1)
Estimated Tax
155(1)
Filled-In Schedules F and SE
156(1)
Unemployment Compensation
Government Programs
157(1)
Supplemental Unemployment Benefits
158(1)
Other Types of Unemployment Benefits
158(1)
Social Security and Tier 1 Railroad Retirement Benefits
Form SSA-1099
159(1)
Amount of Taxable Benefits
160(1)
Lump-Sum Payments
160(1)
Filled-In Social Security Worksheet
161(1)
Other Income
Taxable Other Income
162(3)
Exempt or Excludable Income
165(4)
IV. Deductions Related to Business, Rentals, or Employment 169(36)
Flowchart: Can You Deduct Home-Office Expenses?
170(1)
Depreciation and Amortization
Depreciable Property
171(1)
MACRS Property
172(6)
Listed Property
175(1)
Section 179 Expense Deduction
175(3)
Other Depreciable Property
178(1)
ACRS Property
179(1)
Amortization
180(1)
Filled-In Form 4562
181(1)
Class Lives and Recovery Periods Tables
182(2)
MACRS Percentages Tables
184(4)
ACRS Percentages Tables
188(1)
Inclusion Amount Tables
189(1)
Travel, Transportation, and Education Expenses
Travel Expenses
190(2)
Meal and Entertainment Expenses
192(1)
Gifts
193(1)
Transportation Expenses
194(4)
Records of Business Expenses
198(1)
Education Expenses
198(2)
Business Use of Your Home
Qualifying for a Home-Office Deduction
200(1)
Computing Your Home-Office Deduction
201(1)
Where to Deduct Home-Office Expenses
202(2)
Filled-In Form 8829
204(1)
V. Adjustments to Income 205(26)
List of Adjustments to Income
206(1)
Your Individual Retirement Arrangement (IRA)
Traditional IRAs
207(2)
When to Contribute
208(1)
Contribution Limits
208(1)
Deductible Contributions
208(1)
Roth IRAs
209(1)
Nondeductible Contributions to a Traditional IRA
210(2)
Rollovers
212(1)
Which IRA Option Is Right for Me?
213(1)
Converting a Traditional IRA to a Roth IRA
213(2)
Deduction for Student Loan Interest
How to Claim the Deduction
215(1)
Qualified Student Loan
215(1)
Deduction Limits
216(1)
Medical Savings Accounts
Medical Savings Accounts
217(2)
Eligibility
217(1)
Contributions
217(1)
Distributions
218(1)
Form 1099-MSA
218(1)
Form 8853
218(1)
Moving Expenses
Moving Expense Requirements
219(2)
When to Deduct Moving Expenses
221(1)
Identifying Your Deductible Moving Expenses
222(1)
Adjustments for the Self-Employed
Self-Employment Tax Deduction
223(1)
Self-Employed Health Insurance Deduction
223(1)
Self-Employed Retirement Plans
224(3)
Keogh Plans
224(2)
Simplified Employee Pension (SEP)
226(1)
SIMPLE Plans
226(1)
Penalty Tax on Excess Contributions
226(1)
Other Adjustments to Income
Penalty on Early Withdrawal of Savings
227(1)
Alimony Deduction
227(2)
Performing Artists' Expenses
229(1)
Fee-Basis Government Officials
229(1)
Jury Duty Fees
229(1)
Reforestation Expenses
229(1)
Supplemental Unemployment
229(1)
Section 501(c)(18) Pension Plans
229(1)
Clean-Burning Fuel Vehicles
229(1)
Personal Property Rental Expenses
230(1)
VI. Itemized Deductions on Schedule A 231(32)
List of Itemized Deductions
232(2)
Medical and Dental Expenses
Computing Deductible Medical Expenses
234(2)
Reimbursements of Health-Care Expenses
236(1)
Nondeductible Health-Care Expenses
236(1)
Checklist of Deductible Medical and Dental Expenses
237(1)
Checklist of Nondeductible Medical Expenses
238(1)
Taxes You Paid
State and Local Income Taxes
239(1)
State, Local and Foreign Real Estate Taxes
240(1)
Personal Property Taxes
240(1)
Other Taxes
240(1)
Checklist of Nondeductible Taxes
240(1)
Interest You Paid
Qualified Residence Interest
241(2)
Investment Interest
243(1)
Nondeductible Interest
244(1)
Filled-In Form 4952
245(1)
Gifts to Charity
Reporting Your Contributions
246(1)
Qualified Organizations
246(1)
Special Types of Charitable Contributions
247(1)
Contributions of Property
248(1)
Limits on Charitable Deductions
249(1)
Nondeductible Contributions
250(1)
Recordkeeping for Contributions
251(1)
Casualty and Theft Losses
Casualties and Thefts Defined
252(1)
The Amount of Casualty or Theft Loss
253(1)
Evidence of Casualty or Theft
254(1)
Valuation of Property
254(1)
When to Deduct a Casualty or Theft Loss
254(1)
Disaster Area Losses
254(1)
Form 4684, Section A
254(3)
Miscellaneous Deductions
Limited Deductible Items
257(3)
Employee Business Expenses
257(3)
Income Tax Determination Expenses
260(1)
Investment Expenses
260(1)
Fully Deductible Items
260(1)
Total Itemized Deductions
261(1)
Filled-In Form 2106
262(1)
VII. Your Tax Computation 263(18)
Tax Computation Flowchart
264(1)
Figuring Your Taxable Income
Taxable Income
265(1)
Standard Deduction
266(1)
Itemized Deductions
267(1)
Exemptions
268(1)
Computing Your Tax
Using the Tax Table
269(1)
Using the Tax Rate Schedules
269(1)
Filled-In Form 1040, Page 2
270(1)
Using the Capital Gain Tax Worksheet
271(1)
Using Schedule D and the Schedule D Tax Worksheet
271(1)
Special Situations
272(1)
Child Under Age 14: Tax Computation
272(1)
Filled-In Form 8814
273(1)
Filled-In Form 8615
273(1)
Farm Income Averaging
274(1)
Ten-Year Averaging and Capital Gain Elections
275(2)
Alternative Minimum Tax
Form 6251 Filing Requirements
277(1)
Completing form 6251
278(3)
VIII. Limited Tax Credits 281(36)
Flowchart: Qualifying for the Child- and Dependent-Care Credit
282(1)
Foreign Tax Credit
Qualifications to Claim the Credit
283(2)
Form 1116
285(1)
Credit for Child- and Dependent-Care Expenses
Qualifications to Claim the Credit
286(2)
Qualifying Expenses
288(1)
Identification Requirements
289(1)
Computing the Credit
289(2)
Dependent-Care Benefits
291(1)
Filled-In Forms 2441
292(2)
Credit for the Elderly or the Disabled
Qualified Individual
294(1)
Income Limits
295(1)
Computing the Credit
295(2)
Filled-In Schedule R
297(1)
Education Credits
Rules That Apply to Both Credits
298(1)
Hope Credit
299(1)
Lifetime Learning Credit
300(1)
Credit Phaseout
300(1)
Filled-In Form 8863
301(1)
Child Tax Credit
The Child Tax Credit
302(3)
Qualifying for the Credit
302(1)
Calculating the Credit
303(1)
Filled-In Child Tax Credit Worksheet
304(1)
Adoption Credit
When to Claim the Credit
305(1)
Qualified Expenses
305(1)
Eligible Child
306(1)
Amount of the Credit
306(1)
Form W-7A
307(1)
Filled-in Form 8839
308(1)
Other Credits
Rate Reduction Credit
309(1)
General Business Credit
310(4)
Mortgage Interest Credit
314(1)
Credit for Prior-Year AMT
315(1)
Electric Vehicle Credit
315(1)
Nonconventional Source Fuel Credit
315(2)
IX. Other Taxes, Payments, and Refund or Amount You Owe 317(26)
Your Rights as a Taxpayer
318(1)
Self-Employment Tax
Self-Employment Income
319(1)
Social Security and Medicare Tax Rates
320(1)
Schedule SE
320(1)
Filled-In Schedule SE
321(1)
Optional Methods of Computing Your Self-Employment Tax
322(1)
Payroll Taxes for Your Household Employees
Household Employee Defined
323(1)
Wages Paid to Household Employees
323(1)
Schedule H, Household Employment Taxes
324(2)
Filled-In Schedule H
326(1)
Various Other Taxes
Social Security and Medicare Tax on Unreported Tips
327(1)
Retirement Plan Taxes
327(3)
Advance Earned Income Credit
330(1)
Write-In Taxes
330(2)
Earned Income Credit and the Additional Child Tax Credit
Earned Income Credit
332(3)
Additional Child Tax Credit
335(1)
Filled-In Child Tax Credit Worksheets
336(1)
Filled-In EIC Worksheet
336(1)
Filled-In Schedule EIC
337(1)
Filled-In Form 8812
337(2)
Tax Payments and Refund or Amount You Owe
Total Federal Income Tax Withheld
339(1)
Estimated Income Tax Payments
339(1)
Excess Social Security Tax
339(1)
Amount Paid With Extension Request
339(1)
Other Refundable Credits
339(1)
Total Tax Payments
340(1)
Refund or Balance Due
340(1)
Sign Your Return
340(1)
Underpayment of Estimated Tax
341(2)
X. Your Advance Tax Payments 343(10)
Calendar of 2002 Tax Dates
344(1)
Planning Your Withholding for 2002 Taxes
Form W-4
345(2)
Withholding Allowances
346(1)
Form W-4P
347(1)
Form W4-S
347(1)
Form W-4V
347(1)
Filled-In Form W-4
348(1)
Planning Your 2002 Estimated Tax Payments
Estimated Tax Requirements
349(1)
Farmers and Fishers
350(1)
How to Pay Estimated Tax
350(1)
Filled-In Form 1040-ES Voucher
351(1)
Filled-In 2002 Estimated Tax Worksheet
352(1)
XI. The Short Forms 353(8)
Filled-In Form 1040EZ
354(1)
Form 1040EZ and Form 1040A
Form 1040EZ
355(1)
Form 1040A
355(4)
Filled-In Form 1040A
359(2)
XII. Tax Planning Ideas for Now and the Future 361(20)
Your Rights as a Taxpayer, Continued
362(1)
After You File Your Return
Common-Sense Recordkeeping
363(2)
Amending Your Tax Return
365(1)
Dealing With the IRS
366(3)
Filled-In Form 1040X
369(1)
Tax Topics of Special Interest
Tax Planning Throughout the Year
370(3)
Your Children and the Tax Laws
373(4)
Tax Consequences of Divorce
377(2)
Gift and Estate Tax Essentials
Gift Tax
379(1)
The Unified Credit
380(1)
Generation-Skipping Transfer Tax
380(1)
Estate Tax
380(1)
XIII. An Encyclopedia of Tax 381(72)
Allocated Tips
381(1)
Barter Transactions
381(1)
Basis of Property
382(5)
Business and Passive Activity Topics
387(14)
Asset Acquisition Costs
388(1)
Business Versus Hobby
388(2)
Changing Depreciation Accounting
390(1)
Employee versus Self-Employed
390(1)
Information Reporting Requirements
391(3)
Limitation on Losses and Credits
394(4)
Net Operating Loss (NOL)
398(3)
Child-Care Providers
401(1)
Clergy: Special Tax Rules
401(1)
Community Property States
402(1)
Creative Works, Expenses of
403(1)
Fishing, Business of
403(2)
Foreclosure and Debt Discharge, Income From
405(4)
Foreign Issues of U.S. Taxation
409(7)
Foreign Earned Income, Exclusion of
409(2)
Foreign National: Departing the United States
411(1)
Foreign National: Dependent of U.S. Taxpayer
411(1)
Foreign National: U.S. Resident or Nonresident
411(2)
Foreign National: U.S. Taxation of Nonresident or Dual-Status Alien
413(1)
U.S. Income Tax Treaties
414(1)
U.S. Possessions Income
415(1)
Installment Sales
416(4)
Internal Revenue Service
420(5)
Recent Changes at the IRS
420(1)
Innocent Spouse Relief
421(1)
Interest: Abatement Due to IRS Error
421(1)
Nonfiler Program
422(1)
Injured Spouse
422(1)
Statute of Limitations for Assessments and Refunds
423(1)
Tax-Related Penalties
423(2)
Low-Income Housing Credit
425(1)
Medical Expenses: Individuals With Handicaps
425(1)
Military Personnel
426(2)
Natural Resources Topics
428(3)
Depletion: Gas, Oil, and Mineral Property
428(2)
Depletion: Timber Property
430(1)
Gas and Oil: Intangible Drilling Costs
430(1)
Reforestation Expenditures
430(1)
Partnership Schedule K-1
431(1)
Repayment of Previously Reported Income
432(1)
Repossession of Property
432(3)
General Rule for Repossessions
432(1)
Repossession of Principal Residence
433(1)
Repossession of Qualified Real Property
434(1)
Retirement Plans, Important Details
435(6)
Annuity in Exchange for Property
435(1)
Keogh Plans
436(2)
Section 401(k) Plans
438(1)
Simplified Employee Pension Plans
439(1)
Saving Incentive Match Plan for Employees (SIMPLE)
440(1)
Tax-Sheltered Annuities
440(1)
Royalties, Classification of
441(1)
Shared-Equity Agreements
442(1)
State Tax Returns: Jurisdiction
442(1)
Statutory Employee
443(1)
Stocks and Other Securities
443(10)
Bonds
444(3)
Mutual Funds
447(1)
Mortgaged-Backed Securities
448(1)
Unit Investment Trusts
448(1)
REMICs and Other Collateralized Debt Obligations
448(1)
Real Estate Investment Trusts (REITs)
449(1)
Short Sales
449(1)
Options and Commodities Trading
449(3)
Worthless Section 1242 or 1244 Stock
452(1)
XIV. A Glossary of Tax Terms 453(12)
XV. Tax Tables, Worksheets, and Tax Forms 465(98)
Self-Interview Tax Data Organizer
467(6)
2001 Tax Table
473(12)
2001 Tax Rate Schedules
485(1)
Tax Computation Worksheet for Certain Dependents
486(1)
Capital Gain Tax Worksheet
486(1)
Form 1040EZ
487(2)
Form 1040A
489(2)
Schedule 1, Interest and Dividend Income for From 1040A Filers
491(2)
Schedule 2, Child-or Dependent-Care Expenses for Form 1040A Filers
493(2)
Form 1040, U.S. Individual Income Tax Return
495(2)
Schedule A, Itemized Deductions
497(1)
Schedule B, Interest and Ordinary Dividends
498(1)
Schedule C, Profit or Loss From Business
499(2)
Principal Business or Professional Activity Codes
501(2)
Schedule D, Capital Gains and Losses
503(2)
Schedule E, Supplemental Income and Loss
505(2)
Schedule EIC, Earned Income Credit
507(2)
Schedule F, Profit or Loss From Farming
509(2)
Schedule H, Household Employment Taxes
511(2)
Schedule SE, Self-Employment Tax
513(2)
Form 1116, Foreign Tax Credit
515(2)
Form 2106, Employee Business Expenses
517(2)
Form 2441, Child and Dependent Care Expenses
519(2)
Form 3903, Moving Expenses
521(2)
Form 4562, Depreciation/Amortization
523(2)
Form 4684, Casualties and Thefts
525(2)
Form 4797, Sales of Business Property
527(2)
Form 6251, AMT-Individuals
529(2)
Form 8606, Nondeductible IRAs
531(2)
Form 8615, Tax for Children Under Age 14, Who Have Investment Income of More Than $1,500
533(2)
Form 8812, Additional Child Tax Credit
535(2)
Form 8829, Expenses for Business Use of Your Home
537(2)
Form 8839, Qualified Adoption Expenses
539(2)
Form 8863, Education Credits
541(2)
Head of Household Worksheet
543(1)
Expenses of Maintaining a Home
543(1)
Dependency Support Worksheet
544(1)
Record of Salaries and Wages From Several Employers
545(1)
Pension/Annuity Worksheet
545(1)
Taxable Recovery of Previously Deducted Amount Worksheet
546(1)
Taxable Social Security/Equivalent Tier 1 RR Benefits Worksheet
547(1)
2001 Inclusion Amounts for Leased Automobiles
548(1)
Statement of Business Use of Home
549(1)
Depreciation Worksheet-All Methods
550(1)
IRA Contribution and Deduction Worksheet
551(2)
Itemized Deduction Limitation Worksheet
553(1)
Exemption Limitation Worksheet
553(1)
Schedule D Tax Worksheet
554(1)
Child Tax Credit Worksheets
555(2)
Earned Income Credit Worksheet
557(1)
Earned Income Credit Table
558(3)
Capital Loss Carryover Worksheet
561(1)
2002 Estimated Tax Worksheet
562(1)
Index 563


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