Tax Guide: Tax Worksheet

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Tax Forecasting Worksheet

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his worksheet is designed for estimation purposes only and does not cover all the possible adjustments that may be required to arrive at actual taxable income (for example, social security benefits may be taxable in some circumstances) or to compute final income tax liability (for example, lump-sum distribution tax on retirement distributions). It should be adequate for most purposes and a good starting point for discussion with your tax adviser, who can assist you in making exact calculations.

Income
	1997	1998
1. Salaries per Form W-2
2. Dividend and interest income
3. Net business income (losses)
4. Net capital gains^a
5. Other gains (losses)
6. Passive income (losses) (subject to limitations)
7. Other
8. Total income (sum of lines 1-7)	$	$
Adjustments
9. Alimony paid	$	$
10. Keogh contributions
11. Deductible IRA contributions
12. Moving expenses
13. Other
14. Adjusted gross income (AGI) (subtract lines 9-13 from line 8)	$	$

Deductions
15. Medical and dental expenses (excess over 7.5% of line 14)
16. State and local income taxes
17. Real estate and property taxes
18. Home mortgage interest
19. Investment interest
20. Charitable contributions
21. Casualty or theft losses (excess over $100 plus 10% of line 14)
22. Miscellaneous expenses (excess over 2% of line 14)
23. Total deductions [sum of lines 15-22, less 3% of (line 14 - $117,950), or the standard deduction if greater]	$	$
24. Personal exemptions	$	$
25. Regular taxable income (subtract lines 23 and 24 from line 14)	$	$
26. Regular tax (see tax rate tables) ^a
27. Tax credits
28. Regular tax (net) (subtract line 27 from line 26)
29. Alternative minimum tax ^b
30. Other taxes (self-employment tax, ITC recapture, and so forth)
31. Total tax (sum of lines 28, 29, and 30)
32. Total withholding and estimated tax payments
33. Balance due (refund) (subtract line 32 from line 31)	$	$
34. Additional amount due for 1997 (from 1997 Form 1040, page 2)	$	$ N/A
35. Total amount due (refund) for 1997 (sum of lines 33 and 34)	$	$

Footnotes

a. To the extent that taxable income includes net capital gain that is long-term, you are eligible for a special 28% maximum tax rate on that portion of your income. Refer to IRS Form 1040, Schedule D.

b. Use IRS Form 6251 as a worksheet.

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