For
information regarding Excess Exemptions
2017 Schedule B, Line 36
and Schedule D, Line 20 Worksheet - Exemptions from
Interest and Dividend Income, 12% Income, and Long-Term Capital
Gain Income (Only if Single, Head of Household, or Married Filing
Jointly) |
Residents:
If your total exemptions in Form 1, line 18 are more than the amount of
your 5.1% income after deductions in Form 1, line 17, the excess may be
applied against all your interest and dividend income and income
taxed at 12%. Any remaining excess amount may then be applied
against all your long-term capital gain income. Complete the following
worksheet only if Form 1, line 17 is less than Form 1, line 18 to determine if
you qualify for the excess exemption. Enter all losses as "0."
Nonresidents and Part-year residents: If your total exemptions
in Form 1-NR/PY, line 22 are more than the amount of your 5.1% income after
deductions in Form 1-NR/PY, line 21, the excess may be applied against all your
interest and dividend income and income taxed at 12%. Any remaining
excess amount may then be applied against all your long-term capital
gain income. Complete the following worksheet only if Form 1-NR/PY, line 21
is less than Form 1-NR/PY, line 22 to determine if you qualify for the excess
exemption. Enter all losses as "0." |
You must enter an amount in all fields; if not applicable, enter 0. Enter all losses as positive amounts. Please do not enter any commas ( , ) or dollar signs ( $ ).
To advance line to line use the Tab key.
Line 1. Enter amount from Schedule B, line
35. Not less than "0": |
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Line 2. Enter amount from Form 1, line 18
or 1-NR/PY, line 22: |
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Line 3. Enter amount from Form 1, line 17 or Form 1-NR/PY,
line 21: |
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Line 4. Subtract Line 3 from line 2. If "0"
or less, you do not qualify for this exemption. Omit remainder
of worksheet: |
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Press Enter: |
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Line 5. Excess exemptions applied against
interest and dividend income and 12% income. If line 1 is larger
than line 4, enter line 4 here and in Schedule B, line 36. If
line 4 is equal to or larger than line 1, enter line 1 here and
in Schedule B, line 36. Complete lines 6 through 8: |
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Line 6. Subtract line 5 from
line 4. If "0", omit remainder of worksheet: |
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Line 7. Enter Schedule D, line 19. Not less
than "0": |
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Press Enter: |
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Line 8. Excess exemptions applied against
long-term capital gain income. If line 7 is larger than line 6,
enter line 6 here and in Schedule D, line 20. If line 6 is equal to or larger than
line 7, enter line 7 here and in Schedule D, line 20: |
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