| Pub. 570, Tax Guide for Individuals With Income From U.S. Possessions |
2004 Tax Year |
This is archived information that pertains only to the 2004 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
Form 8689 Allocation of Individual Income Tax to the Virgin Islands 2002. Summary: This is an example of Form 8689 (2002) with these line items completed:
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“Name(s) shown on Form 1040” field contains Bill and Jane
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“Your social security” number field contains 222-00-2222
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| Under
“Part I: Income From the Virgin Islands”:
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“2. Taxable interest” field contains 500
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“11. Rental real estate, royalties, partnerships, S corporations, trusts, etcetera” field contains 6,200
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“16. Add lines 1 through 15. This is your total income” field contains 6,700
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| Under
“Part II: Adjusted Gross Income From the Virgin Islands”:
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“27. Add lines 17 through 26” field contains 0
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“28. Subtract line 27 from line 16. This is your adjusted gross income” field contains 6,700
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| Under
“Part III: Allocation of Tax to the Virgin Islands”:
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“29. Enter amount from Form 1040, line 61” field contains 5,561
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“31. Subtract line 30 from line 29” field contains 5,561
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“32. Enter amount from Form 1040, line 36” field contains 54,901
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“33. Divide line 28 by line 32. Enter the result as a decimal (rounded to at least 3 places)” field contains .122
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“34. Multiply line 31 by line 33. This is your tax allocated to the Virgin Islands” field contains 678
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| Under
“Part IV: Payments of Income Tax to the Virgin Islands”:
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“36. 2002 estimated tax payments and amount applied from 2001 return” field contains 600
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“38. Add lines 35 through 37. These are your total payments” field contains 600
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“39. Enter the smaller of line 34 or line 38. Also, include this amount in the total on Form 1040, line 69. On the dotted line
next to line 69,
enter Form 8689 and show this amount” field contains 600
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“43. If line 34 is more than line 38, subtract line 38 from line 34. This is the amount you owe to the Virgin Islands” field contains
78
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