Form 8689 Allocation of Individual Income Tax to the Virgin Islands 2005. Summary: This is an example of Form 8689 (2005) with these line items completed:
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“Name(s) shown on Form 1040” field contains Gerald and Lily Smith
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“Your social security number” 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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“28. Add lines 17 through 27” field contains 0
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“29. Subtract line 28 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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“30. Enter amount from Form 1040, line 63” field contains 5,199
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“32. Subtract line 31 from line 30” field contains 5,199
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“33. Enter amount from Form 1040, line 38” field contains 54,901
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“34. Divide line 29 above by line 33. Enter the result as a decimal (rounded to at least 3 places). Do not enter more than
1.000” field
contains .122
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“35. Multiply line 32 by line 34. This is your tax allocated to the Virgin Islands” field contains 634
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Under
“Part IV: Payments of Income Tax to the Virgin Islands”:
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“37. 2005 estimated tax payments and amount applied from 2004 return” field contains 600
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“39. Add lines 36 through 38. These are your total payments” field contains 600
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“40. Enter the smaller of line 35 or line 39. Also, include this amount in the total on Form 1040, line 71. On the dotted line
next to line 71,
enter Form 8689 and show this amount” field contains 600
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“44. Amount you owe to the Virgin Islands. Subtract line 39 from line 35. Enter the amount that you are paying here and on
Form 1040, line 71.
Next to line 71, enter Form 8689 and the amount paid” field contains
34
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