Corrections to 2012 Publication 505. Tax Withholding and Estimated Tax
If you downloaded the January 2012 Publication 505, please note the following corrections.
- On page 16, under the heading "Gambling Winnings," the first sentence should read: Income tax is withheld at a flat 25% rate from certain kinds of gambling winnings.
- On page 43, under "Schedule X," it states that taxable income between $35,350 and $86,650 is subject to a 25% tax rate. Instead of $86,650, the entry should read $85,650 in all three areas where it appears in Schedule X.
- On page 43, the fifth row of "Schedule Y-2" states that tax due on income between $108,725 and $194,175 is $22,332.50 + 33%. Instead of $22,332.50, the entry should read $24,332.50.
- On page 59, under the sub-heading "Total tax for 2011," number 4 in the numbered list should read: Any refundable credit amounts listed on lines 64a, 65, 66, 67, and 70, and credits from Forms 8801 (line 27 only), 8839 and 8885 included on line 71.
The corrected version on the 2012 Publication 505 will be available soon.
Page Last Reviewed or Updated: 27-Nov-2012
