Corrections to the 2012 Form 1040-C, U.S. Departing Alien Income Tax Return -- 12-JUN-2012
If you downloaded the 2012 Instructions for Form 1040-C, U.S. Departing Alien Income Tax Return, before June 12, 2012, please make a note of the following corrections under the “What's New” on page 1 and page 5.
On page 1, we added the section called “Social security and Medicare tax for 2012.” The section reads, “The employee tax rate for social security is 4.2%. The social security wage base limit is $110,100. The Medicare tax rate is 1.45%. There is no wage base limit for Medicare tax. The tax rate for net earnings from self-employment is 10.4%, up to the social security wage base limit of $110,100.” A Caution note referring to this was added under the “What's New” on page 1.
On page 1, a section called “Standard mileage rates” formerly read, “The rate for business use of your vehicle is 55.5 cents a mile. The rate for use of your vehicle to get medical care or move is 23.5 cents a mile. The rate of 14 cents a mile for charitable use is unchanged.”
The section now reads, “The rate for business use of your vehicle is 55.5 cents a mile. The rate for use of your vehicle to get medical care or move is 23 cents a mile. The rate of 14 cents a mile for charitable use is unchanged.”
On page 1, the title for the AMT exemption incorrectly reads, “Alternative minimum tax (AMT) exemption amount increased.”
The title now reads, “Alternative minimum tax (AMT) exemption amount.” The section reads, “The AMT exemption amount is decreased to $33,750 ($45,000 if married filing jointly or a qualifying widow(er); $22,500 if married filing separately).”
On page 8, in the section “Line 7 and 15” of the instructions, we added the exemption amounts. The new section reads “Include in the total on line 7 or line 15, whichever applies, any tax from Form 6251, Alternative Minimum Tax --Individuals.
The AMT exemption amount is:
· $33,750 if single or head of household;
· $45,000 if married filing jointly or a qualifying widow(er);
· $22,500 if married filing separately.
The corrections will be included in the 2012 Instructions for Form 1040-C, U.S. Departing Alien Income Tax Return.
