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The Simplified Method Worksheet in the TaxAct® program shows the calculation of the taxable amount from entries made in the retirement income section. You need to view the worksheet as a print PDF; if you need help, go to our Printing Your Return and Individual Forms FAQ.
Yes. You may elect to use either the simplified method or the standard method for any taxable year.
The simplified method, as announced in Revenue Procedure 2013-13PDF, is an easier way than the method provided in the Internal Revenue Code (the "standard method") to determine the amount of expenses you can deduct for a qualified business use of a home.
How to Figure the Taxable Portion of Annuities Determine your cost basis. ... Divide your cost basis by the accumulation value. ... Multiply the size of your monthly payout by the exclusion ratio. ... Subtract the excluded portion from the total monthly payout to determine the taxable portion.
Highlights of the simplified option: Standard deduction of $5 per square foot of home used for business (maximum 300 square feet). Allowable home-related itemized deductions claimed in full on Schedule A. (For example: Mortgage interest, real estate taxes).

People also ask

If funds are distributed directly to you, we cannot determine the taxable amount, since we do not know whether you have made any non-deductible (after-tax) contributions to this IRA account. Box 2b is checked to indicate that we have not determined the taxable amount.
The simplified method allows you to figure the tax-free part of each annuity payment. If you made some after-tax contributions, divide your cost by the total number of monthly payments you're anticipating. For an annuity not payable for life, is the number of monthly annuity payments under the contract.
The simplified method allows you to figure the tax-free part of each annuity payment. If you made some after-tax contributions, divide your cost by the total number of monthly payments you're anticipating. For an annuity not payable for life, is the number of monthly annuity payments under the contract.
It is required to use the Simplified Method if your annuity starting date (the date on line 3 above) was after July 1, 1986, and you used this method last year to figure the taxable part.
To calculate the deduction with the simplified method, you will multiply your client's total home office space by the rate per square foot for the current tax year. As this article is published, the rate is $5 per square foot for up to 300 square feet of home office space.

1099 r simplified method worksheet