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Screen 5074 - Allocation of Individual Income Tax to Guam or the Commonwealth of the Northern Mariana Islands (CNMI) (1040)
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Overview
Use this screen to enter information to complete Form 5074, Allocation of Individual Income Tax to Guam or the Commonwealth of the Northern Mariana Islands (CNMI).
Form 5074 - Part I, Income from Guam or the CNMI
Use this section to enter Guam or the CNMI source income.
Wages, salaries, tips, etc.
Enter wages, salaries, or tips that were earned while in Guam or the CNMI. Certain income earned while temporarily performing services in Guam or the CNMI may not be considered Guam or the CNMI source income. For details, see IRS Publication 570, Chapter 2, De minimus exception.
note
If a percentage is entered in the corresponding
Percentage
field, then the Guam or CNMI source income calculates by multiplying the total amount in the Amount
field by the percentage.Taxable interest
Enter the amount of taxable interest issued by a Guam or CNMI payer.
note
If a percentage is entered in the corresponding
Percentage
field, then the Guam or CNMI source income calculates by multiplying the total amount in the Amount
field by the percentage.Ordinary dividends
Enter the amount of dividends sourced from a paying corporation that was created or organized in Guam or the CNMI.
note
If a percentage is entered in the corresponding
Percentage
field, then the Guam or CNMI source income calculates by multiplying the total amount in the Amount
field by the percentage.Taxable Guam or CNMI income tax refunds/credits/offsets
Enter only taxable nonmirror code local Guam or the CNMI income tax refunds, credits, or offsets.
note
If a percentage is entered in the corresponding
Percentage
field, then the Guam or CNMI source income calculates by multiplying the total amount in the Amount
field by the percentage.Alimony received
Enter the amount of alimony received from a person who is a bona fide resident of Guam or the CNMI.
note
If a percentage is entered in the corresponding
Percentage
field, then the Guam or CNMI source income calculates by multiplying the total amount in the Amount
field by the percentage.Business, gains, retirement, rental, farm income, etc....
Enter Guam or the CNMI source income in the corresponding field.
note
If a percentage is entered in the corresponding
Percentage
field, then the Guam or CNMI source income calculates by multiplying the total amount in the Amount
field by the percentage.Other income
In the statement, enter other Guam or the CNMI source income.
Form 5074 - Part II, Adjusted Gross Income From Guam or the CNMI
Use this section to enter deductions attributable to Guam or the CNMI source income.
Educator expenses
Enter the educator expenses apportioned to Guam or the CNMI source income.
note
If a percentage is entered in the corresponding
Percentage
field, then the Guam or CNMI deduction calculates by multiplying the total amount in the Amount
field by the percentage.Certain business expenses
Enter any business expenses of reservists, performing artists, or fee-basis government officials apportioned to Guam or the CNMI source income.
note
If a percentage is entered in the corresponding
Percentage
field, then the Guam or CNMI deduction calculates by multiplying the total amount in the Amount
field by the percentage.Health savings account deduction / Moving expenses
Enter any Guam or the CNMI apportioned health savings account or moving expense deductions in the corresponding field.
note
If a percentage is entered in the corresponding
Percentage
field, then the Guam or CNMI deduction calculates by multiplying the total amount in the Amount
field by the percentage.Deductible part of self-employment tax
Enter the deductible part of the self-employment tax apportioned to Guam or the CNMI self-employment income. To calculate this amount, divide the Guam or the CNMI source self-employment income by the total self-employment income and multiply the result by the deductible part of the total self-employment tax.
note
If a percentage is entered in the corresponding
Percentage
field, then the Guam or CNMI deduction calculates by multiplying the total amount in the Amount
field by the percentage.Self-employed retirement or health insurance deduction
Enter the deductions apportioned to Guam or CNMI self-employment income. To calculate this amount, divide the Guam or CNMI source self-employment income by the total self-employment income and multiply the result by the total amount of the deduction.
note
If a percentage is entered in the corresponding
Percentage
field, then the Guam or CNMI deduction calculates by multiplying the total amount in the Amount
field by the percentage.Penalty on early withdrawal of savings
Enter the amount of penalty on early withdrawal of savings accounts in Guam or CNMI banks or Guam or CNMI branches of U.S. banks.
note
If a percentage is entered in the corresponding
Percentage
field, then the Guam or CNMI deduction calculates by multiplying the total amount in the Amount
field by the percentage.IRA deduction
Enter the total of the taxpayer's and spouse's IRA deductions attributable to Guam or CNMI compensation or earned income. To calculate this amount for each spouse, divide the Guam or CNMI compensation/earned income by the total (worldwide) compensation/earned income and multiply the result by the total IRA deduction.
note
If a percentage is entered in the corresponding
Percentage
field, then the Guam or CNMI deduction calculates by multiplying the total amount in the Amount
field by the percentage.Student loan interest / Tuition and fees deductions
Enter any Guam or CNMI apportioned student loan interest or tuition and fees deduction in the corresponding field.
note
If a percentage is entered in the corresponding
Percentage
field, then the Guam or CNMI deduction calculates by multiplying the total amount in the Amount
field by the percentage.Other deductions
In the statement, enter any other deductions included on Form 1040, line 36, that are attributable to Guam or the CNMI income. The total amount of other deductions on Form 5074 prints to the left of line 28 and also includes the total in the line 28 total.
Form 5074 - Part III, Payments of Income Tax to Guam or the CNMI
Use this section to enter only Guam or the CNMI income tax payments.
Payments on estimated tax return
Enter the total amount, if any, of Guam or the CNMI estimated tax payments paid. Don't include any amounts paid to the U.S. Department of the Treasury in this amount.
Income tax withholding
Enter the Guam or the CNMI income tax withholding for the tax year. Don't include any United States income tax withholding in this amount.