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AK Form 5304-SIMPLE: What You Should Know

And 13). 9. Mississippi personal exemptions. 10. Amounts attributable to tax withheld on nonbusiness income or self-employment. 11. For businesses, subtract business expenses. 12. Report business expenses and self-employment expenses on line 12 of your 940. 13. Report all casualty or theft losses on line 13 of your 940, Form 944, or Form 1146. 14. Report any state income tax withheld on an 823 Form 1040, Schedule C, line 2, or Schedule K-1, part 2, line 10. 20. Add line 5d, total self-employment losses, to line 12. 21. Enter line 13d, casualty or theft deduction, on line 21. The loss from any casualty, theft, or bankruptcy property, or a claim of loss from a casualty, theft, or bankruptcy property may be offset by other income. To calculate the deduction for the loss from self-employment or a claim of loss from a casualty, theft, or bankruptcy property or a claim of loss from a tax-exempt sale, enter the amount on line 21a in the Amount of Loss column. See 1042.01M and 1146 for information on figuring the deduction from losses from nonbusiness or other income. If you claim a casualty or theft loss, you can deduct up to 50 percent of the amount of the loss. The rules for determining this percentage are on lines 15b and 16c. The amount of deduction will be determined separately for each taxpayer, and the deduction may need to be reported on pages 1, 2, and 8 of your tax form. For nonbusiness property losses, you may also deduct the loss from your state income taxes and state sales taxes. A casualty or theft loss will be taken into account in determining whether a loss on a property sale will be forgiven. See 1042.01C, 1042.05E, 1146, 1301.05, and 1301.01P. Other Losses. Your deduction for a casualty or theft loss from business or other income may be further reduced if the loss is from property acquired by the taxpayer during the same tax year for which the tax liability was reduced by casualty losses. See 1042.05F, 1146, 1301.04, 1301.2, and 1301.01XE.

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