Form 5074 Allocation of Individual Income Tax to Guam or the Commonwealth of the Northern Mariana Islands (CNMI) 2007. Summary: This is an example of Form 5074 (2007) with these line items completed:
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“Name(s) shown on Form 1040” field contains Tracy Grey
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“Your social security number” number field contains 111-00-2222
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Under
“Part I: Income From Guam or the CNMI Reported on Form 1040”:
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“6. Business income or (loss)” Guam field contains 20,000
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“16. Total income. Add lines 1 through 15” Guam field contains 20,000
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Under
“Part II: Adjusted Gross Income From Guam or the CNMI Reported on Form 1040”:
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“21. One-half of self-employment tax” Guam field contains 1,413
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“28. Add lines 17 through 27” Guam field contains 1,413
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“29. Adjusted gross income. Subtract line 28 from line 16” Guam field contains 18,587
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Under
“Part III: Payments of Income Tax to Guam or the CNMI”:
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“30. Payments on estimated tax return filed with Guam or the CNMI” Guam field contains 1,409
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“34. Total payments. Add lines 30 through 33” Guam field contains
1,409
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