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"37. Enter your (and spouse’s) income tax for 2020. Income tax amount is the total of IRS Form 1040—line 22 minus Schedule 2—line 2. If negative, enter a zero here." It does not say that your income tax is on Schedule 2. It says that the amount of tax that you should enter is the amount on Form 1040 line 22 minus the amount on Schedule 2 ...
Here is the question on the FAFSA that you asked about. "85. Enter your parents’ income tax for 2020. Income tax amount is the total of IRS Form 1040—line 22 minus Schedule 2—line 2. If negative, enter a zero here." It is not asking you to enter the amount on Schedule 2 line 2. It's asking you to enter the amount of income tax, which it ...
1 Best answer. JulieCo. New Member. Schedule 2 will only be automatically generated if your tax return has amounts for Alternative Minimum Tax (Form 6251) or Excess Advance Premium Tax Credit Repayments (form 8962). Therefore, if either of those amounts are to be reported on your 1040 return, then Schedule 2 will be generated.
@sravan2813 . The tax return forms for 2018 have a Form 1040 and six possible schedules. Some people do not need ANY of those six schedules, and some people need only one or maybe a few of them.
IRS Schedule 1 lists additional income sources such as taxable state refunds, business income, alimony received, and unemployment compensation. Adjustments include HSA deductions, self-employed health insurance, student loan interest, IRA contributions, and alimony paid, to name a few. Schedule 2: Additional Taxes.
I rolled over money from a Profit Sharing Plan to a traditional IRA, so I received a 1099-R. I believe the entire rollover is tax-free. However, 2022 turbotax Premier (download) calculates an "Additional tax on IRAs or other tax-favored accounts" that is entered on Line 8 of Schedule 2, which then shows up on Line 23 of Form 1040(2022).
If the parents filed separate tax returns, subtract line 46 of Schedule 2 from line 13 of IRS Form 1040 from both tax returns and enter the total amount. If one or both parents will file a federal tax return, but have not yet filed, subtract line 46 of Schedule 2 from line 13 of IRS Form 1040 from both tax returns to estimate the amount.
However, you may be able to deduct on Schedule 1 (Form 1040), line 17, the amount you paid for health insurance on behalf of yourself, your spouse, and dependents, even if you do not itemize your deductions. See the in- structions for Schedule 1 (Form 1040), line 17, for details. March 7, 2022 3:53 PM. 2. Reply.
Switch to Forms mode by clicking on Forms icon in the program. In the list of forms on the left click on 1040/1040RSR Wks above the Form 1040 itself. Scroll down to Other Credits and Payments Smart Worksheet (near the bottom) and enter the amount that you have computed on Line D Claim of Right, IRC 1341 credit for repayments of prior year ...
Open (continue) your return if it isn’t already open. Inside TurboTax, search for sch SE and then select the Jump to link in the search results. On the Self-Employment Tax screen, select Make Adjustments. If you need to adjust Schedule SE, enter your income and expenses beforehand. You must sign in to vote.