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2023 Schedule 2 (Form 1040) For Paperwork Reduction Act Notice, see your tax return instructions.
2021 Schedule 2 (Form 1040) For Paperwork Reduction Act Notice, see your tax return instructions.
This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is providing for your information. Do not file draft forms and do not rely on draft forms, instructions, and pubs for filing.
Use Part II of Schedule 2 to report the amount you owe for various taxes that aren't reported elsewhere on your Form 1040 or other schedules, including taxes on tips, certain retirement account distributions, or net investment income.
Basically, use line 21 to report taxable income not reported elsewhere on your return or on other schedules of your return. You should list the type and amount of income. Some examples of the different types of income to report on line 21 follow: Most prizes and awards. Jury duty pay.
In Line 17d, enter any additional tax you incurred for failure to remain an eligible individual during the testing period. You’ll find this tax on IRS Form 8889, Line 21.
Basically, use line 21 to report taxable income not reported elsewhere on your return or on other schedules of your return. You should list the type and amount of income. Some examples of the different types of income to report on line 21 follow: Most prizes and awards. Jury duty pay. Alaska permanent fund dividends. Recoveries.
Completing IRS Form 1040 Schedule 2 determines your total tax liability. This form helps ensure that you are paying the correct amount of tax and helps you avoid penalties associated with underpayment or inaccurate reporting. How to Calculate Your Tax Liability with Schedule 2.
1040 sch 2 line 21 shows I have an additional tax amount from some other forms. It traces back to 5329-T. The only entries I have are some IRA amounts on line 16a and 24a. If I understand it right these lines are compared to line 16 and 24 and the smaller is entered into line 17 and 25 which is used to calculate the additional tax.
Schedule 2, Additional Taxes, (available at www.irs.gov) has been expanded from 10 line items in 2020 to 21 line items in 2021.