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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.
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).
To pull up a copy of your 2019 Form 1040 and Schedules 1 to 3, follow these directions: Click on Federal in the main left-hand side menu. Click Tax Tools, then Tools in the main left-hand side menu. In the pop-up window, click on View Tax Summary. The left-hand menu has now changed, click on View My 1040. You should now have a copy of your ...
As part of Tax Reform, there’s a new Form 1040 and many of the sections that were on the old 1040 are now on six new schedules, Schedule 1-6. Below is a summary of each new schedule. Schedule 1—Additional Income and Adjustments to Income. Here are some examples of what’s included on this schedule: · Taxable Refunds
"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 ...
When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state. This will take you back to the 2018 online tax return. Click on Tax Tools on the left side of the online program screen. Then click on Print Center. Then click on Print, save or preview this year's return.
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 ...
The 2% rule referred to the limitation on certain miscellaneous itemized deductions, which included things like unreimbursed job expenses, tax prep, investment, advisory fees, and safe deposit box rentals. In 2017 and earlier tax years, wage-earners and other taxpayers who weren’t able to write these off as business expenses were allowed to ...
Although I have a schedule C business, I paid myself a W-2 salary. How do I determine the correct amount of the qualified business income deduction? no. a sole proprietor cannot not get a wage (w-2) from that business. nor would an LLC change this. you would have to incorporate. see a tax pro to look over your situation to see if incorporating ...
a0458959. Level 2. Box 13 on schedule K-1 is labeled as "other deductions". It typically has items such as code H (interest expense), line 9 on schedule A, code W (other misc deducts) line 16 on schedule A with 2% AGI limit. These total up to increase you itemized deductions.