Chapter 8
Form 1040, Schedule 2: Additional Taxes
IN THIS CHAPTER
Calculating the Alternative Minimum Tax
Dealing with the excess advance premium tax credit
Paying back any overpayment of the child tax credit
Figuring your self-employment tax
Handling household employment taxes
Understanding investment income and additional Medicare taxes
It’s a common misconception that filing your 1040 every year is solely for the purpose of determining how much income tax you owe on your income for the prior year. In fact, the 1040 covers not only your annual income tax, but also a myriad of other taxes that you may be liable for. On Schedule 2 of Form 1040, you’ll dive into those additional types of taxes, penalties, paybacks, alternative methods of calculating tax, and so on. We actually like to refer to this portion of your tax return as “so many taxes, so little time.”
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