Using our platform filling in IRS 1040 usually takes a couple of minutes. You'll use this schedule to list and total all other taxes that may apply to your situation, which would include the self-employment tax (use Schedule SE to calculate this), uncollected Social Security or Medicare taxes (use Forms 41) and additional penalty taxes owed on IRA withdrawals (Form 5329.) Schedule 5 – Other Payments and Refundable Creditsįolks who use this schedule will use it to claim additional refundable tax credits (other than the earned income credit, American opportunity credit, or the additional child tax credit), such as the net premium tax credit, excess Social Security tax withheld, and the credit for federal tax on fuels.Feel all the benefits of submitting and completing legal forms online. This is for tax filers claiming nonrefundable tax credits, which includes the credit for retirement savings (calculated using Form 8880), credits for education costs you paid (using Form 8863), credit for foreign taxes paid (Form 1116) and the credit for residential energy equipment and home improvements (Form 5695). If you owe the Alternative Minimum Tax, you'll need to use Form 6251 to calculate that special tax, which is then listed on line 45 of the Schedule 2.
If you had to pay additional taxes such as the Alternative Minimum Tax, or taxes on other forms of income, such as a child's unearned income from investments, then you'll need to complete this schedule.
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