Small Business Taxes & Management

Checklist


Other Taxes Reportable on Form 1040

 

Small Business Taxes & ManagementTM--Copyright 2015, A/N Group, Inc.

 

 

Introduction

The income and self-employment tax aren't the only taxes reportable on your Form 1040. All the taxes below are reportable on Form 1040. Some are relatively common, such as the Alternative Minimum Tax, the tax on early distributions from IRAs and qualified plans, the additional Medicare tax and the net investment income tax. Others are arcane, even to most professionals. Each tax in the first group has a separate line on Form 1040. We've indicated the associated form or schedule if one exists. You're more likely to run into this group than the second. All the taxes in the second group are reportable on one line. Your software should include a worksheet for entering the amount(s).

Note that in many cases your tax software will automatically compute the tax from other information you enter. For example, the self-employment tax is automatically calculated, as is the net investment income tax (NIIT). In the case of the NIIT you may have to make adjustments on the accompanying form.

 

Additional Taxes on Form 1040 by Line

___ Parent's Election to Report Child's Interest and Dividends, Line 44, Form 8814
___ Tax on Lump-Sum Distributions, Line 44, Form 4972
___ Return by Shareholder of Passive Foreign Investment Company or Qualified Electing Fund, Line 44, Form 8621
___ Recapture of Education Credit, Line 44, Form 8863
___ Sec. 962 election (domestic shareholder of foreign corporation), Line 44
___ Alternative Minimum Tax, Line 45, Form 6251
___ Excess advance premium tax credit repayment, Line 46, Form 8962
___ Self-employment tax, Line 57, Schedule SE
___ Unreported social security and Medicare tax on tips, Line 58, Form 4137
___ Unreported social security and Medicare tax on income as misclassified independent contractor, Line 58, Form 8919
___ Additional tax on IRAs, other qualified retirement plans, Line 59, Form 5329
___ Household employment taxes, Line 60a, Schedule H
___ First time homebuyer credit repayment, Line 60b, Form 5405
___ Health care individual responsibility (i.e., penalty for lack of health insurance), Line 61
___ Additional medicare tax, Line 62, Form 8959
 

Additional Taxes on Form 1040, Line 62

___ Recapture of investment tax credit, Form 4255
___ Recapture of qualified electric vehicle credit, Form 8611
___ Recapture of New Markets tax credit
___ Recapture of credit for employer-provided child care facilities, Form 8882
___ Recapture of low-income housing credit, Form 8611
___ Recapture of alternative motor vehicle credit, Form 8910
___ Tax on HSA distributions, Form 8889
___ HSA tax from Form 8889
___ Tax on Medicare Advantage MSA distributions, Form 8853
___ Tax on Archer MSA distributions, Form 8853
___ Uncollected social security and Medicare taxes on tips and insurance
___ Additional tax on Sec. 409A nonqualified deferred compensation plan
___ Additional tax on Sec. 457A nonqualified deferred compensation plan
___ Tax on accumulation distribution of trusts, Form 4970
___ Interest related to the look-back method for long-term contract, Form 8697
___ Interest related to the look-back method for certain depreciation, Form 8866
___ Interest related to Sec. 453(l)(3) for disposition of certain lots on installment sale
___ Interest related to Sec. 1260(b) deferral of gain recognition
___ Interest related to Sec. 453A(c) for certain installment sales
___ Tax on recapture of a charitable contribution of a fractional interest
___ Recapture of federal mortgage subsidy, Form 8828
___ Recapture of alternative fuel vehicle refueling property credit, Form 8882
___ Recapture of Indian employment credit, Form 8845
___ Excise tax on insider stock compensation from an expatriated corporation
___ Golden Parachute Payments
___ Recapture of Qualified Plug-In Electric Drive Motor Vehicle Credit, Form 8936
___ Tax on noneffectively connection income when you were a nonresident alien
___ Interest relating to distributions from stock of a Sec. 1291 fund, Form 8621
___ Resident portion of net investment income tax for dual-status taxpayers
___ Deferred tax, Sec. 1294, PFIC, passive foreign investment company, Form 8621
___ Sec. 1294 interest accrued on deferred tax, Form 8621

 


Copyright 2015 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information is not necessarily a complete summary of all materials on the subject. Copyright is not claimed on material from U.S. Government sources.--ISSN 1089-1536


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--Last Update 10/19/15