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Level 1
posted Jun 4, 2019 1:14:16 PM

ON MY 1040, SCHEDULE 4, LINE 62 CODES EPP WHAT IS THAT CODES

on the front page of 1040, on line 14 reflects to schedule 4, line 62,there seems codes EPP and then there is additional tax.  What is EPP?

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Level 15
Jun 4, 2019 1:14:17 PM

1040 line 62 instructions: page 104

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

Line 62
Other Taxes

9.
Golden parachute payments. If you received an excess parachute payment (EPP), you must pay a 20% tax on it. This tax should be shown in box 12 of Form W-2 with code K. If you received a Form 1099-MISC, the tax is 20% of the EPP shown in box 13. Identify as “EPP.”




1 Replies
Level 15
Jun 4, 2019 1:14:17 PM

1040 line 62 instructions: page 104

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

Line 62
Other Taxes

9.
Golden parachute payments. If you received an excess parachute payment (EPP), you must pay a 20% tax on it. This tax should be shown in box 12 of Form W-2 with code K. If you received a Form 1099-MISC, the tax is 20% of the EPP shown in box 13. Identify as “EPP.”