Where is schedule 5 found

Forum|Forum|7 years ago
June 8, 2019
6 replies
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Best answer by JulieCo

Schedule 5 is a new form this year. It is automatically created for certain situations related to one's tax return if estimated tax payments were made OR if there are refundable credits such as the premium tax credit, excess social security withheld, or credit for federal tax on fuels.

If you need to edit something on your return related to Schedule 5, you will need to go back to the section that it relates to such as: estimated tax payments or 1095-A (premium tax credit). You can type either of those in the search field and select the Jump To option to be brought to those sections of TurboTax.

Schedule 5 is new because the 1040 form was revised in 2018. The 1040 form is now a shorter and much of the additional information that would be reported on it has been moved to six different schedules (Schedules 1 to 6) Also, note that the 1040A and 1040EZ forms no longer exist.

Here is a sample of Schedule 5: Schedule 5

J

JulieCoAnswer

Level 11

Schedule 5 is a new form this year. It is automatically created for certain situations related to one's tax return if estimated tax payments were made OR if there are refundable credits such as the premium tax credit, excess social security withheld, or credit for federal tax on fuels.

If you need to edit something on your return related to Schedule 5, you will need to go back to the section that it relates to such as: estimated tax payments or 1095-A (premium tax credit). You can type either of those in the search field and select the Jump To option to be brought to those sections of TurboTax.

Schedule 5 is new because the 1040 form was revised in 2018. The 1040 form is now a shorter and much of the additional information that would be reported on it has been moved to six different schedules (Schedules 1 to 6) Also, note that the 1040A and 1040EZ forms no longer exist.

Here is a sample of Schedule 5: Schedule 5

E

ekbmail

Level 2

I had estimated payments in 2018 and used TurboTax Premier and it did NOT automatically create a Schedule 5, instead it incorrectly lumped the payments into Line 16 of the 1040, which is wrong b/c that line is for amounts shown on W-2 or 1099. I couldn't get the system to generate a Schedule 5 so I think it's a glitch. For what it's worth I used same software last year and manually entered these amounts and they showed up on Line 65 of my 1040 - correctly - so the amount should have shown on a Schedule 5 this year.