On line 23 of my 20211040 return I'm see a tax amount of $150 from Schedule 2, line 21. Where did that come from? How do I fix it since I'm not self employed? Where in Turbo Tax did I enter the information that calculated this amount?
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Schedule 2 line 21 is a total of Schedule 2. Which lines on Schedule 2 are filled out?
Line 23 is not only from self employment tax. It could be for a 10% Early Withdrawal Penalty from an IRA or 401K. Or something else.
Line 12 on schedule 2 which comes from form 8960 line 17.
No it wasn't early withdrawal since I haven't done that and don't need to since I'm 76.
If you have a lot of investment income there is an extra tax on it.
What is Form 8960
https://ttlc.intuit.com/community/forms/help/what-is-form-8960/00/26274
IRS info on Net Investment Income Tax
https://www.irs.gov/newsroom/questions-and-answers-on-the-net-investment-income-tax
Thanks - Our investment income this year was just under $30K and it pushed our income just over $250K. Thanks for the recourses.
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