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turbo9251
New Member

How can a single person with only one job/w2 have 4 schedules to file tax

 
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Critter
Level 15

How can a single person with only one job/w2 have 4 schedules to file tax

The "other taxes" on Schedule 4 include the following. Some of them you might not think of as taxes, but they are. Do you have any of these?

- Self-employment tax
- Social Security and Medicare tax on unreported tips
- Additional tax (i.e. penalty) for early distributions from an IRA or 401(k), failure to take an RMD, or excess contributions to an IRA, ESA, MSA, HSA, or ABLE account
- Household employee taxes ("nanny tax")
- Repayment of the first-time homebuyer credit
- Individual responsibility payment (i.e. penalty) for not having health insurance coverage
- Additional Medicare tax
- Net Investment Income Tax


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7 Replies
Critter
Level 15

How can a single person with only one job/w2 have 4 schedules to file tax

The "other taxes" on Schedule 4 include the following. Some of them you might not think of as taxes, but they are. Do you have any of these?

- Self-employment tax
- Social Security and Medicare tax on unreported tips
- Additional tax (i.e. penalty) for early distributions from an IRA or 401(k), failure to take an RMD, or excess contributions to an IRA, ESA, MSA, HSA, or ABLE account
- Household employee taxes ("nanny tax")
- Repayment of the first-time homebuyer credit
- Individual responsibility payment (i.e. penalty) for not having health insurance coverage
- Additional Medicare tax
- Net Investment Income Tax


View solution in original post

turbo9251
New Member

How can a single person with only one job/w2 have 4 schedules to file tax

Only have one out of above answer, not having health insurance plan. Nothing more. But, Turbo Tax said I have 4 schedules so I need to upgrade to Turbo tax Dulex ?!
Critter
Level 15

How can a single person with only one job/w2 have 4 schedules to file tax

I think you misread ... you don't need 4 schedules ... you need schedule 4.
Critter
Level 15

How can a single person with only one job/w2 have 4 schedules to file tax

What are the IRS tax form changes?

As part of Tax Reform, the three different 1040 forms (1040EZ, 1040A and 1040) have been replaced with a new Form 1040, and six new schedules, Schedule 1-6..

Page 1 of the new 1040 has general information about you, your spouse, your dependents and filing status, as well as signatures and the bottom of the page. The second page is a summary of all schedules and forms and each section of the 1040 is now in a new schedule. For instance, if you have student loan interest, it’s not at the bottom of the first page anymore, it’s on Schedule 1.

TurboTax is up-to-date with the latest changes and we’ll help guide you through your taxes.

 

What happened to the 1040A and 1040EZ?

As part of Tax Reform, the three different 1040 forms (1040EZ, 1040A and 1040) have been replaced with a new Form 1040.

This new form has been streamlined to be used by the simplest of filers, but people with complicated tax returns will also use this form. The more complicated the situation, the more forms and schedules are added to the overall tax return.

Related Information:

·         What are the IRS tax form changes?

                  

What are the new schedules?

As part of Tax Reform, there’s a new Form 1040 and many of the sections that were on the old 1040 are now on six new schedules, Schedule 1-6.

Below is a summary of each new schedule.

Schedule 1—Additional Income and Adjustments to Income

Here are some examples of what’s included on this schedule:

·         Taxable Refunds

·         Business Income

·         Student Loan Interest

 

Schedule 2—Tax

Here you’ll find the Alternative Minimum Tax (AMT) and the Repayment of Advance Premium Tax Credit.

 

Schedule 3—Nonrefundable Credits

Some examples of nonrefundable credits are:

·              Foreign Tax Credit,

·              Dependent Care Benefits

·              The nonrefundable part of education credits

 



Schedule 4—Other Taxes

Here are some examples of what’s included on this schedule:

·              Self-employment tax

·              Additional tax on retirement plans

·              Individual responsibility payment for not having healthcare

 

Schedule 5—Other Payments and Refundable Credits

Here are some examples of what’s included on this schedule:

·         Estimated tax payments

·         Net premium tax credit

·         Excess Social Security tax that you paid

 

Schedule 6—Foreign Address and Third Party Designee

This schedule is only used if you have a foreign address or you have designated someone else to talk to the IRS about your tax return on your behalf.

 

Related Information:

·         What are the IRS tax form changes?

 

How is TurboTax handling the change to a simpler tax form (1040)?

As you may have heard, the IRS will be simplifying the 1040 in an effort to help make filing your taxes easier and more understandable. The new 1040 will be in place for tax year 2018 (the taxes you file in 2019).

TurboTax will work with the IRS to incorporate the changes to the 1040 forms into our lineup of products and will be ready for next year. TurboTax will continue to be an intuitive experience that makes taxes easier and more understandable so people can take charge of their finances.

For more info, see the frequently asked questions below.

How will forms changes impact Intuit’s business? Will more people do their taxes on their own?

Intuit encourages and supports changes that empower taxpayers by making taxes easier and more understandable so taxpayers can take charge of their finances. We see this as another step in that direction.

With simpler taxes we believe more filers could have the confidence to move to a do-it-yourself solution like TurboTax. And if taxpayers have questions or prefer to have more guidance when filing their taxes, they can even speak with a CPA or EA for live tax advice when using our TurboTax Live product or Expert Services bundle. These products include the option for a one-on-one review of the customer’s return right on the screen. In addition, all TurboTax products come with our 100% Accurate Calculation Guarantee.

How will the taxpayer experience change in TurboTax with the new 1040 forms?

We’ll work with the IRS to ensure all forms in our products are up to date. TurboTax will continue to deliver an intuitive experience that makes taxes easier and more understandable so people can take charge of their finances.

Will TurboTax be changing its product line-up or will the new 1040 forms fit in with the current off...

Each year we review our product line-up and make any adjustments to best deliver for our customers. We traditionally make related announcements closer to the start of tax season.

Do I still need to use TurboTax with the new 1040 changes?

Even with the changes to the 1040 form, TurboTax will continue to guide you step-by-step to help get your taxes done right, even if you have no previous tax knowledge. And with TurboTax Live, your tax return can be reviewed by an experienced CPA or EA. Your return is also backed by our 100% Accurate Calculation Guarantee.

 

 

 

2018 1040 (“postcard ”) :  https://www.irs.gov/pub/irs-pdf/f1040.pdf

Sch 1 :   https://www.irs.gov/pub/irs-pdf/f1040s1.pdf

Sch 2 :  https://www.irs.gov/pub/irs-pdf/f1040s2.pdf  

Sch 3 :  https://www.irs.gov/pub/irs-pdf/f1040s3.pdf

Sch 4 :  https://www.irs.gov/pub/irs-pdf/f1040s4.pdf

Sch 5 :  https://www.irs.gov/pub/irs-pdf/f1040s5.pdf

Sch 6 :  https://www.irs.gov/pub/irs-pdf/f1040s6.pdf

 


turbo9251
New Member

How can a single person with only one job/w2 have 4 schedules to file tax

Well, thanks for the answers. Like my first question, I do not have any examples that you answered above except not having Helthcare . Example,Schedule 1 - taxable refunds , Bussiness income, student lone interest, schdule 2 (AMT) repayment of advance premium credit, schedule 3- Foreign tax credit ..... etc .. I don’t have any of these. And I will not upgrade to Turbo Tax Dulex without having those. Can I just get a straight answer, is it Turbo Tax free as it commercial” FREE FREE FREE “ or not. If not then I will just move on without wasting anyone time. Thank you for answering all of this for free.
turbo9251
New Member

How can a single person with only one job/w2 have 4 schedules to file tax

Well, thanks for the answers. Like my first question, I do not have any examples that you answered above except not having Helthcare . Example,Schedule 1 - taxable refunds , Bussiness income, student lone interest, schdule 2 (AMT) repayment of advance premium credit, schedule 3- Foreign tax credit ..... etc .. I don’t have any of these. And I will not upgrade to Turbo Tax Dulex without having those. Can I just get a straight answer, is it Turbo Tax free as it commercial” FREE FREE FREE “ or not. If not then I will just move on without wasting anyone time. Thank you for answering all of this for free.
Critter
Level 15

How can a single person with only one job/w2 have 4 schedules to file tax

Contact TurboTax support and speak directly with a TurboTax support agent concerning this TurboTax support situation.
See this FAQ for a contact link and hours of operation -<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number">https://ttlc.intuit.com...>
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