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How is the "Other Taxes" amount on the TurboTax "Tax Summary" calculated? It is showing an amount over and above what is calculated based on the Taxable Income.

Wondering where this amount is coming from as I have not entered any special tax situation, unless it have something to do with dividends (which I already entered).
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How is the "Other Taxes" amount on the TurboTax "Tax Summary" calculated? It is showing an amount over and above what is calculated based on the Taxable Income.

  • Additional tax items include:

  • 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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2 Replies

How is the "Other Taxes" amount on the TurboTax "Tax Summary" calculated? It is showing an amount over and above what is calculated based on the Taxable Income.

  • Additional tax items include:

  • 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

How is the "Other Taxes" amount on the TurboTax "Tax Summary" calculated? It is showing an amount over and above what is calculated based on the Taxable Income.

Thank you!  After some digging, I found it was the Additional Medicare Tax and the Net Investment Income Tax.

 

Appreciate your response!

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