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In the "summary" section of TurboTax, there is a line marked "other taxes"? Please explain what that might be?

 
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MichaelMc
New Member

In the "summary" section of TurboTax, there is a line marked "other taxes"? Please explain what that might be?

The "Other taxes" line includes a range of taxes other than income tax, all which are collected via Form 1040. These include:

  • Self-employment tax from Schedule SE,
  • Unreported Social Security and Medicare tax,
  • Additional tax on IRAs, other qualified retirement plans, and other tax-favored accounts,
  • Household employment taxes from Schedule H, and
  • Health care: Individual responsibility payments.

These taxes are summarized on Schedule 4 (Form 1040).

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5 Replies
MichaelMc
New Member

In the "summary" section of TurboTax, there is a line marked "other taxes"? Please explain what that might be?

The "Other taxes" line includes a range of taxes other than income tax, all which are collected via Form 1040. These include:

  • Self-employment tax from Schedule SE,
  • Unreported Social Security and Medicare tax,
  • Additional tax on IRAs, other qualified retirement plans, and other tax-favored accounts,
  • Household employment taxes from Schedule H, and
  • Health care: Individual responsibility payments.

These taxes are summarized on Schedule 4 (Form 1040).

rbritt2657
Returning Member

In the "summary" section of TurboTax, there is a line marked "other taxes"? Please explain what that might be?

I withdrew my RMD and I understand this was not taxable in 2020 so why is there a tax charged in "other taxes" when I rolled over my RMD back into the same IRA?

In the "summary" section of TurboTax, there is a line marked "other taxes"? Please explain what that might be?

The rollover transaction isn't taxable unless the rollover is to a Roth IRA or a designated Roth account, but it is reportable on your federal tax return. You must include the taxable amount of a distribution that you don't roll over in income in the year of the distribution.

 

@rbritt2657

Pogiec
New Member

In the "summary" section of TurboTax, there is a line marked "other taxes"? Please explain what that might be?

Other tax 

In the "summary" section of TurboTax, there is a line marked "other taxes"? Please explain what that might be?

It could be many things.  Typically:  Self-Employment Tax, NIIT tax, AMT Tax, Penalties for early withdrawal from an IRA, etc.

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