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lalasa_1999
New Member

Interest income and dividends is recorded both on Schedule B and Form 8960. Turbotax is taxing twice on interest income.

Interest income and dividends is recorded both on Schedule B and Form 8960. Why is Turbotax is taxing twice on interest income.
2 Replies
SteamTrain
Level 15

Interest income and dividends is recorded both on Schedule B and Form 8960. Turbotax is taxing twice on interest income.

That is an additional "Net Investment Tax" assessed on certain forms of investment income received by high income individuals.....so it is subject to both normal taxes, plus an additional tax bump calculated on the form 8960.

 

https://www.irs.gov/newsroom/questions-and-answers-on-the-net-investment-income-tax

*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
VolvoGirl
Level 15

Interest income and dividends is recorded both on Schedule B and Form 8960. Turbotax is taxing twice on interest income.

What is Form 8960

https://ttlc.intuit.com/community/forms/help/what-is-form-8960/00/26274

 

Edit:  I guess this one is just about high wages...

IRS Info on the Additional Medicare tax on high earners

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Questions-and-Answers-for-the-Additio...

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