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Returning Member
posted Apr 17, 2022 9:56:22 AM

what is the Assumption Tax that automatically appears on form 1040

what is the Assumption Tax that automatically appears on form 1040, and how do I know if I owe it.

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1 Best answer
Level 15
Apr 17, 2022 10:04:14 AM


@Lydell-89 wrote:

line 17 on form 1040


Only two taxes would be on Line 17 from Schedule 2

Alternative minimum tax

Excess advance premium tax credit repayment

10 Replies
Level 15
Apr 17, 2022 9:59:05 AM

Where do you see it?

Returning Member
Apr 17, 2022 10:00:22 AM

line 17 on form 1040

Level 15
Apr 17, 2022 10:02:08 AM

Form 1040 is the federal tax return and there is no such tax on a federal tax return.

 

The only Assumption Tax that was found with a Google search is in the state of Louisiana for Assumption parish and it is a Sales and Use Tax imposed by the parish.  It is not an income tax.

 

Go to this website - http://assumptionschools.com/salestax

Level 15
Apr 17, 2022 10:04:14 AM


@Lydell-89 wrote:

line 17 on form 1040


Only two taxes would be on Line 17 from Schedule 2

Alternative minimum tax

Excess advance premium tax credit repayment

Level 15
Apr 17, 2022 10:07:15 AM
Returning Member
Apr 17, 2022 10:07:20 AM

why is automatically appearing on federal 1040 form in turbo tax

Returning Member
Apr 17, 2022 10:10:53 AM

I do live in Louisiana but not assumption parish

Returning Member
Apr 17, 2022 10:14:00 AM

I wrote it wrong. It is the alternative minimum tax. What is this tax and how do I know if I owe. My return is showing not tax due on line 38 form 1040

Returning Member
Apr 17, 2022 10:20:31 AM

What does this mean and how do I know if I owe this, Line 38 is showing no taxes due.

Employee Tax Expert
Apr 18, 2022 5:33:10 PM

The Alternative Minimum Tax is for high earning individuals who have too many deductions to keep them from paying no taxes at all.