How do I enter other taxes and/or credits?
To enter other taxes and/or credits
- In the Other Income field, enter other income you received from non-wage sources but didn't include in Schedule C or F.
- In the Other Wages field, enter other wages you received (and didn't include in wages in the Tax Planner), from which Social Security and Medicare taxes were withheld.
- In the Alternative Minimum Tax area, enter the appropriate information:
- In the Excluded Deductions field, verify the value calculated by the Tax Planner, which includes the allowed amounts for exemptions, miscellaneous deductions, taxes, and medical expenses less the amount of state tax refund and itemized deduction phaseout.
- In the Other Adjustments and Tax Preference Items field, enter the appropriate value:
- Other adjustments include required adjustments for depletion, charitable contribution carryover, circulation expenses, installment sales, pre-1987 accelerated depreciation, and intangible drilling costs. Refer to the instructions for Form 6251 for more information.
- Tax preference items are other income items and deductions that receive special treatment under the tax laws. Some of these items include post-1986 accelerated depreciation, passive activity loss, incentive stock options, and investment interest adjustment.
- In the Medical Exp. Adjustment field, enter any necessary adjustments.
- In the area to the right of the Alternative Minimum Tax area, enter the appropriate information:
- In the Other Taxes field, enter the appropriate value.
- In the Credits field, enter any tax credits you're entitled to.
- In the Total Other Taxes and usable Credits field, verify the final value.
Notes
Other taxes and credits include self-employment tax, alternative minimum tax, other taxes, and credits.