Скачать или смотреть Who Needs To File Schedule 2 and 3 Form 1040 2023?

#schedule #taxes
In today’s video. I am going over Schedule 2, Additional Taxes, and Schedule 3, additional Credits and payments. I am combining both schedules because the requirements are straightforward. Let’s start with schedule 2, Additional taxes.

The taxpayer uses schedule 2 to report amounts if they owe other taxes, such as self-employment, household employment taxes (which you will need to attach an additional schedule and I will go over in detail), additional tax on IRAs or other qualified retirement plans, and tax-favored accounts. Also, Alternative Minimum Tax (AMT), or if they need to make an excess advance premium tax credit repayment.

In addition, a taxpayer using schedule 2 may need to attach the following additional schedules, here we go with the inception.

Schedule SE, Self-Employment Tax- Withholding tax for social security or Medicare does not apply to net earnings from self-employment. A self-employed taxpayer uses Schedule SE to figure the tax due on net earnings from self-employment. The taxpayer uses this schedule to calculate self-employment tax, which is essentially social security and Medicare tax for the self-employed. Also, a taxpayer must include their share of certain partnership income and guaranteed payments as income from self-employed. Please see the income requirements to file this schedule. I will only talk about it. based self-employment scenarios and not go over the if you work for foreign governments and U.S citizens living outside the United States.

Schedule H, Household Employment Taxes: A taxpayer uses Schedule H to report household employment taxes if they paid cash wages to a household employee and the wages were subject to social security, Medicare, or FUTA taxes, or if they withheld federal income tax. This schedule is mostly for very wealthy people who have chauffeurs and personal chefs but if you hired a nanny you might need to fill this schedule and attach it to your form 1040.

Now, let’s discuss schedule 3, Additional credits and payments: a taxpayer uses this schedule to claim any credits, education credits, general business credit, or if they have other payments, such as an account paid with a request for an extension to file or surplus social security tax withheld.

Now, with the inception part of schedule 3. The additional schedules you might need to attach to schedule 3.

Schedule R, Credit for the Elderly and the disabled: A U.S. citizen or resident alien with limited income who is age 65 or older at the end of the year can file this schedule to receive a credit. Please see the income limits for the credit.

Thank you, guys, for watching. Keep it simple!


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