Tax Slayer entry:
Federal Section > Other Taxes
Schedule 4 – Form 1040 line 14
[S4-59] Tax on IRAs or Qualified Retirement Plans:
- If tax is owed for excess contribution, it is OUT OF SCOPE.
- If there is an exception for an early distribution, enter the exception code in Form 5329 Part I.
[S4-60b] 2008 First-time homebuyer credit repayment (Form 5405):
- [TPQuestion]If TP and SP lived in the home for all of the year, you don’t need form 5405. Enter it directly.
- If you do use form 5405, you need one for each, TP and SP, with half of the payment on each form.
- If one of the 2008 MFJ taxpayers has died, their half of the homebuyer credit does not have to be repaid. File a Form 5405 indicating the death for the deceased taxpayer.
- If the couple has divorced, each carries their half with them until it is fully repaid.
- You can look up the taxpayer’s FTHBC account at an IRS website.
- If home was destroyed, condemned or disposed of under threat of condemnation, it is OUT OF SCOPE.
- For details of this credit and repayment requirements, read this or the Form 5405 instructions.
[S4-61] Health care: individual responsibility
- See the ACA resource page.
[S4-62] Other Taxes:
- Health Savings Account is in scope if you have HSA certification.
- A W-2 with M and N codes will result in an entry in UT (Uncollected Taxes). This is usually a result of a life insurance retirement benefit and is IN SCOPE.
- All other “Other taxes (line 60)” are OUT OF SCOPE
TAX PAYMENTS AND REFUNDABLE CREDITS
Tax Slayer entry:
Federal Section > Payments & Estimates
Schedule 5 – Form 1040 line 17d
[S5-65] Estimated Tax Payments:
- Tax Slayer has separate pages for Federal and State estimated tax payments.
- Be sure to check for current tax year payments from the previous tax year’s return refund.
- The 4th quarterly estimated State payment of the previous tax year paid in the current tax year, discounted by it’s portion of a refund, is entered in the “Taxes You Paid” TS page. Also include there, payments due to state tax owed and paid for that previous year.
 Earned Income Tax Credit (Form 8862):
- See the Income resource page
[S5-68] American opportunity credit:
- See the Education options resource page.
[S5-69] Net premium tax credit:
- See the Affordable Care Act resource page for more information.