Schedule 4 and 5 – Other Taxes/Payments

Out of Scope by [line number]:
  • (S4-58) Form 8919 – Uncolllected Social Security and Medicare Tax on Wages
  • (S4-59) Early ROTH IRA distributions subject to tax
  • (S4-59) Excess IRA contributions subject to additional tax
  • (S4-60a) Household employment taxes from Sched H
  • (S4-60b) First-time homebuyer credit that must be repaid due to destruction or condemnation of the property
  • (S4-62) Most “Other taxes” (HSA OK if you are certified)
  • (S4-62) Some Health Savings Account transactions
  • (S5-73) Credits for Federal Tax paid on Fuels (Form 4136), Undistributed Long-Term Capital Gains, Prior Year Minimum Tax
  • (S5-74) Employer-provided adoption credit or exclusion
  • (S5-74 Health Coverage Tax Credit (Form 8885)
Useful documents:

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

[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.

[16] Earned Income Tax Credit (Form 8862):

[S5-68] American opportunity credit:

[S5-69] Net premium tax credit: