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OTHER TAX CREDITS

Level 1

LINE 25 C FORM 1040 HAS CREDIT BUT CAN'T SEE WHERE IT CAME FROM, JUST SAYS ADDITIONAL FEDERAL TAX FROM FORM WITHOUT REFERENCE

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23 Replies 23
Level 15

1) Please don't shout at us.

2) Did you read the instruction (as that line suggests...)?

3) How high are the W-2 wages on this return?

Former Chump..umm... AllStar.
"the game of life is hard to play"

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Level 1

sorry I do my returns in upper case and it was on when i wrote question.

Yes I am aware of right click for line information and cross reference.  The line information does not cover that line and the cross reference is greyed out so I still don't know where it came from.  Wages were like 266k so I know about additional tax but this is a credit.

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Level 12

Извините, у меня была русская клавиатура, и я забыл ее поменять.

Sorry, I had my Russian keyboard on and I forgot to change it.

Level 15
Level 15
If you right click on the amount, does it give you the option to Cross Reference where its coming from?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Level 11

The most common one I see is Form 8959 (and I'm actually glad there's a line for this now and it doesn't just get absorbed into W-2 withholding).

Level 15

@Just-Lisa-Now-     @rbynaker  

I'm trying to "teach a man to 🎣🐟

Former Chump..umm... AllStar.
"the game of life is hard to play"

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Level 15

But I think your bait must be bad or something.  Nobody ever seems to catch anything after your fishing lessons 😉

This week's special - free roadrunner dinner with every return (legal disclaimer - you catch it and we'll cook it)
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Level 15

Yet, I keep trying.

I think the definition of insanity may be in play here.

Former Chump..umm... AllStar.
"the game of life is hard to play"

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Level 15
Level 15

I thought my right click > cross reference was teaching something...thats my go-to when a I dont know where a number came from.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 15

Lisa - you're teaching them to use the software.  I was trying to get them to research (read the instructions) and to learn/understand the tax law (where else would/could/should that come from?).  

Former Chump..umm... AllStar.
"the game of life is hard to play"

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Level 15

 "I was trying to get them to research"

But this is research for most folks that visit here.

This week's special - free roadrunner dinner with every return (legal disclaimer - you catch it and we'll cook it)
Level 15

"I think the definition of insanity may be in play here."

No; but that shows why it's called Fishing, not Catching.

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Level 12

See what I mean?

Level 15

"LINE 25 C FORM 1040 HAS CREDIT BUT CAN'T SEE WHERE IT CAME FROM, JUST SAYS ADDITIONAL FEDERAL TAX FROM FORM WITHOUT REFERENCE"

Line 25c—Other Forms

Include on line 25c any federal income tax withheld on your Form(s) W-2G. The amount withheld should be shown in box 4. Attach Form(s) W-2G to the front of your return if federal income tax was withheld.

If you had Additional Medicare Tax withheld, include the amount shown on Form 8959, line 24, in the total on line 25c. Attach Form 8959.

Include on line 25c any federal income tax withheld that is shown on a Schedule K-1.

Also include on line 25c any tax withheld that is shown on Form 1042-S, Form 8805, or Form 8288-A. You should attach the form to your return to claim a credit for the withholding.

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"Level Up" is a gaming function, not a real life function.
Level 3

I totally agree. I can't seem to find the source of this credit either. It's not a tax but a credit added to the amount of FWH from the W-2.

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Level 15

I'll ask, again (even tho you aren't the OP)  - what's the amount on the W-2?

Former Chump..umm... AllStar.
"the game of life is hard to play"

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Level 3

The W-2 is $414,000.

 

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Level 15

Is there a Form 8949 in the return?

Former Chump..umm... AllStar.
"the game of life is hard to play"

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Level 3

 Form 8949

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Level 15

 "Form 8949 "

Like I pointed out five hours ago.....

Former Chump..umm... AllStar.
"the game of life is hard to play"

If a post answers your question, click on *Accept as solution* for future searches
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Level 3

My apologies ! There is a Form 8959 on the return and that's where the credit on line 25c comes from. Why couldn't ProSeries just say that?

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Level 15

8949, 8959, sheesh; it sure seems like there are a lot of forms.

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Level 15

"but a credit added to the amount of FWH from the W-2."

"The W-2 is $414,000."

From: https://www.irs.gov/newsroom/what-is-the-additional-medicare-tax-and-who-pays-it

Example:

"Withholding/Estimated Tax. Employers must withhold this tax from your wages or compensation when they pay you more than $200,000 in a calendar year. If you are self-employed you should include this tax when you figure your estimated tax liability."

And the Tax filing uses a table...

Filing Status Threshold Amount
Married filing jointly

$250,000

 

So,in this example, they would have seen $450 overwithheld in this example, if they didn't exceed that value, because they hadn't met their threshold.

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"Level Up" is a gaming function, not a real life function.