Irs schedule 2 line 46

Irs schedule 2 line 46 DEFAULT

IRS Schedule 2: Will You Owe Extra Tax?

Taxpayers have a month to go before they must have their returns in and are discovering that there's a brand new set of forms to use. Rather than having an extremely long 1040 form that includes a host of information that many taxpayers never have to think about, the new forms move a lot of the detailed information to separate schedules.

Schedule 2 is a short form that includes just a few lines. However, that's a bit misleading, as the calculations that go into the numbers you'll put on those lines are complicated. Below, we'll look at the two key lines on Schedule 2 and what you need to know to fill them out.

IRS Schedule 2 to Form 1040.

Image source: IRS.

Line 45: Alternative minimum tax

The alternative minimum tax (AMT) has been in place for half a century, with the intent of ensuring that all taxpayers pay at least some taxes. The AMT has an entirely separate set of rules that, in many cases, are independent of the regular tax rules. Dealing with it requires taxpayers to prepare what, in essence, is a second set of tax documents to see whether they owe additional tax.

Fortunately, though, recent tax changes have made the AMT much less of a threat starting in the 2018 tax year. That's because the AMT exemption is available to more taxpayers as a result of a big increase in the income thresholds at which the exemption gets phased out.

Under previous law, many upper-middle and high-income taxpayers ended up with no AMT exemption, and that usually left them paying thousands of dollars in extra tax. With the more favorable current phase-out provisions, that happens only for the smaller number of taxpayers who have much higher incomes -- and most of those taxpayers end up paying higher rates of regular tax than the AMT would charge in any event.

Another reason the AMT is taking a smaller bite is that some deductions under the regular tax code have been limited. The most important is the new $10,000 limit on itemized deductions for state and local taxes. The AMT never gave any deduction for these taxes, so even though the new limit in the regular tax laws has drawn a lot of criticism, it had the impact of making the AMT less likely to be an issue for those in high-tax states, as well.

All that adds up to fewer people having to go through the complicated process of filling out Form 6251 to figure out the amount of alternative minimum tax due. Even many of those who used to pay the AMT will find themselves freed of that burden on their 2018 returns.

Wood table with alarm clock, piles of coins, and magnets spelling TAX.

Image source: Getty Images.

Line 46: Excess advance premium tax credit repayment

The other part of Schedule 2 deals with premium tax credits under the Affordable Care Act. Those Americans who meet certain income requirements and meet other eligibility criteria can receive a credit that defrays part of the cost of health insurance premium payments under Obamacare. Taxpayers generally have two ways to claim the premium tax credit: They can claim it in full at the end of the year on their tax return or they can receive the credit in advance.

It's this advance premium tax credit that Line 46 deals with, because in some cases, the amount that gets advanced to you doesn't match up with what you eventually qualify for. The reason is that advance premium payments are based on estimates of what you expect to earn in income for the year. If those estimates are wrong, then you might have too much or too little advanced to you.

Form 8962 goes through all the calculations involved, but in the end, what goes on Line 46 is any amount that you receive in advance payments that exceeds what you were entitled to receive. Essentially, Line 46 forces you to pay the extra credit back to the federal government by increasing your tax liability.

Pay what you owe

Once you've figured the amounts on both of the lines of Schedule 2, you can add them up and then transfer the amount to your main 1040 form. You'll then add that to the regular tax on your income to come up with your total tax bill.

The new tax forms take some getting used to, but in many ways, they simplify what you and your fellow taxpayers have to go through to prepare your returns. Schedule 2 won't be part of a large number of returns, but it'll be important for those select few who do have to use it.


IRS Schedule 1, 2, and 3

If the Financial Aid Office becomes aware of conflicting information, we may request a Schedule 1, Schedule 2, or Schedule 3. Beginning with the FAFSA year 2020-2021, no other schedules are typically required for verification.

Schedule 1: To be verified if there is conflicting information

Schedule 1 is used to report types of income that aren't listed on the 1040, such as capital gains, alimony, unemployment payments, and gambling winnings. Schedule 1 also includes some common adjustments to income, like the student loan interest deduction and deductions for educator expenses.

Schedule 2: Supporting documentation for tax form 1040 if box 11b is checked.  

This Schedule is used to report additional taxes owed such as the alternative minimum tax, self-employment tax, or household employment taxes.

Schedule 3: Supporting documentation for tax form 1040 if box 12b is checked. 

This Schedule is used to declare your capital gains or losses for items such as real estate, shares and mutual funds in addition to any other capital properties you have disposed of. 

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I am Trying to find the total income tax, my return doesn’t have schedule 2 line 46 It says to subtract line 13 from 46, but there is no line 46?

@sravan2813 wrote:

My wife is trying to apply for a fafsa student aid, in that while filling online ,theres a questions saying

Enter the amount of your(and your spouse's) income tax of 2018.This is the total amount of IRS Form 1040

line 13 minus schedule 2-line 46

so we are not sure what to enter

Schedule 2, line 46 is the "Excess advance premium tax credit from form 8962" (Heath care credit).   If yiu do not have any such credit and no schedule 2, then that amount would be zero so the answer is line 13 minus zero is line 13.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Schedule 2 Additional Taxes 2019

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Schedule 46 irs 2 line

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IRS Schedule B Line-by-Line Instructions 2021: How to Report Interest and Dividends 🔶 TAXES S2•E68

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