Advisor Flipbooks

SCHEDULE 2 (Form 1040) Additional Taxes Department of the Treasury Internal Revenue Service Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Form1040 for instructions and the latest information. OMB No. 1545-0074 Attachment Sequence No. 02 Name(s) shown on Form 1040, 1040-SR, or 1040-NR Your social security number Part I Tax 1 Alternative minimum tax. Attach Form 6251 . . . . . . . . . . . . . . . . 1 2 Excess advance premium tax credit repayment. Attach Form 8962 . . . . . . . 2 3 Add lines 1 and 2. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 17 . . 3 Part II Other Taxes 4 Self-employment tax. Attach Schedule SE . . . . . . . . . . . . . . . . . 4 5 Social security and Medicare tax on unreported tip income. Attach Form 4137 . . . . . . . . . . . . . . . . . . 5 6 Uncollected social security and Medicare tax on wages. Attach Form 8919 . . . . . . . . . . . . . . . . . . . . . 6 7 Total additional social security and Medicare tax. Add lines 5 and 6 . . . . . . 7 8 Additional tax on IRAs or other tax-favored accounts. Attach Form 5329 if required. If not required, check here . . . . . . . . . . . . . . . . . . . . . 8 9 Household employment taxes. Attach Schedule H . . . . . . . . . . . . . 9 10 Repayment of first-time homebuyer credit. Attach Form 5405 if required . . . . . 10 11 Additional Medicare Tax. Attach Form 8959 . . . . . . . . . . . . . . . . 11 12 Net investment income tax. Attach Form 8960 . . . . . . . . . . . . . . . 12 13 Uncollected social security and Medicare or RRTA tax on tips or group-term life insurance from Form W-2, box 12 . . . . . . . . . . . . . . . . . . . . 13 14 Interest on tax due on installment income from the sale of certain residential lots and timeshares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Interest on the deferred tax on gain from certain installment sales with a sales price over $150,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16 Recapture of low-income housing credit. Attach Form 8611 . . . . . . . . . . 16 (continued on page 2) For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71478U Schedule 2 (Form 1040) 2024 Line 11 & Line 12. Taxes from Form 8959 and or Form 8960: Here the Medicare Surtaxes on earned income (Form 8959) and investment income (Form 8960) are reported. Increasing the tax efficiency of investments could reduce the Medicare Surtax on investment income. Line 1. Alternative minimum tax (AMT) Form 6251: If there is an amount here, the taxpayers are in AMT. The federal tax system is a dual system, two calculations are made, regular and AMT. The taxpayer pays the higher of the two. Form 6251 shows the AMT Calculation. Due to the tax law changes to Schedule A Itemized Deductions, the increase to the AMT Exemption, and Exemption phaseout amounts, fewer taxpayers will be paying AMT. 2024

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