Page 102 - Individual Forms & Instructions Guide

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Instructions for Schedule 2 14:28 - 20-Jan-2023

Additional Taxes

• Investment interest expense repor- your coverage and any advance credit
General Instructions ted on Form 4952. payments. If the advance credit pay-
ments were more than the premium tax
• Net operating loss deduction.
Use Schedule 2 if you have additional • Alternative minimum tax adjust- credit you can claim, the amount you
taxes that can’t be entered directly on ments from an estate, trust, electing must repay will be shown on Form
Form 1040, 1040-SR, or 1040-NR. large partnership, or cooperative. 8962, line 29. Enter that amount, if any,
• Section 1202 exclusion. on line 2.
Include the amount on Schedule 2, • Stock by exercising an incentive You may have to repay excess ad-
line 3, in the total on Form 1040, stock option and you didn't dispose of vance payments of the premium tax
1040-SR, or 1040-NR, line 17. the stock in the same year. credit even if someone else enrolled
Enter the amount on Schedule 2, • Any general business credit claim- you, your spouse, or your dependent in
line 21, on Form 1040 or 1040-SR, ed on Form 3800 if either line 6 (in Part Marketplace coverage. In that case, an-
line 23; or 1040-NR, line 23b. I) or line 25 of Form 3800 is more than other individual may have received the
zero. Form 1095-A for the coverage. You
• Qualified electric vehicle credit. may also have to repay excess advance
• Alternative fuel vehicle refueling
Specific Instructions property tax. payments of the premium tax credit if
you enrolled an individual in coverage
• Credit for prior year minimum tax. through the Marketplace, you don’t
Line 1 • Foreign tax credit. claim the individual as a dependent on
Alternative Minimum Tax (AMT) • Net qualified disaster loss and you your return, and no one else claims that
are reporting your standard deduction on individual as a dependent. For more in-
Alternative minimum tax (AMT) ex- Schedule A, line 16. See the instructions formation, see the Instructions for Form
emption amount increased. The AMT for Form 4684 for more information. 8962.
exemption amount is increased to For help with the alternative mini-
$75,900 ($118,100 if married filing mum tax, go to IRS.gov/AMT. Line 5
jointly or qualifying surviving spouse; Unreported Social Security and
$59,050 if married filing separately). Line 2
The income levels at which the AMT Excess Advance Premium Tax Medicare Tax From Form 4137
exemption begins to phase out has in- Enter the total of any taxes from Form
creased to $539,900 ($1,079,800 if mar- Credit Repayment 4137.
ried filing jointly or qualifying surviving If you have excess advance pre- If you received tips of $20 or more in
spouse). ! mium tax credit (APTC) repay- any month and you didn't report the full
If you aren't sure whether you owe CAUTION ments, go to IRS.gov/Form8962 amount to your employer, you must pay
the AMT, complete the Worksheet To for more information. the social security and Medicare or rail-
See if You Should Fill in Form 6251. The premium tax credit helps pay road retirement (RRTA) tax on the unre-
Exception. Fill in Form 6251 instead of premiums for health insurance pur- ported tips.
using the worksheet if you claimed or chased from the Marketplace. Eligible Don’t include the value of any non-
received any of the following items. individuals may have advance payments cash tips, such as tickets or passes. You
• Accelerated depreciation. of the premium tax credit paid on their don’t pay social security and Medicare
• Tax-exempt interest from private behalf directly to the insurance compa- taxes or RRTA tax on these noncash
activity bonds. ny. If you, your spouse with whom you tips.
• Intangible drilling, circulation, re- are filing a joint return, or your depend- To figure the social security and
search, experimental, or mining costs. ent was enrolled in coverage purchased Medicare tax, use Form 4137. If you
• Amortization of pollution-control from the Marketplace and advance pay- owe RRTA tax, contact your employer.
facilities or depletion. ments of the premium tax credit were Your employer will figure and collect
• Income or (loss) from tax-shelter made for the coverage, complete Form the RRTA tax.
farm activities, passive activities, part- 8962 to reconcile (compare) the advance
nerships, S corporations, or activities for payments with your premium tax credit.
which you aren't at risk. You (or whoever enrolled you) should
• Income from long-term contracts have received Form 1095-A from the
not figured using the percent- Marketplace with information about
age-of-completion method.

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