Estimated Payments Made for 20xx
All federal estimated payments are entered in this menu. See here for more info.
Estimated Payments from K-1
The program automatically pulls this figure from entries made on line 13A of Form 1041 K-1. To access the K-1 menu, from the Main Menu of the tax return (Form 1040) select:
- Rents, Royalties, Entities (Schedule E, K-1, 4835, 8582)
- K-1 Input
State Estimated Payments
Enter the total state estimated tax payments that were made for the current tax year. Also, include any overpayment from the previous tax year's tax return that was designated to be credited to the current year's estimated tax. The State Estimated Payments menu will allow you to enter estimated payments made to multiple states. The estimated payments will then carry to each applicable state.
Other Federal Withholdings (Form 1099)
Enter here federal withholdings from a source other than W-2, W-2G, 1099-R, 1099-DIV, 1099-INT, 1099-G, 1099-MISC, 1099-NEC, and SSA-1099. For example, withholdings on Form 1042-S for a taxpayer filing as a resident are entered here.
Note: A return with an amount entered in Other Federal Withholdings cannot be e-filed unless it is marked as being withheld from Form 1099. If you include an amount on this line and indicate that the withholdings are not from a 1099, the return will have to be mailed.
Other State Withholdings
Include on this line any additional state withholdings that your client may have paid that are not accounted for anywhere else. Entries in this menu will flow to the state return indicated.
Earned Income Credit (Sch EIC)
Select this menu to access Schedule EIC as well as EIC due diligence. Also select this menu to indicate the taxpayer is not eligible to claim EIC if it is calculating in the tax return. See here for more info about EIC.
Additional Child Tax Credit (Sch 8812)
The additional child tax credit (ACTC) is calculated on Schedule 8812. Beginning in tax year 2021, the Child Tax Credit (CTC) and the Credit For Other Dependents (ODC) is also calculated on this schedule. See here for more information.
Recovery Rebate Credit
Premium Tax Credit PTC (8962)
Form 8962 is used to reconcile the amount of marketplace insurance premium tax credit the taxpayer received in advance with the amount they qualify to receive. See here for more information.
Amount Paid with Extension (4868)
Enter here payments the taxpayer made on extension. See here for more information.
Excess FICA & Medicare Tax
Employers that withhold more than the correct amount of income, Social Security, or Medicare taxes from wages must reimburse the employee for the excess. Over-withheld income taxes must be reimbursed before the end of the calendar year. Overpayment will most likely occur if the taxpayer worked at more than one job during the year earning a high salary. TaxSlayer Pro will determine whether excess Social Security and Medicare tax has been withheld and report the excess amount in the Payments, Estimates & EIC menu.
Federal Tax Paid on Fuels Credit (4136)
Use Form 4136 to claim a credit for certain nontaxable uses (or sales) of fuel during the income tax year. Form 4136 is used by an individual claiming the alternative fuel credit, a blender claiming a credit for a diesel-water fuel emulsion, or a producer claiming a credit for an alcohol fuel mixture, biodiesel or renewable diesel mixture, or an alternative fuel mixture.
Instead of waiting to claim an annual credit on Form 4136, you may file:
Other Payments or Refundable Credits
Shareholders LT Gains (2439)
Undistributed capital gains are reported to mutual fund shareholders when the mutual fund retains some of its long-term capital gains and pays taxes on the undistributed amounts. The taxpayer treats their share of these gains as distributions, even though they did not actually receive them. However, they are not included on Form 1099-DIV. The amounts are reported to the taxpayer on Form 2439.
Report undistributed capital gains (box 1a of Form 2439) as long-term capital gains on Schedule D, Form 1040. Enter the part reported to you as Unrecaptured Section 1250 Gain on the Unrecaptured Section 1250 Gain Worksheet. For any gain on qualified small business stock, follow the reporting instructions under Section 1202 Exclusion. Enter the collectibles gain on line 1 of the 28% Rate Gain Worksheet in the Schedule D instructions. A credit can also be claimed for the amount of tax paid on Form 1040.
Self-Employed Sick/Family Leave Credit (7202)
Form 7202 is used to calculate the refundable qualified sick and family leave equivalent credits for a self-employed taxpayer who lost work for reasons related to COVID-19. Click the year for more information about the year.
Health Coverage Tax Credit (8885)
The Health Coverage Tax Credit (HCTC) is a refundable credit of a percentage of qualified health insurance coverage payments available to qualified taxpayers. See here for more information.
Repayment of Amounts Included in Income from Earlier Years
If the taxpayer had to repay income they had included in their tax return in a previous year, they don't amend the prior year return but include the repayment in the current year's return as either a deduction or an adjustment per IRC Section 1341. See here for more information.
Deferred Amount of Net 965 Tax Liability
If the taxpayer elected to pay their net 965 tax liability in installments, enter here the amount of net 965 tax liability remaining to be paid in future years.
Credit for Child & Dependent Care Expenses (2441)
This credit may include both a nonrefundable and a refundable amount. The refundable credit, if any, is shown here.
IRC 1341 Repayment Amount
Schedule 3 line 13z notated IRC 1341.
Virgin Islands Tax Allocation (8689)
Use Form 8689 to figure the amount of U.S. tax allocable to the U.S. Virgin Islands (USVI). A U.S. citizen or resident alien (other than a bona fide resident of the USVI) that had income from sources in the USVI or income effectively connected with the conduct of a trade or business in the USVI may owe tax to the USVI, calculated as percentage of the U.S. tax liability.
Enter the amount, if any, of the overpayment the taxpayer would like applied to next year's estimated tax. The IRS will apply this amount to their account unless a statement is attached requesting them to apply it to the spouse's account. Include the spouse's social security number in the attached statement.
Direct Deposit Information
For paper filed returns, enter here the direct deposit info to include on the 1040. See here for more information.
Underpayment of Estimated Tax (2210)
Form 2210 is used by individuals (as well as estates and trusts) to determine if a penalty is owed for the underpayment of income taxes due. See here for more information.
Farmers Underpayment of Tax (2210-F)
Use Form 2210-F to figure any underpayment penalty. Do not attach it to the return unless box 1a or box 1b is checked. However, if neither box applies to the taxpayer and they owe a penalty, Form 2210-F does not need to be completed. The IRS can figure the penalty and send the taxpayer a bill.
Payment Voucher (1040-V)
Form 1040-V, Payment Voucher is a statement that your client may send with a check or money order when paying a balance due on the "Amount you owe" line of the tax return. See here for more information.
Generate 20xx Estimates (1040-ES)
1040-ES estimated tax payment coupons can be completed here, and this menu also includes a calculator to help you estimate for the taxpayer their how much they should pay quarterly in estimated payments in the upcoming year. See here for more information.