What does Form 1040, Schedule 2 look like and what is it used for?
Beginning in tax year 2018, with the Tax Cuts and Jobs Act, the 1040 was changed and many supplementary schedules were added. Schedule 2 is now where the taxpayers taxes are calculated.
Starting in tax year 2019, Schedules 2 and 4 are combined on to a single Schedule 2 Additional Taxes. Line numbers have also been rearranged.
Amounts on this schedule now include all of the following:
- Part 1 Tax: Alternative minimum tax (Form 6251) and excess advance premium tax credit repayment (Form 8962).
- Part II Other Taxes: self-employment tax (Schedule SE), unreported Social Security and Medicare tax (Forms 4137 or 8919), additional tax on qualified retirement plans from form 5329, repayment of first-time home buyer credit (Form 5405), taxes from Forms 8959, 8960, or 965-A.