Other Taxes

Time Requirement: 15 minutes

Purpose

This lesson teaches students how to determine if the taxpayer owes additional taxes and compute the taxpayer's total tax, which is reported on Form 1040.

Objectives

• Identify the different types of other taxes on a return
• Determine if a taxpayer is liable for other taxes that are within scope of the volunteer program
• Determine how to report these additional taxes on the tax return, and complete the applicable forms or schedules

Teaching the Lesson

Refer to the Lesson Plan for helpful instructor notes, visual aids, TaxSlayer® demos, and Internet links. Prompt students to share what they know about determining what a taxpayer may owe in additional taxes and payments.

Refer students who may want to work independently to Publication 4491, Other Taxes.

Key References

This lesson refers to the following publications and forms:

• Publication 4012, Income tab, Adjustments tab, and Other Taxes and Payments tab

All references to materials can be found by clicking Job Aids and Media buttons. There are also links to helpful tools that can be found on the irs.gov public portal. For this lesson, the student can link to the following sites for additional help:

• Tax Topics - Self-Employment Tax
• Tax Topics - First-time Homebuyer Credit - Purchases Made In 2008
• FAQs - Small Business/Self-Employed/Other Business
• FAQs - General Taxability Issues including Distributions, Early Withdrawals, 10% Additional Tax, Defaulted Loans
• First-Time Homebuyer Credit
• First-Time Homebuyer Credit: Answers
• Eight Essential Facts about Claiming the First-Time Homebuyer Credit
• First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2008

TaxSlayer® Demos and Tutorials

It is recommended to go to the Practice Lab and access the latest TaxSlayer tutorial for this lesson. The TaxSlayer tutorials can be found by going to the Practice Lab and clicking the link for TaxSlayer IRS training.

Publication 4012, Income tab, Adjustments tab, and Other Taxes and Payments tab, includes how to enter other taxes in TaxSlayer.