Enter other taxes and/or credits


1. In the Other Income field, enter other income you received from non-wage sources but didn't include in Schedule C or F.

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    The Tax Planner includes this amount in the self-employment tax calculation.

2. In the Other Wages field, enter other wages you received (and didn't include in wages in the Tax Planner), from which Social Security and Medicare taxes were withheld.

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    The Tax Planner calculates this for you, based on amounts entered in Schedules C and F.
    • The self-employment tax is a Social Security and Medicare tax for individuals who work for themselves. It is similar to the Social Security and Medicare tax withheld from salaries.
    • If you're a wage earner and also have income from self-employment in tax year 2007, only the first $97,500 of your combined earnings is subject to the Social Security tax. There is no longer a limit on the amount of wages or self-employment income subject to the Medicare tax. Refer to IRS Publication 533 for additional information.

3. In the Alternative Minimum Tax area, enter the appropriate information:

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    Taxpayers who pay alternative minimum tax are those who benefit from tax laws that give special treatment to some kinds of income and allow special deductions and credits for some kinds of expenses. It was created to ensure that certain taxpayers pay at least a minimum amount of tax.


    Alternative minimum tax is a complicated tax to compute; for complete information, refer to IRS Publication 909 or Instructions for Form 6251.
  • In the Excluded Deductions field, verify the value calculated by the Tax Planner, which includes the allowed amounts for exemptions, miscellaneous deductions, taxes, and medical expenses less the amount of state tax refund and itemized deduction phaseout.
  • In the Other Adjustments and Tax Preference Items field, enter the appropriate value:
     
    • Other adjustments include required adjustments for depletion, charitable contribution carryover, circulation expenses, installment sales, pre-1987 accelerated depreciation, and intangible drilling costs. Refer to the instructions for Form 6251 for more information.
    • Tax preference items are other income items and deductions that receive special treatment under the tax laws. Some of these items include post-1986 accelerated depreciation, passive activity loss, incentive stock options, and investment interest adjustment.
  • In the Medical Exp. Adjustment field, enter any necessary adjustments.

4. In the area to the right of the Alternative Minimum Tax area, enter the appropriate information:

  • In the Other Taxes field, enter the appropriate value.
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      The most common other taxes that you might enter here are foreign income taxes, tax attributable to qualified retirement plans (for example, early withdrawal of an IRA), and tax on lump-sum distributions. Refer to your IRS publications for help in computing these taxes.
  • In the Credits field, enter any tax credits you're entitled to.
    • Tell me more
      You may be entitled to tax credits for items such as child and dependent care expenses, foreign taxes paid, child tax credit, elderly or disabled credit, education credits, and general business credit. Refer to your IRS publications for a complete list of available credits.
  • In the Total Other Taxes and usable Credits field, verify the final value.
    • Tell me more
      Quicken automatically calculates the value in the Total Other Taxes and usable Credits field and adds it to (or deducts it from) the amount in the Income Tax field in the Tax Planner. The resulting amount is shown in the Total Tax field in the Tax Planner.

Notes

Other taxes and credits include self-employment tax, alternative minimum tax, other taxes, and credits.

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