How is the "Other Taxes" amount on the TurboTax "Tax Summary" calculated? It is showing an amount over and above what is calculated based on the Taxable Income.

Forum|Forum|1 year ago
January 26, 2025
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Wondering where this amount is coming from as I have not entered any special tax situation, unless it have something to do with dividends (which I already entered).

Best answer by Bsch4477

Additional tax items include:
Self-employment tax
Social Security and Medicare tax on unreported tips
Additional tax (i.e. penalty) for early distributions from an IRA or 401(k), failure to take an RMD, or excess contributions to an IRA, ESA, MSA, HSA, or ABLE account
Household employee taxes ("nanny tax")
Repayment of the first-time homebuyer credit
Individual responsibility payment (i.e. penalty) for not having health insurance coverage
Additional Medicare tax
Net Investment Income Tax

Bsch4477Answer

Employee

Additional tax items include:
Self-employment tax
Social Security and Medicare tax on unreported tips
Additional tax (i.e. penalty) for early distributions from an IRA or 401(k), failure to take an RMD, or excess contributions to an IRA, ESA, MSA, HSA, or ABLE account
Household employee taxes ("nanny tax")
Repayment of the first-time homebuyer credit
Individual responsibility payment (i.e. penalty) for not having health insurance coverage
Additional Medicare tax
Net Investment Income Tax