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Basic Course > Other Taxes

Other Taxes

This lesson covers taxes and payments that are calculated on their own forms and schedules, as opposed to the tax tables or Tax Computation Worksheet. The in-scope taxes and payments included in the Other Taxes and Payments section of Form 1040 are:

  • Self-employment taxes
  • Taxes on unreported tip income
  • Taxes and penalties on qualified retirement plans
  • Repayment of first-time homebuyer credit

Click the Skills Workout button to learn more about how to determine and report the above taxes and payments.

Skill Check

Check your understanding of rules regarding the other taxes and payments. Indicate whether each of the statements below is true or false by clicking on the correct answer. To check your answers, click the Check My Answers button at the bottom of the page.

  1. Taxpayers can deduct part of their self-employment tax as an adjustment to income.
  • A.
  • B.
  1. Tip income of less than $20 per month is exempt from federal income tax.
  • A.
  • B.
  1. Traditional IRAs and other qualified plans allow individuals to defer paying taxes on money they contribute, and on the earnings, until the funds are distributed. However, a taxpayer who takes a distribution before age 59½ may be subject to not only the income tax but also an additional tax.
  • A.
  • B.