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Advanced Course > Payments

Payments

This lesson will explain how to determine and report income tax withheld, estimated tax payments, certain refundable credits, and other payments made by the taxpayer.

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

Skill Check

Check your understanding of rules regarding certain line items in the Payments section of Form 1040. Indicate whether each of the statements below is true or false by clicking the correct answer. To check your answers, click the Check My Answers button at the bottom of the page.

  1. Federal income tax withheld is reported to taxpayers on Form W-4.
  • A.
  • B.
  1. The amount of tax due and paid with this year's tax return qualifies as an estimated payment.
  • A.
  • B.
  1. Taxpayers with more than one employer might have had more than the required amount of social security tax withheld from their wages for the year. If this occurred, taxpayers can claim the excess withholding as a credit in the Payments section of Form 1040.
  • A.
  • B.