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Understanding Additional Taxes with IRS Form 1040 Schedule 2

Understanding Additional Taxes with IRS Form 1040 Schedule 2

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hey there youtube so for this video i wanted to cover the irs form uh 1040s schedule 2. so schedule 2 additional taxes this is included with every type of form 1040 filed but it is also not uncommon for this to be blank right so if you're looking at your return and you see this blank that might be okay it doesn't mean that you missed something but just double check to make sure none of these pieces would apply to your return so i just want to go over high level parts one and two and the various line items that we have here and and what uh each kind of um additional form or tax might be a reference to and when you might need it right so if we start at the top here the alternative minimum tax 6251 this is the amt right so amt is designed to make sure that taxpayers pay at least some type of minimum tax during the year so if you're a taxpayer and you have let's say a lot of itemized deductions or if you have large net operating loss carry forwards from current or prior years and it basica

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