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Individual Income Tax Guide





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Line 68 – American Opportunity Credit: If you meet the requirements to claim an education credit (see the instructions for line 50), enter on this line the amount of the credit that you calculated on Form 8863,  Education Credits (American Opportunity and Lifetime Learning Credits).ou may be able to increase an education credit if the student chooses to include all or part of a Pell grant or certain other scholarships or fellowships in income.

Line 69 - Net Premium Tax Credit: You may be eligible to claim the premium tax credit if you, your spouse, or a dependent enrolled in health insurance through the Health Insurance Marketplace. The premium tax credit helps pay for this health insurance. Complete Form 8962, Premium Tax Credit, to determine the amount of your premium tax credit, if any. Enter the amount, if any from Form 8962, line 26. See the Premium Tax Credit page for more information.  

Line 70 – Amount Paid With Request for Extension To File: If you got an automatic extension of time to file Form 1040 by filing Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, or by making a payment, enter the amount of the payment or any amount you paid with Form 4868. If you paid by credit or debit card, do not include the convenience fee you were charged on this line. Also, include any amounts paid with Form 2350, Application for Extension of Time To File U.S. Income Tax Return.

NOTE: You may be able to deduct any credit or debit card convenience fees on your 2016 Schedule A.

Line 71 – Excess Social Security and Tier 1 RRTA Tax Withheld: If you, or your spouse if filing a joint return, had more than one employer for 2016 and total wages of more than $118,500, too much social security or tier 1 railroad retirement (RRTA) tax may have been withheld. You can take a credit on this line for the amount withheld in excess of $7,347. But if any one employer withheld more than $7,347, you cannot claim the excess on your return. The employer should adjust the tax for you. If the employer does not adjust the overcollection, you can file a claim for refund using Form 843, Claim for Refund and Request for Abatement. Calculate this amount separately for you and your spouse.

You cannot claim a refund for excess tier 2 RRTA tax on Form 1040. Instead, use Form 843. For more details, see Publication 505, Tax Withholding and Estimated Tax.

Line 72 – Credit for Federal Tax on Fuels: Enter any credit for federal excise taxes paid on fuels that are ultimately used for a nontaxable purpose (for example, an off-highway business use). Attach Form 4136, Credit for Federal Tax Paid on Fuels.

Line 73 – Additional credits: Report credits from Form 2439, Notice to Shareholder of Undistributed Long-Term Capital Gains, Form 8885, Health Coverage Tax Credit, credits for repayment under claim of right, and certain tax payments on this line. If you check more than one box, enter the total of the line 73 credits and payments.

Credit for Repayment under Claim of Right: If you are claiming a credit for repayment of amounts you included in your income in an earlier year because it appeared you had a right to the income, include the credit on line 73 and enter “I.R.C. 1341” to the right of line 73. See Publication 525, Taxable and Nontaxable Income, for details about this credit.

Tax payments not reported on other lines: If you made a tax payment that does not belong on any other line, include the payment on line 73. Check box d and enter “Tax” in the space next to that box.  

Page 2: Form 1040, line 68 to line 71

Chapter 6 – Payments