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Individual Income Tax Guide

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Line 61 – Health Care: Individual Responsibility: You must either have health care coverage for yourself, your spouse (if filing jointly), and anyone you could or did claim as a dependent, qualify for a health coverage exemption, or make a shared responsibility payment with you tax return. The shared responsibility payment is usually referred to in practice as the”individual mandate penalty.”

If you had qualifying health care coverage (called minimum essential coverage) for every month of 2016 for yourself, your spouse (if filing jointly), and anyone you could or did claim as a dependent, check the box on this line and leave the entry space blank.

Otherwise, do not check the box on this line and see the Individual Mandate Penalty page for more information on whether you are subject to the penalty and how to calculate the amount you owe.

Minimum essential coverage. Most health care coverage that people have is minimum essential coverage. It includes:

See here for more information on what qualifies as minimum essential coverage.

Premium tax credit: If you, your spouse, or a dependent enrolled in health insurance through the Marketplace, you may be able to claim the premium tax credit. See the instructions for line 69 and the Premium Tax Credit page for more information.

Line 62 – Other Taxes: Use this line to report any taxes not reported elsewhere on your return or other schedules. To find out if you owe the tax, see the form or publication indicated. In the space next to the line, enter the amount of the tax and the code that identifies it. If you need more room, attach a statement listing the amount of each tax and the code. Enter on the line the total of all of the following taxes you owe.

Additional Medicare Tax: This tax is calculated on Form 8959, Additional Medicare Tax, which must be include with your return if the tax applies to you or you had tax withheld for it. It may apply to you if your total of your wages and self-employment income was more than:

It may also apply if you had railroad retirement (RRTA) compensation that was more than the threshold amount that applies to you.

If you are married filing jointly and either you or your spouse had wages or RRTA compensation of more than $200,000, your employer may have withheld Additional Medicare Tax even if you do not owe the tax. If you will not exceed the $250,000 threshold for your filing status, the amount that was withheld may be refundable to you.

Check box “a” if you owe the tax. For more information about the tax, see the Additional Medicare Tax page.

Net Investment Income Tax: See Form 8960, Net Investment Income Tax— Individuals, Estates, and Trusts, and its instructions if the amount on Form 1040, line 38, is more than:

If you file Form 2555 or 2555-EZ, see Form 8960 and its instructions if the amount on Form 1040, line 38, is more than:

Check box “b” if you owe the tax.

See the Net Investment Income Tax page for more details.

Other taxes: For the following taxes, check box “c” and, in the space next to that box, enter the amount of the tax and the code that identifies it. If you need more room, attach a statement listing the amount of each tax and the code.

1. Additional tax on health savings account (HSA) distributions (see Form 8889, Health Savings Accounts Part II). Identify as “HSA.”

2. Additional tax on an HSA because you did not remain an eligible individual during the testing period (see Form 8889, Health Savings Accounts, (HSA) Part III). Identify as “HDHP.”

3. Additional tax on Archer MSA distributions (see Form 8853, Archer MSAs and Long-Term Care Insurance Contracts). Identify as “MSA.”

4. Additional tax on Medicare Advantage MSA distributions (see Form 8853, Archer MSAs and Long-Term Care Insurance Contracts). Identify as “Med MSA.”

5. Recapture of the following credits.

a. Investment credit (see Form 4255, Recapture of Investment Credit). Identify as “ICR.”

b. Low-income housing credit (see Form 8611, Recapture of Low Income Housing Credit). Identify as “LIHCR.”

c. Indian employment credit (see Form 8845, Indian Employment Credit). Identify as “IECR.”

d. New markets credit (see Form 8874, New Markets Credit). Identify as “NMCR.”

e. Credit for employer-provided child care facilities (see Form 8882, Credit for Employer-Provided Childcare Facilities and Services). Identify as “ECCFR.”

f. Alternative motor vehicle credit (see Form 8910, Alternative Motor Vehicle Credit). Identify as “AMVCR.”

g. Alternative fuel vehicle refueling property credit (see Form 8911, Alternative Fuel Vehicle Refueling Property Credit). Identify as “ARPCR.”

h. Qualified plug-in electric drive motor vehicle credit (see Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit). Identify as “8936R.”

6. Recapture of federal mortgage subsidy. If you sold your home in 2016 and it was financed (in whole or in part) from the proceeds of any tax-exempt qualified mortgage bond or you claimed the mortgage interest credit, see Form 8828, Recapture of Federal Mortgage Subsidy. Identify as “FMSR.”

7. Section 72(m)(5) excess benefits tax (see Publication 560, Retirement Plans for Small Business). Identify as “Sec. 72(m)(5).”

8. Uncollected social security and Medicare or RRTA tax on tips or group-term life insurance. This tax should be shown in box 12 of Form W-2, Wage and Tax Statement, with codes A and B or M and N. Identify as “UT.”

9. Golden parachute payments. If you received an excess parachute payment (EPP), you must pay a 20% tax on it. This tax should be shown in box 12 of Form W-2, Wage and Tax Statement, with code K. If you received a Form 1099-MISC, Miscellaneous Income, the tax is 20% of the EPP shown in box 13. Identify as “EPP.”

10. Tax on accumulation distribution of trusts (see Form 4970, Tax on Accumulation Distribution of Trusts). Identify as “ADT.”

11. Excise tax on insider stock compensation from an expatriated corporation. You may owe a 15% excise tax on the value of nonstatutory stock options and certain other stock-based compensation held by you or a member of your family from an expatriated corporation or its expanded affiliated group in which you were an officer, director, or more-than-10% owner. See Code Section 4985. Identify as “ISC.”

12. Interest on the tax due on installment income from the sale of certain residential lots and timeshares. Identify as “453(l)(3).”

13. Interest on the deferred tax on gain from certain installment sales with a sales price over $150,000. Identify as “453A(c).”

14. Additional tax on recapture of a charitable contribution deduction relating to a fractional interest in tangible personal property. See Publication 526, Charitable Contributions. Identify as “FITPP.”

15. Look-back interest under Sections 167(g) or 460(b). See Form 8697, Interest Computation Under the Look-Back Method for Completed Long-Term Contracts, or Form 8866, Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method. Identify as “8697” or “8866.”

16. Additional tax on income you received from a nonqualified deferred compensation plan that fails to meet the requirements of Section 409A. This income should be shown in box 12 of Form W-2, Wage and Tax Statement, with code Z, or in box 15b of Form 1099-MISC, Miscellaneous Income. The tax is 20% of the amount required to be included in income plus an interest amount determined under Section 409A(a)(1)(B)(ii). See Section 409A(a)(1)(B) for details. Identify as “NQDC.”

17. Additional tax on compensation you received from a nonqualified deferred compensation plan described in Section 457A if the compensation would have been includible in your income in an earlier year except that the amount was not determinable until 2016. The tax is 20% of the amount required to be included in income plus an interest amount determined under Section 457A(c)(2). See Section 457A for details. Identify as “457A.”

18. Tax on noneffectively connected income for any part of the year you were a nonresident alien (see the Instructions for Form 1040NR). Identify as “1040NR.”

19. Any interest amount from Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund line 16f, relating to distributions from, and dispositions of, stock of a Section 1291 fund. Identify as “1291 INT.”

20. Any interest amount from Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund, line 24. Identify as “1294 INT.”

Page 2: Form 1040, line 61 to line 62

Chapter 5 – Other Taxes