On line 61 0f my form 1040, I have the letters "UT" and a dollar amount that is added to my tax from line 56 for a total S amount. What is "UT"?
Optional Information: High Point, North Carolina Already Tried: Turbo tax answering system, the web to get a copy of the instruction booklet for form 1040, which I haven't been able to find.
Dear Rodney,
Thanks for your question.
I am not understanding. My form 1040, line 61 is the total of lines 56 through 60, and it has no designation for codes such as UT.
http://www.irs.gov/pub/irs-pdf/f1040.pdf
You must mean the dotted line next to line 61 where the initials may be added for a particular tax. "UT" would be the code for uncollected taxes, particulary:
uncollected social security and medicare taxes on tips, group life insurance or RRTA tax.
this should be reflected in box 12, codes A, B, M, or N on form W-2.