Amy Irvine of Wine and Dime is back with another episode, and this time she's uncorking the secrets of Schedule 2 from the 1040 tax document. It may sound daunting, but Amy breaks it down like a fine wine, explaining the different types of taxes and penalties that can show up on Schedule 2.
But what's a tax episode without a wine recommendation? Amy suggests pairing your tax prep with a glass of Pudding River Winery's Willamette Valley Chardonnay. This "delightful" wine is the perfect complement to your financial musings, with its notes of apple and pear and a smooth finish that will leave you feeling refreshed and ready to tackle your taxes.
So next time you're faced with the daunting task of Schedule 2, remember to take it one sip at a time and pair it with a delicious glass of wine. Cheers to financial wellness and a well-stocked wine rack!
Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
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Main Discussion: Amy discusses Schedule 2 from the 1040 tax document, which includes additional taxes and penalties that a taxpayer may owe. She explains that Schedule 2 is used to report alternative minimum tax, excess advance premium tax credit repayment, additional taxes on IRA or other qualified retirement plans, and other taxes. Amy provides a helpful overview of each of these taxes and explains how they may apply to individual taxpayers.
In conclusion, Amy highlights the importance of understanding Schedule 2 and how it impacts your taxes. And of course, they recommend enjoying a glass of Pudding River Winery's Willamette Valley Chardonnay while reviewing your taxes.
Wine Recommendation: On this episode, Amy recommends a 2015 Willamette Valley Chardonnay from Pudding River Winery. She describes the wine as "delightful" with notes of apple and pear, a touch of vanilla, and a smooth finish. Pudding River Winery is a small, family-owned vineyard located in Salem, Oregon. Visit their website at puddingriver.com to learn more about their wines and vineyard.
Links that you might find helpful:
Schedule 2 of the 1040 tax document - The IRS website provides information on Schedule 2, including the different types of taxes and penalties that are reported on it: https://www.irs.gov/forms-pubs/about-schedule-2-form-1040
Alternative Minimum Tax (AMT) - The Tax Foundation has an article that provides a comprehensive overview of AMT, including how it works and who may be subject to it: https://taxfoundation.org/alternative-minimum-tax/
Excess Advance Premium Tax Credit Repayment - The healthcare.gov website provides information on this tax, including how it is calculated and who may be subject to it: https://www.healthcare.gov/glossary/excess-advance-premium-tax-credit-repayment/
Additional Taxes on IRA or other Qualified Retirement Plans - The IRS website provides information on these taxes, including the different types of retirement plans that may be subject to them: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions
Pudding River Winery - The winery's website provides information on their wines, vineyard, and tasting room: https://puddingriver.com/
Rooted Planning Group - The financial planning group's website provides information on their services, team, and approach to financial planning: https://www.rootedpg.com/
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.