IRS Form 1040. We file 1040 forms, not 1040A, 1040EZ, etc. 1040 is split up into 4 general areas Taxpayer information Income Taxes & Credits Payments/Refunds.

Slides:

Advertisements

Similar presentations

Banking Complete form 1040EZ. Complete form 1040A.

Advertisements

Affordable Care Act Premium Tax Credit 1. Definitions 2 Affordable Care Act o A combination of laws passed to expand health care coverage options while.

Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

TAX-AIDE Patient Protection and Affordable Care Act (PPACA) Better known as ACA.

© Kristina Shroyer 2011 VITA: Winter 2011 Lesson 25: Foreign Tax Credit Winter 2011 Kristina Shroyer.

TAX-AIDE Other Taxes Pub 4491 – Part 6 Pub 4012 – Tab H.

Morris County AARP TaxAide TaxWise Familiarization.

The 1040-EZ Form. Most people have an accountant do their taxes. Most people have an accountant do their taxes. But you don’t need an accountant if: But.

0 Finish W4 and I9 if not completed… Personal Finance Unit 4 Chapter 12 © 2007 Glencoe/McGraw-Hill.

EKS Training November 22, December 6 and 13th. Review Day #1 Tax Law Review  Filing Status  Exemptions  Income: Taxable vs Nontaxable  Standard Deduction.

TAX-AIDE State/Local Income Tax Refunds Form 1040Line 10 Pub 4491Page 69.

Wake Forest University Center for Int’l Studies Winston-Salem, NC.

Maximizing Tax Benefits and Credits for Persons With Disabilities.

Taxes for Teens Using the IRS “1040EZ” Form.

Standard Deduction, Filing Status, Exemptions. Three Separate Topics? Why look at these topics together? They are related: The amount of the standard.

IRS Website below - Please find a computer and log on to this site. Use it as a reference if you have questions during this process. Filling out Tax Documents.

Patient Protection and Affordable Care Act (PPACA) Better known as ACA

Tax Preparation Financial Literacy.

Standard and Itemized Deductions Page 2 2.

VITA: 01/17/09 Lesson 23: Credit for Child and Dependent Care Expenses Winter 2008 Kristina Shroyer.

VITA: 01/17/09 Lesson 19: Standard Deduction and Tax Computation Winter 2008 Kristina Shroyer.

5.2. What’s a tax return?  Simply put, this is a set of forms to help you calculate your tax obligation. Note: Not everyone must file a tax return. If.

Federal Income Taxes Information You Should Know.

CREDITS: DEPENDENT CARE, CTC, ETC. NON-REFUNDABLE CREDITS  Non-refundable credits reduce the amount of tax owed.  If no tax is owed, or if the credit.

VITA: 01/17/09 Lesson 26: Child Tax Credit Winter 2008 Kristina Shroyer.

Earned Income Credit (EIC) Objectives: – Determine if a taxpayer is eligible for the EIC. – Calculate the EIC. Lesson: – Explain the meaning of "refundable.

Tax Bases Anderson: Structure of Taxes. What is Taxed? Defining the Tax Base The tax base reflects what is taxed, and therefore what is not taxed as well.

EKS Training November 22, December 6 and 13th. Houseke eping  Classroom ground rules o Ask when unsure o ….  Restrooms  No food in lab  Cell phone.

Chapter 7 Federal Income Tax

Ordinary Tax Rates for Single Filing Status [Tax Rate Schedule X, Internal Revenue Code section 1(c)]Single Filing Status If taxable Income is:abcde Over.

FEDERAL INCOME TAXES Just the basics…... Filing status Single Married – joint filing Married – separate filing Head of household – meet conditions, can.

© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Filing Tax Returns.

Lesson 6 Child Tax Credit. Objectives Calculate the Child Tax Credit using the child tax credit worksheet Calculate the Additional Child Tax Credit by.

Federal 1040 Overview v0.8FAM-20 Federal 1040 Overview1.

Completing the 1040EZ 1040 EZ vs A Day 3. Read the Tax Process article In your notebook: What is the maximum income you can earn in order to complete.

Education Benefits American Opportunities Credit

Chapter 4 Tax Planning and Strategies Tax Planning and Strategies.

©2015, College for Financial Planning, all rights reserved. Session 3 Income Tax Calculation and Tax Credits CERTIFIED FINANCIAL PLANNER CERTIFICATION.

EKS Training Scenario Two. Ground Rules o Don’t work ahead – stay on the current task o Turn off your cell phone o Question/Comments – raise your hand,

EKS Training Scenario Five. Ground Rules o Don’t work ahead – stay on the current task o Turn off your cell phone o Question/Comments – raise your hand,

New Jersey Return Additional Entries NJ 1040 Instructions NJ Special Handling Document on TaxPrep4Free.org NJ 1040-Lines.

Refund / Amount Owed Pub 4012 Tab K (Federal 1040-Lines 75-79) NJ TAX TY2014 v11.

State Income Tax Refund & Alimony Pub 17, Chapters 12 & 18 (Federal 1040-Lines 10 & 11) (NJ 1040-Line 24) NJ TAX TY2014 v11.

Tax Payments Form 1040 Lines Pub 4012 Tab Payments v11.0 VO.pptx 12/29/20111Tax Law Training (NJ) TY2011 v11.0.

Write This Down Tax Returns Who has to file tax return by 4/15/2014? FederalState Only if you made more than certain amount in 2013 Living w/ parents Single,

EKS Training Scenario Five. Ground Rules o Don’t work ahead – stay on the current task o Turn off your cell phone o Question/Comments – raise your hand,

EKS Training Scenario Four. Ground Rules o Don’t work ahead – stay on the current task o Turn off your cell phone o Question/Comments – raise your hand,

Given the IRS 1040EZ tax form, sample Instructions, and financial information sheets, you will complete the Payments / Credits / Tax section with complete.

Familiarization Training NJ TAX-AIDE 2015 – 2016 SOMERSET COUNTY 1.

McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Principles of Taxation Chapter 13 The Individual Tax Formula.

1 NY3 Instructor Training Overview. 2 NY3 Instructor Training 2009 Federal Return (1040)

Chapter 14 The Individual Tax Model Taxable Income Computation Taxable Income Computation  Add all income from whatever source derived during the taxable.

Taxes and Your Paycheck Career and Financial Management 2.

Lesson EZ Instructions. Round all values To the nearest dollar.

Completing a W4 Form. How does an employer know how much taxes to withhold from your paycheck? A. They will withhold as much as possible B. You inform.

Get informed Refund tax | unfiled tax returns Get informed Refund tax | unfiled tax returns A tax refund or tax rebate is a repayment on taxes when the.

Overview of a tax return

Social Security and Railroad Retirement Equivalent

Taxes for Teens for Mrs Miller’s Seniors

Principles of Business, Marketing and Finance

State Income Tax Refund & Alimony

AARP Foundation Tax-Aide

How tax is calculated on your Taxable income Example Your gross income = $126,000 Your deduction = $ 6,000 Taxable income = $120,000.

Taxes for Teens Using the IRS “1040EZ” Form.

Form 1040EZ Personal Finance.

7.4 Forms 1040EZ and 1040A.

Taxes for Teens for Mrs Miller’s Seniors

RETIREMENT INCOME PUB 4012 Pages D-17 – d-28.

Advanced Financial Algebra

South Carolina Return.

Presentation transcript:

IRS Form 1040

We file 1040 forms, not 1040A, 1040EZ, etc is split up into 4 general areas Taxpayer information Income Taxes & Credits Payments/Refunds Due and Signature 2

Taxpayer Information Includes: Personal information for taxpayer & spouse Presidential election campaign question Filing status (lines 1– 5) Exemptions, including Dependents (lines 6a-d) Input into TaxWise on the Main Information Screen 3

Form 1040 Page 1 Taxpayer Info 4 Personal Information

Form 1040 Page 1 Taxpayer Info 5 Presidential Election Campaign

Form 1040 Page 1 Taxpayer Info 6 Filing Status

Form 1040 Page 1 Taxpayer Info 7 Exemptions (including Taxpayer, Spouse & Dependents)

Income All sources of income included in this section (lines 7-22) Income derived from various tax forms usually issued by employer, financial institution, government agency, etc Information from tax forms and client interview entered into the respective form or worksheet in TaxWise TaxWise puts the appropriate values into the 1040 Adjustments to income included in this section (lines ) Final line on page is “Adjusted Gross Income” (line 37) 8

1040 Page 1 Income 9 Income

1040 Page 1 Adjustments to Income 10 Adjustments

1040 Page 1 Income 11 Adjusted Gross Income (AGI)

Taxes & Credits Page 2 Taxable Income Start with “Adjusted Gross Income” (line 38) Deduct Itemized or Standard Deductions (lines 39-41) Deduct Personal Exemptions (line 42) Arrive at “Taxable Income” (line 43) Calculate Tax on “Taxable income” (line 44) Total Tax Start with Calculated Tax on Taxable Income (line 44) Add any excess medical insurance premium aid received through the Affordable Care Act that has to be repaid (advance premium tax credits) (line 46) Deduct non-refundable tax credits (Credits that reduce tax up to zero dollars) (lines 48-55) Add other taxes due (lines 57-62) Bottom line is “Total Tax” (line 63) 12

1040 Page 2 Taxes & Credits 13 Adjusted Gross Income (AGI)

1040 Page 2 Taxes & Credits 14 - Deduct Itemized or Standard Deductions

1040 Page 2 Taxes & Credits 15 - Deduct Exemptions

1040 Page 2 Taxes & Credits 16 = Arrive at Taxable Income

1040 Page 2 Taxes & Credits 17 Calculated Tax

1040 Page 2 Taxes & Credits 18 + Excess Advance Premium Tax Credit Repayment

1040 Page 2 Taxes & Credits 19 - Deduct Nonrefundable Credits

1040 Page 2 Taxes & Credits 20 + Add Other Taxes

1040 Page 2 Taxes & Credits 21 = Bottom Line is “Total Tax”

Payments/Refund/Owe Payments Apply tax withheld and estimated payments Add refundable credits (these credits can exceed the amount of the tax you owe and increase your refund) Total is your total payments Subtract total payments from total tax If payments are greater than total tax, you are entitled to a refund If payments are less than total tax, you owe taxes 22

Payments/Refund/Owe 23 Apply tax withheld & estimated payments

Payments/Refund/Owe 24 Apply refundable credits

Payments/Refund/Owe 25 = Total of all payments

Payments/Refund/Owe 26 = Bottom Line (A refund / You owe)

Direct Deposit/ Sign In the box below the refund is a spot for direct deposit information Bottom of the form is the signature box 27

Direct Deposit/Sign 28 Direct Deposit information

Payments/Refund/Owe/Sign 29 Signature Line