Filling out tax form 1040 is standard for every taxpayer required to file taxes in the United States. 1040A and 1040EZ are the easier short forms, and 1040 is the long version.
If you are planning on filing your own tax return this year, you will need to choose the right IRS form 1040 for your situation. Each form requires you to fill out the top portion with name, address, social security number, and any other identifying information requested. This is how the IRS tracks you.
You will need to have a filing status and decide how many deductions you are claiming. The next part is to fill in all employment information including earnings and employer addresses. You also have to supply the employer’s tax ID number.
The W-2 tax forms your employer sent you should contain all of this relevant information. The next portion is to adjust your income by subtracting away anything you paid including student loan interest, mortgage interest, educational expenses, and any moving expenses you may have incurred. You may itemize if this will give you the largest adjustment.
Enter any payments you have made in the past year and any earned income credit. If the amount of taxes you paid is more than what you owed, you will receive a refund. If you did not pay enough taxes, then you will owe the government.
Not sure which form to use? When you file with TurboTax, you don’t need to know a thing about tax forms. We’ll ask you simple questions and fill in all the right forms for you. Visit http://www.easyincometaxfilingonline.com/ to learn more.
Comments