If you’re pretty tech savvy and you can handle the internet, you can get printable IRS 1040 tax forms online. There are links to frequently downloaded forms, such as the form 1040. Just find the form you’re looking for and download. You can find other tax forms and publications also. It’s easy to save these documents to your personal computer, to a flash drive or you can just print several copies if you choose. IRS tax forms are available here.
If you’re the type of person who wants to go old school, feel free to stop by your local post office or library and get your tax forms. All of the most common forms are available there. You may want to grab yourself a few extra copies just in case you need to revise. If you’re thinking ahead, you may also call the IRS and they will personally mail any and all requested documents needed for your business or your home, again they give you the option to decide how many copies you would like.
1040 form instructions
The instructions for the IRS 1040 tax form can be quite complicated. The IRS offers forms and publications on their web site and you will find many documents which may be helpful. Most of us don’t understand what they want or where we are supposed to enter information. The best way to complete a 1040 form is to use online tax software such as TurboTax online. You don’t have to wonder where to place your information. The correct tax form will be chosen for you and your information will be put in all the right places.
The 1040 form explained
The Form 1040 is one of the tax forms that US taxpayers can use to file their federal taxes. This form has numerous sections, which allows you to report your income, take deductions and credits, and determine the amount of money you will receive in the form of a refund. Depending on the type of income, that you received throughout the year you may have to attach additional forms to form 1040 also.
How to report your income on form 1040
The first page of the form is where you will calculate your AGI. You will have to enter various information about all of your income sources. You will also find a box that is for “other income”, which is where you will report all of the income that does not fit into the other categories. Keep in mind that you are responsible for reporting all income, regardless of who gave it to you, unless it is considered tax-exempt income. All of the income items are what make up your total income.
Once your total income has been calculated, you will be able to claim specific deductions/adjustments to reach your AGI. For example, some acceptable adjustments could include half of the self-employment tax payments that you paid, IRA contributions and student loan interest. Your AGI is very important because many deduction limitations are affected by it.
Exemptions & deductions
The second page of this form starts with your AGI, which can now be lowered even more with the standard deduction or itemized deductions. If you decide to itemize your deductions, you would be including things such as un-reimbursed business expenses, mortgage interest, and other similar things. Keep in mind if your itemized deductions are not more than the standard deduction, it is ideal to just skip itemizing your deductions and take the standard deduction.
Once you have selected the best deduction for your tax situation you will want to reduce your taxable income even more by taking an exemption for yourself and any dependents that you can claim. Once done, you will have your taxable income, which is the amount of money that you will pay taxes on.
Tax calculations & credits
The next step in the process is for you to determine how much tax you owe on your taxable income by referencing the tax tables. When you use Turbo Tax, you can skip going through the headache because they will automatically calculate everything for you. When you compare your total tax withholdings to your tax bill at the bottom of the form, you will be informed as to whether you need to make a payment to the IRS or if they will be giving you a refund.
Additionally, if you are entitled to any credits, make sure you claim them, so you can reduce the amount that you owe even more. When you turn to TurboTax 2016 for help it will be like an interview. They will ask easy to answer questions while filling in the correct tax forms for you behind the scenes. The answers you provide will enable them to see which deductions and credits you qualify for. In the event that you are unsure how to answer a question there are tax experts readily available to help you.