Line 7, capitol gains. Here it's just treated as ordinary income. Schedule D just has you add short and long term gains. I guess my question is, how are long term (specifically) capitol gains kept separate from ordinary income?
Great information, thank you! If I only earned 12,000.00 last year my line 16 is negative. How do I reflect this? Employer still took out federal taxes, I believe I am owed those monies back, no? Thank you for any additional insight you can provide. It's about 65.00, this is why I want to prepare myself. Have a great day!
I'm 100% a beginner, but I think you mis-typed your question. Line 16 on the 1040 form is the standard amount of federal taxes you owe as a single person. It's impossible for this amount to be a negative number. The tax table goes from $0 - $17,394. Only if the amount you already paid (Federal Income Tax Withheld) is higher than the standard amount a citizen owes, then you're entitled to a refund. Well, good luck to all of us!
Yes, thanks so very much! I'm paying again, BUT, I'd rather pay now then ahead of time .....and then beg for some back. Taxes & Death, the only guarantees. I really appreciate your response. Have an amazing day!
you do not need to file two separate Form 1040s. Instead, you can include the information from both W-2 forms on a single Form 1040 when you file your tax return.
I'm only 3 minutes into this video and its already the most clearest and best video ive seen on this. Thank you for making it so straight forward and simple to understand!
I hate how line 15 is worded. For someone not paying much attention to the exact wording or doesn't understand the difference, it can sound like you are subtracting, in your example, 13,850 from 52,059 which if subtracted the wrong way gets you a negative number. However, if someone only made 20,000 in a year, and they were head of household, line 15 would be 800 if subtracted the wrong way.
oh wow. @ 15:18 I'm one of those simple people ! never done this before, quite a valuable resource. thanks ! (yes, they stole every penny. might as well be lighting it on fire with those boxes)
