Updates to Form 1040 for 2023 ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-hM-H1h3MB4I.html How to do Taxes - Tax Filing Guide for Beginners ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-FStJxsODHzs.html Getting Ready for Taxes: What documents you need ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-PmRV5pGI2bU.html 👉SUBSCRIBE: ru-vid.com
Thank you for this. I am learning in my economics class how to fill out a tax return form (Something useful for once) but I missed the class and had to do it on my own. This saved my life.
I'm applying for the first time, for the ITIN number. I couldn't get the accountant to help me, but I followed the tutorial. When I was scheduling an appointment I was told to fill in 10 40 for the 2022. Step by step and before you know it I was done. I'm dreading any forms, especially the ones I'm not familiar with, and it was really helpful to have someone explain it so well! I hope my meeting with the IRS goes well. Thank you!
This was very helpful! Thanks for sharing! A quick question to the expert: what should I write on line 16 if my line 15 on the 1040 fom was $112,010 during 2022?
Does state income tax, Medicare tax, and social security tax get included in the federal income tax withheld box? Or are these just not relevant to the 1040?
Thank you for the great video. Could you please make a video if the Taxpayer is a partner in a partnership firm, has paid PTE tax at entity level(Example partnership is located in AR state). How does it effect the partners K-1 and 1040 return, whether the Federal 1040 or AR state 1040
Question if the specific #on the form does not pertain to you is it left blank or filled in with zero? Which does the IRS prefer when doing it by hand?
This is confusing. Do we add up the total for Fed tax withheld, ss tax withheld and Medicare tax withheld and use that total and use that amount for box 25a?
You only add the federal income tax withheld amount (s). I know it's a lot of work but I complete my taxes using Turbo tax to see what number they get for my tax refund then I do my taxes on the 1040 form and compare the refund amounts. If I get the same amount then I know I completed my taxes correctly. I got the corect amount by only using the federal tax withheld, but I also looking the question up on the IRS page. Good luck
At the beginning, the top of the 1040 form it says "For the year Jan.1-Dec.31,2023... beginning and ending, is that stating how many years to claim my kid(s)?
The text at the top of the Form 1040 refers to the tax year for which the form is being filed. This means that the information you provide on this form should relate to income, deductions, credits, and other tax-related information for the year 2023.
My ITIN application got rejected, because I have not attached federal income tax return form. But my LLC was formed on 4th July,2024. Still I have to file 1040 nr nil form along with the application? I don't have any US source income.
I'm a college student and I don't understand tax that much. I skipped winter quarter (January 3 starts). Which tax form am I looking for during this year? 2023 or 2024? I see 2023 not 2024.
Since the Standard Deduction was increase/personal exemptions eliminated for the 2017-2025 tax seasons; what has been the % of those that have itemized deductions?
My worked messed mine up when the form changed last year. They rold me single and zero would be the same as it was before but i found out it is not the same. Single and zero takes out the least amount of taxes. How can i change that? With this form?
Only federal income tax withheld will be added to credits from Form W-2 not the Social Security and Medicare taxes or the state and local taxes. Correct ?
You'll need a separate form, Form 8962. To fill out Form 8962, you'll use information from another form, Form 1095-A, which you get from the Marketplace.
To claim a deduction for IRA contributions on your Form 1040 tax return, you should enter the amount of your deductible contributions on Schedule 1 under "Adjustments to Income." This total is then carried over to your Form 1040. Consult IRS instructions for more information on schedule 1.
I am a non-national who works on an oil rig. Where should the social security tax withheld and the medicare tax withheld be placed on the 1040 form? Should they be a part of the deductions at 25c?
In general, Social Security and Medicare taxes withheld by your employer are not reported as deductions on Form 1040. The amounts withheld are reported on your W-2, and you pay these taxes through payroll deductions throughout the year. However, as a non-national working on an oil rig, there might be specific tax rules applicable to your situation. For personalized advice, especially due to the unique nature of your situation, consulting with a tax professional is highly advisable.
Can I claim state income tax paid reflecting in box 17 of W2 while claiming standard deduction? If So in which line item of Form 1040 can I show state income for deduction?
Generally speaking, include all income from your W-2 on your Form 1040, which covers wages earned, including any from medical leave if paid by your employer and reported on the W-2. For other medical leave benefits not on your W-2, their taxability depends on how the premiums were paid. If you are not sure, consult with a tax professional.
1040 is for all, then for self employed there are additional forms to attach, good youtube videos but also investopedia has lots of articles describing specific forms/parts
Great question! Your filing status depends on your marital status at the end of the tax year (generally Dec 31st). There are five main categories: Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Widow(er).
Generally speaking, if ones taxable income is less than the standard deduction, it means that they won't owe any federal income tax. The standard deduction reduces your taxable income, and if this amount exceeds your income, it effectively brings your taxable income down to zero. However, you might still want to file a tax return, as you could be eligible for certain tax credits that could result in a refund.
