How to Fill Out Form 1040 | Preparing your Taxes | Money Instructor
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- Опубліковано 30 чер 2024
- Learn how to fill out IRS Tax Form 1040 using an example form and a step-by-step beginner's guide.
UPDATE FOR 2024 FOR 2023 TAXES ➡️ • How to Fill Out Form 1...
If you are new to Taxes start here:
➡️How to do Taxes • How to do Taxes - Tax ...
Learn what is the IRS 1040 tax form, and how to fill it out by looking at an example. Form 1040 U.S. Individual Income Tax return walkthrough. Here we will step through some of the more common filled in lines for the the 1040, to help give you an idea of what things you likely will need to fill out, for help preparing your form. Example uses form 1040 for 2021 for filing taxes in 2022, with single taxpayer and step by step and line by line instructions.
For more help with taxes we suggest TurboTax. ➡️content.moneyinstructor.com/t...
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Money Instructor does not provide tax, legal or accounting advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your own situation.
This video has been *UPDATED* with the 2023 tax form for 2024 tax season!
How to Fill Out form 1040 for 2023 | 2024 Taxes 👉ua-cam.com/video/CfeMRjdI-Qw/v-deo.html
👉SUBSCRIBE TO OUR UA-cam CHANNEL: ua-cam.com/users/moneyinstructor
This helped me, especially with line 16-TAX. I had no idea you have to look into the Instructions and find your income under the gigantic Tax Table. Really helped my return look and feel more legit. Thank you! Wish we learned this stuff in high school.
Glad it helped!
@@moneyinstructor by filling out a 1040, does it cover both fed and state? Or is there a separate 1040 for state taxes?
@@FlippingTheFort The 1040 only covers Federal taxes. Each State has its own separate tax form for state taxes.
@@FlippingTheFort of course there's a separate state return most states have income taxes
Thanks for the help, your a life saver!🔥
Good job man 👍 keep em coming It was easy the understand and fill the form out 👍😃👍 A+ bruh
Very helpful, thank you.
Great video. Great pace and explanation. Thanks.
Glad it was helpful!
Thank you very much easy to understand and very instructional very appreciated be blessed! 🙏
Please explain the all credit. And limitations
Please don’t delete this! Thank you!
Thank you.
Ok
Fantastic video !!! Hope you'll do the 1040-SR.
Excellent!
Actually the best video on UA-cam👌
Thank you!
Omg this was a blessing
I love the description
Why seek a tax pro when you can do it yourself. Thanks alot sir.
You been awesome!
Thanks for the information this is good
I don't like how the money spirit floats across my screen while staring deep into my soul.
This video! This is what they should have taught in schools!
Thanks!
@money instructor. Thank you for creating this video.
Thank you. You are welcome!
Thanks 👍
My girl needed a bank statement and w2s last week and I was worried about her loosing her not getting her car loan 😴 but everything good now only because of deelscafe good work 👍
thanks for this comment it helped me in getting my new car after i saw his page on i.g
Thanks it answered some questions the form did not answer I did have the instruction booklet
Excellent video! Very easy to understand!
Glad it was helpful!
Thank you.
Nice thanks
Thank you too!
Thanks!
Thanks!
thank you.
So i can actually use this file this🙏🏽🙏🏽🙌🏾🙌🏾
You are welcome!
When you say total tax paid, are you referring the income tax witheld + the medicare tax witheld? Or it's just the Income tax witheld?
Thank you so much.
I am filing a zero return because I am applying for ITIN number using Form W-7.
I am putting all zeros in those columns because we didn't do any business in 2021.
Is this a correct method?
It was cold for a chance to see a lot of cool things
Where do I enter distribution from Canadian registered retirement savings plan in 1040 form? The distribution were from selling my mutual funds.
Thank you for this great explanation! What to do when line 33 is less than line 24? Not sure, do I have to insert negative numbers?
Generally speaking, when Line 33 (your total payments) is less than Line 24 (your total tax), this generally means that you have not paid enough tax for the year and will owe additional money to the IRS.
Keep in mind that this video, as well done as it was, does not cover everything. For example, if you have to fill out any line on the 1040 that is not covered here, the tax table will help, but finding that number might be slightly more complicated.
Yeah and they changed it on the 2022 and this video instead of helping, made it more confusing bc of the changes. So something that could be done in about 30 45 minutes. I spent that much time just figuring out where the line the video was talking about.
They should either do an update or make a note that the numbers and lines have changed.
1040 Form: When sending in the form, should I send it in as a single double sided form or single sided two page form?
when i fill in 2b on the computer it keeps rounding the number down. do i add what it says on w2 or the rounded down number?
Yep, that is where my calculations were off. I didn't have that Tax Table page as a guide line.
Hmmm, I didn't see that as a separate page down at the local IRS office.🤔
where are the tax-exempt interest from?
They should have videos like this in class
Thanks!
Hello,
I am filling out a CSU application for college and it is asking me to input my Parents' adjusted gross income (AGI) for 2022 and my Parents' untaxed income and benefits for 2022. I know the AGI can be found on line 11 of the 1040 form on the 2022 Individual Tax Return, but I want to confirm where I can find the amount for the untaxed income and benefits? Is it line 2a where it says “Tax-exempt interest” or is it line 2b where it says “Taxable interest”? Line 2a is blank, but line 2b has an amount. Which one would I put?
Thank you!!!
This was extremely helpful and informative, thanks!
...but my god, that cold, dead stare sends shivers through my bones. It's already manifesting in my nightmares.
😂😂😂😂😂
Is the income you put the amount when you fill the 1040 form out or from prior year?
Yes the prior year on your W-2 form
Thanks great video
My question is what happens if your taxable income is negative
In general, if your taxable income is negative, you would still need to file a tax return, and the process of filling out the 1040 tax form would be similar to if you had positive taxable income. The difference would be that instead of owing taxes, you may receive a tax refund or have a tax liability reduced. This is just a general overview and that the specific steps and requirements for reporting a negative taxable income on the 1040 tax form can vary based on your specific tax situation, so you may want to consult with a tax professional.
@@moneyinstructor Alright thank you very much
What happened to 1040 EZ?
This is a little tricky for 2022 bc that firm uses numbers and letters now and now straight numbers for lines. I don’t know why they make doing the taxes like passing the law bar. U made a certain amount and pay the tax amount on and should be that easy like buying something at a store. I’m hate doing taxes bc it should be made more easy, especially if it’s straight forward and you don’t have all those deductions.
There must be a conspiracy to have many not file and the irs profits from the penalties and wants you to fail the tax filings.
Can you tell us how to file a zero income tax return with a dependent?
Did you found out?
How do I do this if there was no W2 or 1099 ? What if it's just income you want to file for and have the total tracked by adding up checks ?
If you did not receive a W-2 or 1099, you still need to report your income on your tax return. Since you do not have any documentation, you will need to calculate your income by adding up all the checks you received.
You will need to report it on a line of the tax form depending on the type of income. If you are unsure of which line to report your income on, I recommend consulting the instructions for the specific tax form you are using.
It is important to note that if you have been paid cash for any work, you are still required to report this income on your tax return. Failure to do so could result in penalties and interest charges. To report your income accurately, you should keep track of all the checks you received and the total amount of cash payments you received throughout the year. You can then report this total amount your Form 1040. Additionally, you may want to attach a statement explaining how you calculated your income. It is also worth noting that you may be required to pay self-employment taxes on your income if you are considered to be self-employed. This would include anyone who is working as an independent contractor or freelancer.
This information is for educational purposes only. If you have any concerns or questions about reporting your income, it is recommended that you seek the advice of a qualified tax professional.
iI have filed my free tax fars on July 27, 2022, I have not received my my stimulus payment. the last and only one I received was on April 2021.
Thanks for saving me from goin to jail
No problem!
How i get 1040 and state tax form for efile?
👍
Is the Form 1040-S is actually the Form 1040 or they are different Forms? I am non US person and I want to know this because I have a US income.
There are different type of tax forms for form 1040. This is the standardized/normal from. No this is Form 1040 and not 1040-S
Hello, I'm 24 and not working currently or in college anymore (graduated in 2020). Can my parents claim me as a qualifying relative or a qualifying child on their taxes for 2021 tax return?
Here is information from the IRS:
According to the IRS:
To claim your child as your dependent, your child must meet either the qualifying child test or the qualifying relative test:
To meet the qualifying child test, your child must be younger than you and either younger than 19 years old or be a "student" younger than 24 years old as of the end of the calendar year.
There's no age limit if your child is "permanently and totally disabled" or meets the qualifying relative test.
In addition to meeting the qualifying child or qualifying relative test, you can claim that person as a dependent only if these three tests are met:
Dependent taxpayer test
Citizen or resident test, and
Joint return test
Since you are not a student anymore, and not younger than 24 you do not likely pass the qualifying child test. The qualifying relative test depends on support, etc.
This online IRS interview will help you determine dependent status:
www.irs.gov/help/ita/whom-may-i-claim-as-a-dependent
Money Instructor does not provide tax, legal or accounting advice. This information has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your own situation.
@@moneyinstructor Thank you! I have another question, I was just checking through my cash app and I realized that I sold a stock at $1.67 that I had originally paid $1 for. Cash App sent an email to me & all users saying that anyone who sold a stock for more than what they paid to get it may owe taxes. My parents just filed for taxes on Monday with H&R Block and they claimed my sister and I “credit for other dependents” only since we are 23 and 24 and no longer in school or currently working at this very moment. Will my parents have to amend their taxes not claiming me anymore because I gained $0.67 more than what I paid for the stock? Cash App said they will send a form but idk if they will. Is this bad? Do I have to file? I also received $0.01 each from two companies I had invested $1 & $5 dollars in 2021.
seems easy
The ease of filling out the 1040 form really does depend on the complexity of your individual tax situation. For some, particularly those with straightforward financial circumstances, it can be quite simple. However, for others who may have multiple income sources, deductions, credits, or other financial factors to consider, the process can become more involved.
Since my late husband died .7 yrs ago .i file myself only
Yes
ua-cam.com/video/7yjCfJaf1WU/v-deo.html
Hail Mary, full of Grace, the LORD is with Thee.
Blessed art Thou amongst women, and blessed is the fruit of Thy womb, JESUS.
Holy Mary, Mother of God, pray for us sinners, now and at the hour of our death.
Amen.
I am over 65, where can download 1040 SR? What is the different between 1040 and 1040 SR? Please advice
If you google with your question above, google takes to the IRS site and gives the answers. I think the SR one has to do with people were born before 60 something like that. Google it with this: What is the different between 1040 and 1040 SR? It jumps to the IRS site straight to the form.
Why do you skip line 37? I know you are owed a refund, but I would think once filling line 37, the refund line would cancel out the owed line.
It was skipped because no additional taxes were owed. Taxes were already paid.
Line 37 calculates the amount you owe, subtracting line 33 from line 24; otherwise, it remains blank.
Can I combine w2s that's I didn't get file 2021 with 2022 and fill out this form
Not sure if we clearly understand your question, but in general you need to report the income on the w2 for the year you received it.
you skipped the only thing I wanted confirmation about (lines 2 & 3), next time get a 1099 and point at what goes where
.... If the federal reserve is not attached to the government why are we giving them our social security number ?
If I SINGLE and I have two dependents who are not my children. should I apply as a single or head of household?
ciso can you help me make the statement. can you please?
Please check out the IRS website for more information, or consult with your tax advisor.
This video is soo great 👍 and it helped me alot thanks to the video maker, but my cousin told me about one veliscyberclinic and I got my tax return and 1040 forms ready..
Why does this form look different than what the IRS has?
If you are looking for the 2022 Form, for doing taxes in 2023, then see our newer video ua-cam.com/video/dXjHkaNOFBo/v-deo.html
Several errors. Line 22. If 0 or less write 0. Line 21 is nothing/0. SO 0 - (example) 353 = -353. So instead you must write 0. But you wrote 353.
Looks like you are subtracting line 18 from line 21, instead of subtracting line 21 from line 18 as the form states.
Didn’t understand one word this man said cuz his nose 👃 kept waggin around lol
How I do my taxes if I'm single?
See our new video on filling out the 1040 ua-cam.com/video/CfeMRjdI-Qw/v-deo.html
Or you can also see the video for single no dependents ua-cam.com/video/s6RCtODoUQA/v-deo.html
Tax getting more complicated, where I used to enter a single line on the 1040, I need an extra sheet(s) like on Schedule I, 2, 3, etc. Now there are more forms needed for the same things as to prior years, if the return is more involved that the video. What a waste of paper and time!
This video is soo great de and it helped me alot thanks to the video maker, but good comments talked about veliscyberclinc and he's really good in making tax return and 1040 forms
Thank you.