I didnt know about 1040sr and when the H and R lady said I didnt owe any thing I didnt berleive her so I came spent the whole day thinking I had to pay taxes based on box 3, Many Thanks, now I need to check Iowa to see if I owe them
[4:23pm PST] @SaintOres.com Thanks Jibin. Yes, I am planning to do as many of the forms and schedules as I can the next couple of months. I appreciate the suggestion.
I did my 1040 sr yesterday and watched your video to see if I made any errors. My only suggestion is that you briefly explain the Schedules and forms that you skipped over and note why they may or may not be required. After reviewing the forms purpose, I found that they didn’t pertain to me, so I did as you and skipped them. But it took a lot of effort to come to that understanding. Also, an alternate SSI situation could also have been helpful. For me, I ended up using the .85 reduction, since my total was greater than the standard deduction. I know you can’t include all variables, but reasons for skipping over referenced forms would be helpful.. Thanks for posting this video. All in all, it was very helpful and it is much appreciated.
If I was a college student and you were a professor, I would take every single one of your classes… love your soft voice and accent. Also love your mannerisms. Watched your videos just to hear you explain and teach..
Very helpful video, Katie. Question: I’m a retired pastor and my monthly annuity is designated as housing allowance. Can I take standard deductions or does this designation require me to itemize? Thank you!
Hello Setti, The best way to learn about taxes is to become and Enrolled Agent. (EA) Here is a link to the Association website. www.naea.org/education-events/enrolled-agent/
[10:33am PST] @SaintOres.com Hello Yoalis, I plan to do that exact video after the new changes are made at the beginning of 2022. So I'll do a video for IRS Form 1040 and for Form 1040-SR.
Hello , Thank you for the video, am trying to get a better understanding about 1040 form! which forms goes into form 1040 but not part of it and which forms considered part of 1040 form ?
[4:13pm PST] @SaintOres.com Hey Zee, Depending on your tax situation, you will have multiple forms flowing to 1040. For example: Schedule B. Interest and Dividend Income. Schedule E. Rental and Royalty Income. Schedule 1. Additional Income and Adjustments to Income. Schedule F. Profit or Loss From Farming. Schedule K-1. (1041) Distributions Partnership.
[11:39 AM PST] @SaintOres.com Hello Sue, If Box 2a on your 1099-R reads unknown, leave it blank, and TurboTax should provide you with follow-up questions.
If (my wife and myself income) is SS and income from a part-time jobs. Can we use the SR? I AM 76 and my wife is 75. All our income comes from social security and part-time employment. Our total is $58,002.
[12:31pm PST] @TaxesbyKatie.com Hey Charles, Yes. Form 1040-SR is available as an optional alternative to using Form 1040 for taxpayers who are age 65 or older. Form 1040-SR has no limit on the amount of your total income for a given taxable year.
She did not mention that if you also have an IRA account, you can take 2/3 or 66% of the difference between your taxable income and your standard deduction, so for her example, you can take $4000.00 from an IRA ACCOUNT and still pay zero taxes, in the sample that she used, there is a more profound benefit for couples that have high social security benefits and low pensions, so as an example if you have SS $42,000 AND other income including pensions an interest income totalling $18,000 then you can take $4000.00 from an IRA and still pay zero taxes. The more you know.
This is the Video I've been looking for a week now. Thank you so much, Katie! My husband is on SS . we have 2 children ages 11 and 15. We are advised to file a Return to claim Recovery Rebates for my children's 1st and 2nd Stimulus package. I hope you can make a video about how to file Recovery Rebates. One more question, we are in the Philippines. Can we use a Philippines Address for our Tax Return? Our income is only SS Pension and we don't normally file for Tax Return. Please help me.
[11:31am PST] @TaxesbyKatie.com Hello Murahomesa, Only one spouse must be age 65 or older in order to file 1040SR - if you are filing a married filing jointly return. The same scenario for 2021.
[10:48 AM PST] @saintores.com Hello Leslie, If you received money for social security benefits, you must include the amount from the statement on your tax return; it has nothing to do with your age.
[11:11am PST] @SaintOres.com Hello Jim, Thanks for the suggestion, I will add that to my next 1040-SR video. If you file a tax return as Married Filing Jointly and your combined income is between $32,000 and $44,000, then you may be taxed on up to 50% of your benefits.
Do I have to fill out any additional form if I HAVE A 67 YEAR OLD DEPENDE T WHO IS MY DEPENDENT AND I AM 75.I am filing as head of household. I AM USING FORM 1040SR.
My wife and I did not get our first stimulus checks. I’ve been told I can apply for it on my 2020 income tax form. How do I do that? Also, we bought a solar panel system for our home. How do I claim a deduction for that?
Please, I need help bad on this problem, if the amount on line 14 of the 1040-sr2021 tax return is more than line 11 what do you put on line 15, how can you subtract a larger number from a smaller, does this mean I put zero and owe no tax, they don''t make it clear, thanks in advance....
@@KatieStOresCFPChFCEA hi how are you I'm trying understand this 1040 senior form I'm 38 years old I got it in the mail today. So i don't feel it out but I signed it anyway. I got a booklet today in the mail
[2:47pm PST] @SaintOres.com Hello Kevin, I do not have a video on that. My plan is to do those videos after the new forms and rules are out. The beginning of the new year is safe.
[10:04am PST] @SaintOres.com Hello R S, If you had any taxes withheld from W-2s, 1099-Rs, or other forms. You will include them on Line 25 (a, b, or c), Federal Income Tax Withheld, on the second page of your 1040. I hope this helps.
Hello Howard, Yes, you have the new version. Line 6a for the current tax year should be Social Security Benefits. The prior version that was used in the video, Line 6 was for Capital Gain or Loss. And the standard deduction moved from page one to page two.
@@KatieStOresCFPChFCEA Thank for the reply, I figured it out and finished the form. This is my first time doing it on my own for years, it was costing me to much, so I had to do it on my own. Cost- 0
Thanks for posting, question, how to I report Unemployment income, pandemic shutdown in Vermont for 1 month but there was bonus money, so about 4000. Income before I retired, about 13000 income, then after retiring I received 12000 from Soc Security, I am confused, thank you?
[9:31 AM PST] @TaxesbyKatie.com Hello Halvey, You report your unemployment compensation on Schedule 1 of your federal tax return in the Additional Income section. The amount will be carried to the main Form 1040. On your Vermont tax return, your unemployment benefits will go on Line 1. These unemployment benefits, and the additional unemployment benefits in coronavirus relief, are taxable in the same manner. Vermont Department of Taxes should have mailed you your 1099-G form for the unemployment benefits.
[02:12 PM PST] @TaxesbyKatie.com Hello JoAnn, Fortunately, some of these expenses are deductible if you itemize your personal deductions. These include health insurance premiums (including your Medicare premiums), long-term care insurance premiums, prescription drugs, nursing home care, and most other out-of-pocket heath care expenses.
Thanks Katie for this informative video. I would like to clarify filing status: * I am U.S. citizen resident of Japan * Income is Pension & social security only. * Wife is Japanese citizen also resident in Japan. * Wife is dependent and no income to report to U.S. Question: Can I file as head of household? Thanks.
[11:11am PST] @TaxesbyKatie.com Hello Jerry, The answer is No. You must meet the IRS criteria for being "considered unmarried" on the last day of the tax year to qualify as head of household.
Katie I received SSI and direct deposit,, the IRS sent my $600 stimulus check to a close account, can I file a 1040 Sr to get my $600 stimulus check, I'm 63 years old, if I can what is the best way to do it, also when can I send it in
Good question. I did my taxes yesterday and had the same question. So I googled the question and found that the IRS has a posted explanation. The stimulus checks are considered a tax credit and do not have to be listed on your 1040 sr. You may want to also do the google search, so you can read the full explanation. I am not a tax accountant so you may want to verify my opinion. The information was readily found through the search and it gives a more fulsome explanation.
hello miss katie,why my husband can files taxes with out my sign only he has put is my ocupation? its been 5 years now hes doing that is that allowed by IRS?
Hey Carima, Form 1040 provides space for signatures of both spouses and states: “If a joint return, both must sign.” However, there are two exceptions to this general rule. You can read up on these exceptions online if your interested.
[11:51am PST] @TaxesbyKatie.com Hello Leisin, Form 1040-SR is available as an optional alternative to using Form 1040 for taxpayers who are age 65 or older. In your case you have to use Form 1040.
Thank you Katie for your reply and your video. My husband age 79, and my age 62, he got pension and SS. I got SS base from my husband. I already fill out form 1040-SR. But you mention only California and Texas, my state NC need to file state income tax return beside this form, could you please give info what kind of form I need to add beside this form 1040 -SR? Thank you 🙏
[9:44am PST] @SaintOres.com Hello Woof, The IRS has general filing requirements for most taxpayers. Even if no tax is owed, most people file a return if their gross income is more than the automatic deductions for the year. The primary automatic deduction is the the standard deduction. Its amount will depend on your filing status and age.
I won $8000 on a horse race (it was a lucky fluke). I had taxes taken out when I cashed my ticket. Do I need to put that info on the form under "other income". If so where do I put the amount of taxes withheld?
[9:26 AM PST] @TaxesbyKatie.com Hey Gwen, I think you should play the Lotto next. You must report your gambling winnings as "Other Income" , Line 8 on Form 1040 and on Schedule 1, Line 8. The tax withed will be on 1040, Line 25 "Federal Income Tax Witheld from", "Other Forms" 25(C).
Dear Katie , you skip the foreign country like it did not existed, seniors live in Panama. Costa Rica, Mexico etc... the instructions manual DO NOT have space to put address ask only country, city, zip code overseas, is that correct ? I appreciate if you can tell what line number I fill for rental income from Schedule E for 2019, I have not file it yet. And what line number I fill for rental income from Schedule E for 2020, I heard line 17.
Hello Luiz, Sorry I skipped over the foreign country section. Since I live in Oregon, I set my example in the video in Oregon. Back to your Rental Question: Rental income will be on 2019 Form 1040, Line 7a (Other Income from Schedule 1). On Schedule 1, Rental Income will be on Line 5 (Rental real estate, Attach Schedule E). Kudos to you for trying to do it by hand, but you might want to use some tax preparation software in this case.
@@KatieStOresCFPChFCEA OMG I can believe you exist, nobody gives support like this, to call IRS and have a human on the phone is very limited. I will revise what you explained and get back to you if needed. 2020 can be filled on line but 2019 does not have this option I have to fill by hand and mail it. ( you don´t mention 2020 the line to be filled might be different line of 2019)
[5:02 PM PST] @TaxesbyKatie.com Hello again Luiz, Yes, I do exist. But a little tired after doing tax returns all day...... Line for Other Income from Schedule 1 on 1040 for 2019 and 2020 are different. For 2020 it is line 8, not 7a like on the 2019 form. I'll have to do a new updated video for next the tax year.
@@KatieStOresCFPChFCEA I forgot the very first question, I live abroad, have a condo in Florida rented. I don´t put the rented property when filling the top of the form(stay blank ?) but only the Foreign Adress ? they ask for Country, City, Zip Code and no address overseas, is that correct ? The instructions manual says so or I misunderstood. Please do only when you have some spare time, thanks.
Hi, I am 70 years old and I have a dependent with a disability of 30 years old. I received SSA 1099 for my self for $2780 and for my daughter I received SSA 1099 $2760. That is the only income I had. Do I need to file my income taxes?
[9:47 AM PST] @TaxesbyKatie.com Hello Vivian, Based on the information you provided, none of your SSDI is taxable because your income is below the threshold. Hence, you are not required to file.
Hello Mohammad, Since you are preparing tax returns, I would recommend joining a tax preparer's group where professionals ask and answer these types of questions.
A taxable amount is a vague way of looking at your situation, because zero is an amount, so if your SS benefits are taxable, when you finish the 1040 form you still may be in the zero tax bracket, you must do both forms to get the answer. Even if your SS benefit work sheets shows that a part of your SS is taxable. Do the MATH.
This is a good video, but skips a lot of steps because income is not taxable. Do a new video where income is taxable and then we will see all the steps required.
Hello Sone, Give the IRS a call at their helpline. Prepare for a wait. IRS live phone assistance is extremely limited at this time. For Economic Impact Payment questions, call 800-919-9835.
I didnt know about 1040sr and when the H and R lady said I didnt owe any thing I didnt berleive her so I came spent the whole day thinking I had to pay taxes based on box 3, Many Thanks, now I need to check Iowa to see if I owe them
Thank you SO MUCH for this perfectly clear and succinct instruction. It's just what I needed!
Thanks Holly, Clear and succinct is a nice complement.
Thank so much for your explain very well in Tax 1040sr.
Thanks Danavy, Glad it was helpful!
Thanks... helped out with my mom’s taxes.
You're welcome...
Well done
Well explained
Could you please prepare videos of all 1040 related Forms and schedules in detail.??
[4:23pm PST] @SaintOres.com
Thanks Jibin. Yes, I am planning to do as many of the forms and schedules as I can the next couple of months. I appreciate the suggestion.
Thank you for sharing the information.
Thanks Visaghan, You are very welcome.
Thank you so much . Lot of thanks to you
Thanks Dancer, You are most welcome
I did my 1040 sr yesterday and watched your video to see if I made any errors. My only suggestion is that you briefly explain the Schedules and forms that you skipped over and note why they may or may not be required. After reviewing the forms purpose, I found that they didn’t pertain to me, so I did as you and skipped them. But it took a lot of effort to come to that understanding. Also, an alternate SSI situation could also have been helpful. For me, I ended up using the .85 reduction, since my total was greater than the standard deduction. I know you can’t include all variables, but reasons for skipping over referenced forms would be helpful.. Thanks for posting this video. All in all, it was very helpful and it is much appreciated.
This is for 2019. Anything for filing your 2020 taxes
Thank you for your easy to follow video. Love your accent!
[2:12pm PST] @TaxesbyKatie.com
Thanks Jose, You are so welcome! I'm glad you like the 'Wisconsin' accent.
Loved > Liked. Take care of yourself…can tell you have a KIND heart.
If I was a college student and you were a professor, I would take every single one of your classes… love your soft voice and accent. Also love your mannerisms. Watched your videos just to hear you explain and teach..
Thanks for your help with Taxes.🌷🌷🌷
[03:06PM PST] @TaxesbyKatie.com
Thanks Danavy, You are so welcome!
Yes, im taking income tax accounting, helped me complete my form, A+ lol.
[10:23am PST] @TaxesbyKatie.com
Thanks Trucker, My first A+... I'm glad the video helped. Good time to get into tax accounting. Good luck.
@@KatieStOresCFPChFCEA yes it is, I applied for my ptin.
Thanks Katie
You're welcome Misha.
Very helpful video, Katie. Question: I’m a retired pastor and my monthly annuity is designated as housing allowance. Can I take standard deductions or does this designation require me to itemize? Thank you!
Thank you for the video, it's very helpful.
[11:31am PST] @TaxesbyKatie.com
Thanks Ken, Glad it was helpful!
Thank u 🙏
You're welcome 😊
Hi thank you for sharing your knowledge and I need to learn us tax so please advise me thankyou
Hello Setti, The best way to learn about taxes is to become and Enrolled Agent. (EA) Here is a link to the Association website. www.naea.org/education-events/enrolled-agent/
is it possible to use tax filing software like H&R Block Tax Cut or Turbotax to fill out the Form 1040-SR?
[10:43am PST] @SaintOres.com
Hey Medmann, Yes, you can use any of those.
Katie thank you very much for you videos. Do you have explanation about the 1040 for for married joined with W2 and two kids?
Again thank you.
[10:33am PST] @SaintOres.com
Hello Yoalis, I plan to do that exact video after the new changes are made at the beginning of 2022. So I'll do a video for IRS Form 1040 and for Form 1040-SR.
You need to discuss affects of CAREs Act.
Hey Joe, Thanks for the suggestion. I did do a video awhile ago called the 'Cares Act and your IRA', but I'll look into doing a more current one.
thanks Katie, can you do one with filing jointly with social security and 401K distributions in higher brackets? Whereby the 85% of the S.S. is taxed?
Yes Mark, Thanks for the suggestion. I plan to do a little longer version of the 1040SR for next tax season.
Loved the way you showed👏👏
[12:58pm PST] @SaintOres.com
Thanks Anju.... Now get back to cooking.
Hello, will these step by step instructions work with the 2023 forms 1040-sr? Thank you!
Yes. The instructions will be the same.
Thank you for sharing
Hello Sari, You're welcome. Thanks for watching!
Hello , Thank you for the video, am trying to get a better understanding about 1040 form!
which forms goes into form 1040 but not part of it and which forms considered part of 1040 form ?
[4:13pm PST] @SaintOres.com
Hey Zee, Depending on your tax situation, you will have multiple forms flowing to 1040. For example:
Schedule B. Interest and Dividend Income. Schedule E. Rental and Royalty Income. Schedule 1. Additional Income and Adjustments to Income. Schedule F. Profit or Loss From Farming. Schedule K-1. (1041) Distributions Partnership.
How to File Return if we don't normally file Tax?
Senior: Single File with two Dependents ages 11 and 15
Thank you.
[11:41am PST] @TaxesbyKatie.com
Thanks James, You're welcome!
Thank-You!
[2:14pm PST] @TaxesbyKatie.com
Thanks a lot Brenda, You're welcome!
I have TurboTax and on my 1099R line 2a box has "UNKNOWN" so what taxable income do I put down?
[11:39 AM PST] @SaintOres.com
Hello Sue, If Box 2a on your 1099-R reads unknown, leave it blank, and TurboTax should provide you with follow-up questions.
If (my wife and myself income) is SS and income from a part-time jobs. Can we use the SR?
I AM 76 and my wife is 75.
All our income comes from social security and part-time employment.
Our total is $58,002.
[12:31pm PST] @TaxesbyKatie.com
Hey Charles, Yes. Form 1040-SR is available as an optional alternative to using Form 1040 for taxpayers who are age 65 or older. Form 1040-SR has no limit on the amount of your total income for a given taxable year.
how about example if pay tax back for IRS
thank you
Thanks Claudia, You're welcome
Thank you so much. I would like to ask you, whats the difference from your example when one of the fillers is blind?
[1:03pm PST] @TaxesbyKatie.com
Hey RS, For anyone who is both 65 and blind, the additional deduction amount is doubled.
Thank you very much!
Thanks Howard, You're welcome!
How about tutorial 1040sr using turbotax
She did not mention that if you also have an IRA account, you can take 2/3 or 66% of the difference between your taxable income and your standard deduction, so for her example, you can take $4000.00 from an IRA ACCOUNT and still pay zero taxes, in the sample that she used, there is a more profound benefit for couples that have high social security benefits and low pensions, so as an example if you have SS $42,000 AND other income including pensions an interest income totalling $18,000 then you can take $4000.00 from an IRA and still pay zero taxes. The more you know.
She stipulated initially the example assumed only pensions and social security income used for the example.
This is the Video I've been looking for a week now. Thank you so much, Katie!
My husband is on SS . we have 2 children ages 11 and 15. We are advised to file a Return to claim Recovery Rebates for my children's 1st and 2nd Stimulus package. I hope you can make a video about how to file Recovery Rebates. One more question, we are in the Philippines. Can we use a Philippines Address for our Tax Return? Our income is only SS Pension and we don't normally file for Tax Return. Please help me.
we did not receive our 2nd stimulus check 2x $600.00 what tax form to correct this?
My wife is not 65yrs yet. Is this scenario the same for 2021 1040sr filing jointly?
[11:31am PST] @TaxesbyKatie.com
Hello Murahomesa, Only one spouse must be age 65 or older in order to file 1040SR - if you are filing a married filing jointly return. The same scenario for 2021.
@@KatieStOresCFPChFCEA Thanks, Blessings!
Thanks... You're welcome
Is it form 1040-SR(married filling jointly) suitable for the dv lottery?
[1:56pm PST] @SaintOres.com
Hello Mithu, Yes, it is.
I am not over 65 but I am also receiving social security benefit, do I have to include mine together with my husband’s SS benefit?
[10:48 AM PST] @saintores.com
Hello Leslie, If you received money for social security benefits, you must include the amount from the statement on your tax return; it has nothing to do with your age.
what if you add all income plus 50% of SS and it's over 32,000.00 then what .why not give an example for that ?
[11:11am PST] @SaintOres.com
Hello Jim, Thanks for the suggestion, I will add that to my next 1040-SR video. If you file a tax return as Married Filing Jointly and your combined income is between $32,000 and $44,000, then you may be taxed on up to 50% of your benefits.
Do I have to fill out any additional form if I HAVE A 67 YEAR OLD DEPENDE T WHO IS MY DEPENDENT AND I AM 75.I am filing as head of household. I AM USING FORM 1040SR.
My wife and I did not get our first stimulus checks. I’ve been told I can apply for it on my 2020 income tax form. How do I do that? Also, we bought a solar panel system for our home. How do I claim a deduction for that?
Please, I need help bad on this problem, if the amount on line 14 of the 1040-sr2021 tax return is more than line 11 what do you put on line 15, how can you subtract a larger number from a smaller, does this mean I put zero and owe no tax, they don''t make it clear, thanks in advance....
[1:23pm PST] @TaxesbyKatie.com
Hello Viet Veteran, Then you put ZERO on line 15. Your taxable income will be zero.
@@KatieStOresCFPChFCEA Thank you so much Katie...
@@KatieStOresCFPChFCEA hi how are you I'm trying understand this 1040 senior form I'm 38 years old I got it in the mail today. So i don't feel it out but I signed it anyway. I got a booklet today in the mail
do you have a site for people who file seperately but married?
[2:47pm PST] @SaintOres.com
Hello Kevin, I do not have a video on that. My plan is to do those videos after the new forms and rules are out. The beginning of the new year is safe.
I receive SSI direct deposit, but when I received my stimulus check, they sent it in the mail, how can I give the IRS my bank account numbers
Go to irs.gov and see if you can add it through there. My daughter and I had to do the same thing. Good Luck!
What happen to the tax witheld
[10:04am PST] @SaintOres.com
Hello R S, If you had any taxes withheld from W-2s, 1099-Rs, or other forms. You will include them on Line 25 (a, b, or c), Federal Income Tax Withheld, on the second page of your 1040. I hope this helps.
My form is different then the one you show, there is a 6a on mine. and no standard deductions I am confused.
Hello Howard, Yes, you have the new version. Line 6a for the current tax year should be Social Security Benefits. The prior version that was used in the video, Line 6 was for Capital Gain or Loss. And the standard deduction moved from page one to page two.
@@KatieStOresCFPChFCEA Thank for the reply, I figured it out and finished the form. This is my first time doing it on my own for years, it was costing me to much, so I had to do it on my own. Cost- 0
Great, $0.00 is always nice. Extra money to spend on something fun.
Thanks for posting, question, how to I report Unemployment income, pandemic shutdown in Vermont for 1 month but there was bonus money, so about 4000. Income before I retired, about 13000 income, then after retiring I received 12000 from Soc Security, I am confused, thank you?
[9:31 AM PST] @TaxesbyKatie.com
Hello Halvey, You report your unemployment compensation on Schedule 1 of your federal tax return in the Additional Income section. The amount will be carried to the main Form 1040. On your Vermont tax return, your unemployment benefits will go on Line 1. These unemployment benefits, and the additional unemployment benefits in coronavirus relief, are taxable in the same manner. Vermont Department of Taxes should have mailed you your 1099-G form for the unemployment benefits.
@@KatieStOresCFPChFCEA Yes, I received the 1099G. Thank you
Can I file my medicare insurance, medicare supplement insurance and medicare part d prescription drug insurance on my taxes.
[02:12 PM PST] @TaxesbyKatie.com
Hello JoAnn, Fortunately, some of these expenses are deductible if you itemize your personal deductions. These include health insurance premiums (including your Medicare premiums), long-term care insurance premiums, prescription drugs, nursing home care, and most other out-of-pocket heath care expenses.
Thanks Katie for this informative video. I would like to clarify filing status:
* I am U.S. citizen resident of Japan
* Income is Pension & social security only.
* Wife is Japanese citizen also resident in Japan.
* Wife is dependent and no income to report to U.S.
Question: Can I file as head of household?
Thanks.
[11:11am PST] @TaxesbyKatie.com
Hello Jerry, The answer is No. You must meet the IRS criteria for being "considered unmarried" on the last day of the tax year to qualify as head of household.
@@KatieStOresCFPChFCEA Thanks much for your clarification on the matter. I appreciate it. Cheers, Jerry - Tokyo.
Katie I received SSI and direct deposit,, the IRS sent my $600 stimulus check to a close account, can I file a 1040 Sr to get my $600 stimulus check, I'm 63 years old, if I can what is the best way to do it, also when can I send it in
Can you please show me how to do 1040 form for recovery rebate for 1200 stimulus the first one
Hey David, Thanks for the input. I look into doing a video for that.
Good question. I did my taxes yesterday and had the same question. So I googled the question and found that the IRS has a posted explanation. The stimulus checks are considered a tax credit and do not have to be listed on your 1040 sr. You may want to also do the google search, so you can read the full explanation. I am not a tax accountant so you may want to verify my opinion. The information was readily found through the search and it gives a more fulsome explanation.
hello miss katie,why my husband can files taxes with out my sign only he has put is my ocupation? its been 5 years now hes doing that is that allowed by IRS?
Hey Carima, Form 1040 provides space for signatures of both spouses and states: “If a joint return, both must sign.” However, there are two exceptions to this general rule. You can read up on these exceptions online if your interested.
Hello Katie, in our case, we are an immigrant couple, 50 years old with 2 girls, and we have ITIN Number, can we use this video as an example?
[11:51am PST] @TaxesbyKatie.com
Hello Leisin, Form 1040-SR is available as an optional alternative to using Form 1040 for taxpayers who are age 65 or older. In your case you have to use Form 1040.
@@KatieStOresCFPChFCEA Thank you so much!!
@@leisinmusic947 [10:57am PST] @TaxesbyKatie.com
You're welcome....
I live in North Carolina, can I just file form 1040 SR?
[1:03pm PST] @TaxesbyKatie.com
Hello Elaine, If you are age 65 or older, you can file form 1040SR regardless of your state of residence.
Thank you Katie for your reply and your video.
My husband age 79, and my age 62, he got pension and SS.
I got SS base from my husband.
I already fill out form 1040-SR. But you mention only California and Texas, my state NC need to file state income tax return beside this form, could you please give info what kind of form I need to add beside this form 1040 -SR?
Thank you 🙏
[3:43pm PST] @TaxesbyKatie.com
Hello again Elaine, You will also need to file North Carolina individual income tax return Form D-400.
Thank you Katie, please made video to fill in D-400.
Thank you very much for your kindness and time to help seniors and others. 🙏
[9:52am PST] @TaxesbyKatie.com
You're welcome, and thanks for the video idea.
if I owe nothing do I still have to send it in?
[9:44am PST] @SaintOres.com
Hello Woof, The IRS has general filing requirements for most taxpayers. Even if no tax is owed, most people file a return if their gross income is more than the automatic deductions for the year. The primary automatic deduction is the the standard deduction. Its amount will depend on your filing status and age.
@@KatieStOresCFPChFCEA your video was a big help, Many Thanks
[10:54am PST] @SaintOres.com
Thanks Woof, You're welcome...
And iam Indian tax consultant also
Should be a lot of help in the US if you already are an Indian Tax consultant.
What is the foreign country name option for? Thanks
[9:23 AM PST] @TaxesbyKatie.com
Hello Coming for unlucky Scott, this is for folks that have an address in foreign country.
👍👍
[01:02PM PST] @TaxesbyKatie.com Thanks Tanh
I won $8000 on a horse race (it was a lucky fluke). I had taxes taken out when I cashed my ticket. Do I need to put that info on the form under "other income". If so where do I put the amount of taxes withheld?
[9:26 AM PST] @TaxesbyKatie.com
Hey Gwen, I think you should play the Lotto next. You must report your gambling winnings as "Other Income" , Line 8 on Form 1040 and on Schedule 1, Line 8. The tax withed will be on 1040, Line 25 "Federal Income Tax Witheld from", "Other Forms" 25(C).
Dear Katie , you skip the foreign country like it did not existed, seniors live in Panama. Costa Rica, Mexico etc... the instructions manual DO NOT have space to put address ask only country, city, zip code overseas, is that correct ?
I appreciate if you can tell what line number I fill for rental income from Schedule E for 2019, I have not file it yet. And what line number I fill for rental income from Schedule E for 2020, I heard line 17.
Hello Luiz, Sorry I skipped over the foreign country section. Since I live in Oregon, I set my example in the video in Oregon. Back to your Rental Question: Rental income will be on 2019 Form 1040, Line 7a (Other Income from Schedule 1). On Schedule 1, Rental Income will be on Line 5 (Rental real estate, Attach Schedule E). Kudos to you for trying to do it by hand, but you might want to use some tax preparation software in this case.
@@KatieStOresCFPChFCEA OMG I can believe you exist, nobody gives support like this, to call IRS and have a human on the phone is very limited. I will revise what you explained and get back to you if needed. 2020 can be filled on line but 2019 does not have this option I have to fill by hand and mail it. ( you don´t mention 2020 the line to be filled might be different line of 2019)
[5:02 PM PST] @TaxesbyKatie.com
Hello again Luiz, Yes, I do exist. But a little tired after doing tax returns all day...... Line for Other Income from Schedule 1 on 1040 for 2019 and 2020 are different. For 2020 it is line 8, not 7a like on the 2019 form. I'll have to do a new updated video for next the tax year.
@@KatieStOresCFPChFCEA Right !!!
@@KatieStOresCFPChFCEA I forgot the very first question, I live abroad, have a condo in Florida rented. I don´t put the rented property when filling the top of the form(stay blank ?) but only the Foreign Adress ? they ask for Country, City, Zip Code and no address overseas, is that correct ? The instructions manual says so or I misunderstood. Please do only when you have some spare time, thanks.
Hi, I am 70 years old and I have a dependent with a disability of 30 years old. I received SSA 1099 for my self for $2780 and for my daughter I received SSA 1099 $2760. That is the only income I had. Do I need to file my income taxes?
[9:47 AM PST] @TaxesbyKatie.com
Hello Vivian, Based on the information you provided, none of your SSDI is taxable because your income is below the threshold. Hence, you are not required to file.
@@KatieStOresCFPChFCEA thank you very much and thank you for sharing those amazing educational videos.
@@vivianasantacruz8178 Thanks for the nice words Viviana.
I am full time student and I work home care for my grandmother and my income w-2 total $25650. And I live in together house? Tell me reply please
Hello Mohammad, Since you are preparing tax returns, I would recommend joining a tax preparer's group where professionals ask and answer these types of questions.
what do you do if the social security benefits have a taxable amount
[9:52am PST] @SaintOres.com
Hello Kelly, You report the taxable portion of your social security benefits on line 6b of Form 1040 or Form 1040-SR.
A taxable amount is a vague way of looking at your situation, because zero is an amount, so if your SS benefits are taxable, when you finish the 1040 form you still may be in the zero tax bracket, you must do both forms to get the answer. Even if your SS benefit work sheets shows that a part of your SS is taxable. Do the MATH.
Check Publication 915 schedule 1
Tax year now is 2020, not 2019.
Thanks Van, Tax year is 2020. The video was filmed last year, but the 1040-SR form was new then, and it is basically the same this year.
This is a good video, but skips a lot of steps because income is not taxable. Do a new video where income is taxable and then we will see all the steps required.
Hey Daryl, Thanks for the suggestion. I'll do some more videos on different situations for filing out the 1040-SR.
I don’t receive any money from the government to help me
$1,200 and $600 and $1,400😔
Hello Sone,
Give the IRS a call at their helpline. Prepare for a wait.
IRS live phone assistance is extremely limited at this time. For Economic Impact Payment questions, call 800-919-9835.
@@KatieStOresCFPChFCEA okay thanks you so much