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How to fill out a Tax Return

How to fill out a Tax Return

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How to fill out a Tax Return

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  1. A tax return for a typical teenager (2013 return) How to fill out a Tax Return (about 70 slides)

  2. Tax Return Forms 1040 1040A 1040EZ Choose one (or you can avoid paper and just e-file)

  3. Tax Return Forms 1040 1040A 1040EZ All adjustment, deduction, and credit options included

  4. Tax Return Forms 1040 1040A 1040EZ • Only the most popular adjustment, deduction, and credit options included All adjustment, deduction, and credit options included

  5. Tax Return Forms 1040 1040A 1040EZ • Only the most popular adjustment, deduction, and credit options included All adjustment, deduction, and credit options included • No dependents; • No adjustments; only a few credits included

  6. Tax Return Forms 1040 1040A 1040EZ Teenagers • Only the most popular adjustment, deduction, and credit options included All adjustment, deduction, and credit options included • No dependents; • No adjustments; only a few credits included

  7. 1040 Form Gross Income- Adjustments Adjusted Gross Income -Deductions -Personal ExemptionTaxable Income Gross Tax Liability -Tax CreditsNet Tax Tax Table

  8. 1040 Form 1040EZ Form Gross Income- (Deductions + PE)Taxable Income Net Tax Gross Income- Adjustments Adjusted Gross Income -Deductions -Personal ExemptionTaxable Income Gross Tax Liability -Tax CreditsNet Tax Tax Table

  9. 1040EZPersonal Information Alex Mayer 123 45 6789 7956 Cottonwood Lane Sacramento, CA 95828

  10. Income—Line 1

  11. Gross Income • Wages and tips are taxable

  12. Gross Income • Wages and tips are taxable • Unemployment compensation is taxable

  13. Gross Income • Wages and tips are taxable • Unemployment compensation is taxable • Babysitting money is taxable

  14. Gross Income • Wages and tips are taxable • Unemployment compensation is taxable • Babysitting money is taxable • Gifts are not taxable.

  15. Gross Income • Wages and tips are taxable • Unemployment compensation is taxable • Babysitting money is taxable • Gifts are not taxable. • Scholarship money used for tuition or books is not taxable; it is not income—it’s tax free.

  16. Gross Income • Wages and tips are taxable • Unemployment compensation is taxable • Babysitting money is taxable • Gifts are not taxable. • Scholarship money used for tuition or books is not taxable; it is not income—it’s tax free. • Scholarship money used for room and board is taxable

  17. Wages and Tips • Your employer keeps track of how much money you’ve earned for the whole year

  18. Wages and Tips • Your employer keeps track of how much money you’ve earned for the whole year • They also keep track of how much money they withheld from your paycheck for the whole year.

  19. Wages and Tips • Your employer keeps track of how much money you’ve earned for the whole year • They also keep track of how much money they withheld from your paycheck for the whole year. • This information is on your W-2 form

  20. Wages and Tips • Your employer keeps track of how much money you’ve earned for the whole year • They also keep track of how much money they withheld from your paycheck for the whole year. • This information is on your W-2 form • You receive your W-2 form from your employer by the end of January.

  21. Fed Taxes Withheld Wages 8,250.00 572.00 Alex Mayer 7956 Cottonwood Lane Sacramento, CA 95828 8,250.00 98.50 State Taxes Withheld W-2 Form The Regents of UC La Jolla, CA 92023

  22. Income—Line 1 8,250 00

  23. Taxable Interest—Line 2 8,250 00

  24. Taxable Interest • Interest you earn in a bank account is taxable income.

  25. Taxable Interest • Interest you earn in a bank account is taxable income. • Your bank keeps track of how much interest you have earned for the whole year.

  26. Taxable Interest • Interest you earn in a bank account is taxable income. • Your bank keeps track of how much interest you have earned for the whole year. • This information is on form 1099-INT

  27. Taxable Interest • Interest you earn in a bank account is taxable income. • Your bank keeps track of how much interest you have earned for the whole year. • This information is on form 1099-INT • Your bank will send you a 1099-INT in January, AND send a copy to the IRS

  28. Interest Income Alex Mayer 7956 Cottonwood Lane Sacramento, CA 95828 1099-INT Wells Fargo Bank San Francisco, CA 96061 5.74

  29. Taxable Interest—Line 2 8,250 00 5 74

  30. Unemployment Compensation—Line 3 8,250 00 5 74

  31. Unemployment Compensation • If you are fired, you can collect Unemployment Compensation money as you look for another job.

  32. Unemployment Compensation • If you are fired, you can collect Unemployment Compensation money as you look for another job. • You cannot collect any money if you quit your job.

  33. Unemployment Compensation • If you are fired, you can collect Unemployment Compensation money as you look for another job. • You cannot collect any money if you quit your job. • The state of California keeps track of how much unemployment compensation you received.

  34. Unemployment Compensation • If you are fired, you can collect Unemployment Compensation money as you look for another job. • You cannot collect any money if you quit your job. • The state of California keeps track of how much unemployment compensation you received. • This information is on form 1099-G

  35. Unemployment compensation California Dept of Revenue Alex Mayer 7956 Cottonwood Lane Sacramento, CA 95828 1099-G 243.15

  36. Unemployment Compensation—Line 3 8,250 00 5 74 243 15 If you were not fired, your Unemployment compensation (Line 3) will be zero. Will your Line 3 be zero? Yes, let’s hope so…

  37. Just add lines 1, 2, and 3 Total Income—Line 4 8,250 00 5 74 243 15 8,498 89

  38. Standard Deduction and Personal ExemptionLine 5 Dependents check Yes and fill out worksheet 8,250 00 5 74 243 15 8,498 89 

  39. Dependent’s Worksheet(on back of 1040EZ) 8,250.00 8,600.00 8,600.00 6,100.00 6,100.00 0 6,100.00

  40. Standard Deduction and Personal ExemptionLine 5 8,250 00 5 74 243 15 8,498 89  6,100 00

  41. Taxable Income—Line 6 8,250 00 5 74 243 15 8,478 89  6,100 00 2,378 89 Line 4 – Line 5 “Take away line 5 from line 4”

  42. Tax you already paid—Line 7 8,250 00 5 74 243 15 8,498 89  6,100 00 2,378 89

  43. Fed Taxes Withheld 8,250.00 572.00 Alex Mayer 7956 Cottonwood Lane Sacramento, CA 95828 8,250.00 98.50 W-2 Form The Regents of UC La Jolla, CA 92023

  44. Tax you already paid—Line 7 8,250 00 5 74 243 15 8,498 89  6,100 00 2,378 89 572 00

  45. Credits and Tax—Lines 8a and 8b 8,250 00 5 74 243 15 The EIC is for people 25 years or older, not a dependent, and earning very little money. 8,498 89 6,100 00 2,378 89 572 00 0 00

  46. Line 7 + Line 8a Payments and credits—Line 9 8,250 00 5 74 243 15 8,498 89  6,100 00 2,378 89 572 00 0 00 572 00

  47. Tax you owe—Line 10 8,250 00 5 74 243 15 8,498 89  6,100 00 2,378 89 572 00 0 00 572 00

  48. 8,250 00 5 74 243 15 8,498 89 Tax you owe—Line 10 Tax Table  6,100 00 2,378 89 572 00 0 00 572 00

  49. Tax Table Taxable Income $2,378.89 Single Tax = $239

  50. Tax you owe—Line 10 8,250 00 5 74 243 15 8,498 89 6,100 00 2,378 89 572 00 0 00 572 00 239 00