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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 (2012 return) How to fill out a Tax Return

  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

  10. 1040EZPersonal Information Alex Mayer 123 45 6789 7956 Cottonwood Lane Sacramento, CA 95828

  11. Income—Line 1

  12. Gross Income • Wages and tips are taxable

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

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

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

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

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

  18. Wages and Tips • Your employer keeps track of how much money you’ve earned 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.

  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

  21. 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.

  22. W-2 Form

  23. Your Employer W-2 Form The Regents of UC La Jolla, CA 92023

  24. You Alex Mayer 7956 Cottonwood Lane Sacramento, CA 95828 W-2 Form The Regents of UC La Jolla, CA 92023

  25. 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

  26. Wages 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

  27. Fed Taxes Withheld Wages 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

  28. 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

  29. 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

  30. Income—Line 1

  31. Income—Line 1 8,250 00

  32. Taxable Interest—Line 2 8,250 00

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

  34. 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.

  35. 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

  36. 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

  37. 1099-INT

  38. Your Bank 1099-INT Wells Fargo Bank San Francisco, CA 96061

  39. Alex Mayer 7956 Cottonwood Lane Sacramento, CA 95828 You 1099-INT Wells Fargo Bank San Francisco, CA 96061

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

  41. Taxable Interest—Line 2 8,250 00

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

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

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

  45. 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.

  46. 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.

  47. 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

  48. 1099-G

  49. California Govt. Department 1099-G California Dept of Revenue

  50. California Dept of Revenue Alex Mayer 7956 Cottonwood Lane Sacramento, CA 95828 1099-G You