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Instructor – Howard Godfrey Professor of Accounting-UNC Charlotte File 4 Click speaker for voice.

Chapter 1. File 4 An Overview Form 1040 Updated January 17, 2011. Slides are not numbered – If you print six slides per page, read left to right, then down to next line of slides. C11-Chp-01-Form 1040-Sound-PP-2010-File-4.

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Instructor – Howard Godfrey Professor of Accounting-UNC Charlotte File 4 Click speaker for voice.

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  1. Chapter 1. File 4An OverviewForm 1040Updated January 17, 2011.Slides are not numbered – If you print six slides per page, read left to right, then down to next line of slides.C11-Chp-01-Form 1040-Sound-PP-2010-File-4

  2. This PowerPoint presentation is divided into multiple files, because adding sound causes the file size to be much bigger. This is File 4. Slides with sound show a yellow picture of a speaker. You can click on that speaker and hear some explanation from instructor.

  3. Instructor – Howard Godfrey Professor of Accounting-UNC Charlotte File 4 Click speaker for voice.

  4. Please review the following two documents before viewing this presentation. • Handout C11-Chp-01-3-Tax Problem and Return Preparation. • Form 1040 and Schedule A.Available for download at www.IRS.gov • Also have your Code book.

  5. In preceding slide presentations, we have discussed many tax rules applicable to reporting of income on page 1 of Form 1040. Our last segment was on determining Adjusted Gross Income, which is reported on the last line of page 1 of Form 1040 and carried to the first line of page 2 of Form 1040. Please take a look now.

  6. Page 2 – 1040 Sec. 63(a), (b) & (c)(3). 151(d)(1)

  7. Page 2 - 1040

  8. Schedule A §213 Medical Expenses §164 Taxes Paid §163 Interest Paid §170 Charitable contributions §165 Casualty Losses §162, 212 Miscellaneous Item. Ded.

  9. Sch. A-Medical. Sec. 213 See handout, assume Pam also paid uninsured doctor bills of $5,000. How much is her net med. deduction?

  10. Sch. A-Taxes Paid – Sec. 164

  11. Sch. A-Interest- Sec. 163

  12. Sch. A- Charity-Sec. 170

  13. Sch. A- Misc. Itemized

  14. Page 2. Credits

  15. Page 2. Other Taxes See Sec. 1401, 1402

  16. Tax refund or tax due Taxpayers hope that the math leads to a refund on line 74

  17. End This concludes thisseries of slides on using the Code. I hope you have found them to be helpful.

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