🧾Tax form 1040 is used to report income and calculates tax liability.
✍️Fill out personal information, income, deductions, and tax credits.
💼Include income from sources like employers, banks, and brokerages.
💰Use the standard deduction provided by the IRS to reduce taxable income.
🧒Check for applicable tax credits and deductions for dependents and child-related expenses.
What is tax form 1040?
—Tax form 1040 is used to report income and calculate tax liability for individuals.
What filing status should I choose?
—Choose the filing status that best fits your situation, such as single, married filing jointly, or head of household.
What sources of income should I include?
—Include income from employers, banks, brokerages, and any other sources for the tax year.
Can I claim deductions and tax credits?
—Yes, you can claim deductions and tax credits if you meet the eligibility requirements.
Do I need to attach any additional forms?
—Attach any additional forms or schedules that are relevant to your tax situation, such as Schedule A for itemized deductions.
00:00Introduction and assumptions for filling out tax form 1040 for tax year 2023.
01:00Explanation of the importance of the form W2 and how to fill it out.
03:00Overview of the personal information section in tax form 1040.
06:00Explanation of the income section, including sources like employers, banks, and brokerages.
10:00Discussion of the standard deduction and how it helps reduce taxable income.
13:00Review of the deductions and tax credits section, including those related to dependents and child-related expenses.
16:00Explanation of additional forms or schedules that may need to be attached.
