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Video instructions and help with filling out and completing form 1040ez

Instructions and Help about form 1040ez

Hey everyone now that we have a basic understanding of taxes we're actually going to file our taxes so the first thing we're going to need to do is go to irs.gov it's a website right up here okay and we're going to look at forms and publications and we're going to click on the 1040ez we're going to use the 1040 EZ form because it's easier to fill out and it's less time-consuming than the other forms ok the 1040 a and the 1040 so I'm going to walk you through step by step filling out the 1040 EZ for Jose deke huevos okay so we're going to use this w2 and the following information to fill out the 1040 ez tax form okay Jose deke huevos is single and wants to contribute to the presidential campaign fund okay he has a hundred and fifty dollars in taxable interest income from a savings account and cannot be claimed by anyone else Jose is an accountant and his phone number is two oh one five five five five five five five here is Jose's 1040 EZ form I have already filled up information at the top this is the personal information that the tax form is going to ask you for it's going to ask you for name address and your social security number and whether or not you want to contribute to the presidential campaign fund I've already filled this information in because we're more interested in the actual dollar amounts and how the rest of the form works okay so now we're going to look at number one and number one states wages salaries and tips and this should be shown in box one of your w-2 so we need to take a look at our w-2 form so if we take a look at our w-2 form okay in box one it's as wages tips and other compensation so we have thirty six thousand twenty four dollars so we're going to place this in line one of our 1040 ez we're going to put thirty six thousand twenty four dollars okay and zero cents taxable interest is number two okay you can see if this total is over $1,500 you cannot use form 1040ez but we know from our information that we saw before okay that Jose has one hundred and fifty dollars in taxable interest income from a savings account so he's under that fifteen hundred dollar limit so on line two we're going to put one hundred and fifty dollars and zero cents this takes us to line three unemployment compensation and Alaska Permanent Fund dividends he doesn't live in Alaska and he didn't say anything about unemployment so line three is going to be zero for line four we are going to add lines one two and three this is the adjusted gross income when we add the lines up we get thirty six thousand one hundred and seventy four dollars and zero.

FAQ

How do you fill out a 1040EZ tax form?
The instructions are available here 1040EZ (2021)
How do you fill out line 5 on a 1040EZ tax form?
I suspect the question is related to knowing whether someone can claim you as a dependent, because otherwise line 5 itself is pretty clear.General answer: if you are under 19, or a full-time student under the age of 24, your parents can probably claim you as a dependent. If you are living with someone to whom you are not married and who is providing you with more than half of your support, that person can probably claim you as a dependent. If you are married and filing jointly, your spouse needs to answer the same questions.Note that whether those individuals actually do claim you as a dependent doesn't matter, the question is whether they can. It is not a choice.
What are some skills that every 18-year-old needs to survive in life?
Oh my gosh, I love this question.  I'm going to spend a lot of time on this answer!Financial Skills:  How to open a checking and savings accountHow to balance a checkbook, emphasizing the use of debit cards and how banks process transactions"Credit" - What is it, how do you build it, how do you repair itCredit Cards - How interest works, how to take advantage of rewards and balance transfersLoans - What are the different kinds of loans, how do you get them, and what's involvedInvestments - What is the stock market and how does it work, what are Treasury Bonds, and what's an IRA.  How do those things factor into a wise investment strategy for your retirement?Taxes - How taxes work, what deductions are, how to file a 1040EZ formTipping - How to quickly calculate a tip and split a tab at a restaurantHow to read a contract and interpret "fine print"Health Skills:Medical Insurance - how it works, what it costs, how to get itHow to fill out common medical and dental formsHow to find a general practitioner, dentist, and so onBasic First Aid - CPR, the Heimlich, how to treat minor injuriesHome Skills:How to cook!  You don't need to be on Master Chef, but learning how to cook a few basic dishes, how to use a knife properly, use basic kitchen appliances, and so on.How to clean!  I have no idea how so many kids don't know how to vacuum, sweep, dust, do dishes, make a bed, and clean and fold laundry.How to grocery shop - picking fresh fruit and vegetables, planning your shopping and meals, etc.How to use hand tools - hammers, axes, handsaws, et ceteraHow to move - opening or transferring utility accounts, moving companies, apartment and home leases.How to sew a button onHow to fix a running or clogged toilet.Life Skills:How to plan and budget your time!How to think critically.Negotiation - Preparation, discussion, clarification, negotiate, agreement, and implementation.Leadership!  Vision, strategy, people skills, managementCONFLICT RESOLUTIONStress management!Problem solving!Study Skills:OrganizationTime managementFinding legitimate sourcesNote-takingCritical readingEssay planning and compositionAcademic referencingHow to use search engines effectively!Employability Skills:How to write a resume and a cover letterHow to interviewProfessional communications skills (both written and verbal)Interpersonal skills in a professional environmentProfessional developmentPublic speaking!How to use a computer - Windows, Google, and MS Office basics at a minimumPersonal:How to interact with the policeHow to tie a tie!How to iron clothesHow to establish a healthy exercise routineHow to maintain proper personal hygeine and groomingMANNERS - It varies from culture to culture, but the underlying principles of all manners remain constant: a respect for others, and a desire to treat all people with honesty and consideration ‡ just as you’d like to be treated.Alcohol:Knowing your limitsHow to mix a basic set of drinksTravel: How to book airline tickets and hotelsHow to pack wellHow to travel lightAutomotive:How to drive - Actual skilled instruction on driving, a la Teen Safety & Survival - Skip Barber Racing School, both automatic and manual transmissionsThe basics of how a car worksThe basics of car maintenanceHow to change a tireHow to parallel parkHow to jump start a carWhat to do if you get into an accidentRead a road mapSex:Comprehensive sexual education including the vectors and effects of sexually transmitted infections, what are and how to use the various forms of contraception, what is PrEP, etc.The Campsite Rule - Leave them in better condition than you found themSafe, Sane, and Consensual - How to have safe sex, do it while you're sober, and with full informed consent from your partner.
I didn't file my taxes last year. What are the forms that I will have to fill out? When is the last day to do so?
If you are required to file a US return, you have until April 15 to file your Federal tax return.As far as "telling you how to" do it, or what forms you have to fill out - that's impossible without a review of your situation. It could be as simple as filing Form 1040EZ, Income Tax Return for Single and Joint Filers With No Dependents if you had no dependents, no income other than wages, interest, and/or unemployment compensation, no deductions other than the standard deduction, and no tax payments or credits other than withholding and the Earned Income Tax Credit (EITC). Every additional item of income, deduction, or credit can add an additional layer of complexity to the return you must file.You should consider a visit to a tax professional in your area - and you should do it quickly since you only have about two weeks left to file a return in the US.
How do I prepare my own US taxes easily without using tax filing software, like TurboTax or FreeFile, and without hiring a certified tax filer?
Easily? Well, if you only have one employer, no dependents, no investments, no self employment then you could fill out a 1040ez with the form from the IRS office or downloaded from the IRS forms website.But if you have any of the above listed things that affect taxation, then the return is more complicated. You need to study the IRS tax instruction book to be sure you do not make mistakes that cost you money or you underpay taxes causing a letter from the IRS.For example, if your income is low and you have children, you are entitled to additional credits. If you have additional reportable income, you are allowed to deduct various expenses to save on taxation.If you have never done a tax return and want to do it yourself, you can if you are willing to study the IRS instructions fully. BUT, why do that when there are several ways to file free using online software?The IRS has a free website to file. Just fill in the numbers: Free File: Do Your Federal Taxes for FreeTax Act online offers one free filing, but if you need to do a state filing, there is a fee: File your taxes easy, fast and affordable.There are others too that you can get free returns as long as your income is under $64,000. Just do a search.If you are not comfortable on a computer in entering your income figures and answering sometimes confusing questions, I wouldn't recommend doing your own taxes manually either. It is easy to make mistakes that will either cost you or give you future headaches. Maybe you have a friend who has done it before that can help you?
When is getting a paid tax preparer better than doing my taxes myself?
Lots of good answers here, but wanted to offer my personal perspective. Like many, I've traditionally done my own taxes with TurboTax and felt like I was doing just fine. However, a few things came up this year and I wanted to get professional help. I guess I would fall into the category of "my tax situation got too complicated". I worked in multiple states due to work travel, so I needed to file in multiple states, and at the same time had some non-reimbursed work expenses I had to deal with. On top of that, my wife works in a completely different state and we file jointly.Having used an accountant (an Enrolled Agent) for the first time, let me just say it was awesome not having to worry about all of the details this year. Not only that, but all of the minor questions that I had in previous years (should I deduct X or Y, etc.) I could quickly run past my preparer without getting charged extra for little pieces of advice. The extra piece of mind, I feel, is just worth the little bit extra over doing it myself.I thought it was going to be super expensive, so I was hesitant to look for help, but I found a service called Taxaroo that a coworker turned me on to. They match you with tax preparers that you can work with online rather than going into an office somewhere, and I think it was just like $200 for my return. All I had to do was upload my documents and my EA took over. The convenience factor was huge for me, too, since I'm working long hours and couldn't waste half a day at like H&R Block or something.Like others have said, though, everyone has their reasons. Most people I know it's the time factor of not having to sit down for hours, which is worth the $100 or so more it costs compared to TurboTax or whatever DIY software.
Which class from high school has given you the most practical knowledge to use throughout your life?
As I reflect on my high school experience, “practical knowledge” isn’t what comes to mind, at least not in the sense I think you mean. Nothing in particular in my high school experience better equipped me to deal with immediate problems of to make more money. Instead, the overall effect of my experience in high school was to equip me with a set of values concerning how I should treat other human beings, finding the good in them and seeking to express the better angels of my own nature. Secondly, the high point of my high school education focused on viewing the world through the lens of asking good questions and seeking effective answers toward problem solving.Some of these lessons affected my choices early, while others were hard learned and I made many mistakes. I am still learning to master my temper and my over indulgences, but a voice the Quakers call “the still small voice within” tends to pop up, sometimes when I need it, while at others, sadly, too late. Nevertheless, the lessons I learned in high school turn out to have had a good long term effect in tending towards making me a better human being.
How do I go about paying my taxes?
I’m assuming you mean income tax despite the reference to “taxes for my home”. Property taxes where I live require no forms to be filed.Start reading the tax guide for your jurisdiction - likely available on line. It will probably be painful, particularly if you do not know the terminology. There will be frequent references to other parts of the document (to fill out a worksheet or to refer to a definition). Read everything because you do not yet know what applies to your situation, and what does not. It is going to be very tedious but I strongly urge this upon you as it is both educational and empowering.Plan B - purchase tax software. Most have some ‘interview‡ mode that has you answer questions about your circumstances and enter data. While easier that starting from scratch, you will likely find they will ask questions and you may have no idea what they are talking about. Carefully persevere. Use Google to find out what things mean. The software ‘Help‡ may also be very useful.The other resource you have that should help is the tax forms filled on your behalf in previous years. If you have never had any income, then this may be useless but if you have access to a ‘Married filing joint‡ return (US reference), that applies to you then it will show the types of income and expense information that likely applies to you now as well.BTW - no one can answer “start to finish” since we have no idea where you file your taxes. I file for two countries and they are very different in each. (You do NOT want my tax life!!)