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i want to talk to you now about irs form 1040 line by line instructions how to file the basic income tax form don't go anywhere [Music] welcome back folks to another edition of the awesome sweetie q a show how are you today i hope you are doing fantastic i'm doing marvelous if you are to ask me and if you are doing as superb as i am go grab a cup of coffee or tea or vodka in today's conversation i want to go back to the most basic income tax form 1040. everybody knows that everybody has heard about it everybody uses it and during tax season it is very important to provide a very basic easy peasy resource for people who need to taxpayers who needs information about filing taxes so today's uh today's show i'm gonna give you the key takeaways of today's show the there are four key takeaways if you say you don't have time to go all the way to the end of today's show i want you to remember this everyone uses the same form 1040 except non-resident aliens and form 1040 is short as just 38 lines but you need to attach additional schedules forms if you have certain types of income credits or deductions you can file your 2020 taxes between february 12 2020 uh 2021 and april 15 2021 and the irs outlines the steps to speed refunds during the pandemic and all federal income taxes go to the internal revenue service but your state this is very important folks your state may have its own income taxes and forms and irs form 1040 is the basic income tax form that everybody must use there are two main exceptions you have the non-resident alien they use 1040 nr and the single followers whose earned income from the year is less than the standard deduction likely don't need to follow a return and seniors also have the option to file form 1040 sr and its sr 1040sr is nearly identical to the standard 1040 but its language is tailored to taxpayers who are 65 years or and older and the 2020 forum 1040 is a two-page form that's greatly simplified from years past because of the 2017 tax reform however and based on our analysis we found that there are many additional forms and schedules that you may need to attach let me kind of give you very quickly here the key filing season dates there are several important dates taxpayers should keep in mind for this year's filing season they have january 15th that's where the irs free file opens so taxpayers can begin filing returns for free they can do this through free filed partners and the tax returns will be transmitted to the irs starting february 12th and tax software companies also are accepting tax filings in advance january 29th you have the earned income tax credit awareness day to raise awareness of valuable tax credits available to many people including the option to use prior year income to qualify february 12 you have the irs begins the 2021 tax season so individual tax returns begin being accepted and processing begins february 22 22nd the projected date for the iris.gov was my refund tool being updated for those claiming eitc and actc also referred to as path ads returns and the first week of march tax refunds begin reaching those claiming eitc and actc for those who file electronically with direct deposit and there are no issues with their tax returns and the deadline for filing 2020 tax returns is april 15th and october 15th is the deadline to file for those requesting an extension on their 2020 tax returns so um i just want to say that 99 of this tutorial also applies to the 2021 tax season so we have the 2020 tax season and the 2021 tax season if you need more info you want to have an idea of the form 1040 you can go and download it right now to you go to the irs website and www.iris.gov pub iris.pdf1040 we're showing the link on the screen so how to file form 1040 so as long as you are filing a current income tax return the easiest way to file is electronically through an online tax filing service and e-filing is also safer because guess what you don't have to worry about anything getting lost in the mail right i mean that's uh that's a main concern for a lot of people and it's also easier because online e-filing services will guide you through the filing process and the irs estimates that 21 of paper returns have errors while less than one percent of e-file returns have mistaken or have mistakes e filing also takes the irs significantly less time to process so opting for the right deposit means that what it means your refund arrives weeks or even months sooner so if you're filing back taxes for a previous tax year you need to fill out a paper form and mail it to the address right now not a no e-filing service allows you to to file electronically back taxes and when to file your 1040 i think i've already given you the the dates here but you can start filing your 2020 taxes in uh uh in january 21 to 20 you can start filing your 2020 taxes in january 2021 but the season itself officially opens on february 12th and then you have until april 15 2021 tax day to submit your return to the irs if you need more time and we have covered this on other shows you can request a six-month tax extension from the iris and this basically gives you until october 15 2021 to file and everyone automatically gets an extension if they request one just keep in mind that if you owe taxes though you still need to pay them by tax day all right the extension gives you more time to file but not more time to pay and if you fail to pay your bill on time guess what will happen the irs will levy hefty penalties and fees on you and i'm not even talking about interest because you you will be all in interest not only would you be owing the the debts the tax debt but you'll also be have you you'll be having a situation where interest will accrue on the debts and word to mail form 1040 if you decide to actually do things manually if you you know anyone can can file a paper form instead of e-filing but again as i said earlier the irs does not recommend it it takes longer to process and it's more prone to mystics and if you're filing back taxes or an amended tax return you will need to file a paper form so where you send a paper form depends on where you live and remember that the amended returns may have different mailing addresses so you if you want to uh file an amended return you can either you can either check our show about the about the form 1040x or you can go to the iris website and look for form 1040-x there are instructions there and they provide information about the address where you need to send your info so right now i'm showing you two two tables on the screen so first we have form 1040 and form 1040sr addresses for taxpayers living within the 50 states so we're going to show you the the first table so if you live in alaska all the way to wyoming that's the first table and then if you live in arkansas all the way to texas we're showing you this with the second table you can see on the screen right now what about filing for prior taxes for prior years rather so as i said if you have back taxes in other words taxes from a previous year you can only file by mailing a physical form you cannot e-file federal tax returns from previous years the form 1040 had three versions for tax years before 2018. the 1040 easy was for simple tax returns the 1048 allowed followers to claim additional tax credits and the standard 1040 covered more complex situation like filers who itemize deductions and this is all in addition to the 1040 nr that i spoke about in 1040 nr easy for non-resident aliens the irs website has all previous years tax forms and instructions so the the one thing that's very important is that you need to make sure you are following the correct instructions so unless you have a very simple tax return you may want to work with the tax preparer okay and if you need copies of old tax forms like w2 forms or 1099s you can get those from the irs by requesting a free tax transcript i'll be right back right after this don't go anywhere welcome back folks to another section of the awesome sweetie kiwi kiwi that's the awesome sweetie kiwi show i'm talking to you today about iris form 1040. i'm giving you line by line instructions let's get into it the the 2020 irs form 1040 is a relatively simple two-page form there are a few sections at the beginning and then 38 numbered lines you will need to add other forms to claim tax credits and any deductions beside the standard deduction so if you're e-filing it's pretty easy the filing service will walk you through the entire process and attach all of the necessary documents however it's still useful to understand exactly what you're doing when you when you file right so first we need the personal information and i'm showing you right now on the screen you can see right now you have the form 1040 personal information look look right on the screen so the first section of the form before the number line starts is for your personal information so this includes your filing status name address and social security number there is also room for your spouse's information if you're filing a joint return and aliens can enter an and an individual taxpayer identification number and itin on the security line so on the social line you can actually enter your itin so if you would like to donate three dollars to the presidential election campaign fund you can opt to do so no problem here and uh donations are divided equally between the democratic and republican nominee in the next general election so don't worry about your money going to the wrong candidate quote unquote wrong candidate and next there is a section about your standard deduction okay so the amount of your standard deduction varies based on your filing status age and whether or not you are blind so this section of the 1040 has a seven boxes to help show the amount of your standard deduction and the cool thing here is that you you just go ahead and check the ones that apply to you and also a joint filers should check the boxes if they apply to their spouse to either spouse rather okay and the section on your dependents has room for each of their social security numbers their relationship to you and then a box you can check if the dependent qualifies you for the child tax credit or credit for other dependents and we have we have actually covered the itin and the child tax credit on other shows but again those are important elements because checking the right tax credit can help lower your income tax debt so you have to be very careful there speaking about tax credit i want to quickly delve into the child tax credit let me give you a quick fact so the child tax credit is a tax break for parents and guardians with children aged children under age 17 who have a social security number so the child tax credit is worth up to two thousand dollars two thousand dollars per qualifying child but you must fall within certain income limits so for 2020 and 2021 you can claim the full child tax credit if your income is 200 000 or less and that's 400 000 dollars for married couples filing jointly you may still qualify for a partial credit if your income is above that limit okay now in there is actually a second part of the child tax credit which is called a credit for other dependents and this allows you to deduct up to five hundred dollars per dependent you have who doesn't qualify for the child tax credit so you can claim the uh other you can claim the odc the other dependent credits if you care for for an agent parent for example or if you pay to care for someone who doesn't live with you okay and if the child tax credit lowers the amount of annual income tax you owe below zero causing you not to get the full credit you are eligible for you may be able to get a refund by taking the additional child tax credit the actc and the cool thing here is that you can actually claim the child tax credit write on form 1040 and you don't need to attach any additional forms unless you claim the additional child tax credit which requires schedule 8812 okay and now who qualifies for the child tax credit now the the child tax credit is available to parents and guardians i say that before who pay to care for a child you can qualify to claim if you can qualify to claim it if you meet two main criteria only two you had a qualifying child and your income is within the limits okay very very important next i want you to look at on the screen right now and we're going to talk about calculating your uh taxable income so i want you to pay attention right now on the screen and i'm going to go through line one through seven so line one through nine actually help you calculate your total income for the year so each line asks you to enter the amount you made from a different type of income right so then you will make any necessary adjustments before let's say determining how much of your income was actually taxable one thing you have to remember here is that if a line does not apply to you either you want to leave it blank or you write in a zero we prefer writing in a zero so the average knows that the line was uh looked at and that you judged that it was zero you can also run all values to the nearest dollar whether up or down before writing them on the line and line one is for all income reported on your w-2 forms which you should attach when you file okay line two has two parts so you have uh you have one for tax-exempt interest mainly munis municipal funds and one for taxable interest so taxable interest includes income from a 1099 int or 1099 oid you would need to attach schedule b if you had 1500 or more of taxable interest or ordinary dividends line 3 is where you list income from dividends so line 3 is for qualified dividends and line 3b is for ordinary dividends and you will need to attach schedule b if you have income from a 1099 div line 4 is for income from ira distributions and you will write the total income from these sources and then how much is actually taxable you have all this info and line five is uh kind of similar is for it's uh for your income from pensions and annuities okay and you here also the same procedure you will write the total income from these sources and then how much is taxable actually taxable line six here we have a pensions and uh line sticks rather we have uh social security benefits all right and you will write the total income also for for from this sources all the benefits that you got during the year and you have to to show how much is actually taxable and line seven you this line seven ask your capital gains and or losses from the past year now there and and please look at the screen right now and see the uh the form as i'm just going because this is a line by line instruction and i want to make sure you're following actually what i'm saying what i'm saying here so line 7 asked about your capital gains or losses right from the past year from from 2020 so two common reasons to have capital gains are that you sold stock investments or you sold your house and you likely received a 1099b or 1099s if you had capital gains and you will probably need to attach schedule d to your 1040. so now i want to talk to you about line eight so line eight is actually where you write any additional income you made during the year okay and this is kind of very important if you want to be accurate here so this enclosed everything not included in the previous lines if you have other income you will also need to attach schedule 1 and line 9 is where you add up all the lines thus far to find your total income also known as your gross income your gi now line 10 is where you write how much your income should be adjusted right if at all so income adjustments include certain expenses you are encouraged are eligible to exclude from your income so you can track actually you can track this this income sources on schedule one and common adjustments to in income include things like alimony payments a deduction for ira contributions and the student loan interest deduction so your income after subtracting all the adjustment is what the specialists call agi your adjusted gross income so actually line 11 shows your adjusted gross income by subtracting line 10c right total adjustment to income from line 9 your total income so what about line 12 let's move on line 12 you have uh you know it asks you to rite in either the amount of the standard deduction or your itemized deduction so most people will take the standard deduction which varies based on your filing status and is listed on the form right next to this line though you will get an additional deduction if you are over 65 or blind so only about give or take 10 of taxpayers qualified to itemize after the 2017 tax reform so if you itemize you need to complete schedule a and line 13 actually is for anyone using the qualified business income deduction the qbi so you will need to attach either form 89.95 or form any 995 a to take this deduction and on line 14 you you just need you want to add the previous lines to find your taxable income which is your adjusted income minus the qualified business income deduction the qbi is up to is equal to 20 of um your uh business income right and but we covered that in another show and line 15 shows your taxable income so if if it's equal to zero or less you want to enter zero don't leave it blank you need to enter zero i'll be right back right after this don't go anywhere welcome back folks to another section of the awesome sweetie kiwi show we are still having a conversation about the iris form 1040. i'm giving you line by line instructions now let's uh next i want you to look at the screen right now we have a snapshot of the form on the screen so calculating your annual tax bill so on line 16 you show how much tax you paid throughout the year and let's claim and talk about claiming credits and deductions line 19 is for claiming the child tax credit and the credit for any non-child dependents 19 so you'll need to complete and attach form 8862 8862 here the chat tax credit is non-refundable which means you will not get any money back if the amount you owe is less than zero this is important to know because people sometimes confuse this and um on line 13 you want to report additional taxes you owe 92 line 23 additional taxes you owe including the self-employment tax the alternative minimum tax and any repayment you need to make for excess advanced premium tax credit and any type of tax you report here will require attaching an additional form and you want to add line 22 and 23 the results goes on line 24 and tells you your total tax and this is the amount of tax you actually owe for the year and then we have line 25 line 25 asks for the income taxes that employers already withheld from your pay so withholding will be on your w2 forms and 1099 forms and on line 26 you want to enter your 2020 estimated tax payment and the amount applied from 2019 return and from 27 to 30 those those lines those four lines 27 to 30 apply to people who can claim certain refundable tax credits i'm talking about the earned income credit rather eic the additional child tax credit at actc the american opportunity tax credit at and the recovery rebate credit we have actually covered all those credits on in other shows so you might want to double just avail yourself of those shows and a quick thing i want to say here is that this credits the four credits i just mentioned directly decrease the amount of tax you owe for the year because in the eyes of the irs the value you get from this credit is the same as already having paid that amount through income tax withholding and moving on we have line 32 it asks you to add the totals from line 27 to 31 the result is called your total other payments and refundable credits and line 33 instructs you to add the totals from line 25 d 25 26 and 32 to calculate your total payments which means the total tax you have already paid and uh talking about your uh calculating your tax refund or bill and i want to show you right now so you have online so if the tax paid if the tax you paid line 33 is line is more than the text you owe line 24 you'll get a refund and you want to calculate your refund amount by subtracting line 24 from line 33 and then writing the results on line 34 and 935 this is for direct deposit of your refund so you will write you you you want to key in your bank account number the bank routing number and what kind of account it is savings or checking and you can divide the refund among multiple accounts or opt for a paper check with form 8888 and uh line 36 are you following with me now okay so this line is actually for people who want to apply some or all of their refund to their 2021 estimated taxes so anyone who owes money will fill out line 37 by subtracting line 33 from 24 so any penalty you owe on that bill goes on line 38 you will owe a penalty if your tax bill is 1 000 or more and you could also owe a penalty if the taxes if the tax you paid during the year was less than 90 of the total you owed so this is very important so once you do that you just have to sign seal and deliver and you know the final part of uh the form 1040 is you can see this on the screen right now it's for signature so you will sign date and then write your occupation any tax preparer you work with will also sign if you want to allow anyone to talk with the irs about the return on your behalf you can add their name in the third party design me section and the the designee can include a friend or a family member who the iris is authorized to contact if they have questions about your return or missing forms all right and uh remember though anyone milling their return can find the proper mailing address we showed earlier and we're just showing here again on the screen so you so you can see this on the screen we're showing you the first form the first uh mailing address the first table for mailing addresses and the second one so we recommend and the irs recommends that everybody file their the tax return electronically but if you have for any reason if you must mailing a paper return check out the the addresses that i just gave you all right folks this was it for today's conversation i really appreciated your attention i was talking to you about a couple of things today we covered a lot of stuff and i was talking to you about how to file form 1040 when to file that form where to mail your form filing for prior years and i gave you line-by-line form 1040 instructions i will speak to you another time but until then remember stay marvelous [Applause] [Music] you