Form 1040 Flashcards
Form 1040 requires what type of personal information from the taxpayer in section 1?
The first and last name of the taxpayer and spouse,
Social security number and address
and Presidential election campaign donation
What filing statuses are available on from 1040?
Single, head of household
Married filing jointly
Married filing separately, Qualifying Surviving spouse
Non - resident alien or dual status alien spouse treated as a US resident for the entire tax year
What are the standard deduction questions on the top of form 1040?
Someone can claim you as a: dependent , your spouse a dependent
spouse itemizes on a separate return or you were dual status alien
there is also
age/blindness, born before Jan 2nd, 1960 and are blind for both taxpayer and spouse
What information is required for the dependent section?
The dependents name, social security number, relationship to you and a check box for either the child tax credit or the other dependent credit.
Which line are in the Income section of form 1040?
the first 15 lines are the income section ending at taxable income
What are the first 5 lines on form 1040?
The first 5 lines are lines 1a - 1e,
1a - Total amount form forms W-2, box 1
1b - Household employee wages not on form W2
1c - Tip income not reported on line 1a
1d - Medicaid waiver payment not reported on W2
1e - Taxable dependent care benefits from form 2441, line 26
What are lines 1f - 1z on form 1040?
Lines 1f - 1z on form 1040 are?
1f - Employer-provided adoption benefits
1g - Wages from Form 8919, line 6
1h - Other earned income
1i - Nontaxable combat pay election
1z - Total of all lines 1a - 1i
What are lines 2 - 6 on form 1040?
What schedule are lines 2 and 3 usually accompanied with?
Lines 2-6 are
2a. Tax-exempt interest 2b. Taxable interest
3a. qualified dividends 3b. Ordinary dividends
4a. IRA distributions 4b. taxable amount
5a. Pensions and Annuities 5b. taxable amount
6a. Social Security benefits 6b. taxable amount
Part 2. - Schedule B
What are lines 7 - 11 on form 1040?
Lines 7 -11 are
7. Capital gain or (loss) from Schedule D
8. Additional income from Schedule 1
9. Total Income: The total of lines 1z - 8, (the taxable amounts of course)
(also, line 1z is the total of line above it)
10. Adjustments to income (subtractions) from Schedule 1, part 2
11. Adjusted gross income, (Total income line 9 - Adjustments line 10)
What are lines 12 - 15 on form 1040?
Lines 12 - 15 are
12. Standard deduction or Itemized deduction
13. Qualified business Income deduction from form 8995/8995-A
14. Total of lines 12 and 13, (S. deduction or I deduction + QBI)
15. Taxable Income lines 11 - 14 (Adjusted gross income -S/I deduction + QBI)
Which lines are the tax and credits line on form 1040?
The tax and credits lines on form 1040 are lines 16 - 24
What are lines 16 - 20 on form 1040?
Form 1040 lines 16 -20 is
16. Tax, checkboxes forms 8814 and 4972
17. Amount from Schedule 2 part 1, line 3
18. Lines 16 + 17 (total tax + additional tax from Sch.2 p1)
19. Child tax credit or credit for other dependents
20. Amounts from Schedule 3 Part 1, line 8
