Video instructions and help with filling out and completing Will 1041 Schedule Instructions 2019

Instructions and Help about Will 1041 Schedule Instructions 2019

This is a brief overview of the form 1040 we're looking at the 2015 version of this form and I'm just going to go over the basic concept of the form the general areas of the form and eventually throughout the course you will have a better understanding of each of the individual line items your form 1040 is the main reporting form for an individual tax return however there is so much information that goes into a tax return that it cannot all be clearly represented the information clearly presented in just one form so this is where all the totals of the various categories and income categories expense categories come however there are numerous schedules and additional forms that have to be completed and are then attached to this main form and they include all the detail of the totals seen on this form so for example you see here on line 8a attached Schedule B I'm gonna put the total amount of interest earned right here on a day however on Schedule B which is attached to this form 1040 would then be listed out all the detail of the interest iron same thing here Schedule C this is for business income those self-employed individuals all of the detail the income the breakdown of expenses is gonna be on the schedule on this line here line 12 I would just see my total net number that's taxable and then you see there's other things attached form 47 97 there's tons of forms you'll see here on line 25 form 8 8 8 9 form 3903 form 20 106 so there's numerous forms numerous schedules that are attached to the form 1040 again that provide detail to the numbers that you're seeing on the form 1040 the top of the 1040 is all informational type things you have to put your first name last name your address all in this main section here your social security number goes in this top right there's the option here for the presidential election campaign this is the filing status you would select which box applies to you and if there's a blank space you would then need to enter in this case the social security number of the spouse in this case over on number 4 the name of the dependent these blank lines on the right is where you would add up the number of dependents based on what is listed here in 6 so if you're claiming yourself you'd mark 6a if you're you also have a spouse you'd mark 6b and then you could then list any dependents that you'd be claiming so that's all the information they're looking for there the first section of the 1040 then is all the income and everything that could be potentially taxable income should be listed in this section very quickly the main things you'll see is w2 income that goes on line 7 line 8 and line 9 are for interest and dividends and you'll see here that there's a 8a and an 8b and same 499 B all of these fields here that are in the blue that aren't in the main column on the right our informational type numbers and for in the case of 8b you would list tax-exempt interest that's interest that is not going to be taxed or included in you the total gross income but still is report to the IRS same for IRA distributions over here on 15a pension Social Security those are amounts of income that you receive that aren't necessarily taxable but do need to be reported still so then in these cases the 15a the 20 a 16 a the taxable portion is then got going on the B of that line so 15 B 16 B so for example if I had 20,000 and IRA distributions but for whatever reason only 10,000 were taxable I would put 20,000 on 15a and 15b I would only have the 10,000 then what happens is all the amounts listed here all of the income from line 7 - line 21 and the far right column are added up and you get a total income number so that means that all of the numbers in the blue over here all the 8 b 9 b 15 a 16 a 28 those amounts are not added in another thing to note is line 21 is other income so if there's anything any sort of income that doesn't fall into one of the classifications up above it would just go on line 21 for example gambling income goes here okay moving down once we have our total income we then can make some adjustments to that and that goes under the second section of the first page of the 1040 and basically what we're doing here is there's some deductions that are allowed which are adjusted straight off the total gross income in order to get to an adjusted gross income figure as you see on line 37 so some of the things that go into calculating your adjusted gross income once you have your total income you then can subtract from that anything in this section here so that includes for example line 23 educator expenses people who contribute to an HSA health savings account they could deduct that on this this line 25 line 26 if you have moving expenses you incurred to move to a new place for a job self-employed health insurance if you're self-employed you pay for your own health insurance that would be listed here on line 29 also a the self-employment tax the deductible portion is on line 27 there's a few other things here your alimony paid if you had to pay alimony to a spouse that would be a deduction for adjusted gross income if you contributed to an IRA certain student loan interests and tuition deductions can go in here so those are the