Federal Income Taxes Information You Should Know

Federal Income Taxes

Information You Should Know

Due Date for Taxes

Most years, you must have your taxes completed by April 15.

This year, due to the Emancipation Day holiday in the District of Columbia, taxes must be completed by April 18, 2011.

How to Fill out Income Tax Return FormsBy an eHow Contributor

Filling out your own tax forms has many benefits. You may see tax deductions for which you qualify, and you'll have a good idea of what you're paying and why. Doing it yourself can even save you money.

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Fill out Printed Income Tax Forms

1. Fill out your tax forms by printing your answers in the blanks using an ink pen, or type your answers in the blanks. Do not use cursive or complete forms with a pencil.

2. Follow the directions provided in the instruction booklet that corresponds with your tax form. This booklet will walk you through the form step by step and provide worksheets for you to perform any necessary calculations.

3. Mail your tax return forms to the address listed for your state. You can find it on the last page of the instruction booklet. The address to which you mail your forms will also depend on whether you are including a check or filing late.

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Fill out Your Income Tax Forms Online 1. Decide whether to file online. The IRS recommends filing online

because it greatly reduces the risk of calculation errors. However, some states do not have easy-to-use online systems.

2. Use Free File on the IRS website, making sure you qualify first. If you do not qualify, but still want to file online, choose a tax preparer from the list of partners on the IRS website.

3. File your forms online. You will simply fill in online worksheets that will complete all calculations for you.

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Tips & Warnings

1. Filing your federal income tax return online is free if your income was under approximately $52,000 last year.

2. For each federal tax form, the IRS publishes a set of instructions. These instructions contain worksheets and further information for completing the forms.

3. You are responsible for both a federal and a state tax return every year. While federal forms are the same for everyone, state forms may differ in every state.

4. If you need to file your forms late, file Form 4868 to request an extension and avoid severe penalties. Other forms may be required if you are filing for a business.

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Which Form to Use For Federal Income Taxes 1040EZ

Filing status is single or married filing jointly. Do not have any dependents Do not claim an adjustment to income. Only claim the earned income credit and making work pay credit. Taxable income less than $100,000 Only have wages, salaries, tips, taxable scholarships or fellowship grant,

unemployment compensation, or Alaska Permanent Fund dividends, and your taxable interest was not over $1,500.

Earned tips Do not owe any household employment taxes on your wages you paid to a

household employee. You are not a debter in a chapter 11 bankrupcy case filed after October 16, 2005 You do not figure your standard deduction using schedule L.

Filing Requirement ChartsFile if you are:

Single and your gross income was at least $9,350 Married filing jointly and your gross income was at least

$18,700.

For Children and other dependents: File a return if your unearned income was over $950. Your earned income was over $7,500. Your gross income more than the larger of $950 or your

earned income (up to $5,400) plus $300.

Other Situations

Discuss in classFrom 1040EZ Instruction Book – Page 7

Instructions for Form 1040EZ

Name, Address and S.S. #Be careful of spelling and social security # -

make sure that everything is accurate

Income (Lines 1-6)#1 Wages Salaries Tips– Money that you

earned from your w-2 forms –Box 1 – round all numbers to whole dollars

#2 Taxable interest – Typically from checking, saving accounts and CD’s – your bank or other financial institution will send you a form with the amount of interest that they paid you for your accounts

Instructions for Form 1040EZ #3 Unemployment Compensation #4 Add lines 1, 2 and 3 together #5 Check if someone can claim you as a

dependent – complete Worksheet 5 and enter the number in #5

#6 Taxable Income - Subtract line 5 from line 4. If line 5 is larger than line 4, enter 0.


#7 Taxable income tax withheld from w-2.

#8 Making work pay credit – fill out worksheet for #8 – place the resulting number on the line for #8 – you cannot claim this credit if you can be claimed on someone else’s tax return.

Instructions for Form 1040EZ #9 Earned Income Credit -

Is the amount on Form 1040EZ, line 4, less than #13,400 ($18,470 if married filing jointly)? – if yes go on to the next question

Do you have a social security number that allows you to work or is valid for EIC purposes? – if yes go on to the next question

Were you at least age 25 but under age 65 at the end of 2010?

There are other question, but since you are all under 25, you are not entitled to this credit.


#10 Total Payments and Credits - Add lines 7, 8, and 9A

#11 Tax Use the amount on line 6 to find your tax on the tax table on page 27 on the instruction booklet. Write that number on line 11.


#12 Refund – If line 10 is larger than line 11, subtract line 11 from line 10. This is your refund. You may enter your information to have your refund direct deposited. You will need a routing number and an account number for a checking or savings account.

Instructions for Form 1040EZ #13 Amount You Owe – if line 11 is larger

than line 10, Subtract line10 from line 11 and write the number on the line. This is the amount that you owe the federal government in taxes.

Make the check payable to “United States Treasury”; DO NOT SEND CASH!; Write “2010 Form1040EZ” on the check as well as your daytime phone number, address, social security number

You may pay by credit or debit card – see info on line on www.irs.gov/e-pay


Be sure to sign, date , complete your occupation and your daytime phone number.

Mail any amount owed to the appropriate address,

Penalty for Not Paying Enough Tax During the Year If line 13 is at least $1000 and it is more

than 10% of tax shown on your return, you may have to pay a penalty. You can use Form 2210 to calculate your penalty.

Where to send your return? From Massachusetts, if you owe money, sent your return

with payment to:

Internal Revenue Service

P.O. Box 37008

Hartford, CT 06175-0008 From Massachusetts if you do not owe money, sent your

return to:

Department of the Treasury

Internal Revenue Service

Kansas City, MO 64999-0014

Video Clips On How To Fill Out the 1040EZ

Video Clips On How To Fill Out the 1040EZ

Documents

Federal Income Taxes Information You Should Know