2015 and 2014 1040 Tax Form Updates: The 2015 1040 Tax form has the same line number and information as the 2014. (the amounts will be different). The purpose of this video is to help you understand what is on the main tax form so you can get ready to fill out your taxes. You can fill out your tax forms by hand or via a computerized program or have an accountant do it for you, but it is helpful to know what is in the tax form. You will usually save money if you " know before you go". 2015 and 2014 Tax form 1040 updates are put in the red bubbles in this video. For 2015 updates or other 2015 tax forms go to http:// www.IRS.gov. The main form that you file when you file your income tax is IRS Form 1040. This video explains how to fill out your tax form and how you can get more tax credits and deductions. The 1040 Tax Form does not change much from year to year. Some changes for 2015 and 2014 are explained in the little bubbles. The Health Insurance topic can be very confusing. Additional changes for 2015 and 2014 are about the new health care law (Affordable Care Act), And how to report and get your tax credit. Health Insurance. There are 3 lines on the 1040 Tax form that refer to the Health Care Law. Line 46 "Excess Advance premium tax credit repayment" Fill out another form (Form 8962) if this applies to you. Line 61 "Health Care: Individual responsibility" and you fill out form 8965 if this applies to you. Most people only have to check the box on line 61 and do not need to fill out the form. Line 69 "Net premium tax credit" If this applies to you then fill out Form 8962. When you use a computerized tax form or service to fill out your taxes then these extra tax forms will automatically pop up for you to fill in. IRS Warning: The IRS reminds individuals who owe the payment that it should be made only with their tax return or in response to a letter from the IRS. The payment should never be made directly to an individual or return preparer. Most people don’t owe the payment at all because they have health coverage or qualify for a coverage exemption. The IRS has received several reports of this kind of unscrupulous activity. In some cases, return preparers have told taxpayers to make the payment directly to them, even though the taxpayer had Medicaid or other health coverage and doesn’t need to make the shared responsibility payment at all. In some parts of the country, unscrupulous return preparers are targeting taxpayers with limited English proficiency and, in particular, those who primarily speak Spanish. These preparers are asking for direct payment to them, but their reasons vary. Methods include: • telling individuals that they must make an individual shared responsibility payment directly to the preparer because of their immigration status, • promising to lower the payment amount if the client pays it directly to the preparer, or • demanding money from individuals who are exempt from the individual shared responsibility payment. From: HCTT-2015-17:
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By now you've determined that you need to file a return, so set's figure out which form to use. There are three flavors of the 1040 individual income tax return. Form 1040EZ The easiest is obviously Form 1040EZ. This is a one page form with only a few lines. Many people can even file a 1040EZ using a touch-tone telephone. Although the 1040EZ is simple, only a limited number of people qualify to use it. To be able to file 1040EZ you must have taxable income of less than $50,000 and interest income of less than $400. Also, only singles and couples with no dependents can file the 1040EZ, and you must be under age 65. Further, you cannot itemize deductions with 1040EZ, and you can't deduct an IRA contribution either. Because of these restrictions, only about 15 percent of all filers use Form 1040EZ. Form 1040A Form 1040A is a step up in complexity from Form 1040EZ. Form 1040A can be filed by all types of people, including heads of household and senior citizens. However, 1040A filers still must have taxable income of less than $50,000 and can't have income from alimony, rents or capital gains. 1040A filers can take advantage of things like the child care credit and the IRA deduction, but they can't itemize their deductions. Because of these limitations, only about 20 percent of all filers use Form 1040A. Form 1040 Form 1040, otherwise known as the long form, has more lines and schedules than the other versions of Form 1040. Many people are forced to file the long form because they have taxable incomes above $50,000. Others must use the long form because they have capital gains or losses, or because they run an unincorporated business. Even if you could file one of the simpler forms, you should file the regular Form 1040. The long form is the best way for you to reduce your taxes through itemized deductions, retirement accounts or a small business, and the sooner you become comfortable with the long form, the better. Copyright 1996, David Luhman.
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A one minute overview of how to extend the U.S. Individual Income Tax Return - Form 1040. Updated for the 2012 tax year. Form 4868 and its instructions may be found below. http://www.irs.gov/pub/irs-pdf/f4868.pdf http://www.irs.gov/pub/irs-pdf/f1040.pdf