How To File
Filing status commonly used for unmarried people with no dependents
What is Single?
This form is filed by employees only
What is a W2?
The correct term for a dependent that is a relative i.e. child, parent, niece or nephew, that earned LESS than $4,700
What is a Qualifying Relative?
This credit can only be claimed if the tax payer actually earned income for the year.
What is the Earned Income Credit (EIC)
This is the form for individual taxpayers
What is the 1040?
This filing status is used when married couples do NOT include both incomes on one tax return
What is Married Filing Separately?
This form shows amount of tuition paid for the year for a student
What is a 1098-T?
The correct term for a dependent that may be under 19, under 24 if a full time student
What is Other Qualifying Dependent?
This credit can be claimed for dependents under the age of 17
What is the Child Tax Credit?
This is the line on the 1040 which shows Adjusted Gross Income (AGI)
What is line 11?
Filing status used by a taxpayer with a dependent, whose spouse passed away
What is Surviving Spouse with dependent child?
This form is issued to taxpayers who earned income and have either a social security number, an ITIN, or an EIN but are NOT employees
What is a 1099-NEC
This is the maximum amount of dependents you can claim for the Earned Income Credit
What is 3?
This deduction is used for taxpayers who elect to NOT itemize their deductions
What is the Standard Deduction?
This Schedule is where you enter the expenses a contractor had during the year
What is a Schedule C?
Filing status used by couples that have agreed to file together
What is Married Filing Jointly?
This form is normally issued from financial institutions to show interest earned on an account
What is a 1099-INT?
These dependents can be claimed, even if they are over the age of 24
What are permanently disabled and/or blind dependents?
Parents of students ages 19-24 may be able to claim this credit
What is the American Opportunity Tax Credit (AOTC)
This schedule is where you enter interest earned on a bank account
What is the Schedule B?
Filing status used by a taxpayer that provides over 50% of support to their household/qualifying dependent
What is Head of Household?
This form shows if there were gains, losses, or breaking even on sold stock, bonds, and/or securities
What is a 1099-B?
You can claim these relatives that are NOT children if you cover over 50% of their expenses, even if they do NOT live with you
Who are your parents?
An example of this type of deduction would be, Charitable Donations
What is an Itemized Deduction?
Property management, maintenance & repair expenses, depreciation, and real estate taxes for rental properties are entered here
What is a Schedule E?