Form1040
This is the most common version of Form 1040, used by the majority of U.S. taxpayers.
What is Form 1040?
There are this many official filing statuses recognized by the IRS
What is 5?
This above−the−line deduction allows teachers to deduct up to 300 for classroom supplies without itemizing.
What are Educator Expenses?
Gross income includes all income from whatever source derived, including wages, interest, and this kind of income from investments
What is capital gains?
This credit can give you up to $2,500 per eligible student for qualified education expenses
What is the American Oppurtunity Credit?
line 1 of the 1040 starts by asking for this type on income, often earned from working a job.
What are wages/salary/tips?
The filing status generally results in the lowest tax liability for married couples
What is married filing jointly?
Contributions to this type of account can be an above-the-line deduction if made with post-tax income and used for qualified medical expenses.
What is a Health Savings Account (HSA)?
Royalties from intellectual property and rental income from properties both fall under this broad category of IRC §61(a) income.
What is business and investment income?
college students often don't need to file a return if their is below this amount (based on standard deduction for singles in 2024)
What is 14,600?
If your taxable interest exceeds 1,500, you must attach this schedule to your Form 1040.
What is Schedule B?
To file as "head of household" you must pay more than half the cost of maintaining a home AND have this
What is a qualifying dependent?
This below-the-line deduction lets self-employed individuals deduct up to 20% of qualified business income, calculated on Form 8995.
What is Qualified Business Income (QBI) deduction?
If you are self-employed, this IRS form reports your gross earnings
What is Form 1099-NEC?
If someone else claims you as a dependent, you (the student) can't do this on your tax return.
What is claim yourself?
This schedule must be attached to Form1040 if you have additional income like freelance earnings or deductions like self-employment expenses
What is schedule 1?
You can file as a "qualifying widow(er)" for up to this many years after your spouse dies, if you meet certain conditions
What is 2 years?
The standard deduction amount applies to most single filers for 2024.
What is 14,600?
You receive this IRS form for your employer showing gross income from your job.
What is a W-2?
The IRS form helps you report tuition payments and is often required for education credits
What is Form 1098-T?
This line on Form 1040 shows the amount of tax you actually owe after subtracting credits but before subtracting what you already paid.
What is line 24 (total tax)?
The filing status usually results in the highest tax rate and fewest deductions.
What is married filing seperately?
The key difference between AGI and MAGI is that MAGI always includes these two additions back to AGI for Roth IRA eligibility purposes.
What are tax-exempt interest and excluded foreign income?
Some types of income are excluded from gross income by law. One example is this education-related form of tax-free support
What is a pass-through entity?
If you earned over $400 from freelance work, side gigs, or tips not reported on a W-2, you're required to file this additional tax form.
What is Schedule SE?