Tax Forms
What goes on line 1 of a W2 form?
Wages, tips, other compensation.
Can an individual file taxes online?
True.
What personal information do you need to bring with you or know to fill out tax info?
SSN, DOB, W2.
What was the purpose of taxes? Why were they created?
To pay for public, common, or agreed national needs.
Is all of your income subject to federal or state tax?
No. (Disability and Inheritances)
When should an employer send out a W2 to an employee?
January 31st.
1098T is a tax form students receive when filing taxes.
True.
What deductions can a student use when filing taxes?
1098T form deductions from the school institution, educational expenses.
Who pays taxes?
Any American whose gross income is over 12,400. (2020)
What do you do if you do not receive a W2 in the mail?
Contact your employer or your previous employer.
What tax form should you receive from your employer if you worked a traditional job in 2020?
W-2
There are multiple tax forms available.
True
How do you know how much money you made this year?
See your W2.
When is the last day to file taxes?
April 15th.
Double Jeopardy
Double Jeopardy
Name one other type of tax form an individual could receive.
1098T (School form). 1099 (Self-employed). W4. 1040.
A W2 form only shows the amount of federal income tax withheld by an employer?
False.
What could you do if you needed help filing taxes?
Use free services such as TurboTax.
List at least one place you can file taxes.
TurboTax, Jackson Hewitt, H&R Block, Liberty.
Can an individual get additional benefits for having a child? If so, how much?
Yes, under age 17. $2,000 per child.
List ways the IRS can get the tax return to you.
Mail, direct deposit, PO box.
Everyone is required to pay taxes.
False.
What is the standard deduction for single filing status for 2021?
12,550.
True or False. Can a parent claim a young adult up to age 18?
True
If you did not get your stimulus check for $600 by January 15th, what do you do?
Use a recovery rebate credit worksheet provided by the IRS through the tn.gov website.