Tax Return Basics
What month do you need to file your taxes by each year?
April 15
What is the name of the government bureau that is responsible for processing your tax returns?
Internal Revenue Service (IRS)
I am filled out by contractors.
I am given to contract employers so they can fill out form 1099-NECs.
I provide my name, business name (if applicable), address, SSN or EIN,
I am a W-9 form
What is form 1040-SR?
It is the Senior citizen 1040 form. For those over the age of 65.
True or False: If you are a U.S Citizen, you must file your taxes even if you weren't living in the U.S.
True. U.S Citizens must file their taxes even if they were not living in the U.S during the tax period.
What is one reason why you should file your taxes?
1. May get money returned
2. Continue to fund programs everyone benefits from
3. Avoid paying penalties in the future
Name one online tax software
TaxAct, TurboTax, FreeTaxUSA
I am due by April 15th
You can fill me out using Turbo Tax,FreeTaxUSA, TaxAct, or you can do it yourself
I report your salary, wages, taxable interest, any investments and any other income.
I am a 1040 form
What is Schedule C?
Profit & Loss from Business (Sole Proprietor)
True or False: Relatives can be filed as a dependent.
True. If the relative is not a qualifying child, lived with the taxpayer more than half the year, has an income under $5,050, and gets more than half their financial support from the taxpayer, they can qualify as a dependent.
Which form is necessary to file a personal tax return?
Form 1040
What is one way to file your taxes?
1. Hire an accountant
2. Use an online tax software
3. Fill out IRS form 1040
You will receive me if you are a freelancer or self employed, or earn stipends.
I am a 1099-NEC form
What is form 1040-V
Form 1040-V is the voucher that taxpayers can use to pay any federal taxes that were owed on form 1040.
True. Form 1098-T is filed for each student enrolled into an eligible institution and whom a reportable transaction is made, such as reimbursements or refunds of qualified tuition and related expenses.
In most places how often are tax returns filed?
Once a year
Are spouses required to file their taxes together?
No. If the couple is officially married under law, then they have the option to file jointly or separately.
You fill me out every time you file your return electronically and I must be signed.
I am form 8879
What is Schedule E?
Schedule E is reported income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in real estate mortgage investment conduits (REMICs).
If you don't meet this requirement, you may not need to file.
What is Income Threshold: If you earn less than the standard deduction (earned income $15,750 for single filers under 65), you generally won’t owe federal income tax.
What is this year's extension deadline for filing taxes?
October 15th
The child must be under 24 (exception: permanently and completely disabled), are enrolled as a full-time student, live with their guardian more than half the year, get more than half their financial support from their guardian, and cannot file as married jointly.
You will receive me from your employer
You need me in order to file your taxes
I am a W-2
What is Form 8962
Premium Tax Credit (PTC). This form is used when a taxpayer receives form 1095-A, 1095-B, or 1095-C for a qualified health plan.
What are the different filing statuses for form 1040?
Single, Head of Household, Married - Filing Jointly, Married - Filed Separately, Qualifying Surviving Spouse