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Video instructions and help with filling out and completing Form 1040-EZ
Hey tax students this is your teacher Roy at leeward College with a video demonstration in preparing form 1040ez I cannot control the quality of this videos resolution so to see the real detail you need to take a look at the problem in our textbook and the wording in the actual tax forms so let's download that form 1040ez by going here in our la llevo home page to the tool called for tax forms federal and you'll take you to the IRS website we can download either the current year's forms and publications that's the year 2016 or prior years 2015 and earlier by either typing in the form number or publication number here and then clicking on the search button or for the real common forms if you just scroll down further like we're looking for form 1040ez which is linked here and the related instructions which will need later on but let's first download that form by clicking on the link and now you can see that form 1040ez for 2016 in our Google Chrome web browser so you would not fill in the form here in the browser screen because you probably will not be able to save your work so you first have to download the form which I'll do by putting it on my desktop so it's easy to find and then let's take a look at the desktop here so you can see the form so if you open it up you probably will use Adobe Reader as you can see I'm using Acrobat which is comparable so now you can fill in these blue fields that you could turn off and on with this button here so the problem we want to do is at the end of our chapter number 1 this is problem number 2 and page 44 in where we're given her address and social security number she's gonna be using the single filing status and we have two w-2 forms so here's information from one of them for Lakeland automotive and here's the information for the second one fun parts galore she also has interest income reported on a form 1099 int from Minnesota savings and loan in the amount of fifty one ninety two now looking at this information here in paragraphs in our textbook it's not real realistic if you want to get a more realistic situation what we can do here back on our laulima home page is to go to this link called McGraw Hill online learning center OLC where you can download source documents for all of the problems located at the end of our chapters so here for the additional student resources if I click on this link you'll ask you to download a word file so here if I already downloaded it and you have to enable editing to be able to make these links work and what you want to use is this link called source documents and
FAQ
Why don't high schools teach students how to prepare a basic income tax return? Or at least, why don't they inform students about income taxes?
I see other answers here saying that they do teach their kids explicitly how to do taxes. I don’t.Why?Most kids don’t find it that interesting, and don’t retain much of what we teach.This is often the answer to “why don’t schools teach us stuff we can use?” Many well intentioned teachers try to instill real-world skills into their students, but students don’t usually find it engaging, and most forget it by the time it comes to use it.It’s because stuff doesn’t feel relevant… until it’s relevant. Once you realize you need the information, you suddenly become motivated, and you learn it fairly quickly (as long as you possess the prerequisite skills, more on this later.)It’s not that we shouldn’t try to teach relevant skills, but to actually add educational value, it needs to be skills that students are interested in picking up.Doing your taxes ISN’T THAT DAMN HARD.Seriously. It’s not.Time consuming? Yes. Frustrating, it can be. Annoying the other 364 days where you had to keep careful records? Sure.But actually doing taxes is not that bad unless you are a small business owner.You get your (sometimes free) tax software and answer all the questions and fill in appropriate boxes.It’s so easy that…Parents could teach their kids in an afternoon.We’re supposed to be teaching your kids the stuff that takes lots of time, or that you can’t.Teach your kids to cook.Teach your kids to fold laundry.Teach your kids to do their taxes.They’ll learn it better from you anyway. We don’t have time for that.Yes, I understand that not everyone comes from a good home, but we don’t have time to teach all life skills in the classroom.Teaching kids how to do taxes isn’t financial literacy.Oh, I definitely teach exponential growth, and the danger of high interest loans and credit cards. I try to instill numeracy. We talk a little about budgeting, saving, and investing.But teaching kids how to fill out a form is not preparing them to handle their finances.Tax law changes constantly. Anything we teach will be obsolete in 5 years.We teach students enough material that will be obsolete. No need to add to the list.And finally…We give students all the prerequisite skills to do their taxes.Math classes are constantly:asking students to take percentagestransferring numbers from here to thereoptimization problems (how can I get the biggest return)forcing students to follow specific directions for complicated processesMath is abstract. We don’t cover all possible applications. But we try to prepare students for anything by exposing students to lots of potential applications.We’ve got a lot to teach. We also prspecific financial math classes if students want to take them.Please just let me teach Algebra.
How can I get $1000 tax refund under American Opportunity Credit?
To be eligible for AOTC, here’the criteria:Fees must be paid for enrollment and tuition in that particular tax year to an eligible post-secondary educational institute.Some expenses not paid to the eligible post-secondary educational institute can also be claimed under AOTC. This included the purchase of course materials and equipment say, computer. If a computer is purchased, it can only be claimed if owning a computer was a condition for enrollment and attendance.If the Modified Adjusted Gross Income (MAGI) is $80,000 or less if filing singly or $160,000 or less if filing jointly.Tax deduction has not been claimed against the tuition fee in the same tax year. You can either claim a tax deduction or AOTC on your tuition expenses. In most cases, the Tax Credit normally results in more tax savings as compared to tax deductions.The student enrolls in a program which leads to a post-secondary educational credential or a degree certificate.The student should not be convicted of a felony drug offense.The student is not an F-1 Visa Student.See if you fulfill the above criteria.If yes, then how much credit you can claim or is AOTC right for you or you’re much better off claiming LLC (Lifetime Learning Credit).I’ve written complete guide about these two educational credits, what forms you need to fill and submit etc.You can read the article here:AOTC & LLC - Two Higher Education Tax Benefits For US Taxpayers - The Usual StuffI hope that helps.
How do I fill out my FAFSA?
The FAFSA isn't as scary as it seems, but it's helpful to have the documents you'll need handy before you fill it out. It's available starting January 1 of the year you'll attend school, and it's best to complete it as early as possible so you get the most aid you'll qualify for. Be especially mindful of school and state deadlines that are earlier than the federal deadline of June 2017. Check out NerdWallet's 5 Hacks to Save Time on Your 2016 FAFSA. These are the basic steps: Gather the documents you'll need to complete the form by following this checklist.Log in to the FAFSA with your Federal Student Aid ID. You'll need an FSA ID to sign and submit the form electronically, and your parent will need one too if you're a dependent student. Create one here. Follow the prompts to fill out the FAFSA. This guide will help you fill it out according to your family situation. You'll be able to save time by importing income information from the IRS starting Feb. 7, 2016. Many families don't file their 2015 income taxes until closer to the deadline of April 18. But it's a good idea to fill out your FAFSA earlier than that. Use your parents' 2014 tax information to etheir income, then go back in and update your FAFSA using the IRS Data Retrieval Tool once they've filed their taxes. More info here: Filling Out the FAFSA.
How do I fill out FAFSA without my kid seeing all my financial information?
You will have a FSA ID. Keep it somewhere secure and where you can find it when it is needed again over the time your kid is in college. Use this ID to “sign” the parent’s part of the FAFSA.Your student will have their own FSA ID. They need to keep it somewhere secure and where they can find it when it is needed again over the time they are in college. They will use the ID to “sign” their part of the FAFSA.There is no need to show your student your part of the FAFSA. I do suggest you just casually offer to help your student fill out their part of the form.The Parent’s Guide to Filling Out the FAFSA® Form - ED.gov BlogThe FAFSA for school year 2018–19 has been available since October 1. Some financial aid is first come-first served. I suggest you get on with this.How to Fill Out the FAFSA, Step by StepNotes:Reading the other answers brings up some other points:The student pin was replaced by the parent’s FSA ID and the student’s FSA ID in May, 2015. Never the twain need meet.Families each need to deal with three issues in their own way:AffordabilityIf you read my stuff you know I am a devotee of Frank Palmasani’s, Right College, Right Price. His book describes an “affordability” exercise with the parents and the student. The purpose is to determine what the family can afford to spend on post-secondary education and to SET EXPECTATIONS. He’s not talking about putting your 1040 on the dining room table, but sharing some of the basics of family finances.I get the impression that many families ignore this issue. I have a study that shows five out of eight students assume their families are going to pay for college regardless of cost. Most of these students are in for a big surprise.PrivacySome parents may want to hold their “financial cards” closer to their chest than others. In my opinion that’s OK. I suppose an 18 year old kid, theoretically, has the right to keeping his finances private. My approach to this would not be to make a big deal out of it but to offer to help them fill out their part of the FAFSA. The main objective should be to get the FAFSA filled out properly, in a timely fashion.FraudThis is absolutely not acceptable, and, hopefully, those who try it get caught and suffer the consequences. (I had a conversation with a father recently who was filling out the CSS Profile. He wasn’t intent on committing fraud. He thought he was being clever in defining assets. After our conversation he had to file a significant revision. This revision was a good thing because two or three years from now his mistake was going to come to light. I’m not sure what the consequences of all that would have been, but, at a minimum, it would have been a big mess to unwind.)
Which forms do I fill out for taxes in California? I have a DBA/sole proprietorship company with less than $1000 in profit. How many forms do I fill out? This is really overwhelming. Do I need to fill the Form 1040-ES? Did the deadline pass?
You need to file two tax returns- one Federal Tax Form and another California State income law.My answer to your questions are for Tax Year 2018The limitation date for tax year 15.04.2018Federal Tax return for Individual is Form 1040 . Since you are carrying on proprietorship business, you will need to fill the Schedule C in Form 1040Form 1040 -ES , as the name suggests is for paying estimated tax for the current year. This is not the actual tax return form. Please note that while Form 1040, which is the return form for individuals, relates to the previous year, the estimated tax form (Form 1040-EZ ) calculates taxes for the current year.As far as , the tax return under tax laws of Californa State is concerned, the Schedule CA (540) Form is to be used for filing state income tax return . You use your federal information (forms 1040) to fill out your 540 FormPrashanthttp://irstaxapp.com
How do I learn to pay taxes and to get my tax return?
They are actually pretty intuitive once you do it a couple of times. If you have already filed, you should have a copy of prior years, and hopefully not a lot pages. Download the 1040 instructions, and go through your tax forms line by line. Use the instructions to see how any given line should be filled out. Most won’t apply, so you only need to care about the lines that are filled in.Once you understand how it all fits together, you should be able to easily replicate it next year. If you haven’t done 2018 yet, the forms changed with the tax laws, so while they are still close, there may be significant enough difference to cause confusion.
How do I claim a tax refund? I just started a new job and I am paying taxes, but I don't meet the wage requirements needed to be taxed. I want to claim it back, how do I do this?
Without knowing what country you are in, there is no way to really know. Assuming you are in the U.S. there are two ways for you to do this. One is to fill out a 1040ez form, which is as easy and basic as it gets. Should not take you more than 10 minutes to fill out, and there are services on College Campuses that will help you fill them out for free.Another way is to fill out the W2 form and claim 20 or 30 exemptions. Do that and they will not withhold anything from the money you earn. I believe you will still have to fill out the 1040 ez, but it is now simple, and you will get nothing back because you paid nothing. Don’t forget to file with your state income tax office. There’s more money waiting for you there, too.
How do you fill out a 1040EZ tax form?
The instructions are available here 1040EZ (2014)