1040-EZ Form 2017-2023

I see other answers here saying that they do teach their kids explicitly how to do taxes. I donu2019t.Why?Most kids donu2019t find it that interesting, and donu2019t retain much of what we teach.This is often the answer to u201cwhy donu2019t schools teach us stuff we can use?u201d Many well intentioned teachers try to instill real-world skills into their students, but students donu2019t usually find it engaging, and most forget it by the time it comes to use it.Itu2019s because stuff doesnu2019t feel relevantu2023 until itu2019s 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.)Itu2019s not that we shouldnu2019t 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 ISNu2019T THAT DAMN HARD.Seriously. Itu2019s 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.Itu2019s so easy thatu2026Parents could teach their kids in an afternoon.Weu2019re supposed to be teaching your kids the stuff that takes lots of time, or that you canu2019t.Teach your kids to cook.Teach your kids to fold laundry.Teach your kids to do their taxes.Theyu2019ll learn it better from you anyway. We donu2019t have time for that.Yes, I understand that not everyone comes from a good home, but we donu2019t have time to teach all life skills in the classroom.Teaching kids how to do taxes isnu2019t 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 finallyu2026We 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 donu2019t cover all possible applications. But we try to prepare students for anything by exposing students to lots of potential applications.Weu2019ve got a lot to teach. We also prspecific financial math classes if students want to take them.Please just let me teach Algebra.

To be eligible for AOTC, hereu2019the 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 youu2019re much better off claiming LLC (Lifetime Learning Credit).Iu2019ve 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.

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 2023. Check out NerdWallet's 5 Hacks to Save Time on Your 2023 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, 2023. Many families don't file their 2023 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' 2023 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.u00a0

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 u201csignu201d the parentu2019s 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 u201csignu201d 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 Parentu2019s Guide to Filling Out the FAFSAu00ae Form - ED.gov BlogThe FAFSA for school year 2018u201319 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 parentu2019s FSA ID and the studentu2019s FSA ID in May, 2023. 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 Palmasaniu2019s, Right College, Right Price. His book describes an u201caffordabilityu201d 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. Heu2019s 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.u00a0 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 u201cfinancial cardsu201d closer to their chest than others. In my opinion thatu2019s 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 wasnu2019t 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. Iu2019m not sure what the consequences of all that would have been, but, at a minimum, it would have been a big mess to unwind.)

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

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 wonu2019t 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 havenu2019t done 2023 yet, the forms changed with the tax laws, so while they are still close, there may be significant enough difference to cause confusion.

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. Donu2019t forget to file with your state income tax office. Thereu2019s more money waiting for you there, too.

The instructions are available here 1040EZ (2023)