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Filling out Tax Documents and Filing Your Taxes

Filling out Tax Documents and Filing Your Taxes. IRS Website below - Please find a computer and log on to this site. Use it as a reference if you have questions during this process. Filling out a W-4 form. Dependants – people who you are the sole financial provider for.

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Filling out Tax Documents and Filing Your Taxes

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  1. Filling out Tax Documents and Filing Your Taxes IRS Website below - Please find a computer and log on to this site. Use it as a reference if you have questions during this process.

  2. Filling out a W-4 form • Dependants – people who you are the sole financial provider for. • If your parents claim you on their taxes, you would have 0 dependants • More money will be taken from your paychecks, and you will likely receive a tax return check • If you claim yourself, you have 1 dependant • Slightly less money will be taken from your paycheck • If you have children, claim yourself and each one of them on this form. • Even less money will be taken from your paycheck

  3. Filling Out a 1040 EZ

  4. What you will need • A blank 1040 EZ Form • I recommend that you pick up or print an extra copy in case you make a mistake. • Social Security Number • Pen (you can not fill these documents out with a pencil) • Calculator • All W-2 forms that you have from every job that you have held in the last fiscal year.

  5. Step 1 - Label • Fill in the top part of the form • If you are filing alone, fill in ONLY your own information on this form • Make sure to include your Social Security number in this area

  6. Step 2 – Filing Status • Mark the box that applies to your situation • Most of you will enter box 1 for single.

  7. Step 3 - Exemptions • What are exemptions? • Other people or items that you can receive a tax break on because they are expenses you have that would require you to need more income, thus paying less in taxes. • Children, Spouse • If you are filing forms other than a 1040 EZ, you might have a mortgage or college expenses you can be exempt from. In this situation you may need to itemize your taxes.

  8. Step 3 Continued • Check box 6a if you claim yourself as an exemption. • You file on your own and your parents do NOT claim you as an exemption • It would be tax fraud for you to claim yourself and your parents claim you as well • If your parents claim you do NOT check a box • Answer the questions on the far right section of this part. • Add up the lines and write the number in the square box.

  9. Step 4 - Income • 7 - enter information from W-2 form, box 1 • 8a – 20a will likely be 0, read over these and enter a 0 if they do not apply to you. If they do, enter the amount that is correct for your situation. • 21 enter other income if you have it, or 0 if you do not. • 22 – add the total amounts from 7 – 21 and write the total in. This is your total income for the year.

  10. Step 5 – Adjusted Gross Income • Most of these will not apply to you if you are filing alone and just out of high school. As you develop more assets, more lines will apply. • Read through the lines and enter 0 if it does NOT apply to you, or the amount needed if it does. • As you are reading pay close attention to what other expenses might be included on your taxes for future reference. (33 and 34 deal with students loans)

  11. Step 6 – Tax and Credits • 38 – carry over total from line 37 on previous page • 39 – Check any boxes that apply, they should not apply to you. • 40 – see box on left side to determine if you are itemized or standard…Standard? Put 5,700 in box 40a • 41 – subtract line 40a-38 • 42 – multiply 3,650 by the number on line 6d

  12. Step 6 Continued • 43 – 54 read each line and fill out the information that pertains to you • 55 – Subtract line 54 from line 46, if 54 is more than 46 enter 0, or enter the amount

  13. Step 7 – Other taxes • Review lines 56 – 59 and enter any information that may pertain to this section • It is unlikely that you, as students, will have anything to fill in here.

  14. Step 8 - Payments • You will need your w-2 and 1099 forms to fill this section out • 61 – income tax withheld, from w-2 and 1099 forms • 62 – 70 read to see if any of these apply to you • 65 will apply if you have children • 66 will apply if you have higher education credit • 67 applies when you purchase a home

  15. Step 9 – Refund or Amount you Owe • 72 – if line 71 is more than line 60, subtract 60 from 71 and this is you REFUND – money that you overpaid in taxes and will receive back. • 73 – 74 – Read and fill in if these apply to you. • 75 – 76 – if line 71 is larger than line 60, find the difference and this is the amount that you will need to pay back to the government.

  16. Step 10 – The End • Double check to make sure you didn’t make any mistakes • Sign and have your preparer sign (if they did the taxes for you) • Attach all documents (make sure to keep copies) and send in to the IRS – Internal Revenue Service

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