Need 1040 form help ? Well if you are facing trouble in filling out the Form-1040, here are some useful steps, which will guide you to fill out the Form-1040, step by step:
Step 1: Download the Form-1040 from internet.
Step 2: The starting portion of the form is simply mainly regarding your basic information, such as your name, SSN and address etc.
You would have to fill up your filing status. It is generally as Single / Married Filing Jointly / Head of House Hold. If you are Single or Married it is simple but if you are unmarried and have dependents you must select â€śHead of House Holdâ€ť, which may bring more benefits to you.
Step 3: You would have to file up the exemption for you, your spouse or your dependants.
Step 4: Under this section you will have to all your sources of income. At the last you have to sum up all the amount, you have entered in the TOTAL Income space.
Step5: This section will cover all your deductions from above mentioned Total Income and will evaluate your Gross Income. You must mention all your deductions in this section, which will then be deducted from your Total Income and will bring up your â€śGross Incomeâ€ť. This part of the form is also very important because mentioning all the deductions would result in saving your money.
Step6: Now coming to the second page, it is all about tax and credits. It requires the calculations from your filled amounts and deductions of exemptions and you will then be able to bring the sum of the amount of income tax you will be eligible and responsible for the course of year.
Step7: In this section you are required to mention in detail about other Taxes that you are responsible and paying in addition to this Tax, like SELF Employment tax, additional 10% tax for early withdrawal from an IRA etc.
Step8: This section is all about Refund of Amount, you have already paid against your Tax Liability. These payments may be in the form of withholding from your wages, or in the form of quarterly estimated tax payments. You must not forget to mention any Tax you are paying through any source, in order to avoid access Tax Payment.
Step9: This finishing step is to sign up your return.
Best of Luck
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June 26 2011 05:14 am | Simple Tax Instuctions