1040A ” an Easier Way to Complete your Taxes
It is that wonderful time of year again ” no, not Christmas, but rather tax time. Before you go and spend money on tax programs or a professional, think Form 1040A.
There is no doubt that tax time causes undo stress for millions of Americans. Resulting in avoidance, last minute filing or not filling at all. While no one really likes to do their taxes, it can be relatively simple by using the 1040A. It will take you a couple hours to complete but the return can be worthwhile.
Now, while I truly understand not wanting to do your taxes, there is the potential for the average Joe or Jane to get sizeable cash refund. A couple hours of work and you just might get some of the money you’ve paid all year back in your pocket. As incentives go, getting money back from the government goes a long, long way.
So, what is the easiest way to complete your taxes? Well there are good online tax programs; however, you can do it for free by downloading the forms listed at the bottom of this article.
The IRS produced a very straightforward form called the 1040A. It has a bit more flexibility in relation to credits than the 1040EZ. It is all of two pages long, although you may have to complete a schedule for certain deductions. This little form is much easier to complete then the full meal deal. Dont think you are missing out on potential deductions just because it is not complicated. To see if you can use this form, take a look at the points below.
You are eligible to complete the 1040A if:
Your taxable income is less than $100,000 (subtract your total deduction from your total income).
You did not exercise incentive stock options.
Your income comes from:
Capital gains,
Grants and/or scholarships,
Interest and dividends,
Pensions, annuities, IRA distributions,
Social Security benefits,
Unemployment,
Employment Wages
Deductions are standard:
Classroom expenses
Student loan interest
Tuition and fees
Claiming the standard tax credits which are:
Retirement savings contributions
Elderly and disabled credit
Child and dependent care expenses
Earned income credit
Child tax credit
Additional child tax credit
Lifetime Learning and Hope education credits
Since youve read all the way thru this article, why not buckle down and just get it done. There may be a few schedules that you need to complete regarding your expenses ” click below to grab all you need.
2008 Form 1040A Instructions (http://www.irs.gov/pub/irs-pdf/f1040a.pdf)
1040A Form (http://www.irs.gov/pub/irs-pdf/f1040a.pdf)
Schedule 1 - Interest and Ordinary Dividends (http://www.irs.gov/pub/irs-pdf/f1040as1.pdf)
Schedule 2 ” Child and Dependent Care Expenses (http://www.irs.gov/pub/irs-pdf/f1040as2.pdf)
Instructions for Schedule 2 ” (http://www.irs.gov/pub/irs-pdf/i1040as2.pdf)
Schedule 3 ” Credit for Elderly and the Disabled (http://www.irs.gov/pub/irs-pdf/f1040as3.pdf)
Instructions for Schedule 3 (http://www.irs.gov/pub/irs-pdf/i1040as3.pdf)
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