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Income Tax Forms and Deductions PowerPoint PPT Presentation


Income Tax Forms and Deductions When do you file 1040ez? Your filing status is single or married filing jointly You claim no dependents You, and your spouse if filing a joint return, were under age 65 on January 1, 2009, and not blind at the end of 2008

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Income Tax Forms and Deductions

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Income tax forms and deductions l.jpg

Income Tax Forms and Deductions


When do you file 1040ez l.jpg

When do you file 1040ez?

  • Your filing status is single or married filing jointly

  • You claim no dependents

  • You, and your spouse if filing a joint return, were under age 65 on January 1, 2009, and not blind at the end of 2008

  • You have only wages, salaries, tips, taxable scholarship and fellowship grants, unemployment compensation, qualified state tuition program earnings, or Alaska Permanent Fund dividends, and your taxable interest was not over $1,500

  • Your taxable income is less than $100,000

  • You did not receive any advance earned income credit payments

  • You do not owe any household employment taxes on wages you paid to a household employee

  • You are not a debtor in a Chapter 11 bankruptcy case filed after October 16, 2005

  • You do not owe any alternative minimum tax

  • You do not claim a student loan interest deduction, an educator expense deduction, or a tuition and fees deduction, and

  • You do not claim an education credit, retirement savings contributions credit, or a health coverage tax credit

    If you file Form 1040EZ, you cannot itemize deductions or claim any adjustments to income or tax credits (other than the earned income credit.)


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When do you file form 1040a?

  • Your income is only from wages, salaries, tips, taxable scholarships and fellowship grants, interest, or ordinary dividends, capital gain distributions, pensions, annuities, IRAs, unemployment compensation, taxable social security or railroad retirement benefits, and Alaska Permanent Fund dividends

  • Your taxable income is less than $100,000

  • You do not itemize deductions, and

  • Your only adjustments to income are the IRA deduction, the student loan interest deduction, the educator expenses deduction, and the tuition and fees deduction.

  • If you file Form 1040A, the only credits you can claim are the credit for child and dependent care expenses, the earned income credit, the credit for the elderly or the disabled, education credits, the child tax credit, the additional child tax credit, and the retirement savings contribution credit.


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When do you file form 1040?

  • Your taxable income is $100,000 or more

  • You have certain types of income such as unreported tips, certain nontaxable distributions, self–employment earnings, or income received as a partner, a shareholder in an "S" Corporation, or a beneficiary of an estate or trust

  • You itemize deductions or claim certain tax credits or adjustments to income, or

  • You owe household employment taxes


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Different Tax Forms

  • Employed

    • W-4

    • W-2

    • 1040ez, 1040a, 1040 (+schedules)

  • Self-Employed

    • W-9

    • 1099-misc

    • 1040 (+schedules)


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Tax Deductions – Standard 2009

  • $5,700 for single or married filing separately

  • $8,350 for head of household

  • $11,400 for married filing jointly


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Tax Deductions - Itemized

  • Follow this link: http://www.irs.gov/taxtopics/tc500.html

  • In your notebooks take notes on each of the potential deductions and determine if you can make those deductions as an individual or only as a business entity.

    Should look something like:

    Notes, Notes, Notes


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