by Angie | May 12, 2022 | Schedule 3, Taxes
Line 20 refers to Schedule 3 which is to be filled out if you have additional credits that aren’t listed directly on the 1040, such as adoption credits and residential energy credits. Part I lists nonrefundable credits, credits that reduce the amount of taxes owed,...
by Angie | Apr 28, 2022 | Child, Dependent, Taxes
If you have children or dependents, then you will want to fill out Schedule 8812. This is 3 pages of math equations that seem to wind in so many paths just to give you an amount to enter on your 1040. I can’t even imagine how they came up with this. Someone at the IRS...
by Angie | Apr 19, 2022 | Distribution, Taxes
Now we get to figure out how much tax is due (line 16). I know…exciting right!? Use the tax table in the instruction handbook to locate the line with the amount entered on line 15 on your 1040. Then navigate to the column based on how you are filing (single, married,...
by Angie | Apr 16, 2022 | Itemize, Taxes
Now we come to the part where you must decide if you should take the standard deduction or itemize your deductions. Are you looking at the previous statement like a deer in headlights because you’re not quite sure what a deduction is? It’s ok. I got you. Basically, a...
by Angie | Apr 15, 2022 | Benefits, Taxes
If you received Social Security Benefits, then you should have received an SSA-1099 with the total amount paid to you in box 3 and any repaid amounts in box 4. You should receive an RRB-1099 if you received any railroad retirement benefits that were treated as social...
by Angie | Apr 12, 2022 | 1040, Taxes
Lines 3a and 3b refer to Dividends you receive from stock. Qualified dividends are entered in box 3a and are eligible for a lower tax rate than other ordinary income. Generally, these dividends are shown on box 1b of Form(s) 1099-DIV. Some dividends reported aren’t...
