You may want to fill out Form 1040A for a potential tax refund.
Form 1040A is the most commonly used tax form for individuals. For those accustomed to using form 1040EZ, the 1040A form can be a little confusing, but it also can provide a few more tax breaks. This 1040A form is used for all types of income, dependents and deductions and can lead to bigger returns. Downloading the supporting forms from the previous tax year may help you prepare your 1040A. If you are preparing your taxes for submission by April 15, 2011, the tax year that applies is 2010. This article supports the 2009 tax year. Each year, forms and laws change, so review Form 1040A instructions for any changes.
Instructions
1. Fill out the label. If you received your tax forms directly from the IRS, a peel-off sticker probably is attached to your forms. Stick it on the appropriate spot of your tax return. If any of the information on this sticker is incorrect, make any corrections directly on the label. These tax forms sent from the IRS include detailed instructions. If you didn't receive your forms from the IRS, follow Steps 2 through 12.
2. Enter all of your personal information legibly in blue or black ink. Enter your Social Security number and your spouse's information (if applicable). If you are married but filing separately, you still must enter your spouse's information.
3. Check the box to donate $3 to the Presidential Election Campaign Fund if you wish. This decision does not affect the amount of your return.
4. Choose your filing status based on what is best for you. Your options are single, married filing jointly, married filing separately, head of household, and qualifying widow. Both the head of household filing status and qualifying widow status require a qualifying child. If this is unclear to you, refer to the instructions included with your form 1040A.
5. Complete the exemptions sections, which allows to claim the people you support. Claiming more people reduces the amount of the taxes that you owe. Check the box for Yourself. If your parents are claiming you on their return, you cannot claim yourself as a dependent. Check the box for your spouse if you are married. Enter any dependents' information. This would include children and people (mostly family) that you support. There are many guidelines on whether you can claim someone living in your home as a dependant. Refer to the instructions for examples and explanations. The IRS checks to ensure your claimed dependents are valid. Add up the amount of exemptions from boxes 6a, 6b, and 6c and place the total into 6d.
6. Fill out your income portion of the tax return. Add all income forms (if you had more than one source of income) to the nearest dollar and enter this information into Line 7. Most of the information you need is found in Box 1 on your W-2. If you have another form, refer to the instructions included with your 1040A form.
7. Enter all information on interest income from form 1099-INT (if you received any) into line 8a. Any tax exempt interest should be placed in box 8b. Enter all information on dividend income from form 1099-DIV (if you received any) from box 1a into line 9a on form 1040A. Information from box 1b should be entered into line 9b.
8. Enter all information on capital gains distributions into line 10. This information should come from form 1099-DIV, box 2a. Enter information from form 1099-R into lines 11a and 11b. Your 1099-R should show which amount is taxable and which is not. Enter the entire distribution into line 11a and the taxable amount into line 11b. Enter all information from 1099-R if you received pension payments. If you received money from a pension payment that wasn't entirely taxable, determine the amount that is taxable by referring to the IRS Publication 939. The taxable amount goes into line 12b and the total amount received goes into 12a. Enter any additional income into line 13. This would include income from form 1099-G (usually unemployment compensation) and income from the Alaska Permanent Fund Dividend. If you had both, add them up and enter them into line 13.
9. Enter payments from form SSA-1099 and form RRB-1099 into line 14a and the taxable amount into line 14b. If you need to determine which portion of Social Security or railroad benefits are taxable, refer to page 29 of the 1040A instructions. Add lines 7 through 14b and enter the total into line 15. Add only the B lines. A lines are used for total amounts, and B lines are the taxable amounts. This is your total taxable income.
10. Enter any qualified teacher expense into line 16. Enter any contributions to a traditional individual retirement account (IRA) into line 17. Enter any student loan interest into line 18. Enter any qualified tuition/fees that can be deducted from your income in line 19. Add lines 16 through 19 and enter the amount into line 20. Subtract line 20 from line 15 and enter it into line 21. This is your adjusted gross income. You will use this figure many times in the next part of the form.
11. Enter the amount from line 21 into line 22 for your taxes, credits and payments. Check the boxes in line 23 if you or your spouse was born before the year listed on the return (2009 form says 1945) and whether you or your spouse is blind. Add up your check marks and put this number into line 23a. Check the box 23b if you are married but filing separately and your spouse itemizes deductions. Enter the amount from the left margin on the page for your filing status into line 24a. This is your standard deduction. Enter the amount from Schedule L into line 24b if you are increasing your standard deduction because of certain real estate taxes or new motor vehicle taxes. Subtract line 24a from line 22 and enter the total into line 25. If 24a is more than 22, enter 0.
12. Complete the last section. Add up your refund amount to determine the amount you owe or the amount you will be refunded. Sign the bottom of the form. Check your work before mailing your 1040A return.
