December 18, 2020

1040ez 2020

1040ez 2020 i am from how to taxes and I'm here to help you prepare your form 1040 when you're a head of household filing status hopefully bringing you some relief to be able to use. Head of household filing status you must be unmarried paid over half, the cost to keep up a home have a qualifying child or dependents in our example you have a dependent a 14, year old son this is the front page of the form 1040 at the top of the form under filing status check the box head of household put your name, address and social security number on the form under the dependent section but your Nate are your son's name social. Security number the his relationship to you was a son and check the box that he qualifies for the, child tax credit this is.

Still the front page of the form 1040 it is just the bottom portion on line one put your wage. Information down you can find this on Form w2 sent to you by your employer you can find this information in box one note that the bottom portion of this form was not filled out due to, simplicity sake put the amount found in box one on line one which is forty.

Two thousand three fifty carry that down to line seven B as this is your only source of income and you don't have. Any adjustments so carry that line down to line 8b which again will be forty to. 350 on line nine put your standard deduction which you can find the left which is eighteen thousand three fifty we are assuming in.

This example that your itemized deductions will not exceed. Your standard deduction on line eleven B calculate your taxable income which will be twenty four thousand on line twelve a we will calculate your tax you can find the. Tax rate schedules in the IRS instructions since you, had taxable income of at least 24,000 for less than twenty four thousand fifty in you're a head of household filing status your tax will be two thousand six hundred and six dollars, you can find the, tax rate schedules beginning on page 62 of the form 1040 instructions put the tax down on line 12a and carry that down to line 12 B next we will calculate your.

Child tax credit you can find this worksheet, on page 35 of the 1040 instructions on line 1 since you had one child put two thousand dollars carry that down to line three on line four put your adjusted gross, income in our example that was forty two thousand three fifty on line, five you can see from the left that you put two hundred thousand down since that was more than line four leave line. Six blank and put zero on line seven on line eight your credit will.

Be two thousand dollars again you can find this worksheet on page 35 of the form 1040 instructions but the child tax credit on line 13 a, and carry that to line 13 B on line 14 calculate it to 606 carry.

This down to line 16 this is your total tax next put your federal income tax withholding on the form it, will be one thousand dollars in our example note that there will be withholding amounts in boxes four and six these do not go on your federal income tax return. But the thousand dollars of withholding on line 17 can carry that down to line, 19 as these will be your total payments please know if you had a younger child and you had child care payments you may qualify for, credit for that and, that information can be found on form 24:41 and would go on Schedule three of the form 1040 since you don't have that in our example your total payments, are one thousand dollars subtract that from your total tax to come up with an overpayment of three hundred ninety four dollars, if you owed money that would go on line 23, since you would want this refunded put that on line 21 a and on line 21 C check the type of account that you have put your routing and account, number information on B and D if you. Do not want it directly deposited into your account cross off lines B and D and the IRS will send, you a check note that there's a box to the left of line 21 a you would only check this if you wanted your refund, to go into more than one account so typically this would be left blank remember to sign date and put your occupation at the, bottom of the form we are all done I am from how to taxes subscribe for future tax videos in. Tips thanks for watching.

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