December 19, 2020

Tax Refund Tracker

Tax Refund Tracker well what's going on everybody it is sogood to see your smiling faces once again I hope you guys have been doingwell as you guys know I am Mike. The CPA and on this channel we teach people howto be fiscally fit as we teach finances investing and taxes and today's video isa tax video and a. Crucial one at that so this is one of those tax topics that Ifeel that really really, really should be taught in school! But unfortunatelyschool does not teach it in today's video we're going, to be covering the2018 1040 individual income tax return filing requirements so that if you'reout there. And maybe you just started working or maybe you're uncertain ofwhat the filing requirements are you're gonna learn what they. Are today you'regonna know whether or not you actually need to file a tax return or not nowlike I said it's a shame that school doesn't teach this it's a it's, reallysad they don't but, hey you know what I should be thanking the school system fordropping the ball here I'm teaching a very crucial life skill because gives memore opportunity and it gives, me a chance to explain this stuff to you guysover YouTube so what I've done guys is I put this Word document together for, youand it's free to download I'm gonna, have a Dropbox link I'm gonna put a Dropboxlink in the description section below the video and in the comment section ofthis video so you can find it and download. It for yourself it's completelyfree no strings attached okay so, before we look at all the otherstuff let's start with the income let's explain what type of income we'retalking about here on this form so it includes earned income so earned incomeis what is. What guys it's it's probably as you guess it's your wages it's.

Yoursalary it could be tips if you're like a waiteror waitress professional fees if you're a lawyer or an accountant you charge ourconsulting fees things like that taxable scholarship, income fellowship grantsthat are taxable so those are all the things, that would count towards yourearned income now you're in terms of gross income that what they mean bygross income is that is your total of your. Unearned income plus all of yourearned income so gross income is your, total of your on earned income plus yourearned income so what the heck is on earned income because I would love someof that it sounds great right it actually is so aren't earned incomewhere. We have right here what, it says is unearned income includes taxableinterest ordinary dividends and capital gain distributions it also includesunemployment compensation taxable Social Security, benefits pension distributionsand new T distributions and distributions of on to earn income froma trust so those are examples of onto.

Earned income and you're gonna see whythat's important in just a little bit back to the top of this worksheet andwork our way down and this won't take too long because like I said.

Guys I'mnot gonna read everything to you because it's because everybody has differentfiling situations I'm just gonna focus on the, status for Finke single filerslet's just do that because the rest of these are just different filing statusesbut the. Idea is, the same so as long as you understand this first one and howwhat these columns mean you're good you're gonna, be able to figure out therest for yourself so I'm just gonna cover this area but you can see here Ihave information for married filing joint if you're head of household fileror if your, status is married filing separate all, the information it's inhere for you remember guys this worksheet is for educational purposesonly and I really do mean that is there's always a chance I make them Ican make a mistake I am Ihuman.

There is no cyborg Terminator skeleton hiding beneath my skin Iactually am a human. And so there's always a chance I can make mistakes nowwhere did I pull this information just so you guys know I did pull thisinformation. From if you go to Google I'm showing you this here so, you how you howyou can find it for yourself if you type in 2018 1040 instructions click thisfirst link and voila here they are so. Here's the actual instructions and thisis where you can go as the each, year goes by so for you know next yearthey'll have 2019 1040 instructions the year after that left 2020 1040instructions well if you scroll down here a little bit I'll show you whereyou can. Find this filing requirement information it's all in the instructionsso if you go down a little bits a, little bit and here we go so it starts righthere so about like 10 pages an or so this is where it. Starts so there's achart a that talks about the filing statuses income limits etc. Chart B iswhen you're you're a child or who you're a dependent of somebody else, that'swhere these rules apply and chart C is the other filing situations where otherreasons or times you might have to file regardless if you have income. Or not sothough there are special circumstances to definitely look into alright guys so the way to look. At thisis there's.

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