Are Form 2350 Preparation 2023-2024

P>This video takes you step-by-step on how to prepare the 2018 Form 1040 in under four minutes. The video is specifically for single individuals with a Form W-2 as their only source of income. If you can be claimed as a dependent on someone else's return and you made over $12,000, this video is for you. If you made less than $12,000, I have another video that will guide you through the preparation of your return. You can find it on my channel, How to Taxes, or through the link at the bottom of this video. Your tax form for the year 2018 will be Form 1040. There is no longer a Form 1040EZ or 1040A for the 2018 tax year. To begin the preparation, at the top of the form, check the for "single" under your filing status. Add your name, address, and social security number, and under your standard deduction, check the for "someone can claim you as a dependent." Lastly, sign, date, and write in your occupation. On page 2 of your Form 1040, on line 1 labeled "wages, salaries, and tips," place the amount from Line 1 of your W-2, which will also be labeled "wages and salaries." In our example, it is $12,200. Since you have no other income, line 6 will be the same as line 1. Since you have no adjustments to income, line 7 will also be the same as line 1. Line 8, your standard deduction, will be $12,000. If you make over $12,000, your standard deduction is still $12,000. Your taxable income is your standard deduction subtracted from your adjusted gross income. In our example, that will be $200. To calculate your tax, refer to the tax schedule shown on the next slide. This tax table can be found in the IRS instructions, starting...