Fill Form 2350 Features 2023-2024

Music! Music! Any TurboTax accountants? Watch Rocky here. Today we're going to look at the Form 1040. This is the form that all taxpayers who used to file their returns with the IRS in past years may know. Before, there were three different versions of the 1040 form. There was the 1040EZ, which was very basic and for taxpayers who just had W-2 income. Then, there was the 1040A, which was simpler than the 1040 but more complicated than the EZ form. Finally, there was the full 1040 form itself. However, in 2018, the IRS did away with these three different forms and simplified the actual 1040 into just two pages. Page number one starts off with putting your name, spouse's name, your Social Security number, your spouse's Social Security number, your address, your filing status, and your dependent information. If you have any children that you pay for their support, they would be listed here. Then, there's the signature line for the taxpayer and the spouse. If there's a paid preparer like a CPA or a tax enrolled agent, they would also sign. This is the basic information that goes on the front page of the 1040. Page two is the basic information necessary for calculating the tax. It starts with the income for wages or interest or dividends listed here. The Social Security benefits would also be listed here. Then, the total income is totaled up. Next, there is the adjusted gross income, the standard deduction or itemized deductions. Itemized deductions are still shown on Schedule A. Then, there's the taxable income and the calculation of the actual tax. Lines 12 are for any tax credits and line 13 is the net amount after the credit. There might be some other taxes like foreign tax or other taxes that are...