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1040 Basics: Step-By-Step

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Preparation of a tax return can be simple or complex. The use of tax software can make the process easier, but the lack of tax knowledge can make the process more challenging. This step-by-step course is excellent for a beginner and could serve as a refresher for seasoned preparers. This course will teach students how to prepare Form 1040, U.S. Individual Income Tax Return using a step-by-step approach with the 1040 broken down into five parts. Part 1: The Tax Return; Part 2: Income; Part 3: Deductions; Part 4: Credits and Payments; Part 5: Taxes; Part 6: Finishing the Return.

Program # A5BAX-T-00124-25-S

Form1040 202XU.S. Individual Income Tax Return Department of the Treasury—Internal Revenue Service OMB No. 1545-0074IRS Use Only—Do not write or staple in this space. For the year Jan. 1–Dec. 31, 202X, or other tax year beginning , 202X, ending , 20 See separate instructions.Your first name and middle initial Last name Your social security number If joint return, spouse’s first name and middle initialLast name Spouse’s social security numberHome address (number and street). If you have a P.O. box, see instructions. Apt. no. City, town, or post office. If you have a foreign address, also complete spaces below. StateZIP codeForeign country name Foreign province/state/county Foreign postal code Presidential Election CampaignCheck here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. You Spouse Filing StatusCheck only one box. Single Head of household (HOH)Married filing jointly (even if only one had income) Married filing separately (MFS)Qualifying surviving spouse (QSS)If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QSS box, enter the child’s name if the qualifying person is a child but not your dependent:Digital AssetsAt any time during 202X, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.) Yes NoStandard DeductionSomeone can claim:You as a dependentYour spouse as a dependentSpouse itemizes on a separate return or you were a dual-status alienAge/BlindnessYou:Were born before January 2, 1959Are blindSpouse:Was born before January 2, 1959Is blindDependents(see instructions):If more than four dependents, see instructions and check here ..(2) Social security number(3) Relationship to you(4) Check the box if qualifies for (see instructions):(1) First name Last name Child tax creditCredit for other dependentsIncome Attach Form(s) W-2 here. Also attach Forms W-2G and 1099-R if tax was withheld. If you did not get a Form W-2, see instructions.1 aTotal amount from Form(s) W-2, box 1 (see instructions) .............1abHousehold employee wages not reported on Form(s) W-2 .............1bcTip income not reported on line 1a (see instructions)..............1cdMedicaid waiver payments not reported on Form(s) W-2 (see instructions) ........1deTaxable dependent care benefits from Form 2441, line 26 ............1efEmployer-provided adoption benefits from Form 8839, line 29 ...........1fgWages from Form 8919, line 6 .....................1ghOther earned income (see instructions) ..................1hiNontaxable combat pay election (see instructions) .......1izAdd lines 1a through 1h ......................1zAttach Sch. B if required.2aTax-exempt interest ...2a b Taxable interest .....2b 3aQualified dividends ...3a b Ordinary dividends .....3b 4aIRA distributions ....4a b Taxable amount ......4b 5aPensions and annuities ..5ab Taxable amount ......5b6aSocial security benefits ..6a b Taxable amount ......6b cIf you elect to use the lump-sum election method, check here (see instructions) .....7Capital gain or (loss). Attach Schedule D if required. If not required, check here .....78Additional income from Schedule 1, line 10 .................89Add lines 1z, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income ..........910 Adjustments to income from Schedule 1, line 26 ...............1011Subtract line 10 from line 9. This is your adjusted gross income ..........11Standard Deduction for—• Single or Married filing separately, $13,850• Married filing jointly or Qualifying surviving spouse, $27,700• Head of household, $20,800• If you checked any box under Standard Deduction, see instructions.12Standard deduction or itemized deductions (from Schedule A) ..........1213Qualified business income deduction from Form 8995 or Form 8995-A .........1314Add lines 12 and 13 ........................1415Subtract line 14 from line 11. If zero or less, enter -0-. This is your taxable income .....15For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (202X)