Video instructions and help with filling out and completing Are Form 1094 B Dependents

Instructions and Help about Are Form 1094 B Dependents

Hello and welcome to session one of the basic tax course before we get going with today's session I did want to point out the reading assignment that you need to complete and the reading assignment comes from IRS Publication 17 I this publication 17 is almost 300 pages long and we do have it loaded in the LMS so that you could read it on your computer screen or even print it but I did want to show you real quick before we start with today's class how to go about ordering cup 17 for yourself because the IRS will send it to you for free so I'm just going to navigate to the Internet here and go to the IRS website which is irs.gov okay so here we are on the IRS website and in the top left-hand corner of the screen it says forms and publications and I'm going to click on that and then I scroll down the forms and publications page to the bottom left hand side where it says forms and publications by US mail I click on that link and then there's a search box and I'm going to inside of it type pub 17 and that gives me the ability to order it and I simply click the publication that I want and add it to my cart while we're here I should tell you that you should also order IRS Publication 946 IRS Publication 946 is the publication that is used for depreciation and so if you want to order Pabna 946 you may as well get them at the same time so let's get it in there pub 946 search add it to my cart and now I've got two publications in my basket you can of course go through and order other publications while you are at it the IRS will send them all to you for free but when you are ready to order you simply go to view my cart and then checkout and you enter your personal information your address and the IRS will mail those to you at no charge it generally takes about ten days for those documents to arrive in the mail so now that you know how to order pub seventeen so that you can complete your reading assignment we're going to move on to the topic for today today is essentially kind of the bare-bones start of the tax return and the bare-bones start of the return is figuring out what tax form you need to file and what the filing deadlines are and who needs to file that is am i required to file a tax return so we're going to be looking at some pretty basic stuff like that we're also going to look at penalties that you have to pay if you file late or don't pay the money that you owe on time and then we're going to look at some special rules revolving around dependents and at the end of class we're going to actually engage in some class work assignments together so let's begin with filing requirements and which form do I use the IRS offers six different forms for filing your individual income tax return knowing which form to use is an important first step when completing your tax return the forms that iris has include form 1040 the long form 1040 a which is a short version 1040 EZ which is a really short version 1040 n R that is filed by non-resident aliens and 1040 NR ez which is a shorter version of the 1040 NR and finally 1040 PR which is a u.s. self-employment tax returns filed by bona fide residents of Puerto Rico I also wanted to point out here that if you have income from American Samoa the Commonwealth of the Northern Mariana Islands Guam Puerto Rico or the US Virgin Islands you may have to file a tax return with the tax department of that possession or you may have to file two annual returns one with the possessions tax Department and the other with the Internal Revenue Service Form 1040 you may use IRS Form 1040 for nearly all taxpayers form 1040 is the most complex of the three resident IRS forms form 1040 can be used to report all sources of income deductions and credits form 1040 a is a simpler form to complete than 1040 however this form has restrictions on the types of income credits and deductions that can be reported on it for example you can report income from wages pensions interest dividends and unemployment but you cannot report income from stock sales self-employment or rental property 1040 ake also cannot be used by all taxpayers you should take time to interview a client to determine if they even qualify for the form form 1040ez is the simplest of all the forms IRS created it so the filers without complex tax situations can have a one-page form to fill out and send in but the form is so simple it creates problems in and of itself and that is that it provides space for only two filing statuses single and married filing joint but also it only provide space for essentially three types of income unemployment wages and interest and if you don't have one of those three types of income or if you have an income above and beyond those three then you can't fill out the form and I have observed that people who file 1040 ez frequently fill it out and leave off income that is required to be reported and the reason they left it off is there's no line for it for example pension income you might have have a 1099 are showing you ahead pension income 1040ez doesn't provide a line for pension income and so the person thinks oh well I guess I don't need to report that income or they'll put pension income on

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