How to Fill Out your Income Tax Form 1040

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• published: 18 Mar 2011
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2015 and 2014 1040 Tax Form Updates: The 2015 1040 Tax form has the same line number and information as the 2014. (the amounts will be different). The purpose of this video is to help you understand what is on the main tax form so you can get ready to fill out your taxes. You can fill out your tax forms by hand or via a computerized program or have an accountant do it for you, but it is helpful to know what is in the tax form. You will usually save money if you " know before you go". 2015 and 2014 Tax form 1040 updates are put in the red bubbles in this video. For 2015 updates or other 2015 tax forms go to http:// www.IRS.gov. The main form that you file when you file your income tax is IRS Form 1040. This video explains how to fill out your tax form and how you can get more tax credits and deductions. The 1040 Tax Form does not change much from year to year. Some changes for 2015 and 2014 are explained in the little bubbles. The Health Insurance topic can be very confusing. Additional changes for 2015 and 2014 are about the new health care law (Affordable Care Act), And how to report and get your tax credit. Health Insurance. There are 3 lines on the 1040 Tax form that refer to the Health Care Law. Line 46 "Excess Advance premium tax credit repayment" Fill out another form (Form 8962) if this applies to you. Line 61 "Health Care: Individual responsibility" and you fill out form 8965 if this applies to you. Most people only have to check the box on line 61 and do not need to fill out the form. Line 69 "Net premium tax credit" If this applies to you then fill out Form 8962. When you use a computerized tax form or service to fill out your taxes then these extra tax forms will automatically pop up for you to fill in. IRS Warning: The IRS reminds individuals who owe the payment that it should be made only with their tax return or in response to a letter from the IRS. The payment should never be made directly to an individual or return preparer. Most people don’t owe the payment at all because they have health coverage or qualify for a coverage exemption. The IRS has received several reports of this kind of unscrupulous activity. In some cases, return preparers have told taxpayers to make the payment directly to them, even though the taxpayer had Medicaid or other health coverage and doesn’t need to make the shared responsibility payment at all. In some parts of the country, unscrupulous return preparers are targeting taxpayers with limited English proficiency and, in particular, those who primarily speak Spanish. These preparers are asking for direct payment to them, but their reasons vary. Methods include: • telling individuals that they must make an individual shared responsibility payment directly to the preparer because of their immigration status, • promising to lower the payment amount if the client pays it directly to the preparer, or • demanding money from individuals who are exempt from the individual shared responsibility payment. From: HCTT-2015-17: