Calculates taxable income: Next, form gets busy tallying all of your income for the year and all the deductions you'd like to claim. The objective is to calculate your taxable income, which is the amount of your income that's subject to income tax.
You or your tax preparer or tax software consult the federal tax brackets to do that math. Calculates your tax liability: Near the bottom of form , you'll write down how much income tax you're responsible for. At that point, you get to subtract any tax credits that you might qualify for, as well as any taxes you've already paid via withholding taxes on your paychecks during the year.
Determines whether you've already paid some or all of your tax bill: Form also helps you calculate whether those tax credits and withholding taxes cover the bill.
If they don't, you may need to pay the rest when you file your form If you've paid too much, you'll get a tax refund. Form even has a spot for you to tell the IRS where to send your money. Our guide can help. If you're filing your return using tax software , you answer questions and provide information that is translated into entries on your form or form SR.
You should be able to electronically file your form or SR with the IRS and print or download a copy for your records. If you prefer to fill out your return yourself, you can download a form or form SR from the IRS website. If you are looking for your tax returns from past years, you can request a transcript from the IRS. If you were eligible for a stimulus check also called an economic impact payment but never received it or didn't receive the full amount, you have another chance to get that money by claiming the Recovery Rebate Credit on line 30 of form Page 58 of the instructions for form has a worksheet to help you calculate how much to claim.
Stimulus check money you may have already received is not taxable at the federal level. Learn more about stimulus checks here. Form SR is a new version of form It's for people 65 and older.
Read more below about how it works and what's different about it. Here are some quick facts about the SR:. It's for people who are 65 or older. You can itemize or take the standard deduction. The basic differences between the SR and the regular tax form are cosmetic: the SR has a different color scheme, a larger font and an embedded standard deduction table which may help more people over 65 claim their larger standard deduction.
Asks who you are: The top of form SR gathers basic information about who you are, what tax filing status you're going to use, and how many tax dependents you have. Calculates taxable income: Form SR adds up your income for the year, as well as all the deductions you'd like to claim.
Calculates your tax liability: Near the bottom of form SR, you'll write down how much income tax you're responsible for. At that point, you get to subtract any tax credits that you might qualify for. You can still take the Earned Income Tax Credit , the Child Tax Credit and any other tax credit you would take if you were using the regular tax form.
Next you'll indicate what taxes you've already paid during the year. Determines whether you've already paid some or all of your tax bill: Similar to the regular , the SR helps you calculate whether your tax credits and the taxes you've already paid will cover your tax bill.
If you get a tax refund, your refund may not be as big as it could be. All three forms are basically the same, with one difference. Form EZ is for simple returns. Still wondering which IRS tax form should I use? What are the requirements for filing the easiest tax form? Your return can be a little more complex with Form A.
You cannot itemize your deductions using Form A. In addition, some less common tax items prevent you from filing Form A. TaxAct makes preparing and filing your taxes quick, easy and affordable so you get your maximum refund. Start free now or sign into your TaxAct Account. Start for free Sign In. Related Articles. You then added up all of your payments and credits before calculating the tax on your taxable income.
You could use the tax tables in the instructions to find the amount of tax you owed for your filing status and taxable income. If your total tax payments and credits exceeded the calculated tax on your income, then you were entitled to a refund for overpayment. If you calculated a refund, you could enter your bank information and have it deposited directly to your account.
If you had underpaid, then you needed to make a payment for the remaining balance. A tax return is not valid without signatures. While it may seem obvious, many taxpayers forget to sign their returns before mailing them to the IRS. For this part, you needed to be sure to sign it in the last section. If you filed jointly, your spouse needed to sign it, too.
If you filed electronically, you would have signed your tax return electronically. Remember, with TurboTax , we'll ask you simple questions about your life and help you fill out all the right tax forms. Whether you have a simple or complex tax situation, we've got you covered.
Feel confident doing your own taxes. Just answer simple questions about your life, and TurboTax Free Edition will take care of the rest. For Simple Tax Returns Only. Need More Tax Time? File a Tax Extension. What is Form V? Claiming the Foreign Tax Credit with Form What is the IRS Form ?
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