IRS Form 1040 Instructions

IRS Form 1040 Instructions

 

IRS Form 1040 Instructions

The IRS form 1040 instructions can be found here on the IRS website.  Even though the IRS does its best to make it easy to understand, little extra guidance is usually needed by most taxpayers doing their taxes themselves.

The 1040 instructions are lengthy- it’s practically a book.  For example, there are three and a half pages on line 6 along.  Line 6 deals with your dependents.  Defining what qualifies as  a dependent is a little complex.  It’s important to know exactly how many qualified dependents you have so you take the correct number of exemptions.

The IRS form 1040 instructions basically guide you on how to enter your various sources of income in the first section.   The deductions section is similar: it will help you figure out how to subtract money off your total income, adjusting the total taxable income.  This will be called the AGI.

Things on the following list are explained in the IRS form 1040 instructions.  They are all ways to deduct from your total income:

  1. contributing to a Health Savings Account
  2. buying school supplies if you are an educator
  3. contributing to an IRA
  4. paying Alimony
  5. self-employed health insurance deduction
  6. paying student loan interest
  7. qualified tuition and fees

 

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