Understanding Form 1040 Tax Entries

Front

Based on Alex's W-2, what amount should she enter in line 1a on the Tax Form 1040?

Back

$61,489

Front

Which line on form 1040 should Alex enter the interest from her savings account? (Refer to the Form 1099-INT for assistance.)

Back

Line 2b

Front

What is the purpose of lines 7-11 on page 1 of the Form 1040?

Back

They help adjust your income to help adjust your tax.

Front

What determines if Alex is eligible for a refund on Form 1040?

Back

If Alex's combined payments and credits are more than the taxes owed

Front

Which of the following statements is true regarding Alex and her estimated tax payments?
Options:
Alex is not required to make estimated tax payments because she meets two out of the three conditions for exemption,
Alex is required to make estimated tax payments because she expects her tax liability to be $1000 or more,
Alex is not required to make estimated tax payments because she meets the three conditions for exemption including being a US citizen for the entire year,
What?

Back

Alex is not required to make estimated tax payments because she meets the three conditions for exemption including being a US citizen for the entire year.

Front

Capital gain dividends are reported on 1099-DIV and recorded on Schedule D but not included on Form 1040 is an example of which error?

Back

Schedule not included

Front

The form you fill out when you get a job to verify you can work in the US is a...

Back

I-9

Front

Which of the following is a common deduction that can be claimed on Form 1040? Mortgage interest, Lottery winnings, Child support payments, Gifts received

Back

Mortgage interest

Tags

DOK Level 2: Skill/Concept

Front

What is the main difference between Form 1040 and Form 1040EZ?

Back

Form 1040EZ is for simple tax situations, while Form 1040 is for more complex situations.

Tags

DOK Level 2: Skill/Concept