How to Fill Out Form 1040 for 2023 | Taxes 2024 | Money Instructor

Step-by-step walkthrough on how to fill out the 2023 IRS Form 1040 for the 2024 tax season, covering how to calculate taxable income and understand deductions and tax credits. This guide simplifies tax filing, helping you determine whether you're due a refund or owe taxes.

A lesson on managing your U.S. federal taxes using IRS Form 1040 for 2023. It begins with a of the basics: personal information entry including social security number, address, and filing status. You'll learn how to accurately calculate your taxable income by summing up all your earnings, such as wages and bonuses. The process of determining tax liability, which involves balancing your earnings against any credits and pre-paid taxes, is also covered. The form helps you figure out if you're due a refund or owe more taxes. Understanding the classification of dependents, crucial for optimizing tax breaks, is explained in detail. You'll navigate income reporting, including W2 and 1099 forms, and learn about different types of income like taxable and tax-exempt interest, and capital gains. The form guides you in choosing between standard and itemized deductions to reduce your taxable income. Finally, the lesson covers calculating your tax using the updated tax brackets, exploring tax credits, and understanding federal income tax withheld and estimated tax payments and the steps to calculate your refund or amount owed.

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TABLE OF CONTENTS
0:00 Introduction: Completing Form 1040 for 2023
1:33 Personal Information
2:18 Standard Deduction and Dependents
3:29 Income. W-2. Wages.
5:22 Standard Deduction and Itemized Deductions
6:32 Tax Liability and Tax Table
7:15 Tax Credits
8:12 Income Tax Withheld
10:09 Tax Bill (Amount you Owe) or Refund
11:18 Prior to Submitting

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(This is an affiliate link and we may receive compensation if you use this service. We appreciate your support, as it helps us create more content for you). If your tax situation is complex, it is strongly recommended to use a tax filing software or seek the assistance of a certified public accountant (CPA) to ensure accuracy and compliance. This video provides an overview of the basic process of filling out Form 1040, but does not cover more complicated tax scenarios. Remember that every individual's tax situation is unique, so it is essential to consult the official IRS instructions when preparing your tax return on your own

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Money Instructor does not provide tax, legal or accounting advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your own situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing.