Form 1040 2023 Married Filing Jointly | Dependents Example Tax Filing | Money Instructor

2023 IRS Form 1040 for married couples filing jointly with dependents, covering everything from income reporting to tax credits, including the child tax credit. Walkthrough the process, ensuring accurate filing and understanding of potential refunds or taxes owed.

You'll learn how to navigate through various sections, including personal information, income reporting, and choosing between standard or itemized deductions. The process covers accurately reporting W-2 income and additional incomes like interest or dividends. It also highlights the importance of understanding tax credits, for children, such as the Child Tax Credit, and the steps to determine tax liability using tax tables. Additionally, it discusses the significance of correctly filling out the refund or amount owed section and ensuring all information is double-checked for accuracy. This resource is particularly valuable for those with W-2 income, aiming to simplify the tax filing process. For complex situations, we suggest consulting a tax professional. Tax Filing 101.

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TABLE OF CONTENTS
00:00 - Introduction to 1040 Form Filing for Married Couples
01:35 - Personal Information Section
01:58 - Reporting Digital Assets and Virtual Currency
02:10 - Listing Dependents and Understanding Eligibility
02:30 - Income Reporting: W-2s and Additional Income
09:00 - Calculating Total and Adjusted Gross Income
03:15 - Choosing Between Standard and Itemized Deductions
12:00 - Determining Taxable Income
03:59 - Calculating Tax Liability Using Tax Tables
04:24 - Exploring and Applying Tax Credits
04:41 - Payments Section: Federal Income Tax and Estimated Payments
04:58 - Refund or Amount You Owe Section. Final Review and Tips.

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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.