Completing Individual Federal Income Tax Return

Line-by-Line Guide, Completing Individual Federal Income Tax Return

Taxation covers a wide range of aspects, involves an extensive set of requirements and rules, requires considerable time to navigate through varied information. In such circumstance, preparation for tax season by starting from gain your confidence in tax affairs, allows to get better tax outcomes, reduce stress, and prevent penalties and legal issue.

This set of four videos is designed as guide to assist taxpayers in preparing Federal Income tax return. Videos include overview of federal income taxation, composition of tax return, and nuances of how to fill out IRS Form 1040, U.S. Individual Income Tax Return. The material in this course is presented sequentially, starting from basic tax requirements in Video 1 and following by consistent review the lines of IRS Form 1040 in Video 2 through Video 4. By taking this course individuals will familiarize themselves with tax requirements that gives opportunity to enhance control over completing Federal Income tax return.

Instructions, Publications, Tax Forms

Instructions, publications, and tax forms from current and previous years can be accessed on IRS website www.irs.gov, Find forms & instructions page.

1. Internal Revenue Service. “Forms 1040 (and 1040-SR) Instructions, Tax Year 2023, https://www.irs.gov/pub/irs-prior/i1040gi–2023.pdf. Accessed Dec 1, 2024
2. Internal Revenue Service. “Publication 17, Your Federal Income Tax For Individuals, For use in preparing 2023 Returns, https://www.irs.gov/pub/irs-prior/p17–2023.pdf. Accessed Dec 1, 2024
3. Internal Revenue Service. “Publication 501, Dependents, Standard Deduction, and Filing Information, For use in preparing 2023 Returns, https://www.irs.gov/pub/irs-prior/p501–2023.pdf. Accessed Dec 1, 2024
4. Internal Revenue Service. “Publication 504, Divorced or Separated Individuals, For use in preparing 2023 Returns, https://www.irs.gov/pub/irs-prior/p504–2023.pdf. Accessed Dec 1, 2024
5. Internal Revenue Service. “Publication 505, Tax Withholding and Estimate Tax, For use in 2024, https://www.irs.gov/pub/irs-pdf/p505.pdf. Accessed Dec 1, 2024
6. Internal Revenue Service. “Publication 509, Tax Calendars, For use in 2024, https://www.irs.gov/pub/irs-prior/p509–2024.pdf. Accessed Dec 1, 2024
7. Internal Revenue Service. “Publication 525, Taxable and Nontaxable Income, For use in preparing 2023 Returns, https://www.irs.gov/pub/irs-prior/p525–2023.pdf. Accessed Dec 1, 2024
8. Internal Revenue Service. “Publication 544, Sales and Other Disposition of Assets, For use in preparing 2023 Returns, https://www.irs.gov/pub/irs-pdf/p544.pdf. Accessed Dec 1, 2024
9. Internal Revenue Service. “Publication 551 (12/2022), Basis of Assets., https://www.irs.gov/publications/p551. Accessed Dec 1, 2024
10. Internal Revenue Service. “Publication 970, Tax Benefits for Education, For use in preparing 2023 Returns, https://www.irs.gov/pub/irs-prior/p970–2023.pdf. Accessed Dec 1, 2024
11. Internal Revenue Service. “About Schedule B (Form 1040), Interest and Ordinary Dividends, https://www.irs.gov/forms-pubs/about-schedule-b-form-1040. Accessed Dec 1, 2024
12. Internal Revenue Service. “2023 Instructions for Schedule D, https://www.irs.gov/pub/irs-prior/i1040sd–2023.pdf. Accessed Dec 1, 2024
13. Internal Revenue Service. “2023 Instructions for Schedule 8812, https://www.irs.gov/pub/irs-prior/i1040s8–2023.pdf. Accessed Dec 1, 2024
14. Internal Revenue Service. “2024 General Instructions for Forms W-2 and W-3, https://www.irs.gov/pub/irs-pdf/iw2w3.pdf. Accessed Dec 1, 2024.
15. Internal Revenue Service. “Instructions for Forms 1099-INT and 1099-OID (01/2024), https://www.irs.gov/instructions/i1099int. Accessed Dec 1, 2024
16. Internal Revenue Service. “Instructions for Form W-7 (Rev. November 2023), https://www.irs.gov/pub/irs-prior/iw7–2023.pdf. Accessed Dec 1, 2024
17. Internal Revenue Service. “Form 1040, U.S. Individual Income Tax Return, 2023, https://www.irs.gov/pub/irs-prior/f1040–2023.pdf. Accessed Dec 1, 2024
18. Internal Revenue Service. “Form 1040, U.S. Individual Income Tax Return, 2024, https://www.irs.gov/pub/irs-pdf/f1040.pdf. Accessed Feb 4, 2025
19. Internal Revenue Service. “Form W-2, 2023, https://www.irs.gov/pub/irs-prior/fw2–2023.pdf. Accessed Dec 1, 2024

Other sources:

1.   Internal Revenue Service. “Anti-tax law evasion schemes – Law and arguments (Section I). The voluntary nature of the federal income tax system, https://www.irs.gov/businesses/small-businesses-self-employed/anti-tax-law-evasion-schemes-law-and-arguments-section-i.” Accessed Dec 1, 2024
2.   U.S. Citizenship and Immigration Services. “I am a permanent resident B4 How do I know what my responsibilities are? https://www.uscis.gov/sites/default/files/document/guides/B4en.pdf,” page 1. Accessed Dec 1, 2024
3.   U.S. Citizenship and Immigration Services. “Welcomes Refugees and Asylees, https://www.uscis.gov/sites/default/files/document/brochures/OoC_4_M-1186%20Refugee%20Asylee%20Brochure_ENG_GPO_7918_SP_V1_508.pdf,” page 2. Accessed Dec 1, 2024
4.   Internal Revenue Service. “Here’s who needs to file a tax return in 2024, https://www.irs.gov/newsroom/heres-who-needs-to-file-a-tax-return-in-2024.” Accessed Dec 1, 2024
5.   Internal Revenue Service. “Determining an Individual’s Tax Residency Status, https://www.irs.gov/individuals/international-taxpayers/determining-an-individuals-tax-residency-status.” Accessed Dec 1, 2024
6.   Internal Revenue Service. “The agency, its mission and statutory authority, https://www.irs.gov/about-irs/the-agency-its-mission-and-statutory-authority.” Accessed Dec 1, 2024
7.   Internal Revenue Service. “Taxation of Dual-Status Individuals, https://www.irs.gov/individuals/international-taxpayers/taxation-of-dual-status-individuals.” Accessed Dec 1, 2024
8.   Internal Revenue Service. “When to file, https://www.irs.gov/filing/individuals/when-to-file.” Accessed Dec 1, 2024
9.   Internal Revenue Service. “Estimated taxes, https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes.” Accessed Dec 1, 2024
10.   Internal Revenue Service. “Penalties, https://www.irs.gov/payments/penalties.” Accessed Dec 1, 2024
11.   Internal Revenue Service. “Understanding your IRS notice or letter, https://www.irs.gov/individuals/understanding-your-irs-notice-or-letter.” Accessed Dec 1, 2024
12.   Internal Revenue Service. “U.S. citizens and resident aliens abroad, https://www.irs.gov/individuals/international-taxpayers/us-citizens-and-resident-aliens-abroad.” Accessed Dec 1, 2024
13.   Internal Revenue Service. “What is Taxable and Nontaxable Income? https://www.irs.gov/businesses/small-businesses-self-employed/what-is-taxable-and-nontaxable-income.” Accessed Dec 1, 2024
14.   Congressional Research Service. “Federal Individual Income Tax Terms: An Explanation, Updated July 28, 2022, https://sgp.fas.org/crs/misc/RL30110.pdf.” Accessed Dec 1, 2024
15.   Tax Foundation. “Progressive Tax, https://taxfoundation.org/taxedu/glossary/progressive-tax/.” Accessed Dec 1, 2024
16.   Tax Foundation. “Marginal Tax Rate, https://taxfoundation.org/taxedu/glossary/marginal-tax-rate/.” Accessed Dec 1, 2024
17.   Tax Foundation. “2023 Tax Brackets, https://taxfoundation.org/data/all/federal/2023-tax-brackets/.” Accessed Dec 1, 2024
18.   Internal Revenue Service. “Topic no. 409, Capital gains and losses, https://www.irs.gov/taxtopics/tc409.” Accessed Dec 1, 2024
19.   Internal Revenue Service. “Tax years, https://www.irs.gov/businesses/small-businesses-self-employed/tax-years.” Accessed Dec 1, 2024
20.   Internal Revenue Service. “Understanding your CP565 notice, https://www.irs.gov/individuals/understanding-your-cp565-notice.” Accessed Dec 1, 2024
21.   Social Security Administration. “Social Security number & card, https://www.ssa.gov/number-card.” Accessed Dec 1, 2024
22.   Social Security Administration. “Social Security Numbers for Noncitizens, https://www.ssa.gov/pubs/EN-05-10096.pdf,” page 1. Accessed Dec 1, 2024
23.   Internal Revenue Service. “Topic no. 857, Individual taxpayer identification number (ITIN), https://www.irs.gov/taxtopics/tc857.” Accessed Dec 1, 2024
24.   Internal Revenue Service. “Individual Taxpayer Identification Number, https://www.irs.gov/individuals/individual-taxpayer-identification-number, Accessed Dec 1, 2024
25.   Internal Revenue Service. “About Form W-7, Application for IRS Individual Taxpayer Identification Number, https://www.irs.gov/forms-pubs/about-form-w-7.” Accessed Dec 1, 2024
26.   Federal Election Commission. “Public funding of presidential elections, https://www.fec.gov/introduction-campaign-finance/understanding-ways-support-federal-candidates/presidential-elections/public-funding-presidential-elections/.” Accessed Dec 1, 2024
27.   Internal Revenue Service. “Why it’s important that taxpayers know and understand their correct filing status, https://www.irs.gov/newsroom/why-its-important-that-taxpayers-know-and-understand-their-correct-filing-status.” Accessed Dec 1, 2024
28.   Internal Revenue Service. “What is my filing status? https://www.irs.gov/help/ita/what-is-my-filing-status.” Accessed Dec 1, 2024
29.   Internal Revenue Service. “Digital assets, https://www.irs.gov/businesses/small-businesses-self-employed/digital-assets.” Accessed Dec 1, 2024
30.   Internal Revenue Service. “IRS: Updates to question on digital assets; taxpayers should continue to report all digital asset income, https://www.irs.gov/newsroom/irs-updates-to-question-on-digital-assets-taxpayers-should-continue-to-report-all-digital-asset-income.” Accessed Dec 1, 2024
31.   Internal Revenue Service. “Frequently Asked Questions on Virtual Currency Transactions, https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions.” Accessed Dec 1, 2024
32.   Internal Revenue Service. “Question: My spouse and I are filing separate returns. How do we split our itemized deductions? https://www.irs.gov/faqs/itemized-deductions-standard-deduction/other-deduction-questions/other-deduction-questions.” Accessed Dec 1, 2024
33.   Internal Revenue Service. “Topic no. 551, Standard deduction, https://www.irs.gov/taxtopics/tc551.” Accessed Dec 1, 2024
34.   Internal Revenue Service. “Dependents, https://www.irs.gov/credits-deductions/individuals/dependents.” Accessed Dec 1, 2024
35.   Internal Revenue Service. “Child Tax Credit, https://www.irs.gov/credits-deductions/individuals/child-tax-credit.” Accessed Dec 1, 2024
36.   Internal Revenue Service. “What you need to know about CTC, ACTC and ODC, https://www.eitc.irs.gov/other-refundable-credits-toolkit/what-you-need-to-know-about-ctc-and-actc/what-you-need-to-know.” Accessed Dec 1, 2024
37.   Internal Revenue Service. “Child-Related Tax Benefits, https://www.eitc.irs.gov/eitc-central/child-related-tax-benefits-comparison/child-related-tax-benefits-comparison.” Accessed Dec 1, 2024
38.   Cornell Law School. “Legal Information Institute, https://www.law.cornell.edu/uscode/text/26/61.” Accessed Dec 1, 2024
39.   Internal Revenue Service. “Definition of adjusted gross income, https://www.irs.gov/e-file-providers/definition-of-adjusted-gross-income.” Accessed Dec 1, 2024
40.   Internal Revenue Service. “Topic no. 305, Recordkeeping, https://www.irs.gov/taxtopics/tc305”. Accessed Dec 1, 2024
41.   Internal Revenue Service. “Topic no. 752, Filing Forms W-2 and W-3, https://www.irs.gov/taxtopics/tc752.” Accessed Dec 1, 2024.
42.   Internal Revenue Service. “Depositing and reporting employment taxes, https://www.irs.gov/businesses/small-businesses-self-employed/depositing-and-reporting-employment-taxes.” Accessed Dec 1, 2024.
43.   Internal Revenue Service. “If I file my Form 1040 or 1040-SR electronically, what do I do with my Forms W-2? https://www.irs.gov/faqs/electronic-filing-e-file/forms-w-2-other-documents/forms-w-2-other-documents.” Accessed Dec 1, 2024
44.   Internal Revenue Service. “Topic no. 404, Dividends, https://www.irs.gov/taxtopics/tc404.” Accessed Dec 1, 2024
45.   Internal Revenue Service. “Topic no. 409, Capital gains and losses, https://www.irs.gov/taxtopics/tc409.” Accessed Dec 1, 2024
46.   Internal Revenue Service. “Topic no. 703, Basis of assets, https://www.irs.gov/taxtopics/tc703.” Accessed Dec 1, 2024
47.   Internal Revenue Service. “What to do with Form 1099-K, https://www.irs.gov/businesses/what-to-do-with-form-1099-k.” Accessed Dec 1, 2024
48.   Internal Revenue Service. “Deductions for individuals: What they mean and the difference between standard and itemized deductions, https://www.irs.gov/newsroom/deductions-for-individuals-what-they-mean-and-the-difference-between-standard-and-itemized-deductions.” Accessed Dec 1, 2024
49.   Internal Revenue Service. “Qualified Business Income Deduction, https://www.irs.gov/newsroom/qualified-business-income-deduction.” Accessed Dec 1, 2024
50.   Internal Revenue Service. Tax credits for individuals: What they mean and how they can help refunds, https://www.irs.gov/newsroom/tax-credits-for-individuals-what-they-mean-and-how-they-can-help-refunds.” Accessed Dec 1, 2024
51.   Internal Revenue Service. “Self-employment tax (Social Security and Medicare taxes), https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes.” Accessed Dec 1, 2024
52.   Internal Revenue Service. “Underpayment of estimated tax by individuals penalty, https://www.irs.gov/payments/underpayment-of-estimated-tax-by-individuals-penalty.” Accessed Dec 1, 2024
53.   U.S. Department of Justice. “Robert Hunter Biden Convicted on Three Felony Tax Offenses and Six Misdemeanor Tax Offenses, https://www.justice.gov/sco-weiss/pr/robert-hunter-biden-convicted-three-felony-tax-offenses-and-six-misdemeanor-tax-offenses.” Accessed Dec 1, 2024
54.   Cornell Law School. “Legal Information Institute. 26 U.S. Code § 7206 – Fraud and false statements, https://www.law.cornell.edu/uscode/text/26/7206.” Accessed Dec 1, 2024
55.   Internal Revenue Service. “Get an identity protection PIN (IP PIN), https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin.” Accessed Dec 1, 2024