It’s All About the 2020 Tax Forms
It’s that time of year again! Time to file your taxes. We’re here to help you understand the 2020 tax forms so that you can get your taxes done with as little stress as possible. Read on to learn more.
The 2020 Tax Forms
There are a few different tax forms that you might need to file your taxes this year. The form that you need to use depends on your individual situation. Here’s a quick rundown of the most common tax forms:
The most common tax form is the 1040.If you have a simple tax return, this is the form that you will use. 1040-EZ: This is a shorter version of the 1040 form and can be used if you have a very simple tax return. 1040-A: This form can be used if you have some income from investments or other sources, but no more than $100,000. 1040-NR: This form is for non-resident aliens who are required to file a US tax return.
1040-X: This form is used if you need to amend a previous tax return that you have filed.
Now that you know which form to use, let’s take a look at how to actually fill out the form.
How to Fill Out Your 1040 Form
The first thing that you need to do is gather all of your information. You will need things like your W2 forms from your employer, 1099 forms for any freelance work or other income sources, and documentation for any deductions or credits that you plan on claiming. Once you have all of your information, you can start filling out the form. The 1040 form is divided into sections. The first section is where you enter your personal information, like your name, address, and social security number. The second section is where you’ll enter all of your income information. The third section is where deductions and credits are taken into account. And finally, in the fourth section, you’ll calculate your taxes owed or refund due. After you have completed the form, all you need to do is sign and date it, and then mail it off to the IRS. It’s that simple! Filling out your taxes doesn’t have to be a nightmare! By taking the time to understand which tax form you need to use and how to fill it out correctly, you can make filing your taxes a breeze. So don’t wait—get started today!