Your taxes: Putting it all together on Form 1040
I've talked a lot on this channel about where things go on your Form 1040, but I've never really discussed the form itself. This video presents the Form as a whole, and reviews how to fill out the Form, and the role the Form has in reporting and computing your taxes.
There are also references to several other videos on this channel, giving more information on the items reported on the form.
I also go into a bit of history regarding how the Form came about, and how it has evolved over the 110 years of the present day income tax.
2025 UPDATE: The 2025 Form 1040 may look different from the 2023 form depicted, but it functions much the same. The only significant difference is the addition of line 13B, where the total of Additional Deductions from Schedule 1A is entered.
0:00 Introduction and a little bit of history
1:42 The header
2:05 Income
2:32 Adjustments and Deductions
3:23 Taxes and Credits
4:39 Payments
5:30 Signature section
6:34 Conclusion
The following other videos on this channel are referenced in the video:
Who Qualifies as a Dependent?: • Who qualifies as a dependent?
What Filing Status Do I Choose?: • Video
Taxes for Landlords: Putting it all Together on Schedule E: • Video
What is Adjusted Gross Income?: • Video
What is My Standard Deduction?: • Video
Can I Itemize Deductions?: • Can I Itemize Deductions?
Qualified Business Income Deduction (for dummies!): • Video
The Truth About Tax Brackets: • Video
How is Capital Gains Tax Calculated?: • Video
Affordable Care Act: Marketplace Insurance andThe Premium Tax Credit: • Video
Child Tax Credit and the Credit for Other Dependents: • Video
Refundable v. Non refundable Tax Credits: What's the Difference?: • Video
What is Self-Employment Tax? (and why do I have to pay it?): • Video
Early Distribution Penalties (and how to avoid them): • Early Retirement Distribution Penalties (a...
What to do with your W2: • Video
Making Estimated Payments (or not!): • Video
What is the Earned Income Credit (and do I qualify?): • Video
The American Opportunity Credit (or the saga of Robert and Laura): • Video
Additional information and Resources:
IRS Publication 17: "Your Federal Income Tax": https://www.irs.gov/pub/irs-pdf/p17.pdf
IRS Form 1040: "Federal Income Tax Return": https://www.irs.gov/pub/irs-pdf/f1040...
Instructions for Form 1040: https://www.irs.gov/pub/irs.pdf/i1040...
Video, Images, and Sound Effects: Storyblocks.com
No artificial intelligence was used to research, write, animate, voice, or edit this video
Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Creator Music
Outro Music: "Modern Attempt" - Track Tribe under license from YouTube Creator Music
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.