How to correctly fill out IRS form 1040

The Internal Revenue Service (IRS) It is the American tax collection agency, therefore in this sense it is necessary that if you are thinking of opening a business you learn to correctly fill out the IRS form 1040.

Since if you do not fill it out with all the correct information that is requested, you will not be able to obtain your identification number, therefore here you will learn step by step how to fill out this form that will allow you to file your tax return.

Sheet 1 of the Internal Revenue Service (IRS) Form 1040

The Internal Revenue Service (IRS) It offers you to fill out the 1040 form online, but to fill it out correctly, there are several fields in which you must enter your correct data.

For example, first of all, in the first row, it asks you to enter only your name, if you have a compound name, enter it.

In the second column of the first row, it asks you to enter your last name or if you have two last names, enter both.

In the third column of the first row, it asks you to enter your social security number, which of course you must have already requested.

Well, if you do not have US citizenship, but you do have a work permit issued by the Department of Homeland Security, you can request the social security number, which you will use to issue the report to the US government on the wages of your employees, which determines their right to obtain social security benefits.

As an employer, you need a social security number in order to establish your business and at the same time you will receive social security benefits and it also allows you to participate in government programs.

In fact, even if you have not yet received US citizenship, but if you were legally admitted, you will receive benefits without it being necessary for you to obtain a social security number.

Well, in the event that a credit institution asks you for your social security number, you have no obligation to provide it.

As an immigrant, you can request your social security number in your country of origin before arriving in the United States, for example, when you apply for a visa, you carry out the process to obtain the card and the social security number, that is, at the same time it will request both documents.

Also, the Internal Revenue Service (IRS) needs to prove your identity as well as that you are a state authorized immigrant.

Therefore, you will prove your identity and your immigration status from the presentation of the immigration documents issued by the US government together with your passport, which of course must be current.

The documents that are accepted and prove your immigration status are:

Form I-551 together with the immigrant visa with the corresponding stamp.

The verification of the classification that corresponds to the work permit with its admission stamp.

The I-94 card or the I-766 card, which is the work permit card.

Because it is also necessary to verify your age, you must present your original birth certificate, but if you do not have it, it is possible to verify the age from your passport or a document issued by DHS.

In the same way that the Internal Revenue Service (IRS) requires the presentation of form 1040, previously to obtain your social security number you must have filled out form SS-5-SP directly at the social security office or online and then you must present it at the social security office.

Keep in mind that all the documents you present must be original or otherwise a certified copy by the issuing agency.

Well, photocopies or notarized copies of these documents are not accepted, since not even the receipts of the request for the required document are accepted.

What does the Internal Revenue Service (IRS) require to fill out the 1040 form

You will fill the second row of the first column if you need to make any clarification about what you entered in the first row, otherwise you will leave them blank without filling in.

Therefore, assuming that you do not need to make any changes, you will continue with the third row of the first column entering the address of your home including: number, street, postal box address if you have one and the apartment number.

The last column of the same row asks you to check if the data just entered and the previous ones are correct.

In the next row of the first column, you will enter the city, town or post office, state, zip code, and foreign address.

In the last column you must indicate if this form is completed by you or by your wife, then you will indicate it in the corresponding box by entering an “x”

After completing the first section of the 1040 form, you will continue with the second section that corresponds to your affiliation data, therefore you must check the corresponding box: if you are single, if you are married and make a joint presentation or if you are married and make a presentation separately. Therefore, in this case you must add in the box indicated by the arrow, the name of your wife.

For this reason, in the same way that you completed the second column above, you will re-enter if it is you or your wife who makes this presentation.

In the third section corresponds to the exceptions, you will mark with an “x” the corresponding box. In the first place you will indicate if people in your charge and secondly if it is your wife who depends on you.

Only if you have children who depend on you, you must enter their name and surname in the first column, their social security number in the second column, the relationship of affiliation that person has in the third column and finally In the fourth column you will enter if you have children under the age of 17 who qualify for the child tax credit.

In the form you will find space to enter up to three names, but if you need to enter four or more names you will have to click on the box located on the left margin of the same section “exemptions”.

In the last column you will fill in the box that indicates first if you have marked box 6 or 6b, remember that box 6 corresponds to yourself and box 6b corresponds to your wife.

Second, you must indicate the number of children as you have entered as dependent on you, specifying whether they live with you or do not live with you due to a divorce or you have separated.

If you need, enter the number of the number of people that depends on you and that you have been able to add in 6c.

In 6d enter the total number of exemptions you claim, in the last column you will enter the corresponding number.

The next section corresponds to income. Attach in this same place the W2 form and the 1099-R and the W-2G if you have withdrawn the tax.

Continue filling out this same section. In the second column you will find point 7 that asks you to enter the salary and attach the W-2 form again

Item 8a asks you to enter taxable interest.

In Item 8b, enter the tax-exempt interest.

In the 9th you enter the ordinary dividends.

In 9b enter the qualified dividends.

In Item 10, enter taxable refunds, state credits or offsets, or local income taxes.

In number 11, indicate if you receive alimony and if not, leave the box unfilled.

The 12th asks you to fill in the income or losses of the business.

The 13 The capital gained or lost.,

On the 14th you will enter other gains or losses.

The 15th you will indicate the distributions, broken down this point into the 15th where you will indicate the tax base.

In 16a you will indicate pensions and annuities breaking down the tax base in 16b

In point 17 you will indicate what corresponds either: rent. royalties, partnership, corporation, trust etc.

In point 18 you will indicate the unemployment compensation.

In the 20th you will indicate according to the breakdown: social security benefits and in the 20th b the tax base.

In point 21 you will place another type of income detailing the type of income and the amount, that is, you will enter the total by adding the column to the right of the form.

The last section corresponds to gross income. Begin by completing item 23 with educational expenses.

Item 24 with business and executive expenses.

Health Savings Account and form 8889 attached.

In point 26 you will indicate the non-fixed expenses and you will attach the form 3903.

The 27 asks you to place the deductible part of the self-employment tax.

In number 28 you will indicate if you are a self-employed taxpayer, if you form a small company or a company, since you will have the right to the deduction with respect to retirement plans.

In the 29 you will indicate the deduction of the health insurance on your own account.

In the 30 you will indicate if the penalty for the early withdrawal of the savings corresponds

In the 31st the payment of alimony.

In 32 the deduction that corresponds to the IRA.

At 33 the deduction of interest for student loans.

In 34 the tuition and fees.

In 35 the deduction for national production activities.

In 36 add lines 23 to 35.

In 37 put the result of the subtraction of line 36 by line 22 and this is your adjusted gross income.

Leave a Comment