I am preparing a 1040, which forms/schedules should I use?
I am doing this voluntary tax class. It's free and I just want to basically teach myself how to do basic taxes. I'm already in health care and I just want to get a better knowledge of this...self-benefiting I guess?
I have 4 problems that I am doing and never imagined how insane taxes could be :-/ ..but with dedication, I'm getting there.
Based of of this: http://www.flickr.com/photos/56201117@N06/
Can you tell me which forms I would need to use in addition to the 1040? I believe I will be using schedule SE,schedule M, and schedule D...but I'm not completely confident in myself at this point. I am afraid I may look over something.
PS. I am not looking for someone to do the problem for me. I want to try it on my own and learn it. I just want to make sure I am using the right forms. :-)
I think I am also using a Schedule B...a little confused because I thought I heard something about using either a Schedule D or B, but not both.?
Tax Lady, please look at link...there's interest from their mortgage. Now that I take a few more looks..they have real estate tax and I'm thinking they need another form.
- BobbieLv 71 decade agoFavorite Answer
Schedule C and schedule SE for the self employment income.
Schedule D for the sale of securities or personal asset and usually they would have a 1099-B showing any sale of the stock securities.
Schedule B if interest income to be reported on the 1040 tax form.
Schedule A itemized deductions or if adding the real estate taxes to the standard deductions for the 2009 tax year.
Schedule M for the making work pay tax credit.
Go to the www.irs.gov website and use the search box for 1040 choose instructions and go to page 11 Where To Report Certain Items From 2009 Forms W-2, 1098, and 1099
If any federal income tax withheld is shown on these forms, include the tax withheld on Form 1040, line 61. If you itemize your deductions and any
state or local income tax withheld is shown on these forms, include the tax withheld on Schedule A, line 5, unless you elect to deduct state and local
general sales taxes.
Or possibly Use Schedule L to figure the standard deduction amount check the box on line 40b and attach Schedule L to your return if it is used.
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- JudyLv 71 decade ago
For self employment income yes you need schedule SE, also C or C-EZ.
If they only purchased stock and didn't sell any, you don't need schedule D.
M for making work pay credit, yes.
B would be for interest and dividends RECEIVED, not paid.
Schedules B and D are not related to each other - a return can have one of them, both of them, or neither.
They'd only itemize, using the mortgage interest and property taxes, if their itemized deductions are more than their standard, then they'd use schedule A.
- Anonymous1 decade ago
Schedule B is for interest and dividends only. If these are fully documented and less than $1500, no form is required.
Why did you think you needed a B?
Edit, there is a HUGE, fundamental difference between interest paid and interest received.
- byrnesLv 44 years ago
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