1.What year does this income tax form cover?
2.Based on your answer to #1, in what year would you expect someone to be filling out this form?
3.Whose tax form is this?
4.What unique identification number does the IRS use for taxation?
5.What two types of other people might also be included on a 1040 tax form?
6.How much did this individual make in gross pay?
7.Did this person itemize their dedications or take the standard deduction?
8.Did this person make any charitable contributions? If so, how much?
9.How much taxable income did this individual have? Is it the same as their gross pay?
10.How much was this person expected to pay in taxes?
11.How much was already taken from their paychecks throughout the year?
12.Is this person getting a tax refund? If so, how much?
13.Does this person owe federal taxes beyond what was taken from their paychecks? If so, how much?
14.How does this form make sure that if you hire someone to prepare your taxes, they are also responsible in some way for what is submitted to the IRS?
15.This 1040 form often points to two other types of items with either instruction to follow or something to fill out before you have the necessary information for this form.
16.What do they call these other items that need to be followed along the way? (Hint: You’ll see an example of one term in lines 25a and 25b, while you’ll see an example of the other term in items 17 and 20.)
17.How confident do you feel that you can accurately read a Form 1040 for relatively simple life situations? Explain your answer.
18.How confident do you feel that, as long as you follow instructions on the various forms, you could complete your own taxes at some point in the future? Explain your answer.