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2018 1040a Form: What You Should Know

Dec 13, 2023 — Taxpayers who have filed a tax return within the last 40 years may expect IRS notices during the filing season to include new tax information. Those who expect to file a large income tax return should pay close attention to the “return notice and electronic filing” portion of these notices. How to Claim Tax Breaks and Exemptions Eligibility for the tax breaks and exemptions available through the federal income tax return and the individual income tax return depend on many factors and factors vary by phase out status, or the type of tax break that applies to you.  The following are some major exemptions or tax credits offered through the federal income tax return: Child tax credit: up to 1,000 a child, or 500 for each qualifying child. Qualifying children are those who meet the age requirements, meet federal poverty guidelines or were born after Jan. 1, 1971. A child is any individual under age 17 (or 17 if his or her parents are divorced and he or she is under 21). Excludes same-sex partners of those claiming the child tax credit. Earned Income Tax Credit (ETC): up to 2,000 for each qualifying child. Qualifying children are those who meet the age requirements, who are disabled, or who are under 19 years of age (under 21 with a marriage certificate). Qualifying expenses are those expenses necessary for the acquisition, production, or distribution of income. Excludes same-sex partners of those claiming the ETC. Additional Child Tax Credit: up to 1,000 for each qualifying child. Qualifying children are those who meet the age requirements, who are disabled, qualify for the Earned Income Tax Credit (ETC) or the Additional Child Tax Credit (ACT) but are aged 18 or less. Qualifying expenses are those expenses necessary for the acquisition, production, or distribution of income. Excludes same-sex partners of those claiming the ETC. Additional Child Tax Credit (ACT) : up to 1,000 for each qualifying child. Qualifying children are those who meet the age requirements, who are disabled, qualify for the Earned Income Tax Credit (ETC) or the Additional Child Tax Credit (ACT), but are aged 18 or younger.

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FAQ - 2023 Form 1040a

How can you tell whether you should file an IRS Form 1040a or 1040ez?
For the current filing season, 2023. form 1040-EZ and 1040-A have been discontinued.If you are talking about filing recent prior year returns, form 1040-EZ was for if you are reporting wages, interest interest income under $1,500, and/or unemployment compensation and pretty much nothing else. You cannot report dependants on a 1040-EZ.1040-A if for when you have interest income over $1,500 and/or have dependants.Neither forms allow you to itemize deductions. There are other things to know as well. You can review the instructions at these links:About Form 1040-EZ | Internal Revenue ServiceAbout Form 1040-A | Internal Revenue Service
What are the different kinds of 1040 tax forms?
As of the 2023 tax year, most people will use a Form 1040.Form 1040-NR is used by people who are non-resident aliens for tax purposes.Form 1040-ES is used by people who need to pay estimated income taxes on a quarterly basis, such as many self-employed individuals.Form 1040A and 1040-EZ no longer exist.
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