Advisor Flipbooks

Form 1040 U.S. Individual Income Tax Return Department of the Treasury—Internal Revenue Service OMB No. 1545-0074 IRS Use Only—Do not write or staple in this space. Filing Status Check only one box. Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying surviving spouse (QSS) If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QSS box, enter the child's name if the qualifying person is a child but not your dependent: Your first name and middle initial Last name Your social security number If joint return, spouse's first name and middle initial Last name Spouse's social security number Home address (number and street). If you have a P.O. box, see instructions. Apt. no. City, town, or post office. If you have a foreign address, also complete spaces below. State ZIP code Foreign country name Foreign province/state/county Foreign postal code Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. You Spouse Digital Assets At any time during 2024, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.) Yes No Standard Deduction Someone can claim: You as a dependent Your spouse as a dependent Spouse itemizes on a separate return or you were a dual-status alien Age/Blindness You: Were born before January 2, 1960 Are blind Spouse: Was born before January 2, 1958 Is blind Dependents (see instructions): If more than four dependents, see instructions and check here . . (2) Social security number (3) Relationship to you (4) Check the box if qualifies for (see instructions): (1) First name Last name Child tax credit Credit for other dependents Income Attach Form(s) W-2 here. Also attach Forms W-2G and 1099-R if tax was withheld. If you did not get a Form W-2, see instructions. 1 a Total amount from Form(s) W-2, box 1 (see instructions) . . . . . . . . . . . . . 1a b Household employee wages not reported on Form(s) W-2 . . . . . . . . . . . . . 1b c Tip income not reported on line 1a (see instructions) . . . . . . . . . . . . . . 1c d Medicaid waiver payments not reported on Form(s) W-2 (see instructions) . . . . . . . . 1d e Taxable dependent care benefits from Form 2441, line 26 . . . . . . . . . . . . 1e f Employer-provided adoption benefits from Form 8839, line 29 . . . . . . . . . . . 1f g Wages from Form 8919, line 6 . . . . . . . . . . . . . . . . . . . . . 1g h Other earned income (see instructions) . . . . . . . . . . . . . . . . . . 1h i Nontaxable combat pay election (see instructions) . . . . . . . 1i z Add lines 1a through 1h . . . . . . . . . . . . . . . . . . . . . . 1z Attach Sch. B if required. 2a Tax-exempt interest . . . 2a b Taxable interest . . . . . 2b 3a Qualified dividends . . . 3a b Ordinary dividends . . . . . 3b 4a IRA distributions . . . . 4a b Taxable amount . . . . . . 4b 5a Pensions and annuities . . 5a b Taxable amount . . . . . . 5b 6a Social security benefits . . 6a b Taxable amount . . . . . . 6b c If you elect to use the lump-sum election method, check here (see instructions) . . . . . 7 Capital gain or (loss). Attach Schedule D if required. If not required, check here . . . . . 7 8 Other income from Schedule 1, line 10 . . . . . . . . . . . . . . . . . . 8 9 Add lines 1z, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income . . . . . . . . . . 9 10 Adjustments to income from Schedule 1, line 26 . . . . . . . . . . . . . . . 10 11 Subtract line 10 from line 9. This is your adjusted gross income . . . . . . . . . . 11 Standard Deduction for— • Single or Married filing separately, $12,950 • Married filing jointly or Qualifying surviving spouse, $25,900 • Head of household, $19,400 • If you checked any box under Standard Deduction, see instructions. 12 Standard deduction or itemized deductions (from Schedule A) . . . . . . . . . . 12 13 Qualified business income deduction from Form 8995 or Form 8995-A . . . . . . . . . 13 14 Add lines 12 and 13 . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Subtract line 14 from line 11. If zero or less, enter -0-. This is your taxable income . . . . . 15 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2024) Line 7. Capital gain or (loss): See Schedule D. Take note of address. Consider applicable state and local income taxes. Some important considerations are with municipal bonds, capital loss carryforwards, and whether the state has adopted all the provisions of the Tax Cuts and Jobs Acts of 2017 (TCJA). Take note of the filing status. Line 2a. Tax-exempt interest, 2b. Taxable interest, 3a. Qualified dividends, and 3b. Ordinary dividends: See Schedule B. Line 4a. IRA distributions and 4b. Taxable amount: If the IRS-imposed required minimum distribution (RMD) is not needed for cash flow, the RMD may be donated to charity if age 70½ or older. Line 11. Adjusted gross income (AGI): This is a key line item. The Medicare Surtax on Net Investment Income comes into play when AGI exceeds to $200,000 for single filers and $250,000 for joint filers. Schedule A tax deductions like medical expenses and charitable contributions are tied to AGI. Reducing AGI can yield tax benefits. Line 13. Qualified business income deduction: Individuals with qualified business taxable income, qualified REIT dividends, or qualified publicly traded partnerships (PTP) income may qualify for up to a 20% deduction. Line 12. Standard deduction or itemized deductions (from Schedule A): Did the taxpayer(s) take the standard deduction, $29, 200 for married filing jointly or $14,600 for single? If not, go to Schedule A to review the taxpayer(s) itemized deductions. Line 15. Taxable income: A key line item. Compare taxable income to the tax rate schedule based on filing status (joint, single). What tax bracket is the taxpayer in? This is their marginal tax bracket and tells us what the next dollar of taxable income will be taxed at. Line 6a. Social Security benefits and 6b. Taxable amount: If paying tax on Social Security benefits, some assets could be repositioned to help reduce the tax liability on Social Security income. 2024

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