Advisor Flipbooks

Form 1040 (2024) Page 2 Tax and Credits 16 Tax (see instructions). Check if any from Form(s): 1 8814 2 4972 3 . . 16 17 Amount from Schedule 2, line 3 . . . . . . . . . . . . . . . . . . . . 17 18 Add lines 16 and 17 . . . . . . . . . . . . . . . . . . . . . . . . 18 19 Child tax credit or credit for other dependents from Schedule 8812 . . . . . . . . . . 19 20 Amount from Schedule 3, line 8 . . . . . . . . . . . . . . . . . . . . 20 21 Add lines 19 and 20 . . . . . . . . . . . . . . . . . . . . . . . . 21 22 Subtract line 21 from line 18. If zero or less, enter -0- . . . . . . . . . . . . . . 22 23 Other taxes, including self-employment tax, from Schedule 2, line 21 . . . . . . . . . 23 24 Add lines 22 and 23. This is your total tax . . . . . . . . . . . . . . . . . 24 Payments 25 Federal income tax withheld from: a Form(s) W-2 . . . . . . . . . . . . . . . . . . 25a b Form(s) 1099 . . . . . . . . . . . . . . . . . . 25b c Other forms (see instructions) . . . . . . . . . . . . . 25c d Add lines 25a through 25c . . . . . . . . . . . . . . . . . . . . . . 25d 26 2022 estimated tax payments and amount applied from 2021 return . . . . . . . . . . 26 If you have a qualifying child, attach Sch. EIC. 27 Earned income credit (EIC) . . . . . . . . . . . . . . 27 28 Additional child tax credit from Schedule 8812 . . . . . . . . 28 29 American opportunity credit from Form 8863, line 8 . . . . . . . 29 30 Reserved for future use . . . . . . . . . . . . . . . 30 31 Amount from Schedule 3, line 15 . . . . . . . . . . . . 31 32 Add lines 27, 28, 29, and 31. These are your total other payments and refundable credits . . 32 33 Add lines 25d, 26, and 32. These are your total payments . . . . . . . . . . . . 33 Refund 34 If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid . . 34 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here . . . . 35a Direct deposit? See instructions. b Routing number c Type: Checking Savings d Account number 36 Amount of line 34 you want applied to your 2025 estimated tax . . . 36 Amount You Owe 37 Subtract line 33 from line 24. This is the amount you owe. For details on how to pay, go to www.irs.gov/Payments or see instructions . . . . . . . . 37 38 Estimated tax penalty (see instructions) . . . . . . . . . . 38 Third Party Designee Do you want to allow another person to discuss this return with the IRS? See instructions . . . . . . . . . . . . . . . . . . . . . Yes. Complete below. No Designee's name Phone no. Personal identification number (PIN) Sign Here Joint return? See instructions. Keep a copy for your records. Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Your signature Date Your occupation If the IRS sent you an Identity Protection PIN, enter it here (see inst.) Spouse's signature. If a joint return, both must sign. Date Spouse's occupation If the IRS sent your spouse an Identity Protection PIN, enter it here (see inst.) Phone no. Email address Paid Preparer Use Only Preparer's name Preparer's signature Date PTIN Check if: Self-employed Firm's name Phone no. Firm's address Firm's EIN Go to www.irs.gov/Form1040 for instructions and the latest information. Form 1040 (2022) Was the tax return self-prepared or was there a paid preparer? Line 38. Estimated tax penalty: If there is a number here, there are ways to eliminate this penalty, which should be discussed with the taxpayer's CPA. Line 24. Total tax: Consider taking this number and dividing by 12 to give taxpayers an idea of their monthly federal income tax bill. Ask them if they are interested in reducing their tax bill. Line 34. Amount you overpaid: If this number is large in comparison to the total tax, the taxpayer may want to consider adjusting their tax withholding or estimated tax payments.

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