How to fill out Form 1040 from Everfi module 2

How to fill out Form 1040 from Everfi module 2 okay welcome to this video i'm going to show you how to fill out your 1040 your form 1040. this is from everfi module 2 the income and employment module so look at your screen, and you'll see on the left, is the form 1040 and on the right side of your screen is a different form that's form w-2 now the information that you need to fill in the 1040 is from form w-2. So you will have to click on form w 2 open it up and get the info you need so watch as i open, up the w 2 click in box 1 select copy then i close the w2 go back to the 1040 click, in that box 1 and click paste now box six on.

The 1040 at the bottom there you'll see the shiny number two it says total income that is the same exact amount as you just put in box.

One so you're just going to paste one more time put the same number in that box as well okay for the, next box where you're going to enter something it's box eight you'll see the shiny number three there standard deduction. Or itemized deductions click in that box and that's where you're. Going to enter twelve thousand two hundred okay so in the box eight there twelve thousand two hundred okay lastly for, box 10 it says taxable income in that box you're going to, subtract 12 200 from whatever you have in box seven okay so for me i have 34 732 minus twelve thousand two hundred, okay so for me line 10 taxable income says 22 532. for you it's going to be a different number depending on what you.

Have in box 7. so just remember box 10 you're gonna subtract twelve thousand two hundred from box seven put your answer in box ten , okay the next box that needs to be filled, in is box 16 federal income tax withheld from forms w2 and 1099. so that box line 16 you're going to get. That number from your form w2 again so you'll have to open up form. W-2 and look in box 2. copy the amount from box 2 and go back and paste it and box 16 of the 10.99 okay that brings us to box 19..

This is the amount overpaid okay so to put an amount in line 19 it means you paid more tax than you owed, more tax was taken out of your.

Paycheck than you ended up owing at the end of the year so you get a refund so you need to compare line 18. Which is how much tax was taken out of your paycheck and compare that to the amount you owe in line 15 and since in my case i had more money taken out, of my paycheck than i owed i, get a refund so i only owed if you look here i only owed 2537 but i paid two eight five five so i get a refund. Okay so i'm going to subtract those numbers and i'm going to get a refund. Of 318 dollars and 32 cents okay since you're getting a refund from the government they want to know, what is your checking account number where where are they going to put it they're going to direct deposit this refund directly into your bank account and.

To do that they need your checking account number okay now that number is going to come from your from one of your checks that.

You have okay and there's two things you need to direct deposit something into your, account that's the bank's routing number and your account number so to get these numbers here you just click on the. Check that you see right there and you can copy and paste the routing number and the account number in this, case it's just one two three four five six seven eight nine zero for both and with.

That you are done you .

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