How to Prepare 2021 Form 1040 Income Tax Return For Head of Household

How to Prepare 2021 Form 1040 Income Tax Return For Head of Household i am from how to taxes i am here to help you fill out your form 1040 when you are head of household filing status to preface this video the. Irs is not accepting returns till february 12 this year but. You can still get going on filling it out for head of household status you must be unmarried paid over half the cost to keep, up a home have a qualifying child or dependent in this example you have a 13 year old son this is the front page of the form 1040 it is the. Top portion of the form check the head of household filing status box put your name address, and social security number on the form under the dependent section put, your son's first and last name his social security number his relationship to you and check the box that he qualifies for. The child tax credit on line one put your wages you can find this information on the form w-2 that your employer sent you in box 1. in this example the. Wages are forty eight thousand eight fifty put the wages on line one you also received a form 1099. Interest from your bank reporting taxable interest of one hundred dollars add put that on, line two b and add that to line one to arrive at total income of forty.

Eight thousand nine fifty on line nine new this year the irs is allowing charitable contributions in addition to your standard deduction the max is 300 in this example.

It is assumed that you gave 300 or more to a charity put that on line 10 b and carry it to line. 10 c subtract that from your, total income to arrive at adjusted gross income of 48 650 on line 11. on line 12 put your standard deduction it is assumed in this example that your.

That this will exceed your itemized deductions you can find it in the box to, the left it is 18650 for head of household carry that down to line 14 and subtract that from your adjusted gross, income to arrive at taxable income of 30 000 on line 15. on, line 16 we will put your tax you can find the tax tables beginning on page 66 of the form.

1040 instructions since your taxable income was at least 30 thousand but less than thirty thousand, fifty in your head of household filing status your tax is three thousand three hundred and twenty one dollars put that on line 16 and carry it down to line 18. note that if you had a younger child, and you had child care expenses you can file form 2441 for a credit next.

We will calculate your child tax credit you can find the worksheet on page 37 of the form 1040 instructions there are a few examples, when you would not use this worksheet and they are listed here on line one put two thousand dollars as, you have one qualifying child on line two, it would be zero as you have no other dependents add lines one and. Two together to arrive at two thousand dollars on line three put your adjusted gross income of forty.

Eight six fifty on line four put two hundred thousand on line five as it instructs line six will be left blank and line.

Seven will be zero as line five is more than line four subtract line seven from line three to arrive at two thousand dollars on line eight on line nine put your, tax of three thousand three hundred twenty one dollars line 10 will be zero as you don't have any amounts from those schedules subtract. Line 10 from, line 9 to arrive at 3 321 on line 11. since that is more than two thousand your, child tax credit is two thousand dollars on line twelve you do not have to attach this worksheet to your return put the, 2000 on line 19 and carry that down to line 21. subtract that from line 18 to arrive at 1 000 321 on line 22. since you have no other taxes line 24 will, be thousand.

Three twenty one next we will put your federal income tax withholding on the return again you can find that from your form w-2 in box two it is fifteen hundred dollars in this example put that on. Line 25a and carry it to, line 25d since you had no other payments line 32 will be zero subtract that from line 25d to arrive at 1500 on line 33. next we will. Calculate your overpayment it is 179 in this example put that on line 34 and again on line 35i as, you would want it refunded to you if you want it directly deposited into your bank account check the type of, account that you have on line 35c also complete the routing and account information on lines, 35 b and d if you don't want it directly deposited into your, bank account cross off lines 35 b and d and the irs will send you a check directly note that there is a box, to the left of line 35i referring to form 8888 you would only check this box if you want your, refund deposited into more than one bank account so usually this will be left blank remember to sign date and put your occupation at the bottom, of the form your taxes are all done thank you for watching i am from how to taxes subscribe for future tax videos.

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