SAMPLE 1040 FORM

SAMPLE 1040 FORM hello and good afternoon guys welcome to mk community brokerage my name is mohamed um in this video i'm going to explain to you the sample, 1040 2019 return so what you see on the screen is it's basically filled that 1040 2019 income, tax return i'm just going to give you some of the brief explanation the important points what it is how to. Understand it what a 1040 is and when do people get this basically so first thing first, a 1040 what it is is those individual everyone has to follow 10 40. um most people do should i say um for example if you, if you work for 10.99 if you work for a w-2 um if you work for, a business corporation a 1040 is an individual income tax return um usually you will do that especially when you're filing taxes even though your business might be in somebody else's name but you're also filing. Taxes on your name as well so 1040, will be given to you as well but most people that are working for likes let's say, nine to five job they're getting two weeks of paycheck they don't have a business or anything this is very common a lot of people will get the 10 40 return when when when. They file, taxes at the end of the year um a lot of times people don't even know where how to understand it so hopefully. I will be able to give you some tips on understanding the 10 40 return obviously the filing status, is the first thing to see on the screen this will be the first thing it will tell you single head of household married founding jointly usually for those. People that are married together living together you will file the. Taxes together as well single if you're only single if you're head of the household which meaning that you're the bread winner uh bringer of the household meaning you're the guy that's taking care of everyone that's. The head of household qualified vetoer is a little bit more in deep let's say for those individuals that are. Divorced widows. That's a little bit different that's gonna be a topic for another day um obviously the your first name is going. To be here your last name obviously if you're following join me with the spouse your information over here your home address. Your city state and zip and everything the whole nine yards if you're foreign country home usually you leave this bank this is again a little bit more advanced we're going. To leave that parking over here as well we're trying to go over in general topic your social, security number and your spot association social security number should be over here as well standard deduction uh and uh regular deduction um a standard deduction. Is basically you know you're going each item one by one um the, other deduction i can't remember the name for some reason there's. Two types the standard deduction is going to be regular deduction where you pick pick poking uh pinpointing, everything uh one by one and it actually tells you over here on the left hand side of the screen uh. It actually what it does is it it takes all the items what you did let me see if it gives you more in depth actually it doesn't tell you more in depth, over here but that's where standard detection is, you're pinpointing everything one one thing at a time and you're putting it in and then there's another deduction i can't remember the name where they give you five thousand dollars automatically, so for though for making it simple this is how it is so the united. States government will give you an or two like i said two types of. Deduction the standard deduction and the full deduction basically the full deduction is they'll tell you know.

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