From the course: Finance Foundations: Income Taxes

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Single Form 1040: Computing Adjusted Gross Income (AGI)

Single Form 1040: Computing Adjusted Gross Income (AGI)

From the course: Finance Foundations: Income Taxes

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Single Form 1040: Computing Adjusted Gross Income (AGI)

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- Let's solidify our understanding of Form 1040 with another example. with another example. This time the taxpayer will be a single parent, K. We will complete his Form 1040, and again, We will complete his Form 1040, and again we're going to do it step-by-step. we're going to do it step by step. We'll start with his personal information, name, address, social security number, filing status. You recall with the Ramona and K example, they chose to file jointly as a married couple. In this example, K is a single parent, so he will choose to file as head of household. In 2016, 22 million returns were filed with the choice of head of household. This is about one return in seven. Next, K needs to list the members of his family. In this example, he has three dependents: In this example, he has three dependents, his daughters Lilly, Taraz, and Camilla. his daughters Lily, Tarza, and Kamila. He is careful to check the child tax credit box for Tarza and Kamila because they are less than…

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