![]() ![]() The first part of Form 1040 includes personal information for yourself and any dependents.ġ - It’s important to verify your personal information, but pay particular attention to the Social Security numbers on your return. Additional schedules and forms provide more details for many of the lines. The larger font also makes the form longer-it takes up three pages instead of two.įorm 1040 will summarize your income sources, deductions, tax owed, credits, and your refund or amount owed. The only difference is that the font is larger, so it is easier to read. For the 2022 tax season, there are two versions of Form 1040: Form 1040 and Form 1040 – SR. The vast majority of your key tax information is found on Form 1040. In this blog post, we will highlight the items you typically want to pay close attention to. The Schedules that come after the 1040 contain supplemental data and calculations that feed into the 1040. Most Common Formsįorm 1040 and Schedules 1, 2, 3, A, and Dįorm 1040 has just two pages and contains the final numbers that are used to calculate your tax liability. Understanding this information can give you a better handle on your financial situation and may help you make better financial decisions-particularly when it comes to taxes. It’s worth taking a quick look to understand some of the key items while also verifying the accuracy. Soon we’ll start to receive completed returns from our clients, which we will use to update financial plans. We've helped several clients work their way through the tax organizer and the various 1099s, W2s, and charitable donation documentations. ![]() We aren’t saying we have it as bad as CPAs, but our phones have been ringing too!Įven if you hire a professional to prepare your taxes, just gathering all the tax forms you need and completing your accountant’s tax organizer can be exhausting. In addition to the financial planning and investment management we are always busy with, we’ve also been fielding many tax questions from clients and CPAs. ![]()
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