Do You Need a 1040A Tax Form?

Video Transcript

In this section we are going to talk about filling out the form 1040A, the US Individual Income Tax Return. Now I will tell you who can file this form. You can use the form 1040A if all six of the following apply. You only had income from the following sources, wages, salary, tips, interest in ordinary dividends, capital gain distributions, taxable scholarship and fellowship grants, Pension and unities and IRA's, unemployment compensation, social security and railroad retirement benefits, Alaska Permanent Fund Dividends. The second requirement the only adjustments to income you can claim are educator expenses, IRA deduction, student loan interest deduction, tuition and fee deduction. The third requirement is that you do not itemize deductions, that your taxable income is less than 100,000 and the only tax credit you can claim is child tax credit, additional child tax credit, education credits, earned income credit, credit for child and dependent care expenses, credit for the elderly or disable, retirement savings, contribution credit and finally you do not have an alternative minimum on stock you required from the exercise of an incentive stock option. When you are dealing with tax and tax forms, it is important to remember that the numbers can change from year to year so any numbers that we present, you need to make sure that you are using the correct year and tax form that relates to that particular topic.

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