1040 U.S. Individual Income Tax Return psd template download

         IRS Form 1040 is a commonly used IRS personal income tax return. Form 1040 is the official income tax return of the IRS. Individuals need to fill in this form when reporting income tax to the IRS. IRS Form 1040, officially known as IRS Form 1040 - personal income tax return, is applicable to all U.S. taxpayers filing in their personal capacity. 1. Applicable population 1) American citizen, green card holder, RA resident *RA resident: as long as you are not U.S. citizen, you are alien. Alien is divided into two types: resident alien (RA) and non resident alien (NRA) The distinction between these two identities is important, but it is a little complex and needs to be discussed in detail. There are two criteria for determining RA, green card test and physical presence test. As long as one of the tests is met, it must be RA ① Filing status: according to the taxpayer's own situation, it can be divided into single, joint husband and wife report, separate husband and wife report, head of a family, widow / widower. The filling person can check it according to his own situation ② First name, last name and SSN shall be filled in according to the actual situation *If it is a joint tax return of husband and wife, you also need to fill in the name of the spouse ③address，zip code ④ Whether virtual currency transactions are involved, generally fill in No ⑤standard deduction Is there anyone claiming that the spouse of the preparer / preparer is a dependant? Generally, it is not checked Are you over 65 years old or blind Fill in the basic personal information of the dependant 2) Income information filling ① Calculate the variable income (line 1-15) Line 1: waves, salaries, tips, etc Fill in according to box 1 on form W-2 Line 2A / 2B: interest income, where 2A refers to the interest income to be taxed and 2b refers to the tax-free interest income Fill in according to the amount on form 1099 int Line 3A / 3B: dividend income is also divided into ordinal divide and qualifying divide Fill in according to the amount on form 1099 Div Line 4A / 4b-6a / 6B: pension, pension and social security income Generally for retirees, fill in according to 1099-r and ssa-1099 Line 7: capital gains / losses (the most common is stock gains) 1099-B、1099-S... Line 8: other income other than the above (it needs to be explained in Schedule 1 at this time) line9：total income At this time, a total revenue is obtained based on all revenue of line1-8 Line10: adjustments to income (equivalent to derivation) 10A: it also needs to be described in Schedule 1 10B: charitable donation (if you choose standard derivation) 10C: total of 10a and 10B Line 11: get AgI (adjusted gross amount) line 12：Standard deduction or itemized deductions You can only choose one of standard deduction and itemized deduction. The higher one can deduct your tax amount to the greatest extent Standard deduction refers to the amount that each person can deduct a certain amount stipulated by the state every year. Itemized deduction includes a series of expenses that can be deducted only if you choose to deduct item by item. Common expenses include: Mortgage interest paid (up to two houses) The state tax or sales tax you pay in your state Property tax More than 7.5% of your current year AgI medical and dental expenses Charitable donations line 13：Qualified business income deduction Qbi deduction is a tax deduction that allows qualified independent operators and small business owners to deduct up to 20% of qbi from their taxes. Generally speaking, in 2020, the total taxable income of individual filers must be less than $163300 and that of joint filers must be less than $326600. Line 14: total amount of line12 + line13 line15：taxable income AgI less line14 ② Calculate the tax amount according to the resulting tax income line 17：Amount from Schedule 2, line 3 Some additional taxs are generally not involved line 18：line16+line17 line 19：Child tax credit or credit for other dependents In 2020. In 2020, eligible taxpayers can claim a tax credit of $2000 for each eligible dependent child under the age of 17. If the credit amount exceeds the tax owed, the taxpayer is generally entitled to a refund in excess of the credit amount, up to $1400 per eligible child. line 20：Amount from Schedule 3, line 7 Some additional credits are generally not involved line 21：line 19+line 20 line 22：line 21-line 18 line 23：Other taxes, including self-employment tax,（from Schedule 2, line 10） Some other taxes, including self employment tax, are generally not involved Line 24: line 22 + line 23 to get the total amount of tax payable Line25: federal income tax withheld from A form (s) W-2 tax withheld from wages B form (s) tax withheld from 1099 C other forms (see instructions) D add lines 25A through 25C. Total withholding line26：2020 estimated tax payments and amount applied from 2019 return The estimated tax for 2020 and transfer from 2019 to 2020 is generally for self-employed persons, because normally employed persons can avoid paying the estimated tax by withholding wages Line27: earned income credit (EIC) (EITC) help low - and middle-income groups and families obtain tax cuts. If you qualify, you can use the credit to reduce the tax you owe line28：Additional child tax credit. Additional child tax credit. Or ACTC is a refundable credit. If your child tax credit is greater than the total income tax you owe, you can get this credit as long as your income (such as W-2 salary income and / or self employment net income) is at least $2500. For the 2020 declaration, the value of ACTC is up to $1400. Note: if you meet the conditions and apply for additional child tax credit at the time of tax return, you may get a tax refund even if you don't owe any tax. line29：American opportunity credit The opportunity tax credit in the United States is a temporary tax credit for college students or parents with children in college. Line 30: recovery rebate credit For specific calculation, please refer to the IRS official https://www.irs.gov/newsroom/recovery-rebate-credit line 31：other payment and refundable credit（schedule 3 line 13） Line 32: Line 27 + line 31 to obtain total other payments and refundable credits Line 33: line 25d + line 26 + line 32 to get total payments ③Refnd/Tax owe According to the total tax of line 24 and the total payment of line 33, we can get whether the tax is owed or refunded this year Finally, sign and fill in your personal information, and form 1040 is completed