Filing Your Taxes

Questions to be answered in this lesson:

You're ready to file your tax return...but, what exactly do you need before you file? Review this handy checklist of items you will need to fill out the 1040 form.

Personal Information

Sources of Income

Employed

Self-Employed

Savings & Investments or Dividends

Other Income & Losses

This list is tailored from H&R Block's Tax Prep Checklist to better suit the needs of most teens and college students. View the original checklist here!

When filing your tax return, you can lower your tax bill by claiming a tax deduction. You can either:

OR

Of course you want to choose the option that will lower your tax bill the most.

Questions:

1. In your own words, explain how tax deductions differ from tax credits.

1. Would you rather want to take a tax deduction or a tax credit? Why?

1. Why might someone want to itemize their deductions if it requires more work than simply claiming the standard deduction?

NOW you are ready to fill out your 1040! Follow the directions in this activity to see how a variety of people can all use the 1040 to complete their taxes.

Activity