1040 is your personal tax return filed by Heard. Form 1040 will summarize your income sources, deductions, tax owed, credits, and your refund or amount owed. Additional schedules and forms provide more details for many of the line items.
Use this guide as an overview of your draft tax return with specific to Heard therapist call-out line items. In the videos below, Samantha Nuyen, Heard's Tax Operations Manager, will walk you through the essentials.
Additional Schedules and Forms:
- Schedule I Additional income and adjustments to income
- Schedule II Additional Taxes
- Schedule III Additional Credits and Payments
- Schedule A Itemized Deductions
- Schedule B Interest and Ordinary Dividends
- Schedule C Profit or Loss From Business (Sole Proprietorship)
- Schedule D Capital Gains and Losses
- Schedule 8812 Credits for Qualifying Children and Other Dependents
- Form 2441 Child and Dependent Care Expenses
- Form 8879 IRS e-file Signature Authorization
- Form 8962 Premium Tax Credit
- Form 8995 Qualified Business Income Deduction Simplified Computation
Key Tax Information
The first part of Form 1040 includes personal information for yourself and any dependents.
- Personal Information: Please verify your Name, Spouse's name if applicable, Social Security Number/s and address are correct.
- Filing Status: If you or your spouse are over age 65 or legally blind, your standard deduction is increased for each box that is checked in the Age/Blindness Section. Married couples receive an increase of $1,350 per box checked, while single filers receive $1,700.
- Standard Deduction:
- Dependents: If you have dependents who qualify for either the child tax credit or the credit for other dependents, those individuals should be listed in the Dependents section. The appropriate credit box should be checked based on your relationship to them and the financial support you provide.
Form 1040 Lines 1-9 are used to report your income sources for the year.
- Line 1a: Includes all the salaries and wages you received. These are directly from your W-2s
- Line 2b: This reports taxable interest from 1099-INTs. The form will distinguish between what is taxable vs not.
- Line 3a: Dividends come from 1099-DIV. This form distinguishes what is a qualified dividend (receiving preferable tax treatment) or ordinary.
- Line 5a: If you receive retirement benefits in the form of pension or annuity payments from a qualified employer retirement plan, all or some portion of the amounts you receive may be taxable unless the payment is a qualified distribution from a designated Roth account.
- Line 12: Standard / Itemized Deduction Reduces your taxable income
- Line 13: QB This is a deduction for running a business. I show them the details on Form 8995
Tax and Credits, Payments, Refund
Line 19: If you had dependents that qualified you for a child tax credit or the credit for other dependents and you were below the income threshold
Line 26: If you made quarterly payments during the year or chose to apply at least a portion of last year’s refund to this year’s taxes Estimate tax payment
Confirm this is the total amount of estimated payments made for the tax year.
Line 34: If your tax payments (Line 33) exceed your Total Tax (Line 24), you will receive a refund.
Line 37: If your tax payments (Line 33) are less than your Total Tax (Line 24), you owe tax.
Please take a moment to review your tax return. If you discover any discrepancies or require additional clarification, inform your tax preparer. Having a clear understanding of your tax return will help you answer your tax preparer's questions and provide the necessary documents.