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Video instructions and help with filling out and completing who needs Form 1040 (Schedule EIC)

Instructions and Help about who needs Form 1040 (Schedule EIC)

We're now going to calculate the Earned Income Credit for a couple who did qualify for this on their form 1040ez line one their income was twelve thousand five hundred and sixty dollars which is below the limit of fourteen thousand five ninety for married couples I'm looking at page 12 of the form 1040ez instructions and on this page I'll put twelve thousand five sixty and then look through the other amounts and qualifying statements that they have on this and nothing here applies so my total earned income is twelve thousand five sixty next we go to page 13 of the instructions and on line one put twelve thousand five sixty which is what we determined and is on page twelve and then we go next to page fourteen and look up the amount for a joint filer and we see that twelve thousand five sixty for married filing jointly is one hundred and fifty four dollars so we put this in box two and then on line three we entered the amount from 1040ez line four which is the same as line one twelve thousand five sixty since the amounts are the same on question four we check yes and then skip line five and go directly to line six in on line six we put in the hundred and fifty four from line to the line six one hundred and fifty four dollar amount that to cement that you want to enter on line eight a when you get to line eight a and enter this you'll add this to line seven which is the tax that was withheld and add this up and that will become your total tax payments.


Do I need to attach the tax form 1099-B to the form 1040 Schedule D?
This sort of question should be resolved by looking at the IRS‡ official instructions for the tax form and year in question. You only need to attach such items as the IRS‡ official instructions direct you to attach. Recently there has been a trend of requiring fewer attachments.For the sake of answering this specific question for this specific year, there appears to be no such requirement. The Form 1099-B was already reported to the IRS and the Schedule D instructions make no mention of attaching it. You may need to attach a “statement required under Regulations section 1.1(h)-1(e).” Id. lines 10 and 18.For actual advice on filling in your forms, consult a tax attorney or accountant.
There should be a change to my tax form 1040 schedule D, which doesn't affect my tax liability. Do I need to send a 1040x?
You don't give enough information.If the change is significant and to gross proceeds, the IRS will pick up on this so it might be in your best interests to file a 1040x.However, if the change is minor and will result in minor change change to tax liability the hassle to amend may not be worth it.Occasionally the IRS computers will have some logic and not send out a tax bill for a $10 change in tax liability. However, sometimes the computer will send a demand notice for a $.50 liability.
Do the new IRS Form 1040 and associated schedules promote ease of error-free completion?
No. They do group some things together but there are inconsistencies and over complications.
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