Tips on Different Income Tax Types

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Online Tax Deduction Tips....5

Learn what types of income should you report to file your federal income taxes online in this free video tutorial.

Part of the Video Series: How to File Your Taxes Online
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Video Transcript

Hello everyone, I'm Terry Bowden on behalf of Expert Village. Today we're talking about filing your taxes on line. Now we've been going through starting out with the turbo tax free edition, ok and although I'm not saying go out and buy turbo tax or use turbo tax I'm just using this program as an example on the other providers. Earlier is this segment we went over the IRS site so this is just another avenue that you can use to file you taxes online. Now the last topic that we were on the last segment was the w-2 income. The most important categories when you filing your taxes is your wages and your salaries, ok. Now of course on our screen is says zero because we didn't put any data in there. This is just a show, showing you how to do it. The number two is interest and dividends, you have a 1099 like you were a contract laborer, that?s where you would put in information data into that category. There's other common income, 1099 miscellaneous, state local tax refund, rental income, like you rented property, investment income, which is another 1099, that's 1099B or brokers statements, retirement distributions 1099R or SSA1099 there is also number six business income expenses although we're really looking at personal right now but if you are a business owner this would be a category for you. Then there is the less common income, my weakness gambling winnings, although it's more losses, just joking, and jury duty etc. . . So these are some of the categories if that you have to enter if it applies to you, OK. This is part of the income federal tax part of the turbo tax free edition. When we come back we will definitely look at deductions and credits.

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