1040A Label and Exemption Tips

Video Transcript

"Now we're going to look at an actual 1040A individual tax return and this is completed so we will work just how everything was done. If you notice the label section, it's first name, last name, address and city and state and as long as it's correct you don't need to do anything but if it is incorrect you can cross out the address and make changes right on the form itself. If we go over here we notice the label does include Apt. number but does not include your social security number so you'll need to enter that in for yourself and your spouse on the proper line. Now the next line, presidential election campaign, if you or your spouse if filing jointly, want $3 to go to the fund, this doesn't change your tax but if you do want check the boxes. The next the section is filing status and in our example this is a married couple filing jointly so they check box 2. The other options are head of household, qualifying widower, single and married filing separately. For exemptions, we've checked 6A yourself and 6B for the spouse and those are personal exemptions. So we enter two on this box that's checked, 6A and 6B. John and Mary have two children, Craig and Sarah, so they enter their names and social security numbers and relationship and they've already determined that they do qualify for the child tax credit so they check this and when these are children that lived with them, so they put two in the appropriate line there, add it up and they have four total."