How to Do Your Own Taxes

Step-by-Step Guide

1. 1

   Step 1: Determine if you are required to file a tax return.

   You are required to file a federal income tax return if you are a citizen or resident of the United States or a resident of Puerto Rico.
   
   Your marital status, age, filing method, and income all affect whether or not you are required to file taxes.
   
   Even if you are not required to file taxes, it is a good idea to file so that you can get back any withholdings that you paid on the income that you earned.
   
   For example, in 2016, you would have been required to file taxes if you fell into any of the following categories:
   You are single and under the age of 65 with an income exceeding $10,350 You are single and over the age of 65 with an income exceeding $11,900 You are a married couple under the age of 65 filing jointly whose income exceeded $20,700 You are a married couple over the age of 65 filing jointly whose income exceeded $23,200 You are a married couple, one of you is over the age of 65, you are filing jointly, and your income exceeded $21,950 You are married (any age) and filing separately from your spouse and your income exceeded $4,050 You are the head of the household, under the age of 65, and your income exceeded $13,350 You are the head of the household, over the age of 65, and your income exceeded $14,900 You are a widower, under the age of 65, and your income exceeded $16,650 You are a widower, over the age of 65, and your income exceeded $17,900
2. 2

   Step 2: Determine if your dependent status excuses you from having to file taxes.

   Dependent are still required to file taxes if they earn more than a certain amount in a tax year.
   
   If you are a dependent and you do not earn more than $6,300 in a tax year, then you do not have to file taxes.
   
   If you earn more than $6,300 in a tax year, you would have to file taxes.
   
   Also, if you received more than $1,050 in unearned income during a tax year, you are required to file taxes., One of the first things you need to do before you can prepare your tax return is determine your filing status.
   
   If you are unsure of what your filing status should be, there is a quick quiz available from the IRS that can help you to pick the right one.
   
   There are five possible filing statuses that you can choose from:
   Single Married filing jointly Married filing separately Unmarried head of household Qualifying widow or widower with a dependent child , Being organized will help make doing your taxes a bit easier.
   
   Before you get started, gather the necessary information required for preparing your taxes, including your W2s, interest statements, school taxes, property taxes, receipts for deductible expenses (such as medical or work-related expenses), and other applicable information.
   
   You should also have a copy of your previous year's tax return, if you filed one.
   
   Form W-2:
   You will need the information from this form to prepare your return.
   
   If you are an employee, you should receive Form W-2 from your employer by February 15th.Your employer is required to provide or send your W-2 to you no later than January 31 of the tax year.
   
   If you do not receive your form by February 15, you will need to contact the IRS.
   
   Form 1099:
   If you received certain types of income, you may receive a Form
   1099.
   
   For example, if you received taxable interest of $10 or greater, the payer is required to provide or send you a Form 1099 no later than January 31 of the tax year.
   
   If you do not receive a 1099 Form by February 15, call the IRS for help., You must use one of three forms to file your return:
   Form 1040EZ, Form 1040A, or Form
   1040.
   
   Form 1040EZ is the easiest to file, but you should be careful using this form if your income is close to the maximum level of $100,000.
   
   You cannot claim itemized deductions on the 1040EZ, so the closer your income is to the maximum, the more you risk overpaying taxes due to not claiming deductions.
   
   Use Form 1040EZ if you meet all of the following conditions:
   Your filing status is single or married filing jointly.
   
   You (and your spouse if applicable) were under age 65 and not blind at the end of the current tax year.
   
   You do not claim any dependents.
   
   Your taxable income is less than $100,000.
   
   Your income is only from wages, salaries, tips, unemployment compensation, taxable scholarship and fellowship grants, and taxable interest of $1,500 or less.
   
   You do not claim any adjustments income, such as a deduction for IRA contributions or student loan interest.
   
   You do not claim any credits other than the earned income credit.
   
   You do not owe any household employment taxes on wages you paid to a household employee.
   
   If you earned tips, they are included in boxes 5 & 7 of your Form W-2.
   
   You are not a debtor in a chapter 11 bankruptcy case., If you do not qualify to use the Form 1040EZ, you may be able to use Form 1040A.
   
   Form 1040A lets you report the most retirement income, including pension and annuity payments, taxable social security and railroad retirement benefits, and payments from your IRA.
   
   Just keep in mind that you still cannot claim itemized deductions on Form 1040A.
   
   If you have deductions that can be itemized, you may be better off filing a Form
   1040.
   
   Use Form 1040A if you meet all of the following conditions:
   Your income is under $100,000 You claim income adjustments for only the following items:
   IRA deduction Student loan interest deduction, If you cannot use Form 1040EZ or 1040A, you must use Form
   1040.
   
   You can use Form 1040 to report all types of income, deductions and credits.
   
   You may pay less tax by filing Form 1040 because you can itemize deductions, and get some adjustments to income that you cannot get on a Form 1040A or a Form 1040EZ.
3. 3

   Step 3: Determine your filing status.

4. 4

   Step 4: Gather all of your documents and get organized.

5. 5

   Step 5: Determine if you should use Form 1040EZ to file your taxes.

6. 6

   Step 6: Determine if you should use Form 1040A.

7. 7

   Step 7: Determine if you should use Form 1040.

Detailed Guide

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