Taxes For Dummies

Chapter 5

All The Form 1040s: Income Stuff

IN THIS CHAPTER

Deciphering your W-2

Reporting different types of incomes on your 1040

Comprehending your 1099-R

Understanding exemptions and other income stuff

Surely you remember the old war slogan “Divide and conquer!” (We think Alexander the Great, or some other real famous warrior said it.) Well, that’s our strategy here. We break down each section and each line of Form 1040 and pound each one into submission.

Note: All Form 1040s are created somewhat equal, so whether you’re filing the regular version of Form 1040, the nonresident taxpayer Form 1040-NR, or the Form 1040-SR for seniors age 65+, almost all the line references will be the same. We’ll let you know where the differences lie as you get to them. If we don’t tell you that a reference we make is to either Form 1040-NR or Form 1040-SR, you can assume that all three forms are asking for the same information.

So, welcome to Chapter 5, where the fun and games really begin.

Starting at the Very Beginning: The Top of 1040

When you first look at any version of Form 1040, the first ...