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Form 1040 Week 1 Case Study

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In the final paper we are going to delve into what forms a married couple will need to file their taxes jointly. Harold and Sarah are a married couple with a daughter named Tara. They choose to file their taxes jointly this year using form 1040. This form has a total of 79 lines that they will need to consider and fill in with their previous year information. In this scenario I am going to be completing the 1040 form for the couple, so I am going to go through the steps I took to complete it for them in its entirety. On form 1040 the first section we come to is the personal information section for the client’s to enter their personal data there. This type of information includes their names, address, and also their social security numbers. …show more content…

Due to the fact that the couple needed to have their deductions itemized I had to fill out the Schedule A to go along with their 1040 form. Once the Schedule A is completed, the itemized deductions are them recorded on line 40a of the 1040 form. In this same section I will see if they qualify for any other deductions such as EIC, HOH, childcare credits, and any and all retirement or IRA savings accounts or bonds and stocks. The next step is to see what other taxes need and can be assessed on this couple’s …show more content…

The couple can also designate at the end of the form how they want to receive their payment via US mail or direct deposit into their checking account. Since I am the one filling out the form for the Peterson’s I choose to have their funds received via direct deposit because they will receive them about 10 days faster than they would if they were to have it mailed to them. This way also gives them the piece of mind that their check will not be lost in the mail or stolen and cashed by some random

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