Your Income Tax Return - Made Simple

YOUR INCOME TAX RETURN made simple finat WHAT'S YOUR FILING STATUS? THIS DESCRIBES YOUR MARITAL/FAMILY SITUATION НEAD SINGLE of HOUSEHOLD UNMARRIED BUT SUPPORTING A DEPENDENT MARRIED QUALIFYING WIDOWER filing JOINTLY OR SEPARATELY once youve determined that next GATHER ALL YOUR CASH RECEIVED OTHER TYPES OF INCOME INCOME • RENTAL INCOME • SCHOLARSHIPS , UNEMPLOYMENT COMPENSATION FOR MORE REFER TO IRS PUBLICATION 17 then CALCULATE YOUR ADJUSTMENTS MOVING EXPENSES TUITION EXPENSES CERTAIN EXPENSES YOU HAD THROUGHOUT THE YEAR INCOME minus ADJUSTMENTS auale AGI ADJUSTED GROSS INCOME and now a closen look at. EXEMPTIONS REDUCE YOUR TAXABLE INCOME *$3800 FOR EACH PERSON/DEPENDENT ON YOUR TAX RETURN DEDUCTIONS 2012 STANDARD ALLOWABLE STANDARD DEDUCTIONS ITEMIZED STANDARD AMOUNT DEPENDS ON FILING STATUS DEDUCTIONS • *$5,950 - SINGLE AND MARRIED FILING SEPERATELY • MEDICAL EXPENSES OR • *$8,700 - HEAD OF • CHARITABLE CONTRIBUTIONS HOUSEHOLD • MORTGAGE EXPENSES • *$11,900 - MARRIED FILING JOINTLY AND ITEMIZED QUALIFYING WIDOWER IF CERTAIN EXPENSES TOTAL MORE THAN STANDARD FOR MORE REFER TO IRS PUBLICATION 17 NON-REFUNDABLE REFUNDABLE CREDITS& CREDITS 0123 4567 8910 1234 0123 4567 8910 1234 PAYMENT YOU RECEIVE EVEN IF YOU DON'T HAVE TAX LIABILUTY (TAX YOU OWE) REDUCE YOUR TAX LIABILITY (TAX YOU OWE) now lets do some math AGI minus ADJUSTED GROSS INCOME $43800mutipticd OF BY THE NUMBER EXEMPTIONS STANDARD OR ITEMIZED minus DEDUCTION equals multiplied BY YOUR TAXABLE - TAX RATE IN CO ME equalo TAX so it boils down to. TAX minue NON-REFUNDABLE CREDITS plus t. 0123 4567 8910 1234 PAYMENTS plur REFUNDABLE CREDITS equals PAYMENTS MADE INCLUDE WITHHOLDING FROM YOUR 0123 4567 8910 1234 PAYCHECK THAT YOU ALREADY PAID TO THE IRS IF YOUR PAYMENTS AND REFUNDABLE CRE DITS AMOUNT TO MORE LESS THAN THE TAX YOU OWE THAN THE TAX YOU OWE final vendict REFUND YOU OWE *AMOUNTS FOR THE 2012 TAX RETURN EarnIt! United Way WWW.EARNITKEEPITSAVEIT.ORG KeepIt! $avēIt! wWW.UWBA.ORG United Way of the Bay Area wWW.IRS.GOV PAYCHECKS REFUND CHECK