Alaska Permanent Fund dividends 1040A by Internal Revenue Service (Ft. Chris DeMayo, IRS & Liberty Tax)

Thanks to Alaska’s controlled, but aggressive stance on oil drilling, its citizens get a cut of the sales each year! Unfortunately, as with most things, it counts as income. If you receive this special (and relatively rare) benefit, include the full amount here.

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Capital gain distributions (see instructions) 1040A by Internal Revenue Service (Ft. Chris DeMayo, IRS & Liberty Tax)

If you had other forms of capital gains benefits and have not added them to the form yet, this is the spot. Find these from Schedule D and add them in.

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Health savings account deduction. Attach Form 8889 1040 by Internal Revenue Service (Ft. Chris DeMayo, IRS & Liberty Tax) 28

HSA (Health Savings Account) plans are a way to save pre-tax dollars for health expenses. The deposits are tax-deductible and the payouts and values are also tax-free. The catch is that they have to be spent each year or they reset to zero. As long as you spend on qualified things, you can deduct up to $3,250 as an individual or double that as a couple! That’s smart.

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Penalty on early withdrawal of savings 1040 by Internal Revenue Service (Ft. Chris DeMayo, IRS & Liberty Tax) 28

IRAs are meant for retirement. If you withdrew money from yours before you turned 59.5, you have to pay a fee on top of your income taxes! For most IRA plans, this is 10% of what you withdrew, before taxes. For SIMPLE plans, it is 25%!

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Add lines 29 through 33. These are your total credits 1040A by Internal Revenue Service (Ft. Chris DeMayo, IRS & Liberty Tax)

This is just a stopgate, so that you do not mess up the more involved math coming up next!

29 — Credit for child and dependent care expenses

30 — Credit for the elderly or the disabled

31 — Education credits

32 — Retirement savings contributions credit

33 — Child tax credit

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Taxable income. Subtract line 42 from line 41. If line 42 is more than line 41, enter -0- 1040 by Internal Revenue Service (Ft. Chris DeMayo, IRS & Liberty Tax) 28

Again, some simple subtraction:

Take Line 41, your income after deductions, and subtract from it Line 42, your exemptions.

If this is negative, write 0.

This will give you your taxable income, the amount of money that the government, before any credits, can actually charge you tax on.

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Jus put it on ya charge, check makes ya feet Dirty Money by Clipse

Three possible meanings here:

  • Malice’s cash (check) is what brings home her wardrobe. If she has a problem with where the “dirty money” comes from, then she can say goodbye to the clothes.

  • “Check makes” sounds like “checkmate”: the shoes are the finishing touch on the whole package, capping off a dirty money shopping spree. Once you have it all, you have to be down with Malice’s cashflow.

  • She’s sporting some expensive checkerboard pattern shoes, like Louis Vuitton’s Damier line:

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Subtract line 26 from line 25. If line 26 is more than line 25, enter -0-. This is your taxable income 1040A by Internal Revenue Service (Ft. Chris DeMayo, IRS & Liberty Tax)

Again, some simple subtraction:

Take Line 25, your income after deductions, and subtract from it Line 26, your exemptions.

If this is negative, write 0.

This will give you your taxable income, the amount of money that the government, before any credits, can actually charge you tax on.

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Subtract line 40 from line 38 1040 by Internal Revenue Service (Ft. Chris DeMayo, IRS & Liberty Tax) 28

Head back to Line 38, your adjusted gross income, and subtract Line 40, the standard deduction or itemized deduction**, from it. This is reducing your income by the deduction amount.

This is non-refundable, so if your deduction is larger than your income, just write 0.

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Subtract line 24 from line 22. If line 24 is more than line 22, enter -0- 1040A by Internal Revenue Service (Ft. Chris DeMayo, IRS & Liberty Tax)

Head back to Line 22, your adjusted gross income, and subtract Line 24, the standard deduction**, from it. This is reducing your income by the deduction amount.

This is non-refundable, so if your deduction is larger than your income, just write 0.

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