Interest in gained in a number of ways, most commonly through bank accounts and investing. Each year, like a W-2, you should receive a Form 1099-INT or Form 1099-OID, which shows the exact amount of taxable interest earned. Add them all up, including sources that did not send you a 1099-D or 1099-OID – you are responsible!

The sum is the “taxable interest.” If for some reason this total is larger than $1,500 (for most, it likely will not be), then…

#YOU ARE USING THE WRONG FORM! FILE A 1040!

Add up everything that you got back here, on the W-2, and place it in box 1. Helpfully, this information is also in box 1 of every W-2!

Note that tips can also be found in box 5 and box 7 in some cases.

In the simple sense, the Earned Income Credit is actually a credit for earning less. If you made what the IRS considers a “low” income and meet certain qualifications, you can claim the EIC and reduce the amount you pay. You want this!

To get this, you must not be a dependent, may claim a child (in which case, this is the wrong form!), and must have earned an income lower than the yearly threshold – note that a married couple filing jointly has slightly higher thresholds.

The same criteria as a single filing applies. But here, be extra certain about you and your spouse’s dependent status!

Remember that standard deduction from the very beginning? This is it, with a bit of math. The IRS calculates each year a threshold for how much you must earn to pay income taxes, called the “Standard Deduction.” Here, the Standard Deduction is added to an “exemption,” a reduction in liability granted to you purely for your existence.

This value counts only if nobody claims you as a dependent, because they already took your exemption! Be sure to really check whether you qualify as a dependent and whether someone claimed you – this is another audit target! Even if they did not claim you, you need to write the correct value from the worksheet.

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.

If at any point in the tax year you filed for unemployment benefits and received said benefits, here’s where they go. The exact details of long-term unemployment money, lasting over two tax years, is more dicey. At this point, you should invest in a tax professional to correctly determine your status and forms.

Note that, if you and your spouse are filing jointly, you must also include any unemployment that your spouse collected.

A W-2 is a brilliant breakdown of wages earned and taxes withdrawn from your pay – it does all of the work for you! You should receive one of these every year, from each job, before January 31st. It is worth making sure that your employer has your correct contact information on hand before this date.

You may claim off-the-books money as income, such as money earned selling on eBay or babysitting. However, these quantities have limits and must be filed on a standard 1099 form, rather than a W-2.

Literally staple this guy in!

If you are married, it is very worth it to think about the risks and benefits of filing jointly or filing separately. Filing jointly greatly increases tax benefits (so you pay less), but makes both spouses liable for the accuracy of the form. There are also other considerations for status.

If you have not considered filing separately, it is more than likely that you should file jointly. Fill this section out.

Ignore this section if you are not hiring (not under-the-table paying) someone to be the preparer. If you have no idea what this means, then it does not apply.

Back in the day, anyone could be paid to fill out your taxes for you, from that cousin down the street to your dad’s friend, the CPA.

Not anymore.

Thanks to IRS rules that went into effect fully in 2010, all paid tax preparers must register with the IRS months before touching a pen to paper. Preparers will be issued a PTIN, an ID number for professional preparers that signifies the only people who can legally charge you for the service.

Your buddy can still help out, and you can choose to (stupidly) do this illegally. But when given the choice, pay the fee and get a pro with a PTIN – it will save you an audit and your dad’s friend a nightmare.