Questions? Email us at firstname.lastname@example.org Tax Calculator - Overview Instructions Itemized or Interest & Quick Tax Detailed Tax You may move from worksheet to worksheet by clicking on the dark blue buttons Estimator Calculator Standard Dividends located at the top of each worksheet or the blue tabs at the bottom of this workbook. Deduction? Worksheet Child Tax W-4 Tax Enter data in only the white cells with gray borders: $400 1040 Credit Withholding Worksheet Use the drop down boxes Single to choose tax filing status. Worksheet Calculator Quick Tax Estimator Calculate your Federal Income Tax estimate with just a few keystrokes. The Tax Estimator takes into consideration all the necessary information and rules as stated on the 2008 tax year 1040 form. Use the drop down box to choose your tax filing status and fill out all the white cells with your information. If you are planning to take the Standard Deduction (see Itemized or Standard Deduction Calculator), make sure $0 is entered into the Itemized Deduction cell. Standard Deduction, Exemption and Taxable income figures are calculated for you. Enter in your taxes paid during 2008 to calculate your payment or refund. Detailed Tax Calculator The Detailed Tax Calculator works just like the Quick Tax Estimator but offers all the detailed categories listed on the form 1040. Use the "Itemized or Standard Deduction Calculator" for further precision and to minimize your tax liability. 1040 Worksheet The 1040 worksheet will help you double check your math for you so you don't make any costly errors when filling out your official tax form. Make sure to use the Tax Estimator and the Itemized or Standard Deduction Calculator for the more complex calculations. -Save a soft copy of all your 1040 tax information for future reference. -Avoid careless calculation errors -(Not to be submitted in place of the official IRS 1040 form) Click here to download official form 1040 from www.irs.gov Itemized or Standard Deduction Calculator Make sure you are taking the appropriate deduction on your tax form. With this calculator, you'll find out which deduction work's best for you. As in the Tax Estimator, use the drop down box to choose your tax filing status and fill out only the white cells with your information. 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Worksheet Worksheet Calculator Purchase Tax Planner Quick Tax Estimator - 2008 Quick Tax Estimate Tax Assumptions Tax filing status Married Filing Jointly $771 Number of filers over age 65 0 Number of personal exemptions (spouse, yourself) 2 $4,500 Number of dependent children 1 Gross Annual Income $ 60,000 $3,729 Adjustments (click here to view list) $ 3,000 Adjusted Gross Income (AGI) $ 57,000 Itemized deductions - (enter $0 for standard) $ 10,225 $0 $1,000 $2,000 $3,000 $4,000 $5,000 (Payment)/Refund Taxes Paid Tax Estimate Standard Deduction $ - Exemption Dollars $ 9,900 Taxable Income $ 36,875 Other Credits (child, retirement, etc.) $ 1,000 Results Tax Estimate $ 3,729 Tax Estimate $ 3,729 Taxes Paid $ 4,500 Refund $ 771 Refund $ 771 Quick Tax Detailed Tax Itemized or Interest & Child Tax W-4 Tax 1040 Results Standard Dividends Credit Withholding Overview Estimator Calculator Worksheet Deduction? Worksheet Worksheet Calculator Refund $ 861 Detailed Tax Calculator Tax Assumptions Adjusted Gross Income (AGI) $ 57,000 Itemized deductions - (enter $0 for standard) $ 10,225 Married Filing Jointly Itemized or Standard Deduction Calculator Tax filing status Number of filers over age 65 0 Standard Deduction $ - Number of personal exemptions (spouse, yourself) 2 Exemption Dollars $ 10,500 Number of dependent children 1 Taxable income $ 36,275 Tax Estimate $ 4,639 Gross Annual Income $ 60,000 Wages, salaries, tips, etc $ 56,000 Tax Credits $ 1,000 Taxable interest $ 200 Foreign tax credit Interest & Dividends Worksheet Ordinary dividends $ 800 Credit for child and dependent care expenses Alimony received Credit for the elderly or the disabled Business income or (loss) Education credits $ 500 Capital gain or (loss) $ 3,000 Retirement savings contributions credit $ 500 IRA distributions Child tax credit Child Tax Credit Worksheet Pensions and annuities Adoption credit Rental real estate, royalities, partnerships, trusts, etc. Other Credits Farm income or (loss) Unemployment compensation Other Taxes $ - Social security benefits Self-employment tax Other income Taxes on tip income not reported to employer Additional tax on IRAs, other qualified retirement plans Adjustments $ 3,000 Advance earned income credit payments from Form(s) W-2 Educator expenses Household employment taxes IRA deduction $ 2,200 Student loan interest deduction $ 800 Total Tax $ 3,639 Tuition and fees deduction Health savings account deduction. (Form 8889) Payments $ 4,500 Moving expenses.(Form 3903) Federal income tax withheld from Forms W-2 and 1099 $ 4,500 One-half of self-employment tax 2008 estimated tax payments & amount applied from 2007 $ - Self-employed health insurance deduction Earned income credit (EIC) $ - Self-employed SEP, SIMPLE, and qualified plans Excess social security and tier 1 RRTA tax withheld $ - Penalty on early withdrawal of savings Additional child tax credit $ - Alimony paid Other Payments $ - Adjusted Gross Income (AGI) $ 57,000 Refund $ 861 Itemized or Interest & Child Tax W-4 Tax Quick Tax Detailed Tax 1040 Standard Dividends Credit Withholding Overview Estimator Calculator Worksheet Deduction? Worksheet Worksheet Calculator Itemized or Standard Deduction? Tax Assumptions Itemized vs Standard Deduction Tax filing status Married Filing Jointly $11,000 Number of blind filers 0 $10,900 Number of filers over age 65 0 $10,800 Estimated AGI: (adjusted gross income) $ 57,000 Dental and Medical Expenses $10,600 Medical expenses $ 5,000 Dental expenses $ 160 $10,400 Total $ 5,160 $10,225 Deductible Portion $ 885 $10,200 Taxes You Paid State and local income taxes $ 1,400 $10,000 Real estate taxes $ 1,500 Personal property taxes $ 1,000 $9,800 Other taxes $ - Itemize Deduction Standard Deduction Total $ 3,900 Interest (Paid/Received) Home mortgage interest and points $ 2,900 Investment interest and dividends received $ 40 Results Investment interest you paid $ - Itemized or Standard Deduction? Standard Total $ 2,940 Itemize $ 10,225 Charitable Contributions Standard $ 10,900 Cash contributions $ 1,000 "In-kind" contributions $ - Back to Detailed Tax Calculator "Carryover" contributions $ 1,000 Total $ 2,000 Casualty and Theft Losses Job Expenses and Most Other Miscellaneous Unreimbursed employee expenses $ 500 Tax preparation fees Investment expenses Safe deposit box expenses Deductible Portion $ - Other Miscellaneous Gambling losses Other $ 500 Total Itemized Deductions $ 10,225 Itemized or Interest & Child Tax W-4 Tax Quick Tax Detailed Tax 1040 Standard Dividends Credit Withholding Overview Estimator Calculator Worksheet Deduction? Worksheet Worksheet Calculator Schedule B—Interest and Ordinary Dividends Part I - Interest Interest and Ordinary Dividends $1,800 Name of payer Amount Citibank Savings Interest $ 77.00 $1,600 Bank of America Savings Interest $ 58.00 $1,550 $1,400 Citibank CD Interest $ 555.00 New York City Muni Bond $ 150.00 $1,200 $1,000 $800 $600 Total Interest $ 840.00 $400 $840 Excludable interest (on series EE and I U.S. savings bonds issued after 1989. $200 Taxable Interest $ 840.00 $0 Part II - Ordinary Dividends Taxable Interest Total Ordinary Dividends Name of payer Amount MSFT $ 700.00 GM $ 300.00 ATT $ 250.00 MO $ 200.00 IBM $ 100.00 Total Ordinary Dividends See Part III $ 1,550.00 Part III - Foreign Accounts and Trusts Foreign Accounts If at any time during 2008, you had an interest in or a signature or other authority over a financial account in a foreign country, such as a bank account, securities account, or other financial account, see page B-2 for exceptions and filing requirements for Form TD F 90-22.1 Foreign Trusts During 2008, if you received a distribution from, or were the grantor of, or transferor to, a foreign trust, then you may have to file Form 3520. See page B-2 Itemized or Interest & Child Tax W-4 Tax Quick Tax Detailed Tax 1040 Standard Dividends Credit Withholding Overview Estimator Calculator Worksheet Deduction? Worksheet Worksheet Calculator Child Tax Credit Worksheet Working Families Tax Relief Act of 2004 (HR1308) Tax Credit Assumptions Child Tax Credit. The child tax credit remains $1,000 per child through 2010. To be a qualifying child for the child tax credit, the child must be under age 17 at the end of 2008. Number of qualifying children 1 Number of qualifying children x $1,000 $ 1,000 Form 1040, line 45 (Tax plus Alternative minimum tax) $ 4,500 Form 1040, line 46 (Foreign tax credit) $ - Form 1040, line 47 (Credit for child and dependent care expenses - Form 2441) $ 500 Form 1040, line 48 (Credit for the elderly or the disabled - Schedule R) $ 1,500 Form 1040, line 49 (Education credits - Form 8863) Form 1040, line 50 (Retirement savings contributions credit - Form 8880) $ 2,000 Sum of Line 46-50 $ 4,000 This is your Child Tax Credit $ 500 You may be able to take the additional child tax credit. See Form 8812. Part III - Foreign Accounts and Trusts Itemized or Interest & Child Tax W-4 Tax Quick Tax Detailed Tax 1040 Standard Dividends Credit Withholding Overview Estimator Calculator Worksheet Deduction? Worksheet Worksheet Calculator Tax Withholding (Form W-4) Calculator Personal Allowances Tax filing status Married Filing Jointly 2 Enter number of dependents (other than your spouse or yourself) 1 Total number of jobs in which you and your spouse are currently employed 2 Wages from Job #1 $ 40,000 Wages from Job #2 $ 20,000 Results Total Annual Income $ 60,000 Personal Allowances 3 Enter on Form 4-W, line 5 (Total Allowances) 3 Deductions, Adjustments & Credits Estimated Itemized Deductions. Itemized Deduction Worksheet $ 10,225 Standard Deduction $ 10,900 Itemized Deductions less Standard Deduction $ - Adjustments to Income click to view complete list $ 3,000 Tax Credits click to view complete list $ 1,500 x 6.7 = $ 10,050 Estimate of your nonwage income (such as dividends or interest) $ 1,555 Deductions, Adjustments & Credits $ 11,495 Deduction, Adjustment & Credit Allowances (previous line divided by $3,500) 3 Results Two-Earner/ Two-Job Allowance adjustment -3 Total Allowances - Enter on Form 4-W, line 5 3 26 Department of the Treasury---Internal Revenue Service Form 1040 U.S. Individual Income Tax Return 2008 (99) IRS Use Only –- Do Not Write Or Staple in This Space For the year Jan. 1--Dec. 31, 2008, or other tax year beginning 2008 ,ending .20 OMB No. 1545-0074 Label LA Your first name and initial Last name Your social security number (See instructions BE L on page 12.) If joint return, spouses's name and initial Last name Spouse's social security number Use the IRS label. HE Home address (number & street). If you have a PO box, see pg.16. Apt. no. Important! RE You must enter Otherwise, please City, town or post office, state and ZIP code. If you have a foreign address, see page 16. your SSN(s) above. print or type. Presidential You Spouse Election Campaign (See Note: Checking "Yes" will not change your tax or reduce your refund. page 16.) Do you, or your spouse if filing a joint return, want $3 to go to this fund? . . . . . . u Yes No Yes No Filing Status 1 Single 4 Head of household (with qualifying person). (See page 17.) If the 0 qualifying person is a child but not your dependent, enter this child’s 2 Married filing joint return (even if only one had income) 0 name here. u Check only one 3 Married filing separately. Enter spouse's SSN above and 0 box. full name here. u 5 Qualifying widow(er) with dependent child (See page 17.) Boxes checked on 6a Yourself. If someone can claim you as a dependent, do not check box 6a . . . . . . . . 6a and 6b. 0 Exemptions b Spouse . . . . . . . . . . . . . . . . . . . . . . . . . . No. of your children c Dependents: (2) Dependent's (3) Dependent's (4) if qualifying on 6c who: social security relationship to child for child tax lived with you (1) First name Last name number you credit (See page 15) did not live with you due to divorce or If more than four separation (see page dependents, see page 18) 15. Depenedents on 6c not entered above Add numbers on d Total number of exemptions claimed . . . . . . . . . . . . . . . . . . lines above u 0 7 Wages, salaries, tips, etc. Attach Form(s) W-2. . . . . . . . . . . . . . .7. .$ . . . - Income 8 a Taxable interest. Attach Schedule B if required . . . . . . . . . . . . . . 8a . .$ . . . - b Tax-exempt interest. Do not include on line 8a . . . . . . 8b . $. . . . . -. . . . . . . 9 a Ordinary dividends. Attach Schedule B if required. . . . . . . . . . .. . . . . . . . . . .. . . .. .. . .. .. . ..9a.. . .. $ . . . - Attach Form(s) W- b Qualified dividends (see page 20) . . . . . . . . 9b $ - 2 here. Also 10 Taxable refunds, credits, or offsets of state and local income taxes (see page 20) . . . . . . . 10 $ - attach Forms W- 2G and 1099-R if 11 Alimony received . . . . . . . . . . . . . . . . . . . . . . . 11 $ - tax was withheld. 12 Business income or (loss). Attach Schedule C or C-EZ . . . . . . . . . . . . . . .12 . .$ . . . - 13 Capital gain or (loss). Attach Schedule D if required. If not required, check here u 13 $ - If you did not get a 14 Other gains or (losses). Attach Form 4797 . . . . . . . . . . . . . . . . . . 14 . $. . . . . -. W-2, see page 19. 15 a IRA distributions . . 15a $ - b Taxable amount (see pg. 22) 15b $ - 16 a Pensions and annuities 16a $ - b Taxable amount (see pg. 22) 16b $ - Enclose, but do 17 Rental real estate, royalities, partnerships, S corporations, trusts, etc. Attach Schedule E. 17 $ - not attach, any 18 Farm income or (loss). Attach Schedule F . . . . . . . . . . . . . . . 18 $ - payment. Also please use Form 19 Unemployment compensation . . . . . . . . . . . . . . . . . . 19 $ - 1040-V. 20 a Social security benefits 20a $ - b Taxable amount (see page 24) 20b $ - 21 Other income. List type and amount (see page 24). 21 $ - 22 Add the amounts in the far right column for lines 7 through 21. This is your total income u 22 $ - 23 Educator expenses (see page 26). . . . . . . . . 23 $ - Adjusted 24 Certain business expenses of reservists, performing artists, and Gross fee-basis government officials. Attach Form 2106 or 2106-EZ 24 $ - Income 25 IRA deduction (see page 26) . . . . . . . . . . 25 $ - 26 Student loan interest deduction (see page 28) . . . . . 26 $ - 27 Tuition and fees deduction (see page 29) . . . . . . . 27 $ - 28 Health savings account deduction. Attach Form 8889 28 $ - 29 Moving expenses. Attach Form 3903 . . . . . . . . 29 $ - 30 One-half of self-employment tax. Attach Schedule SE . . . . 30 $ - 31 Self-employed health insurance deduction (see page 30) . . 31 $ - 32 Self-employed SEP, SIMPLE, and qualified plans . . . . . 32 $ - 33 Penalty on early withdrawal of savings . . . . . . . . 33 $ - 34 a Alimony paid b Recipient's SSN u 34a $ - 35 Add lines 23 through 34a . . . . . . . . . . . . . . . . . . . . 35 $ - 36 Subtract line 35 from line 22. This is your adjusted gross income . . . . . . . . u . .36 . .$ . - For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see page 75. Cat. No. 11320B Form 1040 (2008) Form 1040 (2008) Page 2 Tax and 37 Amount from line 36 (adjusted gross income) 37 $ - Credits 38 a Check You were born before January 2, 1944, Blind Total boxes 0 Standard if: Spouse was born before January 2, 1944, Blind checked u 38a Deduction for --- b If your spouse itemizes on a separate return or you were a dual-status alien, see page 31 and check here 38b People who 39 Itemized deductions (from Schedule A) or your standard deduction (see left margin) . . . . 39 $ - checked any box on line 38a or 38b 40 Subtract line 39 from line 37 . . . . . . . . . . . . . . . . . . . . 40. . $ . - or who can be 41 If line 37 is $119,975 or less, multiply $3,500 by the total number of exemptions claimed on claimed as a line 6d. If line 37 is over $119,975, see the worksheet on page 33. . . . . . . . . . .41 . . $ . . . . .- . . . . . . dependent, see 42 Taxable income. Subtract line 41 from line 40. If line 41 is more than line 40, enter -0- . . . . 42 $ - page 31. 43 Tax (see page 33). Check if any tax from: a Form(s) 8814 b Form 4972 . . . . . 43 $ - All others: 44 Alternative minimum tax (see page 35). Attach Form 6251. . . . . . . . . . . . . 44 . $ . . . . . . -. . . 45 Add lines 43 and 44 . . . . . . . . . . . . . . . . . . . . . u . 45 . $ . . - Single or Married 46 . Foreign tax credit. Attach Form 1116 if required . . . . . . . 46 . $ . . . . - . . . . filing separately, $5,450 47 Credit for child and dependent care expenses. Attach Form 2441 47 $ - 48 Credit for the elderly or the disabled. Attach Schedule R . . . . . 48 . .$ . . . . -. . . . . . . . . . . . . . . . . Married filing jointly 49 Education credits. Attach Form 8863 . . . . . . . . . . 49 . $ . . . . . . -. . . . . . . . . . . . . . . . . or Qualifying 50 Retirement savings contributions credit. Attach Form 8880 . . . . .50 $ - widow(er): $10,900 51 Child tax credit (see page 37) . . . . . . . . . . . . 51 . $ . - 52 Adoption credit. Attach Form 8839 . . . . . . . . . . 52 . $ . - 53 Credits: a Form 8396 b Form 8859 . . . . . .53 . . $ . . . . .- . . . . . . . . . . . . . . . . Head of 54 Other credits. Check applicable box(es): a Form 3800 Household: $8,000 b Form 8801 c Specify . . . . 54 $ - 55 Add lines 46 through 54. These are your total credits . . . . . . . . . . . u . . 55. . $ . . . . . - . 56 Subtract line 55 from line 45. If line 55 is more than line 45, enter -0 - . . . . . . . . . . 56 . . . . . . -. . $ . . . . 57 Self-employment tax. Attach Schedule SE . . . . . . . . . . . . . . . . . 57 . $. . . . . - . . Other 58 Social security and Medicare tax on tip income not reported to employer. Attach Form 4137 . . . 58 $ - Taxes 59 Additional tax on IRAs, other qualified retirement plans, etc. Attach Form 5329 if required . . . . . . 59 . . $ . - 60 Advance earned income credit payments from Form(s) W-2 . . . . . . . . . . . . .60 . .$ . . . . - 61 Household employment taxes. Attach Schedule H . . . . . . . . . . . . . . . .61 . .$ . . - 62 Add lines 56 through 61. This is your total tax . . . . . . . . . . . . . u. . 62. . $ . . . - Payments 63 Federal income tax withheld from Forms W-2 and 1099 63 $ - 64 2008 estimated tax payments and amount applied from 2007 return 64 $ - If you have a qualifying child, 65 a Earned income credit (EIC) . . . . . . . . . . . .65a. . $. - attach Schedule b Nontaxable combat pay election 65b $ - EIC. 66 Excess social security and tier 1 RRTA tax withheld (see pg 54) 66 $ - 67 Additional child tax credit. Attach form 8812. 67 $ - 68 Amount paid with request for extension to file (see page 54) 68 $ - 69 Other payments from : a Form 2439 b Form 4136 c Form 8885 69 $ - 70 Add lines 63, 64, 65a, and 66 through 69. These are your total payments . . . .u 70 $ - Refund 71 If line 70 is more than line 62, subtract line 62 from line 70. This is the amount you overpaid 71 $ - Direct deposit? 72 a Amount of line 71 you want refunded to you . . . . . . . . . . . . . . . . u . 72a $ - See page 54 and u b Routing number u c Type: Checking Savings fill in 72b, 72c and u d Account number 72d 73 Amount of line 71 you want applied to your 2008 estimated tax 73 $ - Amount 74 Amount you owe. Subtract line 70 from line 62. For details on how to pay, see page 55. u 74 $ - You Owe 75 Estimated tax penalty (see page 55) . . . . . . . . . . 75 . .$ . . . .- . . . . . . . . . . . . . . . . . . Do you want to allow another person to discuss this return with the IRS (see page 56)? Yes. Complete the following. No. Third Party Designee's Phone Personal Identification Designee name u no. u number. (PIN) u Sign Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and Here belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Joint return? See Your signature Date Your occupation Daytime phone number page 17. Keep a copy for your records. Spouse’s signature. If a joint return, both must sign. Date Spouse's occupation Paid Preparer's Date Preparer’s SSN or PTIN Check if Self- Preparer's signature employed Firm's name (or yours if self Use Only employed) address, and ZIP EIN code Phone no. Form 1040 (2008)
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