Fill out IRS Form 1040A by inputting your contact information and filing status, and listing your exemptions, explains TurboTax. IRS Form 1040A is shorter than the standard Form 1040, but is more complicated than the 1040EZ.Continue Reading
As of 2015, it is only possible to report certain types of income in Form 1040A, and that income includes pension and annuity distributions, IRA income, unemployment compensation, wages and tips, explains TurboTax. You can also report Alaska permanent fund dividends and Social Security benefits. The biggest difference between Form 1040 and Form 1040A is that you can itemized deductions on Form 1040, and you cannot do so on Form 1040A, explains TurboTax.
After all income is reported, certain adjustments can be made to your adjusted gross income, notes TurboTax. Deductions and credits allowed include education expenses, child tax credit, earned income credit, and credit for child and dependent-care expenses. They also include retirement savings contributions and credit for the elderly or disabled. To arrive at your taxable income, subtract your standard deduction and the exemptions you're taking from your adjusted gross income. The amount of tax you need to pay, if any, is finalized after determining the amount you owe from the tax table and calculating your credits. Subtract the tax you've already paid to reach a final amount due.Learn more about Taxes