2021 IRS Form 1040 Walkthrough | Single No Dependents

Filing out the IRS Form 1040 can be overwhelming, but this video will walk you through how to file the IRS Form 1040 for the 2021 tax year if you're single with no dependents. In conjunction with this video, we highly recommend using the 1040 Instructions pdf from the IRS website. The instructions do a good job of walking you through the form in plain English as well as providing examples to understand what you're doing.
If you're tax situation is complicated, we highly recommend using a tax filing software or hiring a CPA to help you with your taxes. This video walks through the most basic example of filling the Form 1040 and does not address more complex tax situations. Everyone's tax situation is unique so please use the instructions provided by the IRS if you decide to file on your own.
If you decide you don't feel comfortable filing taxes on your own, then please check out the IRS Free File Program to see if you're eligible to have your taxes filed for you completely free.
IRS Form www.irs.gov/forms-instructions
IRS Free Fillable Forms www.irs.gov/e-file-providers/...
IRS Free File apps.irs.gov/app/freeFile
0:00 When to File the Form Yourself
0:47 IRS Form 1040 Instructions
2:32 2021 IRS Form 1040 Walkthrough
4:14 Form 1040 Lines 1-15
7:44 Form 1040 Lines 16-37
12:13 Other Filing Options
#taxes #irs #irsfreefile
DISCLOSURE: We are not financial advisers. The ideas presented in this video are for entertainment purposes only. Although the information is researched and vetted beforehand, it may not be up to date at the time of viewing. Please do your due diligence and research on the topic. You (and only you) are responsible for the financial decisions that you make.

[@APennyPinchersGuide]

Don't miss our update for this year! kzbin.info/www/bejne/nqWToGOpnpaHl8U

[@user-vv9np5iq7n]

FINALLY a video that got STRAIGHT to the point instead of bulsh**tting around. THANK YOU VERY MUCH!

[@APennyPinchersGuide]

You're welcome, I'm happy to hear it helped!

[@NinjaJay2001]

Ok this was super helpful. You did in 13 minutes what it took me 3 hours to read through. Thanks!

[@wiccacat17]

Thank you for this video. I was using the IRS e-file while watching this video. This video made it easier to do my taxes and thanks to it I am getting back more then if I had used turbotax, HNR block, or something. So again thank you as it was very helpful for someone that just wanted to know how to fill out the tax forms.

[@APennyPinchersGuide]

Thank you, it means a lot that it was helpful! I wish I had something like this when I first started filing taxes, so I figured other people would too

[@Wizman347]

This has been super helpful! My family has to do the 1040 on paper as we’ve had electronic dependent options issues. Can’t wait to actually get through it!

[@rage_review]

Thank you for a clear and to the point instruction. Better than the other videos I tried by far.

[@APennyPinchersGuide]

We're happy it was helpful!

[@coffeephish]

Thanks! I did it right, but then watching this clean simple instruction, made me feel so much more assured that I did it correctly. Really applicate you doing this.

[@APennyPinchersGuide]

I’m happy it helped!

[@junkjrawer5345]

Very informative and easy to follow! Thank you so much!

[@rfranco1389]

Thank you for creating this simple walkthrough instruction in completing the 2021 IRS Form 1040.

[@APennyPinchersGuide]

I’m glad it helped!

[@meeksmeerkat3196]

Thank you for the walkthrough! Your video is exactly what I hoped for when I searched for help. Quick question: Do I add line 17 State income tax with Line 2 Federal income tax withheld for a total for 25a?

[@kh884488]

Although this is for 2021 IRS filing, I'm going to have my son watch it tomorrow as an introduction for him to learn how to file taxes for the first time. I wish I had access to such informative and succinct videos as this when I started out filing my taxes by hand with pencil and paper.

[@APennyPinchersGuide]

Thank you so much for your kind words! We do have an updated walkthrough for 2022 as well kzbin.info/www/bejne/lXuuo6p7e76aedk

[@joseaguirre1014]

Your video clarify my questions, thank you. Well done!

[@APennyPinchersGuide]

You’re welcome!

[@genevapriest6190]

YOU just saved me the tax on $531.00!!! Here is your virtual hug and thanks.

[@APennyPinchersGuide]

You're welcome, that's awesome!

[@basusri1120]

Very clear and precise guide to the 1040. Thanks 🙏

[@APennyPinchersGuide]

I’m happy it helped!

[@willlast2015]

The money on fire joke got me lol. Good stuff thx

[@APennyPinchersGuide]

👍

[@finpro942]

Thankyou for this video!trying to understand the form 1040 and its intricacies for REG ....this is really helpful.

[@APennyPinchersGuide]

Thanks for watching. Glad to help.

[@APennyPinchersGuide]

What’s your preferred filing method?

[@CRAZY360CAMERA]

I want to ask, where shall we put the schedule C data on the 1040? Like the net self employment income. Thanks for the reply.

[@Jason_Maier]

Appreciate this video sir. You don't ramble on endlessly; you get right to the point. Too bad the IRS doesn't have a system to have people scan their tax returns into a PDF and email them off.

[@APennyPinchersGuide]

Unfortunately that would make too much sense for them 😕

[@sailoritaly]

Thank you so much! I'm stuck on my taxes and this really helps me out!

[@APennyPinchersGuide]

You are so welcome!

[@kensweeney9057]

Thanks for this video. It has helped me figure this mess out quite a bit.

[@APennyPinchersGuide]

Thanks for watching!

[@stellarv5689]

Very helpful, appreciate it

[@madmattchicago]

If you received a 1099 do you put that amount in both Line 8 and 25b? Or just 25b?

[@threeohhhthreee372]

What happens if I have two w2s because your job switched from corporate to franchise how would I approach that it says I’m only getting 176 dollars on turbo tax after both and with one w2 it is 700 .

[@callieduval3000]

Thank you I always get stuck on lines 16, 18, 22 and 24 the tax table instructions. Kudos because the IRS can't help "we the people"with nothing but taking money.

[@APennyPinchersGuide]

Thanks! Glad to help!

[@MayelaMoreno-td3td]

If my parents provided 15,000 of support including room nd board, car, health ins. Do i have to enter this amount under line 8? or not at all?

[@LenaAudrey]

Perfect instructions!

[@APennyPinchersGuide]

Thanks!

[@Mrs_SheSaid]

Having a Budgeting Lesson and Made This a pRt of the lesson. Filling out 1040 Tax Form, Management of Earned Income, deducting expenses and all. Thanks

[@APennyPinchersGuide]

Thanks for including it! How have your students liked it?

[@kesha8403]

I have a question I something on line 31 and 32. Do that mean I owe something

[@zachmaguire4102]

Thank you!!

[@tutsecret499]

What should I do with the Medicare Tax Witheld from the W2, do I put somewhere on 1040 form and which line? or I add this with the Income tax witheld?

[@APennyPinchersGuide]

Income withheld for Medicare/Social Security are considered FICA taxes and are not included on your Form 1040

[@deLuka93]

Can 1040 tax return form be submited to the IRS online?

[@miransultani]

Now If I manually complete this form using adobe and save it in my computer, then how do I submit it and where exactly, is the question?

[@hjtatum]

If I'm filing using a 1099 do i just fill in that salary info into line 1?? It says for w2 so that's where I'm getting confused.

[@APennyPinchersGuide]

That should go in 1G under other earned income

[@BENCHIPED]

Nicely explained video. I have question. I'm on SSDI and take in around 18500. I recently hit a lotto for 37500(fed took out 9000) What confuses me on the 1040 is line 6b taxable amount for Social security. Is line 6b zero? Or do i now have a taxable amount because of the lottery win? Thanks

[@APennyPinchersGuide]

You'll have to run the Social Security Benefits Worksheet on page 31 of 1040 instructions pdf to see if any of your SSDI benefits are taxable. I do not believe the taxable status of your SSDI is impacted by lottery earnings, but I do not know for sure

[@goldlotus7831]

How do I calculate the Qualified business income? I get a 1099 Misc so is that the income to put in line 10 of 1040? If my income as independent contractor after deduction of expenses is less than standard deduction do I still file taxes? Or does one take into account taxable interest too in the total in order to see if it's less than SD,? Which line to put Medicare premium which is deductible for an independent contractor?

[@APennyPinchersGuide]

Hmm that's tough I would consult with a tax expert

[@prettyflowers9290]

Box 27a and box 32 was mistakenly left blank, but I already submitted my 1040 to the IRS. What should I do?

[@APennyPinchersGuide]

If you’ve already submitted your return but something was wrong, then you’ll need to file an amended return

[@tommytube62]

Thanks. That was Eazy Money. You're Money!

[@APennyPinchersGuide]

Thanks!

[@USNVA-yn6cp]

quick question line 7 capital gains.. if you have a loss of 100.00 ,,do you subtract that from your income from first box/guestion 1 ? or are you supposed to add?

[@APennyPinchersGuide]

Short answer - you should be able to subtract your loss from your income. Full answer - you can offset your income with capital losses by a maximum of $3,000/year and any excess can be carried over to the next year. To understand what number you should input into line 7, you'll need to work through Form 8949 and Schedule D

[@USNVA-yn6cp]

@@APennyPinchersGuide thank you

[@Shanellereena]

Thank for the info. Can I file my 1099-NEC form with this tool as well?

[@APennyPinchersGuide]

Yes you should be able to 👍

[@robintoski]

What line should mortgage interest paid be entered?

[@APennyPinchersGuide]

That will be included in line 12, IF you are itemizing your deductions. Reference IRS Form 1040 Schedule A www.irs.gov/forms-pubs/about-schedule-a-form-1040 Once you fill that out, if your itemized deductions are greater than the standard deduction, choose the itemized deduction. Otherwise, stick with the standard deduction

[@kimchee94112]

I just want to type in the boxes provided in a PDF downloaded form from the IRS website. Funny some boxes won't allow me to fill in the numbers this year but had no problems last year. For example try typing a number in line 6 on the PDF Schedule B, no can do. Or is this just me?

[@APennyPinchersGuide]

It worked for me so I'm not sure what the problem might be unfortunately

[@tutsecret499]

On the top of pdf, there is some dots ....right click and choose add text, then click on the box to add text.

[@endtimesareuponus8930]

Question -- I can just mail the 2 page 1040 to IRS, correct? I DON'T have to e-file, correct?

[@APennyPinchersGuide]

You always have the option to file by mail, just make sure you're including everything (i.e. you can't just mail the second page)

[@jenniferw5735]

Thank you

[@APennyPinchersGuide]

You're welcome!

[@kareemdjerdjouri2231]

Do we identify only our current occupations in this form?

[@APennyPinchersGuide]

You'll identify whichever jobs you held during the previous tax year, in this case 2021

[@sorcererstone3303]

For line 1 in 1040, you said it is the salary of John Doe in the past year. Is this # ($40,000) corresponding to the # in Box 1 of W2 form (Wages, tips, other compensation) from John Doe's employer, or it (line 1, F1040) corresponds to Box 3 of the W2 form (Social Security Wages)? How about the Box 6 from W2 forms (Medicare tax withheld)? I don't see anywhere in 1040 that ask for this #. In 1040, it asks for tax withheld from W2 (line 25a). Is this the sum of Box 2 (Federal income tax withheld) and Box 4 (Social security tax withheld)? or just one of these #s from W2 (and which one is it)? Thanks in advance.Where in

[@APennyPinchersGuide]

In this example, the $40,000 number would have come from box 1 of the W-2. Box 2 in a W-2 indicates how much income tax was withheld from your paycheck and you'll put that number into lines 25a of form 1040.

[@sorcererstone3303]

Thank you for the info. Is it true that Box 4 in W2 (Social security tax withheld) are for high income earner only. In other word, the # in Box 4 and Box 6 in my W2 can be ignored when filing tax? Thanks in advance.@@APennyPinchersGuide

[@APennyPinchersGuide]

@@sorcererstone3303 no, it's not true that it's for high earners only. It is true that you won't use Boxes 4/6 when filing your taxes though. Your employer withholds social security & medicare taxes and pays them on your behalf. This video breaks how down how those taxes work and are paid kzbin.info/www/bejne/fIW4lqqhqZuVfpo

[@JayS64]

Would have been better if you had a W2 for reference and actually showed how and where the numbers came. But 👍 anyway.

[@APennyPinchersGuide]

Good point!

[@Xhillexpo]

Can you more of these please? Maybe married filled jointly/separate. It was really helpful thank you

[@APennyPinchersGuide]

Thanks for the comment, that's something we can definitely look into!

[@frank1291]

My man 🙏

[@frank1291]

Good lookin

[@danielnowak1951]

It may be obvious but if I didn't get a 1099-DIV do I put down 0 for my dividends (3a & 3b)? I got a 1099-B instead.

[@APennyPinchersGuide]

If you didn't receive a 1099-DIV you won't put anything in block 3a/3b. You will put the information from your 1099-B into block 7

[@danielnowak1951]

@@APennyPinchersGuide Thank you that helped! Couldn't figure that out for the longest time. (I used to get the DIV's until 2 years ago.) The rest of my filing went smooth with no roadblocks.

[@kareemdjerdjouri2231]

I had three jobs during the 2021 tax season. Do I fill out a separate copy of the US individual income tax return form for each?

[@APennyPinchersGuide]

Only one 1040 is required regardless of how many jobs you worked during any given year. You’ll just add up the amounts from your various W2s and/or 1099s and enter them into the appropriate boxes

[@kareemdjerdjouri2231]

@@APennyPinchersGuide Thanks a million.

[@APennyPinchersGuide]

@@kareemdjerdjouri2231 happy to help 😄

[@Forevercristina]

Hello, So I am confused if I give tithe to my church I have to have given more than the 12,550 for it to count?

[@APennyPinchersGuide]

Yes that is correct, it confused me at first too. But for it to make sense for you to itemize your deductions you’ll need to have deductions greater than the standard deduction

[@Forevercristina]

So you said something about being able to add charitable deductions up to 300 dollars on top of the standard deduction. Is that correct? I want to be able to bring it up to my tax lady. I won’t have the my student loan credit this year since it was deferred.

[@APennyPinchersGuide]

@@Forevercristina That's correct, on the 1040 instruction page 32, Line 12b - it talks about how you can take an additional $300 ($600 for married filing jointly) with regards to cash donations

[@endtimesareuponus8930]

Tithing money is not Biblical. Tithing was only in the Old Testament and it was never money People around the world are hungry and needy. Church buildings don't need God's money.

[@kareemdjerdjouri2231]

Could you explain how you ended up putting 4000 inside box 25a?

[@APennyPinchersGuide]

I made a fictional W-2 which I pulled the numbers from. If you have a W-2 job, then you'll get the information for box 25a from line 2 of your W-2

[@tutsecret499]

@@APennyPinchersGuide How the Medicare Tax witheld that right below the line 2. Where I put the medicare tax on the 1040?

[@jl909-nr5vx]

Brad, this did not demystify form 1040. I made less than the standard deduction (9k) and this does not at all show how to fill out the 1040 and still get mt 4 social security credits for the year. I filled out the SE and C to the extent I could...but don't have much to fill out on the 1040. If I took the standard deduction on form 1040, I wouldn't get my 4 social security credits.

[@SicillianmanDon]

why are the instructions for for 8962 so vague, any instructions on those?

[@APennyPinchersGuide]

I'm sorry, I'm not familiar enough with Form 8962 to give solid advice on it. I'm sure a site like TurboTax probably has good articles explaining it though

[@SicillianmanDon]

@@APennyPinchersGuide i did it on my own. they changed things again. ty anyways

[@tutsecret499]

Do I have to skip the cents, if so, do I have to round up example: 1,250.20=1,251. or 1,251.60=1,251. Right? What should I do in the credit line stimulus? I received 2 cards in 2021 $600+1,200, should I put the total amount $1,800 on which line. If entered this credit, does it benefit me, like increasing my refunds, or it will decrease my refunds, when I finish the final calculations at the end of the form line refund tax amount. I am so confused with this stimulus, I have alread reported the stimulus last year tax, maybe I just reported the stimulus #1.

[@APennyPinchersGuide]

You can chose to either fill out your forms with cents or round everything. For rounding you’ll use standard arithmetic rounding rules .5+ round to the next dollar .4 or less round down. The stimulus checks count as tax credits, you will need to report them for informational purposes, but if you already received them then it won’t have an impact on how much you owe in taxes. If you aren’t sure what you reported last year, check your previous year tax forms

[@endtimesareuponus8930]

@@APennyPinchersGuide did we get stimulus checks last year?

[@APennyPinchersGuide]

@@endtimesareuponus8930 I wouldn't know if you did or not, did you get one?

[@endtimesareuponus8930]

@@APennyPinchersGuide I just realized I did. But do we enter those amounts ($600 and $1,400) anywhere on the 1040?

[@APennyPinchersGuide]

@@endtimesareuponus8930 The recovery rebate credit (stimulus checks) will be dealt with on line 30 of Form 1040. Please reference the instructions for how to properly input those amounts

[@greciasalcido4099]

Where do I add my 1099-G?

[@APennyPinchersGuide]

You will fill out Schedule 1, then input that number into line 8 of form 1040

[@tutsecret499]

Should I sum the Income tax + Medicare Tax witheld, example $1,000 + 200=1,200. So, should put 1,200 on the line 25A? how about the 25c? what does it mean? is for the medicare tax witheld $200? I can't submit finish my tax, because I go stuck with this bloody medicare tax witheld.

[@APennyPinchersGuide]

Medicare tax withheld is separate from your income tax withheld and will not be reflected on your income tax filings

[@tutsecret499]

@@APennyPinchersGuide So just ignore it? Thank you.

[@APennyPinchersGuide]

@@tutsecret499 that's correct. Your employer withholds the payroll taxes (social security + medicaid) and pays them on your behalf

[@brianwilson8119]

My son is a 16 Y/O fast food employee and made $3k in 2021. How do I handle the line 12 situation in this? Line 14 (12,550) cant be subtracted from line 11 (3,000) in his case. Another thing that confuses me is that for 2020, he made 4,037. Line 11 showed 4,037, but line 12 showed 4,387. Doesn't match the standard deduction for single.

[@APennyPinchersGuide]

From the IRS website since I'm assuming you're claiming your son as a dependent "Dependents - If you can be claimed as a dependent by another taxpayer, your standard deduction for 2021 is limited to the greater of: (1) $1,100, or (2) your earned income plus $350 (but the total can't be more than the basic standard deduction for your filing status)." Bottom line - the taxable income should go to zero

[@brianwilson8119]

@@APennyPinchersGuide ok, that $350 makes sense. I used TurboTax for 2020 and wondered where that $350 came from. Than you so much.

[@APennyPinchersGuide]

@@brianwilson8119 I’m happy to help, I know how confusing it can be. I’m definitely still learning 😁

[@SD-rg5mj]

Hello I am a tax resident in France, I would like to buy from American wholesalers and resell in the country, for that I had to create an LLC and I took my information from the IRS About how to pay myself with my single member LLC the IRS told me to fill out form 1040 nr but i still have a few questions so i don't get it wrong can i ask you ?Thank you for your videos Cyril

[@APennyPinchersGuide]

I'm only tangentially familiar with tax rules for non-citizens, but I'll do my best. What's your question?

[@SD-rg5mj]

@@APennyPinchersGuide For now what I'm doing is pretty simple since I don't have any employees and I don't import-export, I only sell on Amazon, do you have any written tutorials In order for me to do my expenses and income correctly, do I have to do this on the 1120 form? Or on another attached form

[@APennyPinchersGuide]

@@SD-rg5mj I don't have any tutorials for P&L statements at the moment. For our business our income and expenses is extremely simple, we just use an excel spreadsheet. Sorry I couldn't be of more help

[@lrwright8400]

Aaargh! you didn't cover the EIC which sometimes can apply to this John Doe!

[@bandoscriptent]

Lifesaver thank you! I bought crypto as an investment but unfortunately I had to sell without knowing all the tax obligations.

[@ritauy5500]

Is there a cap to use the IRS free file?

[@APennyPinchersGuide]

Your maximum income has to be less than $73,000

[@ritauy5500]

Where can i access the tax table for 2020 & 2021? Thanks

[@APennyPinchersGuide]

@@ritauy5500 the tax table for 2021 is in the 1040 instructions linked in the video description. For 2020, if you look up "IRS Form 1040 2020 instructions" it should be the first link to appear

[@ritauy5500]

Thanks so much

[@ritauy5500]

@@APennyPinchersGuide 0

[@tutsecret499]

How can I have IRS once for all to do my name correctly. They keep putting part of my middle name together with my last name. I am afraid to correct on the 1040, and then they might mess up and reject my tax form. IRS is horrible, then can't find me, create problem, drag their feet. I always tell them, "you can't find me?", if I owned tax, you would find me in hell whether my name is wrong or not. And they are the one that made my name wrong putting middle name together with last name. Even me going in person in their bldg, they still could not find me in their computer. I was desperate for some past reports, and their incompetence and lack of desire willingness. But when you owe money they find you. How convenient. Make sure you print all your past and present tax reports, every single page based on my experience. They are so efficient to take from you but never to give to you even reports. It sucks, and besides receiving IRS scams phone asking your social, and I tell them on the phone, "aren't you supposed to know it, I won't to tell you". Scum bags, and I hang up". When you need IRS for anything, they never call you, and when you get call is scum bags. Story of my life.

[@APennyPinchersGuide]

It sounds like you're doing all the right things to get the problem fixed. I don't have any other advice than to keep trying and hopefully you get someone willing to help you out

[@denvercolorado811]

I was USAFA class of 03

[@APennyPinchersGuide]

Fast, neat, average?

[@denvercolorado811]

@@APennyPinchersGuide friendly good good

[@APennyPinchersGuide]

Thanks for watching, it’s always great to hear from another grad!

[@TeslaBoy123]

Taxes , taxes, taxes and more taxes but this applies only for hard work people don't apply for multi-billion corporations or multibillione people

[@oraboudewyns9946]

This video is soo great 👍 and it helped me alot thanks to the video maker, but my cousin told me about one veliscyberclinic and I got my tax return and 1040 forms ready..

[@APennyPinchersGuide]

Thanks for sharing!

[@mdstmouse7]

this video makes me sick. the background is moving and the sound isnt synced to the video. wtf

[@APennyPinchersGuide]

Thanks for the feedback

[@Poppi_Weasel]

ur talking way too fast for me..

[@APennyPinchersGuide]

Good feedback, next time I’ll make sure to slow down. Thanks!

[@goneagain2383]

you talk too much!

[@APennyPinchersGuide]

How much should I talk then 😂

[@peterhilton7353]

This video is soo great de and it helped me alot thanks to the video maker, but good comments talked about veliscyberclinc and he's really good in making tax return and 1040 forms

[@APennyPinchersGuide]

Good to know!