Beginners Guide to Filing a Tax Return

Need to file your first income tax return in the US? I'll give you a full walkthrough using the free version of Turbotax to get your taxes filed quickly and accurately. I'll show you step-by-step how to enter your income and deductions so that you'll get the biggest return you can.
DISCLOSURE: This post may contain affiliate links, meaning when you click the links and make a purchase, we receive a commission.
DISCLAIMER:
The information and opinions within this content are for information purposes only. Guidance is based on personal interpretations and in no way, represents legal or financial advice.
Chapters:
0:00 What you need
1:12 Get started on Turbotax
2:40 Are you a dependent?
4:16 Entering income
8:10 Entering deductions
9:46 Cheaper tax software options
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[@blackbirdsingin90]

This is great for people who don’t have parents to ask about filing their taxes returns 👍 especially recent high school graduates who just started earning money. Awesome work!

[@SmartFamilyMoney]

I'm so glad you liked it! Thanks for the kind comment!

[@rghaw]

This is great. I am only a teenager and all of the other videos seemed like they were speaking a different languages, but you actually show us how it works. (I'm a visual learner) Thank you! Also, this video wasn't long. You were quick, but thorough.

[@SmartFamilyMoney]

I'm glad I helped you and I really appreciate the comment. ❤

[@NB-xc5wz]

I feel so much more confident doing my first tax return now and I’m a new subscriber for it! Thanks!

[@SmartFamilyMoney]

You got this! And thanks for subscribing!

[@habibkurt5584]

Thanks a lot. Well explained. I will try to do by myself this year.🙏

[@SmartFamilyMoney]

Glad it helped! Good luck!

[@carolfinley7207]

very informative. thanks

[@SmartFamilyMoney]

Glad it was helpful!

[@Msmary98-98]

Omg I’m subbing! This is great 👍 you cover everything...😂

[@SmartFamilyMoney]

Thanks! Welcome!!!

[@NB-xc5wz]

Me too! 😊

[@nsabimanadaniel7094]

Great info

[@SmartFamilyMoney]

Glad it was helpful!

[@CSM-68]

Thank you for your videos, my child has their first filing this year. They made under the filing amount but do have a small brokerage account and a ROTH IRA. Between cap gains and interest they didn't meet the $1100 threshold so I don't think they need to file a return, however will be looking at their taxes paid as a chance to get a tax return.

[@dweb704]

Great video, thank you. Quick question though - if you upload a PDF of your W2, will the system parse the correct information to where it needs to go for the whole thing? Is there any difference with inputting the information manually for each W2? Seems the first way sounds easier as long as I double check with my physical copy alongside it. Please let me know thanks!

[@yolandamartinez4641]

where do you put the earned income tax credit and the recovery Rebate credit on this form

[@JB-jy6fw]

Witch turbo tax is best for a stock trader

[@JoseGarcia-oo4mc]

Excellent video , will this video hep for retires ? , my wife and I are retired. Well she has a part time. Thanks

[@SmartFamilyMoney]

Yes this will work for retirees although I don't show entering 1099-Rs (for retirement income). But you can follow the instructions and it should be pretty easy.

[@andydugan1911]

Great video...One question, does it cost anything if you have a HSA ( 5498 form)?

[@SmartFamilyMoney]

Unfortunately, no, it doesn't look like it'll be free if you have an HSA. Here's the page that explains what is free: turbotax.intuit.com/personal-taxes/online/free-edition.jsp#tax-forms I would use FreeTaxUSA instead if I were you.

[@arielyisrael7109]

To create an account part, I filled out the information and clicked "create an account, there is a long Waite, and I am still waiting.

[@Eleanor-qi3md]

I need to talk to a tac pre parer

[@snuzie421]

Good day to you. I'm filing the first time for my widowed mother. She has 2-1099R's and SS. 2022 tax return 1040SR. On 1099R in box 2a it states "UNKNOWN" what do you put in 2a. Taxable income?

[@SmartFamilyMoney]

I'm sorry, I haven't seen that before and don't know the answer.

[@rmp3636]

If you efile with Turbo Tax or Tax Free, how do you attach your 1099, etc. Or do you?

[@SmartFamilyMoney]

Most 1099s can be entered into your forms electronically. If you have one of the rare forms that can't be sent electronically then you will have to print and mail your form. All the tax software will walk you through that if you are in that situation.

[@Sol_A000]

What if you never got the w-2 form from your employer?

[@SmartFamilyMoney]

You need to get the W2. I would contact the employer.

[@thedraculmademedoit7557]

So on mine, boxes 7 through 20 are blank, should i be concerned?

[@SmartFamilyMoney]

Do you mean those boxes on your W2 are blank? No, that wouldn't be anything to worry about. Those boxes don't apply to everyone. Boxes 15-20 are state and local taxes - are you in a state without state income tax?

[@danielengel1295]

I just used the free federal and state for turbo tax and it was submitted. But i am lost as what about my city? i have to pay quarterly and i have to mail it in. Normally a tax man does mine but he retired so now i am using turbo tax. It has been submitted but i have no clue as how to go about my city.

[@SmartFamilyMoney]

Are you in Ohio by chance? I did a video about Ohio RITA local taxes. But regardless of where you are, I'd find the web site for your city's tax authority and follow their instructions. It's usually pretty easy to file and pay directly through the city. You're going to need to look at your federal 1040 and W2's most likely.

[@danielengel1295]

@@SmartFamilyMoney Yes i am in Ohio. I found the city website and printed out the forms to file my city. But i am now looking for a tutorial on how and what to fill out on the forms. Getting closer but not done yet.

[@YoungboyLA_]

Oh shit she actually got hair tho and look good 😂💯

[@dmike305]

Great video！ Many Thanks for your effort. I am a KZbinr. I have some income from my KZbinr videos in 2022. Can I make my Roth IRA contribution based on my KZbin income? is this kind of income regarded as earned income?

[@SmartFamilyMoney]

As a KZbinr, you should have a Schedule C where you record your business income and expenses. Whatever is at the bottom of that (your business profit) is earned income.

[@eviearata703]

Great information but slow down you talk to fast.

[@susansmith9591]

Can we use TurboTax Free Edition for the following: We will claim the standard deduction, social security income, pension income, $20 interest income, IRA withdrawal as a RMD/QCD, and no W-2 income. Thank you!

[@SmartFamilyMoney]

I THINK so but I'm not completely sure. You can always start it and it'll tell you if you have to upgrade. On this page, it goes through all the forms that are covered: turbotax.intuit.com/personal-taxes/online/free-edition.jsp#tax-forms

[@eddyponce9657]

Don't we have to print and Mail the tax with W2 forms?

[@SmartFamilyMoney]

Correct. Very few people are required to mail anything if they electronically file. The system would tell you if you have one of those special situations.