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1040 tax form

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Bruinator    43

Hi, I am trying to do my mother's taxes and I was wondering where the sum from schedule B "total interest income" from 1040 line 8a and line 8b? It doesnt come from form 1099 nor 1099 interest that I can tell. Some help will be greatly appreciated. She is on social security.

 

thx

Edited by Bruinator

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Brandon H    3,506

I'd recommend calling or going to see a tax filing professional honestly so you're 100% certain the information is accurate that you receive.

 

Most tax filing agencies like H&R are usually willing to answer basic questions like that free of charge if you don't want to pay for them to file for you :)

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Jim K    14,415

The 1040 doesn't have an 8a or 8b ... it has a line 8 (Standard or Itemized Deduction). 2b and 3b are used for taxable interest/dividends.

 

You use the schedule B if interest/dividends are over $1500.  

 

Check out the 2018 1040 Instructions. 

https://www.irs.gov/instructions/i1040gi

 

....or what Brandon said.

 

 

Edit: Oooo....the 2017 1040 had 8a and 8b for interest. Are you doing her 2017 taxes?  If not, you're using the wrong 1040.

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+Zag L.    746

I dont even see a line 8a or 8b on the current  20181040 form

 

image.thumb.png.93dee7e394bac3a3ce738e82169e3dab.png

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Bruinator    43

Sorry guys, I should of said schedule B line 1 and in back of the Circuit breaker work sheet line 7.

Edited by Bruinator

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Jim K    14,415
8 minutes ago, Bruinator said:

Sorry guys, I should of said schedule B

Schedule B uses 1099-INT, 1099-OID, 1099-DIV or other substitute from her financial institution (it is written right on the form...and tells you where to enter it on the 1040..either 2b or 3b).

 

Once again ... if you are doing her 2018 taxes and you have a line 8a and 8b on the 1040 ... you are using the 2017 form. Check the top middle of the 1040 to see the tax year.

 

If this isn't helpful ... I would strongly take Brandon's advice before the IRS comes knocking.

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Bruinator    43
3 minutes ago, Jim K said:

Schedule B uses 1099-INT, 1099-OID, 1099-DIV or other substitute from her financial institution (it is written right on the form...and tells you where to enter it on the 1040..either 2b or 3b).

 

Once again ... if you are doing her 2018 taxes and you have a line 8a and 8b on the 1040 ... you are using the 2017 form. Check the top middle of the 1040 to see the tax year.

 

If this isn't helpful ... I would strongly take Brandon's advice before the IRS comes knocking.

Hi Jim,  I see what you are talking about now. The 2018 sheet i downloaded from Ma. website and it said 2018 and the book from library for 2018 is different.

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Bruinator    43

I am going to H & R to get the correct 2018 Massachusetts filing sheets to make sure what I have is correct or not. I will ask them there where this sum comes from.

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Bruinator    43

yep, it was the wrong for for sure. No wonder I was scratching my head trying to figure it out. Sorry guys.

 

Thx

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+BudMan    3,648

Why would you not just do it online?  Plenty of places to just do it online, then efile for free.. Why would you be using paper?

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Bruinator    43
20 hours ago, Brandon H said:

I'd recommend calling or going to see a tax filing professional honestly so you're 100% certain the information is accurate that you receive.

 

Most tax filing agencies like H&R are usually willing to answer basic questions like that free of charge if you don't want to pay for them to file for you :)

Thx Brandon and others as calling H & R a question or 2 and i was done in 1/2 hour. It helps when you have the correct forms. :)

2 hours ago, BudMan said:

Why would you not just do it online?  Plenty of places to just do it online, then efile for free.. Why would you be using paper?

Yes, next yr i will.

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+Zag L.    746
3 hours ago, BudMan said:

Why would you not just do it online?  Plenty of places to just do it online, then efile for free.. Why would you be using paper?

 

BudMan is 100% right on this... I haven't filed a paper return in 8 or 9 years.  Way too easy to file electronically.  

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+BudMan    3,648
28 minutes ago, Bruinator said:

Yes, next yr i will. 

So you already mailed out the paper?  You created the post 21 hours ago.. And had to get new forms... You could do this year online...

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