How Can Form 1040 Schedule A Get You a Bigger Tax Refund?
Itemize your deductions with a Form 1040 Schedule A!
Who needs a Form 1040 schedule A?
Anyone who plans to itemize their deductions rather than use a standard deduction will need to fill out a Form 1040 schedule A.
Are there exceptions to who needs to fill out a 1040 schedule A?
The IRS form 1040 schedule A is entirely voluntary. Anyone can use it to itemize their deductions if they wish. However, if your deductions are less than the standard deduction, there would be no point to filing this form.
What is a 1040 schedule A for?
In some cases your itemized deductions will add up to be more than the standard deduction. If this is the case, you will owe less money to the IRS or get a larger tax refund. For example, if you had many large medical bills, a high interest on your mortgage, or gave a lot of your money to charity you could itemize these and reduce the amount of taxes you owe.
What information do you need when you file a 1040 schedule A? (social security number, etc.)
The 1040 schedule A form can require many different pieces of information. It really depends on your personal tax situation, and where your income or losses came from. At the very least, you will need:
1. Your contact information such as phone number, full mailing address, etc.
2. Your social security number, and your business’ tax ID
3. Your financial records for the year
4. Your filled out 1040 tax return
5. Any receipts, bills, or other proof of payment for qualifying things you wish to deduct from your taxes
Is 1040 schedule A accompanied by other forms?
Other than your filled out 1040 and other tax forms for the year, your 1040 schedule A form does not need to be accompanied with any other form unless otherwise specified.
What else do I need to send with a 1040 schedule A? i.e. receipts etc.
If you are itemizing a particularly large amount of tax deductions, you should send copies of all receipts, bills, or other proof of payment for each one.
When is the 1040 schedule A due?
Your 1040 schedule A form is due at the same time as your tax return, on April 15 of every tax year.
How do I fill out a 1040 schedule A?
The IRS schedule 1040 A can be filled out and filed in many different ways. While you can use a tax service or a private accountant for this form who may deduct more than you anticipated, you can also print it out and send it in yourself. For more information on how to fill out the form, check out the following video:
Where do I send a 1040 schedule A?
Where you send your physical Form 1040 schedule A depends on your state, and whether or not you are sending payment with your tax return. Your 1040 schedule A will always accompany your other 1040 tax return forms, you can use the helpful chart here to determine where they will go.