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Video instructions and help with filling out and completing Fill Form 8815 Deductions

Instructions and Help about Fill Form 8815 Deductions

Hey we're here on the back of the 1040 a and you first see the first thing that you have to do is enter the amount from line 21 on the other side your AGI put that right over here we see eighty thousand one hundred and seventy five dollars so that eighty thousand one hundred and seventy five dollars goes right there on line 22 okay now we start working our way down so line twenty three you're gonna check this off if either a you're old or B you're blind we are neither old nor blind so there's no boxes checked there that's going to be a zero and that'll be the case for all of our examples in this class married filing separately that's not the case here this who don't worry about that so now we need to line 24 enter your standard deduction and again this is a case where many students want to put a zero right here because they don't know what the standard deduction is the standard deduction is connected to this balloon right here over on the left so if we look at the balloon is bubble we have to die identify we know that we are married filing jointly so this is single and married filing separately this is married filing jointly so this number right here 12600 that's gonna go up the balloon across and over to line twenty-four 12,600 this should never be zero okay you're always putting a number in here because even if you're single you're still putting a number line twenty-four is never a zero now it says subtract 24 from 22 and again everything is lined up perfectly so we have five right there seven right there and one minus six we make that 11 11 minus six is five and by the way you can do all this with the calculator that's completely fine we're going to end up with sixty seven thousand five hundred and seventy-five dollars okay now we get to the exemptions says multiply 4050 by the number on line six D and just quick note your numbers here at forth on line 26 and here on line 24 they may be slightly different because the tax form that I have in front of me you can see is 2022 I can't recall if you have a 2022 or 2022 form that's in the yellow folder so again those numbers might be slightly off no big deal just use the ones that are given to you on your sheet so if we go back here line 60 or the box and 60 we see the wrote a 4 in here so that means that we're going to multiply 4050 by 4 all right so 4 times 4050 that's 16 thousand and four times 50 is 200 so sixteen thousand two hundred that's the number that I'm going to put in for box twenty-six box 27 is another math line subtract 26 from 25 all right so again it's lined up perfectly for us we can just do the math so five seven three one five fifty one thousand three hundred and seventy-five dollars and this is known as our taxable income okay so we're going to use this number to figure out how much tax we should pay and just like on the 1040ez we have to go to the instructions to do that so at this point you would Google 1040 a instructions it's a bigger PDF document swipe down you're looking to go down a bunch of pages move about 60 pages or so and and we're looking for the number 50 1375 so we're going to do that and we'll come back and we'll finish up the form from one.

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