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Video instructions and help with filling out and completing Can Irs Form 966 Required

Instructions and Help about Can Irs Form 966 Required

Well what's going on everybody it is so good to see your smiling faces once again I hope you guys have been doing well as you guys know I am Mike the CPA and on this channel we teach people how to be fiscally fit as we teach finances investing and taxes and today's video is a tax video and a crucial one at that so this is one of those tax topics that I feel that really really really should be taught in school but unfortunately school does not teach it in today's video we're going to be covering the 2022 1040 individual income tax return filing requirements so that if you're out there and maybe you just started working or maybe you're uncertain of what the filing requirements are you're gonna learn what they are today you're gonna know whether or not you actually need to file a tax return or not now like I said it's a shame that school doesn't teach this it's a it's really sad they don't but hey you know what I should be thanking the school system for dropping the ball here I'm teaching a very crucial life skill because gives me more opportunity and it gives me a chance to explain this stuff to you guys over YouTube so what I've done guys is I put this Word document together for you and it's free to download I'm gonna have a Dropbox link I'm gonna put a Dropbox link in the description section below the video and in the comment section of this video so you can find it and download it for yourself it's completely free no strings attached Music okay so before we look at all the other stuff let's start with the income let's explain what type of income we're talking about here on this form so it includes earned income so earned income is what is what guys it's it's probably as you guess it's your wages it's your salary it could be tips if you're like a waiter or waitress professional fees if you're a lawyer or an accountant you charge our consulting fees things like that taxable scholarship income fellowship grants that are taxable so those are all the things that would count towards your earned income now you're in terms of gross income that what they mean by gross income is that is your total of your unearned income plus all of your earned income so gross income is your total of your on earned income plus your earned income so what the heck is on earned income because I would love some of that it sounds great right it actually is so aren't earned income where we have right here what it says is unearned income includes taxable interest ordinary dividends and capital gain distributions it also includes unemployment compensation taxable Social Security benefits pension distributions and new T distributions and distributions of on to earn income from a trust so those are examples of onto earned income and you're gonna see why that's important in just a little bit back to the top of this worksheet and work our way down and this won't take too long because like I said guys I'm not gonna read everything to you because it's because everybody has different filing situations I'm just gonna focus on the status for Finke single filers let's just do that because the rest of these are just different filing statuses but the idea is the same so as long as you understand this first one and how what these columns mean you're good you're gonna be able to figure out the rest for yourself so I'm just gonna cover this area but you can see here I have information for married filing joint if you're head of household filer or if your status is married filing separate all the information it's in here for you remember guys this worksheet is for educational purposes only and I really do mean that is there's always a chance I make them I can make a mistake I am I human there is no cyborg Terminator skeleton hiding beneath my skin I actually am a human and so there's always a chance I can make mistakes now where did I pull this information just so you guys know I did pull this information from if you go to Google I'm showing you this here so you how you how you can find it for yourself if you type in 2022 1040 instructions click this first link and voila here they are so here's the actual instructions and this is where you can go as the each year goes by so for you know next year they'll have 2022 1040 instructions the year after that left 2022 1040 instructions well if you scroll down here a little bit I'll show you where you can find this filing requirement information it's all in the instructions so if you go down a little bits a little bit and here we go so it starts right here so about like 10 pages an or so this is where it starts so there's a chart a that talks about the filing statuses income limits etc chart B is when you're you're a child or who you're a dependent of somebody else that's where these rules apply and chart C is the other filing situations where other reasons or times you might have to file regardless if you have income or not so though there are special circumstances to definitely look into Music alright guys so the way to look at this is there's seven primary factors that really determine whether or not you have to file the first one's your filing status the tax you're in is gonna matter because the requirements are always changing from year to year whether or not you're a dependent of somebody else matters your age matters how much earned income you have.

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