Your Complete Guide to the 2020 Tax Changes

File 1040EZ If:

• You are under 65
• Single or married
• You do not have any dependents
• Your income is less than $100,000

File 1040 A if:

• Your income is less than $100,000 and
• Your income is from:
• Wages (W2)
• Interest (1099-INT)
• Dividends (1099-DIV)
• Capital Gains (1099-B)
• IRA Distributions (1099-R)
• Pensions And Annuities (1099-R)
• Unemployment Compensation (1099-G)
• Taxable Scholarship
• You can not itemize your deductions
• You claim certain credits and adjustments

File 1040 if:

• Your income is more than $100,000
• You itemize

If your itemized deductions are more than the standard deduction, you will lower the amount of taxes you owe or increase the amount of your refund.

You can itemize if:

• Own a home
• Pay a mortgage
• Pay real estate taxes
• Make charitable contributions
• Pay state income taxes
• Pay medical expenses (in some cases)
• Pay sales taxes on a car, boat or mobile home
• Your itemized deductions need to be greater than your standard deduction, It will vary depending on if you are single, head of household or married

• You should receive a 1099-B from the stock broker
• You will need to know when the stock was purchased and how much you paid for it.
• Did you own the stock for more than 1 year? If yes, it is a long term gain or loss.
• Did you own the stock for less than 1 year? If yes, it is a short term gain or loss.
• The gain or loss will increase or reduce taxable income and has special tax rates.

It is a tax document that reports income, losses and dividends from a partnership or an S corporation. The K-1 is used to report income, losses and dividends on form 1040.

Yes.

Yes.

Yes, it may be taxable if you itemized your taxes the previous year.

Yes.

Yes, it may be if your total income is more than certain income limits.

Normally it is not taxable, but could be under specific circumstances.

The HSA form is used to lower your income.

Yes.

Yes, if you meet certain criteria.

Yes.

Yes, if it meets specific criteria.

Yes, under certain circumstances.

Yes, with limits.

It is a reduction of taxes for parents of children.

Yes, if your tax due is more than 10% of total unless you paid 100% of previous years taxes. This will insure you do not pay a penalty.

An exemption is a deduction THAT REDUCES YOUR TAXABLE INCOME and is allowed for the taxpayer, a spouse, and dependents. Essentially, people who are supported by the income of the spouse and the taxpayer can become an exemption, if all the rules are followed.
Exemptions are most commonly taken for the taxpayer, the spouse, and any small children living in the home. But there are others who might also be an exemption, including children of divorce who don't live with you, an elderly sibling or parent supported by you, foster children, adopted children, and other relatives for whom you provide over half of the support.
The key to exemptions is that each person may only be claimed on one tax return. So, for example, if you've got small children living with your ex-wife, only one of you may claim the exemptions for those children.

Yes. It is a Residential Energy Credit, Form 5695

PMI is Private Mortgate Insurance.
It is usually necessary when purchasing a home where the down payment is less than 20% of the homes value at time of purchase. The PMI protects the loan institution from borrower failing to pay loan.