How To: 2020 Federal Tax Forms

In this episode, Marrissa and Hannah discuss the shadiness that is the For-Profit Tax Filing Industry and then talk through how to fill out the two Federal Tax Forms Marrissa has to file. 

Step 1: 1040, Schedule 1 (for unemployment)* - https://www.irs.gov/pub/irs-pdf/f1040s1.pdf 

Step 2: 1040 (Fed. Return Form) - https://www.irs.gov/pub/irs-pdf/f1040.pdf

Step 3: 2020 Tax Table - https://www.irs.gov/pub/irs-pdf/i1040tt.pdf


*This Forbes article told me how to handle the $10,200.
https://www.forbes.com/advisor/taxes/10200-unemployment-tax-break/

Also, just for fun, here is the article in the American Rescue Plan that allows for this:

https://www.congress.gov/bill/117th-congress/house-bill/1319/text#H6BD07CFE38B34661897DDA40B3DD4AA5

Earned Income Credit - Your adjusted gross income (AGI) must be less than $15,820 ($21,710 for married filing jointly) if you don’t have a qualifying child.
https://www.irs.gov/publications/p596

Other Links:

ProPublica’s Reporting:
https://www.propublica.org/series/the-turbotax-trap

MoU - https://www.irs.gov/pub/irs-utl/Eight%20Free%20File%20MOU.pdf
(amendment - https://www.irs.gov/pub/irs-utl/FFI%20Signed%20MOU%20Addendum%2012-26-19.pdf)

H&R Block leaves the Free File Alliance:

https://news.bloombergtax.com/daily-tax-report/irss-free-file-partners-moving-forward-without-h-r-block

It's easier in other countries:

https://www.nytimes.com/2017/04/14/opinion/filing-taxes-in-japan-is-a-breeze-why-not-here.html