In this comprehensive lesson, students will be equipped with the necessary skills to accurately complete the 2023 IRS Form 1040 for the upcoming 2024 tax season, ensuring they are well-prepared to navigate the complexities of individual tax filing. The lesson is designed to demystify the tax filing process and clarify the various sections of the form, including income reporting, deductions, credits, and how to calculate tax liability or refunds.

To facilitate learning, the lesson features an in-depth video tutorial that offers detailed, step-by-step instructions on how to fill out each part of the form. This visual guide is aimed at breaking down complex tax concepts into understandable segments, making it accessible for learners with varying levels of tax knowledge.

Accompanying the video tutorial is a comprehensive lesson plan that includes additional resources, practice exercises, and real-life scenarios to reinforce understanding. The lesson plan also provides key terminology, common pitfalls to avoid, and tips for maximizing potential refunds or minimizing tax liability.

Furthermore, students will engage in interactive discussions and Q&A sessions to address any uncertainties and ensure a deep comprehension of the tax filing process. By the end of this lesson, students will not only know how to complete the IRS Form 1040 confidently but also gain a broader understanding of the importance of tax compliance and how it affects their financial well-being. This holistic approach ensures that learners are thoroughly prepared to tackle their tax filings, making the often daunting task of tax preparation a more manageable and less stressful experience.

CONCEPTS

Use this video lesson on the topic of filling out the 1040 tax form. Learn basic tax and related concepts of

• Taxes
• Tax Filing
• IRS
• Income
• Dependents

GRADE LEVEL

9-12th grades. High School. Adult Education.

TIME REQUIRED

30-45 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students. More in-depth lesson plan below will be longer.

PROCEDURE

Hand out the worksheet below (see the GET LESSON button near the bottom of the page).

Show students the video and have and have them complete the worksheet.  Review the questions on the worksheet.  For a more in-depth lesson, complete the lesson plan below.

How to Fill Out Form 1040 for 2023 | Taxes 2024

After watching the video, ask students to summarize the main points made in the video.

 

Lesson Plan: Filling out the 1040 Tax Form

Objective:

Students will be able to accurately and efficiently fill out a 1040 tax form and understand the different deductions and credits that can be claimed.

Materials:

• 1040 tax forms and instructions (see forms and documents section).
• How to Fill out the 1040 Video (see above).
• Computers with internet access (optional)
• Calculators
• Examples of tax-related documents such as W-2 forms, 1099 forms, and receipts for charitable donations or business expenses

Sample data for practice:

A W-2 form showing $40,000 of wages and $500 of state tax withheld

A 1099-INT form showing $500 of interest income

A 1099-DIV form showing $1,000 of dividend income

Receipts for $500 of charitable donations, $2,500 of state and local taxes, and $3,000 of mortgage interest

Example Information:

Student’s name: John Doe

Social Security number: 123-45-6789

Filing status: Single

Wages, salaries, tips: $22,000

Interest Income: $1,000

Dividend Income: $500

Federal income tax withheld: $2,500

Bank account information for direct deposit:

Account number: 1234567890

Routing number: 111000025

Example 2:

Student’s name: Jane Smith

Social Security number: 123-45-6789

Filing status: Head of Household

ages, salaries, tips: $45,000

Rental Income: $5,000

Adjustments to Income: $3,000 (Alimony paid)

Federal income tax withheld: $6,300

Bank account information for direct deposit:

Account number: 9876543210

Routing number: 111000025

Introduction (15 minutes):

Begin by reviewing the importance of paying taxes and the role they play in funding government programs and services.

Introduce the 1040 tax form and its purpose. Explain that the form is used to report an individual’s income, deductions, and credits to the IRS.

Have the students watch the video and answer the worksheet questions.  Provide students with a brief overview of the different sections of the form and what information they will need to gather in order to complete it.

Highlight the importance of accuracy and completeness when filling out the form to avoid errors and potential penalties.

Direct Instruction (45 minutes):

Review the different sections of the 1040 tax form, including personal information, income, deductions, and credits.

Discuss the types of income that must be reported, such as wages, salaries, tips, interest, and dividends.

Explain the difference between itemized and standard deductions and provide examples of each. For example, itemized deductions include expenses such as mortgage interest, state and local taxes, and charitable donations, while the standard deduction is a set amount that can be claimed by taxpayers who do not itemize their deductions.

Discuss common tax credits, such as the Earned Income Credit and Child Tax Credit. Explain how these credits can lower the amount of taxes owed.

Guided Practice (45 minutes):

Provide students with a sample 1040 tax form and instructions.

Provide them with the sample data and relevant tax-related documents such as W-2 forms, 1099 forms, and receipts for charitable donations or business expenses.

Have students work in pairs or small groups to fill out the form using the provided examples.

Provide assistance as needed and allow students to ask questions.

Point out key information to look for on the different documents, such as the taxpayer’s name, social security number, and income amount.

Independent Practice (30 minutes):

Provide students with their own 1040 tax form and instructions.

Have students complete the form independently, using their own tax-related documents if they have them.

Provide a deadline for submitting the completed form for review.

Closure (10 minutes):

Review the key concepts covered in the lesson, such as the purpose of the 1040 tax form, types of income that must be reported, and deductions and credits that can be claimed.

Answer any remaining questions and provide feedback on the completed forms.

Remind students of the importance of accuracy and completeness when filling out the form, and encourage them to seek assistance if they have any questions or concerns.

Assessment:

Observe students during independent practice to ensure they are accurately and efficiently filling out the 1040 tax form. Review completed forms for accuracy and provide feedback.

Money Instructor does not provide tax, legal or accounting advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your own situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing.