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How do i know if i owe taxes

how do i know if i owe taxes


Best Answer: taxable income is anything that you receive after performing services for someone or selling something to someone, in addition to interest, dividends, sales of assets, pension plans, jury duty, and the list goes on

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By completing the 1040 federal and state income tax returns completely and correctly dowm to the last line of the 1040 federal income tax return that you would be using to file your 2009 taxes with.

For the 2009 tax year your federal income tax liability will be determined by the amount of your TAXABLE INCOME from the 1040 federal income tax return page 2 lines 43 and Line 44 you will know the amount of your income liability before any credits or other taxes.

Total income less adjustments then you would have your adjusted gross income (AGI) 2009 1040 tax form page 1 and page 2 line 37 line 38.

Then your deduction amounts for your filing status and for your exemption amount would be subtracted from your AGI amount and then line 43 page 2 of the 1040 income tax return would have the total amount of your TAXABLE income for the year.

Then line 44 would be your federal income tax liability

for the tax year 2009.

Then your nonrefundale tax credits would be used then you would add any other taxes that may be be due then you would determine your payment amounts that you would get a credit for such as any withheld federal income taxes, estimated tax payments, or any other tax credits that you may qualify for and then any of the amounts would be added together and totaled on the page 2 line 71 and would be subtracted rom your total tax liability from line 60 and the amount would either be a line 72 overpaid amount of taxes and line 73a would be amount that you want to be refunded to you.

Or it could be Amount you owe line 75 subtract line 71 from line 60.

Use the search box at for 1040 and choose the instructions go to page 13 and 14 Tax Return Page Reference Questions about what to put on a line? Help is on the page number in the circle.

See the instructions for line 44 that begin on 2009 page 37 to see if you must use the Tax Table below that begins on page 78 to figure your tax.

Hope you find the above information helpful

Category: Taxes

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