Case Facts:
Client, Kyrian Robertson, 29 years old, is a software Engineer and a taxpayer
in the United States with no dependents and is not married, want to file federal
income tax returns for 2022. Kyrian has earned a total income of $45,000 in
2022, has to contribute $2,000 for his retirement plan in his traditional IRA
(Individual Retirement Account), and has a pending student loan interest of
$1,000 for 2022. Client wants to determine the correct tax forms to file as an
individual taxpayer in the US.
Queries / Requirements from the Clients:
Query 1: Appropriate tax form Kyrian needs to file at the IRS?
My Opinion / Reply:
Form 1040 US Individual Income Tax Return – This form is used by most taxpayers
to report their Income, Deductions and Credits. There are several variations of Form
1040 depending on taxpayers filing status i.e. Single, Married Filing Jointly,
Married Filing Separately, Head of Household, Income Level and other factors. For
example taxpayers with more complex tax situations may need to file Form 1040
along with Schedule A to itemize their deductions OR Form 1040 along with
Schedule C to report self employment income.