How Does My Tax Return Work? An Explanation to the Structure of IRS Form 1040 RPF0053

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.4 • 1.9K Ratings

🗓️ 3 September 2014

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Many people today have no idea how the tax return works. This is probably because many people today (including me) use either a computer program or an accountant to prepare their tax returns rather than calculating it by hand. This is probably much faster and more accurate but, in some ways, it’s a loss because […]

Transcript

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0:00.0	Radical Personal Finance, Episode 53.
0:04.0	How does my tax return work? Welcome to the Radical Personal Finance Podcast. I thank you for being here with us today.
0:27.0	Today is Wednesday, September the 3rd, 2014. My name is Joshua Sheaps. I'm your host here with you today and every day peeling back the
0:36.6	curtains of the financial world, introducing you to the concepts, information, inspiration, and education you need to get and stay rich. And when I say rich I mean rich in every sense of the word rich in money
0:58.0	rich in life rich in experiences rich in relationships I mean rich as it really is and should be designed.
1:05.8	Today I am excited to talk to you about taxes.
1:08.8	I'm excited to talk to you about taxes.
1:12.0	I'm excited to talk to you about taxes.
1:18.0	Yes, I'm excited to talk to you about taxes. I really am. And today we're going to walk through something that for some of you is going to sound incredibly basic and beginners level.
1:27.8	But I promise you there are many, many, many people who are going to benefit from this show. Today I'm going to explain to
1:35.1	you how your United States tax return form 1040 works. If you're listening to my show from another country, I would suggest, I mean, you
1:46.4	listen to this show, but you might want to skip it and go and read your own tax return
1:49.6	for your company or skip for your country. But I'm going to talk through the U.S. tax return.
1:55.0	And the reason I'm going to do this is because, let me start with a story, and this will tell you exactly why.
2:00.0	I never understood how my tax return worked. I think I started filing tax
2:04.8	returns when I was about 15 years old, maybe 14, I don't remember, but I had earned
2:09.0	income and so my dad said, okay, you know, you need to file your taxes. And so I sat down and I immediately did what everyone from my generation does pulled up a computer program.
2:18.0	And I pulled up a computer program, one of the online tax ones stuck in my W W2 and started calculating my taxes.
2:25.6	And at that point in time I didn't earn a lot of money so I wound up getting money back
2:29.1	which was awesome.
2:30.1	I was excited to get a refund.
2:31.3	Then the next year, the next year, the next year, then the same thing.
	...

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