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2015 Federal Taxes
Form 1040
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INSTRUCTIONS: The purpose of this spreadsheet is to be a starting point for understanding and estimating your federal taxes. There are numerous tax exemptions and additional formulas that are left out of this calculation for simplicity purposes and therefore it does not cover a significant portion of tax rules, some of which may be applicable to your personal situation. This spreadsheet doesn't calculate credits available to lower income taxpayers (such as earned income credit and additional child tax credit. This spreadsheet also does not account for phaseout limitations that affect high income single filers at around $258,250 and married filers at around $309,900 in adjusted gross income. It is meant to accomodate those with fairly simple returns including salary & wage income, investment income and common deductions and credits. This spreadsheet assumes you are familiar with the tax law and varying limitations and rates. It can be modified for your purposes, but is for PERSONAL USE only.
Enter only in yellow highlighted cells throughout the workbook. Green highlighted cells show a link to another tab and non-highlighted cells indicate formulas.
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PRELIMINARY INPUTS:
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Tax Filing Status:Married Filing Joint
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Total Personal Exemptions:3
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Number (You & Spouse) 65 or Older or Blind0
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LineTitle
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INCOME7Wages, salaries, tips, etc. 0
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8aTaxable interest - Schedule B 0 "Schedule B"
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8bTax-exempt interest 0
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9aOrdinary dividends - Schedule B 0 "Schedule B"
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9bQualified dividends 0
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Taxable refunds, credits, or offsets of state & local income taxes
 0
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11Alimony received 0
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12Business income or (loss) - Schedule C 0
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13Capital gain or (loss) - Schedule D 0 "Schedule D"
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14Other gains or (losses) - Form 4797 0
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15bIRA distributions (include taxable only) 0
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16bPensions and annuities (include taxable only) 0
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Rental real estate, royalties, partnerships, S-corps, trusts, etc. - Schedule E
 0
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18Farm income (loss) - Schedule F 0
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19Unemployment compensation 0
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20bSocial security benefits (include taxable only) 0
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21Other income (list type) 0
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Total income (combine far right column of lines 7 through 21)
 0
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ADJUSTED23Educator expenses 0
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GROSS24
Certain business expenses of reservists, performing artists… - Form 2106
 0
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INCOME25Health savings account deduction - Form 8889 0
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26Moving expenses - Form 3903 0
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Deductible part of self-employment tax - Schedule SE
 0
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28Self-employed SEP, SIMPLE, and qualified plans 0
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29Self-employed health insurance deduction 0
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30Penalty on early withdrawal of savings 0
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31aAlimony paid 0
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32IRA deduction 0
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33Student loan interest deduction 0
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34Tuition and fees - Form 8917 0
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Domestic production activities deduction - Form 8903
 0
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36Add lines 23 through 35 0
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Adjusted gross income (subtract line 36 from line 22)
 0
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TAX &38Amount from line 37 (Adjusted gross income) 0
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CREDITS39a
Check if: o You were born before January 2, 1952 o Blind
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o Spouse was born before January 2, 1952 o Blind
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39b
If your spouse itemizes on a separate return or you were a dual-status alien…
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Itemized deductions - Schedule A or standard deduction (see instructions)
 12,600
"Schedule A" or "Standard Deduction"
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41Subtract line 40 from line 38(12,600)
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Exemptions. If line 38 is $154,950 or less, multiply $4,000 by # of dependents
 12,000
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Taxable income (subtract line 42 from line 41)
(24,600)
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44Tax (see instructions)#N/A"Tax Worksheet"
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Marginal Tax Rate#N/A
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45Alternative minimum tax - Form 6251#N/A"Form 6251"
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46Excess advance premium tax credit repayment
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47Add lines 44, 45 and 46#N/A
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48Foreign tax credit - Form 1116 0
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Credit for child and dependent care expenses - Form 2441
 0
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50Education credits - Form 8863 0
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Retirement savings contributions credit - Form 8880
 0
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52Child tax credit - Form 8812 0
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53Residential energy credits - Form 5695 0
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54Other credits - Form 3800 or Form 8801 0
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55Total credits (add lines 48 through 54) 0
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Subtract line 55 from line 47. If line 55 is more than 47, enter 0.
#N/A
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OTHER57Self-employment tax - Schedule SE 0
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TAXES58
Unreported social security and Medicare tax - Form 4137 or Form 8919
 0
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Additional tax on IRAs, other qualified retirement plans, etc. - Form 5329
 0
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60aHousehold employment taxes - Schedule H 0
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First time homebuyer credit repayment - Form 5405
 0
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Health care: individual responsibility (see instructions)
 0
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62Taxes from Form 8959 or Form 8960 0
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63Total tax (add lines 56 through 62)#N/A
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PAYMENTS64
Federal income tax withheld from Forms W-2 and 1099
 0
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2015 estimated tax payments and amount applied from 2014 return
 0
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66aEarned income credit (EIC) 0
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66bNontaxable combat pay election (information only)
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67Additional child tax credit - Schedule 8812 0
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68American opportunity credit - Form 8863, line 8 0
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69Net premium tax credit - Form 8962 0
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70Amount paid with request for extension to file 0
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71Excess social security and tier 1 RRTA tax withheld 0
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72Credit for federal tax on fuels - Form 4136 0
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73Credits from Form 2439 0
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Total payments (add lines 64, 65, 66a, and 67 through 73)
 0
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If line 74 is more than line 63, subtract line 63 from line 74. This is amount overpaid
#N/A
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76aAmount of line 75 you want refunded to you#N/A
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Amount of line 75 you want applied to your 2015 estimated tax
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78Amount you owe (subtract line 74 from line 63)#N/A
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79Estimated tax penalty (see instructions)
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