Instructions

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Tax Filing Quest: Student Instructions

Objective

Your quest is to practice completing a U.S. federal income tax return (Form 1040) using the personas and mock financial documents provided. This exercise will help you:
– Learn how to input wages, interest, dividends, and other income.
– Understand the difference between deductions and credits.
– Explore free software options for filing taxes.

Steps to Complete the Assignment

1. Choose Your Persona
   – Persona 1: Jordan Lee (single, renter, teacher, modest side income).
   – Persona 2: Maya Patel (single, homeowner, engineer, investments).
   Review their narrative and mock documents (W-2s, 1099s, etc.).

   2. Access IRS Free File
   – Go to: IRS Free File | Browse All Offers

   – Explore the free software programs available for completing federal taxes.
   – Choose one program to use for this assignment. You do not want to actually submit a return, but you should work through the software as if you were filing.

   3. Complete the 1040 Return (do not submit to IRS)
   – Using your chosen personas W-2 and 1099 forms, input the information line by line into the Free File software.
   – Apply the standard deduction or itemize (if beneficial).
   – Identify any credits the persona qualifies for.

   4. Answer Reflection Questions
   In a short write-up, address the following:
   – What was the personas filing status, income sources, and taxable income?
   – Which strategies reduced taxable income?
   – Which tax credit applied, and how did it compare to a deduction?
   – How did you balance immediate spending vs. tax savings (e.g., retirement contributions)?
   – What risk or mistake might this taxpayer encounter, and how could they avoid it?

Deliverables

– A completed draft 1040 for your assigned persona (download or screenshot from the software).
– DO NOT ACTUALLY SUBMIT THE RETURN
– A one-page reflection answering the questions above.

Tips for Success

– Double-check that all income sources are entered (W-2, interest, dividends, capital gains, side income).
– Pay attention to whether itemizing or taking the standard deduction is best.
– Remember: a tax deduction lowers taxable income, while a tax credit lowers the tax bill directly.

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