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Interactive Tax Forms
This interactive tool tells you a little about what is behind the tax forms. What does each line mean? How many people make an entry? How does it affect revenues and the distribution of tax burdens across income categories? This year’s version covers the 2014 Form 1040—the most common return—and Schedule A, where taxpayers tally up itemized deductions. The biggest change from 2013 is the addition of three lines related to the Affordable Care Act that reconcile subsidies used to purchase health insurance on the federal or state exchanges or collect penalties from people who failed to obtain required coverage. Click on a link to bring up a form. Then hover your cursor over a line to see basic information and click to bring up a box with additional information. This year, we also offer a new feature that explains in broader brush strokes how the federal income tax works. The new presentation talks about different aspects of filling out your return—who count as dependents, what income do you report and what is left out, what deductions and credits can you claim, and how do taxes affect education, retirement, and health expenses. Check it out here.
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