In this episode, Marrissa and Hannah discuss the shadiness that is the For-Profit Tax Filing Industry and then talk through how to fill out the two Federal Tax Forms Marrissa has to file.
Step 1: 1040, Schedule 1 (for unemployment)* - https://www.irs.gov/pub/irs-pdf/f1040s1.pdf
Step 2: 1040 (Fed. Return Form) - https://www.irs.gov/pub/irs-pdf/f1040.pdf
Step 3: 2020 Tax Table - https://www.irs.gov/pub/irs-pdf/i1040tt.pdf
*This Forbes article told me how to handle the $10,200.
https://www.forbes.com/advisor/taxes/10200-unemployment-tax-break/
Also, just for fun, here is the article in the American Rescue Plan that allows for this:
https://www.congress.gov/bill/117th-congress/house-bill/1319/text#H6BD07CFE38B34661897DDA40B3DD4AA5
Earned Income Credit - Your adjusted gross income (AGI) must be less than $15,820 ($21,710 for married filing jointly) if you don’t have a qualifying child.
https://www.irs.gov/publications/p596
Other Links:
ProPublica’s Reporting:
https://www.propublica.org/series/the-turbotax-trap
MoU - https://www.irs.gov/pub/irs-utl/Eight%20Free%20File%20MOU.pdf
(amendment - https://www.irs.gov/pub/irs-utl/FFI%20Signed%20MOU%20Addendum%2012-26-19.pdf)
H&R Block leaves the Free File Alliance:
It's easier in other countries:
https://www.nytimes.com/2017/04/14/opinion/filing-taxes-in-japan-is-a-breeze-why-not-here.html
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