Chapter 03 - Slides 11-33 - A Typical Homeowner's Form 1040In this presentation, we build a typical homeowner's tax return. We cover the Form 1040, Schedule 1, and Schedule A, the homeowner's friend. We learn how to calculate gross income, adjusted gross income, taxable income, and your income tax. We see the effect of adjustments to income, the standard deduction or itemized deductions, and tax credits. What we hope you will see is that while the typical homeowner's tax return is not trivial, it is not as difficult to produce as you might have been led to believe. Let's get started!
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