Form 1040 (2011) Tax Filing Checklist: Irs-Accurate Year- And Form-Specific Requirements
Year Uniqueness Summary
The 2011 Form 1040 introduces two new mandatory forms: Form 8949 (for tracking capital gains and losses) and Form 8938 (for reporting foreign financial assets by high-net-worth filers). The repayment obligation for the first-time homebuyer credit intensifies with the introduction of new line 59b, requiring calculation-ready documentation. The self-employed health insurance deduction has been relocated to line 29 of Schedule SE.
Year-Specific Programs Applicable to Form 1040 (2011)
The first-time homebuyer credit repayment applies to taxpayers who purchased homes in 2008 and must repay the credit over 15 years, beginning in the tax year 2010. Homes purchased in 2009 or 2010 may be subject to accelerated repayment if the home ceases to be the principal residence. Form 8938 reporting becomes mandatory for U.S. citizens and residents who hold specified foreign financial assets exceeding the reporting thresholds. Form 8949 must accompany Schedule D for all capital asset sales if the broker-reported basis requires adjustment or a wash-sale loss applies.
Form 1040 (2011) Ten-Step Filing Checklist
Step 1: Verify Filing Requirement and Select Filing Status
Determine filing status (lines 1–5). For single filers under 65, file only if gross income exceeds $9,500; for married couples filing jointly with both spouses under 65, only if gross income exceeds $19,000. Consult Chart A and Chart B in the Form 1040 instructions to confirm filing obligation. If a nonresident alien or dual-status alien during 2011, use Form 1040NR instead unless specific exceptions in Publication 519 apply.
Step 2: Gather and Verify Income Documents
Collect all Forms W-2, W-2G, 1099-R, 1099-DIV, 1099-INT, 1099-MISC, 1099-B, 1099-S, and Schedule K-1 (Forms 1065, 1120-S) bearing the tax year 2011. Verify your name and Social Security number (or ITIN) on each document. If self-employed, calculate net profit on Schedule C or Schedule C-EZ before entering on line 12.
Step 3: Report Total Income (Lines 7–22)
Enter wages on line 7, taxable interest on line 8a, ordinary dividends on line 9a, and capital gains or losses on line 13 (requires Form 8949 and Schedule D if applicable). Sum lines 7 through 21 and enter the total on line 22. Include all income earned in 2011, even if no income document was received.
Step 4: Complete Form 8949 (Required if Capital Asset Sales)
If you sold stocks, bonds, real property, or other capital assets in 2011, complete Form 8949 before Schedule D. List the sales price, basis, and date acquired for each transaction. Form 8949 totals are transferred to Schedule D; the Schedule D summary is entered on line 13 of Form 1040. If the basis is not reported to the IRS by the broker, enter the code in column (f) and the basis adjustment in column (g).
Step 5: Report Adjustments to Income and Calculate AGI (Lines 23–37)
Enter allowable adjustments on lines 23–35: educator expenses (line 23), health savings account deduction (line 25), self-employed SEP/SIMPLE contributions (line 28), self-employed health insurance deduction (line 29—NEW for 2011; no longer claimed on Schedule SE), student loan interest deduction (line 33, maximum $2,500), and tuition and fees deduction (line 34) or domestic production activities deduction (line 35) if applicable. Sum lines 23–35 on line 36; subtract from line 22 to obtain AGI on line 37.
Step 6: Claim Standard or Itemized Deduction (Line 40)
For 2011, standard deduction: single or married filing separately equals $5,800; married filing jointly or qualifying widow(er) equals $11,600; head of household equals $8,500. If age 65 or older or blind, add additional standard deduction per instructions. If itemizing, complete Schedule A and enter the total on line 40. Cannot itemize if claimed as a dependent on another’s return or if spouse itemizes (married filing separately).
Step 7: Calculate Taxable Income (Lines 38–43)
Subtract line 40 (standard or itemized deduction) from line 38 (AGI). Multiply $3,700 by total exemptions (line 6d) and enter on line 42. Subtract line 42 from the deduction-reduced AGI; enter the result on line 43. If line 42 exceeds reduced AGI, enter zero on line 43.
Step 8: Report Tax and Credits (Lines 44–55)
Calculate tax on line 44 using tax tables or instructions. Add alternative minimum tax from Form 6251 (line 45) if applicable; the AMT exemption for 2011 is $48,450 (single) and $74,450 (married filing jointly). Claim credits on lines 47–53: foreign tax credit (Form 1116), child and dependent care (Form 2441), education credits (Form 8863), child tax credit, residential energy credits (Form 5695), and retirement savings credit (Form 8880). Sum credits on line 54; subtract from line 46 the tax total on line 55.
Step 9: Report Foreign Financial Assets and Other Special Items (Lines 56–61)
If you held specified foreign financial assets with an aggregate value exceeding the reporting thresholds on the last day of the 2011 tax year or at any time during 2011, file Form 8938 with your return. For married taxpayers filing jointly living in the US: $100,000 (year-end) or $150,000 (any time during the year). For single filers and married filing separately residing in the US: $50,000 (year-end) or $75,000 (any time during the year). Higher thresholds apply to taxpayers living abroad. Report first-time homebuyer credit repayment on line 59b (Form 5405 is required if disposition occurs; otherwise, attachment is not required if making a regular installment). Include self-employment tax (Schedule SE, line 2 or line 3), household employment taxes (Schedule H, line 8), and any other additional taxes.
Step 10: Report Payments, Determine Refund or Amount Owed, and File
Enter federal income tax withheld from Forms W-2 and 1099 on line 62. Enter 2011 estimated tax payments on line 63. Claim earned income credit (line 64a), additional child tax credit, and American opportunity credit. Sum all payments and credits on line 72. Subtract line 61 (total tax) from line 72; if positive, enter the refund amount on line 73 (or apply to 2012 estimated tax on line 75). If negative, enter the amount owed on line 76. Sign and date the return (both spouses must sign if married filing jointly). Consult Form 1040 instructions for the IRS's " Where to File' page to confirm the 2011 mailing address for your state and situation.
Form 1040 (2011) Line Changes and Redesigns
Line 29: Self-Employed Health Insurance Deduction (Updated)
- Prior: Deductible only on Schedule SE as an adjustment for self-employment tax calculation.
- Current (2011): Deduction now claimed on Form 1040, line 29, as an adjustment to gross income; no longer reduces Schedule SE income for self-employment tax computation.
Line 59b: First-Time Homebuyer Credit Repayment (Added)
- Prior: Not applicable.
- Current (2011): New line 59b added for first-time homebuyer credit repayment installments. Taxpayers who received credit for a qualifying 2008 home purchase must repay the credit in 15 equal annual installments; line 59b captures the yearly repayment obligation, beginning with the 2010 tax year.
Form 1040 (2011) Form-Specific Limitations
Nonresident alien taxpayers cannot file Form 1040; instead, they must use Form 1040NR, unless they are married to a U.S. citizen or resident alien and elect to file a joint return. Taxpayers required to file Form 8938 (foreign financial assets) cannot use Form 1040A and must file Form 1040. The standard deduction is unavailable to nonresident and dual-status aliens unless specific treaty or election provisions apply, as per Publication 519.
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This checklist is for educational purposes only and does not constitute tax or legal advice. Always review official IRS instructions and consult a qualified professional for guidance.
