U.S. Individual Income Tax Return 2014 Checklist
Form 1040 for tax year 2014 requires all U.S. resident citizens and resident aliens to report
income and reconcile their health insurance coverage under the Affordable Care Act. The shared responsibility payment applied to tax years 2014 through 2018 for individuals without qualifying health coverage.
Nonresidents and dual-status aliens must file Form 1040NR or Form 1040NR-EZ and cannot claim certain tax credits available to residents. The Internal Revenue Service reduced the shared responsibility payment to zero beginning with tax year 2019 through the Tax Cuts and
Jobs Act.
Health Insurance Coverage Requirements
The 2014 tax year marked the first year taxpayers reported individual health insurance coverage through the shared responsibility payment mechanism. All filers must indicate coverage status on their federal tax return and calculate any payment owed for months without qualifying coverage.
Taxpayers determined their health coverage status for 2014 using personal records rather than
Forms 1095-B or 1095-C. These forms were not required to be filed or furnished to individuals for the 2014 coverage year.
The first required filing of Forms 1095-B and 1095-C occurred in 2016 for the 2015 coverage year. You should verify coverage through insurance company statements, enrollment records from health insurance exchanges, or documentation from employer-sponsored plans.
Document Collection and Preparation
Gather all income documents before beginning tax preparation. You need Form W-2 for wages, salaries, and tips from each employer. Collect Form 1099-INT for interest income, Form
1099-DIV for ordinary dividends, and Form 1099-R for pension and annuity distributions.
Self-employed individuals require Schedule C for business profit or loss and Schedule SE for self-employment tax calculations.
Additional documentation includes Form 1099-G for state tax refunds and unemployment compensation. Investment sales require Form 1099-B or broker statements to complete
Schedule D for capital gains reporting. Form 1099-MISC reports miscellaneous income,
including rent payments and non-employee compensation. Mortgage interest appears on Form
1098, while student loan interest is documented on Form 1098-E.
Filing Status and Exemptions
Line 1 of Form 1040 requires one of five filing status selections. Options include Single, Married
Filing Jointly, Married Filing Separately, Head of Household, or Qualifying Widow(er) with
Dependent Child.
Report exemptions for yourself, your spouse, and dependents on Line 6. Each exemption reduces taxable income by $3,950 for 2014, though this amount phases out at higher income levels. Personal exemption amounts begin phasing out at $152,525 for married filing separately,
$254,200 for single filers, $279,650 for head of household, and $305,050 for married filing jointly or qualifying widow(er).
Income Reporting Requirements
Form 1040 requires comprehensive income reporting from all sources
- Report wages, salaries, and tips on Line 7 from all W-2 forms received during the tax
year.
- Enter taxable interest on Line 8a and attach Schedule B if the total interest exceeds
reporting thresholds.
- Report ordinary dividends on Line 9a and qualified dividends on Line 9b using Schedule
B when required.
- Include capital gains or losses on Line 13 after completing Schedule D if required for
your situation.
- Report business income or loss from Schedule C and rental income from Schedule E on
designated lines.
Other income not reported elsewhere appears directly on Form 1040, Line 21. This catch-all line includes prizes, awards, gambling winnings, jury duty pay, and taxable portions of scholarship income.
Deductions and Adjusted Gross Income
Line 40 reports either your standard deduction or itemized deductions from Schedule A.
Standard deduction amounts for 2014 are $6,200 for single or married filing separately, $12,400 for married filing jointly or qualifying widow(er), and $9,100 for head of household. Choose itemized deductions when the total exceeds your standard deduction amount. Complete
Schedule A to claim itemized deductions for mortgage interest, state and local taxes, charitable contributions, and unreimbursed medical expenses exceeding threshold amounts.
Calculate adjusted gross income after subtracting allowable adjustments from total income.
Adjustments include educator expenses on Line 23, IRA deduction on Line 32, student loan interest deduction on Line 33, and tuition and fees from Form 8917 on Line 34.
Tax Credits and Payments
Claim eligible tax credits to reduce your total tax liability. Child Tax Credit appears on Line 52 after completing Schedule 8812 if required by instructions. Education credits require Form 8863 and appear on Line 50 of your return. Earned Income Tax Credit requires Schedule EIC when claiming qualifying children and significantly reduces tax owed for lower-income working families.
Report federal income tax withheld from Forms W-2 and 1099 on Line 64. Enter estimated tax payments made during 2014 on Line 65. The additional child tax credit from Schedule 8812 appears on Line 67. The American opportunity credit from Form 8863 is reported on Line 68.
Health Care Reconciliation Process
Line 61 requires all filers to address health insurance coverage for the 2014 tax year. Check the full-year coverage box if you, your spouse when filing jointly, and all dependents maintained qualifying coverage for every month.
Claim coverage exemptions for specific months by completing IRS Form 8965 and attaching it to your return. Calculate shared responsibility payment using Form 8965 when household members lacked coverage for one or more months without qualifying exemptions.
Premium assistance tax credits require reconciliation when advance payments were made to health insurers through health insurance exchanges. Form 8962 calculates the actual premium
tax credit you qualify for based on your household income and compares it with the advance payments you received.
Filing Procedures and Deadlines
Sign and date Form 1040 on Line 64 and provide your daytime telephone number for IRS contact purposes. Attach all required schedules and supporting documents in the order specified in the instructions.
File Form 1040 by April 15, 2015, or request an automatic six-month extension using Form
4868. Extensions provide additional time to file, but do not extend the payment deadline for taxes owed. IRS Free File offers free electronic filing options for taxpayers who meet income requirements. Direct deposit accelerates refund processing and provides faster access to overpayment amounts.
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