2015 Form 1040 Tax Year Checklist
Uniqueness Summary
The 2015 Form 1040 reflects the full implementation of the Affordable Care Act's individual shared responsibility provisions, with significantly increased penalty amounts for taxpayers lacking qualifying health insurance coverage. Personal exemption and itemized deduction phase-outs returned for high-income taxpayers, unlike prior post-recession years.
The domestic production activities deduction reached its maximum rate of 9%, and the premium tax credit reconciliation became mandatory for marketplace insurance recipients. Standard deductions and personal exemptions increased through inflation adjustments.
Year-Specific Programs Applying To Form 1040 (2015)
Taxpayers without minimum essential health coverage for any month in 2015 faced a shared responsibility payment calculated as the greater of $325 per adult ($162.50 per child, capped at $975 per family) or 2% of household income above the filing threshold.
Individuals receiving advance premium tax credits through the Health Insurance Marketplace were required to reconcile payments using Form 8962 and Form 1095-A.
The domestic production activities deduction provided manufacturers and producers a 9% deduction on qualified production activities income. Enhanced education credits, including the American Opportunity Credit and Lifetime Learning Credit, remained available for eligible students and families.
Ten-Step Checklist For Form 1040 (2015)
Step 1: Determine Filing Status and Verify Age
Confirm filing status (single, married filing jointly, married filing separately, head of household, or qualifying widow[er] with dependent child). For age-related standard deduction increases, verify whether you or your spouse was born before January 2, 1951, making you age 65 or older at the end of 2015.
Step 2: Gather Income Documentation
Collect all Forms W-2 (wages, salaries, tips), Forms 1099-INT (taxable interest), Forms 1099-DIV (ordinary and qualified dividends), Forms 1099-B (capital gains/losses), Forms 1099-MISC (miscellaneous income), Forms 1099-R (IRA and pension distributions), Forms 1099-G (unemployment compensation and state tax refunds), and Forms K-1 if you own partnership or S corporation interests. Obtain Form 1095-A if you purchased health insurance through the Health Insurance Marketplace.
Step 3: Report Total Income (Lines 7–21)
Enter wages on line 7 (attach W-2s), taxable interest on line 8a, tax-exempt interest on line 8b, ordinary dividends on line 9a, qualified dividends on line 9b, capital gains/losses on line 13 (attach Schedule D if required), business income/loss on line 12 (attach Schedule C), IRA distributions on lines 15a and 15b (taxable portion), pension/annuity distributions on lines 16a and 16b (taxable portion), rental and pass-through entity income on line 17 (attach Schedule E), unemployment compensation on line 19, and taxable social security benefits on line 20b. Combine all income sources on line 22 to calculate the total income.
Step 4: Claim Above-the-Line Deductions (Lines 23–37)
Deduct educator expenses up to $250 (line 23), health savings account contributions (line 25), moving expenses for qualified moves (line 26), one-half of self-employment tax (line 27), self-employed retirement plan contributions (line 28), self-employed health insurance premiums (line 29), penalty on early withdrawal of savings (line 30), alimony paid (line 31a with recipient's SSN on 31b), deductible IRA contributions (line 32), student loan interest up to the annual limit (line 33), tuition and fees deduction (line 34), and domestic production activities deduction at 9% (line 35). Add up all the changes on line 36 and find the adjusted gross income on line 37.
Step 5: Choose Standard or Itemized Deduction (Line 40)
For 2015, standard deduction amounts vary by filing status: single ($6,300), married filing jointly ($12,600), married filing separately ($6,300), head of household ($9,250), or qualifying widow[er] ($12,600). If age 65 or older or blind, add $1,550 for single or head of household filers, or $1,250 per qualifying spouse for married filing jointly, married filing separately, or qualifying widow[er] filers. If itemizing, complete Schedule A and enter the total on line 40; otherwise, enter the applicable standard deduction amount.
Step 6: Calculate Taxable Income and Exemptions (Lines 38–43)
Enter adjusted gross income from line 37 on line 38. Subtract deductions (line 40) from adjusted gross income to get line 41. For line 42, if AGI is $154,950 or less for married filing separately ($309,900 for married filing jointly, $258,250 for single, $284,050 for head of household), multiply $4,000 by the total number of exemptions (line 6d). If AGI exceeds these thresholds, complete the exemption phaseout worksheet to determine the reduced exemption amount. Subtract exemptions (line 42) from line 41 to calculate taxable income on line 43.
Step 7: Calculate Tax Liability and Alternative Minimum Tax (Lines 44–47)
Use the 2010 Tax Table or Tax Computation Worksheet to determine the tax on line 44. If you have qualified dividends or capital gains, complete the Qualified Dividends and Capital Gains Tax Worksheet for potentially lower rates. Report alternative minimum tax from Form 6251 on line 45 if applicable (AMT exemptions: $53,600 for single, $83,400 for married filing jointly, $41,700 for married filing separately). Report excess advance premium tax credit repayment from Form8962 on line 46. Add lines 44, 45, and 46 to get the total tax before credits on line 47.
Step 8: Claim Tax Credits (Lines 48–55)
Claim available credits: foreign tax credit (line 48), credit for child and dependent care expenses from Form 2441 (line 49), education credits from Form 8863 including the American Opportunity Credit and Lifetime Learning Credit (line 50), retirement savings contributions credit from Form 8880 (line 51), child tax credit of $1,000 per qualifying child under age 17 with a valid SSN (line 52), residential energy credits from Form 5695 (line 53), and other credits (line 54). Total all credits on line 55 and subtract from line 47 to get line 56.
Step 9: Report Health Care Individual Responsibility and Other Taxes (Lines 57–62)
Report self-employment tax from Schedule SE (line 57); additional tax on IRAs and retirement plans from Form 5329 (line 59); household employment taxes from Schedule H if you paid household employees $1,900 or more (line 60a); first-time homebuyer credit repayment from Form 5405 if applicable (line 60b); health care individual responsibility payment (line 61), calculated as the greater of $325 per adult/$162.50 per
child (maximum $975 per family) or 2% of household income above the filing threshold; and other taxes, including Additional Medicare Tax (0.9%) from Form 8959 and Net Investment Income Tax (3.8%) from Form 8960 (line 62). Add lines 56 through 62 to calculate the total tax on line 63.
Step 10: Report Payments, Calculate Refund or Amount Owed, and File (Lines 64–79)
Enter federal income tax withheld from W-2s and 1099s (line 64), estimated tax payments made for 2015 including any 2014 overpayment applied (line 65), earned
income credit from EIC Worksheet if eligible with Schedule EIC attached for qualifying children (line 66a), additional child tax credit from Schedule 8812 (line 67), American
opportunity credit refundable portion from Form 8863 (line 68), net premium tax credit from Form 8962 if actual credit exceeds advance payments (line 69), and other refundable credits (lines 70-73). Total all payments and credits on line 74.
If line 74 exceeds line 63, calculate the refund amount on line 75 and indicate direct deposit preferences (lines 76a-76d) or the amount to apply to the 2016 estimated tax
(line 77). If line 63 exceeds line 74, calculate the amount owed on line 78 and the estimated tax penalty from Form 2210 if applicable (line 79).
Both spouses must sign and date a joint return. Attach all W-2s, W-2Gs, and 1099-Rs with withholding to the front of Form 1040. Attach Form 1095-A and Form 8962 if reconciling premium tax credits. File by April 18, 2016 (extended deadline due to Emancipation Day holiday). Nonresident aliens must file Form 1040NR instead.
Form Changes For 2015
Health Care Individual Responsibility Payment Increase
- Prior Year: The penalty for lack of health insurance was $95 per adult or 1% of household income.
- Current Year (2015): Penalty increased to $325 per adult ($162.50 per child, maximum $975 per family) or 2% of household income, whichever is greater.
- Change Type: Updated (significant increase)
Personal Exemption and Phase-Out Restoration
- Prior Year: Personal exemption was $3,950 (2014) with phase-out thresholds at lower AGI levels.
- Current Year (2015): Personal exemption increased to $4,000 with phase-out beginning at $154,950 (married filing separately), $258,250 (single), $284,050 (head of household), and $309,900 (married filing jointly).
- Change Type: Inflation-adjusted increase
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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.
