2015 Form 1040 Checklist: Individual Income Tax Return
Purpose
Form 1040 reports your total income, adjusted gross income, tax liability, and any overpayment or amount owed for the tax year 2015. The 2015 form includes the ACA individual shared responsibility requirement on line 61, first introduced in 2014, which requires taxpayers to report their full-year health coverage status or an applicable exemption under ACA compliance provisions.
Filing Steps
Step 1: Verify Social Security Numbers
Confirm the accuracy of your SSN and your spouse’s SSN if filing jointly. Check line 6c against all W-2 forms and 1099 documents to prevent processing delays. Mismatched SSNs can significantly slow your refund.
Step 2: Select Filing Status and Confirm Exemptions
Choose the correct filing status on lines 1-5. For 2015, the personal exemption amount is $4,000 per exemption claimed on line 42. Count yourself, your spouse if filing jointly, and qualifying dependents on line 6d.
Step 3: Apply Exemption Phase-Out Rules if Applicable
If your AGI exceeds certain thresholds, your exemptions may be reduced. The phase-out begins at $258,250 for single filers, $309,900 for married filing jointly or qualifying widow(er), $284,050 for head of household, and $154,950 for married filing separately. Complete the exemption phase-out worksheet in the 2015 instructions if these thresholds apply.
Step 4: Attach All Required Income Documents
Staple all W-2 forms to the front of your return. If you received unemployment compensation on line 19, report the full amount as taxable income. Unlike 2009, when up to $2,400 was excludable, all unemployment compensation is fully taxable for 2015.
Step 5: Report Business Income with Appropriate Schedules
If you have business income, attach Schedule C, C-EZ, or Schedule F as required. For net profit from self-employment, calculate the deductible portion of self-employment tax on line 27. Complete Schedule SE if your net earnings from self-employment are $400 or more.
Step 6: Calculate Adjusted Gross Income
Sum all income from lines 7-21, then subtract above-the-line deductions from lines 23-35. Enter your AGI on line 38. The 2015 form includes the deduction for student loan interest on line 33 with a maximum deduction of $2,500, subject to income phase-outs. The tuition and fees deduction on line 34 allows up to $4,000, also subject to phase-outs.
Step 7: Choose Standard Deduction or Itemize
The 2015 standard deduction amounts are as follows: Single, $6,300; Married Filing Jointly, $12,600; Head of Household, $9,250; Married Filing Separately, $6,300. If you were born before January 2, 1951, or are blind, check box 39a or 39b for an additional standard deduction. Itemize on Schedule A if your deductions exceed the standard amount.
Step 8: Calculate Exemptions and Taxable Income
Multiply the number of exemptions on line 6d by $4,000 and enter the result on line 42. If you qualify for the exemption phase-out based on Step 3, use the worksheet instead of simple multiplication. Subtract line 42 from line 41 to determine your taxable income on line 43.
Step 9: Address Health Coverage Requirements
On line 61, indicate whether you, your spouse, and all dependents had qualifying health coverage for all 12 months of 2015. If you lacked coverage without an exemption, attach Form 8965 to claim any coverage exemptions. If you owe the individual shared responsibility payment, calculate it using the instructions and enter it on line 61.
Step 10: Claim Tax Credits
Claim education credits on line 50 using Form 8863. Claim the child tax credit on line 52, attach Schedule 8812 if you qualify for the additional child tax credit. Claim residential energy credits on line 53 using Form 5695. Verify that you meet income limitations and eligibility requirements for each credit.
Step 11: Reconcile Premium Tax Credit if Applicable
If you or a family member enrolled in health insurance through the Health Insurance Marketplace and received advance premium tax credit payments, you must attach Form 8962 to reconcile these payments with your actual credit. The Marketplace will send you Form 1095-A showing payment amounts. This step is mandatory even if advance payments were made on your behalf.
Step 12: Calculate Total Tax and Compare to Payments
Add lines 44-46 to get line 47, your total income tax. Subtract credits from line 55 to reach line 56. Add other taxes from lines 57-62 to determine line 63, your total tax. Compare this to your total payments, including federal withholding from line 64, estimated tax payments from line 65, and earned income credit from line 66a.
Step 13: Determine Refund or Amount Owed
If your total payments exceed your total tax, you have a refund. Enter the overpayment on line 74a and indicate on lines 76a-76d how you want to receive it through direct deposit or applied to next year’s estimated tax. If you owe additional tax, subtract payments from the total tax and enter the amount on line 78. Payment is due by April 18, 2016.
Step 14: Review and Sign Your Return
Verify all entries for accuracy, including names, SSNs, and dollar amounts. Both spouses must sign if filing jointly. If using a paid preparer, ensure they also sign and include their PTIN. Attach all required schedules and forms in the correct order behind Form 1040.
Step 15: File by the Deadline
Submit Form 1040 by April 18, 2016. The due date is April 18 instead of April 15 due to the Emancipation Day holiday in the District of Columbia. Maine and Massachusetts residents have until April 19, 2016, due to Patriots’ Day. If you need more time, you can file Form 4868 by the due date to receive an automatic six-month extension for filing; however, any taxes owed are still due on April 18.
Important Reminders
Health Coverage Documentation: You may receive Form 1095-A, 1095-B, or 1095-C, which shows your health coverage for 2015. While beneficial for completing line 61, you do not need to wait for these forms to file your return if you know you had qualifying coverage all year.
Electronic Filing: E-filing is the fastest and most accurate way to file. If your AGI was $62,000 or less in 2015, you qualify for free e-file software through IRS Free File at www.irs.gov/freefile.
Extension vs. Payment Deadline: An extension to file is not an extension to pay. If you owe taxes, payment is due by April 18, 2016, even if you file Form 4868 for a filing extension—late payment results in interest and penalties.
Direct Deposit: Choose direct deposit for the fastest refund, typically within 21 days of e-filing. Verify your bank account and routing numbers carefully to avoid delays.
Special Considerations
Form 8965 Clarification: Use Form 8965 only to claim exemptions from the health coverage requirement. The individual shared responsibility payment itself is calculated using IRS worksheets or tools and reported on Form 1040, line 61, not on Form 8965.
Multiple Filing Status Thresholds: The checklist references multiple AGI thresholds for exemption phase-outs. Ensure you use the correct threshold for your specific filing status to calculate your exemptions accurately.
Missing Forms: If you have not received a W-2 by late January, contact your employer. If unavailable by the filing deadline, use Form 4852 to estimate wages and withholding.
Amended Returns: If you discover errors after filing, file Form 1040X to amend your return. You generally have three years from the original filing deadline to claim a refund.
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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.
