Economics Question
Instructions
(W)
(Z)
Tax Filing Quest: Student Instructions
Objective
Your quest is to practice completing a U.S. federal income tax return (Form 1040) using the personas and mock financial documents provided. This exercise will help you:
– Learn how to input wages, interest, dividends, and other income.
– Understand the difference between deductions and credits.
– Explore free software options for filing taxes.
Steps to Complete the Assignment
- Choose Your Persona
– Persona 1: Jordan Lee (single, renter, teacher, modest side income).
– Persona 2: Maya Patel (single, homeowner, engineer, investments).
Review their narrative and mock documents (W-2s, 1099s, etc.).2. Access IRS Free File
– Go to: IRS Free File | Browse All Offers– Explore the free software programs available for completing federal taxes.
– Choose one program to use for this assignment. You do not want to actually submit a return, but you should work through the software as if you were filing.3. Complete the 1040 Return (do not submit to IRS)
– Using your chosen personas W-2 and 1099 forms, input the information line by line into the Free File software.
– Apply the standard deduction or itemize (if beneficial).
– Identify any credits the persona qualifies for.4. Answer Reflection Questions
In a short write-up, address the following:
– What was the personas filing status, income sources, and taxable income?
– Which strategies reduced taxable income?
– Which tax credit applied, and how did it compare to a deduction?
– How did you balance immediate spending vs. tax savings (e.g., retirement contributions)?
– What risk or mistake might this taxpayer encounter, and how could they avoid it?
Deliverables
– A completed draft 1040 for your assigned persona (download or screenshot from the software).
– DO NOT ACTUALLY SUBMIT THE RETURN
– A one-page reflection answering the questions above.
Tips for Success
– Double-check that all income sources are entered (W-2, interest, dividends, capital gains, side income).
– Pay attention to whether itemizing or taking the standard deduction is best.
– Remember: a tax deduction lowers taxable income, while a tax credit lowers the tax bill directly.
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