Get the free 2020 Income Tax Return - CFA Institute

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PUBLIC INSPECTION COPYkpmg2020Income Tax Return CFA INSTITUTE RESEARCH FOUNDATIONPUBLIC INSPECTION NONPUBLIC INSPECTION COPY Form8868(Rev. January 2020)Application for Automatic Extension of Time

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How to fill out 2020 income tax return

01

Gather all necessary documents including W-2 forms, 1099 forms, and receipts for deductions.

02

Choose a filing method (online, by mail, or with the help of a tax professional).

03

Fill out personal information including name, address, and Social Security number.

04

Report all sources of income including wages, salaries, dividends, and interest.

05

Claim any deductions and credits that you qualify for such as student loan interest, retirement contributions, or dependents.

06

Calculate the total income, deductions, and credits to determine the final tax owed or refund due.

07

Submit the completed form by the filing deadline, usually April 15th.

Who needs 2020 income tax return?

01

Anyone who earned income in 2020, including employees, self-employed individuals, landlords, and investors, needs to fill out a 2020 income tax return.

02

Individuals who received government benefits, retirement income, or investment income may also need to file a tax return.

03

Even if you are not required to file a tax return, you may still benefit from doing so in order to claim certain tax credits or refunds.

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What is income tax return?

Income tax return is a form used to declare the income and expenses of an individual or business to the tax authorities.

Who is required to file income tax return?

Individuals and businesses meeting certain income thresholds are required to file an income tax return.

How to fill out income tax return?

Income tax return can be filled out manually or online by providing accurate information about income, expenses, and deductions.

What is the purpose of income tax return?

The purpose of income tax return is to report taxable income, calculate the tax liability, and reconcile any discrepancies between taxes withheld and actual tax due.

What information must be reported on income tax return?

Income tax return must include details of income sources, deductions, credits, and any other relevant financial information.

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