Personal Finance Courses: Taxes

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1.
What is the standard U.S. individual tax return called?
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The 1040. IRS Form 1040 is the standard form.
2.
What kind of retirement planning contributions can help you save money on filing your taxes currently?
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A traditional IRA. Contributions to a traditional IRA can help you save money on filing your taxes currently. Roth 401(k)s cannot, and health savings accounts are not retirement plans.
3.
The various income tax filing statuses include _______.
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All of the above. There are several statuses that determine your rate.
4.
Which saves you more money -- the standard deduction or itemized deductions?
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It depends. For most people, the standard deduction saves more money. But for others, itemized deductions save more. When you do your taxes, you will find out which is better for you.
5.
All other factors being equal, waiting until which age would let you receive the most Social Security benefits?
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70. The longer you wait, up until age 70, the more you will receive in Social Security benefits.