Simplest way to do taxes?

[Charcoales]

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Wanted to confirm this is simplest way to do USA taxes for 120k salary, single, no dependents, maxed 401k, hsa, roth ira, no outside investments, 100k student loan (15k paid towards it during year)

1. Find w-2 for this year
2. Fill out 1040A
3. Fill out 1098-e? (Student loan deduction right?) Then enter it into 1040A?
4. Fill out state-specific tax form
5. ???
6. Expect a 3k refund most likely?

 

[trailerpark]

I thought you could only deduct student loan interest (up to a measly 2,500) if you made less than 80K as single or 160 married?

 

[Sine Cura]

1040

8606 for your backdoor Roth

State return

 

[Charcoales]

I thought you could only deduct student loan interest (up to a measly 2,500) if you made less than 80K as single or 160 married?

Oh that's a good point probably won't be doing that then

 

[moose10]

Glad im a new grad and only made 50k so far! Nice student loan interest deduction

 

[pezdispenser]

If your taxable income (after 401k, HSA, health ins, deductions and personal exemption) is under $100k, yes you can use the 1040A, and it's free at TurboTax and TaxAct. Looks like you will pretty much just have to enter or import your W-2 and that's it.

Yes the student loan interest deduction phases out with MAGI (gross income) of 65k-80k.

Your refund depends on what you put on your W4. If you put 2 allowances like you're supposed to, you'll get close to a $0 refund. If you put 0 allowances, you'll get around a $2,280 refund.