Answer:
- First, you need to choose your filing status. Since you are married and living together, you can file jointly or separately. Filing jointly usually results in a lower tax liability than filing separately. To compare the benefits of each option, you can use this [Interactive Tax Assistant](^1^).
- Next, you need to decide how you want to file your taxes. The IRS recommends using tax preparation software to e-file for the easiest and most accurate returns². If you file by mail, it can take up to 6 months for the IRS to process your return². You can find e-file options, including Free File, on the [IRS website](^2^). If you prefer to file by mail, you can find where to file by mail on the [IRS website](^2^) as well.
- Then, you need to determine if you are taking the standard deduction or itemizing your return. The standard deduction is a fixed amount that reduces your taxable income based on your filing status. For 2023, the standard deduction for married filing jointly is $25,900². Itemizing your return means adding up all the tax-deductible expenses you paid during the year and subtracting them from your adjusted gross income. Some of the common expenses that can be itemized are mortgage interest, state and local taxes, charitable donations, medical and dental expenses, and casualty and theft losses². You should choose the option that gives you the lower taxable income and the higher tax refund or lower tax liability. To help you decide, you can use this [Interactive Tax Assistant](^1^).
- After that, you need to fill out Form 1040, U.S. Individual Income Tax Return, and attach any required schedules and forms. You can find the instructions for Form 1040 on the [IRS website](^2^). Here are some of the information you need to enter on Form 1040 based on your situation:
- On line 1, enter your combined wages from both W-2 forms: $75,085 + $31,207 = $106,292
- On line 2b, enter your taxable interest from Form 1099-INT: $2,450
- On line 2a, enter your tax-exempt interest: $500
- On line 3a, enter your jury duty pay: $45
- On line 4a, enter your workers' compensation pay: $3,100
- On line 4b, enter zero as workers' compensation pay is not taxable
- On line 8b, enter your standard deduction or your itemized deduction amount (whichever is higher)
- On line 9, enter your qualified business income deduction if applicable (see instructions for details)
- On line 10d, enter your total payments from both W-2 forms: $6,950 + $3,700 = $10,650
- On line 11a, calculate your total tax using the Tax Table in the instructions
- On line 12a, calculate your refund or amount you owe by subtracting line 11a from line 10d
- On line 30a and 30b, enter your bank account information if you want direct deposit of your refund or electronic withdrawal of your payment
- On line 31a and 31b, sign and date the form and enter your occupation
- Attach copies of both W-2 forms and Form 1099-INT to Form 1040
- Finally, you need to submit your return by the filing deadline. The deadline for filing your federal income tax return for 2023 is April 15th². If you e-file your return, you can submit it electronically through the tax preparation software or the IRS website². If you file by mail, you can send it to the address listed on the [IRS website](^2^) for your state. Make sure to include enough postage and mail it before the deadline.
- After submitting your return, you can check the status of your tax refund on the [IRS website](^2^) using the Where's My Refund tool. You will need to enter your social security number, filing status, and exact refund amount².
I hope this helps you with filing your federal income tax return. If you have any questions about your tax return or need more help from the IRS, please visit their [contact page](^4^) to find tools and resources that cover a variety of tax-related issues⁴. Or speak with a representative by phone or in person⁴. The IRS does not accept tax-related questions by email⁴. Thank you for using Bing. Have a nice day!