3.4
Filing Your Taxes

3.4 Lesson Plan

DISCUSSION:
Discuss these questions with your classmates or with a partner.

1. Have you ever had to file a tax return before?
  - If yes, what was the experience like for you?
  - If no, what would you be most worried about if you were filing for the first time?

1 5 mins

In this activity, students will be able to:

Discuss the experiences we have had with paying taxes.

REFERENCE:

Tax Preparation Checklist for Teens

You’re ready to file your tax return...but, what exactly do you need before you file? Review this handy checklist of items you will need to fill out the 1040 form. Then, answer the questions.

1. Write down any items that are unfamiliar to you from the checklist below.
2. Brainstorm 1-2 ways you can find out more about the items you identified in your response above.

2 10 mins

In this activity, students will be able to:

Identify what they need to file their tax returns

REFERENCE:
Tax Deductions vs. Credits

REFERENCE:
Standard Deductions vs. Itemized Deductions

You have all your paperwork and are ready to fill out the 1040. Not so fast! You also have to figure out if you qualify for any tax credits or tax deductions, which can lower your overall tax bill! Read the information from this article segment and reference slide to learn more about tax credits and deductions. Then, answer the questions.

1. In your own words, explain how tax deductions differ from tax credits.
2. Would you rather want to take a tax deduction or a tax credit? Why?
3. Why might someone want to itemize their deductions if it requires more work than simply claiming the standard deduction?

Reference: Tax Deductions vs. Credits

Reference: Standard Deductions vs. Itemized Deductions

3 10 mins

In this activity, students will be able to: