Jan 25th 2011
By David H. Ringstrom, CPA
Glenn Reeves of Burlington, Kansas, has created a free Microsoft Excel-based version of the 2010 U.S. Individual Tax Return, commonly known as Form 1040.
The spreadsheet includes both pages of Form 1040, as well as these supplemental schedules:
- Schedule A – Itemized Deductions
- Schedule B – Ordinary Interest and Ordinary Dividends
- Schedule C – Profit or Loss from Business
- Schedule D – Capital Gains and Losses, along with its worksheet
- Schedule L – Standard Deduction for Certain Filers
- Schedule M – Making Work Pay Credit
- Schedule SE – Self-Employment Tax
- Form 6251 – Alternative Minimum Tax – Individuals
The spreadsheet also includes several worksheets:
- Line 10 – State and Local Tax Refund Worksheet
- Lines 16a and 16b – Simplified Method Worksheet taxable annuities and pension benefits
- Lines 20a and 20b – Social Security Benefits Worksheet
- Line 32 – IRA Deduction Worksheet
- Line 42 – Deductions for Exemptions Worksheet
- Line 44 – Qualified Dividends and Capital Gain Tax Worksheet
- Line 51 – Child Tax Credit Worksheet
Five additional worksheets round out the tool:
- W-2 input forms that support up to four employers for each spouse
- 1099-R Retirement input forms for up to four payers for each spouse
- SSA-1099 input form to record Social Security Benefits
- A tax table
- Change log that records revisions to the spreadsheet
As of this writing, Reeves is putting the finishing touches on the 2010 versions of Schedules D (Capital Gains and Losses), E (Supplemental Income and Loss), and Form 2441 (Childcare and Dependant Expenses). The schedules will be available for free download in a separate workbook.
All of the worksheets in the 1040 workbook are password-protected, and most of the underlying formulas are hidden, but you’re free to add new worksheets to the file, or create links to other workbooks. As you can see in Figure 1, the form mirrors the official IRS format. The protection also means you can’t add comments to cells within the forms, or make notes out to the right. The spreadsheet also includes some basic error-checking features, as shown in Figure 2.
Figure 1: Glenn Reeves has updated his Excel-based version of IRS Form 1040 for the 2010 tax year
Figure 2:The spreadsheet contains basic error-checking prompts.
Reeves clearly states that the spreadsheet is available for free, but he does accept appreciation contributions. As you might expect for someone so intimately familiar with U.S. tax law, Reeves will report all contributions as income, but will also donate 10 percent of any proceeds to his church.
This free spreadsheet enables just about anyone to use Microsoft Excel to prepare and print his or her entire 1040 return. Along with the actual forms, the spreadsheet includes some IRS documentation, as well as links to download official IRS forms and instructions. Excel-based versions of Form 1040 are available for all years from 1996 through 2010.
The spreadsheet is available at www.excel1040.com.
About the author:
David H. Ringstrom, CPA heads up Accounting Advisors, Inc., an Atlanta-based software and database consulting firm providing training and consulting services nationwide. Contact David at [email protected] or follow him on Twitter. David speaks at conferences about Microsoft Excel, and presents webcasts for several CPE providers, including AccountingWEB partner CPE Link.
Please contact Glenn Reeves through his Web site with any questions regarding the Excel 1040 spreadsheet.