Filing Federal Income Tax Financial Literacy Lesson - Using W-2s and Form 1040!

These personal finance income tax lessons will give your students practice understanding W2s, choosing between itemized and standard deductions, reading tax tables, and completing Form 1040! All lessons are easy to prep and include everything you need to confidently teach about federal income taxes.

Students are often intimidated by the thought of having to file taxes as an adult, and are appreciative to learn this skill!

**Updated in January 2024 with 2023 Tax Forms! Updates are made each year and are included with your purchase. **

Google Slides, guided notes, practice worksheets, and keys are included with each lesson! The Google Slides will aid you in walking through the tax forms line by line with students! An optional scavenger hunt is also included for extra practice and review. Worksheets and handouts needed for all four lessons are included in one easy-to-print PDF.

This 4-7 class period unit includes:

Lesson 1: Understanding The Form W-2 - 1 Class Period - Students will learn what information is provided on a W-2, then complete a 10-question worksheet to check their understanding. (This lesson is also available separately in my store if you don't have time for the full unit.)

Lesson 2: Itemizing vs. the Standard Deduction - 1 Class Period - Students will learn about the two types of deductions and use a Schedule A Tax Form to determine whether a person should itemize or take the standard deduction. One Schedule A will be done together as a class, and a second one will be done independently for practice.

Lesson 3: Reading Tax Tables - 1 Class Period - Students will learn how to read a tax table and then use the current tax tables to answer questions on a practice worksheet.

Lesson 4: Completing Form 1040 - 1-3 Class Periods - Students will put all of their knowledge from the previous three lessons together to complete a Form 1040. W-2s, other income information, and possible deductions are provided for four different taxpayers (2 single and 2 married filing jointly). In order to complete each taxpayer's 1040, students will need to read their W-2s, determine whether to itemize or take the standard deduction using a Schedule A, and calculate their tax using a tax table. They will complete Form 1040 and decide whether each taxpayer owes more taxes or should receive a refund. This will take 1-2 days, plus one taxpayer's information can be used as an assessment on a third day.

Optional Review Activity: 1 Class Period - A Federal Income Taxes Scavenger Hunt is also included for students to practice and review their skills! Includes 15 questions that can be hung in your classroom for students to rotate between questions. A more detailed preview of this activity can be found here. The paper version of this scavenger hunt is included with this unit, but I also have a digital version available on Google Forms sold separately here.

**A Google Account is required to download this unit and access the Google Slides. The Google Slides are not editable.**

Other products that might interest you:

Essential Personal Financial Literacy Skills for High School Students - BUNDLE!

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Understanding Your Pay Stub Bundle - Paycheck Lesson, Practice, & Scavenger Hunt

Credit Card Lessons and Activities Financial Literacy Bundle

The information provided in this resource does not, and is not intended to, constitute tax or financial advice; instead, all information, content, and materials available are for general informational purposes only.  Information in this resource may not constitute the most up-to-date tax or other information.  This resource may contain information regarding third parties.  Such information is only for the convenience of the reader.  CKMath does not recommend or endorse any third party, and CKMath is not affiliated with, nor sponsored by, the United States Internal Revenue Services.