What is a form 1040?
Form 1040 (from 2017 to 2021) is an official tax document used by individuals to file tax returns with the IRS in the USA that should be submitted by the annual tax filing deadline each year, usually on April 15th.
1040 Form
Form 1040 is an official tax document used by individuals to file tax returns with the IRS in the United States.
1040 forms by type
Get your 1040 forms’ versions from 2017 to 2022
Instructions for use
Form 1040 is a lengthy document, consisting of nearly 100 lines that must be completed prior to submission. On the first page of the Form 1040 (x, you’ll fill out information about yourself, your dependents, and your income. On the second page, you’ll fill out information related to the tax deductions and credits that you qualify for.
Keep in mind that there are several versions of the Form 1040, including:
- 1040A
- 1040EZ
- 1040X
- 1040-V
It’s important to understand which forms you need to file so that the IRS is able to complete your tax return accurately. In general, you’ll use the standard Form 1040 if you are making itemized deductions, make more than $100,000 per year, or are claiming dependents on your tax return.
Submitting
You can file your Form 1040 in one of two ways:
Electronic filing of form 1040
U.S. residents can file Form 1040 electronically using one of three approved methods:
- File for free using the IRS’ Free File tool
- Through approved tax filing software
- Hire an individual to file the return who has been granted permission to e-file others’ returns by the IRS.
To use the IRS’ Free File Tool, residents must have less than $62,000 in annual income, and must meet additional requirements for deductions and income sources.
Paper filing form 1040
The IRS still accepts physical copies of Form 1040 for tax returns. Residents may complete the form with a pen or computer, and mail them to the location listed for their state of residence. To find the appropriate mailing address, visit the IRS Website.
Helpful information
Be sure to complete your Form 1040 accurately. The IRS conducts random audits of tax returns, and inaccurate tax filings can lead to penalties and liens on your property. If you are not sure which version of the Form 1040 to use, contact a licensed tax preparation specialist.
FAQ
Why do you need the form 1040?
The IRS requires that U.S. residents file a tax return every year. Doing so allows the IRS to ensure that you’ve paid the correct amount of taxes on your income throughout the year.
In many cases, individuals pay more than they owe through payroll deductions, and as a result receive a refund after filing their Form 1040 with the IRS.
Is Form 1040 the same as a W-2?
No, form 1040 is not the same as W-2. Form 1040 is filed by individuals so that the IRS can determine whether they are eligible for tax refunds. Form W-2 is filed by companies for their employees if said employees receive 600 dollars per year or more. It hepls IRS decide how much money should be taken out of a person’s paycheck.
Who must file 1040?
The 1040 form is intended for the US citizens and resident aliens. However, the specific requirements regarding whether to file it or not depend on many factors: marital status, receiving social security benefits, gross income, age, amount of tax paid, and many more. For specifics, check with the IRS or your tax lawyer.
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