Learn the Top Reasons You Should Be Using IRS Form 1040
IRS Form 1040 for your personal tax return!
Who needs a 1040?
You should use the IRS 1040 form if you..
1. Made $100,000 or more this year.
2. You have unreported tips, dividends on insurance policies, self-employment earnings; or you received income as a beneficiary of an estate or trust.
3. You plan to itemize tax deductions
4. You owe household employment taxes
If these do not apply to you, an easier form such as the 1040A or 1040EZ may be appropriate.
What is a 1040 for?
The IRS form 1040 is for filing individual federal income tax. When the 1040 is received by the IRS, they will determine if you are eligible for a tax refund or if you owe any taxes to the government.
Is 1040 accompanied by other forms?
There are many forms that commonly accompany the IRS form 1040. These include…
1. Form 2441 – Child and Dependent Care Expenses
2. Form 8863 – Education Credits (American Opportunity and Lifetime Learning Credits)
3. Form 8888 – Allocation of Refund (Including Savings Bond Purchases)
4. Form 8949 – Sales and Other Dispositions of Capital Assets
You may also need to fill out something called a “schedule”. This is just a fancy term for an additional form to claim things such as itemized deductions, interest, earned income, and child tax credits.
When is 1040 due?
The IRS form 1040 is due by April 15 of every tax year.
How do I fill out 1040?
The IRS form 1040 can be filled out and filed in many different ways. You can use a tax service, a private accountant, or even fill it out online and send it in yourself using PDFfiller. For more information on how to fill in IRS Form 1040, check out the following video:
Where do I send 1040?
Where you send your physical 1040 form depends entirely on your state, and whether or not you are sending a payment with your form. You can use the helpful chart here to determine where to send your form if you decide to file it yourself.