Form 1040: the Best Way to Tell about your Income and Expenses
Form 1040: U.S. Individual Income Tax Return
Today we are going to talk about one of the major individual forms during the tax period: form 1040, Individual Income Tax Return. This form should be completed by all citizens and residents of the USA who received income during the tax year. First of all, this form reports your annual income, expenses, and credits to the IRS so that the IRS can determine the amount of Federal income tax to be paid. The form was revised in 2016, so taxpayers have to submit this version to the IRS in 2017. Form 1040 is considered one of the most complicated, and we’ll try to figure out the main peculiarities of its completion.
Who Needs Form 1040?
All US residents and citizens who received any kind of income must file form 1040 known as the U.S. Individual Income Tax Return. The form is considered to be a standard one, but has a number of variations, each designed for a particular group of taxpayers.
What is the 1040 for?
Form 1040 is an important document to be filed by all individuals to reveal their earnings for the year. This is done for three main reasons. First, it is important to find out how much tax should be withheld from the individual’s earnings. Secondly, it is done to check whether the person should be given a tax refund. Finally, form 1040 is filed to see whether a taxpayer owes money.
Is Form 1040 Accompanied by Other Forms?
Usually, the form is followed by a W-2 form that an individual should get from the employer. Also, there are forms W-2G and 1099-R that must accompany form 1040 if tax was withheld.
You’ll find more information in the instructions for the form.
When is form 1040 due?
Every individual must file form 1040 by April 18, 2017. The due date was changed in 2016 because of Emancipation Day.
How do I fill out form 1040?
In total, the form consists of 79 lines. In 2016 some of these fields have undergone changes. Thus, before filing in the form check:
- Delivery service details
- Electronic PIN information
- The amount of educator expenses
- Mileage rate
- Itemized deduction amount in section tax and credits
- Tax exemptions
- Other taxes
- Payments and refunds
Be attentive making calculations. Use the instructions provided with each form.
Where do I send the 1040?
Once your 1040 is completed, send it to IRS office.