Form 1040 is the standard IRS form that individual taxpayers use to file their annual tax returns.
The form contains sections that require taxpayers to disclose their taxable income for the year to determine if additional tax is due or if the filer will receive a tax refund.
- Form 1040 is the one individual taxpayers use to file their taxes with the IRS.
- The form determines if additional taxes are due or if the filer will receive a tax refund or otherwise have tax to pay.
- Form 1040 asks for personal information, such as name, address, Social Security number, and number of dependents.
- The filer must also report wages, salaries, taxable interest, capital gains, pensions, Social Security benefits, and other types of income.
Understanding Form 1040
Form 1040 must be filed with the IRS by April 15 in most years. Everyone who earns income above a certain threshold must file a tax return with the IRS (businesses have different forms to report their profits).
The 1040 form asks taxpayers for information about their marital status, such as name, address, Social Security number (some spousal information may also be required), and number of dependents. The form also asks about year-round health coverage and whether the taxpayer wants to contribute $3 to presidential campaign funds.
