You'll then use this information to calculate your tax liability for the year and find out if you owe any taxes or you'll receive a refund.
#Forms to go with 1040a plus
If you earn income over a certain threshold, you need to report that plus tax deductions and tax credits for that year. The purpose of Form 1040 is to declare annual income tax returns. "There are fewer boxes to fill in on Form 1040 than there were before because many lines from the old form have been moved onto additional schedules." But starting with the 2018 tax year, these forms have been eliminated in favor of a shorter Form 1040," says Brandon Berquist, tax planning specialist at Personal Capital. "In the past, you could choose to file Form 1040A or Form 1040EZ instead of Form 1040 if your taxes were relatively simple. Based on the type of income you report, you may also want to attach extra forms referred to as Schedules.
Formerly known as the US Individual Income Tax Return, Form 1040 has sections requiring taxpayers to report their annual taxable income and deductions to determine whether taxes are owed, or the filer will get a tax refund. What is Form 1040?įorm 1040 is the IRS form that US taxpayers use to file their annual income tax returns.
Here's a guide to Form 1040, how it works, and the different types of 1040s to know about. Form 1040 is one of the tax forms that US taxpayers use to report their individual income tax returns with the Internal Revenue Service each year.Īlthough there's been some changes made to Form 1040 to make the filing process easier, some still find it complicated. Tax season can be a stressful time for many people, especially with the various tax forms that you'll have to remember to file.
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