The 1040 Tax Form

 

 

 

 

*Specializing in researching and preparing multiple prior year tax returns*

Form 1040 is the standard federal income tax form used to report an individual’s gross income (e.g., money, goods, property, and services). It is also known as “the long form” because it is more extensive than the shorter 1040A and 1040EZ. Also unlike the other forms, the 1040 allows taxpayers to claim numerous expenses and credits, itemize deductions, and adjust income. While the 1040 may take longer to complete, it benefits taxpayers by giving them more opportunities to lower their tax bills.

An individual must file Form 1040 if any of the following apply:

• • He or she has taxable income of $100,000 or more
• • He or she has self-employment income of $400 or more
• • He or she had income tax withheld from paychecks
• • He or she made estimated tax payments, or has overpayment that applies to the current tax year
• • He or she has itemized deductions (e.g., mortgage, interest, or charity)
• • He or she earns income from a business, S-corporation, partnership, trust, rental, or farm
• • He or she has sold property, stocks, bonds, or mutual funds
• • He or she is claiming income adjustments (for tuition, educator expenses, moving expenses, or health savings accounts)
• • He or she received an advance payment for Earned Income Credit (EIC) from an employer
• • He or she has a W-2 that shows uncollected tax (from tips or group term life insurance), or a W-2 that shows a code Z (income earned from a 409A non-qualified deferred compensation plan)
• • He or she owes excise tax on insider stock compensation (from an expatriated corporation)
• • He or she is a debtor in a Chapter 11 bankruptcy case (that was filed after October 16, 2005)
• • He or she earns foreign wages, paid foreign taxes, or is claiming tax treaty benefits
• • He or she owes any other special taxes (e.g., alternative minimum tax, household employment tax, recapture taxes, etc.)

There are many different ways to obtain a 1040. The fastest and most convenient option is to download the form on your computer. Most post offices and local libraries carry forms around tax time, and forms can also be picked up from a tax center or an IRS office. In addition, you may request a form to be sent to you by U.S. Mail.

Before you being filing, make sure you have the following information ready:

• • Proof of identification
• • Filing status and residency status
• • Social Security Numbers for you, your spouse, and any dependents
• • Dates of birth for you, your spouse, and any dependents
• • A copy of last year’s tax return
• • Statements of wages earned (e.g., W-2, W-2G, 1099-R, etc.)
• • Statements of interest/dividends from banks, brokerages, etc.
• • Proof of any credits, deductions, or exclusions
• • Your bank account number and routing number (for Direct Deposit)

Form 1040, with payment, is due by April 15th. A six-month extension may be granted (with Form 4868) for late filing, but payments must still be made by April 15th.

You may file Form 1040 by paper mail, by using IRS e-file, or through an approved tax preparer. Filing online is safer, faster, and easier ― and you will get your refund much sooner if you choose the Direct Deposit option. Here are some program suggestions for filing your 1040 online: