Form 1040-A, also known as the “U.S. Individual Income Tax Return,” is a tax form used by individuals to report their annual income to the Internal Revenue Service (IRS). It is used by individuals who have a relatively simple tax situation and do not need to itemize deductions. Taxpayers can report wages, salaries, tips, and other forms of income, and claim certain credits and adjustments to income on the form. The form must be filed by the tax deadline, which is typically April 15th of each year.
Who Had to File Form 1040-A?
Form 1040-A, U.S. Individual Income Tax Return, is used by individuals who have a relatively simple tax situation and do not need to itemize deductions. Generally, individuals who have income from wages, salaries, tips, and other forms of income, but have no itemized deductions to claim, are eligible to file Form 1040-A. This form is not available for those who have self-employment income, income from rental property, capital gains or losses, or certain other types of income that require additional forms to report.
However, as of tax year 2018, Form 1040-A is no longer available to use, as the IRS has replaced it with the Form 1040. Form 1040 has been redesigned to be simpler and shorter, but it still includes space for taxpayers to report their income and claim credits and adjustments to income.
Difference Between Form 1040 and 1040A
Form 1040 and Form 1040-A are both used by individuals to report their annual income to the Internal Revenue Service (IRS), but there are some key differences between the two forms.
Form 1040 is the standard tax return form used by most individuals. It is used to report all types of income, including wages, salaries, tips, and other forms of income, as well as any itemized deductions or credits that the taxpayer is eligible to claim. Form 1040 also includes space for taxpayers to report self-employment income, income from rental property, capital gains or losses, and other types of income that require additional forms to report.
Form 1040-A, on the other hand, is a shorter version of the Form 1040. It is used by individuals who have a relatively simple tax situation and do not need to itemize deductions. Taxpayers can report wages, salaries, tips, and other forms of income, and claim certain credits and adjustments to income on the form, but they cannot claim itemized deductions.
The main difference between Form 1040 and Form 1040-A is the number of schedules and forms required to be filed with it, and the complexity of the form itself. Form 1040-A is intended for individuals with simple tax situations and does not have the ability to report certain types of income or claim certain deductions. Form 1040 is for all other taxpayers who needs to report all types of income, credits and deductions.
However, as of tax year 2018, Form 1040-A is no longer available to use, as the IRS has replaced it with the Form 1040. Form 1040 has been redesigned to be simpler and shorter, but it still includes space for taxpayers to report their income and claim credits and adjustments to income.
