Form 1040 is the U.S. Individual Tax Return that is used by taxpayers to report their income, taxes, and credits to the Internal Revenue Service (IRS). It is a document that must be filed annually by every U.S. citizen or resident who has income above a certain threshold.
There are several types of Form 1040:
- Form 1040: This is the standard version of the form that is used by most taxpayers. It is used to report an individual’s income, deductions, credits, and taxes owed for the tax year.
- Form 1040-SR: This is a new version of the form for taxpayers who are age 65 or older. It is similar to Form 1040 but with larger print and a more user-friendly format.
- Form 1040-NR: This version of the form is used by non-resident aliens to report their U.S. income and taxes.
- Form 1040-NR-EZ: A simplified version of the Form 1040-NR for non-resident aliens with certain types of income.
Form 1040 is used to calculate an individual’s tax liability and is used to report income from sources such as wages, salaries, tips, and self-employment income. It is also used to claim deductions and credits, such as the standard deduction or the child tax credit, which can lower an individual’s tax liability. Once completed, the form is typically filed with the IRS on or before the April 15th deadline.
It’s important to note that the IRS also provides a software, “FreeFile Fillable Forms” that allows people to fill and e-file their form 1040, this can ease the process of filling the form, however, it can only be used by taxpayers who are comfortable preparing their own return and are not eligible for Free File tax preparation software.
Who Needs to File Form 1040?
Form 1040 is the U.S. Individual Tax Return that must be filed annually by every U.S. citizen or resident who has income above a certain threshold. The following are the general guidelines for who needs to file Form 1040:
- U.S. citizens or residents who earned more than the standard deduction and personal exemption amounts for their filing status.
- U.S. citizens or residents who had self-employment income of more than $400.
- U.S. citizens or residents who received taxable income such as wages, salaries, tips, and taxable interest or dividends.
- U.S. citizens or residents who received income from a partnership or S corporation.
- U.S. citizens or residents who received income from rents, royalties, capital gains, or other business or investment income.
- U.S. citizens or residents who received unemployment compensation.
- U.S. citizens or residents who received Social Security or Railroad Retirement benefits.
- U.S. citizens or residents who are required to pay alternative minimum tax.
- U.S. citizens or residents who owe taxes on a foreign bank account or other foreign assets.
- U.S. citizens or residents who are claiming certain credits or deductions, such as the earned income credit, the child tax credit, or the American opportunity credit.
It’s important to note that even if you are not required to file a tax return, you should file one if you are eligible for a refund or if you want to claim certain credits or deductions.
| 2021 Gross Income Thresholds | |
|---|---|
| Filing Status | Gross Income |
| Single | $12,550 |
| Married Filing Jointly | $25,100 |
| Married Filing Separately | $12,550 |
| Head of Household | $18,800 |
| Qualifying Widow(er) | $25,100 |
Where Can I Find Form 1040?
Form 1040 can be obtained in several ways:
- Online: The Internal Revenue Service (IRS) provides a digital version of Form 1040 on its website, you can download the form and fill it out electronically or by hand.
- By mail: You can request a Form 1040 and other tax forms by calling the IRS at 1-800-829-3676. The forms will be mailed to you within 10 business days.
- From a tax preparer: Many tax preparers, such as H&R Block or Liberty Tax, have offices where you can pick up a Form 1040 in person.
- From a Library or Post Office: Many libraries and post offices have a limited supply of Form 1040 and other tax forms available for public use.
It’s important to note that the IRS also provides a software, “FreeFile Fillable Forms” that allows people to fill and e-file their form 1040, this can ease the process of filling the form, however, it can only be used by taxpayers who are comfortable preparing their own return and are not eligible for Free File tax preparation software.
Additionally, the IRS provides an online tool called “Where’s My Refund” where you can check the status of your refund and also access a copy of your Form 1040.
