The IRS 1040 Form is one of the main documents in the United States to file the taxpayer's annual income tax return. It is divided into sections where can be filled with any data about income and deductions to refund all expecting taxes. From 2020 1040-A Form is no longer used. All information is now must be provided only in 1040 Form with additional forms or schedules if it is necessary.
It can be provided in printed form and the digital version too. But it must be signed before the deadline.
1040 Tax Form Instructions
Fill 1040 IRS Form is very easy. On the first page U.S. taxpayers must enter all information about annual income. On this page the Adjusted Gross Income (AGI) and Taxable income is calculated. It's very important to enter income from all sources. Here are the list of the most common income sources for the 1040 tax form:
- salary;
- wages;
- unemployment income;
- business income;
- capital gains;
- dividends;
- tips;
- interest;
- pension distributions;
- taxable state;
- IRA;
- local tax refunds;
- taxable alimony;
- farm income;
- Social Security benefits.
If you can't find the right field to enter your specific income category than you must use field “other income”. You must report all taxable income of the past year. Our fillable 1040 form version has a lot of tips to enter all data easy and correct.
1040 Form - All You Need to Know
What is a 1040 Form? The 1040 tax form is used to report IRS all the taxable income U.S. taxpayers had been received throughout. Its official name is U.S. Individual Income Tax Return. And it used to calculate how much must be paid or refunded by the government. The 1040 form must be signed before April 15th, or the next workday if April 15 falls on a Saturday. In some specific circumstances, taxpayers can extend deadline till October 15 after file 1040 form by filling 4868 form.
The document consists of two pages for 23 lines in total. It can be added several attachments. According to our statistics, only 8% of the Americans used the printable 1040 form in 2020. Other citizens filled and signed it digitally.
Schedules for Form 1040 and Form 1040-SR
There are several form 1040 schedules that were specific forms in the past. Now it used like attachments for the main 1040 IRS form.
Schedule A (Form 1040-A before 2020) - Itemized Deductions
Form Itemized Deductions, including recent updates, related forms, and instructions on how to file. Schedule A is used by filers to report itemized deductions. In combination with the 1040-SR Form is used by U.S. taxpayers to file an annual income tax return.
Schedule B - Interest and Ordinary Dividends
Form 1040 Schedule B is used by filers to report interest and ordinary dividend income. It can be used in situations when the taxpayer had over $1,500 of taxable interest or ordinary dividends, received interest or ordinary dividends as a nominee, had have accrued interest from a bond, and so on.
Schedule C - Profit or Loss from Business
Form 1040 Schedule C is used to report income or loss from a business operated or a profession practiced as a sole proprietor. The activity described in the schedule qualifies as a business if its primary purpose is income or profit and taxpayers are involved in the activity with continuity and regularity.
Use our modern editor to fill IRS 1040 Form online with helpful tips and guides!
