IRS Form 1040: Guide for Taxpayers

IRS Form 1040: Guide for Taxpayers

Once you get old enough to pay your taxes, you become familiar with IRS form 1040, a basic report for anyone who earns money legally. Although it looks simple, filling it out may be confusing for you the first time. Read this guide to simplify your task.

What Is IRS Form 1040?

You may have already noticed that the name of the 1040 tax form is Individual Tax Return. It was made for all taxpayers who need to document their yearly income and send the numbers to the IRS. This standard form must be submitted to the Internal Revenue Service during the tax report period. Taxpayers have to specify whether they have additional jobs and need to pay extra taxes or require a tax refund. A person who files this form can easily calculate their taxes for this year. You should name the amount of money you have earned during the year.

Who Needs to File 1040 Tax Form

Whether you are working for yourself or anyone else, you must file a 1040 US individual income tax return. You may even receive your investments checks, and you still need to send a 1040 form to the IRS. There are several minor exceptions, but if you are doubtful, you can always contact the IRS via their website or phone. Here are the categories that have to fill out the papers:

  • You have the AMT;
  • You have some tips that stayed unreported to the employer;
  • You have employment taxes in the household;
  • Can apply for the premium tax credit;
  • In the middle of the homebuyer’s first credit repayment;
  • Account in the foreign country;
  • Foreign trust gives you distributions;
  • The employer did not withhold Medicare or Social Security taxes;
  • Can use external earned income exclusion.

How to Fill Out a 1040 Form?

The first thing you have to do is to find the form. You can take it from the IRS official website or PDFLiner. You may download it or file it online. Before you start, you may need to gather your official documents and other tax forms like 1099, W-2, and deductions if you have them. Use these simple IRS form 1040 instructions to fill the document quickly:

  1. Put a tick near the proper box with your filing status;
  2. Include your name, last name, and SSN. Do the same for your spouse if you don’t file a single form. Provide the address, including city, state, and ZIP code. If you are in a foreign country — mention it;
  3. Put a tick in the box of the standard deduction;
  4. Write down the dependents that you have, if you have them. Include the name, SSN, and relations to you;
  5. Provide information about your salaries, wages, tax-exempt interest, dividends, taxable amounts of money you receive, any benefits you have, and even charitable contributions;
  6. Fill the section with a refund;
  7. Calculate the amount you owe and include it in the separate line;
  8. If you want to ask another person to discuss your return with the IRS, you have to state the name of this third party;
  9. Put your signature, occupation, and date. If you file the form 1040 IRS with your spouse, you have to include the name, occupation, and signature there too;
  10. There is a specific section for paid preparer use. There must be the preparer’s name, signature, date, phone number, and PTIN.
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Types of IRS Form 1040

Several variations of the fillable 1040 form are beneficial for specific cases. These forms usually have the same number but different letters attached. You may need one of these options based on your situation:

  • 1040-NR is for the nonresident aliens who are either engaged in business in the US, represent the deceased person, or represent the trust or estate;
  • the 1040-ES form is used for the quarterly taxes. You can include your rent, interest, dividends, and self-employment earnings. It can consist of pensions and unemployment compensation;
  • 1040-V form is the extended version of the “Amount you owe” line in the 1040 form. If you need to specify details, you can use this form;
  • 1040-X form allows you to make changes or extend information in 1040. If you have something to fix, send this form to the IRS;
  • 1040-SR is the form for seniors. It is similar to 1040 but with a bigger font.

Additional Form 1040 Schedules

Different schedules come attached to the form. Even though the main form is only 2 pages long, you should provide more schedule details. If you don’t know which schedule you need, here is a detailed list of them:

  • Schedule 1 is for the extra sources of your income, including different benefits;
  • Schedule 2 is for another income like self-employment or household;
  • Schedule 3 is for extra credits not included in the main form;
  • Schedule A is for the itemized personal deductions like mortgage interests;
  • Schedule B is for the receipts, dividends of more than $1500;
  • Schedule C is for the losses in business and income;
  • Schedule D is for the money you lose or receive from investments;
  • Schedule E is for the gains or losses from royalties, partnerships, or estates;
  • Schedule F is for the agricultural income;
  • Schedule H is for the household workers;
  • Schedule J is for fishers and farmers;
  • Schedule R to receive the credit as senior or disabled;
  • Schedule SE is for self-employed business owners with a yearly income of $400 and more;
  • The 8812 extension is for the extra tax credit for children.

How to File a 1040 Form

It is not a complicated process to file the form once you’ve filled it. You have to make sure that you send it before the deadline and that you have signed it either manually or electronically via PDFLiner or any other third parties such as a tax attorney near Dayton. You may always file it by regular mail, checking out the postal address of the nearby IRD department on the official website. If you don’t want to do this, you can file it online via the app or the official website of the IRS. This way, you will immediately deliver your taxes to the IRS without worrying about them getting lost somewhere in the middle of the trip.

The Bottom Line

This form is vital for any taxpayer around the US and those who have business in this country. You have to file the form in the tax payment period every year. It must contain all the money you’ve received and the taxes you pay.

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