Form 1040 is the basic form used for an individual income
tax return with the IRS. It is a two page document that gets information about the taxpayer, income and possible adjustments, dependents, allowable deductions, and more.
While Form 1040 instructions explain how to fill out the form properly, some may still find it difficult, especially they are filling them out by hand. It is possible to use Form 1040A or 1040EZ, which are the easier versions of the Form 1040. As Form 1040 instructions indicate, these easier versions do not allow the ability to itemize. This makes them less time consuming to fill out. Most taxpayers who do not earn more than $100,000 are eligible to use these forms.
The Internal Revenue Service provides a separate booklet of Form 1040 instructions that can be found online to help make filling out Form 1040 much more understandableForm 1040 Instructions for Filing Requirements
Here are some important things to know about the filing requirements of Form 1040:
• Depending on filing status (single, married and filing together, married but filing separately, head of household, qualifying widower with dependent child), age, and gross income, you may have to file Form 1040. The requirements can be found through the Internal Revenue Services
• You should file if any
federal taxes have been withheld from your income or if you are eligible for certain credits, such as the Making Work Pay Credit, the Additional Child
Tax Credit, the American Opportunity Credit, First-Time Homebuyer Credit, the
Adoption Credit, or more.
• There are certain exceptions for children under the age of 19 or full time students, resident aliens, nonresident aliens, and dual-stuatus alien that require filing a Form 1040.• Most years have a filing due date of April 15 (although there can be exceptions). Check the 1040 instructions booklet to see the official date.
Form 1040 Instructions for Filling out the LinesThe Form 1040 Instructions have lines designated for the following information:
• Name and address
• Name or address change
• P.O. Box or foreign address if applicable
• Social Security number or IRS Individual Taxpayer Identification Numbers for Aliens
• Presidential Election Campaign Fund
• Filing Status (such as single, married filing separately, etc.)
• Exemptions
• Dependents
• Income
• Other Taxes
• Third Party Designee
• Signature
Other Form 1040 Instructions and InformationThe official Form 1040 Instructions also gives helpful information such as avoiding common mistakes, rights as s tax payer, estimated tax payments, and more.For more information on Form 1040 instructions, the IRS provides the following services:
• Responses to written tax questions
• A frequently asked questions section on their online website
• Free help with return from IRS-sponsored volunteers through various programs such as the Volunteer
Income Tax Assistance program along with the Tax Counseling for the Elderly program