Tax season has started, and millions of Americans have already started submitting their returns to the IRS with a 1040 Form.
There are various forms people use to file their tax returns, but one of the most common is Form 1040.
If you’re a business owner or self employed, there are some key points you want to keep in mind.
IRS Form 1040 explained
Form 1040 is used for individuals filing their tax returns with the IRS.
This form is to report your gross income and how much of it can be taxed after credits and deductions are applied.
The form ultimately calculates exactly what you’ll owe or get back as a refund.
Who has to submit a 1040 to the IRS this tax season?
Most people are going to use this form.
Singles over age 65 that made at least $13,850 as of 2019 will also file this form.
Married filing jointly couples with an income of at least $24,400 at the end of 2019 and are both under age 65 need to fill out this form.
If one spouse is over 65, you’ll need to fill it out if your income was at least $25,700.
Both spouses over 65 need to fill it out if their income was over $27,000.
If you file married filing separately your income only needs to be at $5 for this form.
Head of household under age 65 needs an income of at least $18,350. A HoH filer over 65 needs an income of $20,000.
A qualifying widower under 65 needs an income of at least $24,000 and those over 65 need an income of at least $25,700.
If you’re a business owner or self employed and made at least $400 you need to fill out this form regardless of your income.