Most people filing their taxes with the IRS will end up using Form 1040, for individual income tax returns. What exactly is that form?
Anyone filing an individual tax return will need to use Form 1040 in most cases.
While this isn’t the case for everyone, understanding what this form is can help you to know whether you need to use it or not.
Form 1040 explained
This form is used to report to the IRS your gross income along with any credits you want to claim.
The form will tell you what you owe or what you’re owed.
Most people will need to file this type of form.
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This form is used for single filers under age 65 that had an income of at least $12,200.
If you’re over 65 and your income is over $13,850 then you need to fill it out.
The form is also used for married joint filers.
If you’re married and your income is at least $24,400 you’ll need to file this form.
The same goes for a marriage with one spouse over 65 and a joint income over $25,700.
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If both spouses are over 65 and your gross income is over $27,000 you’ll need to file this form.
Anyone filing separately who is married must file this form if their income is over $5.
HOH under age 65 will file this form if their gross income is over $18,350.
If you’re HOH over age 65, you’ll need to file with a gross income over $20,000.
Self employed earners will need to file if they make over $400.
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