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IRS: What is Form 1040?

When filing tax returns, taxpayers must fill out Form 1040.

IRS Form 1040

The form is an official income tax return document.


IRS: Don’t get hit with $435 penalty, one day remains to pay taxes

What is IRS Form 1040?

The 1040 form is an official document that taxpayers in the US use to file their returns. On the form each taxpayer reports their Adjusted Gross Income and claims deductions. There are actually four 1040 forms:

  • Form 1040: This is the most common form for taxpayers, it has an annual income report, refunds, or additional tax owed.
  • Form 1040-SR: This is the senior taxpayer form, it is the same thing but with larger font and better visual understanding.
  • Form 1040-NR: Intended for Non-US citizens who do not have a green card.
  • Form 1040-X: For tax payers that need to make amendments.

There are also a few Schedules of Form 1040. The Schedules are used to organize the reasons for filing. A general guide is:

  • Schedule 1:
    • taxpayers with additional income like unemployment compensation, prize or award money, or gambling winnings
    • taxpayers with deductions like student loan interest, self-employment tax, and educator expenses
  • Schedule 2:
    • people who owe other taxes on RAs or other qualified retirement plans and tax-favored accounts
  • Schedule 3:
    • any credits you didn’t claim on Form 1040 or 1040-SR, like he foreign tax credit, education credits, and general business credit

Do not ignore the CP14 letter from the IRS, it could cost you

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