What Is Form 1040?
A 1040 form is a tax form that U.S. residents use to file their federal income taxes with the IRS. The form helps you calculate your taxable income and determine whether you owe taxes or the government owes you a tax refund. The 1040 form is due to the IRS on Tax Day, April 15th, and accounts for your income in the previous year.
Who Needs to File Form 1040?
You need to file a form 1040 if you worked in the U.S. during the last tax year and made over a certain amount in income depending on your filing status. For example, most people under 65 who made at least $12,400 in income this year need to file a tax return (Form 1040). If you earned at least $400 from self-employment this year, you also need to file form 1040. Use this IRS chart to determine if you need to file.
This form covers most tax situations, whether you receive a tipped wage, annual salary, or live off of investments. If you operate a business as a sole proprietor, you can fill out Schedule C (1040) to account for taxable business income.
How to Get Form 1040?
The IRS website always provides tax forms with instructions. You can also use our builder to prepare your 1040 form step-by-step. We’ll ask you questions at each stage to make sure you’re filing under the right status, including the correct information, and accounting for all possible tax deductions. To get started, make sure you have your income tax forms handy — W-2’s, 1099’s, and anything else that records your income, benefits, or tax deductions.
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