Are you aware that there are a few different kinds of IRS form 1040 and instructions? It’s best to know which income tax form suits with your specific circumstance and lets you declare the earnings, deductions, credits, etc. that relate to you.
The Most Common 1040 Forms and Instructions:
- IRS Tax Form 1040 (Individual Income Tax Return in the U.S.)
- The Long Form or Form 1040 (Individual Income Tax Return in the U.S.)
- The Short Form or Form 1040A (Individual Income Tax Return in the U.S.)
- Form 1040EZ (Income Tax Return for Unmarried and Combined Filers Who Have No Dependents)
- Form 1040NR (U.S. Nonresident Alien Income Tax Return)
- Form 1040NR-EZ (U.S. Income Tax Return for Certain Non-resident Aliens Who Have No Dependents)
There are various methods to get tax form 1040 & instructions. The quickest and most effective choice is to download the tax form to your computer. In addition, almost all post offices and neighborhood libraries have tax forms and instructions available throughout tax season, and forms are also available from a tax center or an IRS office.
Additionally, you could ask for a tax form to be delivered to you from the IRS by U.S. Mail.
Form 1040 is the usual federal income tax form widely used to record an individual’s gross earnings (e.g., income, products, real estate, and services). It is usually referred to as “the long form” since it is more in depth compared to the shorter 1040A and 1040EZ income tax forms.
Also in contrast to the various other tax forms, IRS form 1040 permits taxpayers to claim several expenditures and tax incentives, list deductions, and modify income. Although the 1040 usually takes more time to fill out, it rewards taxpayers by offering them extra possibilities to reduce their income tax bills.
The 2017 – 1040 Form is usually due by April 15th 2018, except if you request an automatic tax extension. Should you not submit by this date, you are usually subject to fines and/or overdue charges. It is possible to ask for a tax extension by sending in IRS Tax Form 4868 by the initial submitting due date (April 15).
When Getting Ready to Fill out Your Tax Forms
Even before you start doing your 1040 tax forms, you need to have the following material ready:
- Valid identification
- Submitting status and Residency status
- Social Security Numbers for yourself (and also your partner and any dependents)
- Birth dates for yourself (along with your partner, plus any dependents)
- A duplicate of your previous income tax return
- Documents of salary received (e.g., W-2, W-2G, 1099-R, etc.)
- Statements of interest/dividends from finance institutions, brokerages, etc.
- Evidence of any tax credits, tax deductions, or tax exemption
- Your checking account number and routing number (for Direct Deposit)
Keep in mind that IRS Tax Form 1040, with payment amount, is owed by April 15th. A 6-month tax continuance may be allowed (with IRS Tax Form 4868) for overdue submitting, however payments still have to be made by April 15th. You can file Form 1040 by paper mail, via IRS e-file, or by way of a certified tax preparer.
1040 Tax Form Video by TurboTax
Get Your Refund Faster by Filing Online
Filing income taxes online is usually safer, quicker, and simpler ― and you can get your tax refund a lot faster should you opt for the Direct Deposit method. While there are a few income tax forms to pick from when preparing your federal income taxes, a reliable option is to use IRS Form 1040 when you are not sure if you will be eligible for the 1040A or 1040EZ.
- The standard guideline is: If uncertain, submit Tax Form 1040.
- You have to submit Form 1040 once any of the following apply:
- You have taxable earnings of $100,000 or higher
- You have self-employment earnings of $400 and up
- You had income tax being taken from paychecks
- You made anticipated income tax payments, or have overpayment that is applicable to the current tax year
- You have listed deductions (e.g., mortgage, interest fees, or charitable donation)
- You generate revenue from a company, S-corporation, partnership, trust, rental, or farm
- You have sold real estate, stocks, bonds, or mutual funds
- You are claiming revenue alterations (for tuition, educator fees, relocating costs, or health savings accounts)
- You got an advance payment for Earned Income Tax Credit (EITC) from a company
- You have a W-2 that indicates uncollected tax (from tips or group term life insurance coverage), or a W-2 that demonstrates a code Z (earnings from a 409A non-qualified deferred payment program)
- You owe excise tax on insider stock payment (from an expatriated enterprise)
- You are a person in debt in a Chapter 11 personal bankruptcy case (submitted after October 16, 2005)
- You make foreign income, paid foreign income taxes, or are claiming tax treaty benefits
- You are obligated to repay any further special taxes (e.g., recapture taxes, household employment tax, alternative minimum tax, etc.)
Help at Tax Time
When you file your taxes online it will be like an interview. They will ask easy to answer questions while filling in the correct tax forms for you behind the scenes.
The answers you provide will enable them to see which deductions and credits you qualify for. In the event that you are unsure how to answer a question there are tax experts readily available to help you.
Online tax filing insures that you get the largest refund possible. There’s even a free tax refund calculator available that allows you to know the amount of money that you will be getting back.