IRS Form 1040

The Internal Revenue Service - IRS Form 1040 is the standard form that is used to file annual income tax returns. It is also known as the U.S. individual income tax return or the long form. The form is due to be filed with the IRS by April 15th of each year. It declares to the U.S. government what the financial income status is for the year for each person and is used to determine if additional taxes will be owed or if the individual will be issued a tax refund.

The 1040 form itself only consists of two pages but depending upon each taxpayer's circumstances, they may need to complete other sections that are called schedules. The first page of the form collects personal information about the taxpayer and their dependents. The second page of the form calculates any allowable deductions and credits, and applies any funds that were withheld from his or her wages or estimates towards tax liability.

There are several variations of the 1040 form which are usually identified by the two letters that are displayed after the 1040 number on the form. Your individual tax situation will determine which variation you will need to complete for your taxes. These are attachments to the original 1040 form that is to be submitted. All the forms can be accessed and completed online if you choose to do so. There are numerous websites that offer this service to U.S. citizens who are ready to file their income taxes.

The form 1040 can be used by any full-time resident who earned U.S. income and needs to pay taxes for a specific year.http://www.investopedia.com/terms/1/1040.asp http://www.cpa-resource.com/glossary/Form_1040/

The IRS 1040 form can be filled out and mailed or it can be e-filed to the IRS. The U.S. government encourages the use of e-file as it speeds up the process and does not use paper.

The content of this page is intended for general informational purposes only and is not a substitute for professional financial advice.

Contact the IRS or a professional financial advisor for the most up-to-date and complete information regarding state and federal tax law.