Federal tax form 1040 is the standard IRS used by individual taxpayers to file their annual income tax returns. On this form, you will report your taxable income and deductions for the year, to determine whether you owe additional taxes or are eligible for a tax refund.
You will need to report your wages, salary, taxable interest, capital gains, pensions, social security benefits, and any other types of income on this form. From this, your Adjusted Gross Income (AGI) will be calculated after claiming any allowed adjustments.
Good to know
You may also need to file supplemental 1040 forms (schedules) depending on your situation
Filing deadline: April 15 (most years)
Can be mailed or e-filed
You will need to determine your filing status to complete this form correctly (see more information on this below)
Your AGI can be further reduced by the standard deduction or your itemized deductions (using Schedule A).
Determining whether to use the standard deduction or to itemize is an important step, as it can have a significant impact on your taxable income.
Learn more about the itemized deductions in the expenses and deductions section below.
Different Types of Form 1040
Depending on your individual circumstances, you may need to file a different variation of Form 1040:
Form 1040-NR is for non-resident aliens or their representatives(link to previous article about tax residency). You may need to file a 1040-NR if you were engaged in trade or business in the U.S.
Form 1040-SR is a variation of the standard 1040, specifically for seniors (age 65 and order). It is nearly identical to form 1040.
Form 1040-X is for taxpayers who need to make amendments to their return after having already filed a 1040.
Form 1040 Schedules
The term “Schedule” is the IRS’ special term for “additional form” – schedules are used to provide supplemental information and calculate specific items that relate to the base form. Below is a summary of Form 1040’s schedules:
Schedule 1 | For reporting common additional income sources or adjustments, such as:
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Schedule 2 | For reporting additional taxes, divided into two parts:
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Schedule 3 | For reporting additional (refundable and non-refundable) credits and payments:
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Schedule A | Used to report all itemized deductions. |
Schedule B | For reporting interest and dividend income over USD 1,500. Income of this type under USD 1,500 can be reported directly on Form 1040. |
Schedule C | For reporting profit or loss from business. Typically used by independent contractors, freelancers, or owners of sole proprietorships or single-member LLCs |
Schedule D | For reporting capital gains or losses from investments |
Schedule E | For reporting income or losses from:
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Schedule F | For reporting income or expenses from farming |
Schedule H | For taxpayers who employ household workers, such as nannies or caretakers |
Schedule J | For farmers and fishermen who wish to average their three previous years of tax to distribute tax liability |
Schedule R | For claiming senior or disability tax credit |
Schedule SE | For business owners or independent contractors (who made at least USD 400), to calculate self-employment tax |
Schedule 8812 | For claiming the Child Tax Credit and Credit for Other Dependents |
For many taxpayers, the base 1040 form is enough to complete the filing process. However, if your return is more complicated, or if you’ve chosen to itemize your deductions, or claim credits, or have additional taxes owed, you will need to complete and submit the appropriate schedules and supplementary forms, in addition to the 1040.
If filing online, tax software can help you determine which schedules are needed. Hiring a tax professional to assist with your return may also save you significant time and money, especially if you have diverse assets and sources of income.
Further Reference and Resources for Form 1040:
Form 1040 can be downloaded directly from the IRS website
Complete, official instructions from the IRS can be found here
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