1040 Form

AAA

DEFINITION of '1040 Form'

The standard Internal Revenue Service (IRS) form that individuals use to file their annual income tax returns. The form contains sections that require taxpayers to disclose their financial income status for the year in order to ascertain whether additional taxes are owed or whether the taxpayer is due for a tax refund. 1040 forms need to be filed with the IRS by April 15.

Also known as the "U.S. individual income tax return" or the "long form".

INVESTOPEDIA EXPLAINS '1040 Form'

While the 1040 form is composed of only a couple of pages, taxpayers may need to fill out extra sections called schedules. For example, if a taxpayer received dividends that totaled more than $1,500, he or she will need to fill out Schedule B, which is the section for reporting interest and ordinary dividends.

There are several variations of the 1040 depending on your individual tax situation. For example, taxpayers that possess very simple taxation circumstances can fill out the Form 1040EZ, which is a less comprehensive form.

To learn more about the types of Form 1040s, read What's the difference between IRS Forms 1040EZ and 1040A?

RELATED TERMS
  1. Form 4563: Exclusion Of Income ...

    A tax form distributed by the Internal Revenue Service (IRS) ...
  2. IRS Publication 972: Child Tax ...

    A document published by the Internal Revenue Service (IRS) that ...
  3. IRS Publication 530 - Tax Information ...

    A document published by the Internal Revenue Service (IRS) that ...
  4. Form 6251: Alternative Minimum ...

    A tax form distributed by the Internal Revenue Service (IRS) ...
  5. Nominee Distribution

    Interest income reported on IRS Form 1099-INT that a taxpayer ...
  6. 1040A Form

    A simplified version of the 1040 form for individual income tax. ...
RELATED FAQS
  1. When am I not required to submit a social security number on my tax return?

    When filing your tax return, you are generally required to include the social security numbers of yourself and the individuals ... Read Full Answer >>
  2. I have two Roth IRAs, one of which has a balance that is much less than the total ...

    It depends. You are eligible to write off the losses only if the balance for both of your Roth IRAs (combined) is less than ... Read Full Answer >>
  3. How can I use a child tax credit?

    You may be able to reduce the amount of taxes you owe by up to $4,000, by claiming the child tax credit of up to $1,000 ... Read Full Answer >>
Related Articles
  1. Taxes

    Inaccurate Tax Return, Now What?

    If the IRS finds errors, it will cost you. Find out how to fix them, and how to prevent them in the first place.
  2. Professionals

    Present Your Clients With A Year-End Review

    If you want to build a better rapport with your clients, this is a good place to start.
  3. Taxes

    Avoid The Social Security Tax Trap

    Government benefits can cost you big money! Know the income thresholds before you file.
  4. Taxes

    Tax Deductions On Mortgage Interest

    If you're a homeowner, this is one item you want to understand and use on your return.
  5. Taxes

    Filing Your First Tax Return

    Tax time can be intimidating - but knowing these tips can ease the process and get you a hefty return.
  6. Taxes

    Cut Employee Stock Option Taxes With AMT Credit

    Learn how refundable AMT credits can help you save on taxes, AMT bills and more.
  7. Options & Futures

    Taking The Bite Out Of Annuity Losses

    If this investment product has caused you sleepless nights, it's time to consider alternatives.
  8. Taxes

    What To Do If You Lost Your W-2

    There's no need to panic if you don't have your Form W-2 to file taxes, there are easy ways to gain access to the missing form or file without it.
  9. Taxes

    Will Itemized Deductions Get You A Bigger Refund?

    April and taxes are due soon. If you need to file your return, you might have to decide if itemizing your deductions this year will net you a better deal.
  10. Credit & Loans

    6 Ways To Build Credit Without A Credit Card

    It's definitely possible – if a bit more complicated – to build a credit history without traditional credit cards. Just follow these steps.

You May Also Like

Hot Definitions
  1. Interest Rate Risk

    The risk that an investment's value will change due to a change in the absolute level of interest rates, in the spread between ...
  2. Income Effect

    In the context of economic theory, the income effect is the change in an individual's or economy's income and how that change ...
  3. Price-To-Sales Ratio - PSR

    A valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the ...
  4. Hurdle Rate

    The minimum rate of return on a project or investment required by a manager or investor. In order to compensate for risk, ...
  5. Market Value

    The price an asset would fetch in the marketplace. Market value is also commonly used to refer to the market capitalization ...
  6. Preference Shares

    Company stock with dividends that are paid to shareholders before common stock dividends are paid out. In the event of a ...
Trading Center