1040 Form

What is a '1040 Form'

A 1040 form is 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".

BREAKING DOWN '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?

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RELATED FAQS
  1. What’s the difference between IRS Forms 1040 and 1040EZ?

    Though very similar, the differences between the 1040 and 1040EZ Forms are significant when it comes to filing your tax return. ... Read Answer >>
  2. Who needs to fill out IRS Form Schedule B?

    If you have several investments, there's a good chance you'll need to fill out a IRS Form Schedule B. Read Answer >>
  3. Can I use IRS Form 1040EZ to file my tax return?

    IRS Form 1040EZ is the simplest form for filing your taxes, but you must meet certain qualifications to use it. Read Answer >>
  4. Can filing taxes with Form 1040EZ cost me money?

    Filing your taxes with Form 1040EZ may simplify the process, but it could also reduce the refund you're eligible to receive. Read Answer >>
  5. What's the difference between IRS Forms 1040EZ and 1040A?

    Two of the forms used for filing individual federal income tax returns are IRS Form 1040A and IRS Form 1040EZ (the third ... Read Answer >>
  6. When would I need to use IRS Form 1040X when filing my tax return?

    If you've made a mistake on your tax return, you'll need to file a Form 1040X. Learn the details of what you need to do. Read Answer >>
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