1040 Form

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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".

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. How does comprehensive income get reported on my 1040?

    As of 2015, on the standard IRS Form 1040, your comprehensive or total income is calculated through lines 7-22. This is different ... Read Full Answer >>
  2. What are the deductions taken to determine AGI (adjusted gross income)?

    The Internal Revenue Service, or IRS, allows for specific deductions to be taken from your total gross income. These deductions ... Read Full Answer >>
  3. 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 >>
  4. 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 >>
  5. 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 >>
  6. Are spousal Social Security benefits taxable?

    Your spousal Social Security benefits may be taxable, depending on your total household income for the year. About one-third ... Read Full Answer >>

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