Individual Tax Return

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DEFINITION of 'Individual Tax Return'

The type of tax return filed by an individual. Both single and married taxpayers, with and without dependents, file this type of return. Individual filers always file their returns on a version of Form 1040. Every individual filer who earns a certain amount of income must file this type of tax return.

BREAKING DOWN 'Individual Tax Return'

Individual filers are separate from corporate filers. Corporations use a separate set of tax forms. Individual tax returns are also separate from partnership, gift or estate tax returns, none of which use the Form 1040.

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RELATED FAQS
  1. Which is better for tax deductions, itemization or a standard deduction?

    Each deduction that you claim may result in a decrease in the amount of taxes that you owe. However, whether you receive ... Read Full Answer >>
  2. 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 >>
  3. Does everyone have to file a federal tax return?

    This may come as a surprise to many individuals, but not everyone needs to file a federal tax return. According to the IRS, ... Read Full Answer >>
  4. Are dividends considered passive or ordinary income?

    Despite the fact that earning dividends requires no active participation on the part of the shareholder, they do not meet ... Read Full Answer >>
  5. 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 >>
  6. How do you calculate penalties on an IRA or Roth IRA early withdrawal?

    With a few exceptions, early withdrawals from traditional or Roth IRAs generally incur a tax penalty equal to 10% of the ... Read Full Answer >>

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