Individual Tax Return


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.

  1. Taxes

    An involuntary fee levied on corporations or individuals that ...
  2. Deduction

    Any item or expenditure subtracted from gross income to reduce ...
  3. Income Tax

    A tax that governments impose on financial income generated by ...
  4. Corporate Tax

    A levy placed on the profit of a firm, with different rates used ...
  5. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  6. 1040 Form

    The standard Internal Revenue Service (IRS) form that individuals ...
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  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. Do tax brackets include Social Security?

    A portion of your Social Security benefits may be subject to federal taxation using tax brackets. Your tax bracket is determined ... Read Full Answer >>
  5. Do 401k contributions reduce AGI and/or MAGI?

    Traditional 401(k) contributions effectively reduce both adjusted gross income (AGI) and modified adjusted gross income (MAGI). ... Read Full Answer >>
  6. Are IRS audits random?

    While the U.S. Internal Revenue Service (IRS) conducts some of its tax audits using random selection based on a statistical ... Read Full Answer >>

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