1040 Tax Information

Form 1040 is required to filed each year by those who owe federal income tax.

United States residents that meet certain income criteria, which means they earn more than the amount they can deduct for their standard deduction on their federal income tax returns, are required to file a federal income tax return each year. Federal income tax returns must be filed no later than April 15.

1040

Form 1040 is an individual tax return that must be filed no later than April 15. Taxpayers who cannot file their 1040 by the April 15 deadline can file Form 4868, which is an Automatic Extension of Time. An extension of time gives taxpayers an additional six months to file their tax returns, but the tax still must be paid by April 15.

1040EZ

Form 1040EZ is another version of Form 1040. Taxpayers who file single or married filing jointly and whose income is less than $100,000 can file a 1040EZ. Form 1040EZ is also for taxpayers with no dependents. Form 1040EZ does not allow taxpayers to take any deductions except for the standard deduction. Only taxpayers with income from wages, taxable interest or unemployment can use Form 1040EZ.

1040A

Form 1040A is yet another version of Form 1040. Form 1040A can be used by taxpayers whose income is less than $100,000 and who take basic deductions. Interest income and income from dividends and social security can be claimed on Form 1040A. Child tax credits and earned income credits can be claimed on the 1040A.

Form 1040

Form 1040 is the longest and most diverse individual income tax return. Taxpayers who use Form 1040 can take all deductions, report any type of income and can have dependents and tax credits. Self-employed taxpayers can file a Schedule C along with their Form 1040 to report their net income or loss from their business. Schedule A is filed to report itemized deductions.

Filing Instructions

Form 1040 can be filed electronically or by mail. Electronically filed tax returns will be processed more quickly by the Internal Revenue Service, usually within two weeks of receipt. Paper returns take longer to be processed by the IRS. The average time frame for a paper return is six weeks.

References

• IRS: Form 1040