IRS 1040 Tax Form Preparation Instructions
IRS Form 1040 is the easiest way to file federal taxes, and it is designed for those who do not have itemized deductions other than dependent individuals and standard deductions. A new form is published every year along with updated instructions, and it is usually available in public libraries and post offices.
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Instructions
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Provide biographical information. If you were furnished with a label containing your information, affix it to the top of the form where it says "Label Here." Otherwise, begin by filling in your name, address, social security number and whether you'd like to donate funds to the public presidential election fund.
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Choose filing status. An unmarried person must file single but can be head of household if they paid for more than half of the living expenses in the year while living with a child or dependent parent.
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Enter dependents. Those you claim as your dependents, and which earn you a tax break, must be named on your Form 1040. A dependent is any of your children that lived with you more than half the year, did not provide more than half of their own support, and are below a certain age, usually 18 unless they are in school. Other relatives can be included as dependents if their annual income was below a certain threshold ($3,650 in 2010), as can non-related persons who lived in your provided household for the entire year.
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Enter income. Lines 7 to 22 relate to your salary, wages and tips from the previous calendar year. Most of this information can be copied directly from a W-2 or 1099, though if you had more than one source of income, these will need to be combined first with a calculator. Rounding to the nearest dollar is allowed, but if you round once, you must round in the same way throughout.
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Adjust gross income. The next two parts of the form pertain to standard deductions and tax credits that some taxpayers can claim. Some, all or none might pertain to you. Read carefully and enter the amount of each deduction if you qualify. For more details, see the resources below.
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Calculate refund or amount you owe. The most interesting part of the form for most filers is whether or not they get a refund, and if not, how much they owe. Follow the directions in this part of the form carefully to transfer the date from the correct lines in the form. If the amount withheld from your pay was more than the amount owed based on your adjusted gross income and tax credits, you get a refund! Provide your bank's routing number and your account number to have your refund deposited directly.
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Sign and mail. Double-check each line of the form for errors and correct if necessary. Finally, sign the form and mail before April 15 to the regional IRS center address on your materials. If you owe money, don't forget to include a check in the correct amount, as penalties on unpaid amounts accrue after the tax deadline.
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Tips & Warnings
Because IRS Form 1040 is subject to change each year, be sure to use the instructions included with the form if they differ from what you find online.
Form 1040 covers your federal income taxes only. If your state requires an income tax return as well, a separate filing is required.
Resources
- Photo Credit Internal Revenue Service
