Instructions for the 2007 IRS 1040 Income Tax Form
Although federal taxes may seem complicated, with a small amount of education, most people can complete their own taxes by filing the Internal Revenue Service 1040 income tax form. Taking the form section by section allows you to compute your income and taxes in a simple and straightforward manner.
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Instructions
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1
Provide identifying information in the top section of Form 1040. This includes your name, address, Social Security number, filing status and dependent information.
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2
Calculate your income for the year and input it in the "Income" section, lines 7 through 21. This will include your income from any W-2's you received, 1099's, retirement distributions, capital gains or losses, or business or rental income. You will add the income from all these sources and input it in line 22.
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3
Compute your adjusted gross income. This amount is your income minus certain allowable reductions, such as amounts paid for college tuition or money invested in a retirement account. In lines 23 through 35, input any of these expenses that you have incurred through the year. Total them, and subtract it from your "Income" total on line 22. Input the total on line 37 and 38.
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4
Determine if you will itemize your deductions or use the standard deduction rate allowed on line 40. If you decide to itemize, complete Schedule A and attach it to your Form 1040. You will need to input the total from Schedule A in line 40. If you decide to simply use the standard deduction, however, input the amount of the deduction that applies to your household in line 40. On line 42, multiply $3,400 by the number of exemptions listed on line 6d and enter the total. Subtract your standard or itemized deduction amount and the total from line 42 from your adjusted gross income to determine your taxable income. Look on the tax table beginning in page 33 of your instruction book to determine the amount of tax to enter in line 44.
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5
Calculate your credit totals on lines 47 though 55. Total this amount and enter it on line 56. Then subtract it from your tax listed in line 46. Once this is done, review the "Other Tax" section and input any totals that apply to you. You will subtract this amount from your tax total on line 57, resulting in your "Total Tax."
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6
Complete the payment section by reporting any estimated tax payments you have made, any withholdings reported on Form W-2 or 1099 or any payment credits you may qualify for. When you have a total in the payment section, you will subtract it from your total tax, which will result in your refund amount or the amount you are required to pay the IRS.
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7
Review the form, sign it and mail it to the Internal Revenue Service. You may also file the form electronically.
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