How to Fill Out a 1040 Income Tax Return
Internal Revenue Service Form 1040 is the extended version of the individual income tax form. While there are simpler versions, such as Form 1040-A and 1040-EZ, Form 1040 is used if you are itemizing your deductions or have more complicated tax issues that preclude the use of the simple forms. With the proper guidance, most individuals are able to fill out and file Form 1040 without the help of an accountant.
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Instructions
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Fill in the top section of Form 1040 with your identifying information. This includes your name, address, Social Security number, filing status and dependent information.
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Complete the Income section, lines 7 through 21, which calculates your total income for the year. List all income, including funds from any W-2’s you received, 1099’s, retirement distributions, capital gains or losses, or business or rental income. Add the income from all these lines and input it in line 22.
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Compute your adjusted gross income. This amount is your income minus certain allowable reductions. In lines 23 through 35, input any expenses that you have incurred through the year. Add them, and subtract the total from your “Income” total on line 22. Input the resulting total on lines 37 and 38.
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Determine if you will itemize your deductions or take the standard deduction 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. However, if you decide to use the standard deduction, input the amount of the deduction that applies to your household in line 40. On line 42, multiply your number of exemptions listed on line 6d by the exemption amount listed and enter the total. Subtract your standard or itemized deduction amount and the total on line 42 from your adjusted gross income to determine your taxable income. Look at the tax table beginning on page 37 of your instruction book to determine the amount of tax to enter in line 44.
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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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Complete the payment section by reporting any estimated tax payments you have made, any withholding reported on Forms 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 either in your refund amount or the amount you are required to pay the IRS.
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Review the form, sign it and mail it, with payment if required, to the Internal Revenue Service. You may also file the form electronically.
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References
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