Who Needs to File a 1040?
The tax forms 1040, 1040A and 1040EZ are used annually by U.S. taxpayers to determine the amount of tax that they owe. For most wage earners, the Internal Revenue Service, or IRS, requires the filing of one of these forms to show income, deductions, credits and the amount of tax that was underpaid or overpaid. The 1040EZ form, or short form, is the easiest to fill out; the 1040A is a bit longer, and the 1040 is the longest of the three. However, the 1040 form gives taxpayers the most flexibility in claiming deductions and reducing the amount of tax owed. Depending on your circumstances, you may be required to file the 1040 form.
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Gross Income Exceeds Limits
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If you receive income during the course of the year, you must file the 1040 form if your earnings exceed the IRS gross income guidelines. Depending on your marital status, tax bracket and the number of dependents you can claim, your income could exceed the income threshold established every year by the IRS. Gross income includes taxable income from all sources. You can visit IRS.gov to see the gross income guidelines for filing a 1040 for a particular fiscal year; for 2010, you must file the 1040 form if your taxable income exceeds $100,000.
Qualifying Dependent
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Even if you are claimed as a dependent on someone else's tax return, you must file a 1040 if you have qualifying income that exceeds IRS threshold limits. According to IRS.gov, income from wages, grants, interest, dividends, capital gains, unemployment compensation, pensions, annuities and Social Security is taxable even if you are a claimed as a dependent on another return.
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Self-Employed
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If you are self-employed and have net earnings that exceed $400, you are required to file the 1040 form. Self-employed individuals are also required to pay self-employment tax on their earnings and must file schedule SE along with their 1040. All income from self-employed ventures in excess of $400 must be reported on your 1040.
Special Taxes
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If you owe any special taxes, you must file a form 1040. These special taxes include the alternative minimum tax, qualified retirement plan tax and federal employment tax for a household employee. These special taxes have line items on form 1040 that must be completed for tax purposes.
Special Credits
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You must file a 1040 tax return form if you are eligible to receive special credits. According to IRS.gov, if you receive the making work pay credit, earned income credit, additional child tax credit, American opportunity credit, first-time homebuyer credit, Emancipation Day holiday credit, adoption credit or the health coverage tax credit, you must file form 1040.
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References
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