Filing your simple income tax returns in US can be done easily through Individual Income Tax return. This is often known as Form 1040, which reports your income to IRS as well as share you deductions, credits or any refund applied to your income.
What is Form 1040?
IRS issues the Form 1040, also referred as Individual Tax Return that let taxpayers report their annual income. You can claim deductions and credits through it. Also, calculate tax refund you may get while e-filing it. If you owe simple taxes to IRS then you only require to fill this form. In case you hold complex tax situation then you need to complement this form with some other forms called ‘Schedule’.
This form is essential to calculate the AGI (Adjusted Gross Income) that may affect your deductions/ credits.
What you need to fill Individual Tax Return form?
During e-filing your income tax returns to IRS you need to fill Form 1040. It is essential to have following ready with you to fill this form-
- Your Social Security no.
- Wage Statements for W-2 income, etc.
- Tax credit & deductions proof.
- Photocopy of previous year return.
- Bank account no.
- Routing number
Its time to get this form issued from IRS.
How to download this Form?
Accessing this form is easy as IRS offers this form on its website. You can it get as PDF form which requires you to fill your personal details, info related to deductions or credits on your income. Besides, there are other ways to access this form through any of the given sources-
- Free File Fillable Forms issued by IRS– It is available till Mid-October from Mid-January.
- IRS Taxpayer Assistance Center
- By contacting the official IRS number you can request copy of Form 1040.
- Access through any tax return preparation software –TurboTax & H&R Block.
When you e-file through any of the platforms you get assistance to fill these form. But if you submit this form from any of the other ways then get the method to fill out this form.
How to fill Individual Tax Return form?
Look at the stepwise process to fill out this Individual Tax Return on your own-
- Enter your personal details
- Put in your info pertaining to your family, dependents, contact, etc. Ensure whole information you entered is as per your Social Security cards. Don’t put in any irrelevant info, not mentioned in any of your documents.
- Fill in your income
- Mention your income sources, that may include Wage, interests, Pensions, retirements, etc applied to your taxes. You may need to attach Schedule here.
- Profess tax deductions on your income
- Select any of the itemised deduction or Standard deduction. Itemized deductions applies when you have mortgage interest, expenses on medical issues, made donations to charity. Select itemised deduction over Standard deduction, if later is lower amount.
- Calculate taxes you owe
- Take help from Experts if you’re e-filing through any platform like TurboTax. They will guide to fill information regarding taxes.
- Claim credits
- In case you have dependents you can easily claim certain amount of credits on your taxable income. Besides, if any other expenses are included then attach some schedules along with it. This may include credits on foreign tax, child care, or any educational expenses you have.
As you fill this form progressively you may need to attach various other forms. Also, Form 1040 has different versions to complete your tax return.
What are the various 1040 forms?
You may need to file your taxes using another type of 1040 form, instead of standard one. These are required in different situations to report variety of situations you are surrounded by.
Form 1040-NR
The people who are
- not residing in US have their business established here,
- representing any trust or property, or
- filing on behalf of deceased person needs to fill this form.
Form 1040-ES
It is useful for those who are self-employed or the sources which are not under any withholding. Besides, it includes earnings from pension or unemployment compensation.
Form 1040-V
To add on details to “Amount you owe” section of form 1040, fill this document.
Form 1040-X
To make changes to previously filed Form 1040, fill this again.
Form 1040-SR
This is especially designed form for Senior citizens filling forms offline. It includes large fonts and form without any shaded area.