<\/p>\n
For the majority of Americans, the most commonly used document for filing a tax return is IRS Tax Form 1040. This form is due by April 15 each year.<\/p>\n
While there are many supplements (i.e. schedules) for Form 1040 that calculate specific tax deductions<\/a> and credits, most individuals will use Form 1040 as the basis of their income tax return.<\/p>\n Here is what\u2019s covered on Tax Form 1040:<\/p>\n The first portion of Form 1040 is dedicated to collecting basic information about the taxpayer. This includes the name of the filer and their Social Security Number (SSN), plus the same for their spouse if they are filing jointly. In addition, you will need to provide other identifying information about yourself, including:<\/p>\n \u2022 Address:<\/strong> This must be a physical address, not just a mailing address. The next portion of Form 1040 calculates your income for the year. You will first report the income you received, and then make allowances for certain tax credits<\/a> and deductions to arrive at your Adjusted Gross Income (AGI)<\/a>. For the income calculation, you must provide your total income from all sources, including:<\/p>\n \u2022 Wages Note that many people do not have to make any adjustments to their total income, which means their AGI will be the same number.<\/p>\n Once your AGI is calculated, it is reduced by the amount of your standard deduction<\/a> (or itemized deductions<\/a>) and personal exemptions to arrive at your taxable income<\/a> (Line 43 of Form 1040). Your tax liability is based on your taxable income.<\/p>\n After determining your taxable income, you must factor in any tax credits (e.g., the Child Tax Credit<\/a>) and additional taxes (e.g.,self-employment tax). Then you will calculate your \u201ctotal tax\u201d by multiplying your taxable income by the applicable tax rate.<\/p>\n Your total tax may be reduced by certain items in the \u201cPayments\u201d section of Form 1040. These can include the following:<\/p>\n \u2022 Federal income tax withheld<\/a> The last section of Form 1040 establishes the total taxes owed or refund due. If a tax refund<\/a> is due, you can provide your bank account information to receive your money from the IRS via Direct Deposit.<\/p>\n Finally, don\u2019t forget to sign and date your tax return!<\/p>\n >><\/span>\u00a0Start Your FREE E-file<\/span><\/strong><\/a><\/p>\n IRS Tax Form 1040 (U.S. Individual Income Tax Return): PDF<\/strong><\/a><\/p>\n IRS Tax Form 1040 Instructions: PDF<\/strong><\/a><\/p>\nBasic Taxpayer Information<\/h3>\n
\n\u2022 Filing Status<\/a>:<\/strong> Indicate whether you are filing as single, married filing jointly, married filing separately, head of household, or qualifying widow\/widower.
\n\u2022 Exemptions:<\/strong> List your personal exemptions, which includes one for yourself and your spouse (if married filing jointly), and one for each of your dependents.<\/p>\nYearly Income Calculation<\/h3>\n
\n\u2022 Taxable interest and dividends
\n\u2022 Business income
\n\u2022 Alimony
\n\u2022 Unemployment compensation
\n\u2022 Pension, IRA distributions, or Social Security benefits<\/p>\nTaxes, Credits, and Payments<\/h3>\n
\n\u2022 Estimated tax payments<\/a>
\n\u2022 Earned Income Credit (EIC)<\/a>
\n\u2022 Additional Child Tax Credit
\n\u2022 American Opportunity Tax Credit (AOTC)<\/a>
\n\u2022 Amount paid with request for extension to file<\/a><\/p>\nTax Refund \/ Amount You Owe<\/h3>\n
Resources<\/h3>\n