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1040 Tax Return

The Form 1040 US Individual Income Tax return, is the starting form for the individual Federal Income tax return filed with the IRS in the united states. And resident individual U.S. income taxpayer can use this Form 1040. This form is often referred to as the "long form" to distinguish it from the other 1040 variants. Those who have uncomplicated tax situation like not itimized deduction, no capitax gain or loss etc may use the simplified Form 1040A, which is generally known as "Short Form" OR the simpler Form 1040EZ which called the "easy form" instead of Form 1040.

1040 is truly a the long form. Form 1040 consists of two full pages not counting attachments. The first page is all about taxpayer's information, dependents, income items and adjustments to income. While the second pate consists of allowable deductions and credits, tax dues given the income figure, and applies funds already withheld from wages or estimated payments made towards the tax liability.

Form 1040 has 11 attachments called schedules. Schedules A and B are printed opposite sides of the same sheet which may need to be filed depending on the taxpayer:

  • Schedule A - itemizes allowable deductions against income; instead of filling out Schedule A, taxpayers may choose to take a standard deduction of between $5,150 and $14,300, depending on age, filing status, and whether or not the taxpayer and/or spouse is blind.
  • Schedule B - enumerates interest or dividend income, and is required if either interest or dividends received during the tax year exceed $1,500 from all sources.
  • Schedule C - lists income and expenses related to self-employment, and is used by sole proprietors. (Schedule C has a smaller version, the C-EZ, which is used for very simple self-employment situations.)
  • Schedule E - is used to report income and expenses arising from the rental of real property, royalties, or from pass-through entities (like trusts, estates, partnerships, or S corporations).
  • Schedule EIC - is used to document a taxpayer's eligibility for the Earned Income Credit.
  • Schedule F - is used to report income and expenses related to farming.
  • Schedule H - is used to report taxes owed due to the employment of household help.
  • Schedule J - is used when averaging farm income over a period of several years.
  • Schedule R - is used to calculate the Credit for the Elderly or the Disabled.
  • Schedule SE - is used to calculate the self-employment tax owed on income from self-employment (such as on a Schedule C or Schedule F, or in a partnership).