Form 1040 is an IRS tax form utilized for personal federal income taxes filed by United States citizens. This form calculates the amount to be deducted or paid by the taxpayer and then determines how much is owed or returned by the Government. Like most other forms, this one also has a standard format but with some slight variations that are explained in the following paragraphs. All spaces are filled in and any blank areas are filled in as well.
The first thing that is included in the 1040 form is the name of the employer. All employee income, tips, bonuses, wages and interest are reported on the W-2 form. The tax year is listed on the top of the form followed by the filing status (wage earner, business owner, self employed etc.). The next column lists the income of the employee, including deductions. The next column is the amount of taxes owed.
All revenues are reported on the last line following the designation of source of funds. From this column, deductions are selected according to the priority order as described in the standard deduction table provided with the IRS form. The standard deduction amount is determined by your filing status and bracket. Self-employed individuals have a different income tax filing status than those who are not self employed. A separate tax filing form for the self-employed is available.
Taxpayers may choose to file the income tax return electronically. A paper copy of the 1040 can still be requested from the office that processed the form. Electronically submitted forms will not be received unless the taxpayer's mail to the IRS the tax return within the timeframe indicated on the form. The timeframe varies based on the filing deadline for the current tax year and for the upcoming tax year. mailed forms are accepted only up until the date that the taxpayer's mail to the IRS, the electronically filed tax return. For taxpayers who mail electronically, a proof of submission will be sent to the taxpayer's address provided on the electronic filing site.
Many people are unaware that there are separate state tax returns. Although all taxpayers must file a federal income tax return for personal income taxes and state tax returns, they must do so separately for each state they live in. The states determine their . . . . . . own filing deadlines for state tax returns. Therefore, it is important for taxpayers to understand when they need to submit their federal and state tax returns or when the state tax filing deadlines apply.
If you are looking for information on how to prepare your own 1040, the IRS website offers sample federal and state income tax return forms. However, if you prefer to work with a professional CPA, you can request a full copy of your 1040 through the IRS website. You can download the free 1040 forms online, print them out, and then fill them out.