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IRS Tax Forms > Form 1040

Form 1040

             There are certain restrictions on which Form you can use to file your income tax return.  The simplest form to use is the Form 1040EZ, but not every taxpayer is able to use that form.  If you do not qualify to file Form 1040EZ, you may be able to use Form 1040A, which is a little less involved than Form 1040.  However, if you file Form 1040, you can take advantage of all available credits and deductions.  Many supplemental schedules are used along with Form 1040, such as Schedule A for Itemized Deductions, Schedule B for Interest and Ordinary Dividends, Schedule C for Profit or Loss from a Business, and many others.

             You are required to use Form 1040 to file your income tax return if any of the following criteria are true for you:  You have taxable income of at least $100,000.  You itemize your deductions rather than taking the standard deduction for your filing status.  You have income which is not able to be reported on Form 1040EZ or Form 1040A, which includes tax-exempt interest from private activity bonds that were issued after August 7, 1986.  You are claiming any gross income adjustments other than those reportable on Form 1040A.  You have uncollected employee tax on tips or group-term life insurance in box 12 or your Form W-2.  You received at least twenty dollars in tips in any one month during the year and did not report them all to your employer.  You are claiming any credits other than those reportable on Form 1040A.  You owe excise tax on insider stock compensation from an expatriated corporation.  There is an amount in box 12 of your Form W-2 with a code of Z.  You need to file other forms with your return in order to report certain taxes, transactions, or exclusions.  You are a debtor in a chapter 11 bankruptcy case which was filed after October 16, 2005.


             Some of the adjustments to gross income that are available to filers of Form 1040, but not to filers of Form 1040EZ or Form 1040A are alimony paid, moving expenses, 50% of self-employment tax, self-employed health insurance, Archer MSA deduction, penalty for early withdrawal of savings, and the deduction for Keogh, SEP, and SIMPLE plans.  Some of the types of income that can only be reported on Form 1040 are self-employment income, rents and royalties, gains and losses from property sales, alimony received, and state tax refunds.  If you are required to figure alternative minimum tax, you must file using Form 1040 rather than one of the other forms.
            The due date for filing your Form 1040 is April 15.  However, if April 15 happens to be on a Saturday, Sunday, or legal holiday, the due date is moved to the next business day.

                       Do you need help with figuring out your income taxes, including which Form you should file, which schedules you might need to file, and which expenses are allowed as deductions? Then you have come to the right place.  Check out the CPA search feature on this website to find a qualified professional in your area to assist you with all your tax and accounting needs.


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