IRS Form 1040
IRS form 1040 is probably the most-used tax form, along with the 1040 EZ. It’s used for individuals doing their Federal Income taxes, and it’s required. For single people under the age of 65, the IRS form 1040 must be filed if the annual income is over $9,500. Even then, one might want to file the 1040 anyway in case a refund is due.
The IRS 1040 form is very simple- there are only two pages, although there are attachments that may have to be filled out depending on the taxpayer’s situation. The first page of the 1040 is really easy: it mostly asks for information about the taxpayer. For example, fill in your name, address, dependents, income. Very straightforward. The income part usually comes directly off a W-2 form, which is mailed to you from your employer. It’s just a matter of copying the number from one box into a filed on the IRs form 1040. At the bottom of the first page you will have a number which is called the Adjusted Gross Income (AGI). Take a look:
The second page of the form has a few minor calculations based on the AGI. These calculations are based on deductions and credits so you can reduce the AGI. The lower your Adjusted Gross Income, the less taxes you pay.
And that’s about it! A few simple questions and numbers to copy, a little bit of simple math and voila, the IRS form 1040 made easy. Something you can do yourself and save money at tax time.