Tax Time Guide 2024: What to know before completing a tax return Internal Revenue Service

1040 form definition

Form 1040 was revised and simplified and Form 1040-SR was introduced by the Bipartisan Budget Act of 2018. That act also abolished Form 1040EZ, which was designed for taxpayers with uncomplicated tax situations, and Form 1040A, which was confusingly similar to the old Form 1040. Form 1040 and Form 1040-SR are the 1040 form definition standard forms used by taxpayers regardless of whether they itemize deductions. The Tax Cuts and Jobs Act roughly doubled the standard deduction for all filing statuses through the end of 2025. Consequently, the number of people who benefit from itemizing their deductions decreased dramatically starting in 2017.

  • A W-2 is a wage and tax statement an employee receives from a company they worked for during the tax year.
  • First of all, you need to enter on Line 9 either your standard deduction or the amount of your itemized deductions.
  • The form ends with helping you to determine your refund or how much you owe.
  • Whether you fill it out, print it, file it, work with an accountant, or use online software, it helps to know what to expect before filing.

However, the deadline may be extended if it falls on a weekend or holiday. In some cases, taxpayers may be able to request an extension to file their return. First, self-employed taxpayers must pay both the employer and the employee parts of SE tax.

Benefits paid to you

This may include alimony, disposition proceeds from the sale of a business, educator expenses, health savings account (HSA) contributions, or unemployment compensation. As noted above, Form 1040 uses a variety of additional schedules to help taxpayers report their tax obligations. The following schedules are used to compile financial information away from Form 1040 to later use Form 1040 as the primary source of reporting. The deadline to file a 1040 tax return is usually April 15th of each year.

Taxpayers using Form 1040-A could not claim itemized deductions. Form 1040 is the basic form for filing your federal income taxes. The form walks you through calculating your AGI and claiming any credits or deductions for which you qualify.