Form 1040

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Form 1040, year 2005

Page 2

The Form 1040, U.S. Individual Income Tax Return, is the starting form for personal Federal income tax returns filed with the Internal Revenue Service (IRS) in the United States. Any individual U.S. income taxpayer can use Form 1040 (often referred to as the "long form" to distinguish it from the other 1040 variants). Those with uncomplicated tax situations (for example, no itemized deductions, no capital gain or loss, etc.) may be able to use the simplified Form 1040A (the "short form") or the even simpler Form 1040EZ (the "easy form") instead of Form 1040. The actual form itself is colored blue (though not the case when tax return software packages are used).

Income tax returns for calendar year taxpayers are due by April 15 of the next year. Should April 15 fall on a Saturday, Sunday, or holiday, the returns are due on the first succeeding day that is not a Saturday, Sunday, or holiday. If Patriots Day in Massachusetts falls on the Monday in question, then filers in New England have until Tuesday to file. Generally, income tax returns for fiscal year taxpayers (an individual taxpayer may choose a fiscal year other than the calendar year, though this is uncommon) are due on or before the 15th day of the fourth month following the close of the fiscal year (if the 15th falls on a Saturday, Sunday, or holiday, the return must be filed by the next business day).

Form 1040 is truly the "long form." Form 1040 consists of two full pages not counting attachments. The first page collects information about the taxpayer(s), dependents, income items, and adjustments to income. The second page calculates the allowable deductions and credits, tax due 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 $5,000 and $10,000, depending on age and filing status.
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 D is used to describe capital gains and losses incurred during the tax year, and to calculate the tax amount due given the special reduced tax rates applied to capital gains.
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).

In most situations, other Internal Revenue Service or Social Security Administration forms such as Form W-2 must be attached to the Form 1040, in addition to the Form 1040 schedules. There are other, specialized forms which may need to be completed along with Schedules and the Form 1040.