What is IRS Tax Return Form 1040 US?
IRS Tax Return Form 1040 is a standard tax form that individual taxpayers use to file their annual income tax return. This tax return form determines how much of an income of the individual is taxable by the US government agency IRS. This form has various versions depending on different life situations that can be easily downloaded from the IRS official website as they are readily available.
Added to that, this form also determines whether there are additional taxes to be paid or the taxpayer has to receive a tax refund. Depending on factors such as claiming a tax credit or owing additional taxes, the taxpayer is required to file supplementary schedules for items such as business income or loss.
Who is required to file the form 1040?
According to the IRS, every US citizen is mandated to file their income tax return. All the citizens earning an income over a certain threshold are obligated to file the tax return reporting their profits. The worldwide income earned by a US citizen is subjected to US tax regardless of their current residence.
What are form 1040EZ and 1040A?
Form 1040EZ: This form is filed by those who are single or individual taxpayers or joint filers with no dependents. This form is a shortened version of the tax form 1040 tailored for taxpayers with basic tax situations offering a fast and easy way to file income taxes. Requirements for 1040EZ:
- Those taxpayers with no dependents and taxable income of less than $100,000, less than $1,500 of interest income are eligible to file form 1040EZ.
- Taxpayers filing jointly must be under age 65 during the relevant filing period.
- The taxpayer filing this form cannot claim deductions for student loan interest, educator expenses, tuition fees, or itemized deductions.
- Tax credits for retirement savings, health coverage, and education or any advanced Earned Income Credit (EIC) cannot be claimed.
- The filer must not be a debtor and should not owe any household employee taxes on wages paid to household employees.
Form 1040A: This form is a simplified version of form 1040 used to filing for annual income tax returns. The individual must meet the eligibility criteria for the form 1040A:
- The taxpayer should not own a business
- The taxpayer cannot make claims for itemized deductions
- The taxpayer must have a taxable income of less than $100,000 and should not have exercised any incentive stock options (ISO) during the tax year
How and where to file form 1040?
Tax form 1040 can either be mailed to the official address of the IRS agency or can be e-filed by scanning the Tax Return document and uploading it on the website.
How to make amends in the form 1040 after filing?
Although the IRS usually finds and corrects those errors during the processing of the tax return. However, it there is an error in the form after it has been filed, the taxpayer will need to file an amended return or tax form 1040-X to correct a previously filed form 1040, form 1040A, form 1040EZ, form 1040NR, form 1040NR-EZ, or to change amounts adjusted by the IRS.
