Form 1040 is the standard tax return form used by individuals to report personal income tax to the IRS. Whether an individual is required to file Form 1040 depends on factors like income, age, filing status. Shorter alternative forms like 1040EZ or 1040A may be filed instead under certain conditions which limit income sources and deductions. Form 1040 requires reporting of income from all sources along with any applicable deductions or credits to correctly calculate tax liability. A tax practitioner can help determine filing requirements and advise on available credits and deductions for an individual's specific tax situation.

1. Form 1040 -How To Prepare and File Your Individual
Income Tax Returns
IRS Form 1040 is the standard form that is submitted by an individual taxpayer to
report personal income tax. Depending on the individual taxpayer’s unique situation, a
Form 1040 may or may not be required to be filed with the IRS. There are multiple
factors that are considered when determining whether there is a requirement to file the
Form 1040: income, filing status, age, and other factors.
Under certain circumstances, a taxpayer may be able to file shorter, less complicated
forms instead of Form 1040 to satisfy the filing requirement. These forms, including
versions 1040EZ and 1040a, each have their own requirements. Generally, these
requirements limit the taxpayer’s filing status, total income, income sources, and certain
deductions and credits.
On Form 1040, the taxpayer lists his income by source as well as any deductions and
credits. Income is reported from almost all sources on Form 1040. Most commonly, the
income reported is also reported to the IRS by employers through W-2s and 1099s.
However, income from other sources is also required to be reported to the IRS. Often,
other sources of income will require additional “Schedules” to be attached and filed with
Form 1040.
After income is listed on Form 1040, deductions and credits are also tallied. Deductions
allow for certain expenses of income tax to be excluded from the total taxable income.
Credits directly reduce the tax liability. It is important to properly file Form 1040 to
correctly account for all income, deductions, and credits.
To determine whether Form 1040 is required to be filed, what income is needed to be
reported, and what credits and deductions are available, please contact a Tax
Practitioner to discuss your specific situation.
IRS Form 1040 tax returns and other such related documents are a daily encounter for
licensed practitioner Jeremy Brunner. Brunnerearned his Political Science Bachelor’s
Degree at theIllinois Wesleyan University. Before entering the tax world and helping
taxpayers with their Form 1040 issues, Jeremygraduated with honors from Chicago’s
John Marshall Law School with a JD and LLM in Employee Benefits. He also earned the
title of Academic Fellow for the Center of Tax Law and Employee Benefits.Mr. Brunner is
licensed to practice in Illinois and commonly aids clients in reconciling their IRS Form
1040s during tax cases.
IRS Form 1040 is a common document submitted to the federal government to allow
taxpayers to report income tax for the past year and is not always required.