The 1040 federal tax form is a form that is issued by the Internal Revenue Service to be filled out by individuals in order to reveal their financial income and tax information, says Investopedia. This form helps to determine the amount of taxable income as well as the amount of taxes to be paid or refunded to the taxpayer. The form is due to be filed on April 15th of each year, the IRS reports. The form includes areas for filers to include their personal and family information, income, deductions, and exemptions.Continue Reading
The 1040 form consists of two pages and a variety of different schedules. Schedules are attachments that are filed along with the 1040 that show more information and detail regarding certain items on the 1040 form, says Investopedia.
There are three different versions of the 1040 form: the 1040 long form, 1040A short form and the 1040EZ form. Taxpayers with no dependents, deductions or credits to claim, who have less than $1,500 in taxable interest and under 65 years old can file the 1040EZ. Blind individuals do not qualify to file the 1040EZ, the IRS explains. The credit primarily claimed on the 1040EZ is the Earned Income Credit. If taxpayers have less than $100,000 in earnings, have credits and don't itemize deductions, they can file the 1040A.Learn more about Taxes