The Internal Revenue Service's webpage has 1040 forms available for download. Also available are the schedules that may be needed to go along with the 1040 form, as well as instructions on how to prepare and where to file the 1040 form.Continue Reading
IRS Form 1040 is one of the official forms that taxpayers have to use to file yearly income tax returns. The form has a number of different sections where income is reported, and deductions are taken in order for taxpayers to determine the amount of tax due, how much the taxpayer should expect to receive back in a refund or how much a person must pay in additional taxes. Depending on the type of income a taxpayer needs to report, it may be necessary to attach different schedules to the 1040 form.
Page one of the 1040 form is where the Adjusted Gross Income is calculated. This is where taxpayers enter their wages and salary, interest, dividends, tips, and taxable state and local tax refunds. Any adjustments to the income, such as a loss in stock sales or even a business loss, is indicated on page one of the 1040. The sum of all the income is computed as the taxpayer's Adjusted Gross Income. From that point forward, taxpayers determine the amount of deductions they are entitled to and how much tax is due.Learn more about Taxes