The IRS Form 1040, which is used for reporting standard annual income, is available as a free downloadable PDF on the IRS website. Other tax forms, including the various of Form 1040, are also available as free PDF downloads as well.Continue Reading
Form 1040 is used to report the annual income for anyone filing individual or joint tax forms. The form includes provision for reporting the most common form of income, which is reported via a W-2 form issued by an employer. This type of income allows the earner to remove a portion of their wages for taxes with each paycheck, thus pre-paying taxes based on a table of standard allowances.
Filing Form 1040 with W-2 wages involves entering the gross and net earnings of the individual, along with any deductions for taxes paid on specific purchases. This value is compared to other tax liabilities, such as propery tax or income earned via interest, against applicable credits to determine if the person filling is required toi pay additional taxes or if they will receive a refund for taxes already paid.
Other forms, such as those for reporting income earned via self-employment or for income earned overseas, must be included with Form 1040 as needed.Learn more about Taxes