A 1040 form is an IRS document that U.S. taxpayers use to file an annual income tax return, according to TurboTax. A payment voucher, form 1040-V, is an optional processing ticket that taxpayers may submit when filing a tax return or a tax payment by mail.
The 1040 form is one option for filing a tax return, depending on an individual’s gross income and type of earnings, states the IRS. While the 1040EZ is only intended for taxpayers with no dependents, income adjustments, credits or complex financial arrangements, the 1040 form offers broader filing options for taxpayers whose refund amounts are dependent upon a more detailed explanation of their financial and household circumstances. For example, a 1040 form is typically for people with taxable income exceeding $100,000 or alternative circumstances, such as self-employment income. Other types of eligible income may include a trust fund, estate inheritance, shareholdings or unreported tips. People who pay household employees or itemize their deductions may also file the 1040.
The 1040-V is only necessary when an individual owes tax funds and intends to pay by check or money order, explains TurboTax. This processing ticket helps the IRS process the information more quickly, and taxpayers can mail vouchers even if they file the return electronically.