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What is a form 1040?

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Quick Answer

A form 1040 is a form issued by the Internal Revenue Service that is filled out by taxpayers to reveal their financial income information. This form is utilized to determine how much tax is owed or refunded. It is due annually on April 15th.

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Full Answer

The 1040 form consists of two pages and 11 schedules. Schedules are attachments that show the detail of an item on the 1040 form. There are three versions of the 1040 form: 1040EZ, 1040 long form and 1040A short form. The 1040EZ may be filed by taxpayers who have no dependents, deductions or credits to claim, less than $1,500 of taxable interest and are under 65 years of age without being blind. Earned income credit is primarily claimed on the 1040EZ. The 1040A is filed by taxpayers who earn less than $100,000, have credits and do not itemize deductions.

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