The 1040 form is the Internal Revenue Service form that individuals use to fill out their yearly income tax returns. There are several 1040 forms, such as the 1040A, the 1040EZ, and the 1040X. Any individual can use a 1040 form; however, each 1040 form is used for different purposes. A filer uses the standard 1040 form when he has deductions, adjustments, and income beyond wages and interest. The 1040 form has several "schedules" with which individuals can declare their deductions, adjustments, and other sources of income. The 1040 form has two pages: the first page figures the income and also any adjustments to income; the second page of the 1040 form records taxes due, deductions, credits, and payments already made toward one’s tax liability. A 1040 form can be amended by filling out a 1040X form. |
