Form 1040 is the standard federal income tax return used by individuals to report their annual income, claim deductions and credits, and calculate the amount of tax owed or refund due. It is filed with the Internal Revenue Service (IRS).
Form 1040 is the primary form for personal income tax filing in the United States.
You generally must file Form 1040 if:
- Your income exceeds the IRS filing threshold
- You are self-employed with net earnings of $400 or more
- You owe special taxes (such as self-employment tax)
- You want to claim a refund or tax credits
Even if not required, filing may be beneficial to claim refundable credits.
Form 1040 summarizes:
- Wages (W-2 income)
- Self-employment income (Schedule C)
- Rental income (Schedule E)
- Interest and dividend income
- Capital gains
- Retirement income (Social Security, pensions)
- Adjustments to income
- Standard or itemized deductions
- Tax credits
- Total tax liability or refund amount
Depending on your situation, you may need:
- Schedule 1 – Additional income and adjustments
- Schedule 2 – Additional taxes
- Schedule 3 – Additional credits and payments
- Schedule A – Itemized deductions
- Schedule B – Interest and dividends
- Schedule C – Profit or loss from business
- Schedule D – Capital gains and losses
- Schedule E – Supplemental income