An Example of Form 1040
You are an employee at a bank where you earn $40,000 per year. When tax season rolls around, you’ll need to file a return. So, you use a tax prep app to fill out a 1040 and all the required schedules and forms. You send the completed 1040 to the IRS via the app, and the IRS notifies you once it accepts your return.
Who Uses Form 1040
Most taxpayers in the U.S. are required to file taxes using Form 1040—or one of its variants—and any necessary schedules to report taxable income. Taxpayers who meet the following requirements must file a Form 1040:
Types of Form 1040
There are nine versions of Form 1040 available. Each one is designed for different taxpayers. The most common are Forms 1040 and 1040 SR:
Form 1040: Standard individual tax formForm 1040 SR: Form for individuals 65 and older
These forms are derived from the 1040 but are used under special circumstances:
Form 1040-C: Departing nonresidentForm 1040-ES: Estimated individual tax formForm 1040-NR: Nonresident tax formForm 1040 PR: Form for self-employed residents of Puerto RicoForm 1040-SS: Form for self-employed individuals in the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and Puerto Rico.Form 1040-V: Payment vouchers (for making tax payments)Form 1040-X: Amended tax returns
Schedules
You may need to fill out one or several schedules in addition to Form 1040, depending on your situation. Here are a few of the most common:
Schedule 1: Additional Income and Adjustments to IncomeSchedule 2: Additional TaxesSchedule 3: Additional Credits and PaymentsSchedule A: Itemized DeductionsSchedule B: Interest and Ordinary DividendsSchedule C: Profit or Loss From Business (Sole Proprietorship)Schedule D: Capital Gains and Losses
If you need a different schedule, the IRS lists them on its forms and publications webpage. The three numbered schedules detail your taxes, credits claimed, payments made, additional income not reported directly on Form 1040, and adjustments to income. The totals from these schedules are then transferred to your 1040.
Where To Get Form 1040
All reputable tax-preparation software should have the most up-to-date From 1040 for the tax year you’re filing for in the spring. You can also download and print a copy from the IRS website. The form is interactive, so you can complete it online, print it out, and mail in a paper return. Ensure the Form 1040 you’re downloading is for the correct tax year. The year always appears in the center at the top of the first page. If you’re using online tax prep software to do your 1040, the software will fill out the form on your behalf based on the information you provide.
How To Fill Out and Read Form 1040
Filling out your Form 1040 may not seem all that different if you file online via a guided tax-prep tool. Whether you fill it out, print it, file it, work with an accountant, or use online software, it helps to know what to expect before filing. Form 1040 is two pages long with several sections.
Filing Status
This section is where you state your filing status—whether you’re filing as single, married jointly, married separately, head of household, or as a qualifying widow(er). You’ll also include your personal information, including name, address, Social Security number, and more.
Digital Assets
In this section, you’ll indicate if you sold, received, exchanged, gifted, or got rid of a digital asset.
Standard Deduction
Here, you’ll state whether someone can claim you or your spouse as a dependent. There’s also a box to check if your spouse itemizes their return separately or if you started the tax year as a non-resident of the U.S. and then gained residence. There’s also a subsection here for “Age/Blindness,” which asks about your and your spouse’s birth years and whether either of you is currently blind.
Dependents
If you have dependents, this is where you’ll list their name, Social Security number, relationship to you, and tax credits that apply.
Income
This is the main section of the form. On lines 1 through 33, you’ll fill in information such as wages, salaries, tips; qualified dividends; pensions and annuities, Social Security benefits; capital gains or losses; charitable contributions, and more. Line 15 is where your taxable income goes, and is the last line on the first page.
Taxes and Credits
Page 2 starts with Line 16, and you’ll be asked for information regarding tax withholdings (from W-2 forms or 1099 forms), child tax or other dependent credits, the earned income credit, amounts from other forms and schedules, and more.
Payments
This section is where you’ll add up all the payments you’ve made and factor in several tax credits. Line 32 is where you figure out your total other payments and refundable credits, and Line 33 is where you learn what your total payments are.
Refund
You’ll learn whether you are owed a refund in this section of Form 1040. You can also include your bank account info if you’d like to receive the refund via direct deposit.
Amount You Owe
If you are not owed a refund—that is, if Line 33 is less than Line 24 on the form—you owe taxes. This is where you’ll figure that out, plus whether there’s any estimated tax penalty.
Third-Party Designee
This is where you’ll let the IRS know whether you are comfortable with another person discussing your tax return with the agency.
Sign Here
Finally, you’ll need to sign and date the return, agreeing that all of the information you provided is accurate to the best of your knowledge.
Can Form 1040 Be Filed Online?
Not only can Form 1040 be filed online, but the IRS strongly urges taxpayers to do so. The agency provides a list of e-filing options on its website.
Where To Mail Form 1040
If you don’t want to file online, the address to which you should mail a paper copy of Form 1040 depends on your state of residence and whether you owe taxes. The IRS offers a complete list of addresses for each circumstance and each state on its website.
