1040 U.S. Individual Tax Return Form

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Definition of '1040 U.S. Individual Tax Return Form'

The 1040 U.S. Individual Tax Return Form is an annual tax return form used by individuals and married couples filing jointly to report their income, deductions, and credits to the Internal Revenue Service (IRS). The form is due on April 15th of each year, although taxpayers may request an extension to file until October 15th.

The 1040 form is divided into several sections, each of which asks for specific information about the taxpayer's income, deductions, and credits. The first section asks for the taxpayer's name, address, and Social Security number. The second section asks for the taxpayer's filing status, which can be single, married filing jointly, married filing separately, head of household, or qualifying widow(er). The third section asks for the taxpayer's income from all sources, including wages, salaries, tips, interest, dividends, capital gains, and other income. The fourth section asks for the taxpayer's deductions, including the standard deduction, itemized deductions, and personal exemptions. The fifth section asks for the taxpayer's credits, including the earned income credit, child tax credit, and the American opportunity credit.

The 1040 form is a complex document, and taxpayers who are not familiar with it may need to seek professional help to complete it. However, by understanding the basic structure of the form and the information that is required, taxpayers can make the process of filing their taxes as smooth as possible.

In addition to the 1040 form, there are a number of other forms that taxpayers may need to file, depending on their individual circumstances. These forms include the 1040A form, which is a simplified version of the 1040 form for taxpayers with simple tax situations; the 1040EZ form, which is an even more simplified version of the 1040A form for taxpayers with very simple tax situations; and the Schedule C form, which is used by self-employed individuals to report their business income and expenses.

Taxpayers who are unsure of which forms they need to file should consult with a tax professional.

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