The form consists of various sections that help taxpayers calculate their Adjusted Gross Income (AGI), report taxable income, and claim deductions and tax credits.
These amounts and calculations determine either how much tax will be refunded to the individual or is due to be paid to the U.S. government.
Taxpayers can attach also numerous schedules to their 1040 to report additional needed information and modifications such as profits or losses from a business or self-employment taxes.
The standard Form 1040 comes in numerous variations depending on specific taxpayer needs.
|Form 1040-ES||Estimated Tax for Individuals||Used to calculate and pay estimated taxes for the current year|
|Form 1040-V||Payment Voucher||Sent with any check or money order for balances due on "Amount You Owe" on Form 1040|
|Form 1040-X||Amended U.S. Individual Tax Return||Used to make amendments to Form 1040|
|Form 1040-SR||U.S. Tax Return for Seniors||Used as an alternative 1040 for individuals 65 and older|
|Form 1040-NR||U.S. Nonresident Alien Income Tax Return||Used by nonresident aliens or their representatives engaged in a trade, business, estate, or trust in the U.S.|
|Form 1040NR-EZ||U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents||A simplified version of the nonresident alien form for certain individuals|
The due date for individual tax filing is April 15, which means Form 1040s should be submitted to the IRS either electronically or via mail by this day.