Form 1040

Executive Summary About Form 1040 By Chad Fisher

Form 1040A is the shorter and simpler version of Form 1040, thus its nickname “short form”. It is more commonly used when the tax situation of the individual is uncomplicated. On the other hand, Form 1040 or the U.S. Individual Income Tax Return, is the long form which usually contains more information such as itemized deductions, no capital gains, etc.

Form 1040 is always due by April 15th of the next year. To be precise, the income tax for 2008 is due on April 15, 2009. Paying after this date may cause the taxpayer some interests and penalties. Those serving in the U.S. Armed Forces or those in support of it, are assigned in a designated combat zone or qualified hazardous duty area or any contingency operation may file their taxes later.

There are four other conditions that will cause for an individual to file for their Form 1040 or their income tax return. The first is if a person owes any special tax. This special tax may be in the form of an alternative minimum tax. This could also be write in taxes which include uncollected social security and Medicare taxes on tips reported to employers or on group term life insurance and taxes on health savings account. Another special tax is the household employment tax, which can be filed also using Schedule H. Also a special tax is the additional tax on qualified plan, which could also be filed using Form 5329. Considered also as a special tax are Medicare and social security taxes on tips that were not reported to employers. Last of these special taxes is the recapture tax.

Currently, there are several variants of the Form 1040.

To enumerate, these are Form 1040, Form 1040A, Form 1040EZ, form 1040EZ-T, Form 1040NR, Form 1040NR-EZ and Form 1040X.

Irs Tax Form 1040

Before you know it, tax season just sneaks up on us real quick. There are many 1040 forms that – of course there is the 1040 Standard form, most taxpayers can use this one, but if you’re taxes are very straightforward you may qualify for the 1040-EZ form, as long as you are single and have no dependents.

The 1040 Schedule A is for itemized deductions and ordinary dividends – make sure you get your interest statement from your bank and your statement from your broker so you fill this form out. The IRS tax form 1040 Schedule C is for the profit and loss from a Sole Propietorship. From 1040 Schedule D is for capital gains and losses – hopefully you have more gains than losses!

It’s not that hard to learn how to file your own taxes. All of the forms are readily available on the IRS website and we have provided links so you can download them all for free. There’s no better way to save money than to do it on your own and if you need help consider getting Turbo tax, but be warned it’s harder to learn with an automated software tool as you just put in the numbers and it calculates your tax for you.

Taking ownership of your taxes is an important step in this day and age.

Keep a level head, set aside some time and you can complete your taxes in no time!

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