Federal Form 1040 - Individual Income Tax Return
The purpose of the IRS Form 1040 is for individuals to file your annual income tax returns with the Internal Revenue Service (IRS). It is used to report an individual's gross income, claim tax deductions and credits, and calculate your tax liability or refund. The form contains sections that require taxpayers to disclose your taxable income for the year, and it is the primary tax form used by U.S. taxpayers to file your annual income tax returns.
What information is required in the IRS Form 1040 for the year 2024?
The IRS Form 1040 for the year 2024 requires various information, including:
- Income information, such as wages, salaries, tips, and self-employment income
- Deductions, such as the standard deduction or itemized deductions
- Credits, such as the earned income tax credit, child tax credit, or education credits
- Taxes, including social security tax, Medicare tax, and income tax withholding
- Identification information, such as the taxpayer's name, address, and social security number or individual taxpayer identification number (ITIN)
- Filing status, such as single, married filing jointly, married filing separately, head of household, or qualifying widow(er)
- Dependents, including their names, social security numbers or ITINs, and relationship to the taxpayer
- Signature and date
Additionally, taxpayers may need to complete various schedules and forms, such as:
- Schedule A: Itemized Deductions
- Schedule B: Interest and Dividend Income
- Schedule C: Business Income and Expenses (for self-employment income)
- Schedule D: Capital Gains and Losses
- Schedule E: Supplemental Income and Loss
- Schedule F: Farm Income and Expenses
- Schedule SE: Self-Employment Tax
- Form 8960: Net Investment Income Tax
- Form 8959: Additional Medicare Tax
It's also important to note that taxpayers may need to provide documentation, such as:
- W-2 forms from employers
- 1099 forms for freelance or contract work
- Interest statements from banks and investment accounts
- Dividend statements from investments
- Receipts for charitable donations and other itemized deductions
- Records of business expenses and income (for self-employment income)