Form 1040

There are three types of Individual Income Tax Return forms: Form 1040EZ, Form 1040A, and Form 1040. While forms 1040EZ and 1040A are the shorter versions of these forms, many tax filers have tax situations that prevent them from using these "simpler" forms.

Form 1040 may be used by all tax filers, but is most commonly used by tax filers who have the following tax situations:

  • Received income from self employment
  • Income received as a shareholder in an S Corporation, as a partner in a partnership, or as a beneficiary in an estate or trust
  • Received form 1040-DIV, non-dividend distributions to be reported as capital gains
  • Able to exclude foreign earned income received as a US Citizen or resident alien
  • Held foreign financial account, such as securities account or bank account
  • Eligible for Health Coverage Tax Credit
  • Owe household employment taxes

For more information regarding form 1040EZ, please visit our articles.

Form 1040 also has 11 attachments, or "Schedules". Information regarding these schedules is as follows:

  • Schedules A and B contain Itemized Deductions. These deductions include Medical and Dental expenses, taxes paid, interest paid, charitable gifts, and job expenses
  • Schedule C contains Profit or Loss from a business
  • Schedule D contains Capital Gains and Losses
  • Schedule E is used for Supplemental Income and Loss from rental properties, royalties, partnerships, S corporations, estates, trusts and REMICs
  • Schedule EIC which is for Earned Income Credits
  • Schedule F to be used for Profit and Loss from Farming
  • Schedule H contains Household Employment tax information
  • Schedule J is the form used for Income Averaging for Farmers and Fisherman
  • Schedule R contains Credit for Elderly or Disabled
  • Schedule SE which is the Self Employment tax form

For more information regarding Form 1040EZ, please visit our articles.