What is IRS Form 1040: U.S. Individual Income Tax Return?

Form 1040 is one of the most commonly filled-out tax forms in the U.S. tax system. It’s the standard IRS income tax form taxpayers use to file annual income tax returns. Because so many people fill it out every year, it’s important to understand IRS Form 1040 and what goes into it. While the 1040 instructions are helpful for this, we’re here to outline 1040 form basics in easy-to-understand language.

What is a 1040?

Let’s knock out the first and most important question: “What is a Form 1040?” Formally known as the “U.S. Individual Income Tax Return,” this is the Internal Revenue Service (IRS) tax form you use to report all types of income and expenses, claim tax deductions and credits, and calculate your tax bill or refund for the tax year.

The IRS usually releases an updated version of the 1040 tax return form each filing year. There are generally a few changes each year, such as adjustments for inflation, clarification on instructions, and implementation of relevant changes to the tax code.

What are the types of Tax Form 1040?

There are four variations of the IRS form 1040 for filing an individual’s annual income tax return:

• Form 1040: Is the standard 1040.
• Form 1040-SR: Simplifies tax filing requirements for those who are 65 or older.
• Form 1040-NR: Is the primary form used by nonresident aliens for filing a U.S. tax return.
• Form 1040-X: Is used to amend an individual’s annual income tax return.

Why “short forms” 1040A and 1040EZ are no longer available

In 2018, two 1040 tax forms — the 1040A and 1040EZ — were eliminated with tax reform. The IRS consolidated the forms into one, allowing taxpayers to instead use schedules to supplement their filing. So, beginning with 2018, Form 1040 became the primary form with supporting schedules.

Who should file Form 1040?

Millions of U.S. taxpayers file a 1040 tax form each year. It’s the most used tax form to report income, claim certain credits, and identify how much tax you owe (or will get refunded.)

First, you’ll want to check to see if the amount of income you’ve earned this year will trigger a filing requirement.  If your gross income is at or above certain annual thresholds for your filing status, you must file a tax return. But, having income below the thresholds (mentioned in the article above) isn’t the only thing to check. You must also file a tax return if any of these situations apply to you:

• You have Self-employment income of $400 or more
• You owe any special taxes, including:
  • Tips you didn’t report to your employer
  • Alternative Minimum Tax (AMT).
  • Household employment taxes.
  • Additional taxes on IRAs or other qualified plans.
  • Your employer didn’t withhold Social Security and Medicare taxes from your pay.
  • You’re repaying the first-time Homebuyer Credit.
• You received advance payments of the Premium Tax Credit.
• You receive Health Savings Account (HSA) distributions.

Take a deeper dive into these situations and review our Do you need to file taxes? article.

Even if you are not required to file a tax return you may wish to do so in these situations:

• You are due a refund of withheld taxes.
• You qualify for a personal refundable credit, such as the Earned Income Credit (EIC), Additional Child Tax Credit (ACTC), or refundable American Opportunity Credit (AOC) .
• You’re eligible for the Premium Tax Credit.

How to get 1040 form information

IRS 1040 tax form is the primary U.S. Individual Income Tax Return form. You can find it on the Internal Revenue Service (IRS) official website.

Here’s how you can access it if you’re paper filing:

1. Navigate to the IRS website: https://www.irs.gov/forms-pubs/about-form-1040.  
2. View, download, and print the form in PDF format on this page.

If you’re filing online or using tax software, the programs will auto-populate the appropriate Form 1040 based on a series of questions asked. And if you’re using a tax professional, they will supply the appropriate forms and schedules.

IRS Form 1040 instructions

The 1040 form instructions provide several pieces of information you that may be helpful in completing your taxes.  This includes filing requirements like those listed above, line-by-line instructions for Form 1040, tax bracket information, refund information, and instructions for each of the 1040 schedules. (More on the schedules below).

How to fill out the 1040 tax form

Thanks to helpful programs, such as H&R Block Online (or by working with one of our tax pros), filling out Form 1040 isn’t really needed. But if you want to know how it works, we’ve outlined the process for you below.

1. Fill out your personal information: The top part of the form has spaces where you fill out personal information. This includes your name, Social Security Number, address and filing status. If you’re filing a joint return, you’ll note your Spouse’s SSN in this area too.
2. Report your income: Gather your W-2 forms from your employer(s) and any 1099 forms for additional income sources like freelance work or investments. Make sure to include all the necessary forms and double-check for accuracy.
3. Claim tax deductions: Explore various deductions available to you and their qualifications. These deductions help reduce your taxable income. Some common deductions include student loan interest, educator expenses, and contributions to retirement accounts. Have the relevant documents handy for accurate reporting.
4. Take either the standard or itemized deduction: Decide whether to take the standard deduction or itemize your deductions. The standard deduction is a fixed amount set by the IRS, while itemizing allows you to list specific expenses such as mortgage interest, property taxes, medical expenses, and charitable contributions. Evaluate which option is more beneficial for you.
5. Claim tax credits: Tax credits are a fantastic way to lower your tax liability. Look into credits such as the Child Tax Credit, Earned Income Tax Credit (EITC), or educational credits. Ensure you meet the eligibility criteria and gather the information required to claim these credits accurately.
6. Account for any other taxes you owe: If you have self-employment income, calculate the self-employment tax. Similarly, if you employ household help, you may owe household employment taxes. Ensure you report these accurately on Form 1040 by using the appropriate schedules or forms to determine if a tax is owed.
7. Include any tax payments made throughout the year: You should include taxes withheld from your paycheck and the amount of any estimated tax payments made during the tax year on your Form 1040.. These will help offset your tax liability. Additionally, specify whether you prefer a direct deposit or a check for any tax refund you may be entitled to.

What info do you need to complete Form 1040?

While the Form 1040 instructions outlines many of the things, you’ll need to complete your taxes, you’ll quickly see that there may be several things that may — or may not — apply to your situation.

Here’s some of the information you’ll need to complete your taxes.

Personal Information, such as:

• Your name and address
• Social Security number (SSN) or Individual Taxpayer Information Number (ITIN) for yourself and your spouse

• The first and last name, as well as the social security number for each dependent included on your return

Then there are other details, you’ll want to check your official documents. That said, you’ll need to gather:

Forms that show your income, such as:

• Wage statements for earned income:
  • W-2 form, for employees
  • Form 1099-NEC, Nonemployee compensation
  • Form 1099-K, Payment Card and Third Party Network Transactions

• Investments – Common forms include:
  • Form 1099-B, Proceeds from Broker and Barter Exchange Transactions
  • Form 1099-DIV, Dividends and Distributions
  • Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
  • Form 1099-INT, Interest Income

Deduction-related forms and documentation, such as information about your:

• Home and vehicle ownership
• Medical expenses
• Health insurance
• Childcare expenses
• Educational expenses

For a full list, check out our “What do I need to file taxes” checklist.

What are the various Form 1040 schedules?

The 1040 form includes the base form and three schedules needed to report additional items. In addition to these schedules, there are several supporting schedules used to provide details about certain income and deductions.

You can think of schedules as extra forms the IRS uses to get a complete and accurate depiction of your financial life related to your tax filing. If you e-file your return (which most people do), your online program or tax pro will generally determine the Form 1040 Schedules you’ll need.

In many instances, you don’t need anything other than the base form. However, if your tax return is more complicated (like if you claim certain tax deductions, credits, or owe additional taxes), you’ll likely use one or more schedules and forms.

Here’s a summary of each 1040 tax schedule.

Supporting schedules:

Schedule 1: Additional Income and Adjustments to Income

This schedule should be used to report additional income you may have such as business, farm, or rental income. You also use this schedule to report any adjustments to income such as student loan interest,  the deductible portion of self-employment tax, or educator expenses.

Schedule 2: Additional Taxes

Schedule 2 is used to report any additional taxes you may owe such as the Alternative Minimum Tax, self-employment tax, tax on early distributions from IRAs, and additional Social Security and Medicare tax.

Schedule 3: Additional Credits and Payments

Here’s where many of the personal credits go, including education credits, the Child and Dependent Care Credit, Saver’s Credit, energy credits, the Premium Tax Credit, and the Foreign Tax Credit. Note that the earned income credit and child tax credit are claimed on the Form 1040.

Additional schedules you may need:

Schedule A: Itemized Deductions

Schedule A allows you to itemize deductions instead of taking the standard deduction. Think medical expenses, state and local taxes, mortgage interest, and charitable contributions – these are all acceptable deductions!

Schedule B: Interest and Ordinary Dividends

Schedule B reports interest and ordinary dividends. So, if you have a bank account or investments, this is where you spill the beans on the interest and dividends you’ve earned.

Schedule C: Profit or Loss from Business

For the entrepreneurs out there, Schedule C reports business income and expenses for sole proprietors (including single member LLCs treated as sole proprietorships). Partnerships and corporations (including LLCs  treated as partnerships or corporations) don’t report business income on the Form 1040, instead the business files using the partnership and corporate returns (Forms 1065 and 1120) and owners report income on other forms.

Schedule D: Capital Gains and Losses

If you’ve played the stock market or sold some investments, Schedule D is your ticket to report capital gains and losses.

Schedule E: Supplemental Income and Loss

If you earn supplemental income from rental properties, royalties, partnerships, S corporations, estates, trusts, or residual interests in REMICs, then that income lands on Schedule E.

Schedule EIC: Earned Income Credit

This schedule is used to report information about your qualifying children you included for claiming the Earned Income Credit

Schedule F: Profit or Loss from Farming

Schedule F reports farming income and expenses for farmers and those in agriculture. The Schedule lets the IRS know if your agricultural endeavors are blooming or facing a drought. Learn more about using Schedule F for farming income tax.

Schedule H: Household Employment Taxes

If you have certain household employees like a nanny, cleaning crew, or personal assistant, use Schedule H to report household employee taxes.

Schedule J: Income Averaging for Farmers and Fishermen

Schedule J is used to elect to figure out your income tax by averaging, over the previous three years, all or part of your taxable income from your trade or business of farming or fishing.

This election might lower taxable income from farming or fishing if your income is high and your taxable income for one or more of the three prior years was lower.

Schedule R: Credit for the Elderly or Disabled

Use Schedule R to calculate the Tax Credit for the Elderly or Disabled.

Schedule SE: Self-Employment Tax

Gig workers, sole proprietors, and partners this one’s for you. Schedule SE calculates your self-employment tax, which represents your contributions to Social Security and Medicare.

Schedule 8812: Child Tax Credit

Use Schedule 8812 to calculate the Additional Child Tax Credit.

What changes have been made to 1040 forms this tax year?

The IRS made no significant changes to Form 1040 and most of its supporting schedules this year. Schedule 3 has been revised to add lines for Home Energy and Clean Vehicle Credits.

Where to file Form 1040

Your chosen filing method will determine where to file Form 1040.

• For paper filers: If you’re filing a paper return, you’ll need to mail your return. The mailing address depends on where you file. The IRS lists the appropriate mailing addresses by state on their website. Take note: Paper returns could take weeks longer to process due to staffing shortages. For faster processing, the IRS encourages you to  file electronically.)
• For e-filers: E-filers will file online using the IRS website, do-it-yourself (DIY) tax software or with a tax pro. Looking for a speedier way to get a tax refund? Learn more about the ways to file with Block.

Get help filing your 1040 tax form

In the grand scheme of things, the IRS 1040 tax form is key to filing your tax return. Ready to file your Form 1040? Let H&R Block help! Whether you choose to file with a tax pro or file with H&R Block Online, you can rest assured that we’ll get you the biggest refund possible.