IRS Form 1040

IRS Form 1040 is the standard federal income tax form used by individuals in the United States to report their annual income. It captures information about earned income, such as wages and self-employment earnings, as well as deductions and credits that can reduce tax liability. Taxpayers use this form to calculate whether they owe taxes or are due a refund. It’s typically filed by April 15 for the previous tax year, and there are various schedules that might be attached for additional income sources or deductions. Understanding Form 1040 is essential for accurate tax reporting and compliance.