Form 1040

Form 1040, the U.S. Individual Income Tax Return, is the primary form used by individuals to file their annual federal income tax returns. Key aspects include:

1. Reports total income from various sources

2. Calculates adjustments, deductions, and credits

3. Determines tax liability or refund amount

4. Required for most U.S. citizens and resident aliens

5. Due annually, typically by April 15th

6. Available in different versions (1040, 1040-SR for seniors)

7. May require additional schedules based on income types

Form 1040 summarizes your financial activity for the tax year, including wages, self-employment income, investments, and other sources. It allows you to claim deductions and credits to reduce your tax liability. The form has undergone simplification in recent years but still requires careful attention to detail. Many taxpayers use tax preparation software or professional services to ensure accuracy and maximize their tax benefits. Remember to keep supporting documents for the information reported on your 1040 in case of an audit.