Form 1040, U.S. Individual Income Tax Return | E-file Form 1040 Now!

Form 1040 is used by the citizens of the United States to report their income tax with the IRS. This form helps the IRS to calculate the total taxable income of the taxpayer and the number of refunds that the taxpayer has to get from the government. The due date for filing this tax Form is the 15th of April of the tax year. If this date falls on a weekend or a legal holiday, then the next business day becomes the due date. It is also possible to seek an automatic extension to file this Form till October 15th, by filing Form 4868 with the IRS.  

About Form 1040

This Individual income tax return Form for US citizens comprises two pages, excluding the attachments. The first page collects information about the taxpayers and their dependents. The taxpayer is expected to furnish their filing status on this page. The second page of this Form will report the income of the taxpayer along with their applicable credits and deductions. The purpose of the Form is to calculate the tax amount that the citizen owes to the Government and the refunds they are eligible for. This Form is capable of handling multiple sources of income and complicated tax situations.

Who should file Form 1040?

Most people in the US have to file Form 1040 if they are employees, freelancers, independent contractors, or even if they live on their income from investments. The following table will illustrate who should file Form 1040 and how much they are expected to file.

Filing Status Age of the taxpayer Annual gross income of the taxpayer beyond which they have to pay taxes.
Single Under 65 years $12,200
65 years or older $13,850
Married and filing jointly Both spouses are under 65 years $24,400
Both of them are over 65 years $27,000
One of the spouses is over 65 years $25,700
Married and filing separately Any age $5
Under 65 years $18,350
65 years and older $20,000
Head of household Under 65 years $18,350
Over 65 years $20,000
Widow/ widower Under 65 years $24,400
65 years and older $25,700

Whether or not the citizen is qualified to pay the income tax, they should file a tax return if their net earnings are $400 from self-employment. Most freelancers and independent contractors should file Form 1040, even if they don’t meet the income threshold given in this table.