Table of Contents
Definition
Form 1040 is the IRS’s primary individual income tax return. It summarizes your total income, adjustments, deductions, and tax credits to calculate your federal income tax liability or refund due. Every U.S. citizen and resident with taxable income typically uses Form 1040 to report earnings from wages, self-employment, investments, and other sources.
Who Should File
You must file Form 1040 if you meet any of these criteria:
You had gross income above the IRS’s filing threshold for your filing status.
You owe alternative minimum tax or repayment of certain credits.
You received advance payments of the Premium Tax Credit.
You are self-employed and net earnings exceed the self-employment tax threshold.
Even if you aren’t required to file, doing so may help you claim a refund of withheld taxes or refundable credits.
When & How to File
Deadline: File Form 1040 by April 15 (or the extended deadline if you file Form 4868).
Filing Methods:
E-file: Through IRS-approved software or a tax professional.
Paper: Mail a completed Form 1040 to the address listed in the instructions.
Timely filing and payment help you avoid penalties and interest on any balance due.
Key Sections of Form 1040
Income: Wages, salaries, tips, interest, dividends, capital gains, and business income (Schedule 1–C).
Adjustments: Educator expenses, student loan interest, self-employment tax deduction (Schedule 1).
Standard or Itemized Deductions: Choose the larger of the standard deduction or Schedule A itemized total.
Tax and Credits: Child Tax Credit, education credits, retirement savings credits (Schedule 3).
Payments and Refund: Withholding, estimated tax payments, and refundable credits like the Earned Income Credit.
Amount You Owe or Refund: Final calculation and direct-deposit or payment authorization details.
How MileageWise Helps
Tax-Deductible Mileage & Vehicle Expenses: Log all your business, medical, and charitable drives with MileageWise, then export detailed PDF/CSV reports to support both Schedule C (business income deductions) and Schedule A (itemized deductions) on your Form 1040.
Accurate Records: Generate PDF/CSV logs that tie each trip to its business purpose—perfect backup for Forms 1040 and associated schedules.
Audit-Ready: Keep your mileage data organized and accessible in case the IRS questions your deductions.
FAQ
Those simplified forms have been retired. All individual filers now use the standard Form 1040 with schedules as needed.
Yes, many taxpayers e-file using commercial software. If your situation is complex, consider a tax professional.
You can request an extension to file, but any tax due is still payable by the original deadline to avoid interest and penalties.
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