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What is IRS 1040 Form?
IRS Tax Form 1040 is the shortest kind of federal individual income return tax form. It is intended for taxpayers to report their filing status is “single” or “married filing jointly” without dependency.
IRS 1040 Form is very easy than other 1040 Forms and take very less time to E-file with IRS. 1040 Form comes in 14 lines of required information
compared to the 1040’s
which has 79 lines.
If your taxable income is less than $100,000 and interest income is less than $1500 with no dependency then, you may be eligible to file Form 1040.
Who Needs to File 1040 Form?
Take a look into following Instruction to use IRS 1040 Form :
- Your taxable income is less than $100,000.
- You are filing as “single” or “married filing jointly” with no dependency.
- You do not claim any adjustments for income.
- Your age should be under 65 at end of tax year.
- You should not blind at end of tax year.
- You can claims only the following credits : Earned Income Tax Credit(EITC) or Federal Telephone Excise Tax Credit.
Your income should come from the wages, salaries, tips, unemployment compensation, taxable scholarship or fellowship grants or Alaska Permanent Funds dividends.
- Your taxable interest of $1,500 or less.
When to File Form 1040?
The deadline for 1040 Form is April 18th, 2017 of a tax year. If you are eligible for the mentioned instructions then you must file your “1040
Form” single or jointly. E-file with Etax1040s.com and avoid late filing fees and penalties from IRS.
Important Notes to E-file your 1040 Form
If you received a Scholarship or Tax-Exempted Interest Income or 1099-INT Form, take a look into the instructions before filling in the 1040 Form.
Don’t Forget : If you do not receive a Form W-2 from your employer also you must report all salaries, wages and tips to IRS. Even if you do not receive a Form 1099-INT, you must report all your taxable interest, including interest from banks, savings and loans, credit unions, etc.,
Visit : www.etax1040s.com to know more details about this form