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If you earn income over a certain threshold, you need to report that plus tax deductions and tax credits for that year. The purpose of Form 1040 is to declare annual income tax returns. "There are fewer boxes to fill in on Form 1040 than there were before because many lines from the old form have been moved onto additional schedules." Understanding Form 1040 But starting with the 2018 tax year, these forms have been eliminated in favor of a shorter Form 1040," says Brandon Berquist, tax planning specialist at Personal Capital.
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"In the past, you could choose to file Form 1040A or Form 1040EZ instead of Form 1040 if your taxes were relatively simple. Based on the type of income you report, you may also want to attach extra forms, referred to as schedules. It has sections requiring taxpayers to report their annual taxable income and deductions to determine whether taxes are owed, or the filer will get a refund.
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Tell TurboTax about your life and it will guide you step by step.
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