The Schedules of Form 1040

When filing your income tax return, the first thing you have to put in mind is to choose which form to use so that there won’t be any hassles in accomplishing your annual responsibility to your country.

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The United States Internal Revenue Service (IRS) issues a lot of tax forms. For individual taxpayers, there’s Form 1040. This is the standard federal income tax form for most people who need to file their taxes. Anybody can use this, but there are some people who only have a few income sources and no deductions to claim – they can have their taxes processed much faster if they use the shorter version of the 1040, either the 1040A or 1040EZ.

Any of these forms can be downloaded from the IRS site or picked up from the nearest postal office or local library. Other places to get the forms are the IRS office and any tax center. Those who do not have Internet access can call the toll-free number of IRS and request for their copies to be sent via mail.

Form 1040 is the basic tax return form for any individual and can be used by any taxpayer. There are sections called schedules, which have to be filled out based on the individual’s income sources and which deductions or credits the person is subject for. There are six schedules namely:

Schedule A (Itemized Deductions)
Schedule B (Interest and Ordinary Dividends) for income coming from investments
Schedule C (Profit or Loss from Business)
Schedule D (Capital Gains and Losses)
Schedule E (Supplemental Income and Loss
Schedule SE (Self-Employment Tax)

December 16 2008 08:52 pm | 1040 tax forms

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