What Form 1040 is made of

The Internal Revenue Service (IRS) Form 1040 has the following sections:

107   Label

This section contains the taxpayer’s full name, as well as the spouse’s, if married. The taxpayer will also have to indicate his full, accurate mailing address and Social Security Number (SSN).

108  Filing Status

This is the section where the taxpayer will indicate his social status at the time of the tax filing – single, married filing jointly, married filing separately, head of household, and qualified widow/widower.

109  Exemptions

This lists your personal exemptions, your spouse’s, as well as your dependents’. Make sure that you check first if you are qualified for the exemptions before you list the individuals down in your tax return.
110  Income

All income sources should be reported. There are certain incomes that require additional forms – so make sure you know which is which. In this section, the taxpayer will have to indicate taxable interest, capital gains, retirement allowances, and all such types of income sources.

111  Tax and Credits

This is located at the back page of Form 1040. This is the section where the taxpayer will deduct the standard or itemized deduction and exemptions in order to compute for the taxable income. Knowing the taxable income will let the person know his tax liability.

112  Payments

This is the section where the withheld income tax is indicated, as well as the earned income credit and additional child tax – which are all refundable credits.

113  Refund and Amount you Owe

This section reflects the refund and balance due after subtraction the total taxes from the total payments.

114  Signature

The taxpayer’s signature is required for this legal document. This certifies that the data filed is accurate and correct.

December 20 2008 04:33 am | Filing 1040 forms

Leave a Reply