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Form 1040 is the U.S. Individual Income Tax Return. It's the document you submit to the IRS each year to report your income, claim deductions and credits, and figure out whether you owe more tax or get a refund. Most Americans who file a federal tax return use Form 1040.
What the 1040 Covers
The 1040 is essentially a summary. You start with your total income from all sources — wages from a W-2, freelance income from 1099s, interest, dividends, capital gains, retirement distributions, and more. Then you subtract adjustments (like student loan interest or contributions to a traditional IRA) to arrive at your adjusted gross income, or AGI.
From AGI to Taxable Income
From your AGI, you subtract either the standard deduction or your itemized deductions, whichever is larger. Most people take the standard deduction, which in recent years has been high enough that itemizing doesn't make sense for most households. What's left after deductions is your taxable income, and that's what the tax brackets apply to.
Credits and Withholding
After calculating your tentative tax, you subtract any tax credits you qualify for — credits like the Child Tax Credit, Earned Income Credit, or education credits. Then you compare your remaining tax liability to what was already withheld from your paychecks. If withholding exceeds your liability, you get a refund. If not, you owe the difference.
Schedules and Attachments
Depending on your situation, you may need to attach additional schedules. Schedule A is for itemized deductions. Schedule C reports self-employment income and expenses. Schedule D handles capital gains. Schedule E covers rental income and pass-through income from partnerships or S-corps. The 1040 ties everything together.
Filing Deadline
The federal return is due April 15 for most taxpayers. You can request a six-month extension using Form 4868, which moves the filing deadline to October 15 — but the extension is for filing, not paying. Any tax owed is still due by April 15 to avoid interest and penalties.