Takeaways
- Form 1040 is the U.S. individual tax return document filed with the IRS.
- Form 1040 determines whether you will get a tax refund or owe a tax liability.
- Form 1040 shows how to calculate gross and adjusted gross income (AGI).
- Form 1040 is due on the national tax filing day, which is April 15 for most tax years.
- Form 1040 includes earnings from your salary, wages, interest income, capital gains, pensions, and other income sources.
Form 1040 is the standard individual income tax return used by taxpayers in the United States to report their annual earnings to the Internal Revenue Service (IRS). This essential form calculates how much you owe in federal income tax or how much of a tax refund you can expect. It is one of the most critical documents in the American tax system and must be filed by the annual IRS stipulated deadline—usually April 15.
Read More: 9 Ways to Use Your Tax Refund
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How Form 1040 Works
Form 1040 is used to report your gross income, tax deductions, credits, and any payments you made throughout the year. At the top of the form, you fill in your personal details, like your name, address, Social Security number, and filing status. Then, you list all the money you earned, including wages, interest, business income, and benefits like unemployment or Social Security.
Next, you subtract certain expenses, such as student loan interest or IRA contributions, which can lower your taxable income.
You also choose whether to take the standard deduction or itemize your deductions. After that, you apply any tax credits and include taxes already paid. This helps determine whether you owe more taxes or will get a refund. If your tax situation is more complicated, like being self-employed or having rental income, you may need to fill out extra forms along with your 1040.
Who Should Fill Out a 1040?
Most individual taxpayers in the United States are required to file Form 1040. You must submit this form if you earned income above the IRS minimum filing threshold for your age and filing status.
You must file Form 1040 if any of the following apply to you:
- You are self-employed or a gig worker and earned more than $400
- You had federal income tax withheld from your paycheck and want a refund.
- You earned income from tips, investments, or rental property.
- You received unemployment income or certain government benefits.
- You owe special taxes, such as self-employment tax or household employment taxes.
Minimum Filing Income
| Filing Status | Gross Income |
|---|---|
| Single | $14,600 or more |
| Married Filing Jointly | $29,200 or more $30,750 or more |
| Married Filing Separately | $5 or more |
| Head of Household | $21,900 or more |
| Qualified Surviving Spouse | $29,200 or more |
(Note: Applies to Taxpayers >65 years old at the end of 2024)
Source: Internal Revenue Service
Even if you are not required to file, you should still submit Form 1040 to claim a refund or take advantage of refundable credits.[1]
How to Fill Out Form 1040
Here is a step-by-step overview of the process of filling out Form 1040:
- Start with Personal Information: Enter your name, address, Social Security number, and tax filing status. Include information about your spouse and dependents if applicable.
- Report All Sources of Income: List all income, including wages, salaries, tips, interest, dividends, capital gains, business income, retirement distributions, and other earnings. (Try our Gross Income Calculator).
- Calculate Adjusted Gross Income (AGI): Subtract allowable adjustments such as educator expenses, IRA contributions, student loan interest, and health savings account (Read more about How to Calculate Adjusted Gross Income).
- Choose Your Deductions: Decide whether to claim the standard deduction or itemize deductions like mortgage interest, medical expenses, or charitable donations.
- Apply Tax Credits: Subtract any eligible tax credits, such as the Child Tax Credit or the American Opportunity Credit.
- Include Payments Already Made: Report your tax payments through withholding or estimated tax payments during the year.
- Calculate Final Tax or Refund: Subtract your total payments and credits from your total tax liability. If your payments exceed your tax owed, you will receive a refund. If not, you must pay the balance by the tax deadline.
- Sign and File the Form: If you used a preparer, sign the form and include their information. You can file electronically or by mail, depending on your preference.
Although many people prefer to use online tax software programs or hire an accountant to do their taxes, the IRS provides a free online fillable form you can use to e-file your taxes.[2]
What You Need to Fill Out Form 1040
Before you sit down to complete your Form 1040, gather the following documents and information:
- Your Social Security number and the SSNs of any dependents
- Form W-2 from your employer
- Form 1099 for other income sources (freelancing, investments, retirement)
- Records of tax payments made during the year
- Receipts for deductible expenses (if itemizing)
- Interest and dividend income statements
- Mortgage interest and property tax documents
- Health insurance coverage details
- Bank account information for direct deposit of any refund
Having everything organized in advance will make the process smoother and help ensure you do not overlook any credits or deductions.
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(1) Internal Revenue Service. Check if you need to file a tax return. Last Accessed April 22, 2025.
(2) Internal Revenue Service. Free File Fillable Forms. Last Accessed April 22, 2025.
