Form 1040 (US Individual Income Tax Return)
The annual federal income tax return filed by US citizens and resident aliens to report income, deductions, credits, and tax liability.
Detailed Explanation
Form 1040 is the master individual return, supplemented by various schedules: Schedule A (itemized deductions), Schedule B (interest and dividends), Schedule C (self-employment), Schedule D (capital gains and losses), Schedule E (rental and pass-through income), Schedule SE (self-employment tax), and others. Returns are due April 15, with a six-month automatic extension available via Form 4868 (extension of time to file, not to pay). Variants include 1040-SR for taxpayers 65 and older and 1040-NR for nonresident aliens.
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Learn about Individual Tax PreparationRelated Terms
Adjusted Gross Income (AGI)
Adjusted Gross Income is your total gross income reduced by specific above-the-line deductions, used as the starting point for calculating your federal taxable income.
Schedule C (Profit or Loss from Business)
The federal tax form filed with Form 1040 to report income and expenses of a sole proprietorship or single-member LLC treated as a disregarded entity.
Schedule E (Supplemental Income and Loss)
The federal tax form for reporting rental real estate income, royalties, and pass-through income from partnerships, S corporations, estates, and trusts.
Standard Deduction
A fixed dollar amount that reduces taxable income, available to taxpayers who do not itemize deductions on Schedule A.
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