The IRS 1040 form is a crucial document used by individuals to report their annual income to the Internal Revenue Service. This form serves as the foundation for calculating your tax obligations and determining whether you will receive a refund or owe additional taxes. Understanding how to fill out the 1040 can simplify your tax filing process, so let’s dive in!
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The IRS 1040 form serves as a crucial document for individuals filing their annual income tax returns in the United States. This form allows taxpayers to report their income, claim deductions, and determine their tax liability or refund. It encompasses various sections, including personal information, income sources, and adjustments to income. Taxpayers can choose from different filing statuses, such as single, married filing jointly, or head of household, which can significantly impact their tax calculations. Additionally, the form provides space for claiming tax credits, which can further reduce the amount owed. Understanding the intricacies of the 1040 form is essential for ensuring compliance with tax laws and maximizing potential refunds. As the primary form for individual income tax reporting, the 1040 is a vital tool in the financial landscape, influencing not only individual taxpayers but also the overall economy.
Form
1040
Department of the Treasury—Internal Revenue Service
(99)
U.S. Individual Income Tax Return
2021
OMB No. 1545-0074
IRS Use Only—Do not write or staple in this space.
Filing Status
Check only one box.
Single
Married filing jointly
Married filing separately (MFS)
Head of household (HOH)
Qualifying widow(er) (QW)
If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QW box, enter the child’s name if the qualifying person is a child but not your dependent ▶
Your first name and middle initial
Last name
Your social security number
If joint return, spouse’s first name and middle initial
Spouse’s social security number
Home address (number and street). If you have a P.O. box, see instructions.
Apt. no.
Presidential Election Campaign
Check here if you, or your
spouse if filing jointly, want $3
City, town, or post office. If you have a foreign address, also complete spaces below.
State
ZIP code
to go to this fund. Checking a
box below will not change
Foreign country name
Foreign province/state/county
Foreign postal code
your tax or refund.
You
Spouse
At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?
Yes
No
Standard
Someone can claim:
You as a dependent
Your spouse as a dependent
Deduction
Spouse itemizes on a separate return or you were a dual-status alien
Age/Blindness You:
Were born before January 2, 1957
Are blind
Spouse:
Was born before January 2, 1957
Is blind
Dependents (see instructions):
(2) Social security
(3) Relationship
(4) ✔ if qualifies for (see instructions):
If more
(1) First name
number
to you
Child tax credit
Credit for other dependents
than four
dependents,
see instructions
and check
here ▶
Attach
1
Wages, salaries, tips, etc. Attach Form(s) W-2
.
2
a
Tax-exempt interest . . .
2a
b Taxable interest
. . . .
2b
Sch. B if
3
Qualified dividends . . .
3a
b Ordinary dividends . . . .
3b
required.
4a
IRA distributions . . . .
b Taxable amount
4b
5a
Pensions and annuities . .
5b
6a
Social security benefits . .
6b
Deduction for—
7
Capital gain or (loss). Attach Schedule D if required. If not required, check here .
. . . ▶
• Single or
8
Other income from Schedule 1, line 10
Married filing
separately,
9
Add lines 1, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income
▶
$12,550
• Married filing
10
Adjustments to income from Schedule 1, line 26
jointly or
11
Subtract line 10 from line 9. This is your adjusted gross income
. . . . . . . . .
Qualifying
widow(er),
12
Standard deduction or itemized deductions (from Schedule A)
. .
12a
$25,100
b
Charitable contributions if you take the standard deduction (see instructions)
12b
• Head of
household,
c
Add lines 12a and 12b
12c
$18,800
• If you checked
13
Qualified business income deduction from Form 8995 or Form 8995-A
any box under
14
Add lines 12c and 13
. . . . . . . . . . . . . . . . . . . . . .
Deduction,
15
Taxable income. Subtract line 14 from line 11. If zero or less, enter -0-
see instructions.
For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions.
Cat. No. 11320B
Form 1040 (2021)
Page 2
16
Tax (see instructions). Check if any from Form(s): 1
8814
4972
17
Amount from Schedule 2, line 3
. . . . . . . .
18
Add lines 16 and 17
19
Nonrefundable child tax credit or credit for other dependents from Schedule 8812
20
Amount from Schedule 3, line 8
21
Add lines 19 and 20
22
Subtract line 21 from line 18. If zero or less, enter -0-
23
Other taxes, including self-employment tax, from Schedule 2, line 21 .
24
Add lines 22 and 23. This is your total tax
. . . . .
25
Federal income tax withheld from:
Form(s) W-2
25a
Form(s) 1099
25b
Other forms (see instructions)
25c
d
Add lines 25a through 25c
25d
If you have a
26
2021 estimated tax payments and amount applied from 2020 return . .
27a
Earned income credit (EIC)
qualifying child,
attach Sch. EIC.
Check here if you were born after January 1, 1998, and before
January 2, 2004, and you satisfy all the other requirements for
taxpayers who are at least age 18, to claim the EIC. See instructions ▶
Nontaxable combat pay election . . . .
27b
Prior year (2019) earned income . . . .
27c
28
Refundable child tax credit or additional child tax credit from Schedule 8812
29
American opportunity credit from Form 8863, line 8
30
Recovery rebate credit. See instructions
31
Amount from Schedule 3, line 15
32
Add lines 27a and 28 through 31. These are your total other payments and refundable credits
33
Add lines 25d, 26, and 32. These are your total payments . . . .
Refund
34
If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid
35a
Amount of line 34 you want refunded to you. If Form 8888 is attached, check here . .
Direct deposit?
▶ b
Routing number
▶ c Type:
Checking
Savings
See instructions.
▶ d
Account number
36
Amount of line 34 you want applied to your 2022 estimated tax .
Amount
37
Amount you owe. Subtract line 33 from line 24. For details on how to pay, see instructions
You Owe
38
Estimated tax penalty (see instructions) . . .
Third Party
Do
you want to allow another person to discuss this return with the IRS? See
Designee
instructions
. . . . . . . . . . . . . . . . . . .
Yes. Complete below.
Designee’s
Phone
Personal identification
name ▶
no. ▶
number (PIN) ▶
Sign
Here
Joint return? See instructions. Keep a copy for your records.
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Your signature
Date
Your occupation
If the IRS sent you an Identity
Protection PIN, enter it here
(see inst.) ▶
Spouse’s signature. If a joint return, both must sign.
Spouse’s occupation
If the IRS sent your spouse an
▲
Identity Protection PIN, enter it here
Phone no.
Email address
Paid
Preparer’s name
Preparer’s signature
PTIN
Check if:
Self-employed
Preparer
Firm’s name ▶
Use Only
Firm’s address ▶
Firm’s EIN
Go to www.irs.gov/Form1040 for instructions and the latest information.
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The IRS 1040 form is a crucial document for individual taxpayers in the United States. However, several misconceptions surround its use and requirements. Below is a list of common misconceptions and clarifications regarding the 1040 form.
When preparing your annual tax return using the IRS 1040 form, several other documents and forms may be necessary to ensure accuracy and compliance. Each of these forms serves a specific purpose and helps to provide a comprehensive view of your financial situation. Below is a list of commonly used forms that often accompany the IRS 1040 form.
Understanding these forms and their roles in the tax filing process can help you navigate your financial responsibilities more effectively. Gathering all necessary documents ahead of time will streamline your preparation and ensure that you meet all IRS requirements accurately.