The 1040 Tax Form – Information you need to know

12 Oct

The 1040 Tax Form is the standard federal income tax form most people use to file their taxes. Anyone can file federal income taxes using this form, but some people who have few or no deductions to claim can benefit from filing the shorter versions of the form which are form 1040A and form 1040EZ.

The 1040 tax form can be picked up at most post offices or local libraries, at tax time, at an IRS office or tax center, or downloaded or ordered by mail at the IRS website at http://www.irs.gov/formspubs/lists/0,,id=97817,00.html.

People without access to the internet can order the form sent to them by mail by calling a toll-free IRS automated phone menu at 1-800-829-3676. Taxpayers who routinely mail in their tax returns each year will receive a 1040 tax form and instruction booklet by mail automatically for the next calendar year.

Lots of information is available online about your 1040 tax form and what to do with it: for example, what deductions are available, how to qualify for deductions, which additional forms you may or may not need to claim various deductions, when to seek professional help in preparing your return, when to use the simpler 1040A or 1040EZ forms, and which receipts and records to keep throughout the year to back up and maximize future deductions.

About.com is a good resource for basic information on all sorts of topics. Their webpage regarding the 1040 tax form is at http://taxes.about.com/od/preparingyourtaxes/a/1040.htm.

The IRS also has a webpage devoted specifically to all issues concerning income tax filing with the 1040 tax form called “1040 Central.” The 1040 Central IRS page is available at http://www.irs.gov/individuals/article/0,,id=118506,00.html.

Included at the IRS 1040 Central site are instructions on how to set up direct deposit for your federal tax refund, details on the Alternative Minimum Tax and how to determine if this tax affects you, details and explanations of tax law changes, links and instructions for free e-filing through the IRS, info on the 2007 tax rebates and tools for checking on the amount and status of your rebate and how to determine if you are entitled to one, and helpful tips for how to choose a tax preparer if you need more help.

A particularly useful page that can be accessed from IRS 1040 Central is http://www.irs.gov/advocate/article/0,,id=98206,00.html which explains your rights as a taxpayer and how to contact a tax advocate if you need one, civil rights protections in place regarding your tax obligations, and how to locate and get help at a low-income taxpayer clinic in your area.

Keep in mind that, although lots of help and information is available at commercial sites like 1040.com, e-filing your taxes is only completely free if you do it through the IRS website. Use the calculators and tools at the commercial site, but don’t use the commercial sites to actually file.

Some good 1040 tax form calculators and tools are available at:

You can even view a good two-minute instructional video on how to fill out a standard 1040 tax form at YouTube at http://www.youtube.com/watch?v=5e3yyLsdZx0.