1040 Form Printable 📝 Get Tax Form 1040 to Print
The Form 1040 is used to report an individual's tax liability to the United States Government. It is also used to report the income of a deceased person, or to amend or correct an individual's tax return. The form allows the taxpayer to claim either the standard deduction or itemized deductions, and also to claim personal exemptions. It also allows the taxpayer to claim certain tax credits. The form has a place to report capital gains and losses. The taxpayer reports the income earned from each source and then calculates his or her tax on that income. The tax is then reported to the government.
The form is a two-sided form. The front side is used to report income, while the back side is used to report exemptions, deductions, and credits. Taxpayers with income that is not earned income, such as stock dividends, capital gains, interest, rental income, royalties, etc., file Schedule D with Form 1040. To file for personal exemptions, taxpayers claim the number of exemptions on Form 1040 based on the number of dependents claimed. The standard deduction may be claimed by taxpayers, or the itemized deduction may be used. Taxpayers who are married and file jointly, may be able to file a married filing jointly return, or a married filing separately return.