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What is IRS 1040 Form?
IRS Tax Form 1040 is the shortest kind of federal individual income return tax form. It is intended for taxpayers to report their filing status is “single” or “married filing jointly” without dependents.
IRS 1040 form is very easy than other 1040 forms and take very less time to efiling with IRS. 1040 form come in 14 lines of required information compared to the 1040’s has 79 lines.
If you’re taxable income is less than $100,000 and interest income is less than $1500 with no dependents then you may be eligible to file Form 1040.
Who Needs to File 1040 Form?
Take a look into following Instruction to use IRS 1040 form
- Your taxable income less than $100,000
- You are filing as “single” or “married filing jointly” with no dependents
- You do not claim any adjustments to income.
- Your age should be under 65 at end of tax year
- You should not blind at end of tax year
- You do not claim any adjustments to income
- You can claims only the following credits: Earned Income Tax Credit (EITC) or federal telephone excise tax credit
- You income should be come from the wages, salaries, tips, unemployment compensation, taxable scholarship or fellowship grants, or Alaska Permanent Funds dividends
- You are taxable interest of $1,500 or less
When to File Form 1040?
The deadline for 1040 form is April 18th, 2017 of a tax year. If you are eligible for the mentioned instructions then you must file your “1040 Form” single or jointly. Today efile with Etax1040s.com and avoid late filing fees and penalties from IRS.
Important Notes to Efile your 1040 Form
- If you received a scholarship or tax-exempt interest income or 1099-INT form, take a look into the instructions before filling in the 1040 form.
- Don’t Forget: If you do not receive a Form W-2 from your employer also you must report all salaries, wages, and tips to IRS. Even if you do not receive a Form 1099-INT, you must report all your taxable interest, including interest from banks, savings and loans, credit unions, etc.,
Visit: www.etax1040s.com to know more details about this form