Taxpayers must fill out Form 1040 with personal information such as their name, residence, Social Security number, and filing status. There are extra sections on the form for reporting various forms of income, deductions, and tax credits.
- Personal information: Your name, address, Social Security number (SSN), and filing status (e.g., single, married filing jointly, head of household).
- Income: Report all sources of income, including wages, salaries, tips, self-employment income, interest, dividends, capital gains, rental income, and other types of taxable income.
- Deductions: Claim any eligible deductions, such as student loan interest, mortgage interest, state and local taxes, medical expenses, and charitable contributions.
- Credits: Claim any tax credits you are eligible for, such as the Child Tax Credit, Earned Income Credit, Education Credits, and others.
- Tax computation: Calculate your tax liability using the tax brackets, tax rates, and tax tables provided by the IRS.
- Withholding and payments: Report any taxes withheld from your income, estimated tax payments made throughout the year, and any refundable credits.
- Other information: Include any additional information required by specific tax situations, such as reporting foreign accounts, health coverage, or claiming certain deductions or credits.
On Form 1040, taxpayers must identify whether they are Single, Married Filing Jointly, Married Filing Separately, Head of Household, or Qualifying Widow(er) with Dependent Child. The filing status impacts the taxpayer’s tax rates as well as certain deductions and credits.