The 1040 is the main form you use to report your income to the IRS each year

The Form 1040 is the federal income tax return form. You file it once per year to tell the IRS how much money you earned, what deductions or credits you can claim, and how much tax you owe or should receive back. The IRS uses the information on your 1040 to calculate whether you paid enough tax throughout the year through withholding or estimated payments.

The 1040 itself is a two-page form. Most people also attach additional schedules and forms to it — these are the actual documents where you list your income sources, deductions, and credits. The 1040 is the cover sheet that ties everything together and goes to the IRS.

You must file a 1040 if your income exceeds a certain threshold. That threshold depends on your age, filing status, and whether you have self-employment income. The IRS updates these thresholds each year, so the amount that triggers a filing requirement changes annually.

Key Takeaways

  • Form 1040 is the main federal income tax return form that reports your total income, deductions, and tax liability to the IRS.
  • You attach schedules and other forms to your 1040 to report specific types of income, such as self-employment earnings, investment income, or rental income.
  • The IRS uses your 1040 to determine whether you overpaid or underpaid taxes during the year and calculates any refund or amount owed.
  • Filing requirements depend on your income level, age, and filing status, and the income thresholds change each year.
  • You can file your 1040 on paper by mail or electronically through IRS-approved software or a tax professional.

What information goes on the 1040

The 1040 asks for your personal information at the top: your name, address, Social Security number, and filing status (single, married filing jointly, head of household, and so on). It also asks whether you can be claimed as a dependent on someone else's return.

The main body of the form lists income sources. You report wages from a W-2 job, interest and dividends, capital gains or losses, self-employment income, rental income, and other types of earnings. Each income type has its own line or refers you to a schedule where you provide details.

Below income, the 1040 shows your deductions. You either claim the standard deduction (a flat amount set by the IRS each year) or you itemize deductions (list out specific expenses like mortgage interest, property taxes, or charitable donations). The form then calculates your taxable income, applies your tax rate, and shows what you owe or what refund you should receive.

Schedules and forms that attach to your 1040

The 1040 by itself is incomplete. You attach other documents depending on your situation. If you have self-employment income, you file Schedule C to report business profit or loss. If you have rental property income, you file Schedule E. If you have investment income, you file Schedule B for interest and dividends or Schedule D for capital gains.

If you claim itemized deductions instead of the standard deduction, you file Schedule A. If you have dependents or other credits, you may file Schedule 1 to report additional income or Form 6251 if you owe alternative minimum tax. The exact schedules you need depend on your income sources and life situation.

Your employer or financial institutions send you forms that feed into these schedules. A W-2 from your employer reports wages. A 1099-INT reports interest income. A 1099-NEC or 1099-MISC reports self-employment or contract income. You use these forms to fill in your schedules, which then feed into your 1040.

Who has to file a 1040

You must file if your gross income is above the filing threshold for your situation. For 2023, a single person under age 65 with only wage income had to file if they earned more than $13,850. A married couple filing jointly with both under 65 had to file if they earned more than $27,700. These amounts increase each year and are higher if you are age 65 or older.

The threshold is lower if you have self-employment income. If you had net self-employment income of $400 or more, you must file regardless of your total income. This is because self-employment tax (Social Security and Medicare tax) is owed on that income.

Even if your income is below the threshold, you may want to file anyway. If your employer withheld taxes from your paychecks and you are owed a refund, filing gets you that money back. If you received certain tax credits like the Earned Income Tax Credit, filing is how you claim them.

How to file your 1040

You have three main options. You can file on paper by printing the form, filling it out by hand, and mailing it to the IRS address listed in the instructions. You can use IRS-approved tax software to prepare and file electronically. Or you can hire a tax professional — a CPA, enrolled agent, or tax preparer — to prepare and file on your behalf.

Electronic filing is faster and more accurate than paper. The IRS processes e-filed returns more quickly, and the software catches many common errors before you submit. If you are owed a refund, e-filing gets it to you faster, usually within 21 days.

The IRS offers free filing software through its Free File program if your income is below a certain threshold (usually around $79,000). If your income is higher, you pay for software or a tax professional. Some nonprofits and community centers also offer free tax preparation help through the Volunteer Income Tax Assistance (VITA) program.

When you file your 1040

Tax returns are due on April 15 each year, unless that date falls on a weekend or holiday, in which case the deadline moves to the next business day. You can file earlier — the IRS begins accepting returns in late January or early February each year. Filing early means you may receive a refund sooner.

If you cannot file by April 15, you can request an extension. Filing Form 4868 gives you until October 15 to file your return. The extension gives you more time to prepare, but it does not extend the deadline to pay taxes owed. If you owe money and do not pay by April 15, you will owe interest and penalties on the unpaid amount, even if you filed an extension.

If you file after the deadline without an extension, you face a failure-to-file penalty. The penalty is usually 5 percent of the unpaid tax for each month your return is late, up to 25 percent. If you also underpaid your taxes, you owe a failure-to-pay penalty as well.

What happens after you file

The IRS processes your return and compares it to the information it received from your employer, banks, and other sources. If everything matches, the IRS either sends you a refund or bills you for any balance owed. If there is a discrepancy, the IRS may contact you to ask for more information or to correct an error.

If you are owed a refund, the IRS deposits it into your bank account (if you provided banking information) or mails you a check. The time it takes varies, but the IRS aims to issue refunds within 21 days of accepting your return if you filed electronically.

Keep a copy of your filed 1040 and all supporting documents for at least three years. The IRS can audit your return within that period and ask you to prove the income, deductions, or credits you claimed. If you cannot produce the documents, you may have to repay the tax plus interest and penalties.

Frequently Asked Questions

Do I have to file a 1040 if I did not earn much money?

Only if your income exceeds the filing threshold for your age and filing status. However, if your employer withheld taxes or you are owed a refund or tax credit, filing gets you that money back even if you are not required to file.

What is the difference between Form 1040 and Form 1040-SR?

Form 1040-SR is a version of the 1040 designed for people age 65 and older. It has larger print and is organized slightly differently, but it serves the same purpose. You can use either form if you are 65 or older; the choice is yours.

Can I file my 1040 without a Social Security number?

No. You must have a Social Security number or an Individual Taxpayer Identification Number (ITIN) to file. If you do not have one, you must obtain it before filing. Spouses and dependents also need their own numbers on the return.

What if I made a mistake on my 1040 after I filed it?

You can file an amended return using Form 1040-X. You have three years from the original due date to file an amended return. If you owe additional tax, you should file the amendment as soon as possible to avoid interest and penalties.

Is there a penalty if I file my 1040 early?

No. Filing early has no penalty. In fact, filing early means you may receive a refund sooner if you are owed one. The only deadline that matters is the one you must meet — April 15 or the extended date if you filed for an extension.