A Short Guide to Different Types of Form 1040

Different Types of Form 1040

A Short Guide to Different Types of Form 1040

Form 1040 was introduced in 1913 to record the individual incomes, tax deductions, and credits on a single piece of documents. Over the last hundred years, certain new categories have been introduced with form 1040. If you don’t have any idea about individual tax returns, then continue reading this article because we are going to discuss different types of form 1040.

1) A Regular Form 1040

It is a two-page form that details all the incomes, tax-deductible, and credits of any individual. The majority of salaried individuals and entrepreneurs use this type of form 1040 to file their annual income tax return. It is more commonly known as a ‘long-form’.

2) Form 1040A

It is a simpler form 1040, usually with a single page. Only certain individuals are eligible to fill it. The three most basic requirements to fill a form 1040 are:

  • A person has the annual income lesser than $100,000
  • A person doesn’t owe any business
  • A person hasn’t itemized his/her tax deductions

Any online bookkeeping firm for small businesses and individuals can guide you further regarding form 1040A and when to fill one.

3) Form 1040EZ

It is the shortest type of form 1040. In most cases, it is used by people with an income under $100,000 per annum. One of the eligibility criteria for form 1040EZ is that the filer doesn’t have any other income adjustment except the Earned Income Credit.

4) Form 1040NR

The United States of America is the land of opportunity. Many people even outside of the US are making money here in the country. All such non-residents also have to pay taxes on their annual income. So, the IRS has issued a dedicated form 1040 for them. All those individuals that are filing annual income tax returns in the US from anywhere in the world, the services of any online bookkeeping firm can come in really handy.

5) Form 1040X

This income tax form has been introduced for all those individuals who have already filed a regular form 1040 but needs to file any additional information (e.g. a missed out deduction claim).  The processing of form 1040X takes the most time since it is still handled manually.

6) Form 1040SR

Taxpayers age 65 and older have the choice of using Form 1040-SR. This form is nearly similar to the regular Form 1040, but it features a larger print of text and a chart designed to aid senior taxpayers calculate their tax amounts.

For any tax form whether it’s form 1040 or 1065, get the services of My Count Solution—an online bookkeeping firm that also offers tax preparation services here.

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