Form 1040

What does Form 1040 mean?

Form 1040 comes in three different versions designed to make the filing process easier for those who qualify.

Form 1040, known as the long form, is the standard version of the form used by those who do not qualify to use either of the two shorter versions of the form. On Form 1040, taxpayers enter information about themselves, as well as their dependents, income, deductions, and credits to calculate the income tax liability due. Form 1040 is the version of the form that taxpayers must use to claim itemized deductions.

Form 1040A, known as the short form, is a shorter version of Form 1040. Taxpayers with taxable income of less than $100,000 who elect to use the standard deduction rather than itemized deductions may use Form 1040A.

Form 1040EZ, known as the easy form, is an even shorter version of Form 1040 than Form 1040A. Taxpayers with taxable income of less than $100,000 who elect to use the standard deduction rather than itemized deductions and who have no dependents may use Form 1040EZ.

(Tags - IRS - Tax Credits - tax debts )

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Adhesion Contract

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