Form 1040 is the standard Internal Revenue Service (IRS) form that individual taxpayers use to file
their annual income tax returns. The form contains sections that require taxpayers to disclose their
taxable income for the year to ascertain whether additional taxes are owed or whether the filer will
receive a tax refund.
- The most commonly used lines on the previous years' 1040 forms remain on the new version.
Electronic filers may not notice any changes because their software will automatically use
their answers to complete the new 1040 and needed schedules.
- Many individual taxpayers, however, only need to file a 1040 and no schedules.
What Is the 1040 Form?
Form 1040 needs to be filed with the IRS by April 15 in most years. Everyone who earns income
over a certain threshold must file an income tax return with the IRS (businesses have different forms
to report their profits). Another big change: Beginning with the filing in April 2019 of taxes for the
2018 tax year, Form 1040-A and Form 1040-EZ —simplified
forms used in past years—have been eliminated.
The 1040 changed for the most recent tax year after passage of the
Tax Cuts and Jobs Act and the
IRS examined, according to the agency, "ways to improve the 1040 filing experience." The new, shorter
1040 is billed as easing communication of future tax-law changes and reducing the number of 1040s from
which taxpayers must choose.
The most commonly used lines on the previous years' 1040s remain on the new form. Other lines are now
on new schedules (see below) and are organized by categories. Electronic filers may not notice any
changes because their tax return preparation software will automatically use their answers to the tax
questions to complete the new 1040 and needed schedules.
Beginning in April 2019, Form 1040-A and Form 1040-EZ were eliminated.
Information Required for the 1040
Form 1040 prompts tax filers for information on their filing status, such identifying
information as name, address and Social Security number (some information on one's spouse may also be
needed), and the number of dependents. The form also asks about full-year
health coverage and whether the taxpayer wishes $3 contributed to presidential campaign funds.
The 1040 income section asks the filer to report wages, salary, taxable interest, capital gains,
pensions, Social Security benefits, and and other types of income. It also allows filers to claim the
new higher standard deduction. For 2019 these deductions are: single or married filing separately,
$12,200; married filing
jointly or a qualifying widow(er), $24,400; and head of household, $18,350.
(The new tax legislation eliminated many deductions,
including for un-reimbursed employee expenses, tax-preparation fees, and moving for a job (except for
military on active duty.)
The new 1040 uses what the IRS terms a “building block” approach and allows taxpayers to add only the
schedules they need to their tax return. Some individuals may now need to file one or more of six new
supplemental schedules with their 1040 in addition to long-standing schedules for such items as
business income or loss), depending on whether they're claiming tax credits or owe additional taxes.
Many individual taxpayers, however, only need to file a 1040 and no schedules.
For example, taxpayers who receive dividends that total more
than $1,500 must file Schedule B, which is the section for reporting taxable interest and ordinary dividends.
Similarly, those who want to claim itemized deductions on their 1040 have to complete Schedule A.
The IRS also has several worksheets to help taxpayers calculate the value of certain credits or
Other Types of 1040 Forms
Taxpayers in certain situations may need to file a different variant of the 1040 form instead of the
standard version. Here are the options.
A variety of nonresident aliens, or their representatives need to file this
- Those who are engaged in trade or business in the United States,
- Representatives of a deceased person who would have had to file a 1040-NR,
- Those who represent an estate or trust that had to file a 1040-NR
This is a simplified version of the above form. Nonresident aliens can use this form if they claim no
dependents and their only income from U.S. sources is wages, salaries, tips, refunds of state and
local income taxes, or scholarship or fellowship grants.
This form is used to figure and pay estimated quarterly taxes. Estimated tax applies to income that
isn’t subject to withholding, which includes earnings from self-employment, interest, dividends,
rents. This may also include unemployment compensation and the taxable portion of Social Security
This is a statement accompanying a taxpayer's payment for any balance on the “Amount you owe” line of
the 1040 or 1040-NR.
If a filer makes a mistake or forgets to include information on any 1040 form, Form 1040X is used for making
changes to previously filed 1040s.
Coming soon: Form 1040-SR
The IRS posted a
draft version of a new 1040 form for seniors
in July 2019, designed for the 2019 tax year. Changes include a larger font, no shading (shaded
sections can be hard to read) and a standard deduction chart that includes the extra standard
deduction for seniors. Senors who fill out their taxes online won't notice the difference, but those
who do it on paper should benefit.
The Bottom Line
Even taxpayers who use a paid preparer should familiarize themselves with the new 1040, the basic form
used to file federal taxes. The new 1040 is simpler to fill out than its direct predecessor, and some
taxpayers will definitely benefit from the ease of using the "building block" approach to additional
schedules. Taxpayers with questions are best off working with a tax preparer or expert.