Form 1040: What it is, how it works, and the different types to know about

If you need to file your individual income tax returns, you can find Form 1040 on the IRS website.
Form 1040 is a federal tax form that US taxpayers use to report their annual income tax returns.
It determines how much you owe the IRS or if you’re due for a tax refund.
Based on the type of income you report, you may want to attach other forms called schedules.
See Personal Finance Insider’s picks for the best tax software »

Tax season can be stressful for many people, especially with the various tax forms that you’ll have to remember to file. Form 1040 is the main form that US taxpayers use to report their individual income tax returns with the Internal Revenue Service each year.

Although there’s been some changes made to Form 1040 to make the filing process easier, some still find it complicated. Here’s a guide to Form 1040, how it works, and the different types of 1040s to know about.

What is Form 1040? 

Form 1040 is the IRS form that US taxpayers use to file their annual income…

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This article was written by [email protected] (Lydia Kibet,Sheneya Wilson, CPA) and originally published on www.businessinsider.com