1040 Tax Return - efile 1040 Tax Return Online for FREE

When an American citizen wants to file the Federal Income Tax Return with the IRS, the first form that needs to be filled up is the 1040 Tax Return Form, which is also called "Long Form". Excluding the attachments, the 1040 Tax Return Form has two pages. Information about the taxpayer like the income items, details of dependents and income adjustments have to be presented on the first page. The next page contains the following tax dues, funds withheld from wages, credits, deductions allowed, projected total payment because of tax liability.
1040A is the variant of 1040 Tax Return Form. 1040A is applicable to those who have no capital loss or gain, and without any itemized deductions. The tax payer filing through 1040A should have a tax situation that is uncomplicated. 1040A is the simplified form of 1040 Tax Return Form. If the taxpayer wants to declare other sources of income like the dividend interest then the form 1040A should be filed. The taxpayer filing 1040A can only take standard deductions.
1040EZ stands for 1040 Easy. This form is also called "Easy Form" because it is comparatively easier than the Form 1040. The 1040EZ form is the variant of form 1040. 1040EZ form is the easiest and simplest form. The source of income should be salary, tips, and wages. The taxpayer filing 1040EZ form can only take the standard deductions.

 

The features and utilities of the three forms are different and these differences can be tabulated as follows.

 

USE OF

Parameter

1040 Form

1040EZ Form

1040A Form

Taxable Income

Equal to or more than $100,000

Less than  $100,000

Less than  $100,000

Filing Status

N/A

Single or Married Filing Jointly with no dependents

N/A

Age and Physique

N/A

Less than 65 and Not blind

N/A

Claim 

Itemized deductions

Not claiming any dependency

Certain tax credits

Others

Self-employment income And income from sale of property

Interest Income is
Less than or equal to $1,500

Claim deductions for loans, expenses and contributions and have capital gains distributions

Called as

Long Form

Easy Form, simplest form of 1040

simplified form of 1040

 

 

Schedules of Form 1040: Schedules mean attachments. The 11 schedules that are associated with form 1040 are as follows.

Schedule A:
This attachment has a list of deduction that is allowed. Most of the taxpayers prefer standard deduction instead of filing Schedule A. The standard deductions depend on the filing status, age and the ability to see (blindness) of the taxpayer or the spouse of the taxpayer.
Schedule B:
This schedule is about income through dividends or interest. If this income crosses $1,500 this schedule is required.
Schedule C:
This schedule is for the self-employment and mentions the expenses and income. The sole proprietors use this schedule. The C-EZ is the smaller version of Schedule C.
Schedule E:
The monetary transactions because of royalties, rent of property, and other organization such as estates and trusts are recorded in this schedule.
Schedule EIC:
The eligibility of the taxpayer for Earned Income Credit is documented in this schedule
Schedule F:
The income and expenditure associated with farming are reported in this schedule
Schedule H:
The taxes accrued because of employment of household help are reported in this attachment.
Schedule J:
When the income from a farm is averaged over duration of several years this attachment is used.
Schedule R:
The credit for the disabled or the elderly can be calculated through this schedule
Schedule SE:
The self-employment tax arising because of income from self-employment can be calculated through this schedule.

The 11 schedules are A, B,C,C-EZ, E,EIC,F,H,J,R and SE.

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