Form 1040
What is Form 1040?
Form 1040 is the standard federal income tax form used by individuals to file their tax returns with the Internal Revenue Service (IRS). The form is used to report income, deductions, and credits, and calculate the amount of tax owed or refunded.
What Information is Required on Form 1040?
The Form 1040 requires you to report your income from various sources, including wages, salaries, tips, interest, dividends, and capital gains. You'll also need to report any deductions you're eligible for, such as those for charitable donations or student loan interest.
Additionally, the form asks you to report any tax credits you're eligible for, such as the earned income tax credit or the child tax credit. These credits can reduce the amount of tax you owe or increase your refund.
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