The U.S. Individual Income Tax Return, better known as Form 1040, is the form used to pay the personal Federal income tax returns. It is filed with the United States’ Internal Revenue Service (IRS). This is a form that will be used by any individual income taxpayer who are full time U.S. Residents in paying their income taxes. However, some taxpayers have questions regarding the Form 1040. One of the most basic 1040 questions is which type of 1040 form they should accomplish when filing and how these different forms vary from each other.
Currently, there are several variants of the Form 1040. To enumerate, these are Form 1040, Form 1040A, Form 1040EZ, form 1040EZ-T, Form 1040NR, Form 1040NR-EZ and Form 1040X.
Form 1040 or the so-called “long form” is color blue, unless the tax return software package is used. It has two pages, excluding attachments. This type of form is usually used if the tax situation is complicated. The contents of the first page are the basic information about the individual taxpayer, i.e., name, dependents’ data, adjustments to income and income information. The second page contains the calculations of credits and deductions and tax due, as well as the application of funds already withheld from salaries and wages or the estimated payments made.
Form 1040A, likewise called the “short form”, is the shorter version of form 1040. Both have the same use but the former is commonly for taxpayers whose taxable income is below $100,000, which has the standard deduction.
Form 1040EZ, nicknamed “easy form”, is for the use of single and joint filers who has no dependents. Form 1040EZ-T was specially produced for tax filing year 2007/2008 only. It allows taxpayers who does not owe any federal tax to request for a refund of the telephone excise tax.
Forms 1040NR and Form 1040nr-EZ are for use of nonresident aliens filing a tax return. The later is the easy version of the former, thus the name.
Lastly, the Form 1040X is the same as the Form 1040 except for the three colums that it has. First column lists the amounts from the original version, second one lists the net increase or decrese and the last column lists the new amounts.
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