In filing for the individual income tax return using Form 1040, many questions may arise. It is already a common knowledge to many who are those required to file. However, there are still some situations that may not be known to some people that could require individuals to pay income taxes. In order to assist those who are not familiar with the law, it is the purpose of this article to answer the abovementioned question.
There are four other conditions that will cause for an individual to file for their Form 1040 or their income tax return. The first is if a person owes any special tax. This special tax may be in the form of an alternative minimum tax. This could also be write in taxes which include uncollected social security and Medicare taxes on tips reported to employers or on group term life insurance and taxes on health savings account. Another special tax is the household employment tax, which can be filed also using Schedule H. Also a special tax is the additional tax on qualified plan, which could also be filed using Form 5329. Considered also as a special tax are Medicare and social security taxes on tips that were not reported to employers. Last of these special taxes is the recapture tax.
The second condition which becomes a reason to file for Form 1040 is if the person received an advance earned income credit (EIC) payments from their employer. Another condition is if the self-employed earned an income of at least $400. Last condition is if the person had wages of $108.28 or more from churches or church controlled organizations which are exempted from Medicare and social security taxes.
If any of the conditions mentioned hold true, then there is a need to file a return.
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