Form 1040

Tax Planning
Updated Apr 2026

The primary IRS form used by U.S. individuals to file their annual federal income tax return.

Tax laws change annually and vary by country. The information on this page is for educational purposes only. Always verify figures with current official sources (IRS, HMRC, CRA, ATO) and consult a qualified tax professional before making any tax-related decision.

What is Form 1040?

Form 1040 is the standard Internal Revenue Service form that U.S. citizens and resident aliens use to file their annual federal income tax return. It collects income from wages, investments, self-employment, and other sources; reports above-the-line deductions to arrive at adjusted gross income (AGI); and applies either the standard or itemized deduction plus tax credits to compute final tax owed or refund due. Taxpayers attach numbered schedules (A through F and beyond) for itemized deductions, business income, capital gains, and other supplemental reporting.

Example

Example

For tax year 2024, a household with W-2 wage income of $120,000 files Form 1040 by April 15, 2025. They report wages on Line 1a, subtract the $29,200 married-filing-jointly standard deduction, apply the tax tables, and subtract a $2,000 child tax credit. The result shows either a balance due or a refund deposited to their bank account.

Source: IRS — About Form 1040

Sources
  1. IRS — About Form 1040
  2. Investopedia — Form 1040