Home > File Form 1040 - Learn More > File Form 1040 - Checklist

File Form 1040

  • Form 1040 is the most comprehensive and most complex of the three tax returns that can be filed by the individual tax payer. It can be filed by itself, but normally is filed with a varierty of other tax forms or schedules.

  • Only U.S. Citizens or resident aliens can file Form 1040.

  • The only income that can be reported is:

    • Wages/salary reported on Form W-2.

    • Interest income reported on Form 1099-INT.

    • Dividends reported on Form 1099-DIV.

    • Unemployment compensation reported on Form 1099-G.

    • Alimony received from ex-spouses.

    • State tax refund from the previous year's tax returns (reported on a different version of Form 1099-G). Note that this income is taxable ONLY IF you itemized your deductions the previous year on Schedule A.

    • Distributions from IRAs or pension plans reported on Form 1099-R.

    • Business income reported on Schedule C.

    • Capital gains reported on Schedule D.

    • Rental real estate, royalties, partnership, S corporations, or trust income reported on Schedule E.

    • Farm income reported on Schedule F.

    • Social Security benefits reported on Form SSA-1099.

    • Other miscellaneous income.

  • You can claim a variety of deductions on Form 1040. They include:

    • Penalties on early withdrawal from savings (as reported on Form 1099-INT).

    • Health savings account deductions reported on Form 8889.

    • Moving expenses reported on Form 3903.

    • One-half of self-employment taxes paid as reported on Schedule SE.

    • Self-employment health insurance deduction.

    • Contributions to traditional Individual Retirement Accounts (IRAs).

    • Contributions to self-employment SEP, SIMPLE and qualified pension plans.

    • Alimony paid to ex-spouses.

    • Tuition and fees deductions.

    • Student loan interest.

    • Jury duty pay you received but were forced to give to your employer in exchange for receiving your normal pay.

    • Itemized deductions as reported on Schedule A.

  • You can claim a variety of credits on Form 1040. They include:

    • Child or dependent care credit .

    • Credit for the elderly or disabled.

    • Foreign Tax Credit as reported on Form 1116.

    • Education credits.

    • Retirement savings contributions credit.

    • Child tax credit.

    • Resident Energy Credits.

    • Mortgage Interest Credit.

    • Credit for Prior Year Minimum Tax.

    • Credit for Qualified Adoption Expenses.

    • Alternative Motor Vehicle Credit as reported on Form 8910.

  • Additional taxes are also reported on Form 1040. They include:

    • The self-employment tax as calculated on Schedule SE.

    • Social Security and Medicare tax on tip income NOT reported to employer.

    • Additional tax on IRA or qualified pension plans distributions.

    • Household employment taxes as reported on Schedule H.

  • Additional refunds and credits are also calculated on Form 1040. They include:

    • The additional child tax credit.

    • Excess Social Security taxes withheld if you had more than one job.

Please note that this listing is NOT COMPREHENSIVE, but only listed those forms, schedules, credits and taxes most likely to affect our clientele.



Tax Service Price Checklist
File Form 1040 Learn More $130 -  Buy Platinum Tax Service Checklist