When to File Form 1040

In filing tax returns, three types of forms are offered to taxpayers. Each of these forms is to be used only when all the requirements for using them are satisfied. Basically, there’s Form 1040, Form 1040A, and Form 1040EZ. Tax form assistance is given to taxpayers who are confused and do not know which type of form they can file. This article provides information about Form 1040 and when you can use it when you file your tax return.

Form 1040EZ is the simplest type of form there is and can be used when filing simple tax returns. Form 1040A primarily takes into consideration the income source of the taxpayer, as well as his or her credits, deductions, etc. If you are not eligible for Form 1040EZ and Form 1040A, your only option is to use Form 1040 in filing your tax return. However, any of the following circumstances must be true: that your taxable income amounts to at least $100,000 or more; that you are itemizing your deductions; that you received the amount of $20 or more in tips in any single month but did not employ such to your employer; that your form W-2, box12, shows a code A; that your form w-2, box12, shows some uncollected tax on group term life insurance or tips; that you are in debt on excise tax made on insider stock compensation from a corporation that has been expatriated; or that you are considered a debtor in a Chapter-11 bankruptcy case (filed after the date of October 16, 2005).

December 20 2008 11:18 pm | Tax Form Questions

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