What Is a 1040 Form and Which Schedules Do I Need?

Form 1040, the U.S. Individual Income Tax Return, is the document citizens and residents use to file their annual federal income tax return with the Internal Revenue Service (IRS). It is used to report all sources of income, calculate total tax liability, and apply deductions and credits. The final calculation on Form 1040 determines if a filer receives a tax refund or owes additional taxes. An alternative, Form 1040-SR, is available for taxpayers 65 or older and features a larger font.

Who Is Required to File Form 1040

The requirement to file a federal income tax return is based on gross income, filing status, and age. For the 2024 tax year, filed in 2025, a single individual under age 65 must file if their gross income is at least $14,600. This threshold, which is tied to the standard deduction, increases to $16,550 for those 65 or older.

Different filing statuses have their own income thresholds. For those married filing jointly, the threshold is $29,200 if both spouses are under 65, rising to $30,750 if one is 65 or older, and $32,300 if both are. Head of household filers must file with income of at least $21,900, or $23,850 if 65 or older. A threshold of $5 applies to individuals who are married but filing separately.

Some situations require filing a return even if gross income thresholds are not met. This includes owing special taxes, such as those on distributions from an IRA or a health savings account, or receiving advance payments of the premium tax credit.

Gathering Your Tax Documents and Information

Before filling out Form 1040, you must collect personal and financial documentation. This includes the full names, dates of birth, and Social Security numbers for yourself, your spouse, and any dependents. You will also need your current address.

The next step is gathering documents that report your income. Employers send a Form W-2 detailing wages and tax withheld. For other income sources, you will need various 1099 forms, such as Form 1099-INT for interest, 1099-DIV for dividends, 1099-NEC for freelance work, and 1099-G for unemployment benefits.

You must also collect records for potential adjustments, deductions, and credits. If you plan to itemize deductions, you will need documents like Form 1098 for mortgage interest, property tax receipts, and records of charitable donations. For credits, documentation such as childcare expense records with the provider’s tax ID number is needed.

Navigating the Core Form 1040

The main Form 1040 is a two-page document. The top of the first page is for personal information, including your name, Social Security number, address, and filing status. Your filing status determines your tax rates and standard deduction amount.

After the personal information, you will list any dependents, such as qualifying children and other relatives you support. The form then moves to the income section, where totals from your W-2s and 1099s are entered to calculate your total income.

The next part of the form calculates your Adjusted Gross Income (AGI) by subtracting certain “above-the-line” deductions from your total income. After finding your AGI, you subtract either the standard deduction or your itemized deductions from Schedule A. This results in your taxable income.

The final sections are for calculating the tax and applying any credits, like education or child tax credits, which directly reduce the tax you owe. After subtracting credits and taxes already withheld from your paychecks, the form shows whether you are due a refund or have an amount to pay.

Common Schedules That Accompany Form 1040

Many taxpayers attach additional forms, known as schedules, to their Form 1040. Schedules are used to report certain types of income, deductions, or taxes that require detailed calculations to support the figures on the main form.

Schedule 1 (Additional Income and Adjustments to Income)

Schedule 1 is for reporting various types of income not listed on the main Form 1040, such as business income, unemployment compensation, and prize money. This schedule is also where you claim “above-the-line” deductions to reduce your total income. Common adjustments include deductions for student loan interest, educator expenses, and contributions to a health savings account (HSA).

Schedule A (Itemized Deductions)

Taxpayers use Schedule A to itemize deductions instead of taking the standard deduction. This is advantageous if your itemized deductions exceed your standard deduction amount. Deductions on Schedule A include medical expenses over 7.5% of your AGI, state and local taxes up to $10,000, home mortgage interest, and charitable gifts.

Schedule B (Interest and Ordinary Dividends)

Filing Schedule B is required if your interest or ordinary dividend income exceeds $1,500. You must list the source and amount of each payment. This schedule is also used to answer questions about foreign financial accounts, which may trigger separate reporting requirements.

Schedule C (Profit or Loss from Business)

Sole proprietors, freelancers, and independent contractors file Schedule C to report business income and expenses. You detail your gross receipts, subtract the cost of goods sold, and list business expenses like advertising and supplies. The resulting net profit or loss is reported on Schedule 1 and is subject to income and self-employment tax.

Schedule D (Capital Gains and Losses)

Schedule D is for reporting the sale or exchange of capital assets, such as stocks, bonds, and real estate. The form separates short-term gains and losses from long-term gains and losses, as they are taxed at different rates. The net gain or loss from Schedule D is transferred to the main Form 1040.

Schedule SE (Self-Employment Tax)

You must file Schedule SE if you have net earnings of $400 or more from self-employment, as calculated on Schedule C. This form calculates the self-employment tax, which covers Social Security and Medicare taxes for those who work for themselves. The tax is reported on Form 1040, and a portion of it can be claimed as a deduction on Schedule 1.

How to Submit Your Tax Return

You have two options for submission: electronic filing or mailing. E-filing is the method recommended by the IRS and can be done through tax preparation software, the IRS Free File program, or a tax professional. Electronic submission is the fastest way to file, and you will receive confirmation that the IRS has received your return.

To file a paper return, you must mail the completed and signed forms to the correct IRS address, which varies by location and whether a payment is included. You must attach copies of your W-2s and any other required forms.

After submitting, you can track your return’s status using the IRS “Where’s My Refund?” tool, which updates within 24 hours for e-filed returns. Processing for mailed returns takes four weeks or more. Most refunds are issued in less than 21 days for e-filers who use direct deposit.