Form1040
This is the most common version of Form 1040, used by the majority of U.S. taxpayers.
What is Form 1040?
This filing status applies to a widow(er) who meets specific criteria, including caring for a dependent child for at least 2 years after the spouse’s death.
What is Qualifying Surviving Spouse?
This above−the−line deduction allows teachers to deduct up to 300 for classroom supplies without itemizing.
What are Educator Expenses?
This type of income includes not just wages and salaries but also fringe benefits and stock options under IRC §61(a)(1).
What is Employee Compensation?
This box on your W-2 shows your total taxable wages including salary, bonuses, and tips.
What is Box 1?
Seniors aged 65+ may use this version of Form 1040, which features larger print.
What if Form 1040-SR?
To claim Head of Household status, you must pay more than half the cost of keeping up a home for this type of dependent (not just a qualifying child).
What is a Qualifying Relative?
Contributions to this type of account can be an above-the-line deduction if made with post-tax income and used for qualified medical expenses.
What is a Health Savings Account (HSA)?
Royalties from intellectual property and rental income from properties both fall under this broad category of IRC §61(a) income.
What is business and investment income?
If your W−2 shows 1,500 in Box 2, this is the amount your employer already sent to the IRS on your behalf, reducing what you owe at tax time.
What is your federal income tax withheld?
If your taxable interest exceeds 1,500, you must attach this schedule to your Form 1040.
What is Schedule B?
A 22-year-old full time student living with their parent but earning 5,000 annually fails this IRS test for being claimed as a dependent due to age/income rules.
What is Gross Income Test?
This below-the-line deduction lets self-employed individuals deduct up to 20% of qualified business income, calculated on Form 8995.
What is Qualified Business Income (QBI) deduction?
If your employer pays for your health insurance and you receive a disability payout, this portion of the payment is taxable under §61(a)(3).
What is the amount attributable to employer contributions?
If your W−2 shows 5,000 in Box 10, you may qualify for this credit worth 20-35% of dependent care expenses.
What is the Child and Dependent Care Credit?
This line on Form 1040 reports capital gains or losses, often requiring Schedule D.
What is Line 7?
Scholarship funds used for this expense (e.g., optional textbooks) would trigger taxable income on a student’s return, even if the school issued a 1098-T.
What is non-qualified education expenses?
Medical expenses are only deductible if they exceed this percentage of AGI, with a 100 per-event threshold for casualty losses.
What is 7.5% for medical expenses (10% for pre-2019 tax years)?
Under the "all-inclusive" concept of gross income, this occurs when a lender charges below-market interest rates, creating taxable "imputed income."
What is a below-market interest loan?
A taxpayer with 200,000 in Medicare wages (Box 5) will see this additional percentage withheld in Box 6 beyond the standard 1.45%.
What is 0.9% (Additional Medicare Tax)?
To amend a filed tax return, you must submit this form instead of a new 1040.
What is Form 1040-X?
A nonresident alien with a U.S.-based scholarship must file Form 1040-NR unless they meet these two tests (one based on immigration documents, the other on physical presence).
What are the Green Card and Substantial Presence Test?
The key difference between AGI and MAGI is that MAGI always includes these two additions back to AGI for Roth IRA eligibility purposes.
What are tax-exempt interest and excluded foreign income?
Distributions from this type of business entity (e.g., an S-corp or partnership) are reported as gross income under §61(a)(13) even if no cash is received.
What is a pass-through entity?
Code DD in Box 12 represents these employer-provided benefits that reduce taxable income but aren't included in Box 1.
What are employer-sponsored health insurance premiums?