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Federal Tax Form 1040A | 1040 Example

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Federal Tax Form 1040A | 1040 Example

Federal Tax Form 1040A   |   1040 Example

 

First a quick note, if you are filing for tax year 2018 and later, you will no longer use Form 1040A.  Instead, you will use Form 1040 or Form 1040-SR if you are a senior over age 65.

Form 1040A is the short form of the IRS form 1040.  This form is used if your taxable income is less than $100,000.  It’s a short form as there is less to report as far as exemptions and deductions.

We will walk  you through this form below and do a short review of why this form is different from other IRS Form 1040’s.

 

Who Can Use IRS Form 1040A?

If you meet all of the requirements below, you can use IRS from 1040A to file your income tax:

  • You only had income from the following sources:
    • Wages, salaries, tips
    • Interest and ordinary dividends
    • Capital gain distributions
    • Taxable scholarship and fellowship grants
    • Pensions, annuities, and IRAs
    • Unemployment
  • The only adjustments to your income are:
    • Educator expenses
    • Deductible IRAs
    • Deductible Student Loan Interest or Tuition
  • You don’t itemize deductions
  • Your taxable income is less than $100,000
  • The only credits you can claim are:
    • Expenses for child and dependent care
    • Elderly or disabled
    • Education
    • Retirement
    • Child Tax
    • Earned Income
  • You don’t have alternative minimum tax (AMT) tax adjustment on stock

 

What Are the Differences Between Form 1040, 1040A, and 1040EZ?

If you are unsure if Form 1040A is the correct return to file, we’ll review the other IRS 1040 Form series here:

 

Form 1040

Form 1040 is the standard annual income tax form that allows you to report detailed information about income, deductions, and credits. It is by far the most flexible of all the annual income tax forms because it allows you to itemize your deductions. Filling out a 1040 form can be a lengthy process, so plan to use it if:

  • Your taxable income is $100,000 or more
  • You would prefer to itemize your deductions
  • You owe household employment taxes
  • You have income that includes alimony, self-employment income, income from rental, partnerships, S-Corps or trusts, alimony, farming or unreported tips.

 

Form 1040A

As mentioned, this form is a short form of the IRS form 1040.  This form limits what you can claim as credits and deductions.  The biggest difference is this form does not allow you to itemize, for example mortgage interest, which could decrease your taxable income amount.

 

Form 1040-EZ

First, for tax year 2018 and later, you will no longer use Form 1040-EZ, but instead use Form 1040 or Form 1040-SR if you are a senior over the age of 65.

Form 1040-EZ is, as it states, the easiest form to file out of the three mentioned here.  However, this form does have limitations on exemptions and deductions, and you cannot itemize deductions here either.  In addition, this form will not allow you to claim a tax credit or deduction if you paid higher education expenses.

To file IRS Form 1040-EZ, you must meet all the following requirements:

  • Your taxable income is $100,000 or less
  • Your filing status is Single or Married Filing Jointly
  • You do not claim any dependents
  • You do not claim any adjustments to income
  • You are under the age of 65
  • Your only income are from wages, salaries, tips, taxable scholarship or fellowship grants, unemployment
  • You do not owe any household employment taxes on wages you paid to a household employee.
  • You are not a debtor in a Chapter 11 bankruptcy case filed after October 16, 2005

 

Note: If you make a mistake on this IRS Form or any of the above, you can correct these mistakes on IRS Form 1040-X, which is the Amended Return.

 

Can Legacy Tax & Resolution Services, LLC Help Me With Form 1040A?

Yes, here at Legacy Tax we are ready and wanting to help.  We understand these forms can be confusing and want to ensure you are maximizing your tax credits by using the correct form. 

Call us today for a free consultation. 1-800-829-7483

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