IRS Form 1040 is the principal federal individual income tax return used by U.S. taxpayers to report income, deductions, credits, payments and the resulting tax or refund.
What Is Form 1040?
Form 1040 brings together the major components of an individual federal income tax return. Depending on the taxpayer’s circumstances, additional schedules and forms may report business income, investment activity, rental property, retirement distributions, itemized deductions, credits or other tax items.
Who Files Form 1040?
Individuals who meet federal filing requirements generally use Form 1040. Filing obligations depend on factors such as filing status, age, income level, type of income and certain special tax situations.
Common Information Needed for Form 1040
- Forms W-2 and 1099 reporting wages, interest, dividends and other income.
- Information about business, rental or investment activity when applicable.
- Retirement and Social Security reporting.
- Estimated tax payments and prior-year information.
- Records supporting deductions and credits claimed on the return.
Colorado Individual Income Tax Returns
Colorado residents generally also file a Colorado individual income tax return based on federal taxable income with applicable Colorado additions, subtractions and credits.
Need Individual Tax Preparation?
CPA of Denver prepares federal and Colorado individual income tax returns. Our fixed-fee Simple 1040 service is intended for narrowly defined, straightforward W-2 taxpayers. Returns involving investments, businesses, rentals, K-1s, multiple states or other complexities require a separate scope.