1040 Tax Forms - IRS decision time. 1040 is the most used tax return and forms used with the Internal Revenue Service, and April 15, 2021 is coming fast. It’s decision time and that often leads to confusion and if you should get help with your return.
Once you get to the IRS website to file your return, you can easily be overwhelmed. There are so many choices for forms, it’s hard to figure out which of the forms to use. Here’s a rundown of the federal income tax forms 1040 to help you sort out which one is best for you.
The vast majority of taxpayers must decide between filing a federal form 1040 and a federal form 1040-EZ. For most, the decision hinges on whether you itemize. If you plan to itemize your deductions, you must file form 1040.
In most cases, you’ll itemize if your deductions are more than your standard deduction. For 2010, the amounts for the standard deduction were $5,700 for single taxpayers and $11,400 for married taxpayers filing joint returns. Additional standard deductions are available for the blind and for taxpayers over age 65.
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