Form 1040 is used by U.S. taxpayers to file an annual income tax return. If you were born before January 2, 1955, you have the option to use new Form 1040-SR.
Schedule A (Form 1040) figures your itemized deductions. In most cases, your federal income tax will be less if you take the larger of your itemized deductions or your standard deduction.
Use Schedule B (Form 1040) if any of the following applies:
- You had over $1,500 of taxable interest or ordinary dividends.
- You received interest from a seller-financed mortgage and the buyer used the property as a personal residence.
- You have accrued interest from a bond.
- You are reporting original issue discount (OID) in an amount less than the amount shown on Form 1099-OID.
- You are reducing your interest income on a bond by the amount of amortizable bond premium.
- You are claiming the exclusion of interest from series EE or I U.S. savings bonds issued after 1989.
- You received interest or ordinary dividends as a nominee.
- You had a financial interest in, or signature authority over, a financial account in a foreign country or you received a distribution from, or were a grantor of, or transferor to, a foreign trust. Part III of the schedule has questions about foreign accounts and trusts.
Use Schedule C (Form 1040) to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if:
- Your primary purpose for engaging in the activity is for income or profit.
- You are involved in the activity with continuity and regularity.
For tax year 2019 and later, you will no longer use Schedule C-EZ, but instead use the Schedule C.
Use Schedule D (Form 1040) to report the following:
- The sale or exchange of a capital asset not reported on another form or schedule.
- Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit.
- Capital gain distributions not reported directly on Form 1040 (or effectively connected capital gain distributions not reported directly on Form 1040-NR).
- Nonbusiness bad debts.
Use Schedule E (Form 1040) to report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in real estate mortgage investment conduits (REMICs).
After you have figured your earned income credit (EIC), use Schedule EIC (Form 1040) to give the IRS information about your qualifying child(ren).
Use Schedule F (Form 1040) to report farm income and expenses.
Use Schedule H (Form 1040) to report household employment taxes if you paid cash wages to a household employee and the wages were subject to social security, Medicare, or FUTA taxes, or if you withheld federal income tax.
Use Schedule J (Form 1040) to elect to figure your income tax by averaging, over the previous 3 years (base years), all or part of your taxable income from your trade or business of farming or fishing.
This election may give you a lower tax if your income from farming or fishing last year is high and your taxable income for one or more of the 3 prior years was low.
Use this schedule to figure the credit for the elderly or the disabled.
Use Schedule SE (Form 1040) to figure the tax due on net earnings from self-employment. The Social Security Administration uses the information from Schedule SE to figure your benefits under the social security program. This tax applies no matter how old you are and even if you are already getting social security or Medicare benefits.
Use Part I of Schedule 8812 (Form 1040) to document that any child for whom you entered an ITIN and for whom you also checked the “if qualifying child for child tax credit” box, is a resident of the United States because the child meets the substantial presence test and is not otherwise treated as a nonresident alien.
Use Parts II–IV of Schedule 8812 to figure the additional child tax credit. The additional child tax credit may give you a refund even if you do not owe any tax.