What is a 1040 Form and who needs it?

Learn about the 1040 form. Form 1040 — officially titled “U.S. Individual Income Tax Return” — is an IRS-issued tax form for reporting personal federal income tax returns. It’s the main tax form for individuals who are U.S. residents. You use this form to calculate how much you owe in taxes or how big a tax refund you can expect.

What does 1040 stand for?

What Is Form 1040: U.S. Individual Tax Return? Form 1040 is the standard Internal Revenue Service (IRS) form that individual taxpayers use to file their annual income tax returns .

Is 1040 and 1120 the same form?

If you are in business as a sole proprietorship, you report your income and expenses on a Schedule C attached to your federal Form 1040 tax return when it is filed. If you are a corporation or a partnership, you typically file a Form 1120 or a Form 1065 tax return. A Form 1120 tax return is filed on a yearly basis for corporations.