IRS Federal Income Tax Returns 2019 Form 1040
Form 1040 is a standard IRS Tax Form that individual taxpayers complete and submit to file their annual income tax return 2019. This form has further sections in which the taxpayers must disclose their taxable income for the relevant fiscal year to determine whether they owe additional taxes or they are eligible to receive tax refunds.
Characteristics of a 1040 Form
Usually the deadline for filing the 1040 tax return 2019 Form with the IRS is April 15 during most years. Every individual who has an annual income which exceeds a certain threshold must file an income tax return to the IRS before the deadlines have passed.
The 1040 tax return 2019 Form has gone through a few changes in the latest iteration by the IRS by keeping in mind the Tax Cuts and Jobs Act. It is done to improve the filing experience on part of the taxpayer for tax return 2019. The new and shorter 1040 is designed to ease the communication and incorporation of the future tax-law changes while reducing the subcategories of 1040 from which taxpayers must choose.
The most common features of the income tax return 2019 form remain unchanged in the new iteration. There are also some new lines available on new schedules. They are organized categorically. The filers who use the Online medium may not notice the changes because their respective tax preparation softwares will automatically use their answers to the tax questions as reference to complete the new 1040 Forms in accordance with the needed schedules.
Information Required for 1040 Form
The most pertinent information required when filling out a 1040 Form by the tax filers is the identification information for tax return 2019. It includes the general things about the taxpayer, such as the name, address and social security number. If taxpayer is married, information on their spouses may also be required. The number of dependents and their basic information is required as well. The income tax return 2019 form asks of the taxpayers wish to donate $3 as contribution to presidential campaign funds, but it is entirely voluntary.
The income section in the IRS Federal Income Tax Return 2019 Form 1040 asks the filer to write their;
III) Taxable Interests
IV) Other Capital Gains
VI) Social Security Benefits
VII) Any other types of Income
It also allows them to claim any new higher tax deductions. For IRS Federal Income Tax Return 2019 period, these deductions are;
VIII) $12,200 for single or married filing separately.
IX) $24,400 for married couple filing jointly or a qualifying widower.
X $18,350 for a head of household.
The new 1040 Form uses what the IRS calls as ‘building block approach’. It allows the taxpayers to add only the schedules they need to file their tax return 2019 and ignore the rest. A few taxpayers may need to file one or more the new six supplemental schedules with their 1040 Form in addition to the long- standing schedules for relevant items regardless of business loss or income i.e. regardless of whether they are claiming tax credits or owe additional taxes. However, most of the taxpayers do not need to concern themselves with schedules, they only need to file a simple 1040 Form.
Several Types of 1040 Form
There are certain situations in which a taxpayer may need to file a different variant of the 1040 Form instead of the standard version. Following are the options available;
NR stands for Non-Resident aliens. Foreigners without the green card or their representatives need to file this form. It can be filed by them under following conditions;
I) Those who are engaged in some form of trade or business in the United States.
II) Representatives of a deceased person who would have had to file a 1040-NR.
III) Those who represent an estate or trust that had to file a 1040-NR.
This is a rather simplified version of the above form. Foreigners can file this form if they claim no dependents and their only income from American sources is;
IV) Refunds of State and Local Income Taxes
V) Scholarship or Fellowship Grants
Taxpayers can figure out and pay their estimated quarterly taxes by filing Form 1040-ES. Any income that is not subject to withholding is applicable for estimated tax. It includes earnings from;
V) Unemployment Compensation
VI) Social Security Benefits
This is more of a statement than a form which accompanies a taxpayer’s remainder of a balance of 1040 or 1040-NR Forms focusing on the line ‘Amount you owe’.
If the filer makes a mistake on their respective form, or forgets to include certain vital information on any iteration or subcategory or 1040 Form, the 1040X is used to make changes to the previously filed erroneous form.
This iteration of the 1040 Form carries nothing different than the standard one, except it targets the senior citizens. There is a larger font, no shading sections are included and extra deduction chart is included for the convenience of senior citizens. If the relevant taxpayers fill out their forms manually, they will certainly notice the difference, but they will notice no difference if they file their taxes online.
Every taxpayer must familiarize him or herself with the new 1040 Form, even if they use a paid tax preparer for their filing. It is simpler to fill out and understand than its predecessor. Some relevant taxpayers will also benefit form the ease which comes by using the ‘building block’ approach to additional schedules being employed by IRS for the tax return 2019. However, those taxpayers who still have questions are better off working with an expert tax preparer rather than do it by themselves.