is used to calculate and file the annual income tax returns with the IRS. Individuals, including married couples, who have earned more than $3,700 in a given tax year, should use this form for filing their tax returns. Since these forms need to be filled out the right way, here are some simple tax help tips that would help you in your endeavor:
• Provide all personal information accurately – While filling up IRS Form 1040, you need to mention your full legal name, correct mailing address, and accurate social security number. Keep in mind that if you have recently changed your name due to a marriage, divorce or any other reason, make sure that you report this name change to the Social security Administration before filing the tax return.
• Select the correct status – Before you fill up the form, determine your filing status and then mark the appropriate box in lines 1-5. The typical statuses include married filing jointly, single, head of household, married filing separately, and qualified widow with dependant child.
• Complete the exemption section properly – First, check the box for ‘yourself’ and then check the box for ‘spouse’ if you are married. Note that according to the federal tax laws, ‘married’ signifies a legal bond with a person, belonging to the opposite sex. If you have any dependants, list their information in the spaces on line 6c 1-3.
• Fill out the income section – Before filling out this section, it is advisable to refer to the instructions mentioned in pages 19-27 of Form 1040 in order to know the information about each type of income and who need to fill what etc.
• Complete the section of Other Taxes – Though most filers usually don’t need to fill this section, you should complete this, if you have any other additional taxes to report.
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