What is Form 1040?
Form 1040 serves two purposes. The first is to help taxpayers calculate their taxable income. The second is to determine the tax owed on that income or the refund you can expect to receive.
Most people will need to fill out Form 1040, whether you’re self-employed, and employee with someone else, or earning income from investments.
Here are some things you should know when filing a 1040 form:
- Form 1040 is good for freelancers to use in filing federal income tax returns because it takes multiple income sources.
- You must file a Form 1040 if you earned $400 or more from self-employment.
- You must file a Form 1040 if your taxable income is $100,000 or greater.
- When filling out Form 1040, enter all your income sources. This includes wages, salary, taxable interest, capital gains, pensions, Social Security benefits, and other types of income.
When do I have to file Form 1040
It must be filed before April 15 for the prior year. Note: Catch will produce the Form 1040 if you pay your taxes through Catch.