Excerpt – People need to submit this essential form according to their gross income falling in the different income slabs.
US tax filing season is running and people are filling many forms, such as IRS Form 1040 for their personal taxes. A huge majority of American citizens must submit this essential form, but there are many factors to consider.
There is still a large section that remains unaware about the important details of Form 1040.
When an American is supposed to file her/his tax return, Form 1040 is the main form that one has to provide. The motive of this form is to inform your gross income and the sum that may be taxable after tax credits and deductions. So Form 1040 lets you report that how much tax you have to submit to the IRS, or in another way, how much you can hope to get back also.
Below, we have compiled the different cases when one has to submit this form:
Who has to submit Form 1040?
A huge majority of Americans are supposed to complete a Form 1040, and here are some other crucial information that need to be heeded over.
Form 1040 is necessary if your tax filing status is single and you were under 65 at the end of 2019, and your gross income is at least USD12,200.
For people who turned 65 at the end of 2019, they will need to fill up the form and if your gross income is minimum USD 13,850. On a second note, married couple must also be careful about this form submission.
If husband and wife both were under 65 at the end of 2019, they will need to complete this form if their gross income is at least USD24,400. If your spouse was over 65, you will need to complete this form if your gross income is at least USD25,700. If you and your spouse are over 65, then this form needs to be completed if your gross income is at least USD27,000.
If you are married and applying separately, you can be of any age and will need to complete this form if your gross income is at least USD5. If you are a breadwinner and under 65, you will need to complete this form, in case your gross income is at least USD18,350.
This form is required if you are over 65 and your gross income is at least USD20,000. You must complete this form if you are a qualifying widow or widower under the age of 65 and your gross income is at least USD24,400. You will need to complete this form if you are over 65 and your gross income is at least USD 25,700. If you are self-employed and earned at least USD 400 in net income from that job, you will need to file a tax return.
Also, it is pertinent to note that with a new tax-filing software, you can now submit Form 1040-X electronically. As per IRS News, this new option allows the IRS to process updated returns more quickly and reduces the errors that come with paper forms.