The IRS Form 1040 is an official document used by U.S. taxpayers (including citizens and residents) to file their annual income tax return. It is a crucial form for reporting income, claiming deductions, and calculating tax refunds or tax owed to the IRS.
The form gathers basic information about the taxpayer, calculates taxable income by tallying all income and deductions, determines tax liability, and helps assess whether tax credits and withholding taxes cover the tax bill. Form 1040 is essential for individuals to fulfill their tax obligations accurately and efficiently.