Prepare Federal Income Tax Forms

How do I know which 1040 form to use?

Residency is the biggest factor in determining which 1040 form you should use. After residency, we might consider age to be a deciding factor. For the 2024 tax year, US citizens and resident aliens will file Form 1040. Seniors age 65 or older have the option to file Form 1040-SR. Years ago there was a Short Form 1040A and Easy Form 1040EZ filing option. Both the short form and easy form have been discontinued by the IRS.

Currently available federal income tax forms:

• Form 1040 - US Individual Income Tax Return
• Form 1040SR - US Tax Return for Seniors
• Form 1040SS - US Self-Employment Tax Return
• Form 1040NR - US Nonresident Alien Income Tax Return

Nonresident individuals will generally file Form 1040-NR to report income earned from US sources. Residents of commonwealth states including Puerto Rico will use Form 1040-SS to file a US self-employment tax return. In the past, residents of Puerto Rico were given the option to file Form 1040-PR which has been discontinued by the IRS.

What are the other 1040 forms used for?

On the sidebar you may notice five additional 1040 series forms are listed. The purpose of these forms are different from the ones listed above. However, you may need to make use of them while you prepare your annual income tax return, or soon after. Form 1040X, for example, is used to amend a tax return for the current or prior year.

Other important 1040 forms you might need:

• Form 1040X - Amended US Individual Income Tax Return
• Form 1040ES - Estimated Tax for Individuals
• Form 4868 - Extension of Time to File
• Form 1040V - Payment Voucher
• Form 1040TT - Tax And Earned Income Credit Tables

Briefly, if you are self-employed or need to submit quarterly estimated tax payments, see the Form 1040-ES instructions. If you determine that you owe annual income taxes, use the payment vouchers found on Form 1040-V to submit your payment. To request more time to file your annual income tax return fill out and mail in Form 4868 Extension of Time to File. Tax And Earned Income Credit Tables (tax tables) are published as a separate file for quick reference. Use our sidebar navigation to learn more about these income tax forms.

Which Form 1040 schedules do I need?

The 1040 schedules you need will depend on your individual tax situation. Easy tax situations may only require Form 1040 and no other schedules. More complicated tax situations will require one or more schedules. You will add schedules and forms to your tax return as you fill out Form 1040. The form and line item instructions will ask you to include them.

Below is our general guide to which schedules you may need to complete your federal income tax return. We suggest that you start with Form 1040 or 1040-SR and the basic schedules 1, 2, and 3. Read each form and instructions to determine if you need to include them with your tax return.

• Read the Form 1040 instructions for these:
  • Schedule 1 - Additional Income and Adjustments to Income
  • Schedule 2 - Tax
  • Schedule 3 - Nonrefundable Credits
• Income, age, and dependent related credits:
  • Schedule 8812 - Additional Child Tax Credit
  • Schedule EIC - Earned Income Credit
  • Schedule R - Credit for the Elderly or the Disabled
• Household, banking, and investing schedules:
  • Schedule A - Itemized Deductions
  • Schedule B - Interest and Ordinary Dividends
  • Schedule D - Capital Gains and Losses
  • Schedule H - Household Employment Taxes
• Self-employed, business, farming, investing, and renting:
  • Schedule C - Profit or Loss from Business
  • Schedule E - Supplemental Income and Loss
  • Schedule F - Profit or Loss from Farming
  • Schedule J - Income Averaging for Farmers and Fishermen
  • Schedule SE - Self-Employment Tax

Next, we have added a few additional tax situation for seniors, nonresidents, and commonwealth tax returns. These scenarios are only meant to help get you started. Notice what's written on forms and in the line item instructions. Additional forms and schedules might be required for your specific tax situation.

US Resident Seniors Age 65 or Over

Senior citizens age 65 and over have the option to file Form 1040-SR. Seniors typically have some W-2 income, taxable interest, dividends, capital gains, pensions, and Social Security benefits. Additional credits are available to seniors on Schedule R. Here we are including the schedules needed for a filer with retirement savings and dependents.

• Form 1040-SR - US Tax Return for Seniors
• Schedule 1 - Additional Income and Adjustments to Income
• Schedule 2 - Additional Taxes
• Schedule 3 - Additional Credits and Payments
• Schedule 8812 - Credits for Children and Other Dependents
• Schedule A - Itemized Deductions
• Schedule B - Interest and Ordinary Dividends
• Schedule D - Capital Gains and Losses
• Schedule EIC - Earned Income Credit
• Schedule R - Credit for the Elderly or the Disabled

Seniors can use either Form 1040 or 1040-SR and should be able to find places to report all of their tax information on either form. If you are self-employed or have a small business, you will need to file additional forms like Schedule C and Schedule SE. Taking the standard deduction instead of itemizing will eliminate the need for Schedule A.

Nonresident Aliens Reporting US Income

Nonresident aliens who earn income from US sources, such as business, investment, rental, or wages, file Form 1040-NR to report their taxable income. They have different eligibility rules for credits and deductions compared to US residents. Nonresidents may claim itemized deductions for certain expenses but are generally limited in claiming credits. In some cases, they may qualify for the Child Tax Credit if they have a dependent who meets the criteria.

• Form 1040-NR - US Nonresident Alien Income Tax Return
• Schedule A - Itemized Deductions
• Schedule C - Profit or Loss from Business
• Schedule D - Capital Gains and Losses
• Schedule E - Supplemental Income and Loss
• Schedule NEC - Tax on Nonresident Alien’s Income
• Schedule OI - Other Information
• Schedule SE - Self-Employment Tax

Nonresident filers generally cannot claim refundable credits such as the Earned Income Tax Credit. Their tax return focuses on US-sourced income with some allowable deductions and expenses depending on income type. While nonresident aliens pay the applicable US tax rate on US-sourced income, their home country may offer a foreign tax credit to help avoid double taxation.

Residents of Commonwealth States

Residents of US territories who have self-employment income file Form 1040-SS to report self-employment tax. Form 1040-SS does not allow for as many deductions and credits as the regular Form 1040. However, filers can deduct half of their self-employment and claim certain credits, such as the Child Tax Credit, if they qualify.

• Form 1040-SS - US Self-Employment Tax Return Form
• Schedule C - Profit or Loss from Business (Sole Proprietorship)
• Schedule D - Capital Gains and Losses
• Schedule SE - Self-Employment Tax
• Schedule H - Household Employment Taxes

Commonwealth filers cannot claim Schedule A itemized deductions (like mortgage interest and medical expenses), the Earned Income Tax Credit, or education credits. This makes Form 1040-SS shorter with fewer tax-saving options for those filing from US territories. Residents of US territories do not pay regular US federal income taxes.

Last updated: November 20, 2024

Income Tax