A 1040 A form is used by the Internal Revenue Service during tax filing season. It is used to file federal income taxes. It is known as the U.S. Individual Income Tax Return form, and it will change from year to year. People who have an income of less than $100,000 and who are using a standard deduction can use this form. Those who are using itemized deductions must use a different federal tax form to file income tax.
A 1040 A form is considered to be easy to use, so if you have certain types of complicated miscellaneous income, you will not be able to use this form. Income such as wages, tips, interest, dividend income, capital gains, IRA payments, and unemployment compensation can be included on a 1040A form. Other taxable income must be reported on a regular 1040 form.
A Form 1040A is different from a Form 1040 because the income and adjusted gross income sections on a Form 1040A are much shorter. A Form 1040 allows your to itemize deductions, but a Form 1040A does not.
A Form 1040EZ is even shorter than a Form 1040A.
To qualify to use Form 1040A, you need to make a taxable income of less than $100,000 and not want to claim an alternative minimum tax (AMT) adjustment on stock gain from exercising a stock option incentive. You also cannot itemize your deductions and must claim the standard deduction instead.
The 1040A is commonly used because it is must faster and easier to prepare by hand than the 1040, but still allows more deductions and tax credits than a 1040EZ Form. For example, the 1040EZ does not allow you to deduct IRA contributions or student loan interest, but the 1040A does.
The 1040A is also used to help the parents of college-aged student to qualify for FAFSA via its simplified need test. If you are eligible to file Form 1040A, a student may be eligible for additional financial aid. The simplified needs test requires that parents have an adjusted gross income (AGI) of less than $50,000 and every family member be eligible to file a Form 1040A, 1040EZ, or not required to file a tax return.
A Form 1040A includes the following sections:
To fill out a IRS Form 1040A, you will need to provide:
About the 1040A: https://www.irs.gov/forms-pubs/about-form-1040-a
Form 1040A: https://www.irs.gov/pub/irs-pdf/f1040a.pdf
Form 8917 - Tuition and Fees Deduction: https://www.irs.gov/pub/irs-pdf/f8917.pdf
Form 2441 Child and Dependent Care Expenses: https://www.irs.gov/pub/irs-pdf/f2441.pdf
Schedule R Credit for Elderly or Disabled: https://www.irs.gov/forms-pubs/about-schedule-r-form-1040-a-or-1040
Form 8863 American Opportunity and Lifetime Learning Tax Credits: https://www.irs.gov/pub/irs-pdf/i8863.pdf
Form 8880 Credit for Qualified Retirement Savings Contributions: https://www.irs.gov/pub/irs-pdf/f8880.pdf
Schedule 8812 Child Tax Credit and Additional Child Tax Credit: https://www.irs.gov/pub/irs-pdf/f1040s8.pdf
Schedule EIC Earned Income Credit: https://www.irs.gov/pub/irs-pdf/f1040sei.pdf
Form 8888 Allocation of Refund: https://www.irs.gov/pub/irs-pdf/f8888.pdf