What the 1040 Tax Form Is and Who Files It

The 1040 is the main form the IRS uses to collect your annual income tax

The 1040 is the federal income tax form you file once a year to report how much money you earned and how much tax you owe or should get back. The IRS (Internal Revenue Service) uses it to match what you paid in taxes throughout the year against what you actually owe based on your income. If you earned income in the United States, you almost certainly need to file one.

The form itself is two pages. The first page asks for your personal information, filing status, and income from all sources. The second page walks through deductions and credits that lower your tax bill. At the bottom, you either owe money or the government owes you a refund.

You file the 1040 by April 15 of the year after you earned the income — so income you made in 2024 gets reported on a 1040 you file in 2025. You can file by mail, through tax software, or with a tax professional.

Key Takeaways

• The 1040 reports all your income for the year and calculates whether you owe federal income tax or should receive a refund.
• Nearly all U.S. workers file a 1040, though some may file a simpler version called the 1040-SR if they are 65 or older.
• You must include income from wages, self-employment, investments, and other sources on the same form.
• The important date to file is April 15, though you can request an extension that gives you until October 15 to submit it.
• Deductions and tax credits on the 1040 reduce the amount of tax you owe or increase the refund you receive.

Who has to file a 1040

You must file a 1040 if your income exceeds a certain threshold. That threshold depends on your age, filing status (single, married, head of household), and whether you are claimed as a dependent on someone else's return. For 2024, a single person under 65 with only wage income generally needs to file if they earned more than $14,600. A married couple filing jointly needs to file if their combined income exceeded $29,200. These numbers change each year.

Even if your income is below the threshold, you should file if you had taxes withheld from your paychecks or if you are due a refund — for instance, if you worked part of the year or may have access to for the Earned Income Tax Credit. Filing is how you get that money back.

If you are self-employed (you run your own business or are a freelancer), you must file a 1040 if your net earnings from self-employment were $400 or more, regardless of your other income.

What income goes on the 1040

The 1040 asks you to report income from every source you received money from during the year. This includes wages from a job (reported on a W-2 form your employer sends you), self-employment income, interest and dividends from investments, rental income, Social Security benefits, unemployment benefits, and retirement distributions. If you received money and it counts as taxable income, it belongs on the 1040.

You do not report every dollar you received — only taxable income. For example, gifts and inheritances are not taxable, so they do not go on the form. Proceeds from selling your primary home at a gain may not be taxable either, depending on how long you owned it. The instructions that come with the 1040 walk through what counts.

Your employer or the organization that paid you will send you a form documenting the income. A W-2 comes from an employer, a 1099 comes from someone who paid you as a contractor or for interest or dividends, and a 1098 documents mortgage interest or student loan interest you paid. You use these forms to fill in the 1040.

How deductions and credits reduce your tax bill

The 1040 includes sections for deductions and credits, both of which lower the tax you owe, but they work differently. A deduction reduces your taxable income — if you earn $60,000 and take a $10,000 deduction, you only pay tax on $50,000. A credit directly reduces the tax you owe — a $1,000 credit means you owe $1,000 less, regardless of your income.

Most people take the standard deduction, a flat amount the IRS sets each year. For 2024, the standard deduction is $14,600 for a single filer and $29,200 for married filing jointly. You do not have to list what you spent the money on — you just subtract this amount from your income. Some people instead itemize deductions, listing specific expenses like mortgage interest, state and local taxes, and charitable donations. You choose whichever gives you the bigger deduction.

Common credits include the Child Tax Credit (up to $2,000 per child), the Earned Income Tax Credit (for lower-income workers), and education credits if you paid for college. Credits are more valuable than deductions because they reduce your tax dollar-for-dollar.

The difference between the 1040 and the 1040-SR

The 1040-SR is a version of the 1040 designed for people 65 and older. It is laid out slightly differently and uses larger print, but it reports the same information and serves the same purpose. If you are 65 or older, you can file either the regular 1040 or the 1040-SR — the choice is yours. Some people find the 1040-SR easier to read; others prefer the standard form.

The income thresholds for filing are also higher for people 65 and older. A single person 65 or older with only wage income generally needs to file if they earned more than $17,550 in 2024 (compared to $14,600 for someone younger). This reflects the fact that older workers often have lower incomes.

How to file your 1040

You have three main options for filing. You can use tax software (like TurboTax, H&R Block, or TaxAct) to fill out the form on your computer and submit it electronically. You can read the form from the IRS website, print it, fill it out by hand, and mail it. Or you can hire a tax professional — a CPA, enrolled agent, or tax preparer — to file it for you.

Electronic filing is faster and more accurate because the software catches errors and the IRS processes e-filed returns more quickly. If you are owed a refund, you get it weeks sooner if you file electronically and choose direct deposit. The IRS also offers free tax software through its Free File program if your income is below a certain level (usually around $79,000).

If you need more time, you can file Form 4868 to request an extension. This gives you until October 15 to file instead of April 15. Note that an extension to file is not an extension to pay — if you owe taxes, you should still pay by April 15 to avoid penalties and interest.

What happens after you file

After you submit your 1040, the IRS processes it. If you filed electronically, this usually takes two to three weeks. If you mailed a paper form, it takes longer — typically four to six weeks. You can check the status of your return using the IRS's "Where's My Refund?" tool on its website.

If the IRS has questions about your return, they will send you a notice by mail. This might happen if your income does not match what your employer or bank reported, if you claimed a credit you may not may have access to for, or if there is a math error. You do not need to do anything when ready — the notice will explain what they need and give you a important date to respond.

If you are owed a refund, the IRS will send it to you by direct deposit (if you provided your bank account information) or by check. If you owe money, you can pay online, by phone, or by mail using the payment instructions on your return.

Frequently Asked Questions

Do I have to file a 1040 if I did not earn much money?

You only have to file if your income exceeds the threshold for your age and filing status. However, you should file even if you are below the threshold if you had taxes withheld from your paychecks, because you will get that money back as a refund. The same applies if you may have access to for the Earned Income Tax Credit.

What if I do not have all my tax forms yet?

You can request an extension using Form 4868, which moves your filing important date to October 15. You do not need a reason — the extension is automatic. However, if you owe taxes, you should estimate what you owe and pay by April 15 anyway to avoid penalties and interest on the unpaid amount.

Can I file a 1040 if I am self-employed?

Yes. Self-employed people file the same 1040 as everyone else, but they also attach Schedule C to report their business income and expenses. If your net self-employment income is $400 or more, you must also file Schedule SE to calculate self-employment tax (Social Security and Medicare tax for the self-employed).

What if I made a mistake on my 1040 after I filed it?

You can file an amended return using Form 1040-X. You have three years from the original filing date to amend your return. If the amendment results in a refund, the IRS will send it to you. If it results in additional tax owed, you will receive a bill.

Is there a penalty if I file late?

Yes. If you file after April 15 without requesting an extension, the IRS charges a failure-to-file penalty. If you owe taxes and do not pay by April 15, there is also a failure-to-pay penalty plus interest on the unpaid amount. Filing an extension request by April 15 eliminates the failure-to-file penalty, though the failure-to-pay penalty still applies if you owe money.