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Form 1040 U.S. Individual Income Tax Return
Personal Income Tax Returns
- Form 1040 (U.S. Individual Income Tax Return): This is the standard form used by U.S. taxpayers to file their annual income tax returns. It reports income, calculates deductions and credits, and determines the amount of tax owed or refund due.
- Form 1040-SR (U.S. Tax Return for Seniors): Designed for taxpayers aged 65 or older, this form is similar to Form 1040 but features larger print and a simplified layout.
- Form 1040-NR (U.S. Nonresident Alien Income Tax Return): Nonresident aliens who engage in business in the U.S. or earn U.S.-sourced income file this form.
Most Common Tax Credits Associated with the 1040
Earned Income Tax Credit (EITC)
A refundable credit for low to moderate-income working individuals and families. Eligibility and credit amount depend on income and number of qualifying children.
Child Tax Credit
Provides up to $2,000 per qualifying child under 17. Part of the credit may be refundable.
Child and Dependent Care Credit
Offers a credit for a portion of expenses paid for the care of qualifying dependents to enable the taxpayer to work or look for work.
Education Credits
Includes the American Opportunity Tax Credit (up to $2,500 per eligible student) and the Lifetime Learning Credit (up to $2,000 per tax return) for qualified education expenses.
Retirement Savings Contributions Credit (Saver's Credit)
Provides a credit for eligible contributions to retirement plans or IRAs, benefiting low to moderate-income taxpayers
Residential Energy Credits
Offers credits for certain energy-efficient home improvements, such as installing solar panels or energy-efficient windows.
Premium Tax Credit
Assists individuals and families with moderate incomes in affording health insurance purchased through the Health Insurance Marketplace.