IRS Form 1040 (U.S. Individual Income Tax Return) is an annual income tax return filed by U.S. taxpayers to report their income, deductions, and credits and pay federal income taxes on their taxable income.

For video tutorials on completing Form 1040 for an individual taxpayer, please visit our channel links at the end of this post.

Who Must File and What are the Deadlines
  • Individuals. U.S. citizens and residents who meet certain income thresholds. A U.S. person includes U.S. citizens, U.S. green card holders, and individuals physically in the U.S. who meet the substantial presence test. All other persons are nonresidents for federal tax purposes.
  • Filing Thresholds. The income level at which you must file depends on your filing status, age, and type of income. For example, single filers under 65 must file if their gross income is at least $13,850 for the 2023 tax year. Taxpayers are encouraged to file a tax return each year even if their income is below the thresholds.
  • Annual Filing. Individuals must file Form 1040 annually, reporting income and tax details for the previous calendar year.
  • Due Date. It is generally due by April 15 of the following year. If April 15 falls on a weekend or holiday, the due date is the next business day. Extensions can be requested using Form 4868 (Extension of Time to File U.S. Tax Return). For U.S. citizens living outside the United States, the IRS grants the expat an automatic 2-month extension.
Key Information Required
Deductions and Credits
  • Standard Deduction. Taxpayers can claim the standard deduction amount based on their filing status. The standard deduction amounts are adjusted each year for inflation. For 2023, the standard deduction amounts are the following:
    • Single Filer. $13,850
    • Married Filing Separately. $13,850
    • Married Filing Jointly. $27,700
    • Head of Household. $20,800
  • Itemized Deductions. If a taxpayer chooses to itemize deductions instead of using the standard deduction, the taxpayer includes Schedule A (Itemized Deductions) with Form 1040. Schedule A reports the deductible medical expenses, taxes, mortgage interest, charitable contributions, and other itemized deductions.
  • Qualified Business Income (QBI) Deduction. The QBI deduction is a 20% deduction on pass-through business income from a qualified trade or business. The taxpayer calculates their QBI Deduction on Form 8995 (Qualified Business Income Deduction).
  • Tax Credits. Taxpayers may be eligible for certain tax credits to offset their federal tax liability. Credits are characterized as either nonrefundable or refundable. The tax credits are reported on various forms and schedules and ultimately reported on Schedule 3 (Additional Credits & Payments).
Video Tutorials on Form 1040

Please visit our channel for various videos on Form 1040 tax filings and related schedules:

Additional Information

Taxpayers can find more information in the Form 1040 Instructions and within IRS Publication 17 (Your Federal Income Tax for Individuals).