Taxes don't have to be confusing. Let's break down the main tax form and its parts in plain English.
Think of Form 1040 as the cover page of your tax story. It's the main form everyone uses to file their taxes. This form brings together all your income, deductions, and credits in one place.
At the top of Form 1040, you tell the IRS who you are. This includes your name, address, Social Security number, and whether you're married or single. It's like the address label on a letter - it tells the IRS where this tax return belongs.
This section is where you report money you made during the year. It includes:
These are special deductions you can take before deciding whether to use the standard deduction. Things like student loan interest or money you put in a retirement account go here.
Here's where you either take the standard deduction (a flat amount based on your filing status) or itemize your deductions using Schedule A. Credits, which directly reduce your taxes, also get reported here.
If you have a lot of deductions like mortgage interest, charitable giving, or medical expenses, you'll use this form instead of taking the standard deduction.