Tuesday, February 28, 2012

Do I Need To File Form 1040?

An individual must file Form 1040 if any of the following apply:
  • He or she has taxable income of $100,000 or more
  • He or she has self-employment income of $400 or more
  • He or she had income tax withheld from paychecks
  • He or she made estimated tax payments, or has overpayment that applies to the current tax year
  • He or she has itemized deductions (e.g., mortgage, interest, or charity)
  • He or she earns income from a business, S-corporation, partnership, trust, rental, or farm
  • He or she has sold property, stocks, bonds, or mutual funds
  • He or she is claiming income adjustments (for tuition, educator expenses, moving expenses, or health savings accounts)
  • He or she received an advance payment for Earned Income Credit (EIC) from an employer
  • He or she has a W-2 that shows uncollected tax (from tips or group term life insurance), or a W-2 that shows a code Z (income earned from a 409A non-qualified deferred compensation plan)
  • He or she owes excise tax on insider stock compensation (from an expatriated corporation)
  • He or she is a debtor in a Chapter 11 bankruptcy case (that was filed after October 16, 2005)
  • He or she earns foreign wages, paid foreign taxes, or is claiming tax treaty benefits
  • He or she owes any other special taxes (e.g., alternative minimum tax, household employment tax, recapture taxes, etc.)

No comments:

Post a Comment