1040 form is a standard Internal Revenue Service (IRS) form used by individuals to file their annual income tax returns. The IRS requires every taxpayer to disclose his/her financial income status in the form. This standard form of the IRS is also known as the "U.S. individual income tax return" or the "long form".
The form is used to:
1. to report the income of an individual;
2. to claim various deductions and credits;
3. to calculate the individual taxes;
A taxpayer is also required to enter some additional information into the form, where the individual has received any dividends or other benefits.
A variation to the standard 1040 form is the form called 1040EZ. 1040 EZ form is a less comprehensive form and is used in simple taxation circumstances. This form reduces the time spend by individuals to prepare tax returns.