Learn how to correctly fill out the 2022 IRS Form 1040 for the 2023 tax year. Form 1040 is the U.S. individual income tax return. It is used to report an individual’s taxable income to the Internal Revenue Service (IRS). This guide includes an overview of the Form 1040 and step-by-step instructions for completion. Updated for filing the 2022 tax return.
Learn the basics of the IRS Form 1040, the U.S. Individual Income Tax Return, by examining a step-by-step example of a single taxpayer’s form with no dependents. Understand how to fill out the form line by line, including information on the standard deduction, tax tables for 2022, tax bracket calculations, and more.
This guide provides clear instructions and an example to help you prepare your own Form 1040 with confidence. Includes information on filing, deductions, exemptions, tax credits, tax liability, wages, earned income, interest income, capital gains, taxable refund, and taxable payments.
Introductory Video
Before watching the video, it’s important to note that if you’re new to taxes or just starting out, we highly recommend watching the following introductory video first. It’ll provide a solid foundation for the concepts we’ll be covering.
How to do Taxes – Tax Filing Guide for Beginners
Forms and Documents
Information from the IRS website, where you can also find instructions and the forms you need to fill.
Need more help?
For more help with taxes we suggest TurboTax. (This is an affiliate link and we may receive compensation if you use this service, at no additional cost to you. We appreciate your support, as it helps us create more content for you.)
If your tax situation is complex, it is strongly recommended to use a tax filing software or seek the assistance of a certified public accountant (CPA) to ensure accuracy and compliance. This video provides an overview of the basic process of filling out Form 1040, but does not cover more complicated tax scenarios. Remember that every individual’s tax situation is unique, so it is essential to consult the official IRS instructions when preparing your tax return on your own.
1040 Form Information
In general, the form must be filed annually by April 15th (or the next business day if that date falls on a weekend or holiday) by all individuals who have taxable income for the previous year.
The form has several sections for reporting income, deductions, and credits, as well as personal information such as name, address, Social Security number, and filing status. Some common items that are reported on Form 1040 include wages, salaries, tips, and other earnings; interest and dividends; capital gains and losses; and income from rental properties, businesses, and investments.
In addition to the standard Form 1040, there are several schedules that may be required to be filed along with it, depending on the individual’s specific tax situation. These schedules include Schedule A (Itemized Deductions), Schedule B (Interest and Ordinary Dividends), Schedule C (Profit or Loss from Business), and Schedule D (Capital Gains and Losses), among others.
It’s important to note that some taxpayers might be eligible to file Form 1040-SR (U.S. Tax Return for Seniors) instead of Form 1040. This is a simplified version of the standard Form 1040, designed for taxpayers who are age 65 or older.
Need more Time?
- How to File a Tax Extension – In this video, learn how to file a tax extension to get some extra time to prepare your tax documents. You’ll find step-by-step instructions on how to file IRS Form 4868 and tips to use your extension wisely.
Related Videos
- What Documents you Need to File your Taxes – What documents, paperwork, and receipts you need to file your income tax returns. IRS form 1040 Income tax checklist.
Website Resource
- Money Instructor – Money Instructor is the leading source for financial education and skills development.
Money Instructor does not provide tax, legal or accounting advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your own situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing.
