MANAGEMENT

Detailed explanation-1: -What is the purpose of a 1040 form? Taxpayers use the federal 1040 form to calculate their taxable income and tax on that income. One of the first steps is to calculate Adjusted Gross Income (AGI) by first reporting your total income and then claiming any allowable adjustments, also known as above-the-line deductions.

Detailed explanation-2: -Form 1040-EZ is, not surprisingly, the easiest to fill out. 1040-A is longer and a bit more complex, and Form 1040 is the most detailed and challenging of the lot. While anyone can file Form 1040, you must meet certain requirements to use the shorter 1040-EZ or 1040-A forms.

Detailed explanation-3: -Tax forms that report other types of income, such as Schedule K-1 for trusts, partnership and S corporations. Tax deduction records. Expense receipts.

Detailed explanation-4: -You’ll be able to access your most recent 3 tax returns (each of which include your Form 1040-the main tax form-and any supporting forms used that year) when sign into 1040.com and go to the My Account screen. If you filed through a tax preparer or CPA, they can provide a printed or electronic copy of your tax return.