The new form will also replace Form 1040A
and Form 1040-EZ, Income Tax Return for Single and Joint Filers With No Dependents.
The deduction for contributions to a traditional IRA is claimed on Form 1040, Line 32, or Form 1040A
, Line 17.
: Form 1040A
is available regardless of what the taxpayer's filing status is.
Per Form 8962 instructions, taxpayers must file Form 8962 with their income tax return (Form 1040, Form 1040A
or Form 1040NR) if any of the following apply:
If you have such specified foreign financial assets that meet the applicable threshold, you must complete part III of Schedule B (Form 1040A
or 1040) and Form 8938, which should be attached to your tax returns.
If you are eligible to claim the Saver's Credit, you should use the Form 1040, Form 1040A
or Form 1040NR."
When you are doing so, it can pay to take a close look at the adjustments to income you can take on the bottom of page 1 of your Form 1040 or Form 1040A
. These adjustments, which reduce the taxable income you'll declare, are known as above-the-line deductions--you enter them just above the last line on the page, where you report your adjusted gross income (AGI).
This year, most individuals and families should be able to cope with Patient Protection and Affordable Care Act (PPACA) tax reporting requirements by checking the "full-year coverage" box on line 11 of Form 1040-EZ, line 38 of Form 1040A
or line 61 of Form 1040.
If the IRS finds a discrepancy between the amounts listed on Form 8962 and the amounts reported in CDR data feeds, the IRS will freeze all or part of any taxpayer refund and send Letter 12C, Individual Return Incomplete for Processing: Form 1040, Form 1040A
and 1040EZ, to the taxpayer to resolve the discrepancy If the discrepancy is resolved, the return continues through processing.
The taxpayer reports the conversion on the appropriate Form 1040 by including the total amount of the conversion on line 15a of Form 1040 and the taxable portion on line 15b (or lines 11a and 11b for Form 1040A
People who are not other wise required to file an income tax return should file Form 1040A
to receive the economic stimulus payment.
"What you need to do: All you have to do to get the stimulus payment is file a 2007 IRS Form 1040 or Form 1040A
and report at least $3,000 in qualifying income on the form.