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As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
Form 1040, officially, the U.S. Individual Income Tax Return, is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid to or refunded by the government.
The term "income" is not defined in the Internal Revenue Code. The closest that Congress comes to defining income is found in the definition of "gross income" in Internal Revenue Code section 61, which is largely unchanged from its predecessor, the original Section 22(a) definition of income in the Revenue Act of 1913: Sec. 22(a).
This work is in the public domain in the United States because it is a work prepared by an officer or employee of the United States Government as part of that person’s official duties under the terms of Title 17, Chapter 1, Section 105 of the US Code.
Each year, high-income taxpayers must calculate and then pay the greater of an alternative minimum tax (AMT) or regular tax. [9] The alternative minimum taxable income (AMTI) is calculated by taking the taxpayer's regular income and adding on disallowed credits and deductions such as the bargain element from incentive stock options, state and local tax deduction, foreign tax credits, and ...
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2021/22 tax data shows a very wide income range on a state-by-state basis. Here's what it takes to be in the top 1% in your state — plus a few tips to help you reach a new income bracket in 2025 ...
The first individual income tax return Form 1040 under the 1913 [158] law was four pages long. In 1915, some Congressmen complained about the complexity of the form. [159] In 1921, Congress considered but did not enact replacement of the income tax with a national sales tax.