Individual Tax Return

Tax return filed by an individual instead of a corporation. The 1040 tax form used by individuals comes in three basic varieties: the 1040EZ basic form, the 1040A short form, and the 1040 long form. Attached to the 1040 are several schedules, including Schedule A for itemized deductions, Schedule B for interest and dividend income, Schedule C for profits and losses from a business, Schedule D for reporting capital gains and losses, Schedule E for supplemental income and losses, Schedule F for profit or loss from farming, Schedule H for household employment taxes, Schedule K-1 for a limited partner's share of gains, losses, and credits, Schedule R for the credit for the elderly or the disabled and Schedule SE for self-employment tax. The 1040PC allows taxpayers to file their tax returns electronically through what is known as an IRS e-file. Form 1040X allows taxpayers to amend their return if they discover mistakes in their original filing. Form 1040 ES is designed for taxpayers making quarterly estimated tax payments.