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The purpose to track how much money one has made during a year and how much has been taken away due to taxes and social security. Filling out this form helps one receive a refund check.

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What is the purpose of a 1040 form?

The purpose of a 1040 form is to report an individual's income, deductions, and tax liability to the Internal Revenue Service (IRS) for the purpose of filing their federal income tax return.


What federal horror produced excedrin headache no.1040?

Federal income tax return form- Form 1040.


What form is used to calucate Federal Income Tax?

For the individual taxpayer you use one of the 3 1040 federal income tax returns that you qualify to use. When you complete the 1040 income tax return correctly line by line 1040EZ, 1040A or the 1040 income tax return. Go to the IRS gov website and use the search box for the form that you want to use for this purpose. The forms and the instruction will be available at the website.


Where can I learn about the 1040 federal form?

1040 Form is the Individual Income Tax Return Form used by individuals to file their tax returns with IRS. www.irs.gov gives complete information and instructions regarding filling up the 1040 tax form.


When you file for the federal tax refund do you file the state tax refund separately or on the same form 1040 with schedule a?

When you file for the federal tax refund, you will file the state tax refund on the same 1040 form with schedule A.You can also file for that separately.


Will a consumer be able to use VAT he has paid as a Federal Income tax deduction?

Not on the IRS federal 1040 income tax form.


When filing the pa state income tax refund do you attach it with your 1040 federal income tax refund form?

Your PA state income tax form is sent to the state and not the IRS. The 1040 will be sent to the IRS. No need to send the state with the 1040.


What is the purpose of a 1040 ES form?

The purpose of a 1040 ES form is to classify a group of americans into a certain tax bracket so that the irs can see if the itemized items are correct or not.


Where is the total income tax on 1040?

Your total income tax due on the Federal Income Tax Form 1040 is on line 61 on page 2 of the form. This is after the education credits and child tax credits have been deducted if there are such credits.


What is the shortest tax form?

For federal taxes in the United States, the shortest personal income tax filing form is the 1040-EZ.


What is some basic information on the 2011 federal tax form 1040?

The basic information on the 2011 Federal tax form 1040 is all on the w-2 that your employer mails or gives you. It is a summary of the amount of money paid and taxes paid.


Should I get a tax services company to help me fill out my federal income tax 1040 form?

As you have never filed a 1040 tax form, it would be best to have a tax service assist you so no mistakes are made in the process. I recommend using a 1040 EZ form if your average income is less than $100,000 a year.