The IRS has over 800 different forms and schedules that can be used by individual income taxpayers. (Read: Who needs to file a tax return.)
But when it comes to your income tax return, the most common types of income tax returns are Form 1040, Form 1040-SR, and Form 1040-NR. Here’s a short primer on each of those forms so you can choose the right one for your situation:
Form 1040
Form 1040 is the most common tax form used by individuals to file their taxes. It is used by most taxpayers, including those who are employed, self-employed, or have investments, according to Tim Steffen, the director of advanced planning at Robert W. Baird & Co.
Form 1040A and Form 1040-EZ are no longer used.
Also of note, if you file a return but then receive corrected or new information, you can file an amended return using Form 1040-X, said Steffen.
The statutes of limitations for amending a tax return can vary depending on different factors. The general statute of limitations for obtaining a refund of an overpayment is three years after the original due date of the return. “For example, a 2021 tax return was due April 18, 2022. That return can be amended until April 18, 2025,” said Steffen. “If you received an extension to file the original return until October 17, 2022, then your deadline would be October 17, 2025.”
Steffen also noted that not everyone has to file a tax return each year, but those who do will have to use Form 1040 (or the SR if they qualify). This includes minor children who file their own tax return.
Of note, if you are a U.S. citizen or resident alien, whether you must file a federal income tax return depends on your gross income, your filing status, your age, and whether you are a dependent, according to IRS Publication 501. For details, see Table 1 (below) and Table 2 in Publication 501. You must also file if one of the situations described in Table 3 in Publication 501 applies. The filing requirements apply even if you owe no tax.
The IRS requires you to file a federal income tax return if your gross income is above a certain amount. The amount you must earn to file depends on your filing status, age, and whether you are a dependent, according to Publication 501.
Filing status: There are five different filing statuses: single, married filing jointly, married filing separately, head of household, and qualifying surviving spouse. Your filing status determines the amount of income you can earn before you have to file a return.
Age: If you are 65 or older, you have higher filing thresholds than younger taxpayers.
Dependent: If someone can claim you as a dependent on their tax return, you have lower filing thresholds.
How much income do you need to earn to file a return?
The amount of income you need to earn to file a return is shown in Tables 1 and 2 of IRS Publication 501. Table 1 applies to taxpayers who are not dependents, and Table 2 applies to dependents.
What if I don't owe any tax?
You still have to file a return if your gross income is above the required amount, even if you don't owe any tax.
There are a few exceptions to these filing rules, such as if you are a student or if you are under age 18.
What is considered income?
For tax purposes, income includes all money you receive, as well as the value of goods and services you receive. This includes income from your job, investments, and any other sources. It also includes income from sources outside the U.S. (Read: Guide to filing your taxes in 2023.)
Table 1: Tax year 2022 filing thresholds by filing status
| Filing Status | Taxpayer age at the end of 2022 | A taxpayer must file a return if their gross income was at least: |
|---|---|---|
single |
under 65 |
$12,950 |
single |
65 or older |
$14,700 |
head of household |
under 65 |
$19,400 |
head of household |
65 or older |
$21,150 |
married filing jointly |
under 65 (both spouses) |
$25,900 |
married filing jointly |
65 or older (one spouse) |
$27,300 |
married filing jointly |
65 or older (both spouses) |
$28,700 |
married filing separately |
any age |
$5 |
qualifying surviving spouse |
under 65 |
$25,900 |
qualifying surviving spouse |
65 or older |
$27,300 |
Key features of Form 1040
- Taxpayers must include personal information on Form 1040, such as name, address, Social Security number, and the number of dependents.
- A filer also needs to report wages, salary, taxable interest, capital gains, pensions, Social Security benefits, and other types of income.
- Taxpayers may need to file supplemental tax 1040 forms depending on their situation.
- Form 1040 has new lines for the 2022 tax year, and the filing status name has changed from "Qualifying widow(er)" to "Qualifying surviving spouse."
- The IRS releases a revised version of the form for each tax-filing year.
- To fill out Form 1040, taxpayers need to gather all of their tax documents, including W-2s, 1099s, and other records of their income and deductions.
- Taxpayers have three main options for filling out and filing Form 1040: do it themselves using IRS Free File, do it themselves using commercial tax software, or hire a paid tax preparer to do it for them.
Form 1040-SR
Form 1040-SR is available as an optional alternative to using Form 1040 for taxpayers who are age 65 or older. Form 1040-SR uses the same schedules and instructions as Form 1040 does.
“Forms 1040 and 1040-SR ask for the same information, in the same order, on the same lines,” said Steffen. “The main difference between the two is that Form 1040-SR is a large-print version of Form 1040, making it easier to read and, as a result, it turns the two-page Form 1040 into a four-page Form 1040-SR.”
The other difference, Steffen noted, is that the standard deduction table is located at the end of page 4 of the 1040-SR, so it's easy to miss. “Prior-year versions of Form 1040-SR had it on page 1, so it was easier to find,” he said.
Although the standard deduction table is included as part of the 1040-SR, at the end on page 4, it is worth noting that the standard deduction table is also included as part of the instructions for Form 1040. So, if you don't see the standard deduction table on page 4 of the 1040-SR, you can always refer to the instructions.
“Those are the only differences -- both forms can be used to report all the same types of income, deductions, taxes and credits – so to be honest, there’s virtually no difference,” said Steffen. “So, seniors should feel comfortable using either form, without the risk of missing anything, or losing out on any deductions or other tax benefits.”
Form 1040-SR can only be used by taxpayers age 65 or older during the tax year you’re filing for. To use this for a 2023 return, you have to be 65 by the end of 2023, Steffen said.
Older adults can have special tax situations and benefits. Read: Seniors & Retirees, Publication 554: Tax Guide for Seniors and Everything to Know About the 1040-SR Form for Filing Seniors.
Key features of Form 1040-SR
- Form 1040-SR is virtually identical to Form 1040, but it is a large-print version of the form that is designed for taxpayers who fill out their tax return by hand rather than online.
- The form has larger type and larger boxes to write numbers in, making it slightly easier to read and fill out.
- A standard deduction table is printed right on the form for easy reference, and it gives greater prominence to senior-specific tax benefits, particularly the additional standard deduction.
- Anyone age 65 or older can opt to use Form 1040-SR instead of Form 1040, and there aren't any other caveats that come with using this form.
- The most notable difference between Form 1040 and Form 1040-SR is the size of the type and the wider spacing for easier viewing.
- To use Form 1040-SR for a 2023 return, you have to be 65 by the end of 2023.
- Taxpayers have three main options for filling out and filing Form 1040-SR: do it themselves using IRS Free File, do it themselves using commercial tax software, or hire a paid tax preparer to do it for them.
Form 1040-NR
Form 1040-NR is a tax form used by nonresident aliens to report income earned in the U.S. Nonresident aliens are individuals who do not have a green card or do not satisfy the substantial presence test. This test determines whether an individual is considered a U.S. resident for tax purposes.
Form 1040-NR is used to report all types of income earned in the U.S., including wages, salaries, interest, dividends, and capital gains. The amount of tax that a nonresident alien owes depends on the type of income they earn and their residency status.
Of note, the IRS website also provides a helpful guide to help nonresident aliens determine whether they are required to file a tax return.
By way of background, Form 1040-NR-EZ was a two-page tax form used by non-resident aliens to report "simple" income such as employment wages, taxable scholarship, refunds of state and local income taxes, or fellowship grants. However, since 2020, the IRS no longer uses Form 1040-NR-EZ, and now Form 1040NR is the only version accepted by the IRS.
Key features of Form 1040-NR
- Form 1040-NR is used by nonresident alien individuals, estates, and trusts to file a U.S. income tax return.
- Taxpayers who do not have a green card or do not satisfy the substantial presence test are considered nonresident aliens for tax purposes and must file Form 1040-NR.
- Nonresident aliens must file Form 1040-NR if they have income from sources within the United States, including income from wages, salaries, tips, dividends, interest, rents, royalties, pensions, and annuities.
- The form typically must be filed by every nonresident alien who has taxable income from sources within the U.S.
- Form 1040-NR is used to report income earned in the U.S.
- The amount of tax that a nonresident alien owes depends on the type of income they earn and their residency status.
- The IRS website provides a helpful guide to help nonresident aliens determine whether they are required to file a tax return.
- Form 1040-NR is the nonresident alien income tax return used by foreign individuals who earn income in the U.S. or who engage in business in the U.S. but who do not meet the criteria to be considered a resident alien for tax purposes.
- The main difference between Form 1040 and Form 1040-NR is that Form 1040-NR is used by nonresident aliens to report their U.S. taxable income.
- Taxpayers have three main options for filling out and filing Form 1040-NR: do it themselves using IRS Free File, do it themselves using commercial tax software, or hire a paid tax preparer to do it for them.
For complete details, read: Who Should File a Tax Return.
Editor's Note: The content was reviewed for tax accuracy by Sean Lovison, CFP®, CPA, a registered investment advisor with WJL Financial Advisors.
Editor's Note: The content was reviewed for tax accuracy by a TurboTax CPA expert for the 2022 tax year.
