When to use Form 1040, The Long Form
If you are not eligible to use Form 1040A, or the short form, you will need to use Form 1040, also known as the long form. Many tax filers are not sure of which form to use. If this sounds like you, and you do not want to hire a professional, you need to make sure that you are using the right form. For many, this starts with knowing when to use Form 1040 as opposed to the short form.
You must file form Form 1040 if you meet one or many of the following requirements:
1. Have an income that exceeds $100,000.
2. Claiming income from a business, rental, partnership, farm, S-Corp, or trust.
3. You are itemizing your deductions.
4. If you are claiming foreign income, or paid any sort of foreign tax.
5. You sold property, bonds, or stocks.
6. You are taking advantage of adjustments for tuition, moving expenses, or a health savings account.
Are you still unsure of whether to use Form 1040 or the short form? If so, it would be in your best interest to simply use the long form. It can handle the most complex situations, and will help to keep you in good standing with the IRS. Simply put, it is better to use the long form, or Form 1040, if you are unsure of what you are doing.
