Getting Started

The 1040 Basic Product is designed for all tax filers, including those with dependent children. The primary source of income is from wages, pensions, social security, scholarships, unemployment or taxable interest. If you have moved in pursuit of a new job, taken an early withdrawal for your IRA, or are claiming the Child Care Credit, the 1040 Basic product will fit your needs.

1040 Basic Federal Tax Return

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Eligibility to file Form 1040 A:

1. You only had income from the following sources:
1. Wages, salaries, tips.
2. Interest and ordinary dividends.
3. Capital gain distributions.
4. Taxable scholarship and fellowship grants.
5. Pensions, annuities, and IRAs.
6. Unemployment compensation.
7. Taxable social security and railroad retirement benefits.
8. Alaska Permanent Fund dividends.
2. The only adjustments to income you can claim are:
1. Educator expenses.
2. IRA deduction.
3. Student loan interest deduction.
4. Tuition and fees deduction.
3. You do not itemize deductions.
4. Your taxable income (line 27) is less than $100,000.
5. The only tax credits you can claim are:
1. Child tax credit.
2. Additional child tax credit.
3. Education credits.
4. Earned income credit.
5. Credit for child and dependent care expenses.
6. Credit for the elderly or the disabled.
7. Retirement savings contributions credit.
6. You did not have an alternative minimum tax adjustment on stock you acquired from the exercise of an incentive stock option.
7. You can also use Form 1040A if you received advance earned income credit (EIC) payments, dependent care benefits, or if you owe tax from the recapture of an education credit or the alternative minimum tax.

Product Info