The 1040 (10-40) form, along with its supplemental schedules, is the most complex federal income tax form. Generally, taxpayers with complicated tax situations or those claiming several deductions, tax credits, and adjustments to income should use this form when filing. Of the three forms available, the 1040 allows you to report the greatest number of tax deductions for the 2004 year. For example, business expenses, capital gains and losses, alimony deductions, tax credits, Social Security benefits, and self-employment income can all be reported using the 1040 form. Keep in mind that this is the only tax form you can use to itemize deductions. Also, taxpayers with taxable income of at least $100,000 are required to use the 1040 form, regardless of the simplicity of the tax situation. For more information on 1040 forms, please consult a tax advisor or call the toll-free number for federal tax information and assistance at 1-800-829-1040.
