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Form 1040 Questions

What is a form 1040?

A Form 1040 is a type of tax form that is used by a taxpayer to file their individual tax return with the IRS. Form 1040 was used in the years 1913, 1914 and 1915 and was made into an annual form in the year 1916. Form 1040 has eleven different attachments that are called schedules. These may need to be filed depending on the taxpayer and their individual tax situation. Listed below are a few questions answered by the Experts on issues related to Form 1040.

If a person starts a home based business, what forms would the person need to fill out to get it recognized as a real business?

A person who is starting a business first needs to register a fictitious business name or FBN with the county they live in and obtain a certified copy of the FBN registration. Once the person has the certified copy of the registration, they can open a checking account. After the account has been opened, the person can fill out Form 1040, Schedule C and the corresponding State Franchise Tax Board forms at the end of the tax year and report their business income. If the person wants to set up the business as a separate legal entity, they can decide to form an LLC and get it registered with the state. As a sole worker of the LLC, all tax returns can be filed as described above. If the person chooses to hire anyone else, they would need to get a separate Employer Identification Number from the IRS.

A person who was hospitalized twice in the same year has a $10,000 deductible as well as an outstanding balance on other hospital bills. In this situation, can they deduct any of the expenses from their taxes?

This would all depend on the person’s medical bills. Only the amount of medical and dental expenses that are greater than 7.5% of the person’s AGI can be deducted on Schedule A, Form 1040. Check Form 1050, line 38 for this. In other words, the person should multiply their adjusted gross income by .075. Any medical expenses above and beyond that amount can be considered and the amount that exceeds 7.5% can be deducted.

My W-2 income shows less than $8,000 and my Schedule K-1 depicts an ordinary business income of $5,423. Do I need to file my returns using Form 1040?

You would definitely need to file Form 1040. The Schedule K-1 will have specific instructions that explain where the items need to be reported on Form 1040 and if there is a Schedule that needs to be attached as well.

A person was audited in the State of Michigan three months ago. Despite offering all the information that was needed, they are still unable to check their refund status online and are being asked for their Adjusted Gross Income (AGI). How do they find this and check the status of their return?

In the State of Michigan, there are several ways for a person to access their AGI. One way is for the person to check the following forms: Form 1040, lines 37 and 38; Form 1040A lines 21 and 22 or Form 1040EZ, line 4. Another way is to contact the IRS at 1-800-829-1040. Once they verify the person’s identity over the phone, they can tell the person what their original AGI was on request.

Form 1040 is an important form for any taxpayer and they must be aware of the rules and regulations regarding filling and submitting the form. While the questions above may have clarified a few of your doubts on the issue, there may be others you have that are specific to your case. In these situations, direct your queries to the Lawyers who can offer professional opinions and insights both quickly and at an affordable cost.

Ask a Lawyer

Tina
Tina, Lawyer
Category: General
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Experience:  JD, BBA Over 25 years legal and business experience.
4460311
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Recent Form 1040 Questions

  • Hello, Veronica Pham here. I am trying to reapply for a Sales

    Hello,
    Veronica Pham here. I am trying to reapply for a Sales RE License. Back in 2002 I was out of work, holding a condo mortgage and sending out resumes and going to job fairs and still could not land a six figure income job. Meanwhile I had bills, auto and mortgage to pay every month. It became a financial hardship and desperation to make money. On April 2002, after coming from a job fair in San Meteo, I stopped into the Palo Alto Shopping center and was looking to buy pantyhose stockings to were with my tailor suites since the ones I had kept tearing and run lines getting bigger down the pantyhose. I found some bras and pantyhose that I liked at the Palo Alto Neiman Marcus that I like to buy. I went to pay for them at the cash register. I was frustrated and upset when they rejected my Visa card payment and said they only take American Express or the NM credit card.
    With the already months of job rejections and bills piling up, this Pantyhose and bra purchase Snapped me. I walked away and was Rejected from this purchase as well as job rejections and Bills to pay.
    I am wrong to have put the unpaid pantyhose and bras in my bag and left the store without paying for them. I did want to pay for them with my Visa card and the extra Rejection of the Visa card only added to my Job rejections, mortgage to pay and bills piling up. I am wrong for that.
    The shoplifting came to a grand total of $1,800 since they were a high end department store, the items added up Big. In 2002, I did 3 months community service, returned all merchandise back to the store, paid all my restitution and got an early Expungement in 2002.
    In 2006 I passed the Sales RE License exam but went to Hearing in 2008 with DRE Judge in Sacramento. Judge Green did not let me have the Sales RE License. He said the crime was still too recent between 2002 to 2008.
    I am now married and have a 2 1/2 yr son since 2011 and we live in West Sacramento next to the Railey Baseball field. My husband works in SF and we plan to live in San Rafael this coming June 2015. I would like to go back to work as a Vacation Time Share Sales Rep for Shell Vacations near Pier 39. They need a sales RE license to work there which is why I would like to re apply for the CA Sales RE License.
    Only one week form 2015, it has been 13 years ago that I have this conviction Expunged and would like to know if DRE will accept me if I pass the Exam and try to re apply for the RE Sales License to work for Shell Vacations near Pier 39. ?
  • How is it that one would get to speak to a cheif judge? Also

    How is it that one would get to speak to a cheif judge? Also if I get to do that what can he or she do.
  • I am trying to help my 46 year old niece get on some form of

    I am trying to help my 46 year old niece get on some form of disability income as she has mental and physical issues that prevent her from working. We filed for social security disability and they said she had only 8 work credits and she needed 20. We live in Indiana, and my question is there some way to get around this or is there some other type of assistance she could apply for the would give her some income. i have been helping her for some time, but I retired and am no longer able to help her like I used to. Thank You
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