Form 1040:

Form 1040 is the most complex of the 3 major individual tax forms — and it offers tax breaks that aren’t available on the simpler Form 1040EZ or Form 1040A. You can report all types of income, expenses, and credits on a 1040.

If you receive these types of income, you must file a 1040:

  • Self-employment income
  • Tips you didn’t report to your employer
  • Income you receive as a partner in a partnership, a shareholder in an S corporation or beneficiary of an estate or trust
  • Insurance policy dividends totaling more than the premiums you paid
  • Distributions from a foreign trust

You also must file a 1040 if any of these apply:

  • You qualify for the foreign earned income exclusion.
  • You qualify to exclude income from sources in Puerto Rico or American Samoa because you were a bona fide resident of either.
  • You have an Alternative Minimum Tax (AMT) adjustment on stock acquired from exercising an incentive stock option.
  • You owe excise tax on insider stock compensation from an expatriated corporation.
  • You’re reporting an original issue discount (OID) amount that doesn’t match the amount on Form 1099-OID.
  • You owe household employment taxes.
  • You’re eligible for the health coverage tax credit.
  • You’re claiming the adoption credit or you received employer-provided adoption benefits.
  • You’re a debtor in a Chapter 11 bankruptcy case filed after Oct. 16, 2005.
  • Your employer didn’t withhold Social Security and Medicare taxes from your pay.
  • You had a qualified health savings account (HSA) funding distribution from your IRA.
  • You’re repaying the first-time homebuyer credit.
  • You owe additional Medicare Tax or had Additional Medicare Tax withheld and must file Form 8959.
  • You owe Net Investment Income Tax and must file Form 8960.
  • You have adjusted gross income of more than $150,000 and must reduce the dollar amount of your exemptions.