The 1040 Form is as easy as it may get when it comes to bureaucratic form-filling. Sure, a range of them exists, such as the “A” and “EZ” versions made to streamline the process even further for anyone without any complicated financial arrangements. Thus, if you simply go to work and get paid, you can file these relatively simple versions which are only a page or two long in spite of some sixty to seventy or so line items that can require your attention.
Everyone has to file a minimum of a 1040 Form, even non-resident aliens, who use the “NR” or, as can be imagined, an “NR-EZ” version. Well, almost everyone. Usually, those who earn less than a specific amount do not have to. It is widely believed that anyone making less than six thousand dollars a year does not need to report their income, but the IRS’ own website generally seems to indicate otherwise, though it too is not a hundred percent clear on the matter, with figures of three thousand, four hundred (in the case of the self-employed), and even $108.28 (this one governing religious employees) being mentioned.
Filing, however, might be advantageous nevertheless. For example, an Economic Stimulus Payment, or tax refund, was given to filers in the interests assisting to improve the national economy. Also, if income tax ended up automatically withheld by one’s employer, filing guarantees its return from the government. Generally speaking, however, just about everyone has to file some version of a 1040 Form if they made money entirely more than a few hundred dollars during the year.
Procrastination is harmful. Filing late may bring about fines and even imprisonment. Again, these forms are pretty effortless to complete anyway, so there really is no reason for not getting them completed on time! That’s the way the government will see it.
