IRS tax form 1040 A is also known as Schedule A. 1040 A is used to enter your itemized deductions. Not everyone needs to use Schedule A to complete their taxes. For example if you qualify for form 1040 EZ, you don’t need to use Schedule A as you qualify for what is known as the standard deduction.
Only if your deductions during the year exceed that year’s standard deduction, do you need to fill out form 1040A. Some examples of itemized deductions include: Medical and Dental expenses, interest expense that you paid, gifts to charity, casualty or theft loss, job expenses and other miscellaneous deductions.
Included with form 1040 A is form 1040B also known as Schedule B. Schedule B is for your interest and ordinary dividends that you recieved during the year. It’s important to remember that 1040A is for the expenses you paid out and form 1040B is for the money that you received. 1040B also includes a section for foreign accounts and trusts – if any time you had a financial account in a foreight contruy or an overseas bank account you would have to complete this section.
Download form 1040 A&B right now directly from the IRS Website!
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