1040A Form

A simpler version of the 1040 federal income tax form is the 1040A form. Individuals who choose to file with this form usually have a taxable income of less than $100,000 and receive income only from wages, salaries, tips, ordinary dividends, retirement plans, and interest income. If you pick this form to calculate your taxes, remember that you can't use it to itemize any deductions. However, you can claim a few adjustments to income and some tax credits. Some items that can be claimed using the 1040A form include pension income, IRA distributions, student loan interest payments, and taxable Social Security benefits. For more information on 1040A forms, please consult a tax advisor or call the toll-free number for federal tax information and assistance at 1-800-829-1040.