While most working Americans need to file 1040 annually, that's not true for everyone. Do you need to file one? And if so, what will you need to do so? Here's what you'll want to know:
Generally speaking, if you only receive Social Security income, you won't need to file a 1040 or pay income taxes on the amount. If you have other income, though, you may need to file an annual return and pay income taxes on a portion of your earnings.A Form 1040 is the main document you'll use to file your annual tax returns, but you'll usually need a number of other tax forms, too.A W-2 is a wage and tax statement.
You'll get one annually from your employer detailing how much you made in the calendar year and how much in Social Security, Medicare and income taxes was withheld. You can use this to fill out your 1040 form, but you don't need to actually submit the document with your return.Companies provide 1099 forms to workers and contractors paid at least $600 across the calendar year.
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