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When it comes time to choosing from among the three main federal income tax forms, there are two main differences between the 1040A and the 1040 tax return forms: deductions and income level. If your taxable income is below $100,000 and you plan to take the standard deduction rather than itemize, then the 1040A is probably best suited to your needs. If you are preparing your own taxes using tax software, the software will actually determine which form to use. Likewise, if you are using a tax professional to prepare your taxes, he or she will determine which of the tax return forms is better for your purposes.
|Sheri Ann Richerson|