What is the 1040 tax form used for?

The government requires each individual to file a report of income each year. The IRS (Internal Revenue Service) requires that every person filing for a federal tax return fills out a 1040 tax form. This form requires personal information about the taxpayer which includes name, annual income, dependents, and so forth. The 1040 form is used to report the income which is then assessed tax based on the calculations determined by the figures you have input on the form of reportable income, standard or itemized deductions. You may have to pay taxes to the government or you may be eligible for a refund based on overall information that you have reported on this form.