What is the tax form 1040?

The IRS Form 1040 is an official document that U.S. taxpayers use to file their annual income tax return, reports TurboTax. The form is split into sections where the taxpayer reports his income and deductions to determine the amount of tax he owes or the refund he expects to receive.

There are several variations of Form 1040 depending on the taxpayer's tax circumstances, reports Investopedia. For example, Form 1040EZ is appropriate for an individual with simpler tax circumstances because it is less comprehensive.

Form 1040 takes longer to complete compared to other forms, but it benefits the taxpayer by giving him the opportunity to lower his tax bill, notes U.S. Tax Center.