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FAQ - Form 1040-SS

What is the purpose of Form 1040-SS?
The purpose of Form 1040-SS is to collect and report information needed to determine whether an individual is qualified for the earned income tax credit, the child tax credit, or both. What are the key items for reporting on Form 1040-SS? The key items for reporting on Form 1040-SS are: Your marital status. The dates and reasons for the separation, divorce, separation agreement, annulment or death in connection with the marriage. Your filing status as married filing separately, widowed, divorced, or widowed and divorced. The number of dependents. The total gross income you reported. The taxable income you reported. You should also report any foreign earned income for which you claim a tax treaty credit. See chapter 7 for information on claiming a tax treaty credit for foreign earned income. Form 1040-SS is a 2-page report. There are 4 tables. Do I have to print all 4 tables before I fill out Form 1040-SS? No. If you fill out all tables in the proper order, you can skip the first two tables and go on to the fourth table, which has the information you need to complete Form 1040-SS. Does Form 1040-SS have to be completed for each taxable year (for married filing separately, same-sex married filing jointly, or married filing separately and each other)? No, only the most recent return is required to be filed on Form 1040-SS. However, there is no need to fill out all forms from the most recent year, as the form will still be valid as long as the relevant return is filed. What are the penalties for improper or late filing? See also the Instructions for Schedule C (Form 1040) for additional information. What are the tax consequences for my failure to file my return? You might pay other taxes if you fail to file your return for a taxable year. See chapter 7 for information on claiming a tax treaty credit for foreign earned income. What are the penalties if I can't file my return? Any penalties due under the Internal Revenue Code (IRC) may apply to your return if you can't file it on time. If you have other penalties due, see chapter 7 for information on claiming a tax treaty credit for foreign earned income and the penalties for late filing. What happens if I am not able to file my return because of an action taken under the authority of the U.S.
Who should complete Form 1040-SS?
If you are self-employed or an employee of a non-profit organization and make a loss (except as described in the self-employment section), you may qualify for certain additional depreciation deductions on Form 1040-SS, as shown on the table below. Your Adjusted Gross Income for Tax Year 2017 Adjusted Gross Income Less Subtract Interest Deduction of 250 from Gross Gross Income (including Self-Employment Income) Less Subtract Depreciation Deduction of 150 from Gross Gross Income (excluding self-employment income) For more information, go to IRS.gov/Forms1040SS. If Your Adjusted Gross Income is Between the Lowest and Highest Estimate, You Must Use Schedule C (Form 1040), Schedule C-EZ, or Schedules SE and SW You may qualify for the higher deduction amount if you make a loss (exceeding your deductions) from business activities. If your adjusted gross income is between these two estimates, you must file Schedule C (Form 1040), Schedule C-EZ, or Schedules SE and SW. If Your Adjusted Gross Income Is Between the Highest and Lowest Estimate, You May Be Exempt If your adjusted gross income is between the highest and lowest estimate, you may be exempt because of a charitable donation or donation-in-kind deduction on Form 1012, Application to Exempt from Income Tax Certain Charitable Contributions Made or Carried Out by Certain Foreign Corporations. The exemption period is a three-month period that begins on the date the corporation is actually required to report the deduction and ends on the earliest of the following dates: 3/01/2019 5/01/2019 10/01/2019 13/01/2021 19/01/2021 or whichever is earlier If Your Adjusted Gross Income is Between the Lowest and Highest Estimate and You Fail to Complete the Exemption If your adjusted gross income is between the lowest estimate and your maximum deductions, you may be exempt if your adjusted gross income does not exceed the threshold deduction limit on line 16 of Part II of Form 1040, line 14 of Part III of Form 1040, and Schedule A. You can estimate your maximum deduction for line 16 of Part II of Form 1040, and for any schedule containing Schedule A, on IRS.gov. For more information, go to IRS.
When do I need to complete Form 1040-SS?
If you are claiming the child tax credit for a dependent on your return under Itemized Deductions and Other Tax Benefits and were required to complete Form 1040-SS as soon as you realized the child's taxable income, you need to complete Form 1040-SS for the year in which you realize the child's taxable income. See Refund for late filing of Form 1040-SS, earlier, for more information. Form 1040-SS, Application to Adjudicate a Claim for the Federal Earned Income Credit, is used to determine whether you are eligible for the child tax credit. Do I need Form 1040-SS if I am filing a joint return? If you are filing a joint return, you must complete Form 1040-SS. If I'm filing a joint return and my spouse or common-law partner has claimed the credit, can I add his or her credit to my own return? If you file a joint return and your spouse or common-law partner has claimed the credit as allowed under Form 1040-ES, add a line to Form 1040 and enter “1040-ES”. If you do not file a joint return, complete either Form 1040-ES or Form 1040-SS. Can my spouse or common-law partner claim the credit while I am not claiming it? The tax law generally treats you and your common-law partner differently if at least 1 of you has claimed the credit and you both do not file a joint return. If neither spouse nor common-law partner has claimed the credit, report the value of the child tax credit on line 25, Form 1040, and report your own income taxes as if you have claimed the credit. If one member of the tax-filing family claims the child credit, and you file a joint return, report your spouse's or common-law partner's share of the credit on line 25 of Form 1040, but do not claim it. Your spouse or common-law partner can claim a tax credit for you if he or she can also claim the credit for you. If you can claim the credit for any one child, report that on Line 25 of Form 1040 (for the current year or any earlier tax year) or form 1040-ES (for any tax year beginning after January 1, 2018, when you can claim the credit on the Form 1040 you submit).
Can I create my own Form 1040-SS?
The IRS has not created its own Form 1040-SS. But if you have tax return information and would like to create your own, you should complete this short online form. This form was issued in 2002 by the IRS' Computerized National Taxpayer Identification Number (“COIN”). If you already have a taxpayer identification number or a social security number, you can obtain another code for one of the federal SSA numbers. See IRS.gov for an online version of the Form 1040-SS. Other IRS Forms In addition to the Form 1040-SS, you may need to fill out Form 4506 (which is similar, but not identical, to Form 1040-ES) and Form 4329 (which is similar to Form 1040-ES, except it's used to report income from a qualified investment), the latter of which is used to report the amount of foreign tax credit that you'll report on your Form 1040 (rather than on Form 1040), if you've got a foreign country tax credit return to file. If you haven't filed a return by the time you file your return, you must file a return by the due date of your return to receive the foreign tax credit. (See also the “Foreign Tax Credit” section of Pub. 15-A, which includes a list of all the forms you'll need.) How to pay your taxes When you file your return, you must pay all taxes owing within the year—and on time—unless something prevents you. For more information on paying taxes, including how to report your withholding, see Complete the Filing Instructions for Your Tax Return. Reporting your taxable income You must also file Form 1040, U.S. Individual Income Tax Return, within 3 months of the end of the calendar year after your last year of income or gains for Federal tax purposes. Your return must include the following information for each person, regardless of how you earned it: Your name and federal tax identification number. The types and dollar amounts of your income and deductions for the year. The date and place of your most recent Federal tax return. Your gross income from all sources for the year, including amounts you received in a prior year, and income you earned or claimed for the year. The total number of your dependents for the year.
What should I do with Form 1040-SS when it’s complete?
Fill out a new Form 1040-SS at IRS.gov/Form1040-SS. Follow the instructions on the form, including your new tax identification numbers, and you will be mailed a separate document called Form 1040-SSN. It will identify your new taxpayer identification number to the IRS. How do I file my 1040 or 1040EZ after it has been converted from the old format? When there is a change in address information, send along the old Form 1040, Schedule C, Individual Income and Form 1040EZ, Schedule C Income, to the IRS. Send the new Form 1040, Schedule C, Individual Income and Form 1040EZ, Schedule C Income, for your new address. If you use a preprinted 1040-EZ, please use the pre-printed address shown on the preprinted 1040-EZ as a replacement for the address information on your Form 1040 when it is used. If you use a preprinted 1040-SS, please use one of the addresses shown on the preprinted 1040-SS as a replacement for the address information on your Form 1040 after it has been modified. If you use Form 1040G, you must file the form along with your pay stub.
How do I get my Form 1040-SS?
Online. The paper Form 1040-SS can be obtained at any IRS address and on IRS.gov/forms. Get your paper Form 1040-SS at IRS.gov/forms or request it by calling (option 2). The paper Form 1040-SS can be obtained at any IRS address and on IRS.gov/forms. Mail it the address above and include your Social Security number and date. You don't need a physical copy. What if my Social Security Number is different from my tax account number? If your number is different from your tax account number, then you can apply for your paper 1040-SS at IRS.gov/forms. Include your tax account number and pay the fees. You also need Form W-7, Request For Employment Authorization Card, and your Form 1040-SS certificate. What if I don't want to apply online? You can get your Form 1040-SS from any IRS address and on IRS.gov/forms. Mail it to your tax account number or print a paper copy from IRS.gov/forms. Please allow 2-3 weeks for processing. When my tax return was filed, but I haven't received my Form 1040-SS yet? If you aren't sure why you haven't received your 1040-SS yet, call or for instructions about how to apply for it. If you can't get through with an operator, then follow the steps outlined below. Go to IRS.gov and go to IRS.gov/forms and click the drop-down menu. Search for the 1040 Series Code Search by Series Code. Then enter the 1040 Series Code you received. Click Continue. After you receive your 1040-SS, mail it back to the address you gave to us and file your tax return using the 1040-SS. Keep a copy of your original. If you file an amended return, include two copies of the 1040-SS. My tax return was delayed. How can I get my 1040-SS? If the IRS has delayed your return, then your tax return won't be processed, and you won't receive your 1040-SS. You should mail a notice to: Internal Revenue Service P.O.
What documents do I need to attach to my Form 1040-SS?
If you want to apply for a certificate of deposit with respect to money placed aside for qualified reserve requirements, you must attach a cover page to each document you submit. Your cover page must have the following information: a statement stating that this is an application for a certificate of deposit with respect to qualified reserve requirements; your name, address, and date of birth; the type of certificate of deposit you are applying for, including the amount of your interest, amount deposited, and account number; and Details on how to obtain the records. See Solo's article, 1040-SS and Cover Pages, for details on what you should include in your cover page. What is a qualified reserve requirement? A qualified reserve requirement is a reserve that an institution must satisfy in its depository institutions. The institution must satisfy the required reserve against each interest payment or deposit made on or after December 31 and before July 1 of the fiscal year. Your reserve should be adequate to cover the anticipated loss from the deposit-taking activities it is engaged in and will be available on demand. However, banks that do not file a reserve or fail to satisfy their reserve requirement within the required time limit will be subject to penalties if those institutions fail to comply with new or amended banking law. See the sections entitled “How Banks Adjust Reserve Requests to Satisfy a Qualified Reserve Requirement” and “Qualified Reserve Requirement Waiver.” A qualified reserve requirement may also be referred to as a regulatory reserve requirement. See the sections entitled “Minimum and Regulatory Reserve Requirements” and “Minimum Qualifying Deposit Requirements” below. I have a deposit account with a bank that is subject to one or more qualified reserve requirements. Should I submit documents to establish a depository relationship with that bank or the institution that operates that bank? Yes. You should attach Form 1040-SS and copies of certain reports such as Form 1099-B or Form 1099-MISC, whichever applies. The primary beneficiaries of the deposits you own will be affected by a qualified reserve requirement for a particular account. Therefore, if you are not sure whether the deposit that you own is subject to a qualified reserve requirement, you should consider filing a Form 1099-B to find out the relationship between the name of the bank and your deposit, the assets in the account with the bank, and the amount of the deposit.
What are the different types of Form 1040-SS?
The Form 1040-SS is the form submitted to the IRS with your federal income Tax Return. The form is based on the Gross Income. An exception is when the taxpayer pays child support, alimony, or child maintenance to either party. The amount of the payment (or its dollar amount) will not be included on the Form 1040-SS. This exception only applies if the total amount of child support, alimony, or child maintenance paid is 600 or less, or when the amount of these payments does not exceed 20% of the taxpayer's adjusted gross income (200,000 or less). There is also an exception for when a taxpayer is eligible to take the standard deduction. There are three types of adjustments and special procedures that may apply. There is also an exception for payments to children for adoption or foster care. However, if the child has since deceased, your filing status may now require an annual filing of the annual tax return. There may be one other special adjustment (for more information see 1040-SS and Form 1040-X). The exception applies to a taxpayer who files a joint return and makes a payment to a child for his or her support. The payment must be received within 90 days of the taxpayer's death or a month after separation. The Form 8332 or Form 8993, Alternative Minimum Tax, may be used to obtain the Form 1040-SS. However, the Alternative Minimum Tax must be claimed or paid by the return due date. Which information is on the Form 1040-SS? To calculate the tax liability, the following information is required for each taxpayer: The taxpayer's name and the taxpayer's date of birth; The taxpayer's marital, social security, and federal civilian payroll tax numbers; The taxpayer's home address; The year of the return for the individual; The taxpayer's net income for the year, including interest, dividends, interest and surtaxes; The taxpayer's federal, state, and local income tax withheld on their respective wages; The taxpayer's estimated income and standard deduction using the Form 1040 Schedule E; The taxpayer's child and dependent care assistance benefits for the year; and The income tax withheld from your employer as required by law. The filing status for individuals filing as single (or filing a joint return) is single.
How many people fill out Form 1040-SS each year?
Filing tax returns is one of the two main financial obligations we all have to take on -- the other being paying our taxes. Filing taxes for yourself is not necessarily a complicated process, but many Americans feel that filing taxes is a chore that they should avoid by avoiding tax preparation. But is actually filing tax returns a chore? To be fair, many people who file their taxes do so on paper, using Excel sheets. But many citizens who are not tax professionals still use their tax preparation software to file their taxes. According to the IRS, 84 million Americans were filing their taxes at the end of 2013. This does not include those who paid by check or paper-only. In fact, the 2012 Annual IRS Quarterly Tax Returns Survey found that: Over 1 out of 3 taxpayers used an online tax return preparation service to prepare their 2012 tax return. Around 1 out of 4 filers used tax preparation software to prepare their 2012 taxes. Nearly 1 out of 15 taxpayers did not file their 2012 federal or state taxes. Many taxpayers feel that they are forced to use their tax preparation software to file their returns due to the complexity of the IRS Form 1040-SS. Many online tax return preparing software products, including TurboT ax, H&R Block, and Intuit QuickBooks, do not allow for the ability to submit a single Form 1040-SS electronically. These software programs are usually used by a single taxpayer or a small group of taxpayers within certain geographic locations. The IRS does not recommend taxpayers use the tax preparation software of these same software companies to file their taxes because the software is not designed to handle multiple individual taxes. For more information on how tax returns are processed from the IRS's online tax return preparation service, visit their website. They've also created a video for this purpose here. It is also worth noting that many people use their web-based tax return preparation and filing software to file a Form 1040-OID, which is a simplified paper form that allows taxpayers to submit their returns online using their software. A recent study by the Government Accountability Office, a Congressional watchdog agency, found that many Americans did not fill out their 2013 Form 1040-SS correctly. Many people were using IRS paper forms that were outdated or outdated versions of existing forms.
Is there a due date for Form 1040-SS?
If more than 10,000 taxpayers claim the credit for a quarter, the due date is 10 days after the close of the previous quarter. If more than 10,000 taxpayers claim the credit for the current quarter, the date is April 15. What happens when a refund or credit becomes subject to penalties? When more than 99 percent of the tax was paid, the IRS does not reduce the credit or refund, but the additional amount will be subject to the tax. The taxpayer must apply it to a subsequent tax year. Additional Remedies for Failure to File Return in Aged Child or Adult The penalties for under-reporting income can be imposed when a return is due. The penalties vary depending on who is responsible. In the case of a child under age 17, taxpayers must pay a 50 penalty. In the case of an adult taxpayer over age 65, taxpayers must pay a penalty of 50. In the case of a child, a parent may be charged a penalty of up to 100, while a sibling may be charged a penalty of up to 200. Under a 2005 law, taxpayers who willfully misreport their gross income while being a resident of an out-of-State college or university, or a business located within the State of Wyoming, may also have their income taxed twice. Under the penalty law, a parent or spouse is charged a penalty of 25 for each month the return is not filed. The penalty applies to all years for the period in which the return is filed, regardless of where it is filed, and regardless of whether the returns are filed on paper or electronically, and even if the returns were filed during tax season or are for any other reason. The tax penalty applies to any taxpayer who: is the registered owner/manager of an individual retirement or pension plan whose account is credited or debited from the account in a single balance over a single year, and For whom one or more balances is less than 10,000. If a taxpayer makes an intentional failure to file or willfully fails to pay all U.S. taxes on time, they face a penalty equal to the amount by which the tax underreported equals 30 percent of the tax otherwise due and payable.
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