Form 1040

File taxes online

Everyone can use the Form 1040 to report their income, to claim various deductions and credits, and to calculate their tax.

For many people, preparing Form 1040 for tax year 2008 will be similar to last year’s tax return. However, there are several important changes in the tax law affecting many in America.

New things for the present year:

Recovery Rebate Credit

A one-time credit if you did not receive the economic stimulus rebate in 2008, or if your rebate is higher when calculated using your 2008 information.

Additional Standard Deduction for Property Taxes

Homeowners who don’t itemized can take an additional standard deduction of $500 (or $1,000 for married couples filing jointly) for property taxes paid in 2008. This is a one-time only deduction.

Mortgage Insurance Premiums May be Deductible

The deduction for mortgage insurance premiums has been extended through 2010. Prepaid premiums may also qualify to be deducted over time as well.

Form 1040
Instructions form 1040


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