What Form 1040 Is For

IRS Form 1040 (2014) is the primary federal income tax return used by U.S. citizens and resident aliens to report income, claim deductions, and calculate taxes owed or refunds due for the 2014 tax year. It applied to most taxpayers, including those with wages, small businesses, investments, or retirement income. Unlike the shorter 1040A or 1040EZ, Form 1040 offered the most detail and flexibility. It allowed filers to itemize deductions for mortgage interest, medical expenses, and charitable donations. It included different filing statuses, tax brackets, and credits that helped reduce tax liability or increase refunds.

When You’d Use Form 1040 (Including Late or Amended Returns)

Most calendar-year filers used IRS Form 1040 (2014) to report their federal income tax return for the 2014 tax year. The original due date was April 15, 2015; however, it was extended to the next business day if it fell on a weekend or a legal holiday.

You’d use Form 1040 when:

• Filing your original return: Required if your income exceeded the filing threshold for your filing status and age. Filing ensures the IRS correctly calculates your taxable income, tax bracket, and potential refund.
• Filing late: You can still file after the deadline has passed. You will be penalized and charged interest if you owe taxes; however, you can claim a refund for up to three years.
• Requesting an extension: File Form 4868 for a six-month extension, but note that it only extends your filing time—not your payment deadline.
• Amending a return: Use Form 1040X to correct errors or add missed deductions.

Use this all-in-one IRS forms guide to quickly access the forms you need to file, amend, or review your tax returns.

Key Rules and Details for the 2014 Tax Year

The IRS Form 1040 (2014) followed specific rules and thresholds that determined who needed to file a federal income tax return and how to calculate taxable income for the 2014 tax year.

• Filing requirements: You were required to file if your gross income met the minimum level for your filing status and age. For example, single filers under 65 had to file if they earned $10,150 or more, while married couples filing jointly needed to file if their combined income reached $20,300.
  
  
• Standard deduction and exemptions: The standard deduction was $6,200 for single filers and $12,400 for those filing jointly. You could also claim a $3,950 personal exemption for your spouse and dependents. Higher-income taxpayers faced phaseouts that reduced deductions and exemptions once income exceeded set limits.
  
  
• Important 2014 updates:
  
  
  
  • The Affordable Care Act (ACA) required taxpayers to verify health coverage or pay a shared responsibility penalty.
    
    
  • The premium tax credit helped eligible taxpayers afford health insurance purchased through the Health Insurance Marketplace.

Step-by-Step Guide (High-Level Overview)

1. Gather documents: Collect W-2s from each employer, 1099s from employers or payers, Form 1095-A if applicable, and receipts for deductible expenses to start your tax filing process with complete records.
   
   
2. Choose your filing status: Select the status that best fits your situation, as it affects your standard deduction, credits, and any necessary schedules.
   
   
3. Report all income: Enter wages, interest, dividends, self-employment, and other income accurately to avoid a mistake that could slow processing.
   
   
4. Calculate AGI and deductions: Apply eligible adjustments, then choose the standard deduction or itemize—use whichever yields the lower tax.
   
   
5. Apply credits: If you qualify, you can claim education, child, and premium tax credits; these generally reduce taxes dollar for dollar.
   
   
6. Figure additional taxes: Include self-employment and health-related amounts so your total reflects the correct balance due or refund.
   
   
7. Review and finalize: Review the SSNs, bank numbers, and calculations; if anything is unclear, kindly verify it against the Form 1040 instructions.
   
   
8. File electronically or by mail: E-file and submit through approved software for faster results, or mail paper forms to the correct address listed on the IRS page for your state.
   
   
9. Pay or track your refund: If you owe, pay online or by money order; if you are due a refund, you will receive it faster with direct deposit.
   
   
10. Monitor your status: Visit IRS.gov for “Where’s My Refund?” and other resources. E-filers receive confirmation, while paper returns may be delayed.

Common Mistakes and How to Avoid Them

Correctly filing your IRS Form 1040 (2014) helps prevent delays, penalties, or refund issues. Below are common tax filing mistakes and practical ways to avoid them:

• Math or calculation errors: These errors can be frequent and affect your due balance or refund. Use tax software or the IRS Free File program to ensure accurate calculations.
  
  
• Wrong Social Security numbers: Always copy numbers directly from official cards and check each digit before submitting your tax return.
  
  
• Incorrect filing status: Choosing the wrong status affects deductions and tax rates. Review IRS definitions or use the online tool to confirm the correct category.
  
  
• Missing or incorrect income forms: Wait until you have all W-2s and 1099s from every employer. Filing early without them can cause underreporting and trigger IRS notices.
  
  
• Unsigned returns: Unsigned forms are invalid. Ensure you and your spouse sign before filing, whether electronically or by mail.
  
  
• Bank account or payment errors: Verify routing and account numbers before finalizing to prevent delayed refunds or misdirected payments.

Visit our contact page to reach a specialist who can review your tax situation and help you understand your options. You’ll be able to share details about any IRS letters, back taxes, or filing issues, and a professional can explain what to do next based on your specific circumstances.

What Happens After You File 

After filing your IRS Form 1040 (2014), you’ll usually receive confirmation from the IRS within 24–48 hours if you filed electronically. Paper returns take longer and can be delayed during peak seasons. E-filed returns are generally processed within three weeks, while mailed returns may take up to eight weeks to be processed. If you’re due a refund, direct deposit is the fastest way to get your payment. Those who owe taxes should pay online or by mail to avoid interest or penalties. 

Address unfiled returns and receive personalized tax relief support from a team that understands how stressful IRS issues can be. If you need help figuring out what to file, how much you owe, or what options you qualify for, you can review your next steps on our support page.

FAQs

What should I do if I owe taxes for the 2014 tax year?

If you have outstanding taxes, please file your return promptly to prevent additional interest or penalties. You can pay online, by mail, or set up an installment agreement with the IRS.

How can I determine my tax bracket for the 2014 tax year?

Your tax bracket depends on your filing status and total taxable income. Check the official 2014 IRS tax tables to find where your income falls within the applicable tax rates.

Are tax brackets different for federal income tax and state taxes?

The IRS sets federal income tax brackets, while each state determines its income tax structure. Always review both before filing.

Do calendar year filers and fiscal year filers use the same Form 1040?

Most individual taxpayers are calendar-year filers, using the calendar year from January to December as their tax period. Fiscal-year filers—usually businesses—report income and expenses based on a 12-month cycle.

How do tax rates affect the amount of income tax I pay?

The United States uses progressive tax rates, meaning higher income levels are taxed at higher percentages. Your tax rate applies only to income within each bracket, not earnings.