What IRS Form 1040 (2015) Is For

IRS Form 1040 (2015) is the standard federal income tax return used to report your income, deductions, and credits and calculate your tax liability for the 2015 tax year. Most U.S. citizens and resident aliens must file this income tax return if their gross income meets certain thresholds—$10,300 for single filers under 65, $20,600 for married filing jointly, or $4,000 for married filing separately (IRS Instructions for Form 1040 (2015)).

This tax form reports income from wages, pensions, Social Security benefits, annuities, capital gains, and interest from financial institutions. It also determines how much federal tax you owe or whether you qualify for a refund. Eligible taxpayers can claim tax credits, such as the Earned Income Tax Credit and the Child Tax Credit, to reduce their overall tax bill. Reporting accurate information ensures your filing status, taxpayer identification number, and deductions are correct before you file.

When You'd Use Form 1040 for 2015 (Late or Amended Filing)

You would use Form 1040 for 2015 if you never filed your original federal income tax return or need to correct errors on a prior submission. Late filing often happens when you owe taxes and want to stop penalties or when you are still eligible to claim a refund before the three-year deadline. If you need to rectify mistakes such as incorrect income, missed deductions, or filing status changes, you must file an amended return using Form 1040X. Filing promptly limits late payment penalties, and if you cannot pay the full tax bill, you can request a payment plan through the IRS to manage your balance.

Key Rules Specific to 2015

The 2015 tax year had a personal exemption of $4,000 per person and standard deduction amounts of $6,300 (single), $12,600 (married filing jointly), $6,300 (married filing separately), and $9,250 (head of household). The filing deadline was April 18, 2016 (April 19 for Maine and Massachusetts).

Key 2015-specific rules included:

• Introduction of myRA retirement accounts for refund deposits
  
  
• Reinstatement of the Health Coverage Tax Credit retroactive to 2014
  
  
• Higher shared responsibility payments for lack of health coverage
  
  
• New ABLE accounts for disability savings with up to $14,000 contributions

Step-by-Step (High Level)

• Gather transcripts and records: Request wage and income transcripts, account transcripts, and any prior-year tax documents from the IRS to ensure you report all income, withholding, and payments correctly. Include employer-provided statements, pension forms, and financial records.
  
  
• Complete the correct-year form: Use the 2015 version of Form 1040 and applicable schedules, available from the IRS prior-year forms section. Follow the 2015 federal tax law and income thresholds carefully.
  
  
• Attach all required schedules: Include all necessary schedules (A, B, C, D, E, etc.) and relevant forms, such as Form 8962 for premium tax credit reconciliation or Form 8965 for health coverage exemptions. Attach any supporting documents for deductions, credits, or retirement distributions.
  
  
• Choose the filing method: Mail paper returns to the address listed in the 2015 instructions, or e-file if your software supports prior-year submissions. Ensure all forms are complete and signed before mailing.
  
  
• Keep copies and confirmations: Maintain copies of all relevant forms, schedules, and supporting documents, as well as proof of mailing or electronic filing confirmation. Retain these records for at least three years.

Common Mistakes and How to Avoid Them

• Missing or incorrect Social Security numbers: Verify all numbers for yourself, your spouse, and dependents. Errors can delay processing and may result in the loss of certain tax credits.
  
  
• Math or calculation errors: Use software or double-check calculations, especially when itemizing deductions or applying tax credits, to avoid processing delays or refund adjustments.
  
  
• Incomplete income reporting: Cross-check your return against all Forms W-2, 1099, and pension statements. Missing income from employers, annuities, or interest may trigger IRS notices.
  
  
• Incorrect filing status: Choose the correct filing status for 2015, as it determines your standard deduction and eligibility for tax benefits.
  
  
• Forgetting required forms: Attach Form 8962 for premium tax credits, Form 8965 for health coverage exemptions, and any other required schedules.
  
  
• Not reconciling health coverage: Complete lines 61 and 69 for health insurance and premium tax credits to avoid processing delays.

What Happens After You File

The IRS typically processes paper returns within six to eight weeks; however, processing may take longer for complex cases involving itemized deductions, business income, or retirement distributions. You will receive notices confirming receipt and any adjustments that have been made.

If you owe additional taxes, the IRS will send a bill with your total balance, including penalties and interest. You can make payments electronically, by mail, or through financial institutions. Filing stops the failure-to-file penalty, though interest continues until the full balance is paid. Taxpayers experiencing financial hardship may contact the Taxpayer Advocate Service for assistance.

You can check your refund status using the “Where’s My Refund” tool on IRS.gov, which is identified by a locked padlock icon for secure access. Keep your supporting documents, schedules, and receipts for at least three years after filing your tax return.

FAQs

Can I still receive a refund for my 2015 taxes if I file late?

Yes, you can still claim a refund if you file by April 18, 2019, which is three years from the original due date. After that date, unclaimed refunds expire, even if taxes were withheld from your wages.

What penalties will I owe for filing my 2015 return late?

The failure-to-file penalty is 5% of the unpaid taxes per month, up to a maximum of 25% per year. Interest accrues daily on unpaid taxes and penalties. Filing, even if you cannot pay immediately, limits late payment penalties.

How can I obtain my tax transcripts to help me complete my late tax return?

Request transcripts online at IRS.gov/transcripts, by calling 800-908-9946, or by mailing Form 4506-T. Wage and income transcripts show data reported by employers, pensions, and financial institutions to help you complete your return.

Should I also file an amended state return if I’m filing a late federal return?

Yes, many states require an amended state tax return when the federal adjusted gross income changes. Contact your state’s tax agency to determine whether you must file and what forms are required.

Can I e-file my 2015 return, or must I mail it?

Some software providers still support e-filing for prior-year returns, but many 2015 returns must be mailed. Use the address in the 2015 Form 1040 instructions and sign before submission.

How should I proceed if I'm unable to pay the taxes owed on my 2015 return?

File your return anyway to stop further penalties. Then, request an IRS payment plan using Form 9465 or the online payment application if you owe $50,000 or less in combined taxes, interest, and penalties.

How long should I keep records after filing my late 2015 return?

Keep tax records, forms, schedules, and supporting documents for at least three years from your filing date. Retain them longer if you claimed certain deductions, underreported income, or received distributions that may require future verification.