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I talk a lot on this channel about where one figure or another goes on your form 1040 but Ive never really covered the 1040 itself and the role it plays in reporting and calculating your income and other taxes well Im about to rectify that situation Im the task geek and heres form 1040 [Music] oversimplified form 1040 has been around since the modern income tax was enacted in 1913 the form is numbered 1040 simply because this was the next number in the form numbering sequence established when the IRS then called The Bureau of internal revenue was created in 1862 the form has evolved a lot over the last 110 years our present form 1040 has its roots in the tax cuts and jobs Act of 2017 after a brief flirtation with a half-page postcard form in 2018 form 1040 was expanded back to the two-page form it is today the form largely outlines the tax computation process it starts with identifying and basic filing information then goes on to income deductions tax credits payments outcome and s
