1040 Tax Forms: Which One Should You Use?

So you know you have to file a federal income tax return. Once you get to the IRS website to file your return, though, things can get a bit confusing. There are so many choices for forms, it's hard to figure out which one to use. Here's a rundown of the federal income tax forms 1040 to help you sort out which one is best for you:

Form 1040, U.S. Individual Income Tax Return

The vast majority of taxpayers must decide between filing a federal form 1040 and a federal form 1040-EZ. For most, the decision hinges on whether you itemize. If you plan to itemize your deductions, you must file form 1040. In most cases, you'll itemize if your deductions are more than your standard deduction. For 2010, the amounts for the standard deduction were $5,700 for single taxpayers and $11,400 for married taxpayers filing joint returns. Additional standard deductions are available for the blind and for taxpayers over age 65.

That said, if you can't decide between the two returns, there's usually no harm in filing the federal form 1040.