Individual Tax Return

• IRS Form 1040 includes all filing status variations, including married filing jointly, married filing separately, single, head of household and widow or widower with dependent child. Attached schedules explain in detail the figures used on various lines of Form 1040. Simplify your tax preparation by completing the schedules before working with Form 1040.
  
  

Schedules

• Schedule A allows itemized deductions. If you have a hobby, you can claim your individual hobby income and expenses on Schedule A, even if your spouse isn’t involved in your hobby. Schedule B itemizes interest and dividends in either your name or your spouse’s name, or both names. Schedule E is for supplemental income and loss, including royalty interest or rents. Complete Schedule E for the owner of the income. When you complete Form 1040, the total from this schedule goes on Line 17 reflecting income or loss on the joint tax return.
  
  

Business

• You may operate a sole proprietorship or work as an independent contractor and complete IRS Form 1040 with your spouse. Schedule C is the profit or loss statement for your business venture. You can file more than one Schedule C if you have more than one business. Attach this schedule to your Form 1040, with the calculated profit or loss listed on Line 12 of Form 1040. The profit or loss affects the total income and total taxes for you and your spouse as a couple filing a joint federal income tax return. If your business profit exceeds $400 for the year, file Schedule SE in addition to Schedule C. Schedule SE reports your income for Federal Insurance Contributions Act taxes for Social Security and Medicare. You pay FICA taxes on business income, and the Social Security Administration credits these contributions to your Social Security number.
  
  

Social Security Taxes

• As an employee, your employer deducts FICA taxes for Social Security and Medicare. When you receive Form W-2 at the end of the tax year, your employer reports your withheld taxes to you and the IRS. The IRS and the Social Security Administration use your Social Security number to report your earnings and taxes to your individual account. Although you file a joint tax return for federal income taxes, your Social Security and Medicare contributions are credited to you and your spouse individually.