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As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
The average federal income tax refund in 2023 was $3,167 based on IRS data through Dec. 29, down 2.6% from the same period in 2022.
Use these tips from the IRS to jumpstart your tax filing for 2023. Create an Online IRS Account. Do you not already have an account created with the IRS? There’s plenty of time to create one.
For tax year 2023, this means that the standard deduction for singles is $13,850, up from $12,950, while joint filers will enjoy a bump of $1,800 in their standard deduction, to $27,700.
Nevertheless, during the 2023 fiscal year, the agency processed more than 271.4 million tax returns including more than 163.1 million individual income tax returns. [11] For FY 2023, the IRS collected approximately $4.7 trillion, which is approximately 96 percent of the operational funding for the federal government; funding widely throughout ...
Form 1040, officially, the U.S. Individual Income Tax Return, is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid to or refunded by the government.
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