The 1040 Form is a standard tax form used by individuals in the United States to report their annual income to the Internal Revenue Service (IRS). It is essential for calculating the amount of tax owed or the refund due. The form includes sections for income, deductions, and credits, allowing taxpayers to provide a comprehensive overview of their financial situation. There are different versions of the 1040 Form, including the 1040-SR for seniors and the 1040-NR for non-residents. Taxpayers must file the form by the annual deadline, typically April 15, to avoid penalties and interest on unpaid taxes.