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Question 1040


Definition of "1040"

Rosa "Rosie" Jacquelin
  Duffy Realty

Yearly tax return filed by an individual or couple. It is due to the federal taxing authority on April 15 for the preceding calendar year. The taxpayer reports gross income, adjustments to gross income, personal exemptions, deductions, and taxable income. The tax rate is graduated, based on taxable income. Income or loss from real estate property is reported on Schedule E.



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