Form 1040 – U.S Individual Tax Return
Unlike global taxation which relies on residency, the US tax system is contingent on the citizenship of the taxpayer.
While Israeli tax regulations exempt many from reporting to the authorities,
every person in the US who meets the criteria for calendar year 2017 as detailed below,
whether resident or citizen, is required to fill in the 1040 individual income tax return form:
| Marital status: | Age at the end of the year: | Accumulated yearly income exceeds: |
| Single | Under 65 | $10,400 |
| 65 or older | $11,950 | |
| Married, filing jointly | Both under 65 | $20,800 |
| One is 65 or older | $22,050 | |
| Both 65 or older | $23,300 | |
| Married, filing separately | Any age | $4,050 |
| Head of household | Under 65 | $13,400 |
| 65 or older | $14,950 | |
| Qualifying widow(er) with dependent child | Under 65 | $16,750 |
| 65 or older | $18,000 |
**Self-employed taxpayers must report any yearly income exceeding $400
Form 1040 will include reports of all sources of income, active or passive income,
within or outside the US and disclose any entities owned by the taxpayer for separate taxation purposes.
E.g., ownership of a foreign company (incorporated outside the US), foreign partnership, foreign company regarded as a pass-through entity for tax purposes, etc.
Form 1040 must be handed in no later than April 15 of the following year (certain extensions apply).
US citizens residing outside the US are automatically awarded a two-month extension for filing their report (see more information on the deadline extension below).