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The federal government document used to report income tax due for an individual. In addition to reporting income, an individual can report many deductions that he or she can claim in order to reduce their taxes. Most of these deductions, called itemized deductions, are listed on a separate schedule, the Schedule A. Many such deductions include medical expenses that the individual incurred throughout the year. (See FAQ for acceptable medical itemized deductions.) In addition, state taxes as well as mortgage interest are other such deductions that can be claimed on the Form 1040. Finally, individuals can claim children or other dependants for additional credits and allowances to reduce taxes.
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