The Facts About Income Tax Millions faithfully file their 1040 forms each April. But some things about federal income taxes may surprise you. Share | Related Content Will You Pay the AMT? Despite recent tax-law changes, many Americans are expected to pay the AMT this year. Does Your Child Need to File an Income Tax Return? When your child has income, there’s a good chance that he or she will need to report it and pay taxes. Tax Management Strategies Learn more about taxes, tax-favored investing, and tax strategies.