Incremental forming is a sheet metal forming process that has envisioned considerable interest in the research community due to greater formability, economical and product independent tooling and greater process flexibility. However, lack of the ability to predict fracture has considerably hindered its industrial adoption. This work uses finite element analysis with a damage based material model to predict fracture in Single Point Incremental Forming (SPIF). The fracture envelope is described in the stress space and is a function of both the hydrostatic pressure and the deviatoric stress state. The tool forces and fracture depths from simulations and those from experiments are found to agree with each other well. An in-depth analysis of the deformation is performed to show that the through-the-thickness shear affects the formability much more significantly than the hydrostatic pressure. Furthermore, the implications of this effect on increasing formability in SPIF are discussed.