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Tax Forms


Tax Forms

Tax forms report financial information to state and federal tax bureaus. Individuals or corporations file these forms with the respective tax organization. Their are many different types of tax forms, however the most popular is the 1040 (Individual Income Tax Return).

About Tax Forms

1040
The Form 1040, U.S. Individual Income Tax Return, is the form used for personal (individual) Federal income tax returns filed with the Internal Revenue Service (IRS). Any full-time U.S. resident individual income taxpayer can use the standard Form 1040.

1040A
The 1040A is a shorter version of the 1040 form. Use of Form 1040A is limited to taxpayers with taxable income below $100,000 who take the standard deductions instead of itemizing deductions.

1040EZ
The Form 1040EZ, aka the easy form, is a tax return for single and joint filers with no dependents. Only taxpayers with taxable income below $100,000 and take the standard deduction may use this form.

1040EZ-T
The form 1040EZ-T was created specifically for the 2007/2008 tax year. It allows taxpayers who paid the telephone excise tax, to file a tax return to request a refund of the telephone excise tax.

1040NR and 1040NR-EZ
The forms 1040NR and the 1040NR-EZ (easy) are used by nonresident aliens filing a tax return. The 1040NR-EZ form can be used under conditions similar to those for the 1040EZ form. Nonresident aliens who have been in the US for less than 5 years use this form.

1040X
Form 1040X is used to make corrections on previous 1040 forms which have been filed with the IRS.

1041
Form 1041 is used by estates and trusts for tax returns.

1065
Form 1065 is used by partnerships for tax returns.

1098
The Form 1098 is used to report interest that a taxpayer has paid on his or her mortgage. Such interest is tax-deductible at the federal level, unless the taxpayer is subject to the Alternative Minimum Tax.

1099
Form 1099 is a form used by the Internal Revenue Service (IRS) to prepare and file an information return to report various types of income other than wages, salaries, and tips. The term information return is used in contrast to the term tax return.

Each payer must complete a 1099 for each covered transaction. Three copies are made: one for the payer, one for the payee, and one for the IRS

One example of a covered transaction is amounts paid to independent contractors. U.S. tax law requires businesses to submit a Form 1099 for every contractor paid at least $600 for services during a year. This requirement usually does not apply to corporations receiving payments.

1120
Form 1120 is used by C corporations for tax returns.

1120S
Form 1120S is used by S-corporations for tax returns.

W-2
The W-2 reports wages paid to employees and the taxes withheld from them, such as FICA.W-2's report income on a calendar year basis, regardless of the employer's fiscal year.

W-4
The form is used by employers to determine the correct amount of tax withholding to deduct from employees' wages. The goal of the W-4 is to give an idea to the employee of what their annual tax is due, however it can be off.

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