What are income tax forms?

Posted by TM Maria
7
Jul 19, 2022
176 Views
Income tax forms are the official government documents that you must fill out when you pay your taxes.

IRS tax forms are the official government documents that you are required to fill out when paying your taxes. In general, the more complex your finances, the more tax forms you will need to complete. Each state and city also creates its own forms, but these are often modeled after the federal forms.

IRS tax forms for 2018 and later years

Beginning with 2018, we will only have Forms 1040 and 1040-SR, which can be used by most taxpayers regardless of filing status or income level. Form 1040-SR provides an alternative to Form 1040 for taxpayers age 65 and older, and uses the same Form 1040 schedules and instructions. Form 1040-SR font size is larger and can be easier to read than the paper version of Form 1040.

IRS tax forms for 2017 and prior years

Most taxpayers use Forms 1040, 1040A, or 1040EZ to report their taxable income to the IRS annually in years prior to 2018. Anyone could choose to file Form 1040. However, prior to 2018, if your income was less than $100,000, you claim the standard deduction and you don't claim any dependents, you may be eligible to use Form 1040EZ, one of the simplest.

Alternatively, you could choose to prepare a Form 1040A, which is also shorter than Form 1040, but the only deductions you can claim are student loan interest and IRA contributions (investments in retirement accounts); itemized deductions are not allowed on this form. Regardless of the form you choose, you must fully report your income and deductions on one of them.

Additional tax listings

The IRS may ask you to complete additional forms based on your particular financial circumstances. If you operate a business as a self-employed person, you must attach a Schedule C to separately report business income and expenses. You may also need to fill out a Schedule E to report the gain or loss on your rental properties and a Schedule D to report capital gains or losses from the sale of capital assets, such as stocks and other investments.

Forms to report your income

If you work as an employee, your employer is required to submit a W-2 form by the end of January of the following tax year. The W-2 reports how much income you've earned and how much your employer withholds from your paycheck for taxes. This will help you determine if you need to send a check to the IRS when you mail your Form 1040 or if you can start thinking about how to spend your refund.

Independent contractors typically receive a 1099 form from their clients, which also reports annual income, but typically doesn't include any withholding taxes.

Obtaining tax forms

Gone are the days of the IRS mailing you the tax forms you need to complete your return. It is now possible to access forms and complete your tax returns using a computer through income tax software. For example,  -  offers an easy-to-use program that allows you to quickly prepare your tax returns. It can even e-file your return, which reduces the amount of time you have to wait to receive your refund.

When you use  filemytaxesonline.org  to prepare and file your taxes, you don't need to know anything about tax forms or tax tables. We'll ask simple questions, fill out all the forms correctly, and do all the math for you.
Comments
avatar
Please sign in to add comment.