Top Tax Form FAQs
Most popular FAQs for Tax Form
Internal Revenue Service (IRS) tax forms are used by taxpayers and organizations that don't have to pay taxes to report financial information to the IRS. They are used to report income, figure out how much tax to pay to the government, and give other information that the Internal Revenue Code requires (IRC). There are more than 800 different schedules and forms. In the United States, other tax forms are turned in to state and local governments.
Individual forms
1040
First page of Form 1040 for 2005 tax year
As of the 2018 tax year, only Form 1040, U.S. Individual Income Tax Return, is used to file a federal income tax return for an individual with the IRS. In previous years, it was either a 1040 (the "Long Form"), a 1040A (the "Short Form"), or a 1040EZ (see below for more information on each). For the tax years 1913, 1914, and 1915, the first Form 1040 came out. Form 1040 was changed to an annual form in 1916. (i.e., updated each year with the new tax year printed on the form). At first, the IRS sent all households tax booklets with the Form 1040, instructions, and the most common attachments. As other ways of getting tax information (CPAs/attorneys, online forms) became more popular, the IRS sent fewer packets through the mail. This practice was stopped in 2009.
Individuals who pay taxes based on the calendar year have to send in their tax returns by April 15 of the following year, unless April 15 falls on a Saturday, Sunday, or a legal holiday. When this happens, the returns are due on the next business day. If you file Form 4868, you can get an automatic extension until October 15 to file Form 1040.
Form 1040 is only two short pages, if you don't count the attachments. Before the 2018 tax year, it was two full pages, not counting any attachments. However, after the Tax Cuts and Jobs Act of 2017 was passed, both pages were drastically cut down. The current first page has a place to sign and collects information about the taxpayer(s) and any dependents. On the current second page, there is information about income items and changes to income. It also calculates the allowable deductions and credits, the tax due based on the income amount, and the amount of money that has already been taken out of wages or paid as estimated payments. Before 2018, information about items of income and changes to income was put on the first page. The Presidential election campaign fund checkoff, which lets taxpayers tell the federal government to give $3 of the tax it gets to the Presidential election campaign fund, is near the top of the first page of both versions of Form 1040 before and after 2018.
Form 1040 has 20 attachments (up from 14 before 2018), called "schedules", which may need to be filed depending on the taxpayer:
- Schedule A itemizes allowable deductions against income; instead of filling out Schedule A, taxpayers may choose to take a standard deduction of between $12,000 and $24,000 (for the tax year 2018), depending on age, filing status, and whether the taxpayer and/or spouse is blind.
- Schedule B enumerates interest and/or dividend income, and is required if either interest or dividends received during the tax year exceed $1,500 from all sources or if the filer had certain foreign accounts.
- Schedule C lists income and expenses related to self-employment, and is used by sole proprietors.
- Schedule D is used to compute capital gains and losses incurred during the tax year. NOTE: Along with Schedule D, Form 8949 and its Instructions may be required.
- Schedule E is used to report income and expenses arising from the rental of real property, royalties, or from pass-through entities (like trusts, estates, partnerships, or S corporations).
- Schedule EIC is used to document a taxpayer's eligibility for the Earned Income Credit.
- Schedule F is used to report income and expenses related to farming.
- Schedule H is used to report taxes owed due to the employment of household help.
- Schedule J is used when averaging farm income over a period of three years.
- Schedule L (until 2010) was used to figure an increased standard deduction in certain cases.
- Schedule M (2009 and 2010) was used to claim the Making Work Pay tax credit (6.2% earned income credit, up to $400).
- Schedule R is used to calculate the Credit for the Elderly or the Disabled.
- Schedule SE is used to calculate the self-employment tax owed on income from self-employment (such as on a Schedule C or Schedule F, or in a partnership).
- Schedule 8812 is used to calculate the Child Tax Credit.
In 2014 there were two additions to Form 1040 due to the implementation of the Affordable Care Act – the premium tax credit and the individual mandate.
- The following schedules were introduced for the 2018 tax year:
- Schedule 1 is used to report most income from sources other than wages, interest, dividends, pensions (including retirement accounts), and Social Security, and is also used to calculate adjustments to income.
- Schedule 2 is used to report certain other types of income, such as a child's unearned income.
- Schedule 3 is used to claim non-refundable tax credits.
- Schedule 4 is used for the calculation of certain types of taxes, among them self-employment tax and uncollected Social Security and Medicare taxes.
- Schedule 5 is used to add up tax payments, such as estimated tax payments or any payments made when an extension of time is filed.
- Schedule 6 allows the taxpayer to appoint a third party to discuss the return with the IRS.
- Much of the information on the new numbered schedules had previously been included on Form 1040.
In most situations, other Internal Revenue Service or Social Security Administration forms such as Form W-2 must be attached to the Form 1040, in addition to the Form 1040 schedules. There are over 100 other, specialized forms that may need to be completed along with Schedules and Form 1040.
Short forms
Over the years, other "Short Forms" were used for short periods of time. For example, in the 1960s, they used an IBM Card on which a few lines could be written which would then be transcribed onto another card. The other card looked the same but had holes in it which a computer or "unit record" machine could read. As with the other forms, there was always a place for a signature. The two most recently used short forms, 1040A and 1040EZ, were discontinued after the 2017 tax year.
The Form 1040A ("short form"), U.S. individual income tax return, was a shorter version of the Form 1040. Use of Form 1040A was limited to taxpayers with taxable income below $100,000 who took the standard deduction instead of itemizing deductions; it was originally one page until the 1982 edition, when it expanded to two pages.
The Form 1040EZ ("easy form"), Income Tax Return for Single and Joint Filers With No Dependents, was the simplest, six-section Federal income tax return, introduced in 1982. Its use was limited to taxpayers with taxable income below $100,000 (as of tax year 2016) who take the standard deduction instead of itemizing deductions and have no dependents.
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Federal Register /Vol. 87, No. 187/Wednesday, September 28, …
2 days ago · These are
forms used by
tax-exempt organizations. These include
Forms 990, 990–BL, 990–EZ, 990–N, 990–PF, 990– T, 990–W, and related
forms and schedules
tax …
16 insurance firms caught evading GST worth ₹824 crore: Govt - Hindustan Times
The insurance companies availed input tax credit on the basis of invoices issued by intermediaries for providing services such as advertising, marketing, and brand activation. But no such services were provided, the finance ministry said
The insurance companies availed input tax credit on the basis of invoices issued by intermediaries for providing services such as advertising, marketing, and brand activation. But no such services were provided, the finance ministry said
NEW DELHI: The Goods and Services Tax (GST) authority has detected alleged misappropriation of input tax credit (ITC) worth ₹824 crore by 16 insurance companies who used their intermediaries to issue fake invoices, according to a statement issued by the Union finance ministry on Friday.
“Investigations have revealed that input tax credit of ₹824 crore has been availed, out of which an amount of ₹217 crore has been paid voluntarily by these 16 insurance companies so far,” it said quoting the Directorate General of GST Intelligence (DGGI), Mumbai zonal unit. The investigation was initiated by DGGI, Mumbai. The statement did not disclose the names of the firms.
During the course of investigations, it came to notice that these insurance companies have availed ITC on the basis of invoices issued by several intermediaries for providing services such as advertising, marketing, and brand activation. But, no such services had actually been provided, it said.
Explaining the modus operandi, it said: “Several non-banking financial companies (NBFCs) engaged in micro-financing businesses are acting as corporate agents of the insurance companies and are cross-selling their single premium credit [linked] insurance policies in the course of their lending business. As per IRDA regulations, only a nominal commission is permitted to corporate agents. In order to circumvent these regulations, the insurance companies have resorted to obtaining invoices from intermediaries, in order to transfer commission (over and above the permissible limit) to NBFCs for supply of services of advertising, web marketing etc., whereas there has been no underlying supply of services. In turn, these intermediaries have received invoices from NBFCs for such supplies.”
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