IRS Tax Forms: 1040EZ, 1040A & More

This form does not extend the time a person has to pay his or her taxes just the filling of the return. The Affordable Care Act has made it so health care coverage must be reported on tax returns. Some individuals might qualify for the premium tax credit, which helps pay for healthcare coverage offered through the Health Insurance Marketplace. The Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, is used by foreign persons (including corporations) to certify their non-U.S.

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What is a 1040A Form?

A 1040 is required among self-employed taxpayers, those with an adjusted gross income of more than $100,000, and individuals who underreported tips. To be filed with an income tax return in order to determine the premium tax credit that may be due for the purchase of a qualified health insurance plan. To qualify for the credit, taxpayers must have a modified adjusted gross income that falls within a certain range and must not be eligible for employer-sponsored health insurance. An employer must mail out the Form W-2 to employees on or before January 31. This deadline gives these taxpayers about 3 months to prepare their returns before the April 15 income tax due date.

  • It might also be applicable if you made direct sales of $5,000 or more to a buyer for resale, or if you received at least $10 in royalties or broker payments instead of dividends or tax-exempt interest.
  • Form to inform the IRS that a person has become a victim of identity theft, and a social security number has been compromised.
  • The schedule is completed only if the taxpayer has a qualifying child.

The Form W-4 is used by employers to determine the amount of tax withholding to deduct from employees’ wages. Tax withholdings depend on employee’s personal situation and ideally should be equal to the annual tax due on the Form 1040. When filling out a Form W-4 an employee calculates the number of Form W-4 allowances to claim based on his or her expected tax filing situation for the year. The amount of money withheld as federal income tax is reduced for each Form W-4 allowance taken.

Can I amend my 1040EZ Form if I made a mistake?

However, these were the only two tax credits you could claim when filing Form 1040EZ. You then added up all of your payments and credits before calculating the tax on your taxable income. You could use the tax tables in the instructions to find the amount of tax you owed for your filing status and taxable income.

Form 1040ez Definition

Similar to the standard form, the EZ version had sections to record wages, salaries and tips, and taxable interest under $1,500. The filer was also able to include unemployment compensation payments. If you’re filing your income tax return using tax software, you’ll be asked to provide information that is translated into entries on your Form 1040. The tax program should then auto-populate Form 1040 (and any supporting schedules) with your responses and e-file it with the IRS. People who have a fairly simple tax-filing situation may not need to file anything other than the standard Form 1040. But if you’ve got more things going on in your tax life, you may also need to get ahold of additional forms, also called schedules, to submit alongside your Form 1040.

Tax 101

If a taxpayer owes a debt that is canceled or forgiven, it is possible that the canceled amount is taxable. When this is the case the amount of debt that has been forgiven should be added to the taxpayer’s reported income. However, in some cases, such as mortgage debt relief under restructuring agreements or in the case of a foreclosure, taxpayers may exclude some of or the entire forgiven amount. In this case, a form 982 should be completed to determine the amount of the forgiven debt that can be exclude from their gross income. Below is a list of some of the IRS tax forms that individuals may need and a brief definition of what they are used for.

  • An individual taxpayer can either use the standard deduction or itemize deductions.
  • IRS-certified volunteers provide assistance with tax return preparation and electronic filing.
  • Your information is kept secure and not shared unless you specify.
  • Staying informed through these sources can help taxpayers prepare for any changes affecting their tax returns.
  • If you end up owing the IRS on your return, you can choose to pay the balance by mail (rather than electronically), along with your return.
  • You can most likely file only Form 1040 without any attached schedules if you were previously eligible to file Form 1040-A, and your income, credits, and deductions haven’t changed.
  • However, if you’re able, e-filing is the preferred way to file IRS Form 1040.

The 1040-A was a simplified version of the 1040 for taxpayers who did not need to itemize deductions or report more complex situations, such as investment income, or changes in status. A $40 tax credit is allowed for each individual reported on the return who is age 65 or over. Also, a $40 tax credit is allowed if an individual is legally blind. Persons who are both age 65 or older and legally blind are eligible for both tax credits for a total of $80 per person.

The Courts have responded to the OMB Control Number arguments with the following arguments. Individual Income Tax Return has contained the OMB Control number since 1981.[48] 2) As ruled in a number of cases, the absence of an OMB Control number does not eliminate the legal obligation to file or pay taxes. If you are currently living in a foreign country, fill out line 5 with the country’s name, province, and postal code. Form 1040 has many more income categories for items such as Social Security benefits and alimony, along with the ability to claim more deductions. The 1040EZ tax form was eliminated in 2018, and replaced with the redesigned Form 1040. We believe everyone should be able to make financial decisions with confidence.

  • The form is also quite beneficial for individuals who have children currently attending college, as it helps qualify students for the Simple Needs Test (SNT) so that they can receive more financial aid.
  • There is a Basic version for free with Federal taxes, and to upgrade to Deluxe will cost $6.99.
  • First, contact the employer that issued or should have issued a W-2 to you, and request another copy of the form.
  • The IRS offers a free electronic filing service called “Free File” for taxpayers who meet certain income requirements.
  • However, it is important to note that an extension only grants additional time to file your return, not to pay any taxes owed.
  • Lines for many common types of income, such as wages, interest and dividends, retirement income, and capital gains are provided.

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