IRS Tax Forms Defined
Wading through the maze of IRS tax forms is no easy task. That's why
we've defined these forms to help you choose which ones you need. And
if you can't find what you're looking for, visit the IRS web site.
Form 1040
US Individual Income Tax Return
The tax form to use if you cannot use Form 1040EZ or Form 1040A. Use
Form 1040 to report all types of income, including those you cannot
put on Form 1040A or Form 1040EZ. You must use Form 1040 if your taxable
income is $50,000 or greater.
Form 1040A
US Individual Income Tax Return
The tax form to use if you meet certain requirements, including taxable
income under $50,000. If you do not meet these requirements, use Form
1040.
Form 1040-EZ
US Individual Income Tax Return
A quick and easy tax form to use if you meet certain requirements, including
taxable income under $50,000. If you do not meet these requirements,
use Form 1040A or Form 1040.
Schedules A & B
Itemized Deductions, and Interest/Dividend Income
Bundled together, these two schedules are used in conjunction with Form
1040. Schedule A allows you to itemize any deductions. Schedule B is
used to report interest or dividends over $400, answer foreign accounts
and foreign trust questions, or report any interest or dividend income
if certain conditions apply.
Schedule C
Profit or Loss from Business
Used to report any profits or losses (subject to self-employment tax)
from a business you operated, or a profession in which you were a sole
proprietor. Also used to report wages and expenses you had as a statutory
employee.
Schedule D
Capital Gains and Losses
Form used to itemize any capital gains or losses on investments and
real estate. (Note: may be reduced through use of Charitable Trusts.)
Schedule E
Supplemental Income or Loss
Used to report income or loss from rental real estate, royalties, partnerships,
estates, trusts, S Corporations, and REMICs (residual interests).
Schedule EIC
Earned Income Credit
If you can take the earned income credit and have a qualifying child,
use Schedule EIC to give information about that child.
Schedule F
Profit or Loss from Farming
Use Schedule F to report income and expenses from any farming activities.
Schedule H
Household Employment Taxes
Use Schedule H to calculate employment taxes on cash wages you paid
to a household employee, such as a babysitter, maid or nanny.
Schedule J
Farm Income Averaging
Schedule J is used with Form 1040 to calculate your 1998 tax liability
by averaging, over the previous 3 years, all or part of your 2003 taxable
income from farming. Schedule J may reduce your tax bill if your 1998
income from farming is high, and your taxable income from any of the
3 prior years was low.
Schedule R
Elderly and Disabled Credit
Used with Form 1040 to claim a tax credit for elderly or disabled dependents.
Schedule SE
Self-Employment Tax
Used to calculate your self-employment tax. Often used in combination
with Schedule C.
Form W-2
Wage and Tax Statement
Used by employers to report income, social security, or Medicare taxes
withheld for each employee. Employers also file this form for each employee
from whom income tax would have been withheld IF the employee had claimed
no more than one withholding allowance or had not claimed exemption
from withholding on Form W-4.
Form W-4
Employee's Withholding Allowance Certificate
Completed by an employee so that an employer can withhold the correct
amount of federal income tax from each paycheck.
Form 4562
Depreciation and Amortization
Used to claim any deductions for depreciation and amortization. Also
used to expense certain tangible property, and provide information on
use of automobiles and other listed property for business use. Often
used in conjunction with Schedule C.
Form 4868
Application for Extension of Time
Used to apply for four more months to file Form 1040A, Form 1040-EZ,
or Form 1040. Taxpayers do not have to explain why they are requesting
the extension, and the IRS will contact you only if the request is denied.
Must still estimate your 1998 tax liability, and file Form 4868 by the
regular due date (usually April 15th).
IRS Forms Defined
