Guide to Tax Filing Forms

A number of tax return forms may be needed for your tax return, but this depends on your unique tax situation and may only require a Form 1040 EZ tax return. The most common tax form for individual tax filers is the Internal Revenue Service (IRS) Form 1040 which belongs to the 1040 series.

The 1040 has different formats based on complexity of taxpayer financial information and is the primary tax filing form on which information from other forms is recorded. In addition to the Form 1040 are literally hundreds of other forms and publications for different aspects of personal finance as they relate to taxation. Examples of just a few of the many IRS tax forms are below:

• IRS Form 1040A, 1040EZ, 1040 (Individual Income tax return forms)
• Schedules A, C & D (Itemized deductions, Business profit or loss and Capital gains)
• Form 8829 (Home business expenses)
• Schedule SE (Income from self-employment)

There are different IRS tax return forms for different scenarios such as calculating and/or reporting tax credit, estate taxes, tax filing extension request, profit or loss from business or sale of assets and more. There a good chance if an activity involves money, there's a related reporting requirement in addition to an IRS form that facilitates this. In some cases, no forms are required to be filed with the IRS by the tax filer. For example, in years in which no income was received, and no other family or household income applies, a tax return may not have to be filed.

The difference between a 1040a and a 1040

The IRS tax return Form 1040 is an individual tax filing form but can also be used for households and married couples. The Form 1040 comes in three types making it a 'series'. These three types are the 1040EZ. The difference between these three forms is how much information goes on them.

The Form 1040 has the most information and the Form 1040 EZ has the least. Essentially, for tax filers with less complicated finances, the 1040A or 1040EZ can be used. There are also pre and post 1040's i.e. the 1040ES for estimating taxes and the 1040X for amending previously filed 1040s. Types of 1040s can be found at the IRS Forms and Publications page.

When choosing and completing a tax return Form 1040, the 1040 instructions can be quite helpful in illustrating what each line of the from means, and how to use it. The 1040 instructions also provide Schedule forms and worksheets so as to simplify the form search and acquisition for the tax filer. IRS Forms and publications can be acquired in 3 ways, via mail, via internet and via internet download. Some forms and publications may also be picked up at public government administered establishments such as libraries and tax assistance centers.

Knowing which tax return forms to use

To choose the right Form 1040 involves knowing what kind of income, deductions and credits you can report. For standard deductions, with one primary source of income from an employer, and no retirement accounts, mortgages, investments, educational expenses etc. a Form 1040A or EZ may be all that is needed. Essentially, identify your income source(s), then determine which deductions and/or credits you may qualify for. Following this, the form that best facilitates the reporting of this information is probably the better choice.

Some forms and their instructions may not include space to report income or credit that may reduce taxes. This is one of the reasons why it is important to use the correct forms. For example, if a U.S. citizen works overseas and qualifies in a reduction to Adjusted Gross Income through a Modified Adjusted Gross Income, a space may not be available on the Form 1040 to report this.

When there is no clearly marked space to report a tax deduction, adjustment or credit an IRS official should be contacted to determine the proper form to use and the ideal location to put the information. In some cases, information can be written onto the 1040.

Source: http://www.irs.gov (U.S. Internal Revenue Service)