| A federal tax form is a term widely used yet | | | | 1040EZ as the easy form. |
| confusing in terms of specification. Literally it | | | | 3. Document 1040A which is the shorter version |
| means the IRS tax forms used by taxpayers and | | | | for Form 1040 reflects the computation of |
| tax-exempt organizations to report financial | | | | taxpayers with taxable income below $100,000. |
| information to the Internal Revenue Service (IRS) | | | | Only a standard deduction will be computed for |
| of the United States. They are used to report | | | | these taxpayers. |
| income and calculate taxes to be paid to the | | | | 4. Document 1040EZ entitled " Income Tax |
| federal government of the United States. It is | | | | Return for Single and Joint Filers with No |
| important to know which form a taxpayer should | | | | Dependents" |
| use in order to pay for his taxes. A mistake in | | | | 5. Documents 1040NR and 1040NR-EZ are used |
| the use of a form could be fatal to a person's | | | | by nonresident aliens in filing their income tax |
| business or any organization specifically when you | | | | returns. |
| are logging behind the deadline. It means you | | | | 6. Forms 1040X entitled "Amended U.S. Individual |
| must fill up another form and mail or email it again | | | | Tax Return" is the form used to make |
| to which you could be penalized for late | | | | corrections for Forms 1040, 1040A, 1040EZ |
| submission of tax returns. | | | | which have been successfully filed but have |
| Federal tax forms come under different titles: | | | | incurred errors. |
| 1. IRS document 990 with title "Return of | | | | 7. Form 1041 is the form to be filled up for estate |
| Organization Exempt from Income Tax" is the | | | | and trust tax returns. |
| form that will be used by tax exempt and | | | | 8. Form 1065 is the form to be filled up |
| nonprofit organizations to provide the Internal | | | | partnerships for tax returns. |
| Revenue Service with their financial information. It | | | | 9. Form 1098 is the form used to report various |
| furnishes the public with the financial information | | | | types of income aside from wages. |
| regarding a certain organization which is exempt | | | | I could list all of the documents and this article can |
| from tax. Disclosure of such information is the | | | | proceed to the next page. However it is not |
| measure used by the government to prevent | | | | important to be all knowing of this forms. What's |
| abuse from these organizations that are exempt | | | | important is you know what specific form fits |
| from taxes. | | | | your income status so you can voluntarily |
| 2. Document 1040 with title "U.S. Individual Income | | | | exercise what is expected of a good citizen. In |
| Tax Return" was the first tax form used for | | | | the traditional way of filing taxes these |
| personal or individual income tax return. It was | | | | documents are quite confusing in context. |
| used in the tax years 1913, 1914, and 1915. But in | | | | However with the trend of online technologies |
| 1916 Form 1040 was changed to an annual form. | | | | these forms have been simplified in a manner |
| This form has two other variants namely; Form | | | | which will be easier to fill out and comprehend. |
| 1040A referred to as the short form and Form | | | | |