Tax Reports 1040 Forms Manual
The first thing you have to learn to become a taxpayer is how to fill out and what to include in the 1040 forms.
These forms have to be filled out every year by individuals who work and live in the US.
The document has a strict deadline and is usually completed during the tax month. Include the taxes you pay and the money you earn.
What Are 1040 Tax Forms?
If you are still unaware of “what are 1040 tax forms?” you might have never paid taxes before.
This is the most common and the most popular tax registration document you have to file to the Department of the Treasury Internal Revenue Service. It contains information on income tax returns.
It reveals the whole taxable income you have and the taxes you have to pay from this income to the state.
You will find different versions of 1040 tax forms created for taxpayers’ convenience. However, the main goal of each form is to keep records of the taxes you pay and the salary you receive.
The deadline is Tax Day, which is April 15. However, if April 15 falls on the weekend or holiday, you have 1-2 days more. If you need an official extension, you have to file a specific document, which is Form 4868.
Most Common Federal 1040 Forms
Forms 1040 differ based on their major specifics. While they are all made to report taxes during the year, you might need only one of them.
The most downloadable form is the standard 1040, but you might need to use 1040X or Schedule C during the tax month.
Based on your case, you can choose the required template. If you don’t know which one to use, contact the IRS department and describe the details. Here are the most popular templates:
- Form 1040. This is the standard one. It contains the basic information on the salary you receive and the taxes you pay. It is only two pages long, but normally, you need to attach other schedules and forms to it such as W-2 or 8919;
- Form 1040-SR. This is the very same 1040 form but adjusted for the elderly and people with poor sight. It has wider sections to fill out and bigger letters. You can’t use it if you are not 65 or elder or if you don’t have confirmed problems with vision by a doctor;
- Form 1040X is made for fixing mistakes you’ve made in the 1040 form. Even if it’s not your fault, you still need to fix the numbers or provide updated information about your address. Make sure that this form matches your case before you file anything to the IRS;
- Form 1040-ES. The document is for owners of businesses. You can also be self-employed to use the template. It was created to help you to calculate the tax return for this particular year;
- Schedule C. There are numerous schedules that can be used with tax forms 1040; however, Schedule C is the most popular. It was created for self-employed taxpayers or people who turned their hobbies into a source of income. You can report your losses or income during the tax year.
Where to Get 1040 Tax Forms
Now you might want to find out where to get 1040 tax forms. There are two main options for you: either visit the IRS portal or use third parties like PDFLiner. Both options have their benefits. Here they are:
- The IRS official website is a trustable source of templates created by the government for you. There are lots of forms gathered from different years and available for a brief introduction. You will not be able to complete them online, but you can still open the form and take a good look at it. TheIRS usually provides you with a short description of the form in one or two sentences and the form itself;
- Third parties. If you want not only to find all the information about the form but to actually fill it out online, you have to use online editors. PDF lines, unlike any other service, has gathered an impressive library of templates with updates for each year. You can open the form and use a wide range of editing tools, including the ability to create an e-signature, complete the form, and send it online.
Types of federal 1040 forms are not the only documents you have to learn. You still need to find out which attachments to fill out and send with the 1040 form.
Schedules are common for taxpayers, and you might have already heard from the officials that you need something specific based on your case.
The schedules are also described within the form or on PDFLiner. Learn the most popular types:
- Schedule A. This schedule is dedicated to the itemized deduction. If you don’t have them, you don’t need the template;
- Schedule B is for the Interest and the Ordinary Dividends. You have to gather the date from 1099-DIV or 1099-IND to include there;
- Schedule C. This is about the loss or profit you might have from the business as self-employed. It is described above;
- Schedule D. This attachment reports the losses and gains of the capital;
- Schedule 1 is for the extra income and different adjustments;
- Schedule 2 reports the extra taxes you need to pay;
- Schedule 3 is for additional payments and credits that haven’t been reported before.
Based on the taxes you pay, you have to record them in the appropriate form. Make sure that you pick the right 1040 version and don’t miss the deadline. Follow this guide and master your skills to amaze the IRS.
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