Tax Return

Tax Return

Tax returns are forms filed with the Internal Revenue Service (IRS) or with the state or local tax collection agency containing information used to calculate income tax or other taxes.
The standard individual tax return is Form 1040. There are several variations of this form, such as the 1040EZ and the 1040A, as well as many different supplemental forms.
Those who earn more than a specified amount are required by law to file tax returns.
If you find a mistake on your previously filed individual tax returns, you can file corrections with Form 1040X.

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Tax Return: Form 1040

The Form 1040, Individual Income Tax Return, is the starting form for personal Federal income tax returns. Any individual income taxpayer can use Form 1040. Those with uncomplicated tax situations may be able to use the simplified Form 1040A or the even simpler Form 1040EZ instead of Form 1040.
Income tax returns for calendar year taxpayers are due by April 15 of the next year. Income tax returns for fiscal year taxpayers are due on or before the 15th day of the fourth month following the close of the fiscal year.
    Form 1040 consists of two pages plus attachments:
  • The first page collects information about the taxpayer, dependents, income items, and adjustments to income.
  • The second page calculates the allowable deductions and credits, tax due given the income figure, and applies funds already withheld from wages or estimated payments made towards the tax liability.
    Form 1040 has 11 attachments:
  • Schedule A itemizes allowable deductions against income.
  • Schedule B enumerates interest or dividend income.
  • Schedule C lists income and expenses related to self-employment, and is used by sole proprietors.
  • Schedule D is used to describe capital gains and losses incurred during the tax year, and to calculate the tax amount due given the special reduced tax rates applied to capital gains.
  • Schedule E is used to report income and expenses arising from the rental of real property, royalties, or from pass-through entities.
  • Schedule EIC is used to document a taxpayer's eligibility for the Earned Income Credit.
  • Schedule F is used to report income and expenses related to farming.
  • Schedule H is used to report taxes owed due to the employment of household help.
  • Schedule J is used when averaging farm income over a period of several years.
  • Schedule R is used to calculate the Credit for the Elderly or the Disabled.
  • Schedule SE is used to calculate the self-employment tax owed on income from self-employment.
In most situations, other Internal Revenue Service or Social Security Administration forms such as Form W-2 must be attached to the Form 1040, in addition to the Form 1040 schedules.

Tax Return: Form W-2

Form W-2, Wage and Tax Statement, is used to report wages paid to employees and the taxes withheld from them. The form is also used to report FICA taxes to the Social Security Administration. Relevant amounts on Form W-2 are reported by the Social Security Administration to the Internal Revenue Service.
Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship.
    The form consists of six copies:
  • Copy A - Submitted by the employer to the Social Security Administration.
  • Copy B - To be sent to the employee and filed by the employee with the employee's federal income tax returns.
  • Copy C - To be sent to the employee, to be retained by the employee for the employee's records.
  • Copy D - To be retained by the employer, for the employer's records.
  • Copy 1 - To be filed with the employee's state or local income tax returns.
  • Copy 2 - To be filed with the employee's state or local income tax returns.

Tax Return: Form 1099

Form 1099 is used to report various types of income other than wages, salaries, and tips. Each payer must complete a 1099 for each covered transaction. Three copies are made: one for the payer, one for the payee, and one for the IRS. The form is used to report income only on a calendar year basis. The forms must be filed with the IRS by the end of February immediately following the year for which the income is paid, but copies must be sent to payees by the end of January.