Tax Forms

Tax forms are used by the taxpayers to provide various relevant data to the tax regulating authorities of the particular country. Each and every country uses some sort of tax forms, which are designed according to the tax laws of the country. These forms are major instruments for the tax regulating authorities because the payable taxes are counted on the basis of the information provided in the tax forms.
There are several types of tax forms, which are prevailing in United States of America. The Internal Revenue Service designs these forms. The Internal Revenue Service also looks after the Federal tax structure of the country, which consists of the income tax, value added tax, sales tax, excise duty corporate tax and many more.

Following are some of the major tax forms, which are used by the taxpayers to file tax returns:

990 series:

There are several 990 forms like 990-EZ and 990-PF. These forms are used for tax filing by the non-profit and tax-relieved organizations.

1040 series:

There are several tax forms, which come under this series.

Some of the important forms of this series are:

1040:

This form is used by the US citizens to file their individual tax returns. The form was introduced in 1913 and till now it is playing a major role. It is also called the ‘Long Form’.

1040A:

This version of tax form is used by the individuals to file the returns. This is also called the ‘Short Form’. This tax form is used by the taxpayers who earns $100,000 and prefers the standard deduction.

1040EZ:

This is used by individuals as well as the joint filers who earn not more than $100,000 a year and prefer standard deduction. 1040NR and 1040NR-EZ: These forms are designed by the IRS and are used by the outsiders in America to file their tax returns.

1040X:

This is primarily used by the tax-filers for the purpose of correction in the previous tax returns.

1041:

primarily designed for the estates and trusts

1065:

used for filing the tax returns of the partnerships.

1098:

information about mortgage interest payment. This form has several varieties, which are used for different purposes.

1099:

Used to file information return. It has also several versions.

1120 and 1120S:

The corporations and S-corporations use these forms respectively for the purpose of tax filing.

Apart from these there are the tax form 2555 (foreign earned income), 5498 series including the 5498, 5498-ESA, 5498-SA and 8822 are also used by the taxpayers. The ‘Scheduled D’ form is used for declaring the profit or loss in different forms of tax returns. Apart from these, there are the ‘W Series’ of forms.

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Last Updated on : 5th July 2013