Income tax return refers to the report carrying all the information and data used to compute income tax. In the United States of America, these reports are submitted to the Internal Revenue Service (IRS) or the local or state collecting agency. The IRS prescribes the forms in which the income tax returns data are to be entered.
The chief income tax returns are as follows:
Form 1040 is used in case of individual income tax returns in the United States of America. All full time residents of America can use this form. The annual individual income tax returns become due by 15th April of next year. The information to be furnished here are on the individuals and his dependents, his income heads and adjustments made to them.
1040A tax return is a form of 1040, but its parameters are much smaller. People having a taxable income below 100,000 dollars can use this option. 1040EZ tax return form is used by those people in the US who do not have any dependents and are either joint or single filers.
1041 tax return form is employed for returns of income tax for trusts and estates. Before 1993, this was called the U.S. Fiduciary Income Tax return.
Form 1065 refers to the returns on partnership income. This was previously known as U.S. Partnership Return of Income. This is an information return.
Form 1120 is the United States Corporate Income Tax Returns. Both initial and final returns have to be revealed. Form 1120S are used for income tax returns of S Corporations.
Form 1099 is an information return on income other than salaries, wages and tips.
The taxpayers of the United States of America have the option of filing an amended return with the IRS in case of any mistake that needs to be corrected in the former income tax return. The Form 1040X is used in this case.
The income tax returns can also be filed online. Information on name, address, date of birth, marital status, social security number, dependents, occupation and others will have to be furnished. Online income tax return filing is very easy, time saving and cost effective process.
Last Updated on : 5th July 2013