If you are filing the 1040A tax return you are required to include more detail than the 1040EZ. This form is to your advantage in that it will aid you a thorough refund or help you to carefully calculate what you owe.
Eligibility for filing 1040A Form
- Your deductions are not itemized
- Your taxable income is less than 100,000
- Your only earnings are from tips, salaries, wages, scholarships and/or fellowship grants that are taxable, interest, dividends-ordinary, pensions, capital gain, annuities, unemployment, IRA, railroad retirement, social security that is taxable, and Alaska Permanent Fund dividends.
- You only claim taxes from the tax, minimum alternative tax, education credit, Capital Gain and Qualified Dividends Worksheet.
- Your only credits claimed are child and dependent care, earned income credit, elderly or disabled care, child tax, and retirement contributions.
- You do not have an exemption on an incentive stock option
Disclaimer for 1040A Form If you have any other tax, penalties, or other documents that the IRS requires and they do not fall into the category listed above you must file a 1040 tax return form.
Documents to Include with 1040A Form
- W2 wage and earnings statement (mandatory)
- 1099-R File Form 1099-R, Distribution tax for Retirement, annuities, pensions, PPS (Profit-Sharing Plans), IRAs, Insurance Contracts and 401K payments from life insurance plans under permanent and total disability, Any monies that total more than $10 of Taxable income if applicable.
- 1040V voucher for payment if income tax is owed
- Schedule EIC Earned income credit if applicable
Important Note: Do not attach the 1040V to your return this voucher should be placed loosely in the envelope along with your check or money order.
When filing a tax return first determine if you qualify for filing the simplest form first. This is the 1040 EZ (easy). The advantage is that you do not need as much documentation as the other forms, but only use this form if you qualify. There’s not a lot of room for exceptions; the requirements are well illustrated and nonnegotiable and you must meet all of them.
Eligibility for filing 1040EZ
- Your filing status is single or married and you file jointly
- You will not claim any dependents
- You/Spouse are under the age of 65 on or before January 1, 2013 or were not legally blind at year end 2012
- Your taxable interest was less than $1500.00
- Your only income was from salaries, wages, tips, unemployment, scholarships or grants that are taxable, or Alaska Permanent Fund dividend.
- Your annual taxable income was less than $100,000.
- Box 5 and 7 of your W2 lists tips you earned
- You do not owe employment tax or wages to household employees
- You are not in Chapter 11 bankruptcy filed after October 16, 2005
- Your only credit is earned income
- You are a not eligible for exemptions such as IRA, interest from student loans, tuition and fees, or educator expense exemption.
What to include when filing the 1040EZ
The documentation required for filing this tax return is a W2. If you qualify for an EIC (earned income credit) a worksheet is supplied to determine the amount of your credit. If you can be claimed as a dependent on another return, and choose not to do so, you can still file a 1040EZ, but you must report this information on the form.
Pub 501 claiming a dependent
When you cannot file 1040EZ or 1040A you must file the 1040. This is the most complicated of the tax return forms which means this is the form that you must be the most prepared for. Of all three tax forms this is the one you should seriously consider for using a tax service.
The 1040 tax form must be filed when your fall into the following category
- You receive a taxable income is 100,000 and above.
- You have nontaxable distributions, unreported tips; self-employment earnings; a shareholder in a S corporation, beneficiary of an estate, trust fund, or income received as a partner, a shareholder in an “S” Corporation, or a beneficiary of an estate or trust
- You owe household taxes for employment
- Your deductions are itemized
- You claim tax credits, adjustments on income,
- Be Familiar with the tax laws
While it is understood that you are not a tax expert, you should still have a mindset of how tax deductions work. There are a lot of extraneous information that may be tax deductible, pet food as a charitable deduction when operating a rescue shelter (Seawright v commissioner), pet moving expenses, (Babysitting fees if the parent is volunteering for a qualifying charity organization. (Kingsley v. Commissioner, T.C. Summ. Op. 1978-74). Home Landscaping costs if you legitimately do business out of your home office, receive clients and they cross your landscape to do business. (Langer v Commissioner). Obviously these are very unusual tax deductions, but the point being if you are required to file a 1040 form you should not discount considering a tax deduction even if you think it is unusual.
- W2 wage and earnings statement
- W2G gambling winnings/losses if applicable
- 1099-R =$600, retirement plan distributions or other earnings from miscellaneous assets and investments. If applicable
- EIC earned income credit if applicable If applicable
Publication 521 – Main Content Pet moving expenses,
Form 2106 or 2106-EZ
If you are filing a 1040X tax form you are aware that your original return needs amended. This can be a worrisome thought since some type of information was incorrect or missing and you know have to notify the Internal Revenue Service. Do not panic. The IRS understands that legitimate errors occur and they have set up the opportunity to correct them.
The guidelines are clearly illustrated on what can be amended and what cannot. For example, you may not change your status from joint to single after the due date. A common reason for an amended return is incorrect information on the return or missing documentation such as 1099 or dividend/interest reporting
Completing the 1040X
- A copy of your original
- All forms, worksheets, supporting documentation that you are amending.
- Any notices from the IRS
- Missing documentation such as 1099
- Instructions for the return you are claiming the amendment (these may be requested online at www.irs.gov/formspubs or 1-800-Tax Form (800-829-3676.
When not to file a 1040X
If you paid interest or sent an addition to a tax that was already paid you should file Form 843 instead-this is a claim for Refund and Request for Abatement.
If your spouse was injured Use form 8679, for the Injured Spouse Allocation. . In special circumstances you may use 1040X if you qualify Injured spouse claim under Special Situations after you have filed the 8679.
Do not file Form 1040X for an injured spouse claim. Instead, file Form 8379, Injured Spouse Allocation. But if you are filing Form 1040X to request an additional refund after filing Form 8379, see Injured spouse claim under Special Situations, later.
You must attach all supporting documentation to the 1040X or it will be returned.
Be specific and through in your descriptions and explanations why you are requesting an amendment.
The response time for the 1040X can be from 8-12 weeks. It is very important that you do not file more than one original return per year. By doing so, could delay your refund.
Taxes can be tricky. For many U.S. citizens, determining the amount of taxes they owe is a kind of guessing game, estimating withholdings through the employer. However, not all income is subject to the withholdings process. For these cases, Form 1040ES allows tax payers to estimate their tax liability on income that has not had tax payments withheld by the employer. Some examples of income that is not subject to tax withholdings are:
- -self-employment income
- money earned through investment interest
- money earned through stock dividends
- rent received as a landlord
- alimony payments
Furthermore, this form may apply to you if you have not designated withholdings through your employer. Designating your withholdings through your employer is referred to as electing voluntary withholdings. If you do not elect your withholdings, Form 1040ES is necessary for determining your tax liability and for reporting those taxes. To prevent confusion, it is suggested that those who do not elect withholdings pay their taxes throughout the year. Again, Form 1040ES is helpful for determining tax payments along the way. But remember that these taxes are estimated and may need to be adjusted at the end of the year.
Other Related Documents
-Publication 505, Tax Withholding and Estimated Tax
-Form 1040, U.S. Individual Income Tax Return
-Form 8822, Change of Address
The United States government has all the bases covered. There are IRS forms for citizens living in the United States. There are IRS forms for citizens of the United States living in U.S. territories, like Puerto Rico and the Virgin Islands. There are IRS forms for citizens of the United States living and working in foreign countries. And there are even IRS forms for non-citizens (aliens) who intend to leave the United States. Enter: Form 1040C.
Some people residing in the United States work part of the tax year within the United States and depart the U.S. to spend the rest of the year working abroad. Form 1040C allows these non-citizens (aliens) to report either income already received or, in the case of someone leaving the United States in the middle of the year, to report their anticipated income. Any of these people may also use Form 1040C to pay the tax liability on income earned at home or abroad. Of course, because of these transitional circumstances, Form 1040C must be filed before the alien leaves the United States. And this also applies even to former U.S. citizens, even those who were long-term citizens in the past.
Important Points to Know
-Aliens required to file this form should remember they must also file a standard tax return at the end of the year, in addition to Form 1040C.
-You may not have to file this form if you have no income to report, if an official U.S. tax representative deems that collecting your due taxes will not be hindered by your departure.
-For those required to file Form 1040C, the U.S. government forbids them from leaving the United States or one of her territories without filing the necessary paperwork or receiving an exception notice.
Other Related Documents
-Instructions for Form 1040C
-Form 2063, an occasional alternate to 1040C
Most US citizens are required by the Internal Revenue Service to file a federal tax return form every each. However, some US citizens are not required to do this. For instance, citizens of the United States who live in various non-state territories which are governed by the United States government do not have to file this standard form. But they are still not off the hook. Many must still file a form such as 1040 SS which governs US Self-Employment Tax.
What is the Form for?
Form 1040 SS is for resident of various US territories such as:
- -The U.S. Virgin Islands
- -American Samoa
- -The Northern Mariana Islands
- -Puerto Rico
Many citizens of these territories are classified as Self-Employed workers. And as a result, they must file Form 1040 SS to report self-employment income, and in many cases to pay self-employment tax as a result. Furthermore, this form is used by the Social Security Administration to discern the benefits accrued by self-employed works within the Social Security program. Hence the form’s suffix (SS).
In particular, those required to file this form are citizens who are self-employed, but who also earn $400 or more in an given tax year. Of course, those considered self-employed are any who work for themselves even if their occupation is farm related, a common occupation in these United States territories. Another common vocation that is often considered a form of self-employment is employment by a church. Pastors and other paid church leaders, in the 50 states or in the outlying territories, are required to report and pay taxes on self-employment income using a form like 1040 SS. And another possible category of worker who is considered self-employed is anyone who is a US citizen, living in an outlying U.S. territory, but employed by a foreign government.
Information Needed to File Form 2553
In order to file Form 2553, the shareholders must provide the following information:
- -The Corporation’s Legal Name and Address (located on the corporate charter)
- -The Employer Identification Number
- -Effective Date of Election
- -The Selected Tax Year to Apply S Corporation Status
- -The Signature of One or More of the Corporation’s Officers
- -A Statement of Consent by the Shareholders
Other Related Documents
- Instructions for completing Form 1040 SS
-Form 1040 – the standard tax return form for US citizens,
-Form 1040SS – the standard self-employment tax return form for US citizens
-Form 1040 PR – the Spanish equivalent of Form 1040SS
In 1898, the Treaty of Paris granted to the United States control of the Philippines and Puerto Rico. This made Puerto Rico a territory of the United States. As such, residents of Puerto Rico are required to file a variety of income tax forms, similar to residents of the United States proper. Because of the language differences between the United States and Puerto Rico, the tax forms particularly issued for Puerto Rico are in Spanish. If you do not read Spanish, this may present a problem. Below is some help understanding Form 1040 H-PR.
What is the Form for?
From 1040 H-PR is the Spanish equivalent of Form 1040-Schedule H. This form is used by residents of Puerto Rico to file taxes due as the result of paying a household employee $1800 or more in any given tax year. Furthermore, this form records any withholdings made on behalf of the household employee. Examples of possible withholdings are for:
-Federal Unemployment Tax
-Federal Income Tax
If you are required to report total household employment taxes in Puerto Rico, Form 1040 H-PR should be fully completed and attached to your other tax return reporting forms. Some information you will need to file this form are:
-total wages paid that are subject to social security tax
-total social security taxes
-total wages paid that are subject to Medicare tax
-total Medicare taxes
-Income tax your household withheld on behalf of household employees
Other Relating Documents
-The English equivalent of Form 1040 H-PR
In 1493, Christopher Columbus sailed the ocean blue. Of course, he found America. Did you know he found Puerto Rico, too? Today, both are governed by the United States. While it is not an incorporated state within the United States, Puerto Rico is a US territory. Therefore, citizens of Puerto Rico are required to pay taxes to the US government.What is the Form for?Many residents of Puerto Rico are required to file Form 1040 just like the rest of the US citizens who file the normal federal income tax return. However, some residents of Puerto Rico are required to file Form 1040 PR. Form 1040 PR is very similar to the standard federal tax return Form 1040, except for the fact that it is written in Spanish. Examples of those required to file the form as their annual income tax return are those who:
- earn income from a church
- are required to pay FICA taxes
- pay for Social Security and Medicare
- pay Federal Unemployment Tax
Important Points to ConsiderFirst, some residents of Puerto Rico are required to fill out Form 1040 PR in addition to the regular Form 1040. For example, those who are part-time self-employed workers and also part-time employees of a traditional company may be required to file both forms.Second, many citizens of the United States are able to avoid owing a hefty tax burden at the end of the year by paying the taxes a little at a time, throughout the year. Residents of Puerto Rico have the same opportunities.Third, when it comes to self-employed residents of Puerto Rico, only those who earn more than $400 in self-employed income. Those who do not reach this threshold may still need to file Form 1040 PR, but not for the reason of self-employment tax.Other Relating Documents-Form 1040 – the standard tax return form for US citizens-Form 1040SS – the standard self-employment tax return form for US citizens-Form 1040 PR – the Spanish equivalent of Form 1040SSMore Info
If you have a job then you have to file your taxes every year. Very often, it can benefit you to file your taxes, since you may get an IRS refund. Taxes are taken out of your paycheck but sometimes they take out too much. By filing your taxes with IRS form 1040 you may be able to get some of that money back.The first thing to know about form 1040 is that it’s due around April 15 of each year. So if you’re doing your taxes for 2012, form 1040 will be due April 15, 2013. The second thing to know is that you can file form 1040 online (electronically) or through the mail.According to the IRS website, more than 80% of taxpayers file their taxes electronically. That’s because it’s faster, easier, and you get your IRS refund faster, too. Keep in mind though, even if you file online, it’s a good idea to print the 1040 form after you’re done, for your records.The 1040 is one of the most commonly used IRS forms. There are a few variations on the 1040, however. For example, the IRS 1040 EZ form is for taxpayers with no kids. It’s probably the second-most commonly used IRS form. Here’s a list of the different types of Form 1040s out there.
- Form 1040 PR
- Form 1040 H-PR
- Form 1040-SS
- Form 1040-C
- Form 1040-ES
- Form 1040-NR
- Form 1040-NR-EZ
- Form 1040-V
- Form 1040-X
- Form 1040
- Form 1040 EZ
- Form 1040-A
If you want to file your1040 for free online, go to the IRS FreeFile webpage and begin there. If you want to just do your own taxes