Guide to Different Types of Tax Forms

Every year millions of Americans are confused about how to do their taxes. With every situation being unique, things can quickly get complicated. We’ve broken down the most important tax forms below to help guide you along your path. As always if you have questions, don’t hesitate to reach out to us.

What tax form should I use?

Form 1040EZ

The 1040EZ is the simplest form of the 1040. You can file it if you:

  • Earned less than $100,000
  • Have no dependents
  • Are younger than 65
  • Don’t plan to itemize your deductions

Form 1040A

The 1040A is more comprehensive than the 1040EZ, but simpler than the regular 1040. You should file it if you:

  • Want to adjust your taxable income
  • Don’t need to itemize your deductions
  • Don’t have self-employment income

Form 1040

The standard 1040 is used if you:

  • Make over $100,000
  • Have self-employment income
  • Plan to itemize deductions

Common Tax Form Attachments

Some individuals have to file attachments on their return. Here are some common attachments you may need to use:

  • Schedule A is used for itemizing deductions, such as property taxes, medical or dental expenses, and charitable donations.
  • Schedule B is used to report taxable interest exceeding $1,500. This only applies to taxable accounts.
  • Schedule C is the place to report profits or losses from any business you own. Any deductible expenses belong on this one too.
  • Schedule D is used to report gains and losses from stock sales or other transactions.
  • Schedule SE helps you calculate the self-employment tax.

Information Returns

Form W-2

A W-2 is received from your employer. This documents your full earnings for the year, as well as the state and federal income tax your employer withheld. You need this form to file your 1040s.

Form 1098

A 1098 is received if you paid college tuition, paid a mortgage or a student loan, or donated a vehicle to a charity.

Form 1099s

1099s are received if you earned more than $600 from any company while working as a contractor or consultant within the last tax year. There are a few different types:

a)1099-INT: Tracks interest income you receive on investments;
b)1099-DIV: Reports capital gains, federal income tax, and dividends withheld from investment accounts;
c)1099-MISC: Covers self-employment earnings.

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