IRS Tax Help – All About 1040 Tax Forms
Posted on March 26, 2010 | No Comments
Robert L. Daniel asked:
When you want to file your tax returns on the IRS website, you might become a bit confused. This is because there are so many different forms to choose from and you may not know which one is appropriate for you. The following IRS tax help guide will give you the information you require to choose the right 1040 tax forms.
Form 1040, Individual Income Tax Return
If you intend to itemize your deductions, you have to file form 1040. Usually, you will do this if your deductions are higher than your ordinary standardized deduction. Additional typical deductions are provided for blind people and taxpayers who are above the age of 65.
1040EZ, Income Tax Return for Single and Joint Filers
You may file the 1040EZ form if you are doing so as single or married and filing jointly or independently. You cannot use this form if you have people who depend on you. Also, you can’t file this form if you are blind or above 65 years of age.
In addition to that, your taxable income should be below $100,000. With the form 1040EZ, there is also a limit to your credits. The only time you can file this form is when you are claiming the earned income credit.
1040NR, U.S. Nonresident Income Tax Return
Nonresidents of the U.S. file form 1040NR and pay tax only on U.S. income source. You only file this form if you do not have anything to consider you a resident of the U.S. Even if you do not have any earnings from your business, you will still be required to file form 1040NR. Remember that the rules for residency may be different from those of immigrants. If in doubt, you can consult a tax expert to help you distinguish between the two.
1040NR-EZ, U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents
If you have no dependents and the rules for filing 1040NR apply, then you can file using a much shorter form: the 1040NR-EZ. Your taxable income here must also be below $100,000 and your earnings from U.S. sources should be from salaries, tips, wages, local income taxes, scholarships, or fellowships. You cannot file this form if you have dividend income or taxable interest.
If you file form 1040NR-EZ you cannot claim deductions that are itemized.
1040-V, Payment Voucher
This form is the IRS’s favorite because it is the one you use to send in your tax payment. However, it is not mandatory to use the form.
These are some of the available 1040 series forms. If you still have burning questions you can contact your tax professional for details or simply give the IRS a call.
income tax return form
When you want to file your tax returns on the IRS website, you might become a bit confused. This is because there are so many different forms to choose from and you may not know which one is appropriate for you. The following IRS tax help guide will give you the information you require to choose the right 1040 tax forms.
Form 1040, Individual Income Tax Return
If you intend to itemize your deductions, you have to file form 1040. Usually, you will do this if your deductions are higher than your ordinary standardized deduction. Additional typical deductions are provided for blind people and taxpayers who are above the age of 65.
1040EZ, Income Tax Return for Single and Joint Filers
You may file the 1040EZ form if you are doing so as single or married and filing jointly or independently. You cannot use this form if you have people who depend on you. Also, you can’t file this form if you are blind or above 65 years of age.
In addition to that, your taxable income should be below $100,000. With the form 1040EZ, there is also a limit to your credits. The only time you can file this form is when you are claiming the earned income credit.
1040NR, U.S. Nonresident Income Tax Return
Nonresidents of the U.S. file form 1040NR and pay tax only on U.S. income source. You only file this form if you do not have anything to consider you a resident of the U.S. Even if you do not have any earnings from your business, you will still be required to file form 1040NR. Remember that the rules for residency may be different from those of immigrants. If in doubt, you can consult a tax expert to help you distinguish between the two.
1040NR-EZ, U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents
If you have no dependents and the rules for filing 1040NR apply, then you can file using a much shorter form: the 1040NR-EZ. Your taxable income here must also be below $100,000 and your earnings from U.S. sources should be from salaries, tips, wages, local income taxes, scholarships, or fellowships. You cannot file this form if you have dividend income or taxable interest.
If you file form 1040NR-EZ you cannot claim deductions that are itemized.
1040-V, Payment Voucher
This form is the IRS’s favorite because it is the one you use to send in your tax payment. However, it is not mandatory to use the form.
These are some of the available 1040 series forms. If you still have burning questions you can contact your tax professional for details or simply give the IRS a call.
income tax return form