Archive for the '1040 tax forms' Category

How to get Faster and Free IRS Tax forms?

June 29th, 2011 -- Posted in 1040 form Assistance, 1040 tax forms | 1 Comment »

Filing IRS tax forms is considered a difficult task for most of the people. Taxes are collected by IRS from January to April and for this the tax payers need to fill out the 1040 tax forms. They show their deductions, income and credits through these forms. There is a need to be careful while filling out these forms as several exemptions and deductions need to be considered. If you are unable to pay tax, there is an option of paying in installments according to your income and it saves your from several penalties and interest payments. The tax filing status depends upon the marital status and the family income of the individual.

There are five options stating whether the individual is single, married but filing form separately, married and filing jointly, head of the family and filing by a widow(er) with children. This particular status affects the amount of deductions. The status of the individual will be single if he/she is not married or divorced. Joint return can be filed in case you are married. If the partner is dead and the spouse has not remarried then a joint return in the name of the dead spouse can be filed in joint return. For house hold option, the person should not marry again and have paid almost 50% cost of the home. There are some other conditions for the widower which should be met if you have children dependent on you.

The online filing of IRS tax forms has made it easier for many to file and submit these forms easily. It is a good way of filing the forms in a hassle free and timely manner. The returns are filed in an electronic way. This method saves a lot of time and now there is no need to worry about the deadlines of traditional method. After submitting, take prints so that you may have the proof as well.

The professional fees of filing the IRS tax forms can also be avoided with these online submissions. There is no chance of error in these systems and guides the users so that forms are submitted in a correct manner.

Single and Joint Filers-forms for Income Tax Return

June 8th, 2011 -- Posted in 1040 tax forms, Income Tax | No Comments »

Filing the tax returns on IRS confuses lots of people. It is because of the reason that there are many forma available on the website and it is difficult to analyze for the individual which one is best for him. There is an IRS tax guide that helps in choosing the right type of tax form for you.


Form 1040- Individual Income Tax Return

If you want to list your deductions, 1040 form help is for you. It is appropriate when your deductions are more than the standardized deductions. The feature of additional typical deductions is for those who are either blind or above the age of 65.

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1040EZ- Income Tax Return for Single and Joint Filers
This form is filled when you are single, married and are filling the tax returns individually or jointly. If there are any persons who are dependent on you, then this form is not for you. Similarly this form is not for blind individuals and those above 65 years.
Additionally for this form, the taxable income should be less than $100,000. 104EZ doesn’t have credit limitations.

1040NR-U.S. Nonresident Income Tax Return
The non residents of United States of America file this form and pays tax only on the US income sources. This is filed if you have nothing that makes you a resident of US. Unable to get any earnings from your business, makes you eligible for this form. The residency rules are different from those of non residents. A tax consultant helps you in differentiating between the two.

1040NR-EZ-U.S. Income Tax Return for Certain Nonresident Aliens with No Dependents
If there are no dependents and all the requirements of 1040NR are applicable, then you may apply for a much shorter form in the shape of 1040NR-EZ. The rule of taxable income is same. The earnings from the US sources should be in the form of wages, salaries, local income taxes, scholarships. If you are receiving any kind of dividend income or taxable interest; this form is not for you.
Filing 1040NR-EZ prevents you to claim against the itemized deductions.

1040-V- Payment Voucher
It is the favorite of IRS because it is used when required to send the tax payments, however it is not mandatory to use this form.

On Tax Form 1040

December 25th, 2008 -- Posted in 1040 tax forms | 1 Comment »

Those who earn a stable or adjustable income every year must file for income tax returns to the Internal State Revenue by signing and submitting the Tax Form 1040.  This form enables you to calculate your income tax return, report your annual income, and avail of any deductions and tax credits.  Though a lot of people still seek 1040 form help, the internet has made things a lot easier.  The official website of the IRS has a digital copy of the tax forms in PDF format so all you have to do is visit the website and download the files to your computer.  For those who find this method too much of a hassle or who have trouble looking for the IRS website can always call the IRS customer service and request them to send a copy of the tax forms instead.
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Interesting enough, the tax form 1040 has been divided into two in order to shorten the time spent in filing, calculating, and submitting to the IRS.  These two forms are known as 1040-EZ and 1040A.  Both are still meant to be submitting when filing for tax returns but are different in terms of the income being presented by the individual.  If his or her financial status meets the requirements and falls under the eligibility standards of either forms, then he or she can download a copy of either and submit it as his or her report.  It would be best to read through the instructions of each form before answering and submitting to the IRS.

Tips in Doing your Form 1040

December 22nd, 2008 -- Posted in 1040 tax forms | No Comments »

Some people choose to use a professional to help with the filing of their income tax returns. Some others use the software applications that allow electronic filing of taxes. The more traditional ones prefer to accomplish the preparation of their tax returns on their own using the actual forms. For these people, doing it helps them learn a lot in the process.

Every taxpayer’s situation is unique so, there are different ways to really completely fill up the Form 1040. For those who want to be sure and do not trust themselves in doing a great job at filing, they hire professional tax people.

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Here are some tips:

107  For any additional information on the forms or schedules, check the Internal Revenue Service (IRS) site or call their toll-free line for live telephone assistance.
108  There are Taxpayer Assistance Centers that can also help with any concerns about tax filing. Check the IRS website for the exact locations of these centers.
109  Employ the services of tax professional and experts if you are not sure about your skills in doing your taxes.
110  Learn to differentiate wages and income.
111  Strive for accuracy. Providing false data or giving inadequate details can put some red flags on your tax returns, which may trigger an audit by the IRS.
112  Never ever sign a blank tax return form and just leave everything with the tax person. Sign the document after the tax professional has completed everything you hired him for. This is after both of you have worked together in completing the details and making sure they are accurate.

Tax Return and Form 1040

December 22nd, 2008 -- Posted in 1040 tax forms | No Comments »

Everyone has to file for tax returns to the Internal Revenue State and the Department of Revenue to which state the person permanently resides in.  The tax form 1040 is what people use to report their annual income, calculate their tax returns, and to claim privileges such as deductions and credits.  The form is divided into two, the 1040-EZ and the 1040A tax forms, which can be downloaded off the internet from the IRS official website.  These forms are shorter than the 1040 form but are distinct from one another in terms of eligibility and requirements.  For the 1040-EZ tax form, those who are eligible must abide by these conditions:

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1.  Total income under US $100,000
2.  Interest income under US $1,500
3.  Income sources are wages, interest, Alaska Permanent Fund dividends, and unemployment compensation
4.  You and your spouse are under the age of 65
5.  No adjustments to income
6.  Claiming only standard deduction
For tax form 1040A:
1.  Income sources are from wages, internet dividends, capital gain distributions, taxable grants and scholarships, pensions, annuities, and IRA distributions
2.  Claiming of income adjustments such as classroom expenses, IRA contribution deductions, and student loan interests, and college tuition fees.
3.  Claiming standard deduction
4.  Taxable income is US $100,000 or less
5.  Claiming tax credits such as child tax credit, Hope and Lifetime Learning education credits, earned income credit, child and dependent care expenses, etc.

For more information and 1040 form help, you can visit the official website of the Internal Revenue State.

Who Needs Form 1040?

December 21st, 2008 -- Posted in 1040 tax forms | No Comments »

All US citizens and resident aliens regardless of where they live file Form 1040. Others who do not have to file for returns should still file this form to a refund of any income tax withheld. Others need to file Form 1040 if they are qualified for any credit like:
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107  Earned income credit
108  Additional child tax credit
109  Health coverage tax credit
110  Refundable credit

Form 1040 is the right form to file if the taxpayer’s income is big, if he has a complicated investment portfolio, or if he has a lot of income sources to report. The longest form among three, Form 1040 is to be filed if you want more criteria to fill in order to get more deductions or tax options.

The taxpayer needs Form 1040 if:

111  His taxable income is $100,000 above
112  There are itemized deductions
113  Based on Form W-2, Box 12, there are uncollected tax on tips or life insurance
114  Based on Form W-2, Box 12, there is code Z
115  He received $20 up in terms of tips in any one month and failed to report to the employer
116  He owes excise tax on stock compensation from an expatriated company or corporation

Should you need help in filing your tax returns or should you feel confused about which form to fill up, you can choose to employ the services of accountants or go to the IRS website to use the free e-filing services being offered. It will be best to read up about the many forms in order to file the taxes correctly.

The Schedules of Form 1040

December 16th, 2008 -- Posted in 1040 tax forms | No Comments »

When filing your income tax return, the first thing you have to put in mind is to choose which form to use so that there won’t be any hassles in accomplishing your annual responsibility to your country.

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The United States Internal Revenue Service (IRS) issues a lot of tax forms. For individual taxpayers, there’s Form 1040. This is the standard federal income tax form for most people who need to file their taxes. Anybody can use this, but there are some people who only have a few income sources and no deductions to claim – they can have their taxes processed much faster if they use the shorter version of the 1040, either the 1040A or 1040EZ.

Any of these forms can be downloaded from the IRS site or picked up from the nearest postal office or local library. Other places to get the forms are the IRS office and any tax center. Those who do not have Internet access can call the toll-free number of IRS and request for their copies to be sent via mail.

Form 1040 is the basic tax return form for any individual and can be used by any taxpayer. There are sections called schedules, which have to be filled out based on the individual’s income sources and which deductions or credits the person is subject for. There are six schedules namely:

Schedule A (Itemized Deductions)
Schedule B (Interest and Ordinary Dividends) for income coming from investments
Schedule C (Profit or Loss from Business)
Schedule D (Capital Gains and Losses)
Schedule E (Supplemental Income and Loss
Schedule SE (Self-Employment Tax)