Archive for the 'Income Tax' Category

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.

1040formhelp

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.