Tax Forms Flashcards
Form 1040
taxpayers use to file their annual income tax return; can report all types of income, deductions, and credits
Form 1040EZ
a simplified form used by taxpayers that do not require the complexity of the full 1040 tax form; Your filing status was single or married filing jointly. You did not claim anyone as your dependent. You (and your spouse, if you’re filing jointly) were under age 65 in the relevant tax year, and not blind. Your taxable income was less than $100,000.
Form 1040A
a simplified version of Form 1040 that limits the number of tax credits; income must be less than $100,000
1040 vs. 1040A vs. 1040EZ
The simplest IRS form is the Form 1040EZ. The 1040A covers several additional items not addressed by the EZ. And finally, the IRS Form 1040 should be used when itemizing deductions and reporting more complex investments and other income.
Form 1099
miscellenous; document payments made by an individual or a business that typically isn’t your employer
Form I-9
Employment Eligibility Verification, a United States Citizenship and Immigration Services form; used to verify the identity and legal authorization to work of all paid employees in the United States
W-2
used to determine how much you paid in taxes for the year. It will also show how much income you’ve made for the year
W-4
used to determine how much federal income tax an employer should withhold from your paycheck
Schedule A
attachment for itemizing deductions, such as mortgage interest, property taxes, medical or dental expenses, and charitable contributions
Schedule B
is the place to report taxable interest or ordinary dividends exceeding $1,500
Schedule C
reports the profit or loss and any deductible expenses from a business you own
Schedule D
is where you report capital gains and losses from stock sales or other transactions
Schedule SE
calculates the self-employment tax
