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What Forms Do I Need For My Taxes
Form 1040, formally known as the U.S. Individual Income Tax Return, is the standard federal income tax form that people use to report income to the IRS, claim tax deductions and credits, and calculate their tax refund or tax bill for the year. . The IRS publishes a modified version of the form for each tax filing year.
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People with a relatively simple tax filing situation may not need to file anything other than a standard Form 1040. But if you have more going on in your life, you may need to get additional forms, also called schedules. to file with Form 1040. For example, Schedule A is a tax form familiar to those who itemize deductions on their tax returns instead of the standard deduction.
Account is the smartest way to track your savings, credit cards and investments in one place.
If you file your income tax return using tax software, you will be asked to provide information that will be translated into input on your Form 1040. The tax program should then automatically populate Form 1040 (and any supporting schedules) with your answers. and submit it electronically to the IRS. You can print or download a copy for your records.
If you prefer to fill out your own return, you can download Form 1040 from the IRS website. A form may look complicated, but it basically does the following four things:
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» More: Not sure if you should file a tax return this year? Our guide can help.
You need a lot of information to do your taxes, but here are some basic things most people should gather to get started:
If you are looking for your previous years tax return, you can request your tax transcript from the IRS.
Most tax software programs will automatically fill out Form 1040 for you based on a series of questions. If you need access to a blank form, you can download the latest version directly from the IRS website.
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Almost everyone uses a regular Form 1040, but depending on your tax situation and whether you want to claim certain deductions and credits, there are three regular schedules that you may not have to. Some people may not have to file any of these programs, while others may need to file more.
The standard Form 1040 tax return described above is what most individual taxpayers must fill out during tax time. However, there are a few other Forms 1040s you may need to know about, including Form 1040-SR for seniors.
Form 1040-ES can help freelancers or those who are self-employed calculate their estimated quarterly taxes. This form can also be used to estimate tax on income that is not deductible (for example, dividends or interest). If you’ve decided not to withhold taxes for unemployment or Social Security benefits, you’ll probably need to fill it out.
This form may be required by nonresident aliens engaged in a trade or business in the United States, representatives of a trust and/or estate that must file a 1040-NR, or a representative of a deceased person that must be filed. Required to fill out 1040-NR.
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Form 1040-SR is a new version of Form 1040. This form is for people 65 years and older. The main differences between the 1040-SR and the regular 1040 are cosmetic: The 1040-SR has a different color scheme, larger font, and a built-in standard deduction table (which may help people over 65 take a larger standard deduction. request themselves). .
If you owe the IRS on your return, you can pay the balance by mail (instead of electronically), along with your return. But to do that, you need Form 1040-V, also called a “payment voucher.” Most people choose to pay their tax bills online for convenience.
Form 1040-X is also commonly called an amended tax return. If you made a mistake—like forgetting to include additional income—on your original return, you’ll need to fill out this form.
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Tina Orem is an editor at . Before becoming an editor, he was an authority on taxation and small business. His works have been published in various local and national media. Read more
Sabrina Paris is a Content Management Specialist in the Tax and Investments team where she manages and writes content about personal income tax. His works have been published in Associated Press, Washington Post and Yahoo Finance. Read more
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What Documents Do I Need To File Taxes?
It’s that time of year again. No, we’re not talking about the new season of “The Bachelor.” We’re talking about tax season. and all the accompanying documents. There are several types of forms, and you’ll probably need a few of them to file your tax return by the April 18 deadline.
It depends on your financial situation. Read: Did you work full time, freelance, invest, etc. There are a few common tax forms you can expect to receive:
If you earned more than $600 from an employer last year, they must send you a W-2. It shows how much you earned, how much tax was withheld from your paychecks, specific benefits information, and more. If you’ve lost your W-2 form, you may have to go online to access it, or it may have been sent to the wrong address. Talk to your HR department to resolve it.
If you’ve earned side income, or are self-employed, you’ll likely need a 1099-MISC or 1099-NEC form to do your taxes. Note: The difference depends on whether you are subject to self-employment tax or not. If you are, you will receive a 1099-NEC. If you are not, you will receive a 1099-MISC. If you worked for a company as a contractor, the company’s human resources department will make sure you get the right form.
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Did you receive unemployment benefits in 2022? If so, you will receive a 1099-G from the government. Because yes, unemployment benefits are taxable.
This form is used to report most types of interest income (think: from savings accounts, savings bonds, etc.). The interest you earn in these accounts is added to your ordinary income and is taxed at the same rate as your income. You only pay extra tax if you have capital gains, interest or dividend income totaling more than $200,000 as a single filer or $250,000 for couples filing jointly.
You will receive a 1099-DIV if you earned dividends on the stock you own. Or if an investment fund that you own has divided the capital gains between you. If these conditions do not apply, do not worry about this form. But if you think it’s missing, you might want to check with your investment company.
Do you have student loans? If so, and you paid interest, you will receive a 1098-E. Depending on your income, you may be able to deduct this amount from your taxes. Generally, this form is downloaded from your service provider’s website.
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If you’ve paid more than $600 in mortgage interest, a 1098 is likely on the way. There should be a form for every mortgage you have. If you did not pay $600 in interest, you may not receive this form.
Did you get health insurance through the federal marketplace? If so, you need this form. You can find it on healthcare.gov when you sign in to your account.
In university or paying tuition this year? If so, you will receive a 1098-T. This form comes from the school and shows the total amount you have paid for tuition and other eligible educational expenses, such as fees and required course fees.
Do you own a business that takes credit or debit cards or processes $20,000 in transactions on payment apps like Venmo, Zelle, or CashApp? If so, you may receive this form for the 2022 filing year. Even if your transactions don’t meet this threshold, you may receive a Form 1099-K in the mail.
