A right tax form makes your payment correct and quick. Although more and more taxpayers prefer e-file, and tax software also makes the tax filing automatic and easy, there are still a lot of people who are willing to fill out the tax forms by pen. If you are one of them, you should pay attention to our following introduction on different tax forms.
Federal income tax returns are generally due by April 15th. So you must find your specific tax return form among all the federal tax forms before a tax extension. Here are the most common types .
• Form 1040
We also call it the long form. Although it takes longer to finish, the form 1040 brings you more opportunities to lower tax bills.
Form 1040 is the standard Federal income tax form used to report an individual’s gross income (e.g., money, goods, property, and services). That’s to say, when in doubt facing different forms, file Form 1040.
• Form 1040A
This is a simplified federal income tax form used to report an individual’s income and calculate their taxes, known as “the short form” with only two pages.
Tax Form 1040A covers less than Form 1040, but more than 1040EZ (see below). It fits for common types of income, tax credits, and tax deductions. In fact, 1040A is not as extensive as its longer counterpart, so form 1040 may act as at first.
• Form 1040EZ
1040EZ is the shortest federal individual income tax form for taxpayers whose filing status is “single” or “married filing jointly” with no dependents.
The 1040EZ generally takes less time to fill out and process. However, it may be less beneficial for you than Form 1040 or Form 1040A. Because Form 1040 or Form 1040A allow taxpayers to claim “head of household” status, dependents, and various tax credits, tax deductions, and adjustments to income, making your tax lower than filing as “single”.
• Form 1040NR
If you were a nonresident alien engaging in business in the U.S during the past tax year, you need to file Form 1040NR. This is a must even if the business income is zero, or exempt from tax under a treaty .
For nonresident alien who did not engage in U.S. business but received income from U.S. sources that are reportable on Schedule NEC, Form 1040NR is a common visitor.
Long story short, if you are a U.S. nonresident alien, you will get familiar with this form. This is the federal individual income tax return, which is similar to the regular 1040 form used by U.S. citizens.
• Form 1040NR-EZ
It is the “short form” version of Form 1040NR for taxpayers who are non-resident aliens. In other words, this is the simpler version of the 1040NR which is for the same group of people.
Keep in mind, there are certain requirements if you want to use Form 1040NR-EZ to report your annual income taxes. For example, you cannot claim any dependents.
In a word, this is a briefing report on different tax forms, helping you to learn about the general category. For more instructions or information, IRS is available 24 hours a day, seven days a week.