Tax Season
Every tax season, taxpayers file a multitude of forms to disclose various avenues of income, expenses and other financial data. There are so many, so let’s look at the most common ones.
Form 1040
This form is used by taxpayers to file an annual income tax return.
Form 1040EZ
This form is made especially for taxpayers 65 years old and older. Form 1040EZ is simplified because it does not account for dependents, making more than $100,00 in a year, and itemizing your deductions.
Schedules
Schedule A is for itemizing deductions.
Next, schedule B is for reporting taxable interest or dividends exceeding $1,500.
Additionally, schedule C is for reporting any profit or loss from a business, if you own one.
Lastly, schedule D is for reporting capital gains and losses.
In the Mail
Some forms key to filing your taxes should come to you in the mail or from your employer.
Form W-2 documents your earnings for the year.
Next, form 1098 documents any payments on student loans, a mortgage, college tuition and more.
Form 1099 is for any income that doesn’t come from a wage like tips, interest, etc.
There are other tax forms but these are some of the most common.
Links
Learn more about tax forms from Intuit.
Lastly, learn more about our services here!
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