The 1040 tax form should be your starting point for your personal IRS income tax returns.
Based on the amount of income you have declared, 1040 tax form will help you calculate the amount of tax you need to pay.
By using this form regularly as your income changes, you will be more aware of whether you might actually calculate that you will receive a return or you need to take steps to reduce your potential tax penalty.
This is the 'long form' or the more complete version and should be used if you have complicated tax issues to calculate.
Things like capital gain or loss, investment income or loss or multiple itemized deductions should be entered individually on your 1040 tax form to help you gain a more accurate idea of the amount of tax you should be withholding or paying.
The 1040 tax form should be used by all resident US income tax paying individuals.
The 1040A tax Form
The 1040 tax form is the simplified form to help you calculate your estimated tax liability for the financial year.
If you have no complicated tax additions for the year, like capital gains or individual itemized deductions, then the short form will be ideal for you.
The 1040EZ Tax Form
The 1040EZ tax form is an even more simplified version of the more lengthy 1040 form and is still able to help you determine what your tax bill might amount to at the end of the year very quickly.
Once again, this is ideal for those people with no uncomplicated tax issues to account for.
Tax Form of 1040NR
The 1040NR tax form is designed to help non-resident aliens to calculate the amount of tax payable prior to filing a tax return to the IRS.
For any non-resident alien who has been in the United States less than five years and who is earning income on which tax must be paid needs to use this form.
Tax Form of 1040X
There are times when you forget to include income in some of your previous IRS tax returns or new deductions.
You need to complete a 1040X tax form, when you wish to amend a previous tax return in any way.
The 1040x tax form shows the IRS the real figures you submitted and highlights what figures should have been according to your calculations.
Sometimes IRS help can help you to reduce a pending tax penalty you might incur or increases the amounts of tax refund you were due.
Based on the amount of income you have declared, 1040 tax form will help you calculate the amount of tax you need to pay.
By using this form regularly as your income changes, you will be more aware of whether you might actually calculate that you will receive a return or you need to take steps to reduce your potential tax penalty.
This is the 'long form' or the more complete version and should be used if you have complicated tax issues to calculate.
Things like capital gain or loss, investment income or loss or multiple itemized deductions should be entered individually on your 1040 tax form to help you gain a more accurate idea of the amount of tax you should be withholding or paying.
The 1040 tax form should be used by all resident US income tax paying individuals.
The 1040A tax Form
The 1040 tax form is the simplified form to help you calculate your estimated tax liability for the financial year.
If you have no complicated tax additions for the year, like capital gains or individual itemized deductions, then the short form will be ideal for you.
The 1040EZ Tax Form
The 1040EZ tax form is an even more simplified version of the more lengthy 1040 form and is still able to help you determine what your tax bill might amount to at the end of the year very quickly.
Once again, this is ideal for those people with no uncomplicated tax issues to account for.
Tax Form of 1040NR
The 1040NR tax form is designed to help non-resident aliens to calculate the amount of tax payable prior to filing a tax return to the IRS.
For any non-resident alien who has been in the United States less than five years and who is earning income on which tax must be paid needs to use this form.
Tax Form of 1040X
There are times when you forget to include income in some of your previous IRS tax returns or new deductions.
You need to complete a 1040X tax form, when you wish to amend a previous tax return in any way.
The 1040x tax form shows the IRS the real figures you submitted and highlights what figures should have been according to your calculations.
Sometimes IRS help can help you to reduce a pending tax penalty you might incur or increases the amounts of tax refund you were due.
About the Author:
Anne Durrel originally comes from Stockton, California, USA. She has written many articles about IRS . Other guide you may be interested in reading: irs tax help tips, and section 1031 exchange guide!
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