What is IRS Form?

Tax administration forms are documents that individuals and companies use to report all financial activities to the federal government for the purpose of calculating tax liabilities.

Tax administration forms are documents that individuals and companies use to report all financial activities to the federal government for the purpose of calculating tax liabilities. The Internal Revenue Service generates hundreds of forms, although it is unlikely that you will find anything more than a handful each year.

Tax return form

The most familiar IRS form to Americans is Form 1040, which is the standard tax return for individual taxpayers.

Corporations also pay income tax. Most corporations submit their returns using a version of Form 1120 or later. 

Schedule and attachment of IRS form

Filing an income tax return may include more forms than your return. Depending on your financial complexity, there are dozens of more forms that you need to fill out and include with your return. The most common of these is called “schedule”.

For example, if you want to itemize your cuts, you must complete a Schedule A attachment. And if you have significant interest or dividend income, you may also need to attach a Schedule B. Other common schedules include Schedule C for reporting income and losses from sole proprietorships and Schedule D for reporting your capital asset transactions such as the sale of your shares.

If you plan to take advantage of tax exemptions and credits, you will need to fill out separate forms and include them with your return, such as Form 2441 for a tax credit for child care expenses or Form 1116 for a foreign tax credit.

Informative tax form

The IRS forms also issue tax forms that provide you with the information you need to prepare your taxes, even if you do not fill them out. The most commonly used informative tax form is W-2 which your employer prepares to report your annual wages, salaries, and tips and the amount of tax withheld from it.

Form 1099 is similar to W-2 but is used to report a wider range of income you receive in a year. Variations in the form include 1099-INT which banks use to report your interest income, Form 1099-NEC reports what you earn as an independent contractor and Form 1099-G are the benefits you receive from the government such as unemployment benefits. If you have a certain deductible cost, you can get various Form 1098 in the mail. These report your potential tax deductions, including mortgage interest, student loan interest, tuition payments, and motor vehicle grants.

Receipt of the tax form

Whether you need the tax forms for the current or previous years, you can easily access them when you use TurboTax to prepare your return. We will ask you simple questions and fill out all the correct forms for you. Alternatively, you can search the Tax Administration website to download each form.

 If you have a simple or complicated tax situation, we’ve got you covered. Feel confident to do your own tax.

Martin

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