Know what tax documents you'll need upfront Get started. Learn what education credits and deductions you qualify for and claim them on your tax return Get started. The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Skip To Main Content. Here's a guide to all of the variations you may come across.
Why are there different versions of the form? There are now four variations of the form A and EZ no longer exist : Form This is the one the majority of taxpayers will use to report income and determine their tax for the year and any refund or additional tax owed.
Form SR: This version is for senior taxpayers age 65 and older. Form SR is nearly identical to Form , but is printed using a larger font and includes a chart for determining the taxpayer's standard deduction. Form NR: This form is for non-U.
Form X: This form is for taxpayers who need to make amendments to their tax return after previously filing a Form What is the purpose of a form? Itemized deductions include expenses such as: mortgage interest, state and local income taxes or sales taxes, charitable contributions, and excess medical expenses.
What are the different schedules used with Form ? Even though Form is relatively short, there are various schedules, or additional forms, that help taxpayers calculate specific items that apply to Form Schedule 1: This form is used for reporting several common additional income sources or adjustments to income.
Some common examples of items reported on Schedule 1 include alimony, gains or losses from the sale of a business property, unemployment compensation, educator expenses, tuition and fees deductions, and health savings account contributions.
Schedule 2: This form is used for reporting additional taxes, and it now consists of two parts. The first part is for reporting alternative minimum tax and repayments of excess premium tax credits for health insurance purchased through the health insurance marketplace. The second part is for reporting self-employment taxes, unreported social security and Medicare tax, additional tax on IRAs or other tax-favored accounts, household employment taxes, repayment of first-time home buyer credit, and section net tax liability for foreign corporations.
Schedule 3: This form is for reporting additional credits and payments, and it's split into two parts: refundable credits and non-refundable credits. Credits reported here include credits for child and dependent care expenses, residential energy credits, overpayment of taxes in previous years, and previously paid excess social security taxes. Schedule A : This common form is used to enter all itemized deductions. These can include medical and dental expenses, mortgage interest, state and local taxes, charitable donations, and casualty and theft losses.
If you have interest and dividend income under that amount, you will enter that directly on Form , Lines 2 and 3. Schedule C : This form is for reporting profit or loss from business. Enter your filing status, income, deductions and credits and estimate your total taxes. Based on your projected tax withholding for the year, you can also estimate your tax refund or amount you may owe the IRS next April.
From tax calculators and filing information to a range of tax resources, our online tax center provides help and answers to common tax questions. Beyond providing financial planning advice, what does a financial advisor do? Form is used by U. Where to File? About Form V, Payment Voucher. About Form X, Amended U. About Form , Employee Business Expenses. About Form , Moving Expenses. About Form Additional Related Items.
Page Last Reviewed or Updated: Sep Share Facebook Twitter Linkedin Print. Have additional income, such as unemployment compensation, prize or award money, gambling winnings.
0コメント