Types of Federal Tax Return Forms
Posted By: Dr. Frugal in Taxes on 08/04/2007 at 15:17:23
There are four versions of the US individual Income Tax Return From 1040:
Form 1040EZ: The simplest form, for those under age 65 with no dependents, no itemized deductions, no more than $1500 of taxable interest income, no advance earned income tax credit (EITC), and taxable income from line six of less than $50,000. There are a few other caveats so be sure to read the instructions with the form to make sure you qualify to use it.
Form 1040A: Only slightly more difficult to complete than the 1040EZ. You can use this form if you don't itemize deductions, your taxable income on line 27 is less than $50,000, you claim only certain tax credits (see the form for details), and you had income only from the following sources: wages, salaries, and tips; interest and ordinary dividends; capital gains; taxable scholarship and fellowship grants; pensions, annuities, and IRAs; unemployment compensation; taxable social security or Alaska permanent fund dividends. That's everyone right· Not quite.
Form 1040 (the long one): If you don't qualify to use the 1040A you're stuck with the big boy. Don't worry though, you're in good company. Nearly 3/4 of all taxpayers use this form. There are a number of special circumstances that require you to use the long form, so be sure to read the instructions.
Form 1040PC: A special version of your tax return that can be generated by income tax preparation software like TurboTax or TaxBrain. It will look like gibberish to you but the IRS computers will be able to translate it into meaningful information and it's much shorter than a regular 1040.
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