What are the three basic tax forms available?

There are three personal income tax forms — 1040, 1040A and 1040EZ — with each designed to get the appropriate amount of your money to the IRS.

Do I file 1040 or 1040EZ?

The simpler the form, the less chance for an error that may cost you money or delay the processing of your return. The simplest IRS form is the Form 1040EZ. … And finally, the IRS Form 1040 should be used when itemizing deductions and reporting more complex investments and other income.

What tax forms do I need?

Top 8 IRS Tax Forms You Need to Know

  • Form 1040-EZ. …
  • Form 1040, U.S. Individual Tax Return. …
  • Schedule A to Form 1040, Itemized Deductions. …
  • Form 1099-INT, Interest Income. …
  • Schedule C to Form 1040, Profit or Loss From Business (Sole Proprietorship) …
  • Form 1099-MISC, Miscellaneous Income.

What is the difference between Form 1040 and Form 1040-SR?

The new Form 1040-SR is a variation of the standard Form 1040 used by most taxpayers. If you were at least age 65 by the end of 2020, you can use either form. Form 1040-SR uses larger type and gives greater prominence to tax benefits for seniors, particularly the additional standard deduction.

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What is the difference between Form 1040 and 1040A?

Although it’s longer than Form 1040EZ, Form 1040A is shorter than the 1040 tax form, and it allows you to claim certain adjustments not available using Form 1040EZ. For example, Form 1040A can be used to file as head of household, which is more advantageous than a filing status of single.

Which tax form should I use 2020?

In late 2017, President Trump signed a new tax plan into law. This law consolidated the forms 1040, 1040A and 1040EZ into a single redesigned Form 1040 that all filers can use. For your 2020 taxes, which you file in 2021, you will use this new 1040. That means you can no longer use the 1040EZ.

What are the two most commonly used tax forms?

Most Common Tax Forms

  • Form W-2, Wage and Tax Statement. …
  • Form 1099-MISC, Miscellaneous Income. …
  • 1099-G, Certain Government Payments. …
  • Form 1099-K, Payment Card and Third Party Network Transactions. …
  • Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

Where can I get a 1040A tax form?

Get the current filing year’s forms, instructions, and publications for free from the Internal Revenue Service (IRS).

  • Download them from IRS.gov.
  • Order by phone at 1-800-TAX-FORM (1-800-829-3676)

What forms do I need to file my 2019 taxes?

Get ready to file your 2019 taxes

  • Make sure you have all needed documents before filing, including your: 2017 return. Year-end Forms W-2. Forms 1099. Form 1095-A.
  • E-file, it’s the most accurate way to prepare and file.
  • Combine direct deposit with electronic filing to get your refund as fast as possible.
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Does the post office have tax forms?

A) Yes, you may visit a local IRS office or a post office or library that carries tax forms. You may also use computers that are often available for use in libraries to access IRS.gov to download needed forms.

What forms do I need to file my taxes by mail?

n Attach a copy of Forms W-2, W-2G and 2439 to the front of Form 1040. Also attach Forms 1099-R if tax was withheld. n Use the coded envelope included with your tax package to mail your return.

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