Taxation Tools

Common Tax Forms

The Internal Revenue Service (IRS) has a number of forms that individuals and businesses can use when determining their income tax liability and preparing their tax returns. You can review and download all IRS forms on the IRS website. The following are some of the more common tax forms:

Form 1040 — The U.S. individual income tax return.

Form 1040EZ — The income tax return for single and joint filers with no dependents.

Schedule A, Form 1040 — Taxpayers can use Schedule A to figure out their itemized deductions. If an individual opts to itemize deductions (rather than take the standard deduction), he or she can deduct a portion of medical and dental expenses; a part of unreimbursed employee business expenses; certain theft and/or casualty losses; and amounts paid for certain taxes, interest and contributions.

Schedule B, Form 1040 — Schedule B is for interest and ordinary dividends. Taxpayers use Schedule B if they had more than $1,500 of taxable interest; they had more than $1,500 of ordinary dividends; they received ordinary dividends as nominees; any of the Special Rules in line 1’s instructions apply; they claim the exclusion of interest from EE or I U.S. savings bonds; they had foreign accounts; or they received distributions from, were grantors of or transferors to foreign trusts.

Schedule C, Form 1040 — A taxpayer can use Schedule C to report profit or loss from business or a profession if he or she operates a sole proprietorship.

Schedule D, Form 1040 — Schedule D covers capital gains and losses. Taxpayers use it to report sales or exchanges of capital assets (not accounted for on other schedules); gains from involuntary conversions of capital assets not held for business or profit; capital gain distributions not reported on line 13 of Form 1040; and nonbusiness bad debts.

Form 706 — Form 706 is the U.S. estate and generation-skipping transfer tax return used by executors of estates required to pay estate taxes.

Form 709 — Form 709 is the U.S. gift and generation-skipping transfer tax return used to report gift transfers subject to the federal gift tax and allocation of the lifetime generation-skipping transfer exemption.

Form 990 — Tax-exempt organizations, nonexempt charitable trusts and section 527 political organizations use Form 990 to report certain required information to the IRS.

Form 1127 — This is an application for an extension of time for payment of tax.

Form 2106 — Employees who can deduct ordinary and necessary business expenses use Form 2106.

Form 3903 — An individual can use Form 3903 to figure out expenses related to moving for a job. Deductible moving expenses include the reasonable expenses of moving household goods and personal effects, and of traveling to a new home.

Form 6251 — This form is used by individuals to determine the alternative minimum tax (AMT).

Form 8283 — Individuals with noncash charitable contributions of more than $500 must use Form 8283.

Form 8863 — This form is used to determine and claim education credits (Hope and lifetime learning credits) based on qualified education expenses that are paid to eligible postsecondary educational institutions.

Form 8888 — Individuals who wish to have their tax refunds directly deposited into two or three accounts fill out Form 8888.

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