IRS tax forms are used for taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS) of the United States. They are used to report income, calculate taxes to be paid to the federal government of the United States, and disclose other information as required by the Internal Revenue Code (IRC). There are over 800 various forms and schedules. The best-known of these is Form 1040 used by individuals.

Fiduciary reporting

990

The Form 990, Return of Organization Exempt From Income Tax, is submitted by tax-exempt and non-profit organizations to provide the Internal Revenue Service with annual financial information. Form 990-PF is available for private foundations. A short version, Form 990-EZ, may be used by organizations with gross receipts of between $25,000 and $500,000 and total assets of less than $2.5 million. (Organizations with gross receipts of under $25,000 in a year are not required to file a form 990). An obscure provision of a 2006 Pension Bill placed a filing mandate on smaller nonprofits (Under $25,000 in annual receipts) or face automatic revocation of their exempt status. In response to over 320,000 organizations failing to meet the mandate, IRS issued one time relief under IR 2010-87 through Oct 15, 2010. Those organizations may file form 990N List of charities at risk of revocation and eligible for relief under IR 2010-87.

The Form 990 provides the public with financial information about a given organization, and is often the only source of such information. It is also used by government agencies to prevent organizations from abusing their tax-exempt status. In June 2007, the IRS released a new Form 990 that requires significant disclosures on governance and boards of directors. These new disclosures are required for all nonprofit filers for the 2009 tax year, with more significant reporting requirements for nonprofits with over $1 million in revenues or $2.5 million in assets. In addition, certain nonprofits have more comprehensive reporting requirements, such as hospitals and other health care organizations (Schedule H).

The Form 990 disclosures do not require but strongly encourage nonprofit boards to adopt a variety of board policies regarding governance practices. These suggestions go beyond Sarbanes-Oxley requirements for nonprofits to adopt whistleblower and document retention policies. The IRS has indicated they will use the Form 990 as an enforcement tool, particularly regarding executive compensation. For example, nonprofits that adopt specific procedures regarding executive compensation are offered "safe harbor" from excessive compensation rules under section 4958 of the Internal Revenue Code and Treasury Regulation section 53.4958-6.

Public Inspection IRC 6104(d) regulations state that an organization must provide copies of its three most recent Forms 990 to anyone who requests them, whether in person, by mail, fax, or e-mail. Additionally, requests may be made via the IRS using Form 4506-A, and PDF copies can often be found online on sites such as Foundation Center's 990 Finder, Guidestar.org and the National Center for Charitable Statistics. New IRS Form 990

Instructions for Form 990 and Form 990-EZ

990 Finder IRS Form 990 lookup tool; provides PDF copies of annual returns.

Guidestar IRS Form 990's and other information for selection of nonprofits.

NCCS IRS Form 990 search tool and nonprofit organization profiles.

Charity Navigator uses IRS Forms 990 to rate charities.

BoardSource Governance requirements in 990.

5500

The Form 5500, Annual Return/Report of Employee Benefit Plan, was developed jointly by the IRS, United States Department of Labor, and Pension Benefit Guaranty Corporation to satisfy filing requirements both under the Internal Revenue Code (IRC) and the Employee Retirement Income Security Act (ERISA). The Form 5500 is an important compliance, research, and disclosure tool intended to assure that employee benefit plans are properly managed and to provide participants, beneficiaries, and regulators are provided with sufficient information to protect their rights. Starting in 2009, all Forms 5500 must be filed electronically on the website of the Department of Labor.

Individual forms

1040

thumb|First page of Form 1040 for 2005 tax year The Form 1040, U.S. Individual Income Tax Return, is the starting form for personal (individual) federal income tax returns filed with the IRS. The first Form 1040 was published for use for the tax years 1913, 1914, and 1915. Beginning with the tax year 1916, Form 1040 was converted to an annual form (i.e., updated each tax year with the new year printed on the form). The IRS used to mail tax booklets (Form 1040, instructions, and most common attachments) to all households prior to 2009.

Income tax returns for individual calendar year taxpayers are due by April 15 of the next year. Should April 15 fall on a Saturday, Sunday, or a legal holiday in Washington D.C. or in the state to which the return is required to be filed, the returns are due on the next business day. For example, in 2011, April 16 is a legal holiday, Emancipation Day, in Washington D.C. April 16, 2011, is a Saturday, so the holiday is observed on Friday, April 15, 2011. Because Friday, April 15, 2011 is a legal holiday in Washington D.C., Form 1040 income tax returns filed on Monday, April 18, 2011, will be treated as timely filed on Friday, April 15, 2011.

Form 1040 consists of two full pages not counting attachments. The first page collects information about the taxpayer(s), dependents, income items, and adjustments to income. The second page calculates the allowable deductions and credits, tax due given the income figure, and applies funds already withheld from wages or estimated payments made towards the tax liability. At the top of the first page is the Presidential election campaign fund checkoff, which allows you to designate that the federal government give $3 of the tax it receives to the Presidential election campaign fund.

Form 1040 has 11 attachments, called "schedules", which may need to be filed depending on the taxpayer. For 2009 and 2010 there is an addition form, Schedule M, due to the "Making Work Pay" provision of the American Recovery and Reinvestment Act of 2009 ("the stimulus"):

Schedule A itemizes allowable deductions against income; instead of filling out Schedule A, taxpayers may choose to take a standard deduction of between $5,700 and $15,800 (for tax year 2010), depending on age, filing status, and whether the taxpayer and/or spouse is blind.

Schedule B enumerates interest and/or dividend income, and is required if either interest or dividends received during the tax year exceed $1,500 from all sources or if the filer had certain foreign accounts.

Schedule C lists income and expenses related to self-employment, and is used by sole proprietors.

Schedule D is used to compute capital gains and losses incurred during the tax year.

Schedule E is used to report income and expenses arising from the rental of real property, royalties, or from pass-through entities (like trusts, estates, partnerships, or S corporations).

Schedule EIC is used to document a taxpayer's eligibility for the Earned Income Credit.

Schedule F is used to report income and expenses related to farming.

Schedule H is used to report taxes owed due to the employment of household help.

Schedule J is used when averaging farm income over a period of three years.

Schedule L is used to figure an increased standard deduction in certain cases.

Schedule M (2009 and 2010) is used to claim the up to $400 Making Work Pay tax credit (6.2% earned income credit, up to $400).

Schedule R is used to calculate the Credit for the Elderly or the Disabled.

Schedule SE is used to calculate the self-employment tax owed on income from self-employment (such as on a Schedule C or Schedule F, or in a partnership).

In most situations, other Internal Revenue Service or Social Security Administration forms such as Form W-2 must be attached to the Form 1040, in addition to the Form 1040 schedules. There are over 100 other, specialized forms that may need to be completed along with Schedules and the Form 1040.

Short forms

Over the years other 'Short Forms' were used for short periods of time. One was an IBM Card on which a few lines could be written which would be transcribed into another card which looked the same but which had holes in it which a computer or 'unit record' machine could read. As with the other forms there was always a place for a signature. This was back in the 1960's.

The Form 1040A ("short form"), U.S. individual income tax return, is a shorter version of the Form 1040. Use of Form 1040A is limited to taxpayers with taxable income below $100,000 who take the standard deduction instead of itemizing deductions.

The Form 1040EZ ("easy form"), Income Tax Return for Single and Joint Filers With No Dependents, is the simpliest, six-section Federal income tax return, introduced in 1982. Its use is limited to taxpayers with taxable income below $100,000 () who take the standard deduction instead of itemizing deductions.

Other

The Form 1040NR, U.S. Nonresident Alien Income Tax Return, and its "easy" version Form 1040NR-EZ, U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents, are used by nonresident aliens who have U.S. source income and therefore have to file a U.S. tax return. Joint returns are not permitted, so that husband and wife must each file a separate return. The Form 1040NR-EZ can be used under conditions similar to those for the 1040EZ form.

The Form 1040X, Amended U.S. Individual Tax Return, is used to make corrections to Form 1040, Form 1040A, and Form 1040EZ tax returns that have been previously filed. Generally for a tax refund, this form must be filed within 3 years after the date that the original version was filed, or within 2 years after the date that the tax was paid, whichever is later. Forms 1040X are processed manually and therefore take longer than regular returns. For years prior to 2010, Form 1040X had three columns: for the amounts from the original version, for the net increase or decrease for each line being changed, and for the corrected amounts. For 2010, the form was condensed with a single column for the corrected amounts. Due to confusion amongst taxpayers on how to complete the single-column form, the IRS revised the Form 1040X again for 2011 by returning to the original three-column format.

Self-employed individuals and others who do not have enough income taxes withheld, might need to file Form 1040-ES, Estimated Tax for Individuals, each quarter to make estimated installments of annual tax liability (pay-as-you-go tax).

Entity returns

Form 1065, U.S. Return of Partnership Income, is used by partnerships for tax returns.

Form 1120, U.S. Corporation Income Tax Return, is used by C corporations for tax returns.

Form 1120S, U.S. Income Tax Return for an S Corporation, is used by S corporations for tax returns.

Form 1041, U.S. Income Tax Return for Estates and Trusts, is used by estates and trusts for tax returns.

Employment (payroll) taxes

Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return

Form 941, Employer’s Quarterly Federal Tax Return

Transfer taxes

Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, is used to report estate taxes

Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, is used to report gift taxes

Information returns

Informational returns are prepared by third parties (employers, banks, financial institutions, etc.) and report information to both the IRS and taxpayers to help them complete their own tax returns. The forms report the amounts only on a calendar year (January 1 through December 31) basis, regardless of the fiscal year used by the payer or payee for other federal tax purposes. Taxpayers are usually not required to attach informational returns to their own federal income tax returns unless the form shows federal income tax withheld. Many businesses and organizations must file thousands of information returns per year.

The issuance or non-issuance of an informational return is not determinative of the tax treatment required of the payee. For example, some income reported on Form 1099 might be nontaxable and some taxable income might not be reported at all. Each payee-taxpayer is legally responsible for reporting the correct amount of total income on his or her own federal income tax return regardless of whether an informational return was filed or received.

1098 series

The Form 1098, Mortgage Interest Statement, is used to report interest that a taxpayer has paid on his or her mortgage. Such interest might be tax-deductible as an itemized deduction

The Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, reports charitable contributions of motor vehicles

The Form 1098-E, Student Loan Interest Statement, reports interests the taxpayer paid on student loans that might qualify as an adjustment to income

The form 1098-T, Tuition Statement, reports tuition expenses the taxpayer paid for college tuition that might entitle the taxpayer for an adjustment to income or a tax credit

1099 series

Form 1099 series is used to report various types of income other than wages, salaries, and tips (for which Form W-2 is used instead). Examples of reportable transactions are amounts paid to independent contractor for services (in IRS terminology, such payments are nonemployee compensation). The ubiquity of the form has also led to use of the phrase "1099" to refer to contractors themselves. In 2011 the requirement has been extended by the Small Business Jobs Act of 2010 to payments made by persons who receive income from rental property.

Each payer must complete a Form 1099 for each covered transaction. Three copies are made: one for the payer, one for the payee, and one for the IRS. Payers who file 250 or more Form 1099 reports must file all of them electronically with the IRS. If the fewer than 250 requirement is met, and paper copies are filed, the IRS also requires the payer to submit a copy of Form 1096, which is a summary of information forms being sent to the IRS. The returns must be filed with the IRS by the end of February immediately following the year for which the income items or other proceeds are paid. Copies of the returns must be sent to payees, however, by the end of January. The law provides various dollar amounts under which no Form 1099 reporting requirement is imposed. For some Form 1099s, for example, no filing is required for payees who receive less than $600 from the payer during the applicable year.

Variants for Form 1099

, several versions of Form 1099 are used, depending on the nature of the income transaction:

1099-A: acquisition or Abandonment of Secured Property

1099-B: Proceeds from Broker and Barter Exchange Transactions

1099-C: Cancellation of Debt

1099-CAP: Changes in Corporate Control and Capital Structure

1099-DIV: Dividends and Distributions

1099-G: Government Payments

1099-H: Health Insurance Advance Payments

1099-INT: Interest Income

1099-LTC: Long Term Care Benefits

1099-MISC: Miscellaneous Income

1099-OID: Original Issue Discount

1099-PATR: Taxable Distributions Received From Cooperatives

1099-Q: Payment from Qualified Education Programs

1099-R: Distributions from Pensions, Annuities, Retirement Plans, IRAs, or Insurance Contracts

1099-S: Proceeds from Real Estate Transactions

1099-SA: Distributions From an HSA, Archer MSA, or Medicare Advantage MSA

1042-S: Foreign Person's U.S. Source Income

SSA-1099: Social Security Benefit Statement

SSA-1042S: Social Security Benefit Statement to Nonresident Aliens

RRB-1099: Payments by the Railroad Retirement Board

RRB-1099R: Pension and Annuity Income by the Railroad Retirement Board

RRB-1042S: Payments by the Railroad Retirement Board to Nonresident Aliens

W-2G: Certain Gambling Winnings

5498 Series

Form 5498: IRA Contribution Information

Form 5498-ESA: Coverdell ESA Contribution Information

Form 5498-SA: HSA, Archer MSA, or Medicare Advantage MSA Information

W series

W-2

The Form W-2, Wage and Tax Statement, is used to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. An employer must mail out the Form W-2 to employees on or before January 31. This deadline gives these taxpayers about 2½ months to prepare their returns before the April 15 income tax due date. The form is also used to report FICA taxes to the Social Security Administration. The Form W-2, along with Form W-3, generally must be filed by the employer with the Social Security Administration by the end of February. Relevant amounts on Form W-2 are reported by the Social Security Administration to the Internal Revenue Service.

W-4

The Form W-4 is used by employers to determine the correct amount of tax withholding to deduct from employees' wages. The form is not mailed to the IRS, but rather retained by the employer. Tax withholdings depend on employee's personal situation and ideally should be equal the annual tax due on the Form 1040. When filling out a Form W-4, an employee calculates the number of Form W-4 allowances he or she will claim, based on his or her expected tax filing situation for the year. For each Form W-4 allowance taken, the amount of money withheld as federal income tax is reduced. No interest is paid on over-withholding, but penalties might be imposed for under-withholding. Alternatively, or in addition, the employee can send quarterly estimated tax payments directly to the IRS (Form 1040-ES). Quarterly estimates might be required if the employee has additional income (e.g. investments or self-employment income) not subject to withholding or insufficiently withheld.

W-8BEN

The Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, is used by foreign persons (including corporations) to certify their non-American status. The form establishes that one is a non-resident alien or foreign corporation, to avoid or reduce tax withholding from U.S. source income, such as rents from U.S. property, interest on U.S. bank deposits or dividends paid by U.S. corporations. The Form W-8BEN form should be given to the withholding agent such as a property manager, bank or stock broker, and not the IRS. The form is not used for U.S. wages and salaries earned by non-resident aliens (in which case Form W-4 is used), or for U.S. freelance (dependent personal services) income (in which case Form 8233 is used). The form requires the foreign person to provide a U.S. Taxpayer Identification Number unless the U.S. income is dividends or interest from actively traded or similar investments.

W-9

The Form W-9, Request for Taxpayer Identification Number and Certification, serves two purposes. First, it is used by third parties to collect identifying information to help file information returns with the IRS. It requests the name, address, and taxpayer identification information of a taxpayer (usually in the form of a Social Security Number or Employer Identification Number). The form is never actually sent to the IRS, but is maintained by the person who files the information return for verification purposes. The information on the Form W-9 and the payment made are usually reported on a Form 1096 or 1099. The second purpose is to help the payee avoid backup withholding. The payor must collect withholding taxes on certain reportable payments for the IRS. However, if the payee certifies on the W-9 they are not subject to backup withholding they generally receive the full payment due them from the payor. This is similar to the withholding exemptions certifications found on Form W-4 for employees.

Other forms

Form 2553, Election by a Small Business Corporation, is used by small businesses to elect to be taxed as a "Subchapter S - Corporation" (S corporation).

Form 2555, Foreign Earned Income, is filed by taxpayers who have earned income from sources outside the United States exempt from U.S. income tax. U.S. citizens or resident aliens are taxed on their world-wide income. For those who qualify, however, Form 2555 can be used to exclude foreign earned income up to US$87,600 for 2008, $91,400 for 2009, $91,500 for 2010, and $92,900 for 2011. Also, it can be used to claim a housing exclusion or deduction. A filer cannot exclude or deduct more than their foreign earned income for the tax year.

Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, is used to request an extension of time to file a federal income tax return for an individual (there is no extension to pay the tax).

Form 8822, Change of Address, is used to report a change of address to the Internal Revenue Service.

Form 8889, Health Savings Accounts (HSAs), is used by Health Savings Account HSA holders. HSA administrators are required to send HSA account holders and file forms 1099SA and 5498SA with the IRS each year.

Public disclosure

In the United States, tax records are not publicly available, with the exception the Forms 990 for nonprofits which are generally open for public inspection. Selected tax data is released as economic data for research. In other countries such as Norway and Finland, tax records are public information. Tax filings in the U.S. were not private when federal income taxation began in 1861, but controversy led to Congress prohibiting any examination of tax records by 1894. Congress allowed public examination of individual and corporate tax payments only in 1923, but the disclosure was eliminated by 1924. In 1934 the measure was briefly considered again. As of 2010, various experts have advocated that the income and tax payments be released for individuals and corporations to shed further light on tax efficiency and spur reform. These experts have suggested only releasing information which can't be used for identity theft to address privacy concerns.

See also

IRS Volunteer Income Tax Assistance Program

Taxation in the United States

Notes

External links

Internal Revenue Service

Category:Internal Revenue Service Category:United States government forms Category:Taxation in the United States Category:Tax forms