FORM | WHAT IS IT? | WHERE TO FIND |
1040’s | 1040’s are the main part of a federal income tax return. They provide a detailed overview of a person’s taxes. Our program selects the type of 1040 you need based on the information you enter into the program. | |
1040-EZ | Accommodates the SIMPLEST return. Can only be used if Single or Married Filing Joint with no dependents. Includes EIC (Earned Income Credit). | Automatically created by entering information into program. |
1040-A | Accommodates an AVERAGE return. Reports income such as wages, unemployment, interest and dividends. Lists only the more common credits and adjustments such as child tax credits and educational credits. Cannot Itemize deductions with the 1040A. | Automatically created by entering information into program. |
1040 | Accommodates the most COMPLEX returns. This is the “long form” version of a tax return. Lists ALL credits, adjustments and other entries. You can use Itemized or Standard deductions only on the 1040. Allows for Capital Gains/Losses, IRAs, K-1s, etc. | Automatically created by entering information into program. |
Supporting Forms | These forms are used to do the calculations for figures that are reported on the 1040. | |
Schedules | A schedule is an additional form the IRS requires you to prepare if you are reporting certain types of income. The information from this form then flows to the 1040. The schedule breaks out the financial information, and is included as part of your return. | |
A | Itemized Deductions: includes medical and dental expenses, taxes you paid, mortgage interest expenses, gifts to charity, unreimbursed employee business expenses, job related travel expenses, miscellaneous deductions and less common deductions (including Casualty and Loss, Business Use of your Home, and Investment Interest) | Federal > Income > Deductions |
B | Interest and Dividends: Used to report your information from forms 1099-INT (interest paid to you during the year) or 1099-DIV (ex . ordinary dividends from investments). | Federal > Income > Interest and Dividend Income |
C | Business Income: Used if you own your own business or have 1099-Miscellaneous (Box 7) for earned income. | Federal > Income > Profit/Loss from a Business |
D | Capital Gains/Losses: Used if you have gains/losses from the sale of property (ex. stocks, etc.) Reported on 1099-B | Federal > Income > Capital Gains/Loss |
E | Rental Income: Used to report income from rental property. | Federal > Income > Rents and Royalties |
F | Farm Income: Used to report income if you are a sole-proprietorship to report your farming income and expenses from your business. | Federal > Income > Profit or Loss from Farming |
H | Household Employee Income: Used by the employer to report wages and other items paid to any Household employees. | Federal > Other Taxes > Household Employment Tax |
Other Forms | For information on W-2’s, 1098’s, 1099’s, K-1’s and many other common forms please click here |
