Before you start to file your taxes, you people have to know which federal tax form to fill. The IRS has about 30 different types of tax forms for different types of taxpayers, and you people have to use the one that is most suitable for your tax situation. Tax forms may be updated from time to time, and it is necessary that you obtain the latest forms when you are filing your 2011 tax returns. Here are some of the most commonly used federal tax forms:
1040 Series
Tax Forms in the 1040 Series are used for filing personal federal income tax returns, and they consist of Form 1040 as well as other variants, counting Form 1040A, Form 1040EZ, Form 1040NR, Form 1040NR-EZ, and Form 1040X. Form 1040 is also called the long form, and it can be use by any full-time income individual taxpayer in the United States. If you have an uncomplicated tax situation, without itemized deductions or assets gain or loss, you can make your tax preparation procedure easier by using tax Form 1040A or Federal Tax Form 1040EZ, which are also known as the short form and the easy form respectively. Form 1040NR and its simpler version, Form 1040NR-EZ, are meant for nonresident aliens who are earning income in the US. If you have made errors in any
Form 1040, Form 1040A, or Form 1040EZ that you had submitted, you can rectify the errors by completing Form 1040X.
1065
If you are in a business partnership, you should use Form 1065 to file your tax preparation.
1098
Form 1098 is also known as the mortgage interest statement, and it is used for coverage interest that you have paid on your mortgage. You are allowed to claim deduction for this kind of attention at the federal level, provided that you are not subject to alternative minimum tax.
1099 Series
The 1099 series of tax forms include Federal Tax Form 1099, as well as more than 20 variants. If you have earned other types of income in addition salaries, wages, and tips, you have to report such earnings using one of the forms in the 1099 series. The variants of Form 1099 are used for reporting specific types of income, which can range from dividends to income from real estate transactions.
