There are different types of Federal individual income tax returns. It is the responsibility of the taxpayer to use the appropriate tax form that corresponds to the particular situation and permits to claim the income, tax credits and tax deductions. Federal income tax is due by 15th April, unless the taxpayer applies for a tax extension.
Common types of individual income tax returns
- IRS Form 1040 (U.S. Individual Income Tax Return)
- IRS Form 1040A (U.S. Individual Income Tax Return)
- IRS Form 1040EZ (Income Tax Return for Single and Joint Filers With No Dependents)
- IRS Form 1040NR (U.S. Nonresident Alien Income Tax Return)
- IRS Form 1040NR-EZ (U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents)
IRS Form 1040 (U.S. Individual Income Tax Return)
IRS Form 1040 is the standard Federal income tax form that is used to report the gross income of an individual. It is also referred to a long form as it is more broad than the other 1040 A and 1040 EZ tax forms. This Form 1040 allows the taxpayers to claim various expenses, itemize deductions, tax credits and adjust the income.
The 1040 tax form may take a long time to complete, but its benefits to the taxpayers is also more by giving more opportunities to decrease the tax bills. But before preparing this 1040 IRS tax form it is better to check whether you qualify to use the simpler 1040 A or 1040 EZ forms.
IRS Form 1040A (U.S. Individual Income Tax Return)
IRS 1040 A Form is a simplified federal income tax form that is used to report the income of an individual and calculate the taxes. It is also referred as the short form as it has only to pages to complete and is less complex than the IRS 1040 Form. The IRS 1040 A Form covers more than Form 1040 EZ and also permits the taxpayers to report the common types of tax credits, income, and tax deductions.
The IRS 1040 A form is available to the taxpayers of any filing status and any age. But, you cannot itemize the deductions and be claiming the types of tax credits are limited. When you qualify to prepare the IRS 1040 A, you can complete the filing soon and it is processed quickly by the IRS.
IRS Form 1040EZ (Income Tax Return for Single and Joint Filers With No Dependents)
The IRS 1040 EZ form is also the shortest federal individual income tax return like the IRS form 1040 A. This form is for the taxpayers who state the filing status as “single” or “married filing jointly” with no dependents. When compared to the 1040 Form and 1040 A Form, the IRS 1040 EZ form is less complex and takes less time to complete and process the form.
Based on the tax payer’s situation, it can be beneficial for the taxpayers to use the Form 1040 A or Form 1040 instead. But those forms allow the taxpayers to claim as “head of household”, various tax credits, income adjustments and tax deductions.
IRS Form 1040NR (U.S. Nonresident Alien Income Tax Return)
The IRS 1040 NR tax form is the income tax return for non-resident aliens. This form is similar to the regular form 1040. A nonresident alien file the Form 1040 NR during the past tax year who are engaged in the business in the U.S. The taxpayer is expected to file even when there is no income from the business or the income is exempt from the tax under a treaty with the tax payer’s country.
When you are a nonresident alien, who do not engage business in the United States must also use this form. The income received from the U.S sources must be reported on Schedule NEC. The citizens of the United States need not file the Form 1040 NR.
IRS Form 1040NR-EZ (U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents)
The IRS 1040 NR-EZ is the short version of IRS Form 1040 NR. It is designed for the taxpayers who are non-resident aliens. There are certain requirements when a taxpayer needs to use this form in order to report the annual income taxes. For instance, the taxpayer cannot claim any dependents and the taxpayers also cannot be claimed as a dependent on other tax payer’s income tax returns.
These are the various types of federal individual income tax returns. Before starting your tax returns, make sure to check whether you qualify to use that form.