By STAFF Writer
November 05, 2012
It’s easy to get mixed up in the world of tax forms that you could be filling out for the 2012, 2013 tax year. Whether you’re a seasoned vet when it comes to tax season or this is your first time, it’s always healthy to make sure that you look at the forms you need to fill out.
Here’s a list of the most common tax forms, often considered terminology, and their basic definition to help you figure out which federal tax forms you need for filing taxes. Keep in mind that state tax forms are not included in this lists, and you should consult with your local library as to which forms you need for state taxes.
Form 1040
The most common of tax forms, nearly all Americans will file a 1040 tax form. There are a few varieties of the 1040, including the 1040A, 1040EZ and the 1040X. Which one you use usually depends on the income that you made and what tax form you have been provided with by your employer, so do not fill out the 1040 until you know exactly which variation of this form that you need.
Form 1098
Student loans, mortgage interest rates and tuition payments are all to be filed on the form 1098. 1098 is the federal tax form for deductions from what you would otherwise end up paying in taxes, so if you have any of the payments just mentioned, make sure to grab this form and look through it thoroughly before filing your taxes.
Form 1099
If money that you made doesn’t seem to fit on the 1040 federal tax forms, you more than likely should be using a 1099. Independent contractors and lottery winners are the most common examples of individuals who have to fill out a 1099. This should also be used when you withdraw money from a retirement account or a 401k, or when you make money off the sale of a home.
It’s easy to get lost in the world of tax forms this year, but if you don’t have one of these forms in front of you, you more than likely have to grab one of them. If you are looking for Federal tax forms, there is a list tax forms located at this link.
http://www.easyincometaxfilingonline.com/tax-forms/irs-tax-forms/
November 05, 2012 | 0
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