Federal tax forms
Tax Forms are used by tax payers to calculate taxes and report their income to the government of United States. They are also used by tax exempt organizations to report financial information to IRS (Internal Revenue Services).
Federal Tax Forms have been classified as :
990 Series
The IRS Form 990 is submitted by Tax-exempt and non profit organization to furnish the IRS with its annual financial information. The form provides the government and the people financial details about the organization and is usually the only source of such information. The 990 form also helps the IRS prevent the companies from abusing its tax-exempt status. The two variants of 990 are Form 990-EZ, used by companies with a gross receipt of less than $100, 00 and a total asset of less than $250, 00. Another is the 990-PF, available for private organizations. Public Inspection regulations state that an organization must present a copy of its recent three Form 990s if requested by anyone.
1040 series
Form 1040 is the starting form for individual Federal income tax returns filed with IRS. Any full time resident American tax payer can use Form 1040.Those citizens with no itemized reductions may use the more simplified Form 1040A or the even simpler form 1040EZ.. Form 1040X is used to make corrections on a previously filed tax return. For obtaining a tax refund, Form 1040X must be filed within 3 years after the original version was filed or within 2 yrs after the tax was paid. Form 1041 is used by estates and trusts for tax returns and Form 1065 is used by partnerships for tax returns
1099 series
Form 1099 is publicized by the IRS and is used to make and file an information return to report on various kinds of income other than wages, salaries and tip. A common usage of Form 1099is to report payments made to contractors. Payers who file more than 250 of Form 1099should file them electronically or magnetically with the IRS.
Form 2553
Form 2553 is used in the American income tax system by small scale businesses to elect to be taxed as a ÃÂSubchapter S corporationÃÂ.
Form 2555
Form 2555 is an IRS form filed by taxpayers who have obtained their income from sources outside the US and thus are exempted from US income tax.
5498 series
Form 5498 deals with Information on Individual Retirement Arrangement contribution. Form 5498-ESA deals with information on Coverdell ESA contribution.
Form 5498 SA deals with information on HAS, Archer MSA and Medicare Advantage MSA
8822
Form 882 is used to notify change of address to the IRS
Scheduled D
Scheduled D is the name of the form which gives information about the capital gains and loses about an individual, partnership and corporation tax returns.
W series
Form W-2, Wage and Tax statement is used in the US income tax system to give an information report about the wages paid to employees and the taxes withheld from them. Form W-4 is a tax form used by employers to calculate the correct amount of withholding tax to deduct from the employees. W-8BEN is used by foreign nationals in US to certify their non American status. The form is issued by the IRS establishes whether one is a non resident alien or a foreign national working outside the US, in order to claim Tax treaty benefits.
Form W-9, Request for Tax payer Identification Number and Certification is used in the US income tax system by a third party who must furnish the IRS with some information.
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