How to Choose the Right Tax Forms

  • Disclaimer: The content of this page is intended for general informational purposes only and is not a substitute for professional financial advice.

Guide Note: Doing your taxes equals paperwork. There's no getting around it. You can, however, avoid having to do it twice by having the right forms in front of you the first time around.

How to Choose the Right Tax Forms will walk you through the varying versions of Form 1040 and some of the most commonly-used schedules and IRS publications.

Table of Contents:

Disclaimer: The content of this page is intended for general informational purposes only and is not a substitute for professional financial advice.

Contact the IRS or a professional financial advisor for the most up-to-date and complete information regarding state and federal tax law.

Introduction

  • Half the battle of doing your tax return is being sure that you have the right forms in front of you. While everyone will use some version of the 1040, you may need to use several different schedules or forms if you want to file for an extension, itemize deductions or report supplemental income and losses. The following guide will walk you through some of the most commonly-used forms and help you determine which version of the 1040 you should be using.

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How to Choose the Correct Forms

(Screenshot by Mahalo)
(Screenshot by Mahalo)
  • If you're having a pro or an online service like TurboTax prepare your return, you won't need to download any forms from the IRS or pick them up at the library. In fact, these services will automatically determine which forms you need to file. If you're going the paper and pencil route, however, you're on your own. Here's a rundown of the basic IRS forms to get you started:

Form 1040

  • Everyone must fill out a 1040, 1040EZ or 1040A. This is where you calculate and report your taxable income. Which version of the 1040 you fill out will depend on a few different factors:
  • 1040: The most commonly used form, and the one you'll likely be using. You must use this form if your taxable income is more than $100,000 or you plan on itemizing your deductions. You should also use this form if you have self-employment income. [1]
  • 1040EZ: Use the 1040EZ if you have no dependents, are under 65 and not blind, earned less than $100,000 last year and do not itemize your deductions. [2]
  • 1040A: Use the 1040A if your taxable income is less than $100,000 and do not itemize deductions, but do have some adjustments such as a retirement contribution or child tax credit. [3]


Additional Commonly-Used Tax Forms

(Screenshot by Mahalo)
(Screenshot by Mahalo)
  • Depending on your income and how you've acquired it, you may need to fill out one of the following forms. For a complete list of forms, visit the Forms and Publications page of the IRS website.
  • Schedule A: For Itemized Deductions, Mortgage Interest, etc.
  • Schedule B: Report Taxable Interest or Dividends in Excess of $1,500
  • Schedule C or C-EZ: Report Profit or Loss from a Business
  • Schedule D: Report Capital Gains and Losses, Sales from Stock, etc.
  • Schedule E: Report Supplemental Income and Losses
  • Schedule SE: Calculate Self-Employment Tax
  • Form 1040V: Voucher for Submitting Payments by Mail
  • IRS forms and publications are available at your local library and via the IRS website.

State Income Tax Forms

  • Don't forget that you're not just filing a federal income tax return; you need to file your state income tax return as well. To find the correct tax return forms for your state, visit your official state tax authority's website.
  • TurboTax and Kiplinger have aggregated links to every state's site here.
  • The IRS also maintains a guide to every state's important tax-related sites here.


IRS Resources

IRS Forms

Resources for How to Choose the Right Tax Forms

Tax Filing Books, Products, and Services


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