The 13 Most Common Tax Forms
1. Form 1040: U.S. Individual Income Tax Return
Form 1040 is the standard tax form for individuals to report their annual income, deductions, and credits. It is a comprehensive form that covers various types of income and adjustments to calculate the taxpayer’s total taxable income.
2. Form 1040-ES: Estimated Tax for Individuals
Form 1040-ES is used by individuals who are required to make quarterly estimated tax payments. This form helps taxpayers calculate and pay the right amounts throughout the year to avoid penalties and interest.
3. Form W-2: Wage and Tax Statement
Employers use Form W-2 to report wages paid to employees and the taxes withheld from those wages. Employees use this form when filing their individual tax returns.
4. Form W-4: Employee’s Withholding Allowance Certificate
The W-4 Form is completed by employees to inform their employers of the correct amount of federal income tax to withhold from their paychecks.
5. Form 1099-MISC: Miscellaneous Income
This form is used by businesses to report miscellaneous income paid to non-employees, such as independent contractors or freelance workers.
6. Form 1099-INT: Interest Income
Financial institutions use Form 1099-INT to report interest paid to individuals on various types of accounts, such as savings accounts or certificates of deposit.
7. Form 8862: Information To Claim Certain Refundable Credits After Disallowance
Taxpayers must complete this form if required, in order to claim certain refundable credits like the Earned Income Tax Credit or Child Tax Credit after previously being disallowed.
8. Schedule A (Form 1040): Itemized Deductions
Taxpayers who choose to itemize deductions rather than taking the standard deduction use Schedule A attached to Form 1040. It includes expenses such as mortgage interest, charitable contributions, and medical expenses.
9. Schedule C (Form 1040): Profit or Loss from Business
Self-employed individuals and small business owners use Schedule C to report their business income and expenses, determining the net profit or loss for the year.
10. Schedule D (Form 1040): Capital Gains and Losses
Schedule D is used by taxpayers to report capital gains and losses from the sale of property, including stocks, bonds, and real estate.
11. Schedule E (Form 1040): Supplemental Income and Loss
Taxpayers use Schedule E to report income or losses from rental property, royalties, partnerships, S corporations, estates, or trusts.
12. Schedule SE (Form 1040): Self-Employment Tax
Self-employed individuals use this form to calculate and report their Social Security and Medicare tax liability based on their net earnings from self-employment.
13. Form 8863: Education Credits
Eligible taxpayers who paid qualified education expenses for themselves, a spouse, or a dependent use this form to claim education credits such as the American Opportunity Credit or Lifetime Learning Credit.