There are 11 types of 1040 forms. These are the forms used by taxpayers to file and pay taxes on a yearly basis. The eleven types of 1040 forms are: 1040, 1040A, 1040EZ, 1040NR, 1040NR-EZ, 1040C, 1040ES, 1040SS, 1040PR, 1040V, and 1040X. Each of these types of 1040 forms has a different use and purpose.
The most commonly known types of 1040 forms are the 1040, 1040A, and 1040EZ. The 1040 is called the ‘long form.’ This form allows taxpayers to itemize their deductions and try to lower their tax bill. There are fourteen reasons why a taxpayer would be required to use this type of 1040 form. The most common reasons are a yearly income of more than $100,000, more than $400 in self-employment income, itemized deductions, Chapter 11 bankruptcy filed since October 16, 2005, and any American citizens who live in other countries. These are only a few reasons a person would be required to use this type of 1040 form.
The next type of 1040 form is the 1040A. It is known as the ‘short form,’ and can be used by taxpayers who do not itemize their deductions. These people are not able to use the 1040EZ type of 1040 form to file taxes. Plus, there are seven conditions which must be met in order for a taxpayer to be able to use this type of 1040 form.
The 1040EZ form is the ‘easiest’ of the types of 1040 forms. It can be used by people who are single (or married filing jointly). They must have earned less than $100,000 in income, and they can not itemize their deductions. Another drawback to this type of 1040 form is that no dependents can be claimed. The 1040EZ form also can not be used for people who are over 65 years old or people who are blind. This type of 1040 form is meant to make tax filing easy for the taxpayer.
The next two types of 1040 forms are the 1040NR and 1040NR-EZ. These forms are for non-resident aliens in the United States. They are only for reporting income earned while working in the US. The 1040NR form is for most non-resident aliens; the 1040NR-EZ form is for those who are single (or married and filing jointly) and who are not claiming any dependents.
The 1040C type of 1040 form is for aliens who are leaving the US. They are paying their taxes on income (or income expected) for the entire year. This is not their final tax return.
The 1040ES tax form is for estimated tax payments through the year. Taxpayers who file these types of 1040 forms do so more than once a year. They expect to have to pay more than $1000 in taxes. Most people who file this type of 1040 form are self-employed, landlords, or people who have a lot of investments.
The 1040SS and 1040 PR types of 1040 forms are the same forms. The only difference is that the 1040SS is in English and the 1040 PR is in Spanish. These are self-employed tax forms for people living in US territories’like Puerto Rico and Guam.
The final two types of 1040 forms used for taxes are the 1040X and 1040V. The 1040X is used to make an amendment to taxes that have already been filed. This type of 1040 form will cause your return (or payment amount) to be delayed by the IRS, but it will help to correct the amount.
The 1040V is used by the taxpayer to send in payment to the IRS. This 1040 form is filed and mailed with the full payment. It is known as the ‘payment voucher’.
There are 11 types of 1040 forms used by the IRS and taxpayers. The type of 1040 form each