FORM

WHAT   IS IT?

WHERE   TO FIND

1040’s

1040’s are the main part of a federal income tax return.  They provide a detailed overview of a person’s taxes. Our program selects the type of 1040 you need based on the information you enter into the program.

1040EZ

Accommodates the SIMPLEST return.    Can only be used if Single or Married Filing Joint with no dependents.  Includes EIC- Earned   Income Credit.

Automatically created by entering information into program.

    1040A

Accommodates an AVERAGE return.    Reports income such as wages, unemployment, interest and dividends.  Lists only the more common credits and adjustments such as child tax credits and educational credits.  Cannot Itemize deductions with the 1040A.

Automatically created by entering information into program.

1040

Accommodates the most COMPLEX returns.  This is the “long form” version of a tax return.  Lists ALL credits, adjustments   and other entries.  You can use   Itemized or Standard deductions only on the 1040.  Allows for Capital Gains/Losses, IRAs,   K-1s, etc.

Automatically created by entering information into program.

Supporting   Forms

These forms are used to do the   calculations for figures that get put on the 1040.

Schedules

A schedule is an additional form the   IRS requires you to prepare if you are reporting certain types of   income.  The information from this form   then flows to the 1040.  The schedule   breaks out the financial information, and is included as part of your return.

A

Itemized Deductions- includes medical and dental expenses, taxes you   paid, mortgage interest expenses, gifts to charity, unreimbursed employee   business expenses, job related travel expenses, miscellaneous deductions and   less common deductions (including Casualty and Loss, Business Use of your   Home, and Investment Interest)

Federal > Income > Deductions

B

Interest and Dividends:  Used   to report your information from forms 1099-INT (interest paid to you during   the year) or 1099-DIV (ex . ordinary dividends from investments).

Federal > Income > Interest and Dividend Income

C

Business Income: Used if you own your own business or have   1099-Miscellaneous for earned income.

Federal > Income > Profit/Loss from a Business

D

Capital Gains/Losses: Used if you have gains/losses from the sale of   property (ex. stocks, etc.)  Reported   on 1099-B

Federal > Income > Capital Gains/Loss

E

Rental Income: Used to report income from rental property.

Federal > Income > Rents and Royalties

F

Farm Income: Used to report income if you are a sole-proprietorship   to report your farming income and expenses from your business.

Federal > Income > Profit or Loss from Farming

Other   Forms

For information on W-2’s, 1098’s, 1099’s,   K-1’s and many other common forms please click here