Category: Other Tax Forms
Forms and Schedules
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. There are three 1040 forms:
Form 1040-EZ-Accommodates the SIMPLEST return. Can only be used if Single or Married Filing Joint with no dependents. Includes EIC (Earned Income Credit).
Form 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.
Form 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.
Schedules are additional forms 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
Schedule 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)
To use this form, go to Federal > Deductions > Itemized Deductions
Schedule 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).
To use this form, go to Federal > Income > Interest and Dividend Income
Schedule C, Profit or Loss from a Business - Used if you own your own business or have 1099-Miscellaneous (Box 7) for earned income.
To use this form, go to Federal > Income > Profit/Loss from a Business
Schedule D, Capital Gains and Losses -Used if you have gains/losses from the sale of property (ex. stocks, etc.) Reported on 1099-B
To use this form, go to Federal > Income > Capital Gains/Loss
Schedule E, Rental Income - Used to report income from rental property.
To use this form, go to Federal > Income > Rents and Royalties
Schedule F, Farm Income - Used to report income if you are a sole-proprietorship to report your farming income and expenses from your business.
To use this form, go to Federal > Income > Profit or Loss from Farming
Schedule H, Household Employee Income -Used by the employer to report wages and other items paid to any Household employees.
To use this form, go to Federal > Other Taxes > Household Employment Tax
For information on W-2’s, 1098’s, 1099’s, K-1’s and many other common forms please click here.