The Internal Revenue Service (IRS) uses a variety of forms to report income, calculate taxes, and manage tax records. This guide will delve into some of the most commonly used IRS forms in a comprehensive and interactive manner.
Table of Contents
- Form 1040
- Form 1040-SR
- Form 1040-ES
- Form 1040-NR
- Form 1040-PR
- Form 56
- Form 706
- Form 720
- Form 843
- Form 940
- Form 941
- Form 944
Note: Links to the IRS website for each form are provided for further information.
Form 1040
The 1040 form is the standard federal income tax form used to report an individual’s gross income. It’s also known as “the long form” because it’s more extensive than the shorter 1040A and 1040EZ Tax Forms.
Here is the breakdown of the form:
Form 1040 U.S. Individual Income Tax Return
Issuance Date: 12/01/2023
The form 1040 is divided into sections where you can report your income and deductions to determine the amount of tax you owe or the refund you can expect to get. Because it’s a bit more complex, this form will take longer to complete.
Form 1040-SR
Form 1040-SR is a specialized version of the tax return designed specifically for seniors. The form is available to taxpayers aged 65 and older and provides an optional alternative to the standard Form 1040.
Form 1040-SR, U.S. Tax Return for Seniors
Issuance Date: 12/27/2023
The 1040-SR form uses the same schedules and instructions as the regular 1040 form. However, it features a larger font and includes a standard deduction chart for ease of use.
Form 1040-ES
Form 1040-ES, Estimated Tax for Individuals, is designed for individuals who have income that is not subject to tax withholding. This includes earnings from self-employment, interest, dividends, rents, and alimony.
Form 1040-ES Estimated Tax for Individuals
Issuance Date: 12/22/2023
This form contains blank vouchers you can use when you mail your estimated tax payments or you may make your payments using the Electronic Federal Tax Payment System (EFTPS).
Form 1040-NR
Form 1040-NR, U.S. Nonresident Alien Income Tax Return, is used by nonresident aliens who have U.S. source income and are therefore required to get a filing requirement.
Form 1040-NR U.S. Nonresident Alien Income Tax Return
Issuance Date: 01/04/2024
This form is also used to claim benefits under a number of tax treaties.
Form 1040-PR
Form 1040-PR, Planilla para la Declaración de la Contribución Federal sobre el Trabajo por Cuenta Propia, is intended for residents of Puerto Rico who are self-employed and need to pay self-employment tax.
Form 1040 (PR) Federal Self-Employment Contribution Statement for Residents of Puerto Rico
Issuance Date: 01/19/2023
This form is used to report self-employment income and calculate the self-employment tax owed on that income.
Form 56
This form is used to notify the IRS that an individual or fiduciary is acting on behalf of an entity with respect to its taxes.
Instructions for Form 56 (12/2019)
Issuance Date: 12/2019
This form is generally filed by a guardian, trustee, administrator, or other fiduciary in relation to the entity.
Form 706
Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, is used by an executor of a decedent’s estate to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code.
Instructions for Form 706 (09/2023)
Issuance Date: 09/2023
This tax applies to the transfer of property at death.
Form 720
Form 720, Quarterly Federal Excise Tax Return, is used to report and on the tax liability for excisable products.
Instructions for Form 720 (06/2023)
Issuance Date: 06/2023
These excise taxes are often included in the price of the product and are often levied on gasoline, alcohol, and tobacco.
Form 843
Form 843, Claim for Refund and Request for Abatement, is used to request a refund or ask for an abatement of certain types of tax related charges.
Instructions for Form 843 (12/2021)
Issuance Date: 12/2021
Examples of charges a taxpayer may wish to have abated include penalties and interest related to underpayments and tax return errors.
Form 940
Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, is used by employers to report the FUTA tax.
Instructions for Form 940 (2023)
Issuance Date: 2023
Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs.
Form 941
Employers utilize Form 941, Employer’s Quarterly Federal Tax Return, to report income taxes, social security tax, or Medicare tax withheld from employee’s paychecks and to pay the employer’s portion of social security or Medicare tax.
Form 941 Employer's Quarterly Federal Tax Return
Issuance Date: Current
The form is also utilized to calculate the employer’s overall employment tax liability.
Form 944
Form 944, Employer’s Annual Federal Tax Return, is designed for employers with annual liability of $1,000 or less for social security, Medicare, and withheld federal income taxes.
Form 944 Employer's Annual Federal Tax Return
Issuance Date: Current
This simplifies the filing for these smaller businesses by allowing them to file one annual return instead of quarterly returns.
This guide aimed to provide a comprehensive overview of IRS tax forms. However, it’s always a good idea to consult with a tax professional or the IRS for your specific tax situation.
