Types of Federal Income Tax Returns
Federal individual income tax returns are filed on either a 1040 (long form), a 1040A, or a 1040EZ. The Form 1040EZ is the simplest tax form to use, but it may be used only by taxpayers who have the following characteristics:
The taxpayer must be single or married filing a joint return;
The taxpayer must not be age 65 or over and/or blind;
The taxpayer must not claim any dependents;
The taxpayer’s taxable income must be less than $100,000;
The taxpayer’s income must include only wages, salaries, unemployment compensation, and $1,500 or less of taxable interest income;
The taxpayer must not have received advance earned income credit payments.
Many taxpayers who cannot file Form 1040EZ file Form 1040A. Generally, Form 1040A is filed by taxpayers who are not self-employed and do not itemize deductions. Form 1040, the long form, is used by all individual taxpayers who must file a tax return and do not qualify to file a Form 1040EZ or a Form 1040A.
An individual taxpayer’s interest income (over $1,500) and dividend income (over $1,500) are reported on Schedule BSchedule BUsed to report interest and dividends of $1,500 or more on Form 1040. of Form 1040 (or Form 1040A, Schedule 1), while income from a trade or business, other than farm or ranch activities, is included on Schedule CSchedule CUsed to report self-employment income and expenses on Form 1040.. Farm or ranch income is reported on Schedule F. The supplemental income schedule, Schedule E, is used to report rental or royalty income. If an individual taxpayer has capital gains or losses, he or she must generally file Schedule DSchedule DUsed to report sale of capital assets on Form 1040. to report those gains or losses. Schedule ASchedule AUsed to claim itemized deductions on Form 1040. is completed by individuals who itemize their deductions. Itemized deductions on Schedule A include medical expenses, certain taxes, interest, charitable contributions, casualty and theft losses, and other miscellaneous deductions. The basic forms with the most common schedules are listed below. In this text, other forms and schedules will be introduced as new concepts and topics are presented. Students will be given a list at the beginning of each chapter, of the forms and schedules that should be obtained.
| Major Individual Income Tax Forms and Schedules | |
|---|---|
| Form or Schedule | Description |
| 1040EZ | Individual return—single and joint filers with no dependents |
| 1040A | Individual return, short form |
| 1040 | Individual return, long form |
| Schedule A | Itemized deductions |
| Schedule B | Interest and dividend income |
| Schedule C | Profit or loss from business or profession |
| Schedule D | Capital gains and losses |
| Schedule ESchedule EUsed to report rent, royalty, partnership, and other income on Form 1040. | Supplemental (rent and royalty) income |
| Schedule FSchedule FUsed to report farm income and expenses on Form 1040. | Farm and ranch income |
Go to Publication 17, Chapter 1 and read the section: Which Form Should I Use?
