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Ask Phil: Tax Forms

Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses the most common tax forms every taxpayer should know about. 

Tax Form 1040 or 1040-X 

The well-known U.S. Individual Income Tax Return, Form 1040 is what you will use to report both your income and deductions to determine your tax liability every tax year. Form 1040-X, Amended U.S. Individual Income Tax Return, allows taxpayers to correct a previously submitted 1040, make specific elections after the tax deadline, or change an amount adjusted by the IRS.  

Tax Form W-2 

If you’ve ever earned money from an employer, you have probably received a W-2, Wage and Tax Statement. This critical document for wage earners includes your income earned in the previous year, as well as taxes withheld, and helps you file your federal and state tax returns. It may also include any benefits you received through your employer. If you changed jobs mid-year, worked more than one job as an employee, or if your employer was acquired by another company mid-year, you may receive multiple W-2s.  

Tax Form 1099-NEC 

A 1099-NEC will report your income earned as a freelancer or independent contractor. Businesses will distribute this form if they make payments to you totaling $600 or more. Non-employee income can also include fees, benefits, commissions, and other sources of income paid to you.  

Tax Form W-4 

Whenever you begin employment with a new employer, you will fill out a W-4, Employee’s Withholding Certificate. This form basically tells your employer how much taxes to withhold from your paycheck. Withholding too little can result in a big tax bill, while withholding too much can result in smaller than necessary paychecks. That said, it’s important to ensure that your withholding is always correct.  

Tax Form W-9 

Form W-9, Request for Taxpayer Identification Number and Certification, helps verify your tax information so your employer, or other paying entity, can report your earnings to the IRS. This form is for both employees and self-employed individuals.  

Remember these tax forms when it’s time to file. Don’t miss next week’s episode where Phil will discuss private collection agencies. See you next Friday! 

If You Need Tax Help, Contact Us Today for a Free Consultation 

IRS Tax Form Library

irs tax forms

Did you know there are hundreds of IRS tax forms? Luckily, you’ll only need to know a handful of them if your tax situation is simple. However, because your tax situation can change year to year, it’s a good idea to learn about other common IRS tax forms you may not have used before. Here is a list of 50+ IRS tax forms you might need to file your taxes. 

Form 1040 and Schedules 

  • Form 1040, U.S. Individual Income Tax Return: used by U.S. taxpayers to file an annual income tax return 
  • Form 1040-SR, U.S. Tax Return for Seniors: an optional alternative to using Form 1040 for taxpayers who are age 65 or older 
  • Form 1040-X, Amended U.S. Individual Income Tax Return: used to amend or fix a submitted tax return 
  • Form 1040-ES, Estimated Tax for Individuals: used to figure and pay your estimated tax 
  • Schedule A, Itemized Deductions: used to figure your itemized deductions 
  • Schedule B, Interest and Ordinary Dividends: used in some scenarios when you’ve earned taxable interest or dividends 
  • Schedule C, Profit or Loss from Business (Sole Proprietorship): used to report income or losses from a business you operated as a sole proprietor 
  • Schedule D, Capital Gains and Losses: used to report capital gains and losses for the year 
  • Schedule E, Supplemental Income and Loss: used to report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in real estate mortgage investment conduits (REMICs) 
  • Schedule EIC, Earned Income Credit: used to give the IRS information about your qualifying child(ren) 
  • Schedule F, Profit or Loss From Farming: used to report farm income and expenses 
  • Schedule H, Household Employment Taxes: used to report household employment taxes. Applies if you paid cash wages to a household employee and the wages were subject to social security, Medicare, or FUTA taxes, or if you withheld federal income tax 
  • Schedule J, Income Averaging for Farmers and Fishermen: used to figure your income tax by averaging, over the previous 3 years, all or some of your taxable income from your farming or fishing business 
  • Schedule R, Credit for the Elderly or the Disabled: used to figure the credit for the elderly or the disabled 
  • Schedule SE, Self-Employment Tax: used to figure the tax due on net earnings from self-employment 
  • Schedule 8812, Credits for Qualifying Children and Other Dependents: used to figure your child tax credits 

Application Forms 

  • Form SS-4, Application for Employer Identification Number: used to apply for an Employer Identification Number (EIN). An EIN is a nine-digit number assigned to sole proprietors, corporations, partnerships, estates, trusts and other entities for tax filing and reporting purposes 
  • Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return: used to request an automatic extension of time to file a U.S. individual income tax return 
  • Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns: used to request an automatic 6-month extension of time to file certain business income tax, information, and other returns. 
  • Form W-7, Application for IRS Individual Taxpayer Identification Number: used to apply for an IRS individual taxpayer identification number (ITIN) 

Income and Payment Reporting Forms 

  • Form W-2, Wage and Tax Statement: used to report wages paid to employees and the taxes withheld from them 
  • Form 1098, Mortgage Interest Statement: used to report mortgage interest of $600 or more received by you during the year 
  • Form 1098-T, Tuition Statement: used to report tuition payments received and payments due from the paying student 
  • Form 1098-E, Student Loan Interest Statement: used to report the amount of interest you paid on student loans in a calendar year 
  • Form 1099-B, Proceeds from Broker and Barter Exchange Transactions: used to report any gains and losses from stock and bond transactions made throughout the tax year 
  • Form 1099-C, Cancellation of Debt: used to report canceled debt, which is generally considered taxable income 
  • Form 1099-DIV, Dividends and Distributions: used to report dividends and other distributions to taxpayers and to the IRS 
  • Form 1099-G, Certain Government Payments: used to report payments received from federal, state, or local governments. Examples include unemployment benefits, tax refunds, grants, etc. 
  • Form 1099-INT, Interest Income: used to report interest income you received, any taxes withheld, and if any of the interest is tax-exempt 
  • Form 1099-K, Payment Card and Third Party Network Transactions: used to report payments and transactions from online platforms, apps or payment card processors. Examples include Venmo, PayPal, eBay, Etsy, etc.  
  • Form 1099-MISC, Miscellaneous Income: used to report miscellaneous compensation such as rents, prizes, medical payments, and others 
  • Form 1099-NEC, Nonemployee Compensation: used to report self-employment or contract work, such as freelance work or rideshare driving 
  • Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.: used to report distributions from annuities, profit-sharing plans, retirement plans, IRAs, insurance contracts, or pensions 
  • Form 1099-S, Proceeds from Real Estate Transactions: used to report the sale or exchange of real estate 

Business Forms 

  • Form 1120, U.S. Corporation Income Tax Return: used to report income, gains, losses, deductions, credits of domestic corporations. 
  • Form 1120-S, U.S. Income Tax Return for an S Corporation: used to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation 
  • Form 2106, Employee Business Expenses: used to deduct ordinary and necessary expenses for your job 
  • Form 4562, Depreciation and Amortization (Including Information on Listed Property): used to record the depreciation and amortization of property you’ve purchased for your business 
  • Form 8829, Expenses for Business Use of Your Home: used to figure the allowable expenses for business use of your home on Schedule C   
  • Form 941, Employer’s Quarterly Federal Tax Return: used to report income taxes, Social Security tax, or Medicare tax withheld from employee’s paychecks 

Tax Resolution Forms 

  • Form 1127, Application for Extension of Time for Payment of Tax Due to Undue Hardship: used to request an extension of time under Internal Revenue Code section 6161 for payment of tax due 
  • Form 11277, Application for Withdrawal of Filed Form 668(Y), Notice of Federal Tax Lien: used to request a tax lien removal. 
  • Form 12153, Request for a Collection Due Process or Equivalent Hearing: used to request a Collection Due Process (CDP) or Equivalent Hearing (EH) with the IRS Independent Office of Appeals 
  • Form 433-A, Collection Information Statement for Wage Earners and Self-Employed Individuals: used to obtain current financial information necessary for determining how a wage earner or self-employed individual can satisfy an outstanding tax liability 
  • Form 433-B, Collection Information Statement for Businesses: used to obtain current financial information necessary for determining how a business can satisfy an outstanding tax liability 
  • Form 656, Offer in Compromise: used to apply for an Offer in Compromise (OIC) 
  • Form 843, Claim for Refund and Request for Abatement: used to claim a refund or request an abatement of certain taxes, interest, penalties, fees, and additions to tax 
  • Form 8857, Request for Innocent Spouse Relief: used to request relief from tax liability, plus related penalties and interest, when you believe only your spouse or former spouse should be held responsible for all or part of the tax 
  • Form 911, Request for Taxpayer Advocate Service Assistance: used to request taxpayer assistance if you have been unable to resolve your tax issues through normal channels 
  • Form 9423, Collection Appeal Request: used to request an appeal of a notice of federal tax lien, levy, seizure, or termination of an installment agreement. 
  • Form 9465, Installment Agreement Request: used to request a monthly installment plan if you cannot pay the full amount you owe shown on your tax return 

Tax forms can be difficult to understand on your own. If you need tax help, the experts at Optima Tax Relief can assist. With over a decade of experience helping taxpayers, Optima is equipped to take on the most complicated tax situations. 

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