However, even though the acceptance date has been pushed back it does not mean that you cannot start getting things ready to submit once the IRS opens their doors to returns.
Therefore, today in this article we are going to discuss the various IRS tax forms that taxpayers need to be able to file their federal tax returns.
If you work a job where taxes are taken out of your salary, you are going to receive a W-2 form from your employer. These forms should be received by January 31 and you are going to need them in order to file your tax return.
A W-2 form is the form that records your total income for the year in addition to the state, local, and federal taxes that you have paid throughout the year. Some employers allow their employees to access their W-2 forms online while others send them out via snail mail. Regardless of how you receive the form, you cannot file your tax return without it.
The Internal Revenue Service offers three 1040 tax forms: the longer and more complex 1040, the shorter 1040A for people who do not require itemized deductions, and the very simple 1040EZ. The basic 1040 form includes 108 pages of instructions, which can be overwhelming to many taxpayers.
If you have determined you can use the more simple 1040EZ form, it can be in your benefit to make things less complex at tax time.
If you are self-employed or have a high interest bank account, you are going to be receiving a 1099 form. This is another common form among many taxpayers and you have to wait until you receive it before you will be able to file your federal tax return.
If you have a bank account, you are going to receive a 1099-INT so you can file taxes as it is a form of income and we all know that we have to report all of our income to Uncle Sam. Self – employed individuals receive 1099s for the projects that they have done throughout the year.
However, in case someone forgets to send you one it is important that you keep detailed income reports for all of the freelance work that you have done throughout the year.
If you are paying a mortgage interest, your lender should send you a statement or letter that details the total amount of interest that you paid throughout the year. Additionally, if you were a student and paid student loan interest you should expect to receive a 1098-E form.
Other documents you will need
Above we have discussed the main documents that you are going to need to file your federal tax return. However, if you plan on receiving tax credits there are additional documents that you are going to need to be able to get credit, which we have detailed below:
- Charitable contributions receipts – If you plan to get a deduction for the items that you have donated to a charity you are going to want to make sure that you have receipts detailing the items donated along with the fair market value to insure that you are able to get the credit.
- Energy expenses – If you have upgraded your home and are eligible to receive the energy credit, it is important to make sure that you have receipts for your purchases.
- Child care expenses – If you qualify to have childcare expenses written off you are going to want to make sure that you have the providers name, address, tax id, and the amount paid readily available when you file.
Overall, when filing your federal taxes it does not have to be a stressful time. In fact, if you turn to Turbo Tax during tax season you will find all the tax forms you need and you will be guaranteed to receive your largest tax refund ever.