The Internal Revenue Service (IRS) requires different US tax forms for various tax-related transactions with the federal government. There’s a lot of US tax forms available, and it is probably difficult for a taxpayer to figure out those that are highly relevant and necessary for him or her. Below are just some of the IRS tax forms taxpayers accomplish and submit the most.
9 Common US Tax Forms You Need To Know
1. IRS Form 1040, US Individual Income Tax Return
Form 1040 serves as the annual income tax return all US citizens file. Taxpayers who fall under the following criteria need file this form every April:
- Earns taxable income of $100,000 or more
- Sources of income are either business or farm, self-employment, unreported tips, dividends on insurance policies that exceed the total of all net premiums paid for the contract, partnership or shareholdings from an S corporation, or benefits from estate or trust.
- There’s a need to itemize deductions or claim certain tax credits or adjustments to income
- Taxpayer owes household employment taxes
2. IRS Form W-9, Request for Taxpayer Identification Number (TIN) and Certification
— Shenae Outerbridge (@ShenaeOuterbrid) October 25, 2017
Form W-9 is used in requesting the TIN of a US citizen, and in requesting certifications and claims for exemption. TIN may either come in the form of social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN). Taxpayers must secure the correct TIN because it is needed in an information return forms such as:
- 1099-INT (interest earned or paid)
- 1099-DIV (dividends, including those from stocks or mutual funds)
- 1099-MISC (various types of income, prizes, awards, or gross proceeds)
- 1099-B (stock or mutual fund sales and certain other transactions by brokers)
- 1099-S (proceeds from real estate transactions)
- 1099-K (merchant card and third party network transactions)
- 1098 (home mortgage interest)
- 1098-E (student loan interest)
- 1098-T (tuition)
- 1099-C (canceled debt)
- 1099-A (acquisition or abandonment of secured property)
3. IRS Form W-4, Employee’s Withholding Allowance Certificate
Employees fill out Form W-4 so their employers can withhold the correct federal income tax from their paychecks. This form also needs to be accomplished every year and should be submitted every time the personal or financial situation of the employee changes (such as getting married or acquiring properties).
4. IRS Form 4506-T, Request for Transcript of Tax Return
Taxpayers use Form 4506-T to request a copy of the transcript or other return information free of charge. However, a person may designate an authorized third party to receive the requested information from IRS.
5. IRS Form 941, Employer’s Quarterly Federal Tax Return
Employers who withhold income and other payroll taxes from their employees’ salaries are required to accomplish Form 941. In other words, the employers need to file this form quarterly to update the IRS on the amount of:
- Salaries paid
- Tips received by employees (and reported to employers)
- Income taxes withheld from employee salaries
- Social Security and Medicare taxes withheld, including adjustments to these taxes during the quarter
6. IRS Form W-2, Wage and Tax Statement
ADPVoice: The W-2 Form: New Codes And What You Should Know https://t.co/Ipk5244w9z
— Kevin Cooper (@ADPCoop) November 30, 2017
Form W-2 contains tax withheld from employees such as the amount of income tax, Social Security and Medicare taxes, and 401(k) contributions. Employers fill out this form and provide a copy to both the employees and IRS.
7. IRS Form 9465, Installment Agreement Request
In case a taxpayer cannot pay the full amount of tax he owes the federal government, he has to fill out Form 9465 to request a monthly installment plan. The taxpayer, in addition, may request for an agreed payment installment of up to 72 months.
The IRS, however, discourages taxpayers to file this form if they:
- Can pay the full amount within 120 days
- Want to request an online payment agreement
- Owe employment or unemployment taxes
8. IRS Form SS-4, Application for EIN
Employers use Form SS-4 to apply for their EIN, a nine-digit code assigned to sole proprietors, corporations, partnerships, estates, trusts, and other entities for tax filing and reporting purposes. This form also establishes the business tax account of employers who file it.
9. IRS Form W-7, Application for ITIN
Reminder from @IRSnews – if your Individual Taxpayer Identification Number (ITIN) will soon expire, renew it to avoid year’s end delays https://t.co/EarwBqosqy #tax #smallbiz pic.twitter.com/HdmOv1mxWe
— MissouriBusiness.net (@MObusinessNet) November 15, 2017
Employees file Form W-7 to either apply for or renew an ITIN. The ITIN is a nine-digit code given to individuals required to pay tax, but they are not eligible to get an SSN. The ITIN does not entitle a taxpayer to social security benefits and does not change one’s immigration status.
Don’t forget to download, save, or share this handy infographic for reference:
Got confused with all the information on tax forms? Watch this video by Tax Relief Center which explains the use of every US tax form:
To sum up, these are just among the US tax forms most popular among, and widely-used by, all taxpayers. All citizens have the civic responsibility of knowing the purpose of these US tax forms, and of properly complying with the criteria set for each of them.
Are there other US tax forms you process and submit to IRS most of the time? Share your stories with us in the comments section below.
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