Tax Resources For Individuals

Tax Forms

for Individuals

 

The Details: 

Individual Income Tax Forms

Are you unsure of which forms you need to file with your federal tax return?

Read through these descriptions of commonly utilized IRS forms.

Still have questions? Contact us. We'd be glad to help.

Form 1040: U.S. Individual Income Tax Return

All United States taxpayers must file an annual income tax return using Form 1040. Additional schedules may be necessary, as well.

Schedule 1 (Form 1040):  Additional Income and Adjustments to Income

Taxpayers file Schedule 1 to report income or adjustments to income that can’t be entered on Form 1040, including the following:

  • Capital gains

  • Unemployment pay

  • Prize money

  • Gambling winnings

  • Student loan interest deduction

  • Self-employment tax

  • Educator expenses

Schedule 2 (Form 1040): Additional Tax

Only taxpayers who owe alternative minimum tax or need to make an excess advance premium tax credit repayment need to file this schedule.

Schedule 3 (Form 1040): Nonrefundable Credits

This schedule is used to report nonrefundable credits other than the child tax credit or the credit for other dependents. The following credits are included:

  • Foreign tax credit

  • Education credits

  • General business credit

Schedule 4 (Form 1040): Other Taxes

Certain taxes must be reported using this schedule, including the following:

  • Self-employment tax

  • Household employment taxes

  • Tax-favored accounts

  • Additional tax on IRAs and other retirement plans

Schedule 5 (Form 1040): Other Payments and Refundable Credits

This schedule must be filed by taxpayers who claim specific refundable credits or have other payments withheld, including:

  • Payment made when the taxpayer requests an extension

  • Payment of excess social security

Schedule 6 (Form 1040): Foreign Address and Third Party Designee

This schedule must be used in the following circumstances:

  • To enter a foreign address

  • To allow someone other than the taxpayer's paid tax preparer to discuss their return with the IRS

Schedule B (Form 1040): Interest and Ordinary Dividends

Use Schedule B (Form 1040) if any of the following applies:

  • You had over $1,500 of taxable interest or ordinary dividends.

  • You received interest from a seller-financed mortgage and the buyer used the property as a personal residence.

  • You have accrued interest from a bond.

  • You are reporting original issue discount (OID) in an amount less than the amount shown on Form 1099-OID.

  • You are reducing your interest income on a bond by the amount of amortizable bond premium.

  • You are claiming the exclusion of interest from series EE or I U.S. savings bonds issued after 1989.

  • You received interest or ordinary dividends as a nominee.

  • You had a financial interest in, or signature authority over, a financial account in a foreign country or you received a distribution from, or were a grantor of, or transferor to, a foreign trust. Part III of the schedule has questions about foreign accounts and trusts.

Schedule C (Form 1040): Profit or Loss from Business (Sole Proprietorship)

Use Schedule C (Form 1040 or 1040-SR) to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if:

  • Your primary purpose for engaging in the activity is for income or profit.

  • You are involved in the activity with continuity and regularity.

Schedule D (Form 1040): Capital Gains & Losses

Use Schedule D (Form 1040 or 1040-SR) to report the following:

  • The sale or exchange of a capital asset not reported on another form or schedule.

  • Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit.

  • Capital gain distributions not reported directly on Form 1040 (or effectively connected capital gain distributions not reported directly on Form 1040-NR).

  • Nonbusiness bad debts.

Schedule E (Form 1040): Supplemental Income and Loss

This schedule is used to report income or loss from the following:

  • Rental real estate

  • Royalties

  • Partnerships

  • S corporations

  • Estates

  • Trusts

  • Residual interests in real estate mortgage investment conduits (REMICs)

Schedule F (Form 1040): Profit or Loss From Farming

Use Schedule F (Form 1040 or 1040-SR) to report farm income and expenses. File it with Form 1040, 1040-SR, 1040-NR, 1041, or 1065.

Your farming activity may subject you to state and local taxes and other requirements such as business licenses and fees. Check with your state and local governments for more information.

Schedule SE (Form 1040): Self-Employment Tax

Self-employed taxpayers use this schedule to figure the tax due on net earnings from their self-employment. This schedule is also used by the Social Security Administration to determine the taxpayer’s social security benefits.

 

Schedule EIC (Form 1040): Earned Income Credit

After determining their earned income credit (EIC), taxpayers use this schedule to give the IRS information about their qualifying child or children.

 

Schedule 8812 (Form 1040): Additional Child Tax Credit

Eligible taxpayers use Schedule 8812 to determine their additional child tax credit.

 

Form 2441: Child and Dependent Care Expenses

This form is filed by taxpayers who are eligible to take the credit for child and dependent care expenses.

Form 5329: Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts

This form is used by taxpayers to report additional taxes on the following:

  • IRAs

  • Other qualified retirement plans

  • Modified endowment contracts

  • Coverdell Education Savings Accounts (ESAs)

  • Qualified Tuition Programs (QTPs)

  • Archer Medical Savings Accounts (MSAs)

  • Health Savings Accounts (HSAs)

 

Form 5695: Residential Energy Credit

This form is used to determine residential energy credits, of which there are two types:

  • The non-business energy property credit

  • The residential energy efficient property credit

 

Form 8283: Noncash Charitable Contributions

Form 8283 must be filed by individuals, partnerships, and corporations when the amount of their deduction for all noncash gifts is more than $500. The form is used to report information about noncash charitable contributions.

8863: Education Credits (American Opportunity and Lifetime Learning Credits)

This form is used to determine and claim education credits, of which there are two types:

  • The American Opportunity Credit (partially refundable)

  • The Lifetime Learning Credit (nonrefundable)

 

These credits are based on qualified education expenses paid to an eligible post-secondary educational institution.

8880: Credit for Qualified Retirement Savings Contributions

Taxpayers use Form 8880 to determine their retirement savings contributions credit, which is also known as the “saver’s credit.”

Seymour & Perry, LLC

Certified Public Accountants & Consultants

1551 Jennings Mill Rd #400A

Watkinsville, GA 30677

P: (706) 549-8197

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