Commonly Used IRS Federal Tax Forms

Form 1040 folded up to resemble a house.By: JD Hancock

1. Commonly Used IRS Federal Tax Forms
2. Common Additional Schedules to Form 1040 and 1040-SR

Commonly Used IRS Federal Tax Forms

The Internal Revenue Service has a variety of forms for taxpayers to complete depending on their employment, assets, investments, inheritance, and a number of other topics. Taxpayers must file their tax returns by April 15th unless they have filed for a six-month extension.

General IRS Personal Income Tax Forms	Pertains To	Use These Forms If...
Individual Income Tax Return (Form 1040)	Individual income earners and couples filing jointly.	You and/or your spouse earned any taxable income as full-time or part-time employees.
Tax Return For Seniors (Form 1040-SR)	Seniors 65 and older optionally choosing to use the form.	You and/or your spouse is 65 or older and wish to fill out the senior-specific tax form.
Estimated Tax for Individuals (Form 1040-ES)	Self-employed individuals and people with income not subject to tax withholding.	You have income not subject to tax withholding but is still considered taxable income. You must pay your estimated tax quarterly in order to avoid a financial penalty.
W-4 Withholding Allowance (Form W-4)	Employers & employees.	You are employed by a business. Complete Form W-4 so your employer can withhold the correct federal income tax from your paycheck.
6-Month Extension Request (Form 4868)	Individual income earners and couples filing jointly.	You are unable to file your taxes by April 15th. However, you are still required to pay all taxes owed to the IRS by April 15th.
Installment Agreement Request (Form 9465)	Individual income earners and couples filing jointly.	You are unable to pay the entirety of taxes owed by April 15th.
Amended Individual Tax Return (Form 1040X)	Individual income earners and couples filing jointly.	You need to amend your tax return after submitting it to the IRS.

Common Additional Schedules to Form 1040 and 1040-SR

If you are one of the 12% of Americans not taking the standard deduction, have interest and/or dividends you are required to report, are self-employed, or have income, assets, and losses that must be reported then you are required to fill out an additional schedule(s) to your 1040 and 1040-SR.

Common Additional Schedules to Form 1040 and 1040-SR	Pertains To	Use These Forms If...
Schedule A (Itemized Deductions)	Individual income earners and couples filing jointly.	You wish to itemize your deductions instead of taking the standard deduction offered by the IRS.
Schedule B (Interest & Ordinary Dividends)	Individual income earners and couples filing jointly.	You had over $1,500 of taxable interest or ordinary dividends.
Schedule C (Profit or Loss From Business)	Business owners and sole proprietors.	You own a business or sole proprietorship and need to report a net profit or loss.
Schedule D (Capital Gains and Losses)	Individual income earners and couples filing jointly.	You sold or exchanged any capital asset not previously reported.
Schedule E (Supplemental Income and Loss)	Individual income earners and couples filing jointly.	You had any income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in real estate mortgage investment conduits
Schedule EIC (Earned Income Credit)	Individual income earners and couples filing jointly who have qualifying children.	You have a qualifying child or children.
Schedule F (Profit or Loss From Farming)	Individual income earners and couples filing jointly who are farmers.	You are reporting farm income and expenses.
Schedule H (Household Employment Taxes)	Individual income earners and couples filing jointly who paid cash wages to household employees.	You paid cash wages to a household employee that were subject to social security, Medicare, or unemployment taxes, or if you withheld federal income tax.
Schedule R (Credit for the Elderly or Disabled)	Seniors 65 and older or individuals who are permanently disabled who received taxable disability income.	You are a senior citizen or are permanently disabled
Schedule SE (Self-Employment Tax)	Self-employed individuals or couples.	You or your spouse (or both) are self-employed.