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What are the things you need to know about IRS tax forms?

IRS stands for Internal Revenue Services. The IRS tax forms refer to the forms that are utilized for tax-exempt organizations and taxpayers for reporting financial information to the IRS in the USA. These forms have multiple usages, such as reporting income, calculating taxes paid to the federal government, and disclosing other information needed by the IRC (Internal Revenue Code). Over eight hundred such schedules and forms exist in the USA. Other tax forms in the country get filed with the local and state governments.

Details of the 1040 and 1040A forms

Form 1040, which gets used for individual income tax returns in the US, happens to be the only one in use for federal personal income tax returns. This form is one of the printable irs tax forms that has been around since 2018. In the years before that, it had been one of the three forms, i.e., 1040EZ, 1040A, and 1040.

Since 1916, 1040 has been made into an annual form, which means it is updated every year with new tax years printed on it. There was a time when this form used to get delivered as booklets to houses, but that was discontinued in 2009 as internet forms and alternative delivery methods came up to make things easier.

1040A also gets called a short form because it is like a shorter version of the original 1040 form. The use of this form remains restricted to the taxpayers who had a taxable income below a hundred thousand USD.

Important aspects of the 1095 series

You need to know about another crucial IRS tax form: the 1095 series. It is useful in reporting healthcare insurance coverage as per the mandates of the Affordable Care Act provisions. Every form in this series list outs the names of the primary recipient of an insurance policy and the other individuals that receive its coverage. It is expected to report the coverage period, which can be an entire year or only a few months.

When you file your tax forms, it is important to know that there are three kinds of forms under the 1095 series. 1095A is useful in reporting the policies secured through the health insurance market. 1095B is the health coverage that reports the policies of health insurance providers. Finally, 1095C refers to the health insurance coverage and offer provided by an employer.

It is important to mention in the conclusion that these are only two types of IRS tax forms in the USA, and there are many other categories and subcategories. Make sure to do your research about the forms and other related details before filing your tax forms.

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