What is a 1040 Form? A 1040 form is the basic tax form which individuals use to file their tax returns. The 1040 form summarizes information about an individual’s income and deductions and calculates whether the individual owes the government money or receives a tax refund. Tax forms 1040 must be filed by the tax [...]
When you file your tax forms, you report contributions to an IRA or Roth IRA. You also report completed conversions (and corresponding tax liability) from one type of account to another. Finally, you can use your tax forms to reverse your conversion by recharacterizing your Roth IRA back to a Traditional IRA. In 2010, income [...]
When you file your taxes, you have the option to either claim the standard deduction or itemize your deductions. While the standard deduction is a set amount, itemized deductions will vary from person to person. As such, if you have a large number of itemized deductions you will likely be able to reduce your tax [...]
2010 Form 1099s are in the mail. You should receive your form 1099s shortly. Here’s what to expect. What is a 1099 Form? A 1099 is a form that is used to report taxable income you earn aside from your regular salary or wages. A few examples of income types that a 1099 may report [...]
Form 4868 is the form you must fill out if you are not able to file your federal income tax return by April 15 (or April 18 in 2011!) What is Form 4868? By filling out the IRS form 4868, you can get an automatic 6 month extension of time to file your taxes beyond [...]
