tax return (united states)

Tax returns (in the United States) are forms filed with the Internal Revenue Service or with the state or local tax collection agency (California Franchise Tax Board, for example) containing information used to calculate income tax or other taxes. The standard US individual tax return is Form 1040. There are several variations of this form, such as the 1040EZ, as well as many different supplemental forms. Americans who earn more than a specified amount (which changes occasionally, as of 2002 about $5000) are required by law to file tax returns (and pay remaining income taxes if applicable). Earnings are to be counted whether or not they arise from legitimate businesses - for example, income on sale of illegal drugs is taxable. Many criminals, most famously Al Capone, are indicted not (or not only) for their crimes, but for failure to file tax returns (and pay income taxes) on their ill-gotten gains. Since then, the IRS occasionally has seen "Fifth Amendment" returns from a few criminals, who accurately report their annual income and tax liability but refuse to reveal the source of the funds on the grounds that such a statement would violate their Fifth Amendment right against self-incrimination. Many Americans find the process of filling out the tax forms more onerous than paying the taxes themselves. The company Intuit, Inc. became one of the most successful software companies in America by developing the popular TurboTax software program for reducing the tedious labor involved in preparing one's tax return. If taxpayers find a mistake on their previously filed individual tax returns, they can file corrections with From 1040X.

Forms listing received income

Employers, companies, and other parties who have paid income to taxpayers are required to send tax forms describing this income directly to the payee. This information is also sent directly to the IRS, which enables the agency to make sure taxpayers report all of their income correctly.

W-2 - Lists a taxpayer's wages, salaries, and tips.
W-2G - Describes gambling winnings.
1098 - Mortgage interest statement.
1099-B - Reports proceeds from a broker or barter exchange transaction.
1099-DIV - Lists income from dividends.
1099-G - Unemployment compensation.
1099-INT - Describes interest income.

Tax Return (United States)

Forms listing received income

See also