- February 16, 2022
If you are a citizen of the United States, you should have known that there are about a thousand Forms present to report the income and the expenses with the Internal Revenue Service. Understanding all of them and trying to fill them could be more of a maze work. But not all people have to use all these IRS Forms as there are designated tax Forms to be used by different entities. But it is good to have an idea about the common IRS Forms that are in use for the year 2022.
Common IRS Tax Forms that you should know for the year 2022
The following are some of the common IRS tax Forms and every citizen of the US will one of these Forms or another to report their taxes with the IRS.
- Form 1040:
This IRS tax Form is used by US taxpayers to file their annual Income tax returns. There are many sections in this Form, where the taxpayer will report their income and deductions. The Form is also used to determine the amount of tax one owes and the refund that one expects to receive. This is relatively a short Form, but additional schedules are available to report different types of income one receives.
- Schedule A: This Form is used by filers to report itemized deductions.
- Schedule B: This schedule is used by filers to report interests and dividend income.
- Schedule C: This is used to report the income, profits, and losses from a business or a profession, practiced as a sole proprietor.
- Schedule D: Used to report sales, exchanges and capital gains, and assets.
- Schedule E: This schedule is used to report income from royalties, rental properties, partnerships, etc.
- Form 1098:
Form 1098 is an IRS tax Form that is used by taxpayers to report their interest earned from a mortgage investment or expenses paid towards a mortgage during the tax year if the amount totals $600 or more. IRS uses this Form to draft an appropriate financial reporting of their lenders and other entities that receive interest payments. Taxpayers who are itemizing their deductions and claiming tax reduction on mortgages can use this Form.
- Form 1099:
These tax Forms offer information regarding the different income sources of the taxpayer, outside their regular salary to the Internal Revenue Service. This is more of an information return Form, and taxpayers have to report all their income to the IRS, to avoid an audit.
- 1099 INT: Reports interest income
- 1099 MISC: Reports miscellaneous income
- 1099 R: reports distributions from pensions and annuities, insurance contracts, etc.
- 1099 DIV: Reports dividends and distributions
- Form 4868:
Tax filers use this Form to apply for an automatic time extension to file their tax return. But the extension will be available only for the paperwork, and the tax filer has to pay the estimated tax within the deadline.
There are hundredths of such tax Forms with the IRS to confuse the filer. But you can e-file the appropriate forms without any confusion and within the deadline through Tax2efile.