Filing a tax return on a IRS website is a bit hectic task. When one visits the site, there may be many 1040 forms and it
would be little confusing about which form to choose. The brief information
given below will help you to find out which 1040 tax form is appropriate.
1040 – Individual Income Tax Return
Usually if the deductions are higher than the
standardized deductions and if you want to itemize the deduction, Form 1040
should be filed. For tax payers who are above age of 65 and for people who
are blind, some deductions are applicable.
1040EZ – Income Tax Return For Single and Joint
Filers
1040 EZ may be filed if one is doing single or
married and are planning to file the tax return independently or jointly.
1040 NR – U.S Nonresident Income Tax Return
1040NZ may be filed by nonresidents of the US. They
pay tax only on US income source. Even if one has a business in U.S and if there
is no income from that, it is required to file 1040NZ form. Rules for immigrants and residents
are different.
1040EZ – NR Income Tax Return For Certain Nonresident
Aliens With No Dependants
If one has no dependants and if 1040NR apply, then
1040 EZ – NR may be filed. The taxable income should be $100,000 and the source
of income should be salaries, wages, tips, scholarship, fellowship and local
income taxes.
1040 V - Payment Voucher
This is used to send the tax payment to the IRS.
However, it is not mandatory to use the form.
For more
details on 1040 US Tax Preparation Services, contact www.gkmtax.com
