The IRS also issues tax forms that provide you with vital information necessary for preparing your taxes, even though you don’t fill them out. If you plan on taking advantage of tax deductions and credits, you'll have to fill out separate forms and include them with your return, such as Form 2441 for the tax credit for childcare expenses or Form 1116 for the foreign tax credit. Other common schedules include the Schedule C to report income and losses from a sole proprietorship and Schedule D to report your capital asset transactions such as your stock sales. And if you have significant interest or dividend income, then you may also need to attach a Schedule B. The most common of these are called 'schedules.'įor example, if you want to itemize your deductions, then you must complete a Schedule A attachment. Depending on the complexity of your finances, there are dozens of other forms you may have to fill out and include with your return. Schedules and attachments to IRS formsįiling an income tax return may involve more forms than just your return.

Other forms exist that relate to other types of federal taxes, such as an estate and gift tax return. Most corporations file their returns using Form 1120 or a version of it. The IRS form most familiar to Americans is the Form 1040, which is the standard tax return for individual taxpayers.Ĭorporations pay income taxes too. The Internal Revenue Service creates hundreds of forms, though it’s unlikely that you will encounter more than just a handful from year to year.

IRS forms are documents that individuals and businesses use to report financial activities to the federal government for purposes of calculating their tax liability.

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