As winter sets in, you might feel a little shiver in the air – its tax season approaching! It can seem like a huge task with lots of paperwork and forms, like climbing a big mountain. But don’t worry! This guide is here to help you, like a guide helping you climb a mountain. We’ll explain all the different IRS tax forms for 2023-24, show you exactly where to send them, and make the whole process easy to understand. So, get your pens, gather your documents, and get ready to tackle taxes like a champ! With this guide, tax season will feel more like a nice walk in the mountains, giving you a great view of a successful filing. Let’s start this journey together!
1. Understanding key IRS forms for 2023-24
What is Form 1040?
Form 1040, officially named the U.S. Individual Income Tax Return, is the primary tax form used by individuals to report their income and calculate their federal income tax liability to the Internal Revenue Service (IRS). It’s essential for determining whether a taxpayer owes additional taxes or is eligible for a refund.
Who needs to file form 1040
- U.S. citizens and resident aliens: This includes most individuals who earn income in the United States.
- Nonresident aliens: May need to file Form 1040NR or 1040NR-EZ if they have income from U.S. sources.
- Dependents: If they meet certain income thresholds, they may have to file their own Form 1040, even if they’re claimed as a dependent on someone else’s return.
IRS Form 990
Form 990 is the annual information return that most tax-exempt organizations in the United States must file with the Internal Revenue Service (IRS). It provides the IRS and the public with information about the organization’s finances, activities, and governance.
Who needs to file form 990
- Tax-exempt organizations: This includes most organizations that are exempt from federal income tax under section 501(a) of the Internal Revenue Code, such as:
- Private foundations
- Religious organizations
- Social welfare organizations
- Trade associations
- Labor unions
- Political organizations
Different versions of form 990
- Form 990-EZ: A shorter version for organizations with gross receipts of less than $200,000 and total assets of less than $500,000.
- Form 990-PF: For private foundations.
- Form 990-N: The “e-Postcard” for small organizations with gross receipts of less than $50,000.
IRS Form 8949
Form 8949 is an IRS form used to report sales and other dispositions of capital assets, such as stocks, bonds, real estate, and collectibles. It’s designed to reconcile the amounts reported to you and the IRS on Form 1099-B or 1099-S (or similar statements) with the amounts you’re reporting on your income tax return.
Who needs to fill out form 8949?
- Individual taxpayers who sold or exchanged capital assets during the tax year, regardless of whether they received a Form 1099-B or 1099-S.
- Partnerships, corporations, trusts, and estates that have capital gains or losses to report.
IRS Form 843
Form 843 is an IRS form officially titled “Claim for Refund and Request for Abatement.” It’s used to request a refund or abatement (reduction or cancellation) of certain taxes, interest, penalties, fees, or additions to tax.
Who might need to fill out form 843
- Individuals, businesses, or other entities who believe they’ve overpaid certain taxes or been incorrectly charged penalties or fees.
- Specific scenarios where it’s commonly used:
- Claiming a refund of the Branded Prescription Drug Fee
- Requesting abatement of Federal Unemployment Tax Act (FUTA) tax
- Seeking abatement of interest or penalties applied in error by the IRS
- Requesting a refund or abatement related to certain excise taxes.
IRS Form 1041
Form 1041, officially titled the U.S. Income Tax Return for Estates and Trusts, is an IRS form used to report the income, deductions, gains, losses, and tax liability of a decedent’s estate or trust. It’s filed annually by the fiduciary (trustee or executor) responsible for managing the estate or trust’s finances.
Who needs to file form 1041?
- Executors or administrators of decedents’ estates: This includes estates that have gross income of $600 or more during the tax year, even if no federal income tax is ultimately due.
- Trustees of trusts: This includes trusts that have gross income of $600 or more, or any amount of taxable income.
2. Online tax filing and payments
How to do taxes online for the first time
If you’re doing your taxes online for the first time, don’t worry – it’s easier than you might think! Look for reliable tax websites or software that can guide you through the process step by step. These platforms usually ask simple questions about your income, job, and any expenses you might have. You just need to fill in the blanks, and they’ll do the hard work of calculating the numbers for you. Don’t forget to have all your important documents handy, like your W-2 or any receipts. It’s like having a virtual assistant to help you, making tax time much more straightforward, especially for first timers.
IRS gov direct pay
IRS Gov Direct Pay is a safe and easy way to make online payments directly to the IRS. Whether you’re an individual or a business, this method ensures your payments are secure. All you must do is visit the IRS website, choose the Direct Pay option, and follow the simple steps to submit your payment. It’s like paying your bills online, but specifically designed for taxes. This hassle-free method provides a convenient way to fulfill your tax obligations without any worries about security, making it a go-to option for individuals and businesses alike.
Pay IRS taxes online
Paying your taxes to the IRS online is a breeze with different options to explore. There are easy and secure ways to make sure you meet your tax responsibilities without stress. You can check out various online payment methods that the IRS offers, making the process simple and convenient. It’s like paying for things online, but for your taxes. Just choose the option that works best for you, follow the steps, and you’re good to go. This way, you can handle your tax payments from the comfort of your computer, ensuring a smooth and secure transaction experience.
File tax extension online
If you need more time to get your taxes ready, filing a tax extension online is a helpful option. It’s like raising your hand and saying, “I need a bit more time, please! By filing an extension, you can avoid getting in trouble with penalties for filing late. It’s a bit like asking for extra time on homework – it gives you the space you need to make sure everything is correct and complete before sending it to the IRS.
3. Important IRS addresses and contact information
Locating the correct IRS address
Finding the right address when you need to send something to the IRS is like putting the right label on a letter. There are different addresses for different forms or situations, and using the correct one ensures that your documents get to the right place on time. It’s a bit like making sure you mail a birthday card to the right person’s house. So, whether you’re sending tax forms or other important papers, taking a moment to check and use the right IRS address is key to making sure everything arrives where it’s supposed to go without any hiccups.
IRS gov forms
Getting your IRS forms directly from the official IRS website is like getting the recipe from the chef – you know it’s the real deal! It’s super important to use forms from the IRS website because they are the most recent and accurate ones available. It’s a bit like having the latest version of a game to make sure everything works smoothly. By going to the official source, you can be sure you have the right forms, and you won’t miss any important changes. So, when it’s time to do your taxes, just head to the IRS website to grab the forms you need and make the whole process a lot smoother and worry-free.
4. Specific forms and tax situations
What is IRS form W-9?
- It’s a single-page form used by businesses and individuals to collect your Taxpayer Identification Number (TIN) for information reporting purposes.
- Your TIN can be your Social Security number (SSN), Individual Taxpayer Identification Number (ITIN), Adoption Taxpayer Identification Number (ATIN), or Employer Identification Number (EIN).
Who needs to fill out Form W-9?
- You’ll be asked to complete Form W-9 if you’re receiving certain payments from another party, such as:
- Independent contractor income from businesses
- Royalty payments
- Prizes and awards
- Interest payments
Form 1099 is a collection of IRS forms used to report various types of non-employment income to the IRS and the recipient. It covers payments made to individuals, businesses, and other entities that typically don’t fall under traditional employer-employee relationships.
Who needs to fill out form 1099?
- Paying independent contractors at least $600 during the year (Form 1099-NEC)
- Paying rent (Form 1099-MISC)
- Paying royalties (Form 1099-MISC)
- Paying prizes or awards (Form 1099-MISC)
- Paying interest (Form 1099-INT)
- Paying dividends (Form 1099-DIV)
- Making direct sales of at least $5,000 of consumer products to a buyer for resale (Form 1099-MISC)
- Paying interest on bank accounts (Form 1099-INT)
- Paying dividends on investments (Form 1099-DIV)
- Reporting proceeds from stock sales (Form 1099-B)
- Paying unemployment benefits (Form 1099-G)
- Paying Social Security benefits (Form SSA-1099)
- Paying certain medical and health care payments (Form 1099-MISC)
- Paying attorney fees (Form 1099-NEC)
- Paying fishing boat proceeds (Form 1099-MISC)
The “K-1 Form” isn’t a single, standalone form. It refers to a collection of schedules under various IRS forms that report the pro-rata share of income, deductions, credits, etc., distributed from a pass-through entity to its partners or shareholders. Essentially, it’s a breakdown of what each individual receives from the entity’s overall financial activity.
Here’s a breakdown of the most common uses of K-1 forms
Types of K-1 forms
Schedule K-1 (Form 1065): Used for partnerships to report each partner’s share of the partnership’s income, losses, deductions, and credits.
Schedule K-1 (Form 1120S): Used for S corporations to report each shareholder’s share of the corporation’s income, losses, deductions, and credits.
Schedule K-1 (Form 1041): Used for estates and trusts to report the income and distributions received by each beneficiary.
Who needs to fill out K-1 forms
Pass-through entities (partnerships, S corporations, estates, and trusts): They are responsible for preparing and sending K-1 forms to each partner, shareholder, or beneficiary, respectively.
Partners, shareholders, and beneficiaries: They don’t directly fill out K-1 forms, but they receive them from the pass-through entity and need to use the information on their individual tax returns to report their share of the entity’s income and deductions.
Form 5472 is an IRS form titled “Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business.” It’s used to disclose certain transactions that occur between a reporting corporation and its foreign or domestic related parties. The IRS uses this information to monitor international tax compliance and ensure that related-party transactions are conducted at arm’s length (fair market value).
Who needs to file form 5472
- U.S. corporations with 25% or more foreign ownership: This includes corporations that have direct or indirect ownership by foreign individuals, corporations, partnerships, trusts, or estates that collectively own at least 25% of the stock.
- Foreign corporations that do business or trade in the United States: This applies even if the foreign corporation doesn’t have a physical presence in the U.S., as long as it engages in some form of business or trade activity within the country.
Form 8962 is the IRS form titled “Premium Tax Credit (PTC)”. It’s used to reconcile the amount of premium tax credit you claimed in advance for health insurance purchased through the Health Insurance Marketplace (also known as the Exchange) with the amount you’re eligible for based on your actual income.
Who needs to fill out form 8962
- Individuals and families who received advance payments of the premium tax credit when enrolling in health insurance through the Marketplace.
- This includes those who claimed the credit on their tax return or those who received advance payments directly from the Marketplace.
Form 4506 – request for copy of tax return
- Used by taxpayers to request exact copies of one or more previously filed tax returns and tax information from the IRS.
- Individuals, businesses, and other entities can request their own tax returns.
- May be needed for various purposes, such as completing a current-year tax return, amending a prior-year return, filing a claim for a refund or abatement, applying for government benefits, verifying income during a loan application process, or defending an IRS audit.
Form 4506-T – request for transcript of tax return
- Used by taxpayers to request a transcript of their tax return information.
- Transcripts are summaries of tax returns that focus on financial data and exclude personal information like Social Security numbers.
- Individuals can request transcripts for the current and the prior three years.
- Useful for verifying income for loan applications, applying for college financial aid, or resolving tax problems with the IRS.
5. Payment and filing strategies
How to pay quarterly taxes with 1099
1. Calculate your estimated tax
- Gather your income information from all 1099 forms and other income sources.
- Use IRS Publication 505 or online tools to estimate your total income and tax liability for the year.
- Consider deductions and credits you can claim.
- Divide the estimated tax liability by four to get your quarterly payment amount.
2. Choose your payment method
- Electronic Federal Tax Payment System (EFTPS): Most convenient option, allows online or phone payments.
- Direct debit: Set up recurring payments from your bank account.
- Mail-in form: Use Form 1040-ES and print a remittance coupon from the IRS website.
3. Determine payment deadlines
- Each quarter’s deadline falls on the 15th of the following month:
- April 15th
- June 15th
- September 15th
- January 15th (of the following year)
- Filing before or on the deadline avoids penalties and interest charges.
4. Adjust payments throughout the year
- If your income or deductions change significantly, re-estimate your tax liability and adjust your quarterly payments accordingly.
- File Form 1040-ES to adjust your estimated tax amount.
- Underpaid estimated taxes result in penalties, so overpaying is generally better than underpaying.
5. File your annual tax return
- When filing your Form 1040, reconcile your estimated tax payments with your actual tax liability.
- You may receive a refund if you overpaid, or owe additional tax if you underpaid.
Form 1099-C is an IRS form titled “Cancellation of Debt.” It’s used to report to the IRS and the debtor (the person or entity whose debt is canceled) when a creditor cancels or forgives a debt of $600 or more. This includes various types of debts, such as credit card debt, personal loans, medical bills, mortgage debt, and more.
Who needs to fill out form 1099-C?
- Creditors: Entities that cancel or forgive debts of $600 or more are responsible for filing Form 1099-C with the IRS and providing a copy to the debtor.
- Common creditors that might issue 1099-C forms include:
- Credit card companies
- Mortgage lenders
- Medical providers
- Utility companies
- Government agencies (e.g., for student loans or taxes)
1099 K Form
Form 1099-K, officially titled “Payment Card and Third Party Network Transactions,” reports payments made to individuals and businesses for goods and services sold through online platforms and payment processors. This includes transactions made through platforms like:
- And many others
Who needs to receive form 1099-K?
You will receive a 1099-K form if you met the following criteria in the previous tax year:
- Total gross payments you received through payment platforms and online marketplaces exceeded $20,000 AND
- Number of transactions you received was 200 or more.
File 1099 electronically
Filing your 1099 electronically is like sending an email instead of using regular mail—it’s faster and more accurate. When you choose to file your 1099 forms online, the process is quicker, and there’s less chance of mistakes. It’s a bit like using technology to make things smoother and more efficient. Plus, electronic filing is part of the modern trend, encouraging taxpayers to embrace the digital way of doing things. So, if you’re looking for a speedy and precise way to submit your 1099 forms, going digital is a smart move that keeps up with the times.
Federal tax extension
Getting a federal tax extension is like asking for a little extra time to finish your homework. If you need more time to prepare your taxes, you can file for an extension. It’s a way of saying, “Hey, I need a bit more time to get everything in order.” This precautionary measure helps you avoid getting in trouble with late filing penalties. So, if you’re feeling a bit rushed or need more time to gather your tax info, filing for a federal tax extension is a smart move to make sure you get everything done accurately without facing extra fees.
6. Additional resources and forms
IRS Form 941, titled “Employer’s Quarterly Federal Tax Return,” is a form used by businesses to report and pay federal payroll taxes. These taxes include:
- Income tax withheld from employees’ wages
- Employer’s share of Social Security and Medicare taxes
- Employees’ share of Social Security and Medicare taxes (collected from wages)
- Additional Medicare tax withheld from employees (if applicable)
Who needs to file Form 941?
Generally, any business that pays wages subject to federal income tax withholding or social security and Medicare taxes needs to file Form 941. This includes:
- Companies of all sizes, sole proprietorships, and partnerships
- Non-profit organizations
- Government agencies
- Tax-exempt organizations that employ paid workers
IRS Form SS-4
Form SS-4 stands for “Application for Employer Identification Number” (EIN). It’s the form you need to fill out to apply for an EIN from the IRS. An EIN is a unique 9-digit number that serves as a tax identification number for businesses and other entities, like how a Social Security number identifies individuals.
Who needs to fill out form SS-4?
- Businesses: Sole proprietorships, partnerships, corporations, LLCs, and other types of businesses generally need an EIN to file federal tax returns, open bank accounts, hire employees, and conduct other business activities.
- Employers: Those who have employees or plan to hire employees need an EIN to report and pay employment taxes.
- Trusts: Trusts filing tax returns must have an EIN.
- Estates: Estates with income that must file a federal tax return also require an EIN.
- Non-profit organizations: Non-profits need an EIN to apply for tax-exempt status and file required tax forms.
- Other entities: Pension plans, real estate mortgage investment conduits (REMICs), farmers’ cooperatives, and certain other entities might need an EIN for various tax purposes.
Schedule C tax Form
Schedule C, officially titled “Profit or Loss from Business (Sole Proprietorship),” is a tax form attached to an individual’s Form 1040 income tax return. It’s used to report income, expenses, and deductions related to a sole proprietorship business.
Who needs to fill out schedule C?
- Sole proprietors: Individuals who operate a business as a sole proprietorship, meaning they have not formed a separate legal entity like a corporation or LLC, need to use Schedule C to report their business income and expenses.
- Independent contractors and freelancers: Even if you don’t think of yourself as a business owner, if you earn income as an independent contractor or freelancer, you’re technically considered a sole proprietor and need to use Schedule C.
- Single-member LLCs (SMLLCs): If you have a single-member LLC that is not taxed as a corporation, you’ll typically report your business income and expenses on Schedule C as well.
The W-7 form is like a special request form for people who can’t get a Social Security Number but still need to do things like paying taxes. It’s an Application for an Individual Taxpayer Identification Number (ITIN). So, if you’re not eligible for a Social Security Number, this form is for you. It’s a bit like asking for a unique ID from the IRS so you can still handle important financial matters. By filling out the W-7, you’re letting the tax folks know that you need an ITIN to make sure you can do things like file taxes and meet other financial obligations, even without a Social Security Number.
Form 2553, titled “Election by a Small Business Corporation”, is the document used by corporations to officially choose S corporation tax status with the IRS. This status allows certain corporations to have their income “pass through” to the shareholders directly, meaning the corporation itself doesn’t pay corporate income tax, and the shareholders are taxed on their pro-rata share of the corporation’s profits and losses.
Who needs to fill out form 2553?
- Corporations meeting eligibility requirements: To be eligible to use Form 2553, a corporation must meet specific criteria, including:
- Having 100 or fewer shareholders who are all U.S. citizens or residents
- Having only one class of stock
- Not being a member of an affiliated group
- Having a valid tax year of 12 months
- New corporations: Corporations electing S corporation status from the outset typically use Form 2553 within the first two months and 15 days of their tax year.
- Existing corporations: Existing corporations can also switch to S corporation status by filing Form 2553 during the tax year preceding the desired effective year.
How to download IRS tax forms
- Official IRS website: The most reliable source for IRS forms is the official website of the Internal Revenue Service (IRS). You can visit www.irs.gov and navigate to the “Forms & Instructions” section. There, you’ll find a comprehensive list of current and prior-year forms available for download.
- IRS forms and publications by mail: Alternatively, you can order forms and publications by mail from the IRS. To do this, visit the “Order Forms & Publications” section on the IRS website or call 1-800-TAX-FORM (1-800-829-3676).
- Local IRS offices and libraries: Some local IRS offices and public libraries may provide printed copies of common IRS forms during tax season. Check with your local resources for availability.
Where to mail IRS forms
If taxpayers opt for paper filing, they must send their forms to the IRS, each state having a unique mailing address for each form. Additionally, addresses differ if payments are included.
For instance, Alabama residents mailing Form 1040 should send it to the Department of the Treasury Internal Revenue Service, Kansas City. If including payment, it goes to the Internal Revenue Service, P.O. Box 1214, Charlotte, NC 28201-1214. Check the IRS’s official web portal for specific mailing addresses.
Paper filing takes longer due to mail delivery times, and regional staffing issues may further delay processing, sometimes taking weeks. To ensure quicker and more efficient processing, the IRS recommends taxpayers file electronically.
Everything you need to know about IRS forms for 2023-24
Recently, the IRS published Publication 509 (2024), which includes the information on Tax Calendars. The tax calendar is divided into 4 quarters, each with a specific due date for various IRS Forms. Taxpayers can download and view Publication 509 (2024) to learn more about the last dates to submit forms. The first quarter comprises January, February, and March. The workers who received tips of $20 or more must report it to their employers using Form 4070 by January 10.
The due date for Form 1040 or Form 1040-SR is April 15, 2024. If the taxpayers are from Maine or Massachusetts, they can file up to April 17. Additionally, taxpayers can use Form 4868 to get an automatic extension. The third quarter comprises July, August, and September. The due date for 1040-ES is September 16. More information on different Forms and their revisions/purposes/deadlines can be checked through the IRS’s authorized website.
How can BookkeeperLive help you?
As winter arrives, so does tax season’s chill. Fear not! This guide helps you navigate IRS forms and deadlines. With a complete form list, addresses, and digital tools, you’re ready to conquer your financial Everest.
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1. Where can I find a complete list of IRS tax forms?
You can find a complete list of IRS tax forms, along with instructions and downloadable copies, on the IRS website: https://www.irs.gov/forms-instructions.
2. Which form should I use to file my individual tax return?
3. What’s the mailing address for my tax return?
The mailing address for your tax return depends on whether you’re filing an individual or business return:
- Individual and Fiduciary Returns: Internal Revenue Service, Ogden, UT 84401-0001
- Business Returns: Internal Revenue Service, Fresno, CA 93888-0001
4. How do I report tips I received?
If you receive tips of $20 or more in a month, you need to report them to your employer using Form 4070. Your employer will then withhold taxes from your paycheck.
5. How do I get an extension to file my tax return?
You can file Form 4868 to get an automatic six-month extension to file your tax return. However, you still need to pay any estimated taxes due by the original deadline to avoid penalties.