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The following is a brief explanation of the basice types of IRS forms you might need to file or be familiar with as part of your tax preparation. For a complete list of forms, please visit the IRS website.1040EZ - You may use this form if you're Single or Married Filing Jointly, have no dependents, and are under 65 (as well as your spouse) and not blind, your taxable income (which can only be from certain sources) is under $50,000, your total earned interest is under $400 and you don't itemize deductions.
1040A - You can use this form if your taxable income is under $50,000 and you don't itemize deductions.
1040 - Anyone can use this form to report all types of income. You have to use this form if your taxable income is greater than $50,000. This is also the form you use when itemizing your tax deductions instead of taking the standard deduction. The standard deduction amount changes annually and will be listed in the tax form booklets for each year.
These are the schedules most commonly used in addition to the 1040:
Schedule A (itemized deductions)
Schedule B (report for taxable interest or dividends greater than $400)
Schedule C or C-EZ (report for profit or loss from your business)
Schedule D (report capital gains as well as losses)
Schedule E (report supplemental income as well as losses)
Schedule EIC (claim earned income tax credit)