The Internal Revenue Service (IRS) is the government agency responsible for collecting taxes and administering the tax code. Every year, the IRS releases new tax forms for taxpayers to use when filing their taxes. Some forms are unchanged from the previous year, while others are updated to reflect changes in the tax code.
For 2021, the following IRS tax forms have been released:
1040: This is the Individual Income Tax Return Form that most taxpayers will use. The 1040 has undergone some changes for 2021, so be sure to read the instructions carefully before filling it out.
1040-SR: This is a new version of the 1040 form that is specifically designed for seniors. It’s essentially a simplified version of the 1040 that doesn’t require seniors to provide as much information.
1040-NR: This form is for non-resident aliens who have income from US sources. If you’re not a US citizen or permanent resident but you have income from investments or other sources in the US, you’ll need to use this form.
1040-NR-EZ: This is a simplified version of the 1040-NR form for non-resident aliens with relatively simple tax situations.
1040-C: This form is for US citizens and permanent residents who are departing from the US permanently or indefinitely. If you’re leaving the country for good, you’ll need to file a 1040-C.
1099 Series: There are several different types of 1099 forms, each of which is used to report different types of income. For example, the 1099-INT form is used to report interest income, while the 1099-DIV form is used to report dividend income. Be sure to use the correct form for your type of income.
W-2 Series: These forms are used by employers to report wage and salary information to employees and the IRS. Employers will send employees a W-2 form at the end of each year, which taxpayers will need in order to file their taxes.
The IRS has released a variety of tax forms for 2021. Be sure to use the correct form for your situation and read all instructions carefully before beginning your tax return. As always, if you have any questions about which form to use or how to fill it out, you can consult a tax professional or visit www.irs.gov for more information.
Filing taxes can be daunting, especially if you’re new to it. But luckily, there are only a few IRS forms that are commonly used. In this blog post, we’ve given you a rundown of these forms so you can be sure to file your taxes correctly and on time. Stay tuned for our next blog post where we’ll show you how to fill out each form step-by-step. And as always, if you have any questions or need help filing your taxes, our team at Metropolitan Accounting Group is here for you. Give us a call today!