The IRS And Their Sea Of Forms

Many folks question what all the assorted IRS forms do. So today we will look at a couple of them. The 1040 form and the 1099 form (2 of the more common forms).

The 1040 form what is it? it is actually a form from the Internal Revenue Service utilized by individuals for filling out their year’s income tax returns. The 1040 Form comes in quite a few formats such as 1040EZ, 1040A and 1040X each for a unique purpose.

The 1099 Form what exactly is it? it is actually a form from the IRS used to prepare and file an information return.

What is an information return? An information return is used to report income types excluding salaries, tips and also wages (in these situations a W2 form would be used).