Some common Internal Revenue Service tax forms include Forms 1040, W-2, W-4, 1098 and 1099, reports Kira Botkin for Money Crashers. Taxpayers fill out some of these forms and turn them into an employer or the IRS. Some of the forms taxpayers receive from an employer or other source of income.Continue Reading
Taxpayers use Form 1040 to file their taxes at the end of the year, according to Botkin. There are various versions of Form 1040, which taxpayers use depending on their classifications for the year. Form 1040 also has a variety of schedules, different parts of the form, that taxpayers use to calculate different forms of taxes. An employee fills out a W-4 form when he is hired to let an employer know how much taxes should be withheld from each paycheck; at the end of the year, the employee receives a W-2 from the employer reporting how much taxes have been withheld throughout the year. The employee uses the information on the W-2 form when filing his taxes for the year.
If an individual makes money as an independent contractor, withdraws money from a retirement account or wins a lottery, such income is documented on Form 1099, explains Botkin. To file and itemize various types of tax deductions, taxpayers use Form 1098.Learn more about Taxes