The Most Common IRS Tax Forms and their Submission deadline
The Internal Revenue Service (IRS) in the United States uses various tax forms for different purposes. Here are some of the most common IRS tax forms:
Form 1040: This is the standard individual income tax return form. It’s used by most taxpayers to report their annual income, deductions, and credits. There are several versions of Form 1040, including Form 1040-SR for seniors and Form 1040-NR for nonresident aliens.
Form 1040 is used for filing an individual’s federal income tax return with the Internal Revenue Service (IRS) in the United States. It is the standard form used by most taxpayers to report their annual income, claim deductions and credits, calculate their tax liability, and determine whether they owe additional taxes or are entitled to a refund.
The form covers various types of income, deductions, and credits, making it suitable for a wide range of taxpayers, including those with employment income, self-employment income, investment income, retirement income, and other sources of income.
The deadline for filing Form 1040 and paying any taxes owed to the IRS typically falls on April 15th each year. However, if April 15th is a weekend or a holiday, the deadline may be extended to the next business day. Taxpayers can also request an extension to file their taxes, which gives them until October 15th to submit their Form 1040. It’s important for taxpayers to be aware of the deadline and any extensions to avoid late filing penalties and interest charges on unpaid taxes.
Form W-2: Employers use this form to report wages, tips, and other compensation paid to employees, as well as the taxes withheld from their paychecks.
The deadline for employers to provide Form W-2 to their employees is January 31st of each year. This deadline ensures that employees receive their W-2s in time to file their income tax returns before the April 15th tax filing deadline. Employers must also submit Copy A of Form W-2 to the Social Security Administration (SSA) by the end of February if filing by paper or by the end of March if filing electronically. It’s important for employers to adhere to these deadlines to avoid penalties and ensure accurate tax reporting for their employees.
Form W-3: Form W-3, also known as the Transmittal of Wage and Tax Statements, is a summary document that accompanies Form W-2 when employers submit W-2 forms to the Social Security Administration (SSA).
It ensures that the SSA receives a comprehensive summary of wage and tax information for all employees covered by Form W-2, helping to facilitate accurate record-keeping and tax administration.
The IRS and SSA require employers to fill out and submit Form W-3 once each year, and the annual deadline for filing this form along with all corresponding Forms W-2 is January 31. Therefore, employers should have Forms W-2 prepared and sent to employees by or before the deadline and send Copy A of each Form W-2 together with the Form W-3 on or before January 31.
Form W-4: Employees use this form to indicate their withholding allowances to their employers. It helps determine how much federal income tax should be withheld from their pay.
There is no specific deadline for employees to submit Form W-4 to their employers. Instead, employees typically fill out a W-4 form when they start a new job, and they can update it at any time during their employment if their withholding preferences change. For example, if an employee experiences a significant life event such as getting married, having a child, or buying a home, they may want to adjust their withholding allowances on their Form W-4.
These are just a few examples of the numerous IRS forms available, and the specific forms you need will depend on your individual tax situation. It’s always recommended to consult with a tax professional or use IRS resources to ensure you’re using the correct forms and filling them out accurately.