Tax Library

Federal Tax Forms

The IRS estimates that Americans spend about 6.1 billion hours per year filling out tax forms.

Source: Internal Revenue Services, 2013.

Here you can view, print, or save commonly used tax forms and accompanying instructions for completing the forms. The links below will take you to the Internal Revenue Service website.

Form Description Instructions
1040 U.S. Individual Income Tax Return Instructions
1040A U.S. Individual Income Tax Return Instructions
1040EZ U.S. Individual Income Tax Return Instructions
Sch A Itemized Deductions Instructions
Sch B Interest and Ordinary Dividends n/a
Sch C Profit and Loss from Business Instructions
Sch C-EZ Net Profit from Business n/a
Sch D Capital Gains and Losses Instructions
Sch E Supplemental Income and Loss Instructions
Sch EIC Earned Income Credit n/a
Sch F Profit and Loss from Farming Instructions
Sch H Household Employment Taxes Instructions
Sch J Farm Income Averaging Instructions
Sch R Credit for the Elderly or the Disabled Instructions
Sch SE Self-Employment Tax Instructions
W-4 Employee's Withholding Allowance Certificate n/a
W-4P Withholding Certificate for Pension or Annuity Payments n/a
W9 Request for Taxpayer Identification Number and Certification Instructions

Disclaimer: This material is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate.

Disclaimer: This material is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate.

Federal Tax Calendar

Key dates regarding taxes for current tax year

2016

January
15 – Fourth quarter 2015 estimated tax due. Use Form 1040-ES.
February
1 – Deadline for employers to provide copies of Forms W-2 and 1099 for 2015 to employees.
16 – If you claimed exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by February 17 to continue your exemption for another year.
29 – Deadline for farmers and fishermen who have a balance due on their taxes to file their 2015 individual income tax returns and pay the balance due without penalties.
March
15 – Deadline for 2015 corporate tax returns (Forms 1120 and 1120-S) or to request an extension using Form 7004.
April
18 – Deadline to file 2015 individual income tax returns (Form 1040, 1040A, or 1040EZ) and any taxes owed, or to file for an automatic 6-month extension. (Note: If you are a resident of Massachusetts or Maine, Patriots' Day (April 18) delays the due date for filing your income tax return until April 19.)
18 – Last day to contribute to a traditional IRA, Roth IRA, or SEP-IRA for the 2015 tax year.
18 – First quarter 2016 estimated tax due. Use Form 1040-ES.
18 – Deadline to file 2016 trust tax returns (Form 1041) or to request an automatic extension.
18 – Deadline to file 2016 partnership tax returns (Form 1065) or to request an automatic extension (Form 7004).
June
15 – Deadline for U.S. citizens living abroad to file individual tax returns and pay any tax, interest, and penalties due, or to request a 4-month extension (Form 4868).
15 – Second quarter 2016 estimated tax due. Use Form 1040-ES.
September
15 – Third quarter 2016 estimated tax due. Use Form 1040-ES.
October
1 – Deadline for existing employers to establish a SIMPLE IRA plan.
17 – If you were given a 6-month extension to file your income tax return for 2015, file Form 1040, 1040A, or 1040EZ and pay any tax, interest, and penalties due.
17 – Final deadline to file 2015 partnership tax return if you were given a 6-month extension.

Disclaimer: This material is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate.

Federal Tax Rates

According to one survey, 46% of Americans believe middle-income people pay too much in income taxes.


Source: Gallup, 2015.
These figures are for the 2016 tax year. Find your tax rate below.

Schedule X – Single

If taxable income is over: But not over: The tax is:
$0 $9,275 10% of the amount over $0
$9,275 $37,650 $927.50 plus 15% of the amount over $9,275
$37,650 $91,150 $5,183.75 plus 25% of the amount over $37,650
$91,150 $190,150 $18,558.75 plus 28% of the amount over $91,150
$190,150 $413,350 $46,278.75 plus 33% of the amount over $190,150
$413,350 $415,050 $119,934.75 plus 35% of the amount over $413,350
$415,050 no limit $120,529.75 plus 39.6% of the amount over $415,050

Schedule Y-1 – Married Filing Jointly or Qualifying Widow(er)

If taxable income is over: But not over: The tax is:
$0 $18,550 10% of the amount over $0
$18,550 $75,300 $1,855.00 plus 15% of the amount over $18,550
$75,300 $151,900 $10,367.50 plus 25% of the amount over $75,300/td>
$151,900 $231,450 $29,517.50 plus 28% of the amount over $151,900
$231,450/td> $413,350/td> $51,791.50 plus 33% of the amount over $231,450
$413,350 $466,950 $111,818.50 plus 35% of the amount over $413,350
$466,950 no limit $130,578.50 plus 39.6% of the amount over $466,950

Schedule Y-2 – Married Filing Separately

If taxable income is over: But not over: The tax is:
$0 $9,275 10% of the amount over $0
$9,275 $37,650 $927.50 plus 15% of the amount over $9,275
$37,650 $75,950 $5,183.75 plus 25% of the amount over $37,650
$75,950 $115,725 $14,758.75 plus 28% of the amount over $75,950
$115,725 $206,675 $25,895.75 plus 33% of the amount over $115,725
$206,675 $233,475 $55,909.25 plus 35% of the amount over $206,675
$233,475 no limit $65,289.25 plus 39.6% of the amount over $233,475

Schedule Z – Head of Household

If taxable income is over: But not over: The tax is:
$0 $13,250 10% of the amount over $0
$13,250 $50,400 $1,325.00 plus 15% of the amount over $13,250
$50,400 $130,150 $6,897.50 plus 25% of the amount over $50,400
$130,150 $210,800 $26,835.00 plus 28% of the amount over $130,150
$210,800 $413,350/td> $49,417.00 plus 33% of the amount over $210,800/td>
$413,350 $441,000/td> $116,258.50 plus 35% of the amount over $413,350
$441,000 no limit $125,936.00 plus 39.6% of the amount over $441,000

Disclaimer: This material is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate.

Tax Glossary

A B C D E F I J L M N P Q R S T U V W X Y Z

A

An interim calculation in the computation of income tax liability. It is computed by subtracting certain allowable adjustments from gross income.

The return from an investment after the effects of taxes have been taken into account.

The examination of the accounting and financial documents of a firm by an objective professional. The audit is done to determine the records' accuracy, consistency, and conformity to legal and accounting principles.

B

The net value of a company's assets, less its liabilities and the liquidation price of its preferred issues. The net asset value divided by the number of shares of common stock outstanding equals the book value per share, which may be higher or lower than the stock's market value.

C

The difference between the sales price and the purchase price of a capital asset. When that difference is positive, the difference is referred to as a capital gain. When the difference is negative, it is a capital loss.

A professional license granted by a state board of accountancy to an individual who has passed the Uniform CPA Examination (administered by the American Institute of Certified Public Accountants) and has fulfilled that state's educational and professional experience requirements for certification.

State laws vary, but generally all property acquired during a marriage -- excluding property one spouse receives from a will, inheritance, or gift -- is considered community property, and each partner is entitled to one half. This includes debt accumulated. There are currently nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

Interest that is computed on the principal and on the accrued interest. Compound interest may be computed continuously, daily, monthly, quarterly, semiannually, or annually.

D

An amount that can be subtracted from gross income, from a gross estate, or from a gift, thereby lowering the amount on which tax is assessed.

A qualified retirement plan under which a retiring employee will receive a guaranteed retirement fund, usually payable in installments. Annual contributions may be made to the plan by the employer at the level needed to fund the benefit. The annual contributions are limited to a specified amount, indexed to inflation.

A retirement plan under which the annual contributions made by the employer or employee are generally stated as a fixed percentage of the employee's compensation or company profits. The amount of retirement benefits is not guaranteed; rather, it depends upon the investment performance of the employee's account.

A pro rata portion of earnings usually distributed in cash by a corporation to its stockholders. In preferred stock, dividends are usually fixed; with common shares, dividends may vary with the fortunes of the company.

E

A tax-favored retirement plan that is sponsored by an employer. Among the more common employer-sponsored retirement plans are 401(k) plans, 403(b) plans, simplified employee pension plans, and profit-sharing plans.

An enrolled agent is a person who has passed the appropriate examination in order to represent taxpayers before the Internal Revenue Service. Enrolled agents, like attorneys and certified public accountants, are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before.

Upon the death of a decedent, federal and state governments impose taxes on the value of the estate left to others (with limitations).

F

The range of taxable income that is taxable at a certain rate. Currently, there are seven federal income tax brackets: 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent, and 39.6 percent.

A defined contribution plan that may be established by a company for retirement. Employees may allocate a portion of their salaries into this plan, and contributions are excluded from their income for tax purposes (with limitations). Contributions and earnings will compound tax deferred. Withdrawals from a 401(k) plan are taxed as ordinary income, and may be subject to an additional 10 percent federal tax penalty if withdrawn prior to age 59½.

A defined contribution plan that may be established by a nonprofit organization or school for retirement. Employees may allocate a portion of their salaries into this plan, and contributions are excluded from their income for tax purposes (with limitations). Contributions and earnings will compound tax deferred. Withdrawals from a 403(b) plan are taxed as ordinary income, and may be subject to an additional 10 percent federal tax penalty if withdrawn prior to age 59½.

G

A federal tax levied on the transfer of property as a gift. This tax is paid by the donor. Currently, the first $14,000 a year from a donor to each recipient is exempt from tax. Most states also impose a gift tax. The gift tax exemption is indexed for inflation.

I

Contributions to a traditional IRA are deductible from earned income in the calculation of federal and state income taxes if the taxpayer meets certain requirements. The earnings accumulate tax deferred until withdrawn, and then the entire withdrawal is taxed as ordinary income. Individuals not eligible to make deductible contributions may make nondeductible contributions, the earnings on which would be tax deferred.

J

Property owned by two or more persons under joint tenancy, tenancy in common, or, in some states, community property.

L

The disbursement of the entire value of an employer-sponsored retirement plan, pension plan, annuity, or similar account to the account owner or beneficiary. Lump-sum distributions may be rolled over into another tax-deferred account.

M

The amount of tax paid on an additional dollar of income. As income rises, so does the tax rate.

A provision of the tax codes that allows all assets of a deceased spouse to pass to the surviving spouse free of estate taxes. This provision is also referred to as the "unlimited marital deduction." The marital deduction may not apply in the case of noncitizens.

N

The per-share value of a mutual fund's current holdings. The net asset value is calculated by dividing the net market value of the fund's assets by the number of outstanding shares.

P

In a security, the principal is the amount of money that is invested, excluding earnings. In a debt instrument such as a bond, it is the face amount.

An agreement under which employees share in the profits of their employer. The company makes annual contributions to the employees' accounts. These funds usually accumulate tax deferred until the employee retires or leaves the company.

Q

A pension, profit-sharing, or qualified savings plan that is established by an employer for the benefit of the employees. These plans must be established in conformity with IRS rules. Contributions accumulate tax deferred until withdrawn and are deductible to the employer as a current business expense.

R

A method by which an individual can transfer the assets from one retirement program to another without the recognition of income for tax purposes. The requirements for a rollover depend on the type of program from which the distribution is made and the type of program receiving the distribution.

A nondeductible IRA that allows tax-free withdrawals when certain conditions are met. Income and contribution limits apply.

S

In the past, the terms “Keogh plan” and “H.R. 10 plan” were used to distinguish a retirement plan established by a self-employed individual from a plan established by a corporation or other entity. However, self-employed retirement plans are now generally referred to by the name of the particular type of plan used, such as SEP IRA, SIMPLE 401(k), or self-employed 401(k). The contribution amount is indexed annually for inflation.

A type of plan under which the employer contributes to an employee's IRA. Contributions may be made up to a certain limit and are immediately vested.

An IRA designed for a couple when one spouse has no earned income. The maximum combined contribution that can be made each year to an IRA and a spousal IRA currently is $11,000 or 100 percent of earned income, whichever is less, for the 2015 tax year. The total may be split between the two IRAs as the couple wishes, provided that the contribution to either IRA does not exceed the maximum annual contribution limit ($5,500 for 2015).

T

Tax credits, the most appealing type of tax deductions, are subtracted directly, dollar for dollar, from your income tax bill.

Interest, dividends, or capital gains that grow untaxed in certain accounts or plans until they are withdrawn.

Under certain conditions, the interest from bonds issued by states, cities, and certain other government agencies is exempt from federal income taxes. In many states, the interest from tax-exempt bonds will also be exempt from state and local income taxes. If you sell a tax-exempt bond at a profit, you could incur capital gains taxes. Some tax-exempt bond interest could be subject to the federal alternative minimum tax. The principal value of bonds fluctuates with market conditions. Bonds sold prior to maturity may be worth more or less than their original cost.

The amount of income used to compute tax liability. It is determined by subtracting adjustments, itemized deductions or the standard deduction, and personal exemptions from gross income.

Disclaimer: This material is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate.