5:59 pm - Friday December 15, 2017

IRS Forms Used by Taxpayers and Claiming of IRS Refund


Internal Revenue Service (IRS) is the chief regulatory body of taxation in USA. It has issued various forms, around 800 in number, which are used by the taxpayers in assessing their total taxable income and the tax payable by them to the Government.

The taxpayers of USA use the appropriate IRS forms to disclose the necessary information as required by the tax authorities while filing their income tax returns.

Main IRS forms:

Form 1040: This form is used by the individuals and is amended every year. Individuals have to file their returns through this form by 15th April of the relevant assessment year. 1040A and 1040EZ are the IRS Forms which are used as the shorter and simplest versions of Form 1040 respectively.

Form 990: This form is used by the non-profit organizations to reveal their significant information regarding financial position and corporate governance to the public and the Government.

Form 5500: One of the important IRS Forms is Form 5500 which discloses the report of proper administration of the Employee Benefit Plan.

Form 1040NR: This form is used by the non residents to file a tax return in US, when they have the domestic US income.

Form 1040X: For revising the return filed in form 1040, 1040A and 1040EZ, this form has to be filed within 3 years of the original filing.

Form 1040-ES: Individuals who are self employed have to file their tax returns quarterly on an estimated basis.

Form 709: This form is used by the taxpayers to disclose the taxes on gifts received by them.

Form 941: The employers have to enter their Federal Tax Returns on a quarterly basis through Form 941.

Form 1065: This form is used for filing of tax return by partnership firms.

Form 1041: Trusts and estates submit their tax returns in Form no. 1041.

Form 1120: C Corporations can file their returns in Form no. 1120.

Form 1120S: Whereas, S Corporations use this form to submit their income tax returns.

Form W2: This form is used by the employers to disclose the wages paid by them to their workers.

Form W-2G: Winnings from gambling are reported to IRS through this form if they are above $600.

Form W-7: This form is used for filing application for obtaining Taxpayers Identification Number.

1099 Series: This series of IRS Forms disclose all the incomes other than salary and wages.

How to claim IRS Refund?

If you have deposited surplus tax with the IRS authorities, then you can claim back such excess tax paid within 3 years of the filing of IRS return.

In order to claim your IRS refund, you can also contact with the IRS office falling within your local area limits for proper guidelines. For IRS refund, you have to file an amended return and Form no. 843.

Filed in: Tax & Banking

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