Tax returns in the United States are reports filed with the Internal Revenue Service (IRS) or with the state or local tax collection agency (California Franchise Tax Board, for example) containing information used to calculate income tax or other taxes. Tax returns are generally prepared using forms prescribed by the IRS or other applicable taxing authority.

Under the Internal Revenue Code there are two types of returns

1. Information Return

2. Tax Return

Information Return – These are reports used to transmit information about income, receipts or other economic information that may affect tax liabilities of a potential tax payer. Thus a company, employer, or party which has paid income to a taxpayer is required to file the applicable information return directly with the IRS.

These procedures enable the IRS to make reasonably sure that taxpayers report income correctly.

Examples Include – Form W-2 and Form 1099

Tax Returns – These are reports that compute a persons tax liabilities and tax payments, including the financial information used to compute the tax.

Examples include Form 1040, 1065, 1120

Deadline

The annual deadline to file one's Federal income tax return is April 15. Taxpayers can file an extension where the taxes owed must be paid by April 15 but the completed tax return filed by October 15.

Types of Return Forms

Form 1040, U.S. Individual Income Tax Return

Form 1040 (or a variant thereof) is the main tax form filed by individuals who are deemed residents of the United States for tax purposes. Form 1040-SR is available as an optional alternative to using Form 1040 for taxpayers who are age 65 or older.

Both these forms are divided into sections that let you report your taxable income for the year, as well as your deductions, in order to calculate how much you owe in taxes or receive as a refund.

Form 1040 NR, U.S. Nonresident Alien Income Tax Return

You may need to file Form 1040-NR, if you were a nonresident alien engaged in a trade or business in the United States, represented a deceased person who would have had to file Form 1040-NR, or represented an estate or trust that had to file Form 1040-NR.

Form 1040 ES, Estimated Tax for Individuals

Form 1040-ES is to figure and pay estimated tax quarterly. Estimated tax is the method used to pay tax on income that is not subject to withholding (for example, earnings from self-employment, interest, dividends, rents, alimony, etc.) It can also include unemployment compensation, retirement income, and the taxable portion of social security benefits.

Form 1040 V, Payment Voucher for Individuals

Form 1040-V is a statement you send with your check or money order for any balance due on the “Amount you owe” line of your Form 1040 or 1040-NR.

Form 1040 X, Amended U.S. Individual Income Tax Return

If filler mistakes or forgets to include information on a 1040 form, the 1040X form is used to make changes to formerly filed 1040 forms. Tax payer can Make certain elections after the deadline, Change amounts previously adjusted by the IRS, Make a claim for a carryback due to a loss or unused credit.

Form 1040-EZ, Income Tax Return for Single and Joint Filers with No Dependents

Income tax returns for single and joint filers without dependents are a shortened version of the IRS form 1040. This form is suitable for taxpayers with basic tax situations and provides a quick and easy way to declare income tax. This form has been discontinued since FY 2018 and replaced by a redesigned 1040 form.

Form 1041, U.S. Income Tax Return for Estates and Trusts(for 1993 and prior years, this was known as "U.S. Fiduciary Income Tax Return");

Form 1041 filed by The fiduciary of a domestic decedent's estate, trust, or bankruptcy estate to report The income, deductions, gains, losses, etc. of the estate or trust. The income that is either accumulated or held for future distribution or distributed currently to the beneficiaries. Any income tax liability of the estate or trust. Employment taxes on wages paid to household employees.

Form 1120, U.S. Corporation Income Tax Return

It is an Internal Revenue Service (IRS) document that American corporations use to report their credits, deductions, losses, gains and income. It also helps corporations find out how much income tax they need to pay, according to the IRS.

Form 1120S, U.S. Income Tax Return for an S Corporation

Form 1120-S: U.S. Income Tax Return for an S Corporation is a tax document that is used to report income, gains, losses, credits, deductions, and other information pertaining to businesses that are registered as S corporations to the Internal Revenue Service (IRS). The form must be filed by the 15th day of the 3rd month after the corporation's tax year.

Form 2290, Heavy Highway Vehicle Use Tax Return

Form 2290 is the form used to figure out and pay the tax due on motor vehicles operating on public highways with a taxable gross weight of 55,000 pounds or more.

The tax is calculated based on the vehicle's gross weight and the number of miles driven during the tax year. Vehicles that run less than 5,000 miles (7,500 miles for agricultural vehicles) are not required to pay the HVUT but are required to file the form.

The taxation period runs from July 1st to June 30th of the following year and is due by August 31st. However, if a vehicle is first used on a public highway during the tax year, the owner must file the form by the last day of the month following the month in which the vehicle was first used. For example, if you first use a new vehicle in April then your 2290 is due by May 31st.

Form 1065, U.S. Return of Partnership Income (for 1999 and prior years, this was known as "U.S. Partnership Return of Income") (information return);

Form 1065 is a tax document issued by the IRS to report a business partnership’s gains, losses, deductions, and credits. This form is filed by LLCs, foreign partnerships with income in the US and non-profit religious organizations. In addition, to form 1065, the partnership must also submit schedule K-1, a document prepared for each partner. Form 1065 provides the IRS with a snapshot of the company’s financial status for the year. Partners must report and pay taxes on the partnership’s share of income on their tax returns. Regardless of whether the income has been allocated, the partners must pay income tax on their income.

Form 1099 - Series (information return)

Form 1099 refers to the family of IRS forms that are used to report different types of nonemployment income. Each 1099 form corresponds to a specific income category. Payors are responsible for issuing the correct 1099 form to the payee and the IRS.

Most people are familiar with a W-2 — the form full- or part-time employees receive in triplicate in January or February, detailing the income they received from an employer.

A 1099 is similar, but issued by a company, organization, or individual that does not employ the payee. Think contractors, consultants, freelancers, and self-employed folks as typical recipients of these forms. There are also forms for income not related to work for pay.

The payer is responsible for filling out the appropriate 1099 tax form and sending it to you. The IRS requires payers to provide most 1099 forms by January 31. In certain instances, the date is February 15.

Form W-2, Wage and Tax Statement(information return);

Every employer engaged in a trade or business who pays remuneration, including noncash payments of $600 or more for the year (all amounts if any income, social security, or Medicare tax was withheld) for services performed by an employee must file a Form W-2 for each employee (even if the employee is related to the employer) from whom: Income, Social Security, or Medicare tax was withheld or Income tax would have been withheld if the employee had claimed no more than one withholding allowance or had not claimed exemption from withholding on Form W-4, Employee's Withholding Allowance Certificate.