Federal Tax Forms

It happens to the best of us. You gather all your tax documents, crunch the numbers, and double check everything on the tax return. No sooner have you dropped the return in the mail or pressed the efile  button, but a new W2 or 1099 comes in the mail. Ah, now you remember. And now you need to revise your tax return.Revising your tax return is done by filing an amendment. You need to use Form 1040X, along with a new Form 1040, plus any other necessary schedules and forms. Amended tax returns have to be mailed to the IRS on paper for manual processing. The IRS typically processes an amended return about 8 to 12 weeks, but this process can take longer during the IRS's busiest times.Why File an Amendment to Your Tax Return?You should file an amended tax return if you need to correct any piece of information that will alter your tax calculations. You can use an amended return to make corrections to your filing status, dependents, income, deductions, or tax credits. For example, if you need to report additional income from a W-2 that arrived after you filed your original return, you'll need to file an amendment. Similarly, if you need to remove dependents because you were not eligible to claim them, you should file an amendment.You should not file an amended return if you are only correcting math errors as the IRS computers will check your math and correct any errors in calculation. Math errors are errors in adding or subtracting items on your tax return.Be aware that you have three years to make any corrections that result in additional tax refunds. That's because there's a three-year statute of limitations on issuing tax refund checks. This three-year period is measured from the date you filed your original tax return. If you filed your return before April 15th, the three-year period begins from April 15th. If you requested an extension, the three-year period runs from October 15th (Internal Revenue Code section 6511(b)(2)(A)).If you are beyond the three-year period, you can only receive refunds for overpaid taxes that were actually paid during the previous two years.People who need to report additional income and to correct overstated deductions can file an amended return at any time. Be aware that the IRS has three-years to audit your tax return, and may have a longer period of time if there's substantial under-reporting.

Federal Tax Forms

Federal Tax Forms
Here are links to the most common tax forms needed to prepare your income tax returns. All tax forms are in the portable document format (PDF) and require Adobe Acrobat Reader. You can use Acrobat Reader to view the documents and print documents. Most of the IRS forms also allow you to type in your information and save a copy with your data to your computer.The best IRS web resource by far is Publication 17, which covers information relevant to most tax situations. (Also available as a downloadable PDF document.)1040EZ Series for IndividualsTaxpayers with income under $100,000 might qualify to use this simplified tax form.* Form 1040EZ* Instructions (pdf)* Instructions (web)1040A Series for IndividualsMost taxpayers are eligible to file this shorter tax form. Income under $100,000, can claim dependents, can use any filing status, and can claim some adjustments to income. This form is the best place to start for most people.* Form 1040A* Instructions (pdf)* Instructions (web)Schedules related to Form 1040A:* Schedule 1 for Interest & Dividends* Schedule 2 for Child & Dependent Care Expenses and Instructions for Schedule 2* Schedule 3 for the Credit for the Elderly or Disabled and Instructions for Schedule 31040 Series for IndividualsForm 1040, the "long form," covers all possible tax situations. Anyone at all can file this form. So if you're in doubt about which form to file, it's always a safe bet to stick to the 1040.* Form 1040* Instructions (pdf)* Instructions (web)Schedules related to Form 1040:* Schedule A for Itemized Deductions. Instructions for Schedule A.* Schedule B for Interest and Dividends. Instructions are included in the same pdf file as the form.* Schedule C for Net Profit or Loss from Business and Instructions* Schedule C-EZ simplified version of Net-Profit from Busines (includes instructions)* Schedule D for Capital Gains & Losses and Schedule D-1 Continuation of Schedule D, and Instructions* Schedule E for Supplemental Income & Loss from rental real estate, royalties, partnerships, trusts, and S-corporations, and Instructions* Schedule EIC for the Earned Income Credit. See Publication 596 for all the details.* Schedule F for Net Profit or Loss from Farming and Instructions* Schedule H for Household Employment Taxes and IRS Instructions* Schedule J for Farm Income Averaging and Instructions* Schedule R for the Credit for the Elderly or Disabled and Instructions* Schedule SE for the Self Employment Tax and IRS Instructions

Tax Calculation Example

Tax Calculation Example

Mary is a single taxpayer with $350,000 of taxable income. Her income is taxed in each of the tax brackets, as follows:

• $755.00 (tax on the first $7,550 of Mary's income, taxed at the 10% rate), plus
• $3,465.00 (tax on the income between $7,550 and $30,650, taxed at the 15% rate), plus
• $10,887.50 (tax on the income between $30,650 and $74,200, taxed at the 25% rate), plus
• $22,568.00 (tax on the income between $74,200 and $154,800, taxed at the 28% rate), plus
• $59,977.50 (tax on the income between $154,800 and $336,550, taxed at the 33% rate), plus
• $4,707.50 (tax on the income over $336,550, taxed at the 35% rate), for a grand total tax of
• $102,360.50.

Mary's income tax is $102,361 (rounding up). This tax consists of $4,707.50 tax on the amount over $336,550 (the income in the 35% tax bracket) plus $97,653.00 (the tax on income in the lower tax brackets). Mary's marginal tax rate is 35%. The next dollar Mary earns will be taxed at 35%. However, Mary's average tax rate is 29% (total tax divided by taxable income). On average Mary is paying only 29 cents for every dollar of taxable income she earns. Mary's average tax rate is lower than her marginal tax rate because most of her income is taxed at lower tax rates.
We can compare the changes in the marginal tax rates by comparing Mary's total tax using 2005 tax rates and 2004 tax rates. If Mary had the same taxable income of $350,000 in 2006, 2005, and 2004, her total tax liability would have been $102,970 in 2005 and $103,408 in 2004. Mary's taxes are lower in 2006 because of changes in the income tax brackets.

Tax Rate Schedules

Tax Rate Schedules

Tax Rates

Below are the tax rates on ordinary income. Tax rates progressively increase as income increases. The tax rates apply only to the income in each tax bracket range. Tax rates apply only to taxable income. Non-taxable income encompasses tax-free interest on municipal bonds, above-the-line adjustments, itemized deductions or the standard deduction, and personal exemptions. Taxable income is almost always less than your total income. Capital gains are taxed at different tax rates. Capital gains tax rates are lower than ordinary income tax rates, and are calculated separately.
Note: These tax rate schedules are provided for tax planning purposes. To compute your actual income tax, please see the 2006 instructions for Form 1040, 1040A, or 1040EZ as appropriate.

Single Filing Status

(Tax Rate Schedule X)

• 10% on income between $0 and $7,550
  
• 15% on the income between $7,550 and $30,650; plus $755.00
  
• 25% on the income between $30,650 and $74,200; plus $4,220.00
  
• 28% on the income between $74,200 and $154,800; plus $15,107.50
  
• 33% on the income between $154,800 and $336,550; plus $37,675.50
  
• 35% on the income over $336,550; plus $97,653.00

Married Filing Jointly or Qualifying Widow(er) Filing Status

(Tax Rate Schedule Y-1)

• 10% on the income between $0 and $15,100
  
• 15% on the income between $15,100 and $61,300; plus $1,510.00
  
• 25% on the income between $61,300 and $123,700; plus $8,440.00
  
• 28% on the income between $123,700 and $188,450; plus $24,040.00
  
• 33% on the income between $188,450 and $336,550; plus $42,170.00
  
• 35% on the income over $336,550; plus $91,043.00

Married Filing Separately Filing Status

How Marginal Tax Rates are Used

How Marginal Tax Rates are Used

Individuals can use the tax rate schedules in a number of ways to help plan their finances. You can use these tax rates to figure out how much tax you will pay on extra income you earn. For a taxpayer in the 25% tax bracket, extra income will be taxed at that rate until the taxpayer reaches the next tax bracket of 28%. Alternatively, you can use these tax rates to figure out how much tax you will save by increasing your deductions. A taxpayer in the 28% tax bracket, for example, will save 28 cents in federal tax for every dollar spent on a tax-deductible expense, such as mortgage interest or charity.
Be aware that marginal tax rates interact with other tax rates, including the alternative minimum tax, Social Security tax, and Medicare tax rates. In particular, the alternative minimum tax can push income into a higher tax rate or eliminate the tax savings of deductions.

Tax Rates for the 2012 Tax Year

Tax Rates for the 2012 Tax Year
For 2012 there are six tax rates, and each rate applies to a specific range of income. The income subject to the federal income tax is taxable income, which is total income after various tax deductions have been subtracted.
Federal income tax rates progressively increase as income increases. Instead of just one, flat rate that applies to all income, a person's income will fall into one or more tax rates depending on their income and deductions. For example, a single person with taxable income of $50,000 falls into the 25% tax bracket. (See the single tax rates below.) This "25% tax bracket" means that the person's income from zero to $8,700 is taxed at 10%, and income from $8,700 to $35,350 is taxed at 15%, and finally income from $35,350 to $50,000 is taxed at 25%. The 25% tax rate is this person's marginal tax rate, the tax rate that applies to the last dollars of income earned during the year.

2012 Tax Rates

For 2012, there will be six tax rates of:

• 10%,
• 15%,
• 25%,
• 28%,
• 33%, and
• 35%.

These tax rates are called ordinary rates. Tax rates are called ordinary because these are the tax rates that ordinarily apply to income, unless some special rate applies. There are special tax rates that apply for capital gains, for dividends, for collectibles, and certain types of real estate.

Where's My Tax Refund - It's Quick, Easy and Secure.

Where's My Tax Refund - It's Quick, Easy and Secure.

You can generally expect the IRS to issue your refund in less than 21 calendar days after we receive your tax return.
Use this tool to check on the status of your refund. It provides the most up-to-date information the IRS has. There’s no need to call us unless Where’s My Refund? tells you to do so. Where’s My Refund? is updated every 24 hours – usually overnight -- so