Your Guide To 16 Common IRS Tax Forms

1. Brief Introduction

The Internal Revenue Service announced that the nation's 2025 tax season will start on Monday, Jan. 27, 2025, and expected more than 140 million individual tax returns for tax year 2024 to be filed ahead of the Tuesday, April 15 federal deadline.

Having well-organized tax records can make filing a complete and accurate return easier and help avoid errors that can delay refunds. Taxpayers should watch for IRS tax forms to make sure they are well-prepared for this tax season.

2. Form 1040 and Form 1040-SR

IRS Form 1040 is the standard federal income tax form people use to report their income, claim tax deductions and credits, and calculate their tax refund or tax bill for the year. There are three schedules that you may or may not have to tack onto, depending on your tax situation and whether you want to claim certain deductions and credits.

There is also a Form 1040-SR for seniors, which has a different color scheme, a larger font, and an embedded standard deduction table.

3. Form 1040-ES, Form 1040-X, and Form 1040-NR

Form 1040-ES is used by individuals, particularly those with significant income not subject to withholding, like freelancers and independent contractors, to estimate and pay quarterly federal income taxes. This form helps taxpayers manage their tax obligations throughout the year and avoid potential penalties for underpayment.

Form 1040-X is filed by taxpayers who need to amend a previously filed U.S. income tax return due to errors or updates, such as changes in income, deductions, or filing status. It provides an opportunity to correct mistakes and ensure that tax records accurately reflect the taxpayer's financial situation.

Form 1040-NR is designed for nonresident aliens who have earned income from U.S. sources. It helps them report their income and calculate the appropriate taxes, taking into account any applicable tax treaties and regulations specific to nonresidents, ensuring compliance with U.S. tax laws.

4. Form W-2 and Form W-4

A Form W-2 is an IRS form your employer sends you in January or early February. It shows how much your employer paid you during the year, what you contributed to your employer-sponsored retirement plan, and the amount of taxes withheld on your behalf. A copy goes to the IRS, so be sure you report this information accurately.

The Form W-2 has a cousin called the Form W-4, which you fill out for your employer when you get a new job. If you got a huge refund last year, tweak your W-4 to reduce how much tax your employer is taking out of your paycheck — otherwise, you may be needlessly living on less throughout the year.

5. Form W-7 and Form W-9

Form W-7 is an application for an Individual Taxpayer Identification Number (ITIN) used by individuals who are not eligible for a Social Security Number but need to report taxes. It is essential for non-citizens to fulfill U.S. tax obligations.

Form W-9 is used by individuals and entities to provide their taxpayer identification number to a person or company that needs to report information to the IRS, such as income paid to freelance workers.

6. Form 941 and Form SS-4

Form 941 is the Employer's Quarterly Federal Tax Return, used by employers to report income taxes withheld from employee paychecks and pay their portion of Social Security and Medicare taxes. It is crucial for maintaining payroll tax compliance.

Form SS-4 is used to apply for an Employer Identification Number (EIN), a unique identifier for businesses. It is necessary for establishing a business's tax accounts with the IRS and is used for various business reporting and filing requirements.

7. Form 8862 and Form 4506-T

Form 8862 is filed by taxpayers who seek to claim the Earned Income Credit or other tax credits after they were previously denied. It helps the IRS reassess the taxpayer's eligibility for credits.

Form 4506-T is used to request a transcript of a previously filed tax return. It helps taxpayers verify past income and tax payments, often necessary for loan applications and financial audits.

8. Form 1098 and Form 1099

If you have a mortgage, you'll get a Form 1098 in the mail or your inbox. It shows the interest ($600 or more) you paid on your home loan during the year, and that mortgage interest is generally deductible. Students might get a 1098-T, which reports tuition payments they've made, or a 1098-E, which reports the interest they've paid on their student loans. Student loan interest and tuition payments may also be deductible.

The Form 1099 comes in several flavors, but the big five are the 1099-DIV, 1099-INT, 1099-B, 1099-MISC, and 1099-NEC. These IRS forms are all records of income you've received from a source other than your employer, and whoever sends you one also sends the IRS a copy, so don't forget to report it on your return.

In a nutshell, the 1099-DIV reports dividends and distributions from investments; the 1099-INT reports interest you earned on investments; the 1099-B comes from a broker and lists your reportable investment activity; and the 1099-MISC and 1099-NEC are for most everything else not derived from investments, such as money a client paid you for freelance work.

9. Form 9465

Form 9465 is a document you can file to formally request a monthly installment payment plan in the event you cannot pay what you owe from your federal tax return. In most cases, it is a good idea to pay a portion of your tax liability before asking for payment assistance from the IRS for the leftover balance. With Form 9465, you can avoid paying an immediate lump sum right away and pay your taxes due back in monthly installments, ranging within 60 months, instead.