Taxes and Decision Making - Keith Donnelly (Charts)

Form 1040

Federal income tax return filed by US citizens and resident aliens

Form 1040-SR

Simplified version of standard form 1040 for seniors (e.g. larger print, etc.) same calculations and tax formulas as form 1040

Form 1040-NR

Federal income tax return filed by non-resident aliens

Form 1040-X

Form used to amend a previously filed 1040

Schedule 1

Additional income and adjustments (above-the-line-deductions) to income

Schedule 1-A

One Big Beautiful Act (OBBA) deductions

Schedule 2

Additional taxes

Schedule 3

Nonrefundable tax credits

Schedule A

Itemized deductions

Schedule B

Interest and dividend income (has de minimis filing exception)

Schedule C

Income and expenses from a business or self employment. Flows into schedule SE

Schedule D

Summarizes capital gains and losses from all transactions, including totals from Form 8949

Schedule E

Income from rental properties, partnerships, or royalties

Schedule F

Income and expenses from farming activities

Schedule SE

Self-employment tax calculations

Form 4562

Depreciation and amortization of business assets. Flows to schedule C or business tax returns

Form 8949

Reports individual sales and exchanges of capital assets (Stocks, Bonds, Real Estate). Flows to Schedule D

Schedule 8812

Used to claim the Child Tax Credit (CTC) and other dependent credit (ODC)

Form 1116

Used to calculate foreign tax credit to avoid double taxation (has de minimis filing exception)

Form 8938

Reports specified foreign assets (such as bank accounts, stocks, real estate) exceeds certain value thresholds

FBAR (FINCEN Form 114)

Report foreign bank accounts if the total value of the accounts exceeds threshold amount at any point during the year

Form W-2

Issued to employer ; shows wages, salaries, bonuses, tips, and taxes (fed, state, FICA) withheld ; Impacts the Form 1040

Corrected W-2

Issued to the employer ; shows the corrected version of previously issued form W-2 ; Impacts the Form 1040

Form W-2 G

Issued to gambling organization ; shows gambling winnings ; impacts the Form 1040 (Other income)

1099-NEC

Issued to businesses ; shows non-employee compensation (Freelance Income - Uber) ; impacts the Schedule C

1099-MISC

issued to Businesses/Others ; shows miscellaneous income (rents, awards, royalties) ; impacts the Schedule 1 (Additional Incomes)

1099-DIV

Issued to brokers/financial institutions ; shows dividend income ; Impacts the Schedule B

1099-INT

Issued to brokers/financial institutions ; Shows interest income ; Impacts the Schedule B

1099-B

Issued to Brokers/Barter exchanges ; shows the proceeds from stock/bond sales, barter transactions ; Impacts the Schedule D

1099-OID

Issued to debt issuer (corporation, municipality) ; Reports Original Issue Discount (OID) (discount on bond treated as a form of interest income) ; Impacts the Schedule B

1099 - Consolidated

Issued to Broker/Financial Institution ; shows the single statemtent showing 1099-DIV, 1099-INT, 1099-B, 1099-OID ; impacts Various

1099-G

Issued to Government Agencies ; Shows the unemployment income, tax refunds, government payments ; impacts the Form 1040

1099-R

Issued to pensions/retirement plans ; Shows the distributions from retirement plans, pensions, or annuities ; impacts the form 1040

1099-S

Issued to Real Estate transaction parties ; Shows the proceeds from real estate sales ; Impacts the Schedule D

SSA-1099

Issued to Social Security Administration (SSA) ; Shows the social security or social security disability benefits ; Impacts the form 1040

1099-K*

Issued to payment processors, online marketplaces ; Shows the payments received via 3rd party processors or platforms (eBay or Venmo) ; Impacts the Schedule 1 (Additional Income)

1099-C

Issued to creditors (banks, lenders) ; Shows the canceled debt (forgiven loans) ; Impacts the Form 1040 (Other Income)

1099-SA

Issued to HSA/MSA administrators ; Shows the distributions from HSA ; Impacts the form 8889

Schedule K-1

Issued to partnership, S corporation, Estate/Trust ; Shows the business of estate/trust flow through items to taxpayer ; impacts Schedule E

Form 1098

Issued to Lender (mortgage company) ; Shows the mortgage interest paid mortgage paid, and mortgage insurance ; Impacts the Schedule A

Form 1098-E

Issued to Loan Service (Lender) ; Shows the interest paid or student loans ; Impacts the schedule 1 (Adjustments to Income)

Form 1098-T

Issued to Higher Education Institution ; Shows the tuition paid and scholarship ; impacts the Schedule 3 (tax credits)

Partnership

Tax Form - 1065

Due on 3/15 --> 9/15 extension

S Corporation

Tax Form - 1120S

Due on 3/15 --> 9/15 extension

Estate or Trust

Tax Form - 1041

Due on 4/15 --> 9/30 extension

Individual

Tax Form - 1040

Due on 4/15 --> 10/15 extension

Individual (Donor)

Tax Form - 709

Due on 4/15 --> 10/15 extension

C Corporation

Tax Form - 1120

Due on 4/15 --> 10/15 extension

NFP

Tax Form - 990

Due on 5/15 --> 11/15 extension

Estate

Tax Form - 706

Due 9 months after death --> 15 months after death extension