Types of Form 1040
There are various types of Form 1040, introduced for different purposes. These are:
1. Form 1040-SR: This is a simplified version of Form 1040 that is specifically designed for taxpayers who have reached the age of 65 and above. It uses larger font sizes and includes specific lines for reporting retirement income, such as Social Security benefits and distributions from retirement accounts.
2. Form 1040-NR: Form 1040-NR is introduced for non-resident aliens who have income from U.S. sources but are not U.S. citizens or residents for tax purposes. This form has different rules and requirements as compared to the standard Form 1040.
3. Form 1040-X: This is the amended form used by the taxpayers in the event of errors or omission of any information that was required to be provided. It is used to correct errors or make changes to their original Form 1040 that they have already filed.
4. Form 1040-ES: Taxpayers who expect to owe a certain amount of tax not subject to withholding, such as self-employment income, use Form 1040-ES to calculate and pay estimated taxes quarterly.
5. Form 1040-ES (NR): Nonresident aliens who need to pay estimated taxes on income that is effectively connected with a U.S. trade or business use Form 1040-ES (NR).
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