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The Curious Bag
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Forms 1041, 1040-A and 1040-EZ are three of several federal tax forms that taxpayers use when filing their tax return. The different forms are used depending on each taxpayer's needs.
Definitions
A beneficiary files the 1041 in regards to an estate of an individual that has passed. Form 1040-A is filed by taxpayers whose taxable income is less than $100,000; the 1040-EZ form is filed by singles or married people without dependents.
Usage
Form 1041 is used when a beneficiary needs to declare the income of an asset because of a trust of a decedent. Forms 1040-A or 1040-EZ are used when expenses are not itemized.
Accessibility
All three forms are available at libraries and online on the Internal Revenue Service (IRS) website.
Time Frame
The deadline to file forms 1040-A and 1040-EZ is April 15 of every year. Form 1041, depending on when the estate was established, can be filed before or on April 15 of the next year but before the end of the next year.
Consideration
When filing each forms, a taxpayer must obtain the counsel of a Certified Public Accountant (CPA) because the CPA might be better equipped to understand the various tax laws and the additional forms that must be filed.
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