Form 5329 is an IRS tax form that is used to report additional taxes on certain qualified retirement plans, including IRAs, SEPs, and SIMPLE plans. The form is used to report early distributions, excess contributions, and other penalties that apply to retirement plans.
Form 1099-R is an IRS tax form that reports distributions from pensions, annuities, retirement plans, IRAs, and other similar accounts. The form is typically issued by the payer of the distribution and is used to report the total amount of the distribution, the taxable amount, and any federal income tax withheld.
Form 5498 is an IRS tax form that reports contributions made to individual retirement arrangements (IRAs), including traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs. The form is typically issued by the trustee, custodian, or issuer of the IRA and is used to report contributions, rollovers, conversions, recharacterizations, fair market values, and required minimum distributions (RMDs) for the calendar year.
Form 2106, Employee Business Expenses, is used to claim deductions for expenses related to a job or business, such as mileage, travel, and supplies. The form is divided into two parts, Part I and Part II.
Part I is used to calculate employee business expenses that are not reimbursed by an employer. This includes expenses such as travel, meals, and entertainment, as well as home office expenses and job search expenses. The total amount of expenses is then transferred to Schedule A (Form 1040) as a miscellaneous itemized deduction.
IRS Form 1098-T is used to report tuition payments made by a student or their parents during the tax year. The form is typically provided by eligible educational institutions to students who are enrolled in courses that lead to a degree, certificate, or other recognized educational credential.
IRS Form 4562, also known as the Depreciation and Amortization form, is used by businesses to report the depreciation and amortization of their assets.
IRS Form 4684 is used to report losses due to casualties and thefts that are not covered by insurance or other means of reimbursement. The form consists of three parts:
Part I: Calculation of Losses - This section is used to calculate the amount of the loss and to determine the deductible amount.
Part II: Gains and Reimbursements - This section is used to report any gains or reimbursements received as a result of the loss.
Part III: Explanation of Casualty or Theft - This section is used to provide a detailed explanation of the circumstances surrounding the loss.
IRS Form 8880, Credit for Qualified Retirement Savings Contributions, is a tax form used to claim a credit for contributions made to a qualified retirement savings plan. The form consists of two parts: Part I is used to calculate the credit, while Part II is used to report information about the retirement plan.
Form 2441, also known as Child and Dependent Care Expenses, is a tax form used to claim a credit for expenses incurred for the care of qualifying individuals. The form consists of two parts: Part I is used to calculate the credit, while Part II is used to report information about the care provider(s).
Whether you're a business owner, self-employed individual, or a regular taxpayer, these forms - if used correctly - can potentially save you thousands of dollars in taxes each year. Some of these forms are well-known and frequently-used, while others are less common and may require the assistance of a tax professional.
