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Tax   Forms
    2011 Tax Year




Because you will be itemizing your deductions, you will probably have to file Form 1040.

The IRS requires you to file Form 1040 if ANY of the following conditions apply:

You receive any income:

  • From self-employment
  • From unreported tips
  • From nondividend distributions (Form 1099-DIV, box 3) that must be reported as capital gains
  • As a partner in a partnership, shareholder in an S corporation, or a beneficiary of an estate or trust
  • As tax-exempt interest from private activity bonds issued after August 7, 1986
You received or paid interest on securities transferred between interest payment dates.
You can exclude either: 1) foreign earned income you received as a U.S. citizen or resident alien, or 2) certain income received from sources in a U.S. possession if you were a bona fide resident of American Samoa for all of 2011.
You have an alternative minimum tax (AMT) adjustment on stock you acquired from the exercise of an incentive stock option (See Publication 525).
You had a financial account in a foreign country, such as a bank or securities account. (If the accounts were less than $10,000 during ALL of 2011, or if the accounts were with a U.S. military banking facility, you may be able to file Form 1040A).
You received a distribution from a foreign trust.
You owe the excise tax on insider stock compensation from an expatriated corporation.

You are reporting original issue discounts in an amount more or less than the amount shown on Form 1099-OID.

You owe household employment taxes (See Schedule H)

Your Form W-2 shows an amount in box 12 with a code Z.

You are eligible for the health coverage tax credit (See Form 8885)

 

To use the shorter Form 1040A, ALL six of the following must apply:

You only earned income from:

  • Wages, salaries, tips
  • Interest and ordinary dividends
  • Capital gain distributions
  • Taxable scholarship and fellowship grants
  • Pensions, annuities and IRAs
  • Unemployment compensation
  • Taxable social security and railroad retirement benefits
  • Taxable scholarship and fellowship grants
  • Alaska Permanent Fund dividends

The only adjustments to income you can claim are:

  • Educator expenses
  • IRA deduction
  • Student loan interest deduction
  • Tuition and fees deduction
You do not itemize deductions.
Your taxable income is less than $100,000.

The only credits you can claim are the credit for child and dependent care expenses, the making work pay credit, the government retiree credit, the earned income credit, the credit for the elderly or the disabled, education credits (including the American opportunity credit), the child tax credit, the additional child tax credit, and the retirement savings contribution credit.

You did not have an alternative minimum tax (AMT) adjustment on stock you acquired from the exercise of an incentive stock option.

 

If you haven't already done so, you can download Form 1040 for free from SaveWealth.com. You can also file your 1040 online through FileOnline, powered by TurboTax.

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