An income tax return is the primary form used to calculate your tax liability and determine whether you owe additional taxes or are due a refund. Calculations from various schedules and attachments are entered on this form. The most widely used income tax forms are the 1040, which is used for reporting personal income, and Form 1041, for reporting income distributions from estates and trusts. All tax forms requested by IDOC should be submitted in a timely manner.
A tax schedule is a form that you might be required to file along with your tax return. Various schedules could be required, depending on your situation. If you are self-employed, you'll attach a Schedule C to your return, which reports the profit or loss from your business. Schedule A allows you to claim itemized deductions such as mortgage interest and medical expenses you paid during the tax year. IDOC usually requires that you submit all of these schedules with your tax return.
Attachments include any supplemental information essential to your tax return and providing additional details the IRS needs to process your return. Attachments may include descriptions of special circumstances as well as copies of your earning statements. Earning statements include W-2 forms, which report a salaried employee's annual wages and taxes withheld from paychecks during the year, and 1099-MISC forms, which report non-employee compensation for contract work, royalties and certain other kinds of miscellaneous income. Generally, IDOC requires that you submit all attachments with your income tax return.
Corporate tax returns must be submitted to IDOC if you or your parents own an interest in a corporation. Income from corporations is reported annually on Form 1120, and as is the case with personal income tax returns, a variety of schedules and attachments pertaining to the corporation's business may be required. Similarly, you must submit a partnership tax return if you or your parents receive income from a partnership. Income from partnerships is reported on Form 1165 along with any relevant schedules and attachments.