Introduction to US Tax Returns

Introduction to US Tax Returns

Introduction to US Tax Returns

Introduction

Just as we have different tax return forms for different purposes, The United States of America is no exception. U.S. also prescribes different types of tax returns for different purposes.

The tax returns are differentiated on the basis of the income on which one is liable to pay taxes. This is similar to filing of different returns prescribed by Indian Income Tax Department for different “Persons” and “Income from Different Sources”.

Different Types of US Tax Returns

 The US Tax returns are broadly classified in 7 main categories. The types of tax returns, description and their due dates are as below –

SNName of FormDescriptionDue-Date
11040U.S. Individual Income Tax Return15th April (Unless applied for automatic extension)
21040XU.S. Individual Income Tax Return (Amended)Later of– 1.Within 3 years of filing of Original Tax Return or 2.Within 2 years of payment of Taxes
31041U.S. Income Tax Return for Estates and Trusts15th April (After the end of tax year)
41065U.S. Income Tax Return for Partnership Firms15th April (After the end of tax year)
51120U.S. Income Tax Return for Corporation (Other than S corporation)Accounting as per : Calendar Year -15th April (following year end) Non-Calendar Year – 15th Day of Third month following the close of corporation’s tax year
61120SU.S. Income Tax Return for S CorporationAccounting as per : Calendar Year -15th March(following year end) Non-Calendar Year – 15th Day of Third month following the close of corporation’s tax year
72553Election by a Small Business CorporationAn entity can opt for status of S corporation with unanimous consent of shareholders on or before 15th day of third month of its tax year
8706U.S. Estate tax returnWithin 9 months after the death of decendent
9709U.S. Gift tax return15th April (of the year after the gift was made)
10990U.S. Income Tax Return for Exempt organizationAccounting as per : Calendar Year -15th May(following year end) Non-Calendar Year – 15th Day of fifth month following the close of entity’s tax year
115500U.S. Income Tax Return for Employee Benefit PlanAccounting as per : Calendar Year -7th July(following year end) Non-Calendar Year – Last Day of seventh month following the close of entity’s tax year (There are exceptions for direct filing entities DFE’s)

Apart from the above specific returns, there are certain other Information Returns that should be filed as well such as W-2, 1099-MISC, 1097, 1098, 1099, 3921, 3922 etc. The time-lines for all these returns vary.

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Furthermore if any of the above due-date falls on a Saturday, Sunday or legal holiday, the deadline is moved to the next business day.

Thanks for reading “Introduction to US Tax Returns

Wrapping Up

The above is a small effort to bring preliminary awareness about the various tax returns in U.S. and their applicable due-dates. Further please bear in mind that the above due-dates are generic and prone to change in case of any automatic extension. Shall you have any concerns or would like to have any discussions, please feel free to reach out to me at caheergajjar@gmail.com.