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 –
| SN | Name of Form | Description | Due-Date |
| 1 | 1040 | U.S. Individual Income Tax Return | 15th April (Unless applied for automatic extension) |
| 2 | 1040X | U.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 |
| 3 | 1041 | U.S. Income Tax Return for Estates and Trusts | 15th April (After the end of tax year) |
| 4 | 1065 | U.S. Income Tax Return for Partnership Firms | 15th April (After the end of tax year) |
| 5 | 1120 | U.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 |
| 6 | 1120S | U.S. Income Tax Return for S Corporation | Accounting 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 |
| 7 | 2553 | Election by a Small Business Corporation | An 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 |
| 8 | 706 | U.S. Estate tax return | Within 9 months after the death of decendent |
| 9 | 709 | U.S. Gift tax return | 15th April (of the year after the gift was made) |
| 10 | 990 | U.S. Income Tax Return for Exempt organization | Accounting 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 |
| 11 | 5500 | U.S. Income Tax Return for Employee Benefit Plan | Accounting 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.
also read UNEXPLAINED CASH CREDIT – IN DEPTH ANALYSIS OF SECTION 68
also read Interest on delay payment to MSME’s – Implications
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.