Tax Forms and Procedures Flashcards
6 cards from real Tax Preparation practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Tax Forms and Procedures flashcards as text
What is the standard due date for individual tax returns (Form 1040) for calendar-year taxpayers?
Answer: April 15
Form 1040 is due on April 15 for calendar-year individual taxpayers; if April 15 falls on a weekend or holiday, it shifts to the next business day.
Form 4868 grants an automatic extension to file Form 1040 for how many months?
Answer: 6 months
Form 4868 grants an automatic 6-month extension to file (not to pay), extending the filing deadline to October 15.
Which form is used to report the additional 10% early withdrawal penalty on retirement account distributions?
Answer: Form 5329
Form 5329 is used to calculate and report the 10% additional tax on early distributions from qualified retirement plans.
A taxpayer needs to correct an error on a previously filed Form 1040. Which form do they use?
Answer: Form 1040-X
Form 1040-X, Amended U.S. Individual Income Tax Return, is used to correct errors or make changes to a previously filed return.
Which schedule reports capital gains and losses from the sale of investments?
Answer: Schedule D
Schedule D is used to report capital gains and losses from the sale or exchange of capital assets such as stocks and real estate.
Form W-4 is completed by an employee to:
Answer: Claim withholding allowances and instruct the employer on withholding
Form W-4, Employee's Withholding Certificate, tells the employer how much federal income tax to withhold from the employee's paycheck.
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