Question

What federal tax forms do taxpayers normally receive to inform them of the amount of wages and interest they earned during the year?

Answer 1

Form 1040 (officially, the "U.S. Individual Income Tax Return") is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid or refunded by the government.

Form 1040 is what individual taxpayers use to file their taxes with the IRS.

The form determines if additional taxes are due or if the filer will receive a tax refund.

Personal information, such as name, address, Social Security number, and the number of dependents, are asked for on Form 1040.

Wages:

Form W-2 includes wage and salary information as well as federal, state, and other taxes that were withheld. This information is used by the employee when they complete their individual tax return using Form 1040. An employer must mail out the Form W-2 to employees on or before January 31.

I​nterest

Interest income is entered on Form 1040. Amounts labeled Interest income and Interest on U.S. Savings Bonds and Treasury obligations on Form 1099-INT are reported as taxable interest.