Frequently filed items in a Return of Income by US Tax payer individual
When filing a tax return in the United States, individuals report various types of income, deductions, and credits. Here are some of the frequently filed items on a US individual tax return (Form 1040 or 1040-SR as of my last update in September 2021):
- Wages and Salaries: Income earned from employment.
- Interest Income: Income earned from savings accounts, CDs, or other interest-bearing accounts.
- Dividend Income: Income received from investments in stocks and mutual funds.
- Business Income: Profits or losses from self-employment, sole proprietorships, partnerships, or LLCs.
- Rental Income: Income earned from renting out properties.
- Capital Gains and Losses: Profits or losses from the sale of investments or property.
- Retirement Income: Income from pensions, annuities, IRAs, 401(k)s, or Social Security benefits.
- Unemployment Compensation: Income received from unemployment benefits.
- Other Income: Any other sources of income not listed above.
- Standard Deduction: A fixed dollar amount that reduces the taxable income if the taxpayer doesn’t itemize deductions.
- Itemized Deductions: Including state and local taxes, mortgage interest, medical expenses, and charitable contributions.
- Educational Expenses: Deductions for student loan interest and qualified education expenses.
- Health Savings Account (HSA) Contributions: Contributions made to HSAs, which are tax-deductible.
- IRA Contributions: Contributions to Traditional IRAs may be tax-deductible, subject to income limits.
- Self-Employed Expenses: Deductions for business-related expenses for self-employed individuals.
- Home Mortgage Interest: Deductions for interest paid on home mortgages.
- Child Tax Credit: A credit for each qualifying child under the age of 17.
- Earned Income Tax Credit (EITC): A credit for low-to-moderate-income working individuals and couples, particularly those with children.
- Education Credits: Including the American Opportunity Credit and the Lifetime Learning Credit for qualified education expenses.
- Child and Dependent Care Credit: A credit for expenses paid for the care of qualifying children under 13 or disabled dependents.
- Saver’s Credit: A credit for contributions to retirement savings accounts for low-to-moderate-income individuals.
- Health Insurance Coverage: Reporting compliance with the Affordable Care Act’s individual mandate (as of the last update).
- Estimated Tax Payments: If applicable, report of estimated tax payments made throughout the year.
- Withholding: Reporting of taxes withheld by employers.
Please note that tax laws and forms can change, and new provisions might have been introduced. For the most current and specific information, it’s advisable to consult the official IRS website or a tax professional.