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Introduction to US Tax Returns

Heer Gajjar 
on 31 October 2020

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Introduction

Just as we have different tax return forms for different purposes, The United States of America is no exception. The 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 the filing of different returns prescribed by the 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 into 7 main categories. The types of tax returns, description and their due dates are as below –

Introduction to US Tax Returns

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)

Earlier of the below–

1.Within 3 years of the 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 the tax year)

4

1065

U.S. Income Tax Return for Partnership Firms

15th April

(After the end of the 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 the 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 the Third month following the close of corporation's tax year

7

2553

Election by a Small Business Corporation

An entity can opt for the status of S corporation with the unanimous consent of shareholders on or before the 15th day of the third month of its tax year

8

706

U.S. Estate tax return

Within 9 months after the death of descendent

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 the 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 the 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 timelines for all these returns vary.

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

Wrapping Up

The above is a small effort to bring preliminary awareness about the various tax returns in the 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.

 

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