What is the difference between short and long income tax form?

Answer 1

You use the short form if you aren't filing itemized deductions. You use the long form if you have itemized deductions. If you don't have mortgage interest, high medical bills, etc you probably won't itemize. You will want to itemize if your itemized deductions are larger than the "standard" deduction that you will take on the short form.

Answer 2

This Site Might Help You.

RE:
What is the difference between short and long income tax form?

Answer 3

The basic difference is the amount claimed for deductions from adjusted gross income. The short forms use the standard deduction and the long form allows the taxpayer to itemize or list separate deductions. The largest deduction for most is interest paid on a home. The IRS has been moving for years to eliminate deductions. There are in my opinion, to many powerful special interest groups that will stop any meaningful tax reform.

Answer 4

Just a quick and short summary for both:

The short form is just the standard of reporting your gross income, whatever dependents you have and gives your net and if too much you pay in or not enough then you get a refund.

The long form has all your itemized deductions and medical of what will be deducted from your gross income and most likely you get a return.

Answer 5

The long form used to be an IRS Form 1040 and the short form was the 1040A. Now there's a "shorter" form, the 1040EZ, which is for filers with a limited number of w2's and no other complications. The 1040A has been expanded for interest income, child care, and some other fairly straight forward items. The 1040 can be filed by anyone, but is required by all filers ineligible for either the 1040A, or the 1040EZ.

Answer 6

A short form is called the 1040A. This form is relatively easy. You have no deductions such as mortgage, or any other kind of income such as capital gains. This is a simple form where you take the standard deduction for your status. The 1040 is the form where you file because you have deductions such as mortgage, medical and other types of income. The form takes longer and the tax service people charge more for the 1040 than the 1040A or the 1040EZ.

Answer 7

Short form fill in the basics and file your form. Long form on the other hand is where you makes all kinds of claims and deductions. It is very time consuming and there is a lot of info needed. NOT everyone can do the long form. How much you make and or have makes a difference in this filing.

Answer 8

It is true that the long form allows you to itemize deductions (by attaching Schedule A). But that is not the only reason you may want to (or be required to) file the long form. Generally, if you want to or need to attach supporting "schedules" or "forms", then you file the long form.

For example: Interest income.
If your interest income exceeds the threshold ($1500 for Ordinary Dividends last year), then you MUST file the long form so you can complete and attach Schedule B.

There may also be forms you are not required to complete, but if you do then you save money. For example, if you have long term capital gains, you might get them taxed at a lower rate if you complete Schedule D.
For a business-related move, you may be able to deduct moving expenses by using Form 3903.

If you wonder if you might benefit from the long form, or even be required to file it, I suggest the IRS' Tax Topic # 352 at
http://www.irs.gov/taxtopics/tc352.html
or listen to it on the phone by calling IRS TeleTax
[phone]. Enter 352 for the topic number.

Answer 9

The long forms require a little bit more effort on the part of the person preparing it! Long forms utilize itemized deductions where the short form is just that..short and sweet, no in-depth itemizations, no need for receipts as proof for declaring said deductions etc.

Answer 10

The IRS has different forms to be filed by the wage earner.
Form 1040 EZ is the simplest, designed for those who have modest incomes and do not need to itemize deductions.
Form 1040 is a more complex form for those who need to itemize deductions. the form 1040 may be accompanied by any of several supporting forms, form 1040 A for itemizing deductions or others for explaining different types of incomes such as form 1040 F for farm income etc