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Types of Income Supported
The following common types of income are supported when using Express1040.com:
- Wages and salaries (Form W-2)
- Unemployment compensation (Form 1099-G)
- Interest and dividend income (Form 1099-INT and Form 1099-DIV)
- Capital gain distributions (Form 1099-DIV)
- Sales of stocks and mutual funds (Form 1099-B)
- IRA and pension distributions (Form 1099-R)
- Social security benefits (Form 1099-SSA)
- Gambling income or losses (Form W-2G)
- Self-employment income (Form 1099-MISC and Schedule C)
- Rental real estate income (Schedule E)
- Royalty income (Schedule E)
- Partnership or S corporation income (Schedule E)
- Estate income (Schedule E)
- Farm income (Schedule F)
- Self-employment taxes (Schedule SE)
- Alimony received
- Taxable state or local refunds (Form 1099-G)
- Scholarships and grants
- Unreported tip income (Form 4137)
- Sale of business property (Form 4797)
- Cancellation of debt income (Form 1099-C)
- Alaska Permanent Fund dividends
Common Deductions Supported
The following deductions are supported with Express1040.com:
- Education expenses (Form 1098-T)
- Home mortgage interest, points, and insurance (Form 1098)
- Student loan interest (Form 1098-E)
- IRA deduction
- Educator expenses
- Moving expenses (Form 3903)
- Alimony paid
- Medical expenses (Schedule A)
- State and local taxes (Schedule A)
- Real estate taxes (Schedule A)
- Personal property taxes (Schedule A)
- Cash contributions and most noncash contributions (Schedule A and Form 8283)
- Job expenses (Form 2106)
- Tax preparation fees (Schedule A)
- Investment expenses (Schedule A)
- Casualty losses (Form 4684)
- Depreciation expense (Form 4562)
- Margin loan interest (Form 4952)
- Penalty paid on early withdrawal of savings
- Health Savings Account deduction
- Extra Standard Deduction for real estate taxes
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Supported Credits
Express1040.com supports the following common types of federal credits:
- Child and dependent care credit (Form 2441)
- Child tax credit
- Additional child tax credit (Form 8812)
- Education credits (Hope and Lifetime Learning credits, Form 8863)
- Earned income credit (Schedule EIC)
- First-time homebuyer credit
- Retirement savings contribution credit (Form 8880)
- Excess Social Security credit
- Residential energy credits
- Alternative motor vehicle credit
- Elderly credit (Schedule R)
- Recovery rebate credit
- Foreign tax credit (Form 1116)
Items NOT Supported
You cannot use Express1040 if any of the following items relate to your tax return:
- Foreign employment income (Form 2555)
- Foreign mailing address
- Household employment taxes (Schedule H)
- Nonresident alien returns (Form 1040NR)
- Adoption credit (Form 8839)
- Deceased taxpayer (Form 1310)
- General business credits (Form 3800)
- Farm rental (Form 4835)
- Lump-sum distributions for taxpayers born before January 2, 1936 (Form 4972)
- At-risk limitations (Form 6198)
- Installment sales (Form 6252)
- Mortgage credit (Form 8396)
- Tax for children under age 18 with investment income (Form 8615)
- Prior year minimum tax credit (Form 8801)
- Qualified electric vehicle credit (Form 8834)
- Archer MSAs (Form 8853)
- Health coverage tax credit (Form 8885 and Form 1099-H)
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