US Tax Forms Analysis

First quarter (tax season, as they call it) brings a flood of documents that require careful processing and data extraction. Many different forms and formats must be all consolidated into the tax reports, creating a lot of place for human errors and financial issues.

With docflo.ai, CPAs and companies can automatically extract critical information from common US tax forms, significantly reducing manual effort and improving accuracy. Here is a list of US tax forms we support out-of-the-box that can be fully automated.

Form 1040 - Individual Income Tax Return

The Form 1040 is the standard federal income tax form used by US taxpayers to file their annual income tax returns.

Data extracted automatically by docflo.ai:

• Personal Information: Name, SSN, address, filing status
• Income Details: Wages, interest, dividends, business income, capital gains
• Deductions: Standard or itemized deductions, charitable contributions
• Tax Calculations: Total tax, withholdings, estimated tax payments
• Refund/Amount Owed: Final tax liability or refund amount
• Dependent Information: Names, SSNs, and relationship details

Form 1095-A - Health Insurance Marketplace Statement

This form provides information about health insurance coverage purchased through a Health Insurance Marketplace.

Data extracted automatically by docflo.ai:

• Marketplace Information: Marketplace identifier and contact details
• Policy Information: Policy number, coverage start/end dates
• Covered Individuals: Names, SSNs, and coverage periods
• Premium Information: Monthly premium amounts, advance premium tax credits
• SLCSP (Second Lowest Cost Silver Plan): Monthly amounts for tax credit calculations

Form 1095-C - Employer-Provided Health Insurance Offer and Coverage

Employers use this form to report health insurance coverage offered to full-time employees.

Data extracted automatically by docflo.ai:

• Employer Information: Name, EIN, address, contact details
• Employee Information: Name, SSN, address
• Coverage Offers: Monthly offer codes indicating coverage availability
• Employee Share: Lowest cost monthly premium for employee-only coverage
• Safe Harbor Codes: Codes indicating affordability safe harbor methods used

Form 1098 - Mortgage Interest Statement

This form reports mortgage interest payments of $600 or more received during the tax year.

Data extracted automatically by docflo.ai:

• Lender Information: Name, address, phone number, federal ID
• Borrower Information: Name, SSN, address
• Interest Amounts: Mortgage interest received, points paid, refund of overpaid interest
• Property Information: Outstanding mortgage principal, mortgage origination date
• Real Estate Taxes: Property taxes paid to lender (if applicable)

Form 1099 Series - Information Returns

The 1099 series includes various forms reporting different types of income payments.

Data extracted automatically by docflo.ai:

1099-MISC (Miscellaneous Income)

• Payer/Recipient Information: Names, addresses, tax IDs
• Income Types: Rent, royalties, other income, medical payments
• Backup Withholding: Federal income tax withheld

1099-INT (Interest Income)

• Interest Income: Taxable and tax-exempt interest amounts
• Foreign Tax Paid: Tax paid to foreign countries
• Investment Expenses: Fees and expenses related to interest income

1099-DIV (Dividends and Distributions)

• Dividend Types: Ordinary dividends, qualified dividends, capital gain distributions
• Tax Withholding: Federal and state tax withheld
• Foreign Tax: Tax paid to foreign countries on dividends

Form W-2 - Wage and Tax Statement

The W-2 reports annual wages and tax withholdings for employees.

Data extracted automatically by docflo.ai:

• Employer Information: Name, address, EIN
• Employee Information: Name, SSN, address
• Compensation Details: Wages, tips, other compensation
• Tax Withholdings: Federal, state, and local income tax withheld
• Benefit Information: Social Security and Medicare wages and withholdings
• Retirement Plans: 401(k) contributions, pension plan participation
• Other Benefits: Dependent care benefits, health savings account contributions

Form W-4 - Employee's Withholding Certificate

This form determines the amount of federal income tax to withhold from employee paychecks.

Data extracted automatically by docflo.ai:

• Personal Information: Name, SSN, address, filing status
• Multiple Jobs Adjustment: Information about additional income sources
• Dependents: Number and details of qualifying dependents
• Additional Withholding: Extra amount to withhold per pay period
• Exemption Claims: Basis for withholding exemptions (if applicable)