Tax Return
The form(s) you file with the IRS to report income, claim deductions and credits, and calculate your tax liability or refund. For individuals, this is Form 1040.
A tax return is the set of forms you submit to the IRS (and usually your state tax agency) each year to report your income, deductions, credits, and payments, and to calculate whether you owe additional tax or are entitled to a refund. For most US individuals, the primary form is Form 1040, "U.S. Individual Income Tax Return."
Your tax return may include multiple supporting schedules depending on your situation: Schedule 1 for additional income and adjustments, Schedule 2 for additional taxes (like AMT or the Additional Medicare Tax), Schedule 3 for additional credits and payments, Schedule A for itemized deductions, Schedule C for self-employment income, Schedule D for capital gains, and others.
Individual tax returns for the calendar year are due April 15. You can request an automatic 6-month extension to file (using Form 4868), which gives you until October 15. However, an extension to file is not an extension to pay — you must estimate and pay any tax owed by April 15 to avoid penalties and interest.
Related Terms
Tax Year
The 12-month accounting period for calculating and filing taxes. For most individuals, the tax year is the calendar year (January 1 through December 31).
Extension
A request to push your tax return filing deadline from April 15 to October 15. An extension gives more time to file but not more time to pay any taxes owed.
Tax Liability
The total amount of tax you owe for the year before accounting for payments, withholding, and refundable credits. It is the bottom-line tax calculated on your return.
Tax Refund
Money returned to you by the IRS when your total tax payments (withholding + estimated payments + refundable credits) exceed your tax liability for the year.