IRS Tax Form 1040, U.S. Individual Income Tax Return

Verified by ABBYY

IRS Tax Form 1040, U.S. Individual Income Tax Return is a tax form of the Internal Revenue Service of the United States, which is used by U.S. taxpayers to file an annual income tax return. Often utilized as proof of income during onboarding processes, such as when opening a new bank account, the accuracy of the data extracted from Form 1040 is paramount.

The IRS Tax Form 1040, U.S. Individual Income Tax Return Process Skill is a production-ready skill, which can classify 1040 tax forms for the years 2018 or later and route them to corresponding document skills for the respective fiscal year. The 1040 Document Skills are fully trained on a large document set and provides high accuracy of data identification and extraction.

When augmented by Vantage's advanced human-in-the-loop capabilities, our model enables human operators to review and validate extracted data as necessary. This dual approach ensures stringent quality control and instills confidence in the accuracy of results, safeguarding your financial data with utmost care.

Benefits
  • Automatic classification routes the document to the corresponding document skill based on tax year.
  • Highly accurate, pre-trained AI extraction models automatically detect all fields on the form and fiscal year, filing status, taxpayer's name, SSN, spouce, dependents, income and payments, etc.). For a full list of extracted fields, please see the skill documentation.
  • Includes validation and data normalization rules. Further business rules can be added as required.
  • Can be augmented by human-in-the-loop review and verification based on accuracy thresholds, missing or incorrect information.
  • Allows further training of the model based on customer documents in real time. Over time significantly improves straight-through-processing rates and reduces the need for human interaction.
  • Combined with ABBYY's document skills for payslips, W-2 forms, IDs, utility bills can be used in automating customer onboarding, loan origination and KYC processes to significantly reduce response time, improve customer service quality and customer experience.
Processes with this connector
Transfer data to other systems
Related skills
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Contributor:
ABBYY
Published:
2 April 2024
Last updated:
7 May 2024
Purchase terms
Paid
Specifications
English
United States
Production