IRS Tax Form 1040, U.S. Individual Income Tax Return
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. This document is often accepted within the proof of income processes when onboarding new customers to create a new bank account for example.The IRS Tax Form 1040, U.S. Individual Income Tax Return Skill extracts key data points from 1040 tax forms.
- The skill model is trained to automatically detects all fields on 1040 forms and extracts relevant data (name and address, SSN, spouse name, address, SSN, dependents, various income sources, total taxable income etc.). For a full list of extracted fields, please see the skill documentation.
- Business rules can be added as required, for example to check the year for which the form was submitted, or to set a minimum threshold for income.
- Can be augmented by human-in-the-loop review and verification based on accuracy thresholds, missing or incorrect information.
- Requires further training in order to ensure sufficient accuracy levels on customer-specific documents. Training can be done up-front or during runtime as documents arrive and go through manual verification.