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 is a Framework Document Skill, which can extract key data points from 1040 tax forms for the tax year 2019. The skill has been trained on a smaller set of documents. Customers can use this Framework Skill as a starting point for further training the skill-based on incoming documents, or to adjust the extracted fields and business rules to their own requirements.
- Framework Document Skills provide a quick-start basis for conducting proof of concept and automating document-centric processes, without wasting time to train a new skill from the ground up. In most Framework Skills the main data fields have been labeled and the skill has been trained on a small document set to provide a starting point for further training on customer side. Framework Skills generally come at no additional cost, but consume page volume from the base Vantage Core Skills volume.
- The model automatically detects all fields on 1040 forms tax year 2019 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.
- Key fields: First Name, Last Name, SSN, Signature Date