1040EZ

Form 1040 is the most basic form used by an individual for an income tax return with the IRS. It is a two page document that gets information about the taxpayer, income and possible adjustments, dependents, allowable deductions, and more.

While Form 1040, which is sometimes called the long form, allows a taxpayer to include the ability to itemize, this is not always necessary for a taxpayer. Instead, one can use the Form 1040A or 1040EZ, which are the easier versions of the Form 1040. Form 1040EZ was designed to be least time consuming to fill out.

The requirements for being qualified to use Form 1040EZ must all be satisfied in order. If not all of these are met, Form 1040 or Form 1040A may be needed.

•Filing status is single or married filing jointly.

•No dependents are claimed.

•No adjustments to income are claimed.

•Only credits claimed are the earned Income credit and the Making Work Pay credit.

•Members filing are younger than 65 and are not blind.

•The total taxable income is less than $100,000.

•Only taxable interests included salary, wages, tips, unemployment compensation, taxable scholarship, fellowship grants, or Alaska permanent Fund dividends, with the total not exceeding $1,500.

•Any earned tips are included in boxes 5 and 7 on the Form W-2.

•No advance earned income credit payments were received.

•No household employment taxes on a household employee’s wages are owed.

•You are not a debtor in any chapter 11 bankruptcy case filed after October 15, 2005.

•The Standard deduction is not found by using schedule L.

Even if all these qualifications are met, it is still possible and potentially beneficial to use another Form 1040A or 1040 instead of Form 1040EZ. For example, only Form 1040 and 1040A allow a taxpayer to claim head of household filing status, which can result in lower taxes in comparison to filing single status.

Like Form 1040, 1040EZ provides lines to fill out certain basic information needed on a tax return. Form 1040EZ still asks for a name and address, social security number or IS individual tax payer identification numbers for aliens, and an option to donate into the Presidential Election Campaign Fund.

Form 1040EZ also requires information about income, including wages, salaries, tips, taxable interest, and unemployment compensation. There are also spaces for certain payments, credits, and tax. This includes any federal income tax withheld, the Making Work Pay Credit, and Earned Income Credit.

Finally, Form 1040EZ provides the option to receive a tax refund by direct deposit. This allows the refund to be more secure, quicker, and convenient while saving the government money.

Regardless of whether form 1040 EZ is needed or not, the IRS provides resources to assist and make filing taxes go as smoothly as possible. It is possible to take advantage of these resources over the internet, phone, or by sending tax questions to the IRS by mail. Free assistance is available through The Volunteer Income Tax Assistance program and the Tax Counseling for the Elderly program.