Form 1040EZ
What Is a 1040EZ?
First, for tax year 2018 and later, you will no longer use Form 1040-EZ, but instead use Form 1040 or Form 1040-SR if you are a senior over the age of 65.
Form 1040-EZ is, as it states, the easiest form to file out of the three mentioned here. However, this form does have limitations on exemptions and deductions, and you cannot itemize deductions here either. In addition, this form will not allow you to claim a tax credit or deduction if you paid higher education expenses.
Who Should File a 1040EZ?
To file IRS Form 1040-EZ, you must meet all the following requirements:
- Your taxable income is $100,000 or less
- Your filing status is Single or Married Filing Jointly
- You do not claim any dependents
- You do not claim any adjustments to income
- You are under the age of 65
- Your only income are from wages, salaries, tips, taxable scholarship or fellowship grants, unemployment
- You do not owe any household employment taxes on wages you paid to a household employee.
- You are not a debtor in a Chapter 11 bankruptcy case filed after October 16, 2005
How Can I File a 1040-EZ?
First, check the above requirements to make sure you’re eligible to file your federal income taxes using a Form 1040-EZ. If not, you may need to file IRS Form 1040A or Form 1040. Check out Legacy Tax & Resolution articles for more information on those returns.
Before you begin, gather the documents needed to file, in this case your W-2, salary or tip amounts. Be sure you have your Social Security Number in addition to your spouse. Once you are ready to begin, obtain the Form 1040-EZ by visiting www.irs.gov and searching this Form. Use the tax year you are needing to file.
As with many forms, you will want to start at the top as your calculations will filter down into your taxable income amount. Complete the top of the form with the primary taxpayer’s full name and social security number, then, if a joint return, your spouse’s full name and social security number. Make sure you place the names as you have on any previous return to avoid confusion and list the names are they are listed on your Social Security cards. Of course, only add a spouse if you are filing jointly. Next is your address, this is the address where you receive mail. If you are entering a P.O. Box number, only use if your post office doesn’t deliver mail to your home address. If you live in the United States, leave the Foreign Country information blank in the bottom of this section.
Next, you will see Income. Here, you will want to enter your income information, such as wages, salaries and tips. If you have taxable interest less than $1,500 it will also be entered in this section along with unemployment compensation. Add the lines 1, 2, 3 together and that is your adjusted gross income.
Then, on line 5 you will need to check a box if anyone can claim you or your spouse as a dependent. If not, then you will enter either a number if Single Filing or Married Filing Joint. Subtract line 5 from line 4 and this is your taxable income.
Lastly, lines 7 through 12 will ask you to enter your payments or any credits, when done line 12 will inform you of your total tax.
Lastly, print, sign and mail the form to the correct processing center and you have completed filing your taxes. As the form states, easy!
As always, if you have any questions or not sure which IRS Form 1040 series to file, call Legacy Tax & Resolution Services today! 1-800-829-7483
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