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An alternative tax form, some people are eligible to file the 1040EZ form with the Internal Revenue Service (IRS) every year to report their income. Available since 1982, this form does have its advantages. For instance, when using the accompanying guide, the 1040EZ form is typically filled out very quickly and is self-explanatory. However, simpler does not mean better in all cases; some who qualify for the 1040EZ may still want to fill out the more complex ones in order to receive a better tax break.
Currently, people who are eligible for the 1040EZ form are typically single or joint-filing married couples who make under $100,000 annually. These people must be under the age of 65 and must have made over $1,500 in taxable income for the year. Finally, those who file this may neither have any dependents nor be considered legally blind.
In most cases, those who file 1040EZ are normally young adults or older high school students, both of whom would have typically simple tax solutions. They make one amount of money, have to pay the taxes that come with it and then they receive a standard deduction on it.
While older people may qualify for the 1040EZ scenario, they usually do not. This is due to the added complexity of tax status as people go on with life. Even if they do not end up making over $100,000, there are still many other factors that affect the intricacy of how they file taxes, such as a savings account, a home business, retirement accounts, an owned homes and much more.
No matter what form you file, some of the requirements are similar. For instance, people will always need their work statements and their social security number, as well as the annual reports of taxes and income from employers. Filling out the 1040EZ form lets you figure out whether you have overpaid, underpaid or exactly paid your taxes, and then you either electronically file or mail the papers to the government with any necessary payment. Like all other forms, you must file by April 15.
Even with smaller income, sometimes people will file under something other than the 1040EZ. For instance, an independent student should not file with this form due to eligibility for certain tax credits that can assist with student loans. Significant trust funds and investments will also require other forms.
What else can I help you with?
What is the difference between 1040a tax forms and 1040ez tax forms?
The difference between 1040a tax forms and 1040ez tax forms is that it depends on if the person is a dependent or an independent person. It also matters on how much you make.
What is the simplest tax forms to complete?
1040ez
What is the difference between the 1040 and 1040EZ tax forms?
The 1040EZ form makes filing taxes a bit easier. It explains in detail how to fill the form in. It has detailed instructions on the process. The IRS website gives helpful information(www.irs.gov).
What is Form 1040ez?
Form 1040EZ is the easiest of the three income tax forms someone can use to file their federal income taxes. If taxable income is less than $100,000 AND you don't claim any dependents AND you file as single or are married filing jointly, then fill out Form 1040EZ.
What are the most common tax forms used for the 2012 tax year?
In the United States there are two forms that are used far more than any other for tax filing purposes. They are the 1040 and the 1040EZ. The 1040 is the standard Internal Revenue Service form and covers a variety of tax breaks and credits while the 1040EZ is a more simplified version for people that are single and typically without dependents.
Can I file a 1040EZ tax form online?
If you are able to file a regular tax form online, then you should be able to file a 1040EZ also online. A simple IRS website search of 1040EZ should produce an answer to the best way to accomplish this filing.
What services does the free edition of Turbo Tax offer?
Turbo Tax offers free tax assistance for individuals filing a 1040EZ or completing a simple tax return. Additional services, such as assistance in filing state taxes costs $19.99.
What are the best tax software for filing a return?
The software that is good for filing the 1040EZ is H&R Block. They have a real good website and it is free. You can get the fed free and state for 29.95 filed.
What is the most income a person claiming a 1040ez?
As of the 2018 tax year, a person filing a 1040EZ could have a maximum income of $100,000. However, it's important to note that the 1040EZ form was discontinued after the 2019 tax year, and taxpayers are now encouraged to use the 1040 form. The 1040EZ was designed for simpler tax situations, including those with no dependents and limited income types. Always check the latest IRS guidelines for the most current information.
What companies offer free tax software?
Turbo Tax sells free tax preparation software for those taxpayers filing the 1040A and 1040EZ. It is not that difficult to use but it does cost money unlike taxact.
What type of federal tax return forms are there?
There's the IRS 1040, 1040A and 1040EZ. Each one has different requirements for filing, depending on marital status, earnings, and type of investment. For example, if you itemize your deductions, you need the 1040, but if your requirements are simpler, you can take 1040EZ. See http://www.bankrate.com/finance/money-guides/which-tax-return-form-should-you-use--1.aspx for more information.
How can I take advantage of free tax filing?
You will be able to file free at most tax places like H&R Block and Jackson Hewitt if you are filing 1040EZ. However if is more complex you have to pay a fee. You can also do your own taxes and submit it on the IRS tax site for free.
