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The 1040 is the basic federal income tax form, but there are three variations of this form. How do you know which one is right for you and your tax situation?
The simplest of the three versions is the 1040EZ. To be able to use this form, the following must apply:
You must be able to file as Single or Married Filing Jointly
You must have no dependents
You and your spouse, if filing a joint return, must each be under 65 years of age
You and your spouse must not have been blind during the tax year for which you are filing
Your taxable income must be less than $100,000
Any interest income must total less than $1500
You may claim the earned income credit and the making work pay credit when using the 1040EZ, but you may not have received any advance Earned Income Credit payments
You may not claim any other credits
If you don’t qualify to use the EZ, the next option is the 1040A. To use the 1040A, you must meet the following conditions:
Any filing status is okay
Your taxable income must be below $100,000
You may have capital gains distributions but no other capital gains or losses
You are able to claim several other credits on the 1040A that are not available when using the EZ
You may also claim some adjustments to your income, like deductible IRA contributions and student loan interest payments. Other adjustments, however, are not available with this form.
You can’t itemize deductions
You may take certain “above-the-line” deductions like educator expenses
You will need to use the longer, more complicated 1040 if you don’t meet the qualifications to file the 1040EZ or 1040A. Some of the reasons you may be required to use the 1040 are as follows:
Your taxable income is greater than $100,000
You itemize deductions
You have any income that cannot be reported on the 1040EZ or 1040A
You are self-employed
You have any adjustments or credits that cannot be reported on either of the other forms
Publication 17 from the IRS contains more detailed information about determining which of the three 1040 forms is right for you.
What else can I help you with?
how can i get copy of 1040 x form?
how can i get copy of 1040 x now how can i download 1040 x form
What tax form should I use for self-employment income?
You should use Form 1040 and Schedule C to report self-employment income.
Where on the 1040 form should I report information from form 1098-T?
You should report information from form 1098-T on line 21 of the 1040 form.
Where on the 1040 form should capital gain distributions be reported?
Capital gain distributions should be reported on line 13 of the 1040 form.
Where on the 1040 form should cash liquidation distributions be reported?
Cash liquidation distributions should be reported on line 10 of the 1040 form.
How do you claim a capital loss?
Sale of securities, stocks and bonds use the schedule D of the 1040 tax form. Business asset use the form 4797 of the 1040 tax form.
How can I get the tax return form 1040?
If you need the IRS form 1040 then you should either call the IRS or visit your local tax offices and see if they can possibly provide you with a form.
Where on the 1040 form should specified private activity bond interest dividends be reported?
Specified private activity bond interest dividends should be reported on line 2b of the 1040 form.
Where do I get a 1040 form and some help filling it out?
You can get a 1040 form from your local library around tax time, and they should have some free help there for you to fill out the form. You can also check www.irs.gov.
Is it legal to use a 1040 printable tax form?
It is legal to use a 1040 printable tax form and can even be submitted in a court of law as evidence which means that there should be no situations, unless expressly stated in a contract that a printable 1030 tax form would not be allowed. The online version is just as acceptable though too.
Do I need a 1040 form in order to file my taxes?
Yes, you typically need to use a 1040 form to file your federal income taxes in the United States.
Can I use a 1040x form if I itemize deductions?
You can use a 1040 form if you itemize deducations. If you don't itemize you'll use the 1040EZ form.
