Introduction
If you’re like most Americans, you’ve never had to fill out a 1040EZ tax form. After all, the IRS has required it in only 20 years. But as some taxpayers have discovered over the last few years, the 1040EZ can be helpful for some people in certain situations. Fortunately, this guide will walk you through all of the steps necessary to complete your 1040EZ:
What is the 1040EZ?
The 1040EZ form is a tax form for people with simple tax situations. The 1040EZ is for taxpayers who make less than $100,000 per year, and it’s also for those who do not itemize deductions.
You can use this guide to fill out the 1040EZ if you are:
- Single or married filing jointly
- Have only one job (or no job)
- Don’t own a home or have any investments such as stocks or bonds
Don’t have any dependents or children you claim as exemptions (the same as saying that you don’t have any children). You don’t need to file for a refund of federal income tax withholdings from your paychecks.
When will I need to fill out a 1040EZ?
If you meet the following criteria, then the 1040EZ is for you:
- Your taxable income (the amount of money that can be taxed) is less than $100,000.
- You are single or married, filing jointly, and only have one job.
If your taxable income falls between $100,000 and $134,999, use the 1040A instead of the 1040EZ.
You can only file if you are single and have no dependents, or your spouse does not need to file a tax return. You do not itemize deductions (you take the standard deduction). If you itemize deductions, use the 1040A instead of the 1040EZ.
How can I find the proper 1040EZ form for me?
- Visit the IRS website. The 1040EZ form is available on the IRS website, and you can also find information about other tax forms there.
- Visit a local tax preparer. If you’re looking for help with your taxes, consider visiting a tax preparer who specializes in working with simple returns like these–they may even have copies of this form available for customers to use during their visits!
- Visit your local library or government office: You can find an updated version of this form if yours has expired or been lost over time (it’s happened before!).
The IRS website also has a guide to help you determine if you’re eligible for this form. You can find it here: https://www.irs.gov/individuals/article/0,,id=96402,00.html.
How does the 1040EZ work, exactly?
The 1040EZ form is simple. It has eight steps, which you should follow in order.
- Enter your name and social security number on page 1 of the 1040EZ form (Line A).
- Choose a filing status from one of three options: Single, Married, Filing Jointly, or Head of Household (Line B).
- Enter all taxable income for each job or business on Lines C through H, including wages earned from an employer and interest earned from bank accounts and investments (but not capital gains). If you have no taxable income to report, enter zero dollar amounts on lines C through E, then skip line F entirely; finally, enter zero dollars on line G before moving on to line H, where you’ll enter any tax refunds that were issued during 2018 – this is not considered taxable income!
Do I need to include any particular schedules or forms with my 1040EZ?
You must not include any unique schedules or forms with your 1040EZ. However, if you have a child under the age of 19, you must fill out Schedule EIC.
If none of these scenarios apply to you, then no other forms need to be attached to your return.
To claim the EIC, you must meet the following criteria: -You must have earned income from working or through self-employment (Schedule C or Schedule C-EZ) -Your child must be under 19 years old as of December 31st
What are the exceptions to the 1040EZ rules?
The 1040EZ is a relatively straightforward tax form, but some exceptions exist. If you have dependents and itemized deductions, or your income doesn’t fall within the guidelines of the 1040EZ’s tax brackets, then you’ll have to fill out one of these other forms instead:
- 1040A: The standard version of the long form (1040). It has the same deductions and credits as its shorter counterpart but includes interest lines paid on student loans and certain business expenses.
- 1040: The full-length version–it’s just like filling out two or three pages at once instead of just one! This form requires more detailed calculations than its shorter counterparts because it allows for more types of deductions and credits; however, it does not require Schedule A (itemized) or Schedule C/F/G (businesses).
- 1040NR: This is only necessary if you live outside the US during part or all year — otherwise known as being a “nonresident alien.” You must report income earned inside AND outside America when filling out this form; if you have only been working abroad during the past year, use Form 8843 instead since it only deals with foreign earnings from U.S.-based employers (and not self-employment).
- 1040NR-EZ: Used only by nonresident aliens who meet specific requirements regarding their status within America during the tax year 2016; check the IRS website before filling out this form so they know precisely what kind
The 1040EZ form has eight steps, do them in order.
Step 1: Fill out your name and address
Step 2: Report your income
Step 3: Claim any deductions or credits for which you may qualify
Step 4: Calculate your tax liability and the amount of your refund or balance due, if any. If a credit is due, pay it with a check or money order payable to “United States Treasury.” You can mail this payment with Form 1040-V (payment voucher), which is included with your tax package, or wait until April 15th, when online payments become available through IRS Direct Pay.
Step 5: File your tax return and pay any balance due. To file your taxes, you have a couple of options. You can either use the IRS website or download their free software, commercial software like TurboTax or H&R Block At Home, or use an accountant.
Conclusion
The 1040EZ form is a quick and easy way to file your tax return, but it does require some attention to detail. Ensure you fill out all the necessary information, including your name and Social Security number, at the top of each page. If any particular schedules or forms are required by law (such as if you have income from self-employment), make sure they’re included as well before sending off this form with your payment.