1040EZ instructions - Who Are Able To Use the 1040EZ?
If you make less than $100K annually, don’t have any dependents, and don’t possess a mortgage, then you’re probably qualified to file the 1040EZ. It covers wages and salary from your job (W-2), interest from your bank account (1099-INT), and unemployment income (1099-G). If you’re an unbiased contractor (1099-MISC), have dividend income (1099-DIV), or investment income (1099-B), then you’re not eligible to file a 1040EZ. Find out more about 1040EZ eligibility requirements.
What Information and facts are Required?
You can find four main parts of the form. Personal data, income you made, taxes you already paid, and your tax refund or balance due.
Merely the facts, ma’am. , birth date and social security number.address and Name Easy breezy. If you’re married, you enter the same information for your spouse. Because you can’t claim dependents using the 1040EZ, there is not any location to record their information. You can’t file the EZ form unfortunately if you’re over age 65.
Income You Made
As noted earlier, the 1040EZ covers the most typical types of income - wages, salaries, and tips from your employer (reported on Form W-2), interest income from banks along with other financial institutions (reported on Form 1099-INT), and unemployment income (reported on Form 1099-G). These forms will be sent to you by the end of January if you received any of these types of income. To learn more regarding the timing of Tax Year 2014 (filed in 2015), read this article.
Taxes You Paid
Each of the forms you receive will report the taxes you’ve already paid, or had withheld. Taxes are withheld from each paycheck you receive, so your W-2 will list the total amount of tax you’ve already paid via your job in box 2, typically. It is unusual to have taxes withheld from bank interest or unemployment income, but if they were they will be reported on the 1099-INT or 1099-G you receive.
Refund or Balance Due
This is the best benefit! A lot of people get a refund, and this is especially valid for 1040EZ filers. Your refund or balance due is definitely the calculated by comparing the quantity of tax you’ve already paid vs. whatever you actually owe. It will increase your refund if you’re eligible for the earned income credit.
You have 3 choices for filing your taxes.
paper and Pencil
The previous school technique of doing your taxes is with pencil and paper. It will take a while and a little math, however, you can’t beat the cost (it’s free). Download the form from the IRS, grab a calculator, and browse the 42 pages of instructions… Wait, never mind. Research indicates it requires over 3 and half hours typically to do it by hand.
Pay someone else to get it done for you
You can employ a CPA or visit a tax store and pay someone to do it for you. You have to pay for it, though it’s certainly less effort on your part. Around $100, if not more.
Diy Along With Your Phone or Computer
There are severalonline and mobile, and software options, a lot of them quite good. We feel Common Form is the greatest option for 1040EZ hope and filers you’ll give us the chance to earn your business. If you know you’re not eligible to file a 1040EZ, we recommend TaxAct. They handle almost any tax situation you can think of.