what exactly is the 1040ez4
DESCRIPTION
What exactly is the 1040EZTRANSCRIPT
What exactly is the 1040EZ? The 1040EZ form (aka the EZ form) will be the simplest and shortest form
you can use to file your federal income taxes. Annually over 20 million people file this kind, around 1 in
each and every 6.5 federal tax returns filed. This post explains who can use it, the information needed to
fill it out, and alternatives for filing it with all the IRS.
tax software
Who Are Able To Use the 1040EZ?
If one makes less than $100K annually, don�t have any dependents, and don�t use a mortgage, then
you�re probably qualified for file the 1040EZ. It covers salary and wages from your job (W-2), interest
out of your banking accounts (1099-INT), and unemployment income (1099-G). If you�re an
independent contractor (1099-MISC), have dividend income (1099-DIV), or investment income (1099-B),
then you�re not qualified for file a 1040EZ. Continue reading about 1040EZ eligibility requirements.
What Information and facts are Required?
There are four main parts of the shape. Personal information, income you made, taxes you already paid,
along with your tax refund or balance due.
Private Information
Merely the facts, ma�am. , date of birth and social security number.Name and address Easy breezy. If
you�re married, you enter the same information for your spouse. Because you can�t claim
dependents with the 1040EZ, there is no place to record their information. If you�re over age 65, you
can�t file the EZ form unfortunately.
Income You Made
1040EZ
As noted earlier, the 1040EZ covers the most typical kinds of income - wages, salaries, and tips from
your employer (reported on Form W-2), interest income from banks and other financial institutions
(reported on Form 1099-INT), and unemployment income (reported on Form 1099-G). If you received
any of these types of income, these forms will be sent to you by the end of January. To learn more about
the timing of Tax Year 2014 (filed in 2015), look at this article.
Taxes You Paid
Each of the forms you receive will report the taxes you�ve already paid, or had withheld. Typically
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. 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.
1040EZ instructions
Refund or Balance Due
taxes
Here is the best benefit! Many people get yourself a refund, and this is especially valid for 1040EZ filers.
Your refund or balance due is the calculated by comparing the amount of tax you�ve already paid vs.
what you actually owe. It will increase your refund if you�re eligible for the earned income credit.
Filing Options
You might have 3 choices for filing your taxes.
paper and Pencil
The previous school way to do your taxes is by using pencil and paper. It takes a little while as well as a
little math, however, you can�t beat the purchase price (it�s free). Download the shape from the IRS,
grab a calculator, and browse the 42 pages of instructions� Wait, never mind. Research shows it will
take over 3 and half hours typically to accomplish it yourself.
Pay somebody else to accomplish it to suit your needs
It is possible to hire a CPA or check out a tax store and pay someone to get it done for you personally.
It�s certainly less effort on your part, but you have to pay for it. If not more, around $100.
Diy With Your Phone or Computer
There are lots ofonline and mobile, and software options, many of them quite good. We know Common
Form is the best option for 1040EZ hope and filers you�ll provide us with the chance to earn your small
business. If you know you�re not eligible to file a 1040EZ, we recommend TaxAct. They handle almost
any tax situation you can imagine.