Form 1040EZ: Income Tax Return for Single and Joint Filers with No Dependents


Triston Martin

Dec 04, 2023

Who Could File Form 1040EZ

The taxpayer must have a taxable income lower than $100,000, less than $1,500 in earnings from interest, and no dependents to be eligible for the form. Other requirements to file the Form 1040EZ were the taxpayer as well as their spouse, in the event of filing jointly, must be less than 65 years old by the time of the applicable filing period. They must not be blind at the time of the close of the filing period. The filer could not take deductions for interest on student loans or educator expenses, tuition and fees, or deductions for itemized expenses. If the filer earned income from interest, they might not be required to file Schedule B did not have any figures in the boxes 11, 12, or 13 on the Form 1099-INT or boxes 6 or 10 on Form 1099-OID. Additionally, they did not earn any interest while nominees.

Tax credits for savings in retirement health coverage, retirement savings, or education are not available. The taxpayer would not have been eligible to receive an advance earned-income tax; however, they were able to take advantage of an EIC in the filing of Form 1040EZ. The tax filer is not the debtor of every Chapter 11 bankruptcy case filed following October 16th the year 2005. In the event of jointly married filing, the person filing the bankruptcy and their spouse and any dependents who claimed personal exemptions didn't receive advance payments for the premium tax credit that is offered to health coverage plans through the Marketplace. The person filing the tax form doesn't owe tax on the wages of household employees given for household workers. For most people, this would be the initial tax return they've ever filled out. For instance, a typical high school student working for a part-time job. If they meet the income thresholds and have the income requirements, the 1040EZ could be the most simple and correct tax form to fill out.

Should You Use Form 1040EZ?

If you're paying taxes for the year 2017 or prior, you'll have to meet the above eligibility requirements for the 1040EZ. However, being eligible to use Form 1040EZ does not mean you must. Even the IRS admits that some taxpayers may gain more benefits when declaring their earnings by filing Formula 1040A and the more traditional (and the longest) 1040. If all that is important to you is to file the tax return as quickly as possible, opt for Form 1040EZ. But be aware that you may not receive all tax deductions and credits that you are eligible for. If you file Form 1040EZ, you're only able to be eligible for tax credits for the Earned income tax credit (EITC). Are you looking to access additional tax credit options? You'll require a more extensive form.

Tips to Prepare Tax Filing Forms

Name and Social Security Number

After providing all the details on their tax forms, the last thing a person should do is check the information provided, make sure their name is correct, and enter his Social Security number correctly. Why? The IRS will take longer to read through the forms and prepare tax returns if both the names or SSNs do not match the ones they have on their files. In the event of delays, it can cause delays in the release of refunds for tax. Anyone who wants to alter or change their SSN or name must visit the social security office before making their tax returns.

Take all W-2 Forms

It is required to have an official Form W-2 from every employer that employed the employee demonstrates wages earned and tax withholding. Form W-2 is typically available for collection toward the end of every January. Each W-2 is required before tax returns are filed. This form assists in helping the IRS to calculate the amount of withholding and wages so that they can compare them to the totals of tax returns filed by taxpayers.

1099-INT Forms

Form 1099-INTs are created and utilized by banks and credit unions. It reports all the interests that an individual has earned during the past year. The form is accessible for collection at the closing of January. If someone doesn't receive the Form 1099-INT, they didn't receive more than $10 of interest from the organization that issued the form.

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