IRS Form 1040EZ | Income Tax Return for Single and Joint Filers With No Dependents
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Filling out Form 1040EZ from the IRS is the simplest way to file your federal income taxes. To be eligible, your taxable income for the filing year must have been $100,000 or less. You must either file as “single” or, if you are married, you and your spouse must file jointly. You also can’t claim any dependents, and the earned income credit (EIC) is the only tax credit that you can take. You also can’t have garnered more than $1500 in taxable interest.
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How to Fill-in
The 1040EZ is only two pages long, and one of those pages is only for instructions and explanations. The one page that you do fill out is divided into four main parts. The first three are: Personal Information; Income; and Payments, Credits, And Tax. The last part is for determining if you have some amount of tax that is due to the IRS or if you have a refund coming.
In the personal Information Section, you provide such information as your name, address and social security number. If you are married and filing a joint return, you also need to name your spouse and provide his or her social security number, too.
In the Income Section, there is a line on which you fill in the total of wages, salaries and tips from all your W2’s. Then, there are lines for your taxable interest and any unemployment compensation. These three are added up and entered into Line 4 as your Adjusted Gross Income (AGI). On Line 5, you claim a deduction of $10,000 if you are single, or $20,000 if you are filing jointly.
The final line in the Income Section of the Form 1040EZ, Line 6, is for your taxable income. If your AGI is less than your deduction, than your taxable income is zero. Otherwise, it is the difference between the AGI and your deduction.
In the Payments, Credits, and Tax, you add up any withheld federal taxes, EIC, or non-taxable combat pay election you have and enter the total into Line 9. For Line 10, use the tax table to see how much tax you pay for the Taxable Income you entered earlier into Line 6.
If Line 9 is greater than line 10, subtract the contents of Line10 from those of Line 9 and enter the difference into Line 11A; this is your refund. If Line 10 is greater than Line 9, subtract Line 9 from Line 10; this is the amount you still owe the IRS.
The last major step is to sign the Form 1040EZ and transmit it to the IRS with any payment that you determined that you owe.
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