efile - Who Are Able To Make use of the 1040EZ?
If you make less than $100K per year, don’t have dependents, and don’t have a mortgage, then you’re probably eligible to file the 1040EZ. It covers wages and salary from your job (W-2), interest from the banking account (1099-INT), and unemployment income (1099-G). If you’re a completely independent contractor (1099-MISC), have dividend income (1099-DIV), or investment income (1099-B), then you’re not qualified for file a 1040EZ. Find out more about 1040EZ eligibility requirements.
What Information and facts are Required?
You will find four main parts of the shape. Personal data, 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.address and Name Easy breezy. You enter the same information for your spouse if you’re married. As you can’t claim dependents using the 1040EZ, there is no spot to record their information. If you’re over age 65, you can’t file the EZ form unfortunately.
Income You Made
As noted earlier, the 1040EZ covers the most typical varieties of income - wages, salaries, and tips out of your employer (reported on Form W-2), interest income from banks as well as 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. For additional information 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. Alternatively, 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 good thing! A lot of people get yourself a refund, and this is especially valid for 1040EZ filers. Your refund or balance due will be the calculated by comparing the quantity of tax you’ve already paid vs. everything you actually owe. It will increase your refund if you’re eligible for the earned income credit.
Filing Options
You have 3 options for filing your taxes.
paper and Pencil
The existing school technique of doing your taxes is to use pencil and paper. It will take a while along with a little math, however, you can’t beat the price (it’s free). Download the form from the IRS, grab a calculator, and read the 42 pages of instructions… Wait, never mind. Studies have shown it will take over 3 and half hours typically to get it done manually.
Pay someone else to accomplish it for you personally
You are able to work with a CPA or visit a tax store and pay someone to do it for you personally. It’s certainly less effort on your part, but you have to pay for it. If not more, around $100.
Do It Yourself With Your Phone or Computer
There are lots ofonline and mobile, and software options, a lot of them quite good. We believe Common Form is the greatest selection for 1040EZ hope and filers you’ll provide us with the opportunity to earn your business. We recommend TaxAct if you know you’re not eligible to file a 1040EZ. They handle virtually any tax situation you can imagine.
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