1040EZ Tax Instructions
The 1040EZ tax form is especially designed for tax filers who have no need for the far more complex standard 1040 forms. There are certain restrictions that must be met in order to qualify for using the 1040EZ form. It is important that you meet every single qualification for filing the 1040EZ rather than just most of them. Following the instructions for filling out the form is rather easy, but time-consuming if you later realize you don't qualify.
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Things You'll Need
- Last year's tax return
- Tax forms received from IRS
- Income records
- Bank records
Instructions
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Go through the checklist to determine whether you qualify. Among the items on the checklist to be sure of are that you and your spouse are under age 65, that you did not receive any advanced earned income credits, you do not have any dependents and you are not a debtor in a Chapter 11 bankruptcy case filed after October 16, 2005.
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Enter the amount of all wages, tips, and salaries you received during the previous year. This is includes any earnings that do not appear on a W-2 form, such as revenue from gambling winnings or income you made selling items on eBay or any income you received from any source, excluding cash gifts below $12,000.
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The next line on the form is for any taxable interest you received. You will know if you have any taxable interest if you received a 1099-INT or Form 1099-OID from the IRS. If you did not receive these forms, you may still have received taxable interest from a savings account or a saving bond. You are required to report all interest whether you received a form from the IRS or not.
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Line 3 on the 1040EZ is for unemployment compensation. If you were fired or laid off and receive unemployment insurance then you should receive form 1099-G from the IRS. The amount you received in compensation will be in Box 1 on that form. This line is also used for residents of Alaska to put in the amount they received as part of their permanent fund dividends. Certain restrictions apply here that may disallow you to use 1040EZ.
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Line 6 is where you place your taxable income. If single you will enter $25,000 here; if married and filing jointly, you will enter $32,000. Line 7 is for entering the total federal income tax that was withheld. This information can be found in Box 2 on your W-2 form. If you receive any or all forms 1099-INT, 1099-G, or 1099-OID, the amount of tax withheld can be found in Box 4.
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Line 8 are for entering information about the Earned Income Credit. This involves a somewhat complicated process that you must go through to figure out whether or not you qualify for. You will find instructions on how to determine qualification on the 1040EZ form and be very careful about the following the instructions.
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Line 9 is concerned with the economic stimulus rebate that was issued in 2008. Again, there is a worksheet to help you determine if you will add any entry here and, if so, what it will be. Essentially, however, only those taxpayers who did not receive a check or received a check for less than $600 will be able to claim this credit.
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At this point you can either decide to let the IRS figure your taxes for you or you can consult the tax tables included with the instructions. The rest of the process if simply adding and subtracting the appropriate figures to determine whether you are owed a refund or whether you will have to pay taxes.
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Tips & Warnings
Pay very close attention to all instructions. Use the included worksheets to determine whether you qualify for any credits.
Do not lie about anything on the form.
