How to Send a 1040EZ
Filing a tax return can be a daunting task, but the Internal Revenue Service is not without compassion. It offers a special form intended to make your tax return as easy as possible, if your tax situation is relatively simple. If you are under 65 (at the beginning of the tax year) and you made less than $100,000, there's a good chance you'll qualify to file a 1040EZ.
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Things You'll Need
- W-2
- Previous year's tax return (if any)
- Any other tax documents (e.g., 1099)
Instructions
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Check to see that you qualify to file the 1040EZ by reading the instructions which can be found in the reference section of this article. Generally you qualify if you do not have any dependents, you are younger than 65, you made less than $100,000, and you don't have any special deductions to claim.
Usually the deductions are the main issue differentiating the 1040EZ from the other flavors of the 1040. In 2009, the standard deduction is $5,700 if filing single and $11,400 if filing jointly. If you estimate your itemized deductions will be greater than the standard deduction, then you may wish to file a 1040 instead.
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Select a method for preparing your taxes. The IRS offers electronic filing and even free electronic filing for qualified taxpayers. In the references section of this article you will find a link to the IRS e-file instructions. If you made less than $57,000 you may qualify for free tax preparation software and federal e-filing. Note that state taxes are not included in this deal, though your state may have a similar offer. Check the tax requirements in your state to be sure.
You can choose to file using tax preparation software, use free fillable forms that allow you to prepare your own taxes but still file electronically, or you fill out your tax return manually and mail it in to the IRS. The IRS wants everyone to file electronically as it saves time, paper and postage, and e-filed returns have fewer errors.
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Fill out your 1040EZ either by following the instructions found at the IRS website or by answering the questions in the interview portion of your tax preparation software. The IRS does not require you to report the cents; round to the nearest dollar when filling out your forms. Double check the information that you enter to ensure you don't make a mistake, and you will reduce your chances of being audited.
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File your 1040EZ electronically or mail your return to the IRS. When you e-file you will need your previous year's tax return to verify your identity. If mailing your tax return it must be postmarked by April 15 in order to be considered on time (unless you file an extension, in which case the request for an extension must be made by April 15).
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Tips & Warnings
If at all possible, use the free e-filing provided by the IRS. The software preparation will greatly reduce your chances of making a mistake (and can even help find deductions that you may miss).
Consult a tax professional if you have any questions or concerns that cannot be answered by consulting the resources at the IRS website.
It is a crime to lie on your taxes; don't do it.
References
- Photo Credit tax time image by Tom Oliveira from Fotolia.com
