1040 EZ Instructions
Tax season is not most people's favorite time of year. However, you can make it a little less daunting if you are able to use the 1040 EZ form. The 1040 EZ is just as the title claims: It is an easy form to fill out. This form is for taxpayers who are single, have no dependents, and have no significant deductions for itemizing. The 1040 EZ can make quick and painless work of filing your taxes, especially if you are set up to get a refund.
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Instructions
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Gather all your pay stubs, W-2s and any other information you may need to fill in your 1040 EZ form so you have it handy when you need it. Get a calculator as well to double-check your math.
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2
Fill out your name, address and Social Security number.
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Fill in all dollar amounts for your total wages, tips and any other salary earnings. Add the totals from Box 1 on your W-2s, if you have more than one job, and put that amount on Line 1 of the 1040 EZ form.
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Add all the interest you earned during the year that is taxable, such as from savings accounts. Add all the interest from all different interest taxable accounts and write this amount on Line 2.
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Fill in any unemployment compensation you received, if you were out of work for any length of time, on Line 3.
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Take the totals from lines 1 through 3 and add them together for your total income on Line 4.
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Check the box if you are someone else's dependent or fill in Line 5 with the appropriate deduction amount--listed on the current year's tax form--for you as a single or a couple filing jointly.
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Subtract the deduction amount on Line 5 from the amount on Line 4 to calculate your taxable income. Enter this amount on Line 6.
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Enter the appropriate amounts of payments, credits and taxes paid on Lines 7 through 9. Add these up and enter the total amount on Line 10.
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Look back to the amount on Line 6, look up your tax using the current year's tax table in the 1040 EZ instruction booklet and write this amount on Line 11. Compare lines 10 and 11. Subtract Line 11 from Line 10, if 10 is the larger number, for your refund amount.
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Pay the amount on Line 11, if Line 11 is larger than Line 10.
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Tips & Warnings
Get two copies of the 1040 EZ form and use one as a worksheet. Set aside one copy of the 1040 EZ form for your good copy. Work on one copy using a pencil so you can erase any mistakes. Copy carefully all the information from your work copy to your good copy to send to the IRS.
Keep track of all your records throughout the year. This way, when tax time comes around, you will know where everything is and you can quickly fill out your forms.
References
Resources
- Photo Credit tax time image by Tom Oliveira from Fotolia.com
