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Who Uses the 1040EZ Tax Form?

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From Quick Guide: Tax Forms Tutorial

Summary: Tax help! Do you need a 1040EZ tax form? Find out in this free video covering who can use the 1040EZ.

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By Tom Noah
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Tom Noah has been a Certified Public Accountant (CPA) for over 27 years. In that time he has held positions at several companies as an accountant and a director of financial planning.read more

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Video Transcript

"In this video I am going to be talking about who can use the form 1040 EZ. You can use this form if your filing status is single or married filing jointly. You can use the form if you can not claim any dependents and if you do not claim any adjustments to income. The only tax credit you can claim is the earned income credit. If you or your spouse are under the age of 65 and not blind at the end of 2007 you can use this form. The way you determine this is you were born on January 1, 1943 you are considered to be age 65 at the end of 2007 and you cannot use the form. Your taxable income that is line 6, form 1040EZ must be less than $100,000. Your income should only be your wages, salaries, tips, taxable scholarship or scholarship grants, unemployment compensation or Alaska Permanent Fund dividends. Your taxable interest must be under 1,500. You can not receive any advanced earned income credit payments. You do not owe any household employment taxes on wages you paid to the household employee. You can not be debtor and Chapter 11 Bankruptcy case filed after October 16, 2005 and you cannot owe any alternative minimum tax. Even if you can use form 1040EZ, you may be better off tax wise to use the form 1040A or 1040. These forms can allow you to itemize your deduction and this may be beneficial to you for tax purposes. "

eHow Article: Who Uses the 1040EZ Tax Form?

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