The IRS Form 1040EZ is one of the simplest and easiest of the three 1040 tax forms for taxpayers to fill out when filing their federal income taxes. This form is available to those who have a taxable income that does not exceed $100,000, don’t have any dependents to claim on their taxes, and use the filing status “single” or “married filing jointly”.
At the top of this tax form, like all of the other IRS tax forms, you will have to provide various personal information, which includes, but is not limited to, your name, address, and social security number. Keep in mind, your status has to be “single” or “married filing jointly”. You will not be able to claim any dependents, so the next section will be sources of income.
Sources of Income
The IRS tax form 1040EZ only allows you to report wages, salaries, tips, taxable interest that does not exceed $1,500, unemployment compensation, and Alaska permanent fund dividends. If you have other income to report such as alimony or dividends, unfortunately, you will not be able to file with this tax form. Instead, you will be required to file your federal taxes via Form 1040 or Form 1040A.
Once you finish filling in your information, the form will combine your allowable standard deductions and exemptions and deduct this information from your gross income to present your taxable income. Your taxable income is the amount that you have to pay taxes on. Keep in mind, when you file your federal tax return online, they automatically do the calculations for you.
Payments, Credits & Tax
The next section on IRS form 1040EZ is payments, credits and tax. This is where you put all of the tax payments you have made via your employer withholding money from your paychecks each pay period. You will find this information on your W-2, which your employer should have provided to you.
If you are eligible to claim the making work pay tax credit or the earned income credit (E.I.C.),you will also claim that in this section of the form. However, these are the only two allowable tax credits when filing with this tax form. After that is done, you will total your payments and credits before moving on to calculate how much tax is owed on your taxable income. When you file your taxes online, all of the credits will automatically be determined based on the answers you give to their simple questions.
Calculating Refunds and Amounts Due
If you find that your tax payments and credits are more than the amount that you owe, you will receive a refund from the IRS. You can use the online tax refund calculator to see how you will receive. To receive your money the quickest enter your bank information and have it direct deposited. In the event, that you still owe taxes, you will want to pay the remaining amount with your tax return. Instructions on how to do so are on the tax form.
How to File a 1040ez for Free
TurboTax Absolute Zero became available on January 9, 2015. It enables taxpayers who file the 1040A and 1040EZ forms to do so for free. This is the case for both federal and state tax returns. No filing fees go to Federal, State, or any agency that files tax returns.
Those who make modest incomes tend to end up paying exorbitant fees to have their taxes prepared. Nonetheless their tax returns are fairly straightforward. With TurboTax Absolute Zero, filing fees are eliminated while you have the opportunity to get as large a refund back as possible.
There are no hidden costs for using the Absolute Zero. Taxpayers in compliance with the new Affordable Care Act laws or who want to claim the earned income credit will not pay extra. Outside tax preparers often charge extra fees for such things. Millions of Americans can therefore save on filing fees and on their taxes.
Qualifying for Absolute Zero
First, you have to file a 1040A/1040EZ form. Americans with a taxable income of less than or equal to $100,000 are qualified to use these forms and claim standard deductions. Independent contractors, homeowners, and also Americans with medical expenses qualify to use these forms and file their 1040ez for free. Absolute Zero is available at the TurboTax website. You can even file early and get your tax refund sooner than most taxpayers.
Tax Software Imports W-2 Information
For example, TurboTax Online can import your w2 information for you. Do you know how many risks of errors this reduces? Millions of tax refunds are delayed by weeks because of human error entering a wrong number or letter. If you use TurboTax to complete your income tax form, your tax return will be scanned for any potential errors or IRS audit triggers.
Give TurboTax try a when you file your 1040ez form to see how easy it can be. You can try the tax software for free because you pay nothing until you decide to print or file the tax return.
An Easy Way to File or Download Your 1040ez Form
If you’re looking for a simpler way to file your taxes, you might want to consider using e-file. Electronic filing is available from a number of companies, and it’s a free service for many taxpayers. Electronic filing on the Internet also has the added benefit of being much more accurate and secure than paper filing, and the online services are excellent at helping you get the best possible refund.
When you file your 1040ez form with TurboTax you get peace of mind that your taxes will be done right. With with the biggest refund possible. Guaranteed! You can also download the 1040ez tax form at our tax forms page at any time. These tax forms are available online for all taxpayers to use if you want to prepare and file your tax return by pen and paper.