1040ez Tax Form

The 1040ez is a tax form that is used by individuals to file federal income tax returns. It is often called the “easy form”, because it is the simplest among all the three tax forms that can be used for the same purpose. It is specially created for the simplest individual tax situations, and it is usually the form that Americans fill out when they pay tax for the first time. You can use the 1040ez form if you are single or you are filing jointly with your spouse, and you do not have any dependent. You also need to be less than 65 years old, and your taxable income must be below $100,000.

The 1040ez is a one-page form, and it consists of four short sections. The first section of the form requires you to enter your name, social security number, and address. Since you are not allowed to claim any dependent, you can proceed to the next section of the form after you have entered the basic information. In the next section, you have to provide information about your sources of income. The only kinds of income that can be listed in the 1040ez form are salaries, wages, tips, unemployment compensation, taxable interest amounting to $1, 500 or less, and Alaska permanent fund dividends. If you are receiving income from other sources, such as dividends or alimony, you are required to file your taxes using the 1040 tax form or 1040A tax form. After listing all the different types of income that you are earning, you have to add them up to come up with your taxable income.

The third section of the 1040ez form will ask for information about payments, credits, and tax. You are required to enter tax payments that have already been made through your employer’s withholding. If your employer has withheld federal tax from your paycheck, you can find the total amount withheld in your W-2 form. Next, you can list any making work pay credit and earned income credit that you are eligible for. There is a worksheet on the back of the form that you can use to figure out your making work pay credit. After listing all your tax payments and credits, you have to add them all up. Then, you have to calculate the total amount of tax owed on your taxable income. To do this, you can use the tax tables that are provided in the instructions to determine the amount of tax you need to pay based on your taxable income and filing status.

In the fourth section of the 1040ez tax form, you have to calculate the amount due or refund. If your tax payments and credits add up to an amount that is greater than the tax that you have calculated, it means that you have overpaid. In this case, you are allowed to request for a refund. You can have the refund deposited directly to your bank account by entering your bank information. If you have underpaid, you have to include payment for the remaining amount in your tax return.