You can probably use the 1040EZ form, as long as what is true?
Answers
Unless you have any dependents, you can use 1040EZ.
Form 1040EZ is the simplest of three tax forms that you can use to register your federal income taxes. If your taxable income is less than $ 100,000, you do not claim any dependents and if you file as a single or are jointly married, you may be eligible to file Form 1040EZ . There are four small blocks in the form of a page that you need to complete. If you are using turbotex for your taxes, then we recommend our free version for 1040EZ files. It allows you to prepare and file your central return for free.
personal information
With all tax forms, you need to provide your personal information such as name, address and social security number for the top of Form 1040EZ. If you are jointly filing your file or filing jointly, you can only file Form 1040EZ. Since you can not claim any dependents, so after you provide this basic information, you proceed to report your income in the next section.
Revenue stream
If you have income from other sources like stocks or dividends, then you have to register your taxes on Form 1040 or Form 1040A.
After providing your income, the form reduces your allowable standard deduction from your gross income to reach your taxable income. This is the amount on which you will have to pay.
Again, when you use turbotex, these calculations will be done for you.
Payment, credit and tax
The next section, payment, credit and tax, are the places where you list tax payments already made through employer prevention or estimated tax payments. If you had a federal tax with your paycheck, then your employer would issue a W-2 report reporting the total amount to you.
If you are eligible for earned income credit, you can claim it in this section. However, these are only two tax credits that you can claim while filing Form 1040EZ. Then you add all your payments and credits before calculating tax on your taxable income. Use the tax table in the instructions to find the amount of tax you pay for your filing status and taxable income.
Turbo tax will automatically determine which credit you can claim and apply the correct tax table etc. You will need to answer some simple questions.
Calculation of Refunds and Dues
If your total tax payment and credit are more than computing on your earnings, then you have paid more and are entitled to a refund. When you calculate a refund, you can enter your bank information and submit it directly. If you have paid less, you will have to pay for the remaining balance. You can get directions on how to pay your balance in the instructions of Form 1040EZ.
Again, the TurboTax will count it for you and tell you how much you are getting the refund, or how much you will pay.
Signing your return
This may seem obvious, but many taxpayers forget to sign their returns before joining the IRS. Since tax returns are not valid without signing, so be sure to sign in to the final section. If you are filing jointly, your spouse also needs to sign in. If you are filing electronically, you will electronically sign your tax return.