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Difference Between 1040EZ and 1040A
If you have used the 1040EZ form in the pat but your tax situation has changed a bit you might be wondering what form you need to use this year. You may still be able to use the same form this year, or you may need to use the 1040A form. There are some basic differences between the two forms, but it doesn’t have to be complicated. Instead of getting frustrated or confused as to which form is right for you, we can break the differences down very simply for you. Form 1040EZ if for tax payers that do not own their own home, as this simplifies the tax process. In addition this form is for those that do not have any dependents as well as limited deductions. There are specific deductions such as those for student loans, educator’s deductions, and others that cannot be deducted on this specific form. This is a very simple form to use, and can be done even by those that have never filled out a tax form on their own before. Simply filling out the form is as easy as following the layout of the form. Form 1040A is for those that have a bit more complicated tax situation. You can use all of the same information with this form as you do with the EZ form; it just is the best form for those that have dependents, student loan interest, education credits or deductions, as well as additional types of income that need to be claimed. This is also a very simple form that can be filled out either by hand or through several different Internet based filing resources. Whether you use one form or the other, each have to be filed by the same date, April 15th and if you owe taxes you should make your check or money order out to the United States Treasury. Many people start out using the 1040EZ when they first file their taxes and then they progress and start using the 1040A form. The EZ form is generally for those that have a very simple tax situation and it allows for tax payers to ease into filing their own taxes before they move on to more complicated tax situations and corresponding tax forms. Now that you know the basic differences between the 1040EZ form and the 1040A form you probably know which of the forms is right for you and your tax situation. Natalie Aranda is a freelance writer. Form 1040A is for those that have a bit more complicated tax situation. You can use all of the same information with this form as you do with the EZ form. Many people start out using the 1040EZ when they first file their taxes and then they progress and start using the 1040A form. The EZ form is generally for those that have a very simple tax situation and it allows for tax payers to ease into filing their own taxes before they move on to more complicated tax situations and corresponding tax forms. Labels: Difference of 1040EZ and 1040A
What's New for 2008 Form 1040EZ?
The Federal 1040EZ form has been around for quite a while and each year the form is available to help people file their taxes it does change somewhat from year to year. The form 1040EZ does have some new directions for 2006 and the following information will be very helpful for those filing their 1040 EZ.
This tax form is specifically for those people who don’t need to file the typical tax return, but do need to file their taxes. The 1040 EZ is a lot shorter and easier to understand. In fact, it is so easy that anyone can fill it out. It is important, however to read the instructions and understand what is required each year. For the year 2006 individuals who file the 1040EZ may request their refund by telephone. Individuals who are eligible to file this form may order the form by phone, on the Internet at IRS.gov, and at several other locations as well.
Individuals who are eligible to file the 1040EZ may file electronically, which is what the IRS encourages people who qualify to file this way to do. The Free File program is available to these individuals so they can file their taxes without having to pay a fee. The Free File program is new for the 2006 tax year and it is believed that there may be as many as 10 million taxpayers who qualify to file this form who are typically required to file their taxes. Actual amounts may be requested by attaching form 8913 or the standard amount may be requested by taxpayers.
These new elements of the 1040EZ for 2006 are important for taxpayers to know so they can file their taxes appropriately and do so correctly. Avoiding mistakes means a quicker refund and a quicker and easier experience when it comes to filing taxes. If you are wondering whether or not you qualify for the 1040EX then go ahead and check out the directions to see if you qualify.
You can quickly read over the instructions and determine if the 1040EZ. If you do qualify then you can fill out the form, file it, and receive your refund if you are to receive one fast and easy. Labels: What's New for 2008 Form 1040EZ?
Form 1040EZ Tax Basics
The 1040EZ Tax Forms is specifically for individuals who meet certain criterion. These individuals may not even know who they are. That’s why the form 1040EZ tax basics are so important to understand and know. The following information on the tax form will help you understand better what you need to know. The following 1040 EZ instructions are only applicable to the tax year 2006. These instructions do not apply to any other tax year; however the instructions for previous years may be found online. Some of the basics for form 1040EZ is that the majority of taxpayers qualify for the telephone excise tax refund that is claimed right over the phone. The following information will help you determine whether or not you qualify for the 1040EZ. First of all, if your income is less than $100,000 and your interest income is less than $1500 you qualify for this tax form. You also qualify if your spouse and you are less than 65 years of age. Income that is specifically from wages, Alaska Permanent Fund dividends, unemployment compensation, and interest are also eligible for this tax form. Those with no adjustments to income, those that claim only standard deductions, those who aren’t claiming other tax credits, those who may claim the Earned Income Credit, as well as those who can claim the Telephone Excise Tax refund are eligible for the 1040EZ. There are several reasons to use the 1040 EZ. One of them is that it is much quicker and easier to file, which means the IRS will process it quicker and you will get your refund faster. Lots of people qualify for the 1040EZ, so check and see if you do. The easiest way to file the form 1040EZ quickly and easily is to get your W-2s, 1099s, 1099-G, and 1099-INT statements together. You might want to start out with two of the 1040EZ forms so that you can practice with one and then have a final copy for another. You will also want to have a copy of the instructions and read them very carefully. This form is easy to fill out, just make sure you read the instructions so you know you do it correctly. Finally, have a pen and calculator handy so that you can make your calculations. The instructions will tell you where to write your name, address, and social security number as well as what information to include on what line. Your wages, interest, and other income will need to be filled out on the respective lines. Once you finish, double check your name, address, social security number, and the like to make sure all is correct. Then you will be able to receive your refund much faster. Labels: Federal 1040 EZ Basics
Questions Regarding E-Filing your 1040ez Tax Return
Over the last few years, there have been several incentives, or even requirements, provided by the IRS and state governments to encourage tax filers to file their returns electronically. Statistics show the percentage of e-filers is on the rise. With tax return deadlines right around the corner, we want to share our thoughts on the questions we receive most often from clients about e-filing. Top 5 questions I am asked about e-Filing: #5 Do I have to e-file? No. The IRS does not currently require any tax return to be e-filed, however several states have implemented this requirement. In the past, the state has sent a "reminder" notice that future returns should be e-filed, but have warned that paper returns filed in the future will either be rejected or subject to a penalty. This most likely means that e-filing state income tax returns in these states will be mandatory, and we can anticipate that other states will add similar requirements. #4 Do I have to provide my bank account information? No. The only time your bank account information needs to be provided is if you would like your refund directly deposited into your bank account, or if you would like your payment directly drafted from your bank account. If you are hesitant to provide your bank account information to government agencies, you can receive your refund by check or if you owe, you can make your payment by mailing in a check. #3 How long does it take to e-file? Usually a return is accepted by the IRS or state within a few business days of the return being submitted. The acceptance provides confirmation that the return has been timely filed. #2 If I owe with my return, is the payment due when my return is e-filed? E-filing the return before the due date does not accelerate the due date of taxes. Payments can still be remitted separately any time before the due date of the return, even if the e-file is processed earlier. Consider the following strategy. If you are due a refund on your state return, but owe on your federal return, then e-file both returns early. You could receive your state refund in time to use it towards your federal payment due. The same holds true if you owe on your state return and are due a refund on your federal return. #1 Why should I e-file? Here are a few reasons to e-file: The risk of a return being lost in the mail or misplaced is minimized. Usually a taxpayer is not notified of a missing return until months or even years later. When a return is e-filed, confirmation of acceptance (receipt) by the IRS or state is provided within a few business days. Paper filed returns are manually entered into the government's system, meaning that an input error could trigger a tax notice. Part of the e-filing acceptance process used by the IRS and state governments includes a "pre-check" of certain items. These items must be correct in order for an e-filing to be accepted. This greatly minimizes the chance of receiving a tax notice. Returns are processed more quickly; if you are due a refund, it will be sent sooner. Labels: E-Filing Your 1040EZ Tax Return
Free Federal Tax Return forms
According to federal laws governing taxation, any person, receiving an income in one form or the other, need to pay income taxes to the government annually. But, the job of preparing tax returns, the calculations and the many tax forms involved, constitute one of the harrowing experiences being an honest tax payer. To make matters worse, the complexity of calculations increases with the income. That is, more the income, more complex will be associated tax calculations and also the number of tax forms involved. This article focuses on the last of the facts mentioned, the tax forms, especially 1040ez, 1040a, and 1040. The first step in the run-up to tax return submission is selecting the right form. The basic of the tax forms is the 1040 ? also 1040ez and 1040a ? which has to be appropriately filled by every person filing tax returns in any case. It is meant for all kinds of income, over $100,000 annually, and also for itemizing deductions when not opting for standard deductions. 1040ez, again a basic tax form, on the other hand is meant for people who are single or when married, jointly. The conditions governing the 1040ez Tax Form are, the tax payees must not have any dependents, not blind, age less than 65, and have an annual earned income (taxable) less than $100,000 with an earned interest not more than $1,500, and have non-itemized deductions. Finally, the form 1040a is for those who have Author Resource:- The main reason for the stress in filling in these tax return forms is the numerous exemptions and deductions that have to be taken into consideration. Great news that there is TurboTax Software to help You with this process. Labels: Free Federal Tax Return Forms Online
Who Can Use Form 1040EZ?
You can use Form 1040EZ if all of the following apply. -
Your filing status is single or married filing jointly (see below). If you were a nonresident alien at any time in 2008, see Nonresident aliens below. -
You do not claim any dependents. -
You do not claim any adjustments to income. Use TeleTax topics 451-453 and 455-458 (see page 30). -
The only tax credit you can claim is the earned income credit. Use TeleTax topics 601-602, 607-608, and 610 (see page 30). -
You (and your spouse if filing a joint return) were under age 65 and not blind at the end of 2008. If you were born on January 1, 1943, you are considered to be age 65 at the end of 2008 and cannot use Form 1040EZ. -
Your taxable income (line 6 of Form 1040EZ) is less than $100,000. -
You had only wages, salaries, tips, taxable scholarship or fellowship grants, unemployment compensation, or Alaska Permanent Fund dividends, and your taxable interest was not over $1,500. -
You did not receive any advance earned income credit payments. -
You do not owe any household employment taxes on wages you paid to a household employee. To find out who owes these taxes, use TeleTax topic 756 (see page 30). -
You are not a debtor in a chapter 11 bankruptcy case filed after October 16, 2005. -
You do not owe any alternative minimum tax.
If you do not meet all of the requirements, you must use Form 1040A or 1040. Use TeleTax topic 352 (see page 30) to find out which form to use. Even if you can use Form 1040EZ, it may benefit you to use Form 1040A or 1040 instead. For example, you can claim the head of household filing status (which usually results in a lower tax than single) only on Form 1040A or 1040. You can claim the retirement savings contributions credit (saver's credit) only on Form 1040A or 1040. Use TeleTax topic 610 (see page 30). Also, you can itemize deductions only on Form 1040. It would benefit you to itemize deductions if they total more than your standard deduction, which is $5,350 for most single people and $10,700 for most married people filing a joint return. Use TeleTax topic 501 (see page 30). But if someone can claim you (or your spouse if married) as a dependent, your standard deduction is the amount entered on line E of the worksheet on page 2 of Form 1040EZ. Nonresident aliens. If you were a nonresident alien at any time in 2008, your filing status must be married filing jointly to use Form 1040EZ. If your filing status is not married filing jointly, you may have to use Form 1040NR or 1040NR-EZ. Specific rules apply to determine if you were a nonresident or resident alien. See Pub. 519 for details, including the rules for students and scholars who are aliens. You can use this filing status if any of the following was true on December 31, 2008. -
You were never married. -
You were legally separated, according to your state law, under a decree of divorce or separate maintenance. -
You were widowed before January 1, 2008, and did not remarry in 2009.
You can use this filing status if any of the following apply. -
You were married at the end of 2008, even if you did not live with your spouse at the end of 2008. -
Your spouse died in 2008 and you did not remarry in 2009. -
You were married at the end of 2008, and your spouse died in 2009 before filing a 2008 return.
For federal tax purposes, a marriage means only a legal union between a man and a woman as husband and wife. A husband and wife filing jointly report their combined income and deduct their combined allowable expenses on one return. A husband and wife can file a joint return even if only one had income or if they did not live together all year. However, both persons must sign the return. Once you file a joint return, you cannot choose to file separate returns for that year after the due date of the return. Joint and several tax liability. If you file a joint return, both you and your spouse are generally responsible for the tax and any interest or penalties due on the return. This means that if one spouse does not pay the tax due, the other may have to. However, see Innocent spouse relief on page 27. Chart A—For Most People | IF your filing status is . . . | THEN file a return if your gross income* was at least . . . | | Single | $8,750 | | Married filing jointly** | $17,500 | *Gross income means all income you received in the form of money, goods, property, and services that is not exempt from tax, including any income from sources outside the United States (even if you can exclude part or all of it).
**If you did not live with your spouse at the end of 2008 (or on the date your spouse died) and your gross income was at least $3,400, you must file a return.
| Chart B—For Children and Other Dependents | If your parent (or someone else) can claim you as a dependent, use this chart to see if you must file a return. | | In this chart, unearned income includes taxable interest, ordinary dividends, and capital gain distributions. Earned income includes wages, tips, and taxable scholarship and fellowship grants. Gross income is the total of your unearned and earned income. | |
| To find out if your parent (or someone else) can claim you as a dependent, see Pub. 501. | You must file a return if any of the following apply. -
Your unearned income was over $850. -
Your earned income was over $5,350. -
Your gross income was more than the larger of—
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| Chart C—Other Situations When You Must File You must file a return using Form 1040A or 1040 if any of the following apply for 2008. -
You received any advance earned income credit payments from your employer. These payments are shown in box 9 of your
Form W-2. -
You owe tax from the recapture of an education credit (see Form 8863). -
You claim a credit for excess social security and tier 1 RRTA tax withheld. -
You claim a credit for the retirement savings contributions credit (saver's credit) (see Form 8880).
| You must file a return using Form 1040 if any of the following apply for 2008. -
You owe any special taxes, such as social security and Medicare tax on tips you did not report to your employer or on wages you received from an employer who did not withhold these taxes. -
You owe uncollected social security and Medicare or RRTA tax on tips you reported to your employer or on group-term life insurance. -
You had net earnings from self-employment of at least $400. -
You had wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security and Medicare taxes. -
You owe tax on a qualified plan, including an individual retirement arrangement (IRA), or other tax-favored account. But if you are filing a return only because you owe this tax, you can file Form 5329 by itself.
Source: irs.gov | Labels: Who Can Use Form 1040EZ?
Before You Fill In Form 1040EZ
What's New for 2009 Earned Income Credit (EIC)You may be able to take the EIC if you earned less than $12,590 ($14,590 if married filing jointly). See the instructions for lines 8a and 8b that begin on page 10. Mailing Your ReturnYou may be mailing your return to a different address this year because the IRS has changed the filing location for several areas. If you received an envelope with your tax package, please use it. Otherwise, see Where Do You File? on the back cover. Telephone Excise Tax CreditThis credit was available only on your 2008 return. If you filed but did not request it on your 2007 return, file Form 1040X using a simplified procedure explained in its instructions to amend your 2007 return. If you were not required to file a 2009 return, see the 2008 Form 1040EZ-T. What's New for 2009Earned Income Credit (EIC)You may be able to take the EIC if you earned less than $12,880 ($15,880 if married filing jointly). The election to include nontaxable combat pay in earned income for the EIC is scheduled to expire and will not apply for 2009. Source:irs.gov Labels: Before You Fill In Form 1040EZ
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