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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.