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Federal Income Tax form 1040EZ – The shortest tax form.

The Federal Tax form 1040EZ is the shortest tax form available. It is however, not only the shortest tax form but also the easiest one. Now, this form has been named 1040EZ for a reason. This is because the form is really easy to fill up. If you are planning to file your taxes through this form, you won’t even be required to take the help of any other person or a professional. In order to get help with debt with the IRS, you can either go for the settlement or the installment agreement.

However, in order to be able to file taxes using this form, there are various criteria that you will be required to fulfill.

Eligibility for 1040EZ form

In order to be eligible for the 1040EZ tax filing, you will have to have:

  1. A total income which will have to be under $100,000.
  2. The total interest income for you should be under $1,500.
  3. You and your spouse’s age is under 65 years of age.
  4. Your source if income is only through the wages, the interest, the unemployment compensations, or the Alaska Permanent Fund dividends.
  5. Your filing status either will have to be single or if married then it will have to be filing jointly.
  6. You have not made any adjustments to your income.
  7. You are going to make the claims only on the standard deductions.
  8. You may be claiming the Earned Income Credit.
  9. You are not planning to claim any other forms of tax credits.

However, according to the IRS, even if you can use 1040EZ, it would be better for you to use the 1040A or maybe 1040 as using these can be much more beneficial. Still, if you have decided to use the 1040EZ, you should know that the time within which you will be required to file this year is 17th April, 2012. The due date has been changed to 17th April from 15th April just because 15th is a Sunday and 16th is the Emancipation Day.

Now, if you have had any kinds of foreign financial assets in 2011, you will be required to file a new form 8939 along with the returns. If you are required to file form 8939, you will be required to use form 1040. This will mean that you won’t be able to use form 1040EZ. The items which you will be able to report through this form are wages, compensations, tips, allocated tips, unemployment compensation and so on. In addition to this, you will also be able to include the interest income, the tax exempt interests, the interest on US savings bonds, the different treasury obligations, original issue discount, and the periodic interests that are there. If you have to file any other items like the winnings from the gambling, the student loan interest, dividends and distributions and so on, you will b required to use another form.

So, this is what the Federal tax form 1040EZ is all about.