What is Form 1040EZ?
Form 1040EZ is the most brief and simplest form that a person or couple can use to file federal income taxes. Anybody who fits the criteria set forward by the IRS is eligible to utilize it.
More profound definition
The IRS has a rundown of criteria that one must meet before filing Form 1040EZ. They are:
- You are filing as a single person or married filing jointly.
- You have no wards.
- You don't claim changes in accordance with income.
- Your taxable income is $100,000 or less.
- You don't claim credits or organize deductions past earned income credit.
- You meet certain age requirements (commonly under age 65), and you are not blind (this incorporates your spouse, too, assuming you are married filing jointly).
- Your taxable interest isn't more than $1,500.
- The main income you claim incorporates wages, salaries, tips, taxable grant and fellowship awards, unemployment or Alaska Permanent Fund dividends. (Assuming that you acquired tips, they must be listed in boxes 5 and 7 on your W-2.)
- You didn't pay or don't owe household employment taxes.
- You didn't file for Chapter 11 bankruptcy protection after a certain date.
- Neither you nor your spouse had advance premium tax credits paid for your sake.
Anybody filing income taxes who doesn't meet the rundown of criteria much file either a Form 1040 or Form 1040A. For most people, Form 1040EZ is what they utilize the first time they file taxes for a parttime or summer job in high school or college.
As they age, get married, begin a career or make investments, they continue on toward additional confounded forms.
Form 1040EZ model
Form 1040EZ is not difficult to finish up and just has four sections that require information. They are:
- **Personal information — ** This incorporates the essentials, for example, your name, address and Social Security number, as well as your spouse's information.
- **Income — ** This is where you add your wages, tips, salaries, taxable interest under $1,500, unemployment compensation or Alaska Permanent Fund dividends to come to your taxable income total.
- **Payments, credits and tax — ** In this section, you add any tax payments your employer withheld or estimated tax payments you made yourself.
- **Refunds and sums due — ** In this section, you see whether you paid too much in taxes and receive a refund, or you really want to pay more.
- 1040EZ was around one-fifth as long as the full 1040 form, with fewer deductions and tax credits.
- Form 1040EZ must be utilized by individuals below age 65 with no wards earning under $100,000 each year.
- The form was discontinued as of the 2018 tax year and supplanted with the upgraded Form 1040.
- Any individual who hasn't filed taxes for 2017 or prior can in any case involve the 1040EZ form for that year.
- Form 1040EZ was an abbreviated variant of Form 1040 for taxpayers with essential tax circumstances.
Is There a Form 1040EZ for 2020?
No. The IRS no longer distributes Form 1040EZ, despite the fact that it can in any case be utilized for tax years 2017 and prior.
What Is the Difference Between IRS Forms 1040, 1040A and 1040EZ?
Form 1040A was a simplified tax form for taxpayers with an income below $100,000 who exercised no incentive stock options over time. At just two pages, it was a lot more limited than the full-length 1040 form, albeit still longer than 1040EZ. Each of the three were wiped out in the 2018 tax year, and supplanted with an upgraded Form 1040.
Is the 1040EZ Tax Form Still In Use?
The 1040EZ tax form was disposed of in 2018, and supplanted with the upgraded Form 1040.
What Was the 1040EZ Tax Form Used for?
Form 1040EZ was utilized for taxpayers who fell into extremely fundamental income categories. For most years that 1040EZ was distributed, it must be utilized by taxpayers below age 65, with no wards and very little interest income. This form likewise had fewer tax credits and deductions than the full-length 1040 form, implying that it was generally less proper for taxpayers with a higher income.