Guide to Deciding Between Standard 1040 or 1040EZ
July 25, 2023More and more people each year are filing their taxes by themselves instead of turning to an accountant. For the average person, it’s less expensive and takes a lot less time. If you find yourself unsure of what filing status to choose on your tax return, consider these top tips before checking out our full guide. My husband and I filed our taxes using turbotax. We had several questions and spent almost two hours on the phone with customer service. We called back only to be hung up on and told that the representative was not available. We finally got ahold of a person after a lot of calling in. She was wonderful and answered all of our questions. Unfortunately, she was not available to answer our questions about the 1040EZ form that is used for those who only make $57,000 a year or less.
What is the difference between the standard 1040 and 1040EZ?
The standard 1040 is for people who have more complicated tax situations, while the 1040EZ is for people with simpler tax situations. The EZ version is for people who make $57,000 or less per year. If you have a simpler tax situation and are ready to file, the EZ version is for you.
What are the benefits of using the 1040EZ form?
The 1040EZ form is a shorter and simpler version of the regular 1040 tax form. It is designed for taxpayers who have relatively simple tax returns, and it can be used to file either federal or state taxes. If you’re looking to file your taxes online, the 1040EZ is the form to use. It can also be used to satisfy the nation’s alternative minimum tax requirement.
When is it appropriate to use the 1040EZ form?
The 1040EZ form is appropriate for individuals who have taxable income of $100,000 or less, who are not claiming any dependents, and who do not itemize their deductions. What are the differences between the 1040 and 1040EZ forms?
The 1040 form has more fields for detailing ordinary income and deductions.
How do I know if I am eligible to use the 1040EZ form?
The 1040EZ form is for taxpayers who have a very simple tax return. To see if you are eligible to use the 1040EZ form, you will need to answer a few questions about your tax situation. If you answer “yes” to all of the following questions, you can use the 1040EZ form:
Do you have children who qualify for the Earned Income Tax Credit?
If you have children who qualify for the Earned Income Tax Credit, you may be able to get a tax refund even if you don’t owe any taxes.
What are the differences between the 1040EZ form and the 1040 form?
The 1040EZ form is shorter and simpler than the 1040 form. The 1040EZ form can be used by taxpayers who have taxable income of $100,000 or less, who do not have any adjustments to their income, and who do not claim any credits other than the earned income credit.
How do I complete the 1040EZ form
To complete the 1040EZ form, you will need to provide your name, address, Social Security number, and date of birth. If you are filing a joint return, you will need to input the name of your spouse. You will also need to provide information for each dependent child or dependent adult you have. If you have taxable income, you will need to input your adjusted gross income (AGI). After inputting your AGI, you will need to select a tax filing status from the drop-down menu.
