Tax 1040 Ez Form

It surprising how many people are eligible to use the 1040EZ form to claim taxes but yet, haven't even heard of it. It's easier, more stream lined and much less time consuming while also being faster for the IRS to process. If you don't have any dependents, don't currently own a home and are not in the process of attending school, the 1040EZ form is probably the one you want to use when you claim your yearly taxes.

The following criteria apply in order to be eligible to file a 1040EZ form:

* Your total income is under $100,000

* Your interest income is under $1,500

* You have income only from wages, interest, unemployment compensation, and Alaska Permanent Fund dividends

* You and your spouse are under 65 years old

* You do not have any adjustments to income

* You are claiming only the standard deduction

* You may claim the Earned Income Credit

* You are not claiming any other tax credits

In a nutshell, the 1040EZ form is only for taxpayers that have a very simple tax situation. Individuals or married couples that are filing a single return can also avail themselves of this form. You cannot use the 1040EZ if you have dependents of any kind or if your income exceeds $100,000. You also cannot have itemized or individualized credits or deductions on the 1040EZ unless they're the earned income credit.

The 1040EZ form is ideal for young adults who are not in school or couples that haven't yet bought a house or had children. As long as you have nothing to itemize such as house mortgage, no self-employment income, interest over $1500 or other items beyond your W-2's the 1040 EZ is the best form to use. If you don't fit these qualifications, move on to filing the standard 1040 form.

If you still aren't sure if you qualify to use form 1040EZ, you can use the EIC Assistant on the IRS website to clarify which form you should use. Click on the link that reads "Start Here: Am I an Eligible Individual?" Once you have finally finished preparing your tax return, you can either send the finished return to an IRS service center (make sure you have a hard copy for your own records) or you can file your return electronically.