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Which Form to File During Tax Season?

When tax season is upon us, there are several items that we must address prior to filing our taxes. Today, I will cover one of those items and that is IRS Form 1040EZ. It is the most simple form to file so don't get bogged down by the tax information overload since this will give you a clear and simple answer. There are no forms to attach to 1040EZ; simply fill it out and send it in whether electronically or by snail-mail. Of course, there are lots of Tax Software out there that allow filing for free. However, if you're still not sure then consult a professional tax preparer.

The following are the basic conditions that must be met in order to qualify for filing this form. They are:

  • Taxable income must be LESS than $100,000

  • Cannot claim any defendants

  • Filing status must be single or married filing jointly. (Current year Nonresident aliens must file MFJ to qualify)

  • The taxpayer (and spouse if MFJ) must be under 65 and not blind

  • Income is only from wages, salaries, tips, unemployment compensation, Alaska Permanent Fund dividends, taxable scholarship and fellowship grants, and taxable interest must NOT exceed $1,500

  • Only the Earned Income Credit is allowed

  • The taxpayer cannot owe household employee taxes on wages

  • Cannot claim the additional standard deduction

Don't let someone tell you that you must file a longer version of Form 1040 if you qualify for the 1040EZ. Most likely, they just want to charge you more. And if they are just helping you free of charge then no harm done if you file the longer version of form 1040. Be sure to familiarize yourself with the type of deductions and credits you are allowed to take because you may need to file IRS from 1040A or 1040.

I hope you have found this information useful. Watch for more posts.

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